A Study Of Savings-Investment Correlation And Capital Flow In Yangtze River Delta City Cluster

As the integration process of the Yangtze River Delta advances,capital flows and integrated development are receiving increasing attention.The study of cross-regional capital flows has also received much attention.This paper studies the cross-regional flow of capital in China’s Yangtze River Delta city cluster in recent years measures the level of regional capital flow using regional economic statistics examines the main factors that promote cross-regional capital flow and attempts to explain the characteristics and features of cross-regional capital flow,in addition,analyses in depth the development of capital flow and integration in the Yangtze River Delta region,further summaries.In addition,it further summaries and draws on overseas experiences in capital flows and integrated development and proposes countermeasures for the development of capital flows and integration in the Yangtze River Delta region to ensure rational allocation of resources and promote high-quality regional economic development.Under the new development pattern of the double cycle,capital flows and integrated development in the Yangtze River Delta region have received increasing attention.Therefore,this paper uses panel data from 27 cities in the Yangtze Delta urban cluster from 2010-2021.Based on the second-order non-linear analysis,the threshold effect model and the spatial effect model are applied to test the savings-investment correlation of the Yangtze River Delta city cluster respectively and further explore the capital flow issue.The results of the study show that:(1)there is a significant inverse "U" shaped non-linear relationship between the saving rate and investment rate in the Yangtze River Delta urban agglomeration.(2)The savings rate of the Yangtze River Delta urban agglomeration has a single-threshold effect on the investment rate.When the savings rate is on the left side of the threshold,the savings-investment correlation in the region is stronger and capital flows are restricted;when the savings rate is on the right side of the threshold,the savings-investment correlation in the region is weaker and capital flows are significantly higher.(3)The average savings rate of the Yangtze River Delta city cluster from 2010 to 2021 lies on the right side of the threshold,and the level of savings rate should be appropriately controlled to maintain good capital market flows;while the average savings rate of cities such as Wenzhou and Chuzhou lies on the left side of the threshold,and the savings level should be further appropriately increased to meet more investment demand and promote capital flows.(4)There is a positive spatial correlation between the saving rate and investment rate in the Yangtze River Delta cities,and a significant inverted "U" non-linear relationship between the two still holds.These findings are useful for understanding the savings-investment correlation and capital flow dynamics in the Yangtze River Delta urban agglomerations,and thus provide a basis for policy formulation to promote capital flow and integration in the Yangtze River Delta urban agglomerations.Finally,based on the research results,this paper proposes policy recommendations to enhance the degree of economic openness to promote information transfer,Improve the legal mechanism of financial supervision,strengthen the construction of transportation infrastructure in the Yangtze River Delta and the integration of capital markets;consider the spatial correlation between cities to effectively strengthen the support to the late regions and open space for industrial development,To promote the investment policy and integration of the urban agglomeration of the Yangtze Delta,to promote the investment policy and integration of the Yangtze River.River Delta urban agglomeration,and to promote the development of the Yangtze River Delta urban agglomeration.An important role is played by the economy of the urban agglomeration of the Yangtze Delta.