The Level of Financial Development, Digital Inclusive Finance and the Upgrading of China's Industrial Structure
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v5i2.1986
Abstract
Economic theories that explain the transformation of industrial structure focus on factors such as fluctuations in relative prices of products and income growth. In addition, in recent years, with the characteristics of increasing financial development, rapid development of digital economy and fluctuating inward investment, the existing literature lacks a unified theoretical framework to evaluate the relative importance of all these factors. To this end, this paper studies the influencing factors of China's industrial structure transformation, and constructs a panel model by using the data of each index of 282 prefecture-level cities in China from 2011 to 2019, and quantitatively evaluates the impact of the five effects on the industrial structure transformation. The results show that: first, the financial level has a significant role in promoting China's industrial structure; second, in recent years, China's investment in the service industry, information industry and financial industry has been increasing; third, at the regional level of China, there is a positive relationship between per capita GDP and industrial structure. Therefore, in the future, China needs to focus on guiding the development of the financial market and making the industrial structure move in the direction of optimization.
Keywords
industrial structure upgrading, financial development level, empirical analysis
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[3] Fan Fangzhi, Zhang Lijun. Research on the Relationship between Financial Structure Transformation and Industrial Structure Upgrading in China's Regions [J]. Financial Research, 2003, (11): 36-48.
[4] Goldsmith, R.Financial Structure and Economic Development[M]. New Haven:Yale University Press, 1969.
[5] Gurley, G., Shaw, E.S.Financial Structure and Economic Development[J]. Economic Development and Cultural Change, 1967, (3).
[6] King, R. G., Levine, R. Finance, Entrepreneurship, and Growth Theory and Evidence [J]. Journal of Monetary Economics, 1993, 32(4) : 513-542.
[7] McKinnon, R.I.Money and Capital in Economic Development[M]. Washington, D.C.: Brookings Institution Press, 1973.
[8] Shaw, E.S.Financial Deepening in Economic Development[M]. New York: Oxford University Press, 1973.
[9] Song Guofeng, Si Yijun. The correlation between digital inclusive finance, resident consumption level, and high-quality economic development level: an empirical analysis based on the mediation effect model [J]. China Management Informatization, 2022, 25 (19): 124-127.
[10] Tao Aiping, Xu Junchao. Research on the Nonlinear Relationship between Financial Development and Industrial Structure Upgrading: An Empirical Test Based on Threshold Model [J]. Economic Journal, 2016,33 (02): 84-89.
[11] Wen Shuhui, Zhang Yibo. Financial development, FDI spillovers and economic growth efficiency: empirical research based on countries along the "the Belt and Road" [J]. World Economic Research, 2020, (11): 87-102+136-137.
[12] Wurgler, J. Financial Markets and the Allocation of Capital[J].Journal of Financial Economics, 2000, (5):187-214.
[13] Yang Lin, Li Jianwei. Transformation of Financial Structure and Upgrading of Real Economy Structure [J]. Finance and Trade Economics, 2002, (2): 9-13.
[14] Zeng Guoping, Wang Yanfei. Financial Development and Industrial Structure Changes in China [J]. Finance, Trade and Economics, 2007, (8): 12-20.
[15] Zhang Lijun. Analysis of the Promoting Effect of Financial Development on Industrial Structure Upgrading [J]. Journal of Shijiazhuang University of Economics, 2006, (4): 203-206.
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