Research On The Spatial Effect Of The Scale Of Municipal Investment Bonds On High-quality Economic Developmen

The report of the 19 th National Congress pointed out that China has entered a stage of high-quality development,and in the report of the 20 th National Congress,high-quality development is positioned as the primary task of comprehensively building a modern socialist country.In order to build a modern socialist country,China has set the focus of economic construction to improve the quality of economic development,while promoting high-quality economic development is also an inevitable choice to promote the sustainable development of our economy and effectively resolve the structural contradictions faced in the process of our economic development.In the process of promoting economic transformation to high-quality development,the role of urban investment companies cannot be ignored.Their participation in urban construction effectively improves the infrastructure environment of cities and promotes the development process of local economy,especially county-level urban investment companies,which remain an irreplaceable role in the integrated development of urban and rural areas and rural revitalization construction.However,compared with provincial and municipal urban investment companies,county-level urban investment companies have a single source of funding,low land valuation and difficulties in realizing,imperfect corporate governance structure,limited space for resource integration,and other problems,and they have to face more prominent debt risks.However,with the economic development of urban investment debt issuance scale continues to be high,its huge debt servicing pressure has begun to affect the sustainable development level of China’s economy,but also on the realization of the goal of high-quality economic development.With the continuous promotion of western development strategy and regional coordinated development strategy,the spatial gathering process of "point with line and line to piece" has become the basic path of China’s economic developmen,In the new stage of development,the main task to catch up with the developed east is economic development.Based on this,this paper selects the county data of western region from 2016 to 2021 to measure the scale of county-level urban investment debt and economic high-quality development index,and uses the spatial effect model and threshold effect model to test the impact of urban investment debt on economic high-quality development,and finds that: With the obvious "snowball" effect in the time domain and the spatial correlation,the influence of urban investment debt on high quality economic development has significant positive spillover effect in space,and there is a typical "inverted U" curve relationship when the debt burden rate exceeds the threshold of 0.8256.The uncontrolled expansion of urban investment bonds reflects the irrational behavior of the government,and the disorderly and inefficient investment of its funds is contrary to the goal of high-quality economic development.So this paper,based on the empirical regression results,for the city of debt expansion and high quality economic development coordination between the debt system construction,strictly controls the city debt illegal financing,debt booster economic development of high quality three countermeasures,so as to guide the government effective regulation city investment company debt behavior,while promoting the development of high quality to alleviate city debt on the negative impact of regional economic operation.