The Impact Of China’s Financial Development On High Quality Economic Development

Since the reform and opening up,China’s total economic output has been continuously increasing and has achieved significant development achievements.However,with the rapid development of the economy,it is also facing a series of problems,such as resource waste,ecological damage,risk accumulation,and population aging.In order to achieve high-quality development of the Chinese economy,the 19th National Congress proposed new requirements for transforming the development mode,optimizing the economic structure,and transforming the driving force of growth.As a carrier of economic development,cities play an important role in high-quality economic development.As an important support for the high-quality takeoff of the urban economy,finance can inject new blood into the urban economy.Currently,the high-quality development of China’s economy cannot do without the support and guarantee of financial development.Therefore,how to leverage the role of finance has become an important issue that requires in-depth research in high-quality economic development.There is an inseparable relationship between financial development and high-quality economic development.Finance,as an important means of resource allocation,is of great significance for high-quality economic development.Through financial means,economic structure can be optimized,industrial upgrading and technological innovation can be promoted,and the efficiency and quality of economic development can be improved.At the same time,finance can also provide financial support and risk management solutions for the development of urban economy,thereby promoting high-quality development of urban economy.Therefore,we need to conduct in-depth research on the relationship between finance and high-quality economic development,and explore how finance can better support and promote high-quality economic development.This requires continuous innovation in financial service models and products,improving the competitiveness and transparency of the financial market,strengthening financial supervision and risk management,promoting sustainable development of the financial industry,and providing strong support and guarantee for high-quality economic development.In recent years,the connection between financial development and high-quality economic development has been increasingly valued by people.In order to explore this connection,this article analyzes the impact mechanism of financial development on high-quality economic development from both direct and indirect channels,and proposes research hypotheses.Direct channels mainly refer to the direct impact of financial development on high-quality economic development.Financial development can provide financing services,promote the development and innovation of enterprises,and thus promote high-quality economic development.Indirect channels refer to the indirect effect of financial development on high-quality economic development.Financial development can improve resource allocation efficiency,optimize industrial structure,enhance innovation capabilities,and thus promote high-quality economic development.In order to measure the level of financial development and high-quality economic development in China,this article constructs a comprehensive indicator system at the prefecture level city level and uses the entropy weight method for measurement.The empirical results show that the overall trend of financial development and high-quality economic development in China is on the rise,but there are significant regional development differences and imbalances.