The Influence Of Financial Agglomeration On The Upgrading Of Industrial Structure In Xinjiang

Xinjiang,as the core area of the Silk Road Economic Belt,has injected tremendous impetus into economic development.However,there is still a certain gap between Xinjiang's economy and developed eastern regions.The resource-based industry has a long history of development,modern service industry and innovation.The development of new-type industries has obviously lagged behind,which has also brought new challenges to Xinjiang's economic development.China's economic development at this stage shows a new normal,and Xinjiang's economic growth rate has also slowed down.The optimization and upgrading of the economic industrial structure is a long-term trend,and it has now become a crucial task facing Xinjiang's economic development.The financial industry has a central position in the modern economy.The upgrading of the industrial structure cannot be separated from the effective allocation of financial resources.In recent years,the financial industry in Xinjiang has been growing and it is increasingly showing a trend of financial agglomeration.The importance of the Xinjiang government for financial agglomeration has also increased.The higher is.Therefore,actively promoting the healthy development of Xinjiang's finance,through deepening the degree of financial reform and financial agglomeration in Xinjiang and accelerating the pace of upgrading of industrial structure in Xinjiang,is an inevitable choice for realizing the flourishing financial development,economic rise,and regional stability and unity of Xinjiang.In this context,this paper takes the financial agglomeration and industrial structure upgrade in Xinjiang as the research object.First of all,on the basis of reviewing the domestic and foreign scholars' literature on financial agglomeration and upgrading of industrial structure,this paper analyzes the internal mechanism of financial agglomeration and industrial structure upgrading in Xinjiang,specifically expounding the connotation and effect of financial agglomeration and industrial structure.The connotation and evolution of the upgrade,and the mechanism of financial agglomeration affecting the upgrading of the industrial structure;then,qualitative and quantitative analysis of the development of financial agglomeration and industrial structure upgrading in Xinjiang,including the development of the financial industry,respectively,The securities industry and the insurance industry are discussed,and the level of financial agglomeration is measured using location-based entropy indicators.The status of industrial structure upgrade is described in terms of the first,second,and third industries,and is measured using the advanced structure and rationalization index of industrial structure upgrading.Subsequently,by constructing multiple regression models and error correction models,Xinjiang's financial agglomeration influences the advanced and rationalized empirical research of industrial structure upgrading,and conducts unit root test,cointegration test,error correction model,and Granger test.Sum up Xinjiang's financial set Factor on upgrading the industrial structure and analyze problems;and finally,summarizes research conclusions and propose appropriate countermeasures and suggestions to solve the problem.The research results of this paper show that: Xinjiang financial agglomeration has played a positiverole in promoting the upgrading of industrial structure,among which the accelerating role of banking agglomeration is the most significant.Insurance industry agglomeration has the second greatest impact on the promotion of industrial structure upgrading,and securities industry agglomeration and industry The promotion of structural upgrading is negligible.Combining with the actual situation of the impact of financial agglomeration in Xinjiang on the upgrading of industrial structure,the specific operational countermeasures and suggestions put forward are: to strengthen the construction of regional financial centers,to increase the degree of clustering;to play a good role in the financial support of the bank's credit market;to improve the directness of the securities and insurance market Financing efficiency;improve the layout of financial space,optimize the industrial layout;strengthen financial innovation and deepen the reform of the financial system.