Research On The Relationship Between Financial Industry Agglomeration And Economic Growth In Shandong Province

Financial industry is an important pillar of the development of socialist market economy,and financial industry agglomeration is an important form of macroeconomic development.Its relationship with economic growth has also attracted more attention.As a big economic province,Shandong Province has some problems such as late start,slow development and low agglomeration.In order to promote the economic and financial development of Shandong Province,the State Council approved the Development Plan of the Blue Economic Zone of Shandong Peninsula in 2011,which means that the economic zone with the theme of marine economy is formally formed.In the economic construction,financial support is indispensable and important.Therefore,it is clear that the relationship between financial agglomeration and economic growth in this area,and seek to enhance the level of financial agglomeration to promote the sustainable and balanced development of the economy in the blue economic zone.In this paper,the Blue Economic Zone is selected as the subject of study to analyze the relationship between financial industry agglomeration and economic growth.First of all,combing the relevant literature to determine the research trends and research direction.Secondly,the mutual influence between financial industry agglomeration and economic growth is analyzed.Thirdly,an analysis of the development of the financial industry and the level of economic development in the Blue Economic Zone are made respectively,and with the help of multivariate linear regression model,cointegration test and VAR model,the relationship between location entropy index(LQ)and economic growth rate index(RGDP)is analyzed.Finally,the conclusion is drawnt: there is a long-run and stable equilibrium relationship between financial industry agglomeration and economic growth in the Blue Economic Zone,and financial industry agglomeration in the Blue Economic Zone can lead to economic growth,but the economic growth in the region has not played a significant role in the promotion of financial industry agglomeration.There is no mutual promotion between the two.In the end,why financial industry agglomeration and economic growth cannot form a mutually reinforcing role is analyzed,and policy recommendations are put forward.