Coordination Degree Measurement Of Financial Development In The Pearl River-West River Economic Belt

In July 2014,the construction of the Pearl River-West River Economic Belt has been officially raised into a national strategy,and it has become the first economic zone that directly links the eastern and western regions of China and also become the fist economic zone that links the different development stages of China,which is conducive to further development of the integration of Guangdong and Guangxi.Because the economic development level of the economic zone is different,so it is imperative to optimize the industrial layout and strengthen the coordinated development of regional economy.Research shows that the governments of the world economies generally regard the financial as the core industry of economic development,and make economic development strategies through studying the financial.The previous studies on the Pearl River-West River economic zone mainly focus on the analysis of the macro industrial structure and the characteristic industry,and the research on the financial of the core industry of the economic development is less involved,and the proportion of the financial in the third industry and the Gross Regional Product is very large,and has gradually become an important industry in the national economy.Therefore,this paper takes the Pearl River-West River Economic Belt financial as the research object,combining the plane to space dimension and the global to the local angle to study the coordination degree of the regional financial,so as to provide the basis for the formulation of the relevant policies for the coordinated development of the economy with the financial.It is of great significance to accelerate the interaction and integration of East and west economic zones in the Pearl River-West River Economic Belt,accelerate the integration of Guangdong and Guangxi economic development,build a new South economic highland,and promote the development of regional economy.This paper adopts the combination of functional structure coordination degree model and location structure coordination degree model.The former is combined with the principal component analysis and the coordination degree model to calculate the coordination degree between the financial and economic development in the Pearl River-West River Economic Belt from the global and the local angles,and the latter is based on the spatial econometric model,and uses spatial effects to study the influence of financial indicators on the coordination of the Pearl River and Xijiang economic belt.The coordination degree reflects the degree of harmony in the financial of the Pearl River-West River Economic Belt,and it is used to measure the trend of the coordinated change of the economic system,and it is a quantitative index of the degree of coordination.The coordination degree of functional structure is calculated by using the 2016 data of financial in the Pearl River-West River Economic Belt.First of all,principal component is used to calculate the comprehensive score of financial in cities,and Guangzhou scored the highest score.Secondly,we should study the degree of coordination between different cities.The degree of financial development in the Pearl River-West River Economic Belt is out of order.It can be seen that there is a large difference in financial coordination between Guangzhou and other cities.Finally,the coordination degree between China's financial and GDP per capita is studied locally.The results show that the coordination values of Guangzhou,Wuzhou and Baise are relatively high and belong to good coordination.However,the high coordination degree of the above cities does not explain the good coordinated development of the financial industry in all cities,and the coordination degree of the Zhujiang Xijiang economic zone is hopping greatly,and the economic development level is not consistent with the coordination of the local financial industry.Using 2016 data to calculate the coordination degree of regional structure,the coordination degree of the financial in the Pearl River-West River economic zone has obvious negative spatial correlation.The coordination degree of financial is different between adjacent cities.The phenomenon of financial spatial agglomeration is relatively scattered.In the LISA map,Guangzhou presents a high-low(HL)agglomeration pattern.In the estimation system of spatial econometric models,bank deposit and loan differences,securities financing amount and insurance density are positive,which have a positive effect on the degree of financial coordination.The remaining indexes coefficient are negatively correlated with the coordination degree,which indicate that these indicators have different influence on the gross output value and per capita GDP of each city.Three policy suggestions are put forward according to the results of the study.First,the overall planning of the regional layout.All sides must work together to formulate a unified regional financial development plan.The second point is to establish the coordination mechanism of regional interests.Local governments should strengthen exchanges and cooperation,formulate policies and take into account the economic development of the surrounding urban areas.Bilateral or multilateral agreements should be formulated to achieve a situation of sharing interests.The last point is to formulate policies conducive to financial development.The banking should strengthen the risk management,actively carry out the comprehensive management of the interregional banking and promote the financial innovation;the securities should actively overcome the shortcomings of efficiency,management and structure;the insurance should innovate the types of insurance,and the government should formulate corresponding fiscal and tax support policies to promote the healthy and rapid development of the insurance.