Research On The Influence Of Financial Agglomeration On Regional Economic Growth

Over the past four decades of reform and opening up,China based on its basic national conditions has constantly explored a path of economic development with Chinese characteristics.During this period,it has experienced many major economic changes such as planned economy,commodity economy and market economy,and finally established the development path of socialist market economy with Chinese characteristics.Thanks to the continuous optimization of China's economic system,the construction of the socialist market economy has achieved fruitful results: the economic aggregate has successively surpassed that of the United Kingdom,Germany and other western developed countries,and the GDP is second only to that of the United States,making it the second largest economy in the world.Along with the advancement of domestic market economy construction process,the domestic financial system reform steadily carry out,also from security industry,banking industry and insurance industry reform to financial regulatory reform and starting point is the establishment of the Alibaba for Internet financial institution reform,every reform has brought the economic growth significantly.As one of the most important industries in the contemporary economic operation,the financial industry has the functions of integrating financial resources,realizing the spatial allocation of economic resources and regulating the operation of the macro economy,which has greatly improved the social productive forces,and has developed into the pillar industry of China's economic construction.At the present stage,the reform of the domestic economic system and the adjustment of the industrial structure are accelerating.With the increasing influence of the global economic environment,China has entered the "new normal" of economic development.In the new normal period,despite the overall trend of steady and progressive development of GDP,China is also faced with the dual pressure of economic growth rate change and industrial structure adjustment,and has faced a new bottleneck of economic growth.At the 19 th national congress of the communist party of China(CPC),general secretary Jinping Xi gave a clear instruction to "deepen the reform of the financial system and enhance the ability of the financial sector to serve the real economy",and guiding financial agglomeration is the inherent requirement of deepening the reform of the financial system.Practice shows that to meet the requirements of the domestic economy to the changes in the development of high quality,various areas based on location advantage,economy structure the center of the financial agglomeration is expected to become the breach of the regional economic growth,to integrate regional financial resources,the mission of improving the efficiency of resource utilization,so as to boost regional economic growth.This paper focuses on the relationship between financial agglomeration and regional economic growth,with reference to the current standard of four major economic regions,the national 31 provinces can be divided into the eastern region,central region,western region and northeast region,combined with the overall and regional development present situation of financial agglomeration and regional economic growth the selected topic theory analysis,the present situation analysis,empirical analysis and comparative analysis,to explore the internal connection of financial agglomeration and regional economic growth,it is concluded that: across the country,the financial agglomeration is beneficial to promoting economic growth,but from the point of four major economic regions,financial agglomeration can promote regional economic development still exist uncertainty.This paper first systematically combed the relevant studies of domestic and foreign scholars,and then combined with the relevant dissertations of regional economics,industrial economics and financial geography,analyzed the relevant theories and transmission paths of the impact of financial agglomeration on regional economic growth.Secondly,the status quo of financial agglomeration and the economic development of each economic region is investigated in depth,and the financial location entropy value of 31 provinces from 2009 to 2018 is used as the measurement index of financial agglomeration,and the financial agglomeration degree of each province and the four economic regions in China is systematically analyzed.Then,with the help of stata15.1 econometric analysis software,OLS model and spatial panel model were constructed for the whole country and the four major economic regions,and the impact of financial agglomeration on the overall economic growth of China and each region was measured,and regression analysis and correlation test were carried out.Finally,combined with the empirical analysis results and the status quo of financial agglomeration in China,some Suggestions are put forward to promote regional economic growth in China by guiding financial agglomeration.