Research On The Impact Of Financialization Development On The Quality Of China's Economic Growth

The socialist economic thinking with the characteristics of the new era believes that economic development should not focus solely on blindly pursuing high economic growth,but should take a long-term perspective from the perspective of economic stability and the rationality of economic structure to fully grasp economic development Quality,on the basis of fully respecting nature and ensuring ecological balance,the pursuit of efficient economic growth.These characteristics are specifically manifested in:firstly,the economic growth rate is changed,it was in high speed before but now in medium and high speed;secondly,the economic structure is continuously optimized,the tertiary industry is the mainstay of development,attention is paid to consumer demand,urban and rural development need to be balanced,the gap between urban and rural areas should reduced,and so do the income level.Improving the quality of life of residents,so that the results of economic development can benefit the people in a fair and effective way.Thirdly,flexible and effective changes in development momentum must be adopted to drive development through innovation to make the economy high-quality and long-term..After proposing that the economy has entered a new era,Chairman Xi also focused on the development of the financial industry,he puts forward proposals to promote the healthy development of the economy and finance by means of deepening financial reforms.Therefore,with the increasingly remarkable development of financialization,as well as grasping the relationship between financialization and the quality of economic growth has become a hot topic.In the theoretical analysis stage,the theoretical basis of financialization is clarified,and the relationship between the development of financialization and the quality of economic growth is analyzed.Through theoretical research,it is clarified that the influence of financialization development on the quality of economic growth has a theoretical basis,which paves the way for quantitative empirical analysis.The full text uses panel data from31 provinces across the country from 2008 to 2017 as a research sample to explore the relationship between the degree of financialization and the quality of economic growth.The index calculation and index synthesis of the quality of economic growth were carried out,and comprehensively measured from the perspectives of structure,stability,external development,green development,sharing level and innovation.First,build a static panel model to study the non-linear relationship between the development of financialization andthe quality of economic growth from a regional perspective.From the empirical results,it can be seen that the development of financialization has a positive correlation with the overall quality of economic growth.Next,construct a panel threshold model and analyze the size and effect of financialization development on the quality of economic growth at different threshold levels.It is found that overall,when the level of financialization development is less than the threshold value and the quality of economic growth Positive correlation;when the level of financialization is greater than the threshold,it is inversely related to the quality of economic growth.However,the level of financial development in the eastern region,central and western regions has only a significant single threshold effect.Finally,in light of its own problems in the development of financialization and its impact on the quality of economic growth,reasonable policy recommendations are proposed to promote the comprehensive,coordinated,and sustainable development of finance and economy in the context of the new era.