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In this paper, the panel smooth transition regression model was used to analyze the relationship between financial development and economic growth empirically. The paper mainly studied the effects of proportion of total loans of regional financial institutions in GDP on the output elasticity of capital, labor output elasticity and returns of scale. The empirical results show the level of financial development has a nonlinear diminishing relationship with the capital output elasticity, and has a nonlinear increasing relationship with labor output elasticity and returns of scale. Index Terms - Panel smooth transition regression model; Financial development; Economic growth 1. Introduction Both China's economy and finance have been developed rapidly since the reform and its opening up. The financial industry has undergone tremendous changes with the economic .China's financial sector is almost zero at the beginning of the reform and its opening up. Financial types are greatly enriched now, and there is a substantial increase in the total amount of financial assets. Finance has become an important means of government macroeconomic regulation and optimizing allocation of social resources. Economy is showing the characteristics of financialization increasingly .So modern finance plays a vital role in economic growth. In this context, the impact of finance development on economic growth is common concerned by domestic and foreign scholars. Therefore, to study the relationship between financial development and economic growth in China has important practical significance. Financial development and economic growth has been the

Research on the Relationship between Financial Development and Economic Growth in China: An Empirical Analysis based on Panel Smooth Transition Regression Model