The Impact Of FDI On The High-Quality Economic Development Of Guangdong-Hong Kong-Macao Greater Bay Area From The Perspective Of Financial Development

Since China’s accession to the WTO in 2001,the degree of financial opening has been enhanced,the environment for foreign investment has been improved,foreign direct investment enterprises have brought capital,advanced technology and management experience to China,and promoted the rapid growth of economic aggregate,but the impact on the high-quality economic development is uncertain.This paper first summarizes and summarizes the relevant literature of foreign direct investment and high-quality economic development,and then analyzes the influence mechanism based on economic and financial theories.Secondly,based on the data of Guangdong-Hong Kong-Macao Greater Bay Area from 2001 to 2020,the current situation is analyzed from the dimensions of economic development,financial development and foreign direct investment.Then,a comprehensive index system of high-quality economic development of Guangdong-Hong Kong-Macao Greater Bay Area is constructed from 19 bottom indicators in four aspects: efficiency,stability and order,inclusiveness and sharing,and green sustainability.The weight of each indicator is determined by objective assignment method(entropy value method),and the comprehensive score of highquality economic development of each city is weighted.The results showed that the comprehensive index of high-quality economic development in the Guangdong-Hong Kong-Macao Greater Bay Area showed an upward trend on the whole,and was gradually realizing the transformation to high-quality economic development.In addition,the growth rate of the index of high-quality economic development is slower than that of GDP growth,indicating that high-quality economic development cannot be achieved overnight and needs to be gradually upgraded and improved,especially in the less developed areas of Jiangmen,Huizhou and Zhaoqing to accelerate the speed of high-quality development.Finally,with the help of Stata software,the st atic panel regression model is established with the FDI stock index as the proxy variable of FDI and the high quality development index as the explained variable.The results show that: There is a significant positive correlation between foreign direct investment and high-quality economic development,but the effects of foreign direct investment on all dimensions are not positive.It has a significant positive correlation with efficient development index,steady and orderly development index,inclusive and shared development index,and a negative correlation with green sustainable development index.And its correlation coefficient with steady and orderly economic development is the largest in absolute value.It further discusses the moderating effect of financial development on foreign direct investment and high-quality economic development.The results show that financial development level plays a positive moderating effect on the promoting relationship between foreign direct investment and high-quality economic development.The improvement of financial development level can strengthen the capital accumulation effect and technology spillover effect of foreign direct investment,so as to play a positive moderating effect.Therefore,the Greater Bay Area should fully absorb and utilize foreign direct investment,strictly control the quality of investment,give full play to the function of financial services serving the real economy,and promote a high level of financial opening-up.The central cities in the Guangdong-Hong Kong-Macao Greater Bay Area should coordinate the development of their respective cities,strengthen exchanges and cooperation and resource sharing between the mainland and Hong Kong and Macao,promote coordinated urban development to narrow the gap,and better promote highquality economic development.