| The Fifth Plenary Session of the 19th Central Committee of the CPC proposed that by 2035,we should basically realize new industrialization,informatization,urbanization,and agricultural modernization,and build a modern economic system.The report of the 20th National Congress of the CPC also mentioned that in the next five years,with the theme of promoting high-quality development,we will focus on the real economy to promote high-end,intelligent and green development of the manufacturing industry.As China enters the critical stage of starting the comprehensive construction of a socialist modernized country,it is urgent to promote the high-quality development of the manufacturing industry.This article will focus on the evaluation of the high-quality development level of the manufacturing industry,analyze the financial industry agglomeration level of each province,city,and autonomous region,and how financial agglomeration affects the development of the manufacturing industry,which is of great significance for promoting the development of the financial and manufacturing industries in the region.Based on existing research,this article constructs a comprehensive evaluation index system for financial agglomeration,uses principal component analysis to obtain the financial agglomeration index of each province,city,and autonomous region from 2007 to 2020,and further analyzes the financial agglomeration situation of each province,city,and autonomous region in China.After considering the five dimensions of economic benefits,technological innovation,green development,quality brand,and informatization level,this article uses the objective weighting method to measure the high-quality development level of the manufacturing industry in various provinces,cities,and autonomous regions from 2007 to 2020.This article uses a spatial econometric model to delve into the impact mechanism of financial agglomeration on the high-quality development of manufacturing industry from the perspective of spatial geography,and conducts research by dividing regions into eastern,central,and western regions.The results indicate that financial agglomeration significantly promotes the high-quality development level of the manufacturing industry in the region,and from the results of spatial econometric models,financial agglomeration in the region promotes the high-quality development level of the manufacturing industry in neighboring regions through spatial spillover effects.It shows that financial agglomeration can accelerate the interactive flow of resources and information within the local region,local and surrounding areas,optimize resource allocation and supply and demand structure,and meet the capital demand for high-quality development of manufacturing industry through scale effect and Spillover effect.From a regional perspective,although the development of financial agglomeration in the western region is slow,the spillover effect is more significant than in the eastern and central regions.In the process of economic development,the western region has gradually improved the level of financial agglomeration,driving high-quality development of the manufacturing industry through the effective allocation of financial resources.Based on the above research,this article proposes the following suggestions to relevant departments: improve the degree of financial agglomeration and strengthen cooperation between provinces,cities,and autonomous regions;Continuously promote financial supply side reform,actively promote opening-up and infrastructure construction,and enhance the high-quality development level of the manufacturing industry. |
