Research On The Financial Industry Support To The Development In Shandong Peninsula Blue Economic Zone

Shandong Peninsula Blue Economic Zone has been rapid development since its establishment, which generate new requirements for the regional financial industry development and innovation. It’s both a mission and a challenge for the financial industry to seize the opportunity to support the development of the real economy in the Blue Economic Zone, thus promoting Blue Economic Zone achieve leapfrog development. Shandong Peninsula Blue Economic Zone is focused on the development of ocean industry, which is capital-intensive and knowledge-intensive industries. It requires strong and distinctive financial support. The financial industry plays a key role in the process of promoting the development of the Blue Economic Zone. Currently, the real economy of the Blue Economic Zone is strong, but the contribution rate of the financial industry to economic growth is too low. The main line in this paper is how the financial industry to support the real economy development in the Blue Economic Zone. Through the analysis we found that the financial industry did not play a significant role in promoting economic growth, and the reasons were discovered, recommendations were put forward to make the financial industry to serve the real economy growth better in the Blue Economic Zone.This paper is divided into six parts. The first chapter is the introduction. The second chapter is the literature review. Domestic and foreign literatures of the relationship of financial development and economic growth, as well as the literatures of the financial industry of Shandong Peninsula Blue Economic Zone were combed. The third chapter is the relevant theories including the financial function theory, the financial structure theory and the financial industry cluster theory. The fourth chapter is the analysis of economic and financial industry status in the Blue Economic Zone, mainly related data were analyzed, the demand of the Blue Economic Zone development and the problems of the financial industry in supporting economic growth were also described. The fifth chapter is empirical analysis of the relationship between financial industry development and economic growth in the Blue Economic Zone, which discussed the casual relationship between financial industrial development and economic growth by the use of Granger causality test, and found that the financial industry really did not play a significant role in promoting economic growth. The sixth chapter is some policy proposals for the financial industry to support economic growth in the Blue Economic Zone based on the previous analysis.