Economic Growth And National Welfare Threshold Effect Research Under The Perspective Of Financial Development The Yangtze Economic Belt As An Example

China's regional development exists a unbalanced phenomenon,especially in the Yangtze river economic belt which across the east Midwest area,the difference of economic,finance and social various aspects is obvious.The unbalance of regional economic and financial development is the important reason for this difference.The ultimate goal of economic and financial development is to improve the national welfare.Financial development has an important accelerator effect for economic growth and national welfare,but the increasing regional gap between rich and poor,the deteriorating ecological environment problems expose the inherent defects of the current economic growth and financial development,and make whole national welfare loss.Our country is in the economic transition period,under the policy guidance of maintaining economic growth,people's livelihood and stability,how to promote the the regional development,narrow the gap between rich and poor,realize the coordinated development of finance and economy,and promote the overall national welfare level become an important proposition.This paper firstly reviews the research achievements from domestic to abroad,clarifies the mechanism among financial development,economic growth and national welfare,then analyzes the current situation of economy,financial and national welfare of the Yangtze river economic belt,it is concluded there are obvious regional differences.Secondly,through the construction of national welfare comprehensive index system,by using entropy method to detect the national welfare level of 11 provinces and cities in the Yangtze river economic belt,it is concluded that the national welfare level of the Yangtze river economic belt presents the "east high west low" ladder distribution characteristics.Then,using the panel data fixed effects model,empirically examines the impact of economic growth,financial development and their interaction on national welfare.Finally,by using threshold regression model and financial development for threshold variable,it further analysis the threshold effect of financial development on economic growth and national welfare.In the perspective of financial development,this paper studied the relationship between economic growth and national welfare of the Yangtze river economic belt.The results show that economic growth,financial development have significantly positive influence on the national welfare,the mismatching of economic growth and financial development hinders the improvement of national welfare;there is a triplethreshold effect among financial development,economic growth and the national welfare,the effect of financial development on economic growth and national welfare present a "inverted U" curve relationship.As financial development across the threshold value individually,the effect of financial development on economic growth and the national welfare has an trend from enhancing to weakening.According to these conclusion,some related policies and suggestions are put forward,such as promoting the overall economic development,narrowing regional development discrepancy;boosting regional finance development,implementing differentiated financial policies;promoting the coordinated development of finance and economic,as well as alleviating "happiness paradox" phenomenon to better promote the overall national welfare level,and push forward balanced,sustainable development of the Yangtze river economic belt.