Research On The Current Situation And Development Countermeasures Of Beijing-Tianjin-Hebei Financial Integration

In China,Yangtze River Delta,Pearl River Delta and the Bohai regions have been the pilot and essential area in terms of economic development and reform.Promoting the realization of these regions’ financial integration is one of the significant national economic development strategies.In 2013,Beijing,Tianjin and Hebei have signed on three significant files:"strengthening the economic and social development cooperation agreement","2013 to 2015 cooperation framework agreement","deepening economic and social development cooperation framework agreement".President Xi Jinping instructed that raising the strategy "to achieve coordinated development of Beijing,Tianjin and Hebei" to a vital national strategic level,highly affirmed the the importance of the joint development of Beijing,Tianjin and Hebei to the innovate the regional development mechanisms,build and capital economic circle and regional coordinate development.These all strongly boosting the financial Many research results of domestic and foreign scholars show that the regional financial development can promote regional economic growth.Promoting regional financial integration can promote the aggregation and the optimal allocation of financial resources within the region,reform the current financial system,promote the cooperation and exchange of financial institutions within the region,and also promote the coordinated development of the regional economy.However,the regional financial integration level of Beijing,Tianjin and Hebei is still in its infancy currently,and the develop process is relatively slow.The sluggish capital and information flows within the region resulted in misallocation of financial resources,the administrative barriers and uncoordinated strategic positioning within the region resulted in internal friction competition,the existing partition of the financial system also hindered the unified architecture of financial markets,all these factors above led to a big difference compared to Yangtze River Delta and Pearl River Delta in terms of regional financial integration.The financial integration among Beijing,Tianjin and Hebei is in the critical period,thus these three places should raise awareness of financial cooperation and try to seek common development in inter-competition.In such situation that the financial integration among Beijing,Tianjin and Hebei is proceeding slowly and the demand of joint development among Beijing.Tianjin and Hebei is increasing,this paper compare the distribution feature of funds and the financial development indexes among Beijing,Tianjin and Hebei,and then based on these above,analyzes the financial development condition in the region of Beijing,Tianjin and Hebei;Analyses the current financial integration condition of Beijing,Tianjin and Hebei from government aspect,financial institution aspect,and corporate and individual aspect;Use the saving-investment model empirical analysis to measure the degree of financial integration among Beijing,Tianjin and Hebei;deeply analyze the obstacles the hinder the regional financial integration process among Beijing,Tianjin and Hebei,such as administrative barriers,the imbalances of the regional financial development and the lack of linkage factors.And on this basis,we put forward policy recommendations to promote the regional financial integration process among Beijing,Tianjin and Hebei.