Research On The Effects Of The Financial Development And Human Capital On High-Quality Development Of The Economy

At present,China is in a stage of high-quality economic development,with long-term positive economic growth surface and strong confidence in development,but still faces problems such as unbalanced and insufficient development,weak independent innovation capacity and insufficient economic development momentum.To further promote high-quality economic development,it is necessary to increase the impetus of human capital,take talents as the first resource and achieve synergy between human capital and high-quality development.At the same time,increasing financial support,reasonably allocating financial resources and supervising the healthy development of capital can help human capital formation and promote high-quality economic development.Therefore,the article discusses in depth the role of financial development and human capital in high-quality economic development from two aspects.Firstly,the article compares and summarises the relevant literature on the meaning and theory of financial development,human capital and high-quality economic development at home and abroad,and further analyses the mechanisms by which financial development and human capital affect high-quality economic development,and how financial development affects human capital,thus promoting high-quality economic development.Secondly,based on provincial panel data from2010-2021,a system of indicators is constructed to measure the level of financial development,the level of human capital and the level of quality economic development,and the entropy value method is chosen to calculate in the measurement method.Then,a fixed-effects panel model is selected to empirically test the degree of influence of financial development and human capital on high-quality economic development,and to explore the mediating effect of human capital.Finally,a spatial econometric model is constructed to explore the spatial spillover effects of financial development and human capital in influencing high-quality economic development.The research results indicate that:(1)The overall level of financial development,human capital level,and high-quality economic development in various provinces of China is on the rise,but there are still some imbalanced and insufficient issues in regional development.(2)Financial development and human capital have a positive role in promoting high-quality economic development,and at the same time,financial development can also support the formation of human capital.(3)Financial development can not only directly promote high-quality economic development,but also indirectly promote high-quality economic development by promoting human capital development,that is,human capital plays a Mesomeric effect.(4)The distribution of financial development,human capital,and high-quality economic development in various provinces of China is not random and has a strong positive spatial correlation.From the perspective of the spatial effects of financial development and human capital on high-quality economic development,there is a positive spatial spillover effect in financial development,while a negative spatial spillover effect in human capital.Based on the conclusions and actual national conditions,policy recommendations are proposed:(1)Adhere to the new development concept of innovative development,green development,coordinated development,common development,and open development,achieve overall and multidimensional economic development,and help achieve high-quality economic development.(2)Improve the construction of financial infrastructure and improve the efficiency of financial services;Strictly control financial risks and ensure the healthy development of finance;Utilize the radiation effect of financial centers to promote high-quality economic development.(3)Increase investment in education,improve the efficiency of talent utilization,allocate human capital reasonably,and promote high-quality economic development.