The Research Of Shanghai Free Trade Zone Of Financial Innovation And Economic Growth

Since Shanghai Free Trade Experimental Zone(hereinafter referred to as "Shanghai Free Trade Zone")establishment in 2013,in the system,finance,government functions and other aspects of innovation,and achieved remarkable results.As a key economic field of the socialist market economy,finance has become the top priority of economic reform.Shanghai FTA financial innovation to institutional innovation as the starting point,steadily promote innovation in products,services and services,adhere to service the real economy as the goal,innovative management model,promote the reform process and improve the level of opening up.Shanghai FTZ to expand the new model of economic growth,will provides referential experience and replicable template for the development of domestic free trade area.There are two views on the relationship between financial innovation and economic growth,positive promotion and inhibition.Based in Shanghai has a long history of economic basis and the development of financial innovation platform.In this paper,on the basis of the relevant data of Lujiazui Finance and Trade Zone in Shanghai,on the basis of existing research,In terms of financial structure and financial efficiency,through establishment financial innovation index system of Shanghai FTZ,constructing Financial Innovation Intervention Model,taking a Granger causality test.Found in the exclusion of objective environment factors such as economic development trend.Found in the case of excluding the economic development trend and other objective environmental factors,Shanghai FTZ on the financial innovation and regional economic growth does have a significant role in promoting.At the same time,based on the theory of endogenous growth,by analyzing the contribution rate of economic growth and input output of financial sector and non-financial sector,The first it is found that In the financial sector,compared to labor and capital investment,technology input-output rate is the highest.The second Financial innovation has a positive effect on economic growth,but the contribution rate has not achieved the desired effect.It may be related to the environment of financial or the delay in policy.After a comprehensive analysis,it is suggested that the Shanghai FTZ's financial innovation should adhere to the green financial innovation concept,focus on strengthening the leading role of technological innovation,establish a sound mechanism for personnel training cycle,and cultivating high-quality talents in the field of financial countermeasures.