Financial Industry Agglomeration In Northeast China And Its Impact On Regional Economic Growth

In recent years,as China's economy has begun to enter a structural adjustment phase,economic growth has begun to shift from medium to high-speed growth to moderate growth,and the economy as a whole has entered a new normal.Under this background,the country began to issue a series of strategic guidelines on the adjustment of the economic model.China's economic development mode,industrial structure,and economic system have undergone profound changes.The northeastern region is limited by historical factors and regional development patterns.The weaknesses in regional competition have begun to become more prominent.In recent years,the economic growth in some provinces in the Northeast has begun to decline in a cliff-type manner,which has become a "collapsed area" in China's economic territory.At present,the economic output value of northeastern China,fixed asset investment,fiscal revenue,and the growth rate of industrial added value have both slowed down greatly.Coupled with the impact of institutional factors,the pressure on economic restructuring in Northeast China is very great.Financial industry,as the most important industrial sector in modern economy,plays an increasingly important role in the development of modern economy.As a type of industrial agglomeration,financial industry agglomeration means that the financial industry is highly concentrated in space and generally considered to be It has a promoting effect on economic development,and academic circles have found that the influence of financial industry agglomeration on regional economic growth has significant regional heterogeneity.The article first analyzes the theory and concepts related to financial industry agglomeration,and sorts out the relevant literature on the influence of financial industry agglomeration and financial industry agglomeration on regional economic growth in recent years,and collects financial services of the cities in the Northeast region from 2000 to 2016.Based on relevant data of the employed population,using the regional Gini coefficient and spatial autocorrelation measure method to moderate the spatial characteristics of the financial industry agglomeration in the northeast region and the spatial-temporal evolution pattern,the paper analyzes the spatial relationship of financial industry agglomeration in the northeast region.Based on this,the article constructs the traditional Based on the OLS model and spatial econometric model,the impact of financial industry agglomeration in Northeast China on regional economic growth was analyzed.First,the overall degree of financial industry concentration in Northeast China shows a trend of continuous improvement.The regional Gini coefficient increased from 0.36 in 2000 to 0.46 in 2016,but the characteristics of the financial industries in the three northeastern provinces are somewhat different.The specific performance is Liaoning Province.The financial industry shows a steady and slow growth trend,while the concentration of financial industry in Heilongjiang Province shows a fluctuating growth.In comparison,Jilin Province's financial industry agglomeration is relatively stable.The financial industry in Northeast China as a whole showed a positive spatial correlation.From 2000 to 2016,the global spatial autocorrelation Moran index of the Northeast region fell from 0.2138 to 0.1936,indicating that the degree of financial industry concentration in the Northeast China as a whole is increasing.The positive correlation between space is decreasing.The high-value areas in the regional spatial autocorrelation in the financial industry in Northeast China are relatively stable,but the changes in the low-value areas are frequent.The changes in the local spatial autocorrelation reflect the changes in the correlation between regions..Secondly,the financial industry clustering in Northeast China can promote regional economic growth,and the small-squares model,spatial lag model,and spatial error model all show that the Gini coefficient of the financial industry agglomeration region is positively correlated with regional economic growth,and both are at the level of 0.05.Significant.OLS shows that the Gini coefficient of the regional financial industry increases by 0.1 each,and the regional economy will increase by 10.32%.The test results of the spatial lag model show that for every 0.1 increase of the regional Gini coefficient,the regional economy will increase by 8.71%.The spatial error model indicates that the financial industry area For every 0.1 increase in the Gini coefficient,the regional economy will increase by 7.71%,and the above results pass the robustness test.Finally,the article proposes four policies and suggestions for promoting financial industry agglomeration.First of all,it is necessary to coordinate the relationship between regions from the top level,promote the process of regional economic integration in the Northeast,and promote the agglomeration and development of the financial industry with economic integration,and at the same time,counteract the economic growth.Secondly,it is necessary to build strategic support for financial agglomeration.It is necessary to develop the local economy,increase the income level of residents,and strengthen the relationship with enterprises.At the same time,we must actively create financial information centers to attract and cultivate financial talents.Third,we need to rationally optimize the distribution of financial zoning in the Northeast,and we must actively use the regional development characteristics and advantages to develop a regional financial model that suits our region.Finally,it is necessary to improve the financial interaction mechanism among the provinces' in Northeast China,promote communication and cooperation between regions,strengthen the flow of financial elements and capital,and promote the agglomeration and development of the financial industry.