Research On The Impact Of Financial Agglomeration On Regional Economic Growt

In recent years,under the background of economic integration,the development of the financial industry around the world has a more and more critical influence on economic growth.When the financial industry develops to a certain stage,financial agglomeration will form.Throughout the regions or regions of the world,such as New York of the United States,London,UK,the Yangtze River Delta of China and the Guangdong-Hong Kong-Macao Greater Bay Area.However,in the new era,China will build an olive-shaped social structure,and the economic development level should be coordinated.Therefore,this paper focuses on the relatively slow economic development,but there are also the urban agglomeration in the middle reaches of the Yangtze River with financial agglomeration.In the 20 th report of the Party,the General Secretary also clearly pointed out that in terms of financial coordinated development of regions,urban agglomerations and metropolitan areas should be the support to build a coordinated development pattern of large,medium and small cities.Therefore,it is of great significance to explore the impact of financial agglomeration in the middle reaches of the Yangtze River on regional economic growth on the coordinated development of the central region,the Yangtze River Economic Belt and the economy.This paper first combs the research results of Chinese and Western scholars on financial agglomeration and regional economic growth,and then expounds the relevant theoretical basis,from which we understand the mechanism of financial agglomeration on regional economic growth,puts forward the research hypothesis,and analyzes the current situation and economic situation of the urban agglomeration in the middle reaches of the Yangtze River.The financial resources in the urban agglomeration are mainly concentrated in provincial capitals such as Wuhan,Changsha and Nanchang,but in 2020,there are still 13 cities with a GDP of more than 200 billion yuan.Later,the financial agglomeration level,banking agglomeration level and insurance agglomeration level were calculated by location entropy method.The results showed that the agglomeration level of the three provincial capitals was still much higher than that of other regions.In the empirical part,based on the panel data of 27 prefecture-level cities in the urban agglomeration from 2010 to 2020,this paper first tests the spatial correlation of the economic growth in the urban agglomeration.The results show that there is a significant spatial autocorrelation between the economic growth in the urban agglomeration.Later,the Spatial Durbin Model was established through the tests of LM,Wald,LR and Hausman for empirical analysis.The results showed that the financial agglomeration in the middle reaches of the Yangtze River played a significant role in promoting regional economic growth and produced positive spatial spillover effect.At the same time,the level of industrial structure and the degree of opening up also have a positive spatial spillover effect on economic growth.Again,through the space model of three big city circle financial agglomeration influence on regional economic growth,the results found that urban clusters around Wuhan in Hubei province,the Changsha-Zhuzhou-Xiangtan city group in Hunan province and clusters around Poyang Lake in Jiangxi province financial agglomeration have significant effect on promoting economic growth,but only the Wuhan city circle and Changsha-Zhuzhou-Xiangtan city group financial agglomeration significant space spillover effect on economic growth.Finally,according to the conclusion,the appropriate policy suggestions for the economic development of the middle reaches of the Yangtze River: build a multi-polar city financial center,improve the flow speed of financial resources,strengthen the financial support ability,promote the development of characteristic industries,strengthen cooperation and exchange,improve the management level,pay attention to foreign investment and competition level,pay attention to innovation and strengthen the construction of talent team.