Research On Asymmetric Effect Of Financial Development And Economic Growth In China

At present,China's economic growth is facing profound and complicated adjustment of domestic and foreign economic environment.The world economy is recovering weakly,and China's overall economic growth is relatively weak and regional economic growth is uneven.In the key transition stage of China's economic growth,it is urgent to adjust the structure and turn the way.As a key element of allocating resources,finance plays an important role in promoting economic transformation in the current economic environment.This paper studies the asymmetrical effect between China's financial development and economic growth from the perspective of the whole and the region.This paper firstly introduces the current situation of financial development and economic growth in China,and reviews the domestic and foreign literatures about the relationship between financial development and economic growth.Then,the paper makes a descriptive analysis of China's overall and regional financial development from the perspective of financial aggregate,direct financing market and indirect market.Then establish financial development scale,efficiency and financial development indicators such as structure,using granger causality test,shows that the relationship between the current in the supply leading model,then using VECM and ARDL model research of China's financial development affects economic growth the static effect of short-and long-term,using PVAR model to study the dynamic effects between the two in China.Then,the dynamic effects of financial development and economic growth of the four regions in eastern,central,western and northeast China were studied by using the PVAR model.The results show that the relationshipbetween the two countries is in the supply and guidance mode,and the financial development has some obstacles to economic growth,and there is a serious financial repression in China.Relationship of regional financial development and economic growth in present stage characteristics,to the east and west area on behalf of the three stages of the country's economic growth,in the early stages of economic growth and performance for economic growth in financial development cause demand,economic development in the mature stage,performance for the support of financial development to economic growth,to the advanced stage of economic development,present demand for higher level of financial development to economic growth.There is no significant relationship between the two.Therefore,combining the above analysis,the article puts forward China's overall financial management and for regional economic difference between actual policy Suggestions,in order to promote our country coordination between financial development and economic growth,promote the transformation of economic success.