The Effect Of Financial Agglomeration In Pearl River Delta On Economic Growth

With the integration of the global economy and financial globalization,the flow of resources elements,especially financial resources,has accelerated on a global scale,and financial activities and financial institutions have been highly aggregated in certain central cities.At present,three major international financial centers represented by New York,London,and Tokyo have been formed on a global scale,and China has also formed a financial agglomeration area represented by Beijing,Shanghai and Shenzhen.Throughout the experience of the prosperity of the world's historical countries,finance and economic growth of a country or region are inseparable.The role of financial agglomeration in boosting economic growth has also received much attention and high recognition from many scholars.In recent years,China's economic process is currently showing an increase in speed and speed shifts,and capital “de-realization” leads to the deviation of the real economy from the proper economic operation track.General Secretary Xi Jinping clearly stated in the report of the 19 th National Congress of the Communist Party of China,“We will deepen institutional reform in the financial sector,make it better serve the real economy.” It can be seen that exploring financial agglomeration and its impact on economic growth is closely related to China's economic and financial development,and has important practical significance.In view of this,this study uses the macro data of the nine major cities in the Pearl River Delta region to explore the relationship between financial aggregation and economic growth.The Pearl River Delta region is the core of the Greater Bay Area of Guangdong,Hong Kong and Macau.Its importance is self-evident.On February 18,2019,the development plan for Guangdong-Hong Kong-Macao Greater Bay Area was announced.The vision of the world-class Bay Area and world-class urban agglomerations will be more and more important.The financial industry and other industrial clusters will be further highlighted.Therefore,what kind of economic growth impact effect does the financial gathering have? What are the channels of influence of this effect? What is the extent of financial agglomeration in the Pearl River Delta,and what effect does the agglomeration effect have on the economic growth of the Pearl River Delta? To this end,this study will be carried out from the following sections:First of all,this study will analyze the theoretical basis of financial agglomeration,define its connotation and characteristics,and analyze the mechanism of financial agglomeration topromote economic growth.Secondly,quantitative analysis and qualitative description of the overall situation and financial agglomeration characteristics of the financial development of the Pearl River Delta.Furthermore,on this basis,an empirical study on the effects of financial agglomeration of the Pearl River Delta on economic growth is carried out.Finally,based on the main research conclusions of this paper,the policy recommendations for deepening the financial development of the Pearl River Delta are proposed.This study enriches the literature on the economic effects of financial agglomeration.From the perspective of regional economic growth,taking the Pearl River Delta region as an example,the two dimensions of the dynamic and static aspects of financial agglomeration are presented in detail,and the impact of financial agglomeration on the economic growth of the Pearl River Delta and its internal mechanism are described.This complements the study of this topic in the major historical context of the state-planned Guangdong-Hong Kong-Macao Greater Bay Area.The conclusions of this study will help to deepen the understanding of the role of financial integration in the Pearl River Delta in regional economic development,and provide clear and important recommendations for relevant departments to introduce regional financial development policies to help economic development.