The Analysis Of Spatial Spillover Effects Of Financial Industry Agglomeration In The Yangtze River Delta

For the four decades since the reform and opening up,China's economy has received rapid development.The share of China's Gross National Product(GNP)in the world economy is on the rise year by year.China has been one of the important driving forces for the developing of global economy.As the lifeline of national economy,financial industry plays a crucial role in the process of economic growth.Yangtze River Delta is the fastest growing and the strongest comprehensive economic center in China.It is China's largest economic zone,and it has an important pulling-effect on the national economy.Yangtze River Delta is located in the convergence zone of One Belt,One Road(OBOR)Initiative and the Yangtze River economic belt.It is one of the three poles that support the development of the Yangtze River Economic Zone and it has an important strategic position.As the financial industry base admitted by our country,a large number of financial institutions and financial talents are gathered in Yangtze River Delta.Meanwhile,Yangtze River Delta is the first region to go on the regional integrative practice in China.The bilateral contacts among the 25 cities in Yangtze River Delta are becoming more and more frequent over the years and amount of experience has accumulated in balanced development among regions.However,there still remain many problems,for example,the lack of the intercommunity of infrastructure,the non-uniform information standard within the government sectors and the insufficient of sharing of the excellent resources.It is an important problem to be solved urgently that how to further promote the integration and development of the Yangtze River delta and improve the allocation of financial resources and human resources and so on.Based on the mentioned above,this paper selected Yangtze River Delta and Jiangsu,Zhejiang and Shanghai provinces and one city as the object of study to analyze the spillover effect of financial agglomeration in this area and also its impact to the regional economy.First of all,this paper summarized the related research outcomes of scholars at home and abroad in this field on theory.And then,this paper conducted descriptive statistical analysis towards the current situation of economy and finance of Yangtze River Delta and Jiangsu,Zhejiang and Shanghai provinces and one city.After that,this paper analyzed the the existence of spatial correlation of financial industry agglomeration among 25 prefecture-level cities from both global and local aspects through Moran's I and Moran scatter plot.At last,this paper built SLM、SEM、SDM models to empirically test the spillover effects of financial industry agglomeration in the Yangtze River Delta.The study showed that,the level of financial development in Yangtze River Delta increased year after year and there still remained potential development space.Financial industry agglomeration had the feature of positive spatial autocorrelation.On the one hand,the boost of financial industry development can largely stimulate local economic growth.On the other hand,it can promote the surrounding areas' increase through positive spillover effects.After reaching the conclusions of the study,this paper gave some corresponding countermeasures and suggestions such as promote regional financial cooperation,pursue the innovation-driven development strategy,strengthen human construction,perfect financial foundation facilities and improve information sharing.