Analysis On The Difference And Convergence Of Financial Development Of China’s Three Major Urban Agglomerations

As the most dynamic and potential core area of China’s regional economy in the future,urban agglomeration has become an important platform to support financial development and participate in market competition.Finance is the core of modern economy,and city is the natural space carrier of finance.Therefore,balanced financial development of urban agglomeration is crucial to coordinated development of regional economy.In this paper,urban financial correlation rate is selected as the index,Dagum gini coefficient and its decomposition method,kernel density non-parametric estimation method and convergence test are used to empirically study the spatial differences and distribution dynamics of the financial development of China’s three major urban agglomerations.The results show that the financial correlation ratio of the three major urban agglomerations all rises in the fluctuation,and presents the characteristics of "descending--ascending--descending--ascending" in the fluctuation process.The overall gini coefficient shows a downward trend,showing an "uptrend--downtrend" in the process of fluctuation.In the process of uptrend,the growth rate gradually decreases,while in the process of downtrend,the decrease rate gradually accelerates.Overshoot density is the main reason of the regional difference,accounting for more than half of the contribution rate.On the whole,the three major urban agglomerations show convergence of clubs,with conditional convergence occurring within each of them.There is no absolute convergence in beijing-tianjin-hebei region and no sigma convergence in the pearl river delta region.Based on the above empirical results,this paper reveals the rules of the financial development process of the three major urban agglomerations,and explains the abnormal reasons of the average financial correlation rate and the financial development difference in the fluctuation process.It is found that financial development is closely related to monetary policy,The rapid progress of financial development in individual cities is the fundamental reason for the increase of regional financial differences.Therefore,this paper believes that the coordination of economic development should focus on the establishment of a unified regional governance mechanism,and the overall planning of inter-city infrastructure connection,industrial structure differences and complementarity,balanced publicservices and ecological and environmental protection,so as to promote regional coordinated and sustainable development.Meanwhile,the polarization trend of financial development in the three urban agglomerations should be analyzed and solved one by one.