Research On The Impact Of Fintech On Promoting Regional Economic Growth

At present,based on the era background of China’s economy changing from factor driven to innovation driven,the traditional financial ecology has been unable to meet the needs of high-quality economic development.Improving the ability of financial services to the economy and transforming the driving force of growth have become the focus of current financial reform.With the deep integration of science and technology and finance,financial technology has become an indispensable part of the financial field,boosting the balanced development of the financial system and the sustained economic growth.With its low-cost and highly innovative service mode,Fin Tech has injected a large number of new elements into the financial industry,optimized the traditional financial structure and innovated the current financial pattern.As a new engine for high-quality financial development,the domestic academic community has just started a research boom on financial technology.From many research literature,the current research focus is more on the qualitative analysis of financial technology,involving the definition of financial technology,opportunities and challenges brought by financial technology,and how to supervise financial technology,There are few quantitative analysis studies on how financial technology affects regional economic growth in China.Therefore,exploring the impact of financial science and technology on regional economic growth has certain theoretical and practical significance to guide financial science and technology to better serve China’s financial market,investment market and consumer market,and help financial science and technology become a new driving force of economic growth.This paper focuses on the main thread of "theory-demonstration-results and suggestions",trying to analyze the impact of financial technology on regional economic growth in detail.First of all,on the basis of combing the relevant literature on the relationship between financial technology and regional economic growth at home and abroad,this paper expounds the relevant concepts of financial technology and regional economic growth,summarizes and analyzes the relevant mechanism of financial technology’s impact on regional economic growth at the macro level,and makes a preliminary analysis of the relationship between the two.On the basis of the theoretical analysis of financial science and technology promoting regional economic growth,this paper discusses the impact mechanism of financial science and technology on regional economic growth and puts forward the hypothesis that financial science and technology can positively promote regional economic growth.Secondly,in order to test the impact mechanism of financial technology on economic growth and prove the proposed hypothesis,a model suitable for Zhejiang Province’s financial technology and regional economic growth is constructed.Subsequently,this paper collected the relevant data of 11 cities in Zhejiang Province from 2011 to 2020,studied the impact of financial technology on regional economic growth from the perspective of prefecture level cities,and used the fixed effect regression model to analyze the impact of financial technology on regional economic growth in each prefecture level city of Zhejiang Province.The specific conclusions are as follows:(1)The development of financial technology will indeed have a greater impact on regional economic growth in a certain period of time,which is mostly positive.(2)Financial science and technology can play a role in regional economic growth through the regulatory role of market,government and scientific and technological innovation.Finally,based on the empirical research results of this paper,the corresponding countermeasures and suggestions are put forward,which has certain theoretical and practical significance in helping Fin Tech become a new driving force of regional economic growth.