Research on the Spatial Effect of Financial Industry Agglomeration and Regional Economic Growth under the New Normal

Financial industry agglomeration not only has a direct impact on the regional economy, but also indirectly affects other regions through the transmission of space effect. The environment of financial and economic of Sichuan Province presents new status and changes during the period of the new normal. By analyzing the impact of macroeconomic changes on spatial correlation of financial agglomeration in Sichuan Province, this paper explores the spatial effects of financial industry agglomeration and regional economic growth under the new normal state and the relationship between finance and real economy to promote the sustainable and stable development of regional economy. This paper constructs the spatial panel econometric model with different spatial weights to analyze the direct and spatial spillover effects of financial industry agglomeration on regional economic growth. The empirical results show: the direct effects of banking agglomeration in 21 cities of Sichuan province is not significant under the new normal state; the agglomeration of the securities industry and the insurance industry can promote local economic growth effectively; the spatial spillover effect of agglomeration variables in the financial industry is significant and it is diversity in different spatial dimensions; financial agglomeration of Sichuan province also exists the phenomenon of regional competition and distance attenuation.