Open AccessThe Influence of Financial Industry Cluster on Economic Growth: Three Economic Zones in China
Author(s) -
Xiaoyan Zhang,
Dafei Chen
Publication year - 2013
Publication title -
accounting and finance research
Language(s) - English
Resource type - Journals
eISSN - 1927-5994
pISSN - 1927-5986
DOI - 10.5430/afr.v2n4p69
Subject(s) - china , yangtze river , beijing , cluster (spacecraft) , business , exclusive economic zone , business cluster , economics , finance , economic geography , geography , political science , philosophy , archaeology , epistemology , computer science , law , mechanism (biology) , programming language
In recent years, financial industry cluster has flourished, promoting economic growth in local and surrounding areas. Yangtze River Delta, Pearl River Delta and Bohai Economic Rim have facilitated economic growth in China. This paper first studies the situation of financial development and financial industry cluster in three economic zones, and finds that Beijing, Shanghai and Shenzhen centralize plenty of financial institutions and financial resources in three economic zones. Then this paper takes L-S model as theoretical basis, verifies the growth effect and radiation effect of financial industry cluster on regional economic growth, and finally puts forwards several pieces of suggestions.