Research On The Impact Of Financial Development On The High-quality Growth Of Urban Economy

Since the reform and opening up 40 years ago,China's total economic growth,economic development has made remarkable achievements,become the world's second largest economy,and create a "China miracle".General secretary Xi Jinping has clearly pointed out in the nineteen major reports of the Communist Party of China that China's economy has shifted from high speed growth stage to high quality development stage,and is in the key sta ge of changing development mode,optimizing the economic structure and changing the driving force of growth.Therefore,it is particularly important to study the quality of economic development.To promote the high-quality development of economy is an inevitable requirement to maintain the sustainable and healthy development of economy,to adapt to the changes of major social contradictions,to build a moderately prosperous society in an all-round way and to build a socialist modern country in an all-round way,and to follow the economic law.The quality of economic growth is a prominent problem in the process of economic growth in the world.In recent years,with the continuous deepening of China's high-quality economic development,the research on the quality of Finance and eco nomic growth has entered a new stage.Finance is the core power of economic development.The improvement of the quality of economic growth can not be separated from financial development.As China's economic growth begins to enter the new normal,it becomes an urgent theoretical and practical problem to explore the mechanism of financial development driven by the quality of economic growth.On the basis of elaborating the mechanism of the impact of financial development on high-quality economic growth and measuring the indicators of high-quality urban economic growth scientifically,the panel data of 285 prefecture level cities in China from 2006 to 2017 are selected,and the spatial econometric model is used to empirically study the impact of financial development on high-quality urban economy.The empirical results show that financial development has a significant positive impact on the high-quality growth of urban economy,while the development of high-quality growth of inter city economy has a significant spatial spillover effect,that is,the development of high-quality growth of urban economy in this region can have a positive impact on the high-quality economic growth of its neighboring cities.In addition,in order to verify whether the spillover effect changes with the geographical distance between cities,this paper also tests by setting different distance thresholds.The results show that the spatial spillover effect of high-quality urban economic growth decreases with the increase of geographical distance,which is in line with the first law of geography.Furthermore,due to the vast territory of our country and the different level of financial development in the East,central and western regions,there is also spatial heterogeneity in the impact on the highquality growth of urban economy.Therefore,the samples are divided into the East,central and western regions for testing.The test results show that the financial development in the East can significantly promote the high-quality growth of urban economy,while the financial development in the west can significantly promote the high-quality growth of urban economy The long driving force is weak.On the basis of theoretical analysis and empirical research,this paper puts forward relevant policy suggestions on promoting high-quality growth of urban economy from the perspective of financial development.