A Study On The Spatial Spillover Effect Of Financial Agglomeration On China's Regional Economic Growth

In recent years,with the continuous development of the economy,the financial industry has played a pivotal role in national and regional economies.The development of the real economy is increasingly inseparable from the support of the financial industry.The support of financial industry is also indispensable for the national and regional economies to achieve leapfrog growth.At present,the financial industry in more and more countries and regions is showing financial agglomeration.Financial resources are continually agglomerated from regions that are allocated with low efficiency and low income to regions that are allocated with high efficiency and high income.Agglomeration has become a major trend in the development of China's financial industry.However,the distribution of financial resources in China is extremely uneven.Financial resources are scarce in the central and western regions as well as in the northeastern region,while a large number of financial resources have been gathered in the east,and the phenomenon of financial agglomeration is obvious.The emergence of digital finance has broken geographical restrictions and reduced the gap in financial resources between regions to a certain extent.The more developed cities in China's regional economy are also aware of the role that financial agglomeration plays in driving the regional economy.At present,more than 30 cities in China have planned to build their own regional financial centers.The ways in which the formation of financial agglomeration centers have spillover effects on the economic growth of the region and adjacent areas,and the degreen of spillover effects require theoretical and empirical research.Therefore,it is of practical significance to study the relationship between financial agglomeration and regional economic growth.Firstly,the relevant theories and influence mechanisms of financial agglomeration and regional economic growth are sorted out by referring to the industrial agglomeration theory,financial geography theory,economic growth theory,and spatial econometric theory.Secondly,according to the principles of relevance,operability,comprehensiveness and comparability,combined with the analytichierarchy process and the coefficient of variation method to construct comprehensive evaluation indicators of the financial agglomeration level of 31 provinces in China from 2011 to 2018.Finally,a spatial econometric model was established to analyse the spatial spillover effect of financial agglomeration on regional economic growth in China's 31 provinces from2011 to 2018.The research shows that: Firstly,the imbalanced development of financial agglomeration in China still exists.The developed regions in the east have the highest level of financial agglomeration and rich financial resources.In the central and western regions,financial resources are scarce,but the level of financial agglomeration is on the rise.Among them,financial agglomeration presents a certain diffusion spillover effect in the eastern region.In the central and western regions,it has a strong ability to absorb financial resources,and the level of financial agglomeration continues to increase;part of the financial resources in the northeast region flows out.Secondly,China's economic development and financial agglomeration have spatial autocorrelation.The Moran index of financial agglomeration decreased slightly,which shows that the liquidity of financial resources is strengthened in China,and the development of digital finance and information technology has broken the regional restrictions to a certain extent.Even in areas with underdeveloped economic development,effective financial resource allocation can be achieved.Thirdly,financial agglomeration has a positive spatial spillover effect on China's regional economic growth.Financial agglomeration has a direct effect on the local economic development,and also has a certain indirect effect on the economic growth of neighboring regions.Financial agglomeration can promote economic growth by affecting technological development and industrial upgrading.Based on the conclusions of the study,the following suggestions are made: Firstly,consolidating the economic foundation and expanding the financial scale.Every province in China may develop its own financial industry,and it also needs to adjust its industrial structure to maintain the healthy development of the real economy in theregion.The central and western regions and the northeastern region must seize the national development strategy,provide a better foundation for local economic and financial development,and attract more financial resources.Secondly,coordinating financial development and establishing regional financial centers at different levels.In areas with high levels of financial agglomeration,the diffusion effect of financial agglomeration on surrounding areas can be brought into play,and some financial resources can be appropriately guided to transfer from high-level agglomeration areas to low-level areas.A country needs not only an international financial center,but also a regional financial center.At the national level,overall planning and consideration have been taken into account to establish multi-level connected regional financial centers,which have played a better role in financial agglomeration and diffusion to avoid wasting financial resources.Thirdly,deepening financial market reforms and enriching corporate financing channels.To deepen the reform of the financial system,strengthen the financial services capability of the real economy is necessary,which can make the financial resources better serve the real economy.