Research On The Spatial Effects Of Financial Development Affecting The High-quality Economic Development

In recent years,the government and people pay more attention to the quality of economic development,and the report to the 20 th National Congress of the Communist Party of China points that high-quality development is the primary task of building a modern socialist country.However,the existence of problems such as insufficient driving force for innovation,productive pollution emission and selective agglomeration of resources impedes economic development.At the special time of development transformation,history intersection and changeable situation,financial institutions should undertake the important mission of helping to improve effectively the quality of the economy,aiming at using financial strength to serve high-quality economic development.This paper first constructs an evaluation system of high-quality economic development level based on new development philosophy,and uses GPCA method to calculate the development numeric value of 272 cities from 2010 to 2019.Then,the spatial econometric model is used to explore whether the financial development level of each city is within the appropriate scale to have a positive impact on the high-quality economic development,and find the interaction effect between cities.Finally,this paper finds the financial development has a different effect on the various dimensions of high-quality economic development,for indicating the capital support direction.Research results show that under the current macro environment and development stage,the city’s financial development level is in the moderate scale which can have a positive impact on the high-quality economic development,and the impact shows positive spatial effects.Although it doesn’t show the obvious“inverted U-shaped” relationship during the sample period,it is necessary to pay attention to the possible nonlinear spatial spillover effect phenomenon.Further,from the national perspective,financial development has the strongest influence on the coordinated development among various dimensions of high-quality economic development.While considering the spatial correlation,it is the shared dimension greatly affected by spatial effect.From the regional perspective,the financial development of the eastern region mainly promotes the economic development of this city and neighboring cities through the open and innovative development path.Financial development in the central region promotes the development level of the city in all dimensions,and the main path is the share development.The contribution of financial development in the western region in the five sub-dimensions is positive,and the use of finance to promote green development is better.The main contributions: First,this paper widens the scope of research in related fields.Most of existing researches choose the province or the developed economic belt as the research range,but this paper measures the high-quality economic development level of 272 cities and analyzes regional differences.Second,this paper refines the research on the relationship.Most studies only discuss the relationship between the city’s financial development level and its own high-quality economic development level without considering the spatial correlation,but this paper uses the spatial model to explore the existence of the nonlinear relationship.Third,this paper enriches the research field.Most studies lack of the further exploration aiming at the financial development level’s impact on the dimensions of high-quality economic development,but this paper further analyzes the impact differences on the five dimensions of high-quality economic development from the national and regional perspective.