An Empirical Study Of Finance Supporting High-quality Economic Development

At present,China's overall international competitiveness is gradually increasing,but China still lags behind developed countries in terms of financial market complexity and other issues.At present,China's financial market has low efficiency,prominent structural problems in the real economy,and mismatched resources.Therefore,the relationship between financial development and economic growth is still a hot issue in current research.Based on the comparative perspectives of Beijing-Tianjin-Hebei and the Yangtze River Delta,this paper explores the relationship between financial development and economic growth in various regions,It specifically discusses the theoretical mechanism of the financial market and the high-quality development of the economy.Based on the division of economic development stages,the economic development stages of Beijing,Tianjin,Hebei,Jiangsu,Zhejiang,and Shanghai were analyzed,and the status and differences of financial development in various regions were analyzed from the aspects of financial development scale,structure,and efficiency.By constructing an evaluation system of high-quality economic development indicators,the economic high-quality growth indexes and three sub-indices of the provinces,municipalities of Beijing,Tianjin,Hebei,and Jiangsu,Zhejiang,and Shanghai were calculated.On this basis,in order to further explore the internal relationship between finance and high-quality economic development,a PVAR model was established to empirically analyze the impact of the financial development scale,structure,and efficiency of Beijing-Tianjin-Hebei and the Yangtze River Delta on high-quality economic development.The results are as follows:(1)At present,the per capita GDP of Beijing,Tianjin,Shanghai,and Jiangsu provinces exceeds 17,000 US dollars,and economic growth has entered a new stage of innovation-driven development;Zhejiang's economic development is in a stage of transformation from efficiency-driven to innovation-driven;Hebei is still in the efficiency-driven stage.It can be seen that there is a large difference in economic growth between Beijing,Tianjin and Hebei,and that per capita GDP growth in Jiangsu,Zhejiang and Shanghai is relatively balanced.(2)Shanghai has the highest comprehensive evaluation index of high-quality economic development,reaching 1.84 in 2017;followed by Beijing,reaching 1.80 in 2017;Tianjin ranks third,with a high-quality index of 1.69 in 2017;Zhejiang and Jiangsu have the same index of 1.66 in 2017;Hebei Province has the lowest,with an index of 1.45 in 2017.Overall,the quality of the overall economic development of the provinces and cities in the Yangtze River Delta region is relatively balanced.(3)There is a long-term equilibrium relationship between high-quality economic development and financial scale,financial structure,and financial efficiency indicators.(4)In the short term,the scale of financial development has a certain role in promoting high-quality economic development,and the role of promotion has gradually decreased.Changes in the scale of financial development have a certain contribution to high-quality economic development,but the contribution in the early stage is relatively large and the later stage is relatively small,gradually showing a downward trend.(5)The financial development structure has suppressed the quality level of economic development in the short term,and the contribution rate of its changes to the quality level of economic development has gradually increased in the short term.(6)The efficiency of financial development has inhibited the development of high-quality economy in the short term,and the contribution rate of its changes to the high-quality development of the economy is small in the early stage and gradually increased in the later stage.Finally,based on the research conclusions obtained above,this article puts forward the following policy recommendations corresponding to the relevant policies: Promote the coordinated development of regional integration,improve the role of Beijing in stimulating the impact of neighboring cities;improve the quality of economic development,and promote the coordinated development of the economy and society,the ecological environment and people's livelihood;pay attention to the appropriate expansion of the scale of financial development to meet real economic services Demand;optimize the structure and system of financial development,increase capital utilization ratio and loan-to-deposit ratio,and realize diversification of financing methods;relax the restrictions on entry of private capital,and guide the direction of capital and credit according to market demand;exert government functions and strengthen financial risk prevention.