Research On The Influence Of Guangxi Financial Agglomeration On Regional Economic Growth

With the continuous development and improvement of the social and economic level,more and more financial institutions have been concentrated in the same region and thus formed a financial agglomeration.While the financial industry continues to gather,it also invisibly promotes economic development.Located in the southwestern part of China,Guangxi is the main road and leading to the southwestern region of South China.With the continuous promotion of the ‘One Belt,One Road' strategy,the trade growth between China and other countries has been significantly improved,and the financial integration of the Free Trade Zone in Guangxi.The process has been accelerating,and the level of financial agglomeration in Guangxi has been further improved,and the level of development of the regional economy has also undergone further changes.This paper analyzes the panel data of 14 cities in Guangxi from 2008 to 2017 as raw data.First of all,this paper expounds the research background,research content,research significance and research methods.Secondly,introduce the relevant theories of financial agglomeration and regional economic growth.Thirdly,using the location entropy index to measure the development of the financial industry in Guangxi and the agglomeration of the financial industry,it is found that the current concentration of the financial industry in Guangxi is a low level of agglomeration,and there is a problem of imbalance in development.Then,an empirical study on the economic growth of Guangxi by regional financial agglomeration was carried out.Among them,the OpenGeoDa is used to calculate the Moran's I index and the conclusion that Guangxi financial agglomeration has negative spatial correlation.The Matlab2018 a was used to perform Hausman test,LR test and Ward test to screen out the spatial panel dubin model with the best effect of space-time fixed effect and carry out empirical analysis.Finally,it is concluded that the current positive effect of financial agglomeration in Guangxi on regional economic growth in Guangxi is not significant,and the conclusions of financial operation efficiency,government support,material capital investment and openness have positively promoted regional economic growth in Guangxi.Moreover,it has put forward targeted countermeasures and suggestions for the development of Guangxi's financial industry,which will play a positive role in the economic development of the Guangxi regional economy and the entire western region.