| With the development of economic globalization,the position of the financial sector in the whole economy has been rising,and even began to play a leading role.With the deepening of China’s economic opening to the outside world,our country has begun to appear some characteristics of economic financialization.China’s economic financialization has begun to receive widespread concern in academic circles.In this context,I explored the process of China’s financialization and its influencing factors through the data from 26 provinces in China for 1997-2015 years.From the perspective of financial process,the basic conclusion is that China has already had the trend of economic financialization.However,there are great differences in the financialization commentary of different provinces.And further select the economic structure factors,the policy environment factors,the degree of opening to the outside world,the income factors of the residents to make an empirical analysis on the motivation of the financial process,and compare the influence of different factors on the level of China’s finance,and the influence of the same factors on the different levels.Through the study,the following conclusions are drawn:With process of the finance,there is a trend of economic and financial evolution in every region in our country.But through comparison,the dominant power of the financial index in each stage is different.Before 2005,the changes in the speed of money increase and the change of the debt structure are dominant.After the reform of the interest rate market,the leading factor of the index changed to the employment and output value of FIRE industry.At the same time,it is also found that the financial degree of different regions is different.The leading forces of the financial index in different regions are different.The eastern coastal areas are dominated by FIRE output value and employment,while the central and western regions are dominated by the change of monetization and debt structure,and the central and western regions are greatly influenced by the policy.We find that economic structure,policy environment,savings rate and the degree of economic openness can significantly affect the process of financialization in China,and the sensitivity of different regions to the consent factors is also different through the empirical analysis of the influencing factors.Our country is in the period of economic transformation.We should make reasonable use of the factors of financialization to promote and control of the financialization sector in different areas,so that the financial sector can better serve the real economy. |
