Financial Development Scale,Efficiency And Economic Growth Quality

For a long time,China has over-emphasized the increase in the amount of economic growth,but the quality of economic growth has not received due attention.This has led to low economic output efficiency,unreasonable industrial structure,weak technological innovation capability,no improvement in income distribution and deterioration of the ecological environment.On the other hand,the development of China's financial industry is very fast.However,how much it affects the real economy,especially the quality of economic growth,is a question worth studying.This thesis uses provincial panel data from 30 provinces,autonomous regions and municipalities in China from 2002 to 2015 to analyze the quality of economic growth in each region during this period.At the same time,this thesis also discusses the impact of the scale and efficiency of financial development on the quality of economic growth in each region.This thesis constructs a set of indicators to evaluate the quality of economic growth,including five first-level indicators:growth benefits,structural optimization,people's livelihood improvement,innovation-driven and ecological environment.Each first-level indicator includes several secondary indicators.This paper uses entropy method to calculate the weight of each index,and then calculates the comprehensive index of economic growth quality and the index of each first-level indicator.The results show that there is a large gap between the quality of economic growth in various regions of China.The eastern provinces have the highest quality of economic growth.There are still large gaps between the central and western regions compared with the eastern regions.In particular,the western regions are lower than the eastern and central regions in many aspects of the quality of economic growth.Therefore,we must increase support for the central and western regions and provide adequate support in areas such as industrial structure,income distribution,education and training,infrastructure,and public services.In addition,the thesis also uses the system GMM model and the data of 30 provinces in China to examine the impact of financial development scale and efficiency on the quality of economic growth.The results show that the impact of financial development scale and efficiency on the quality of economic growth is heterogeneous.Specifically,the scale of credit has a negative impact on the overall quality of economic growth.This negative effect mainly comes from the expansion of credit scale that is detrimental to the growth efficiency and the improvement of innovation capabilities.The increase in the level of savings is conducive to the overall quality of economic growth.This increase mainly comes from the positive effect of the level of savings on growth efficiency and the innovation capabilities.The efficiency of financial development has a positive effect on the overall quality of economic growth.This positive influence mainly comes from the role of financial development efficiency in growth efficiency,structural optimization,and technological innovation.The expansion of credit scale has no significant effect on structural optimization and people's livelihood improvement.The increase in the level of savings has no significant effect on structural optimization,people's livelihood improvement and ecological environment.The financial development efficiency has no significant impact on people's livelihood improvement and ecological environment.