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The Influence of Financial Industry Cluster on Economic Growth: Three Economic Zones in China

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  • Xiaoyan Zhang
  • Dafei Chen

Abstract

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.

Suggested Citation

  • Xiaoyan Zhang & Dafei Chen, 2013. "The Influence of Financial Industry Cluster on Economic Growth: Three Economic Zones in China," Accounting and Finance Research, Sciedu Press, vol. 2(4), pages 1-69, November.
    • Handle: RePEc:jfr:afr111:v:2:y:2013:i:4:p:69
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    References listed on IDEAS

    as
    1. Hao, Chen, 2006. "Development of financial intermediation and economic growth: The Chinese experience," China Economic Review, Elsevier, vol. 17(4), pages 347-362.
    2. Clarke, George & Xu, Lixin Colin & Zou, Heng-fu, 2003. "Finance and income inequality : test of alternative theories," Policy Research Working Paper Series 2984, The World Bank.
    3. Alessandra Guariglia & Sandra Poncet, 2006. "Are Financial Distortions an Impediment to Economic Growth? Evidence from China," Working Papers 2006-21, CEPII research center.
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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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