TITLE:
Analysis of the Impact of Digital Financial Agglomeration on the Economic Growth of Guangdong Province under the New Development Patterns
AUTHORS:
Chenjiaxiao Ou, Yanli Xu, Chaojun Xu, Qiongdie Su
KEYWORDS:
Financial Sector Agglomeration, Economic Growth, New Development Pattern, Guangdong, China
JOURNAL NAME:
Modern Economy,
Vol.15 No.11,
November
28,
2024
ABSTRACT: Based on the background of the era under the new development pattern, this paper collects the relevant data of Guangdong from 2012 to 2021, chooses the measurement method of location entropy to analyze the degree of financial agglomeration of 21 prefectures in Guangdong, and establishes a regression model of the mechanism of the effect of financial agglomeration in Guangdong based on the data of financial agglomeration and the data of regional economic growth with the Cobb-Douglas production function, so as to study the impact of financial agglomeration on the economic growth of Guangdong. Based on the financial agglomeration data and regional economic growth data, a regression model of the effect mechanism of financial agglomeration in Guangdong is established on the basis of Cobb-Douglas production function to study the impact of financial agglomeration on economic growth in Guangdong. Secondly, the results of the study are comprehensively analyzed in depth, through which it can be seen that the scale effect and other benign effects of financial industry agglomeration in Guangdong Province contribute to the economic growth, but also have a certain degree of counterproductive effects, hindering the economic development of some regions. Finally, based on the conclusions of the study, we put forward countermeasures and suggestions to promote Guangdong’s economic growth.