文章利用2009-2019年我国30个省份的面板数据实证检验了金融结构优化与经济增长之间的关系,并对其背后的传导机制进行了探讨。研究发现:一是现阶段,中国金融规模的继续扩张不利于经济的增长,而金融结构的优化为进一步的经济增长提供动力...文章利用2009-2019年我国30个省份的面板数据实证检验了金融结构优化与经济增长之间的关系,并对其背后的传导机制进行了探讨。研究发现:一是现阶段,中国金融规模的继续扩张不利于经济的增长,而金融结构的优化为进一步的经济增长提供动力;二是经济波动在金融结构优化促进经济增长的过程中发挥重要的协同作用,且经济运行越平稳,越有利于金融结构优化发挥作用;三是技术进步与产业结构优化在金融结构改善促进经济增长过程中发挥重要的传导机制作用。上述研究结论在经系统G M M削弱内生性、替换关键变量、剔除异常值等检验后依旧保持稳健。本文的研究结论以中国的发展实践丰富了金融结构理论,同时也为我国深化金融供给侧改革、优化金融结构、进一步提高直接融资比重等提供了重要参考。展开更多
Against the backdrop of China's development reality for the time being and upholding the basic logic of boosting the high-quality development of China's economy,the authors give the historical background,reali...Against the backdrop of China's development reality for the time being and upholding the basic logic of boosting the high-quality development of China's economy,the authors give the historical background,realisticclogic,theoretical connotation,and strategic significance of the new development paradigm of dual circulation a thorough interpretation.On this basis,the authors conduct a detailed analysis of the development path between China's Free Trade Zones(FTZs)and the new development paradigm of dual circulation,as well as the new orientation of FTZs under this paradigm.Focusing on systems thinking,the new development paradigm of dual circulation not only opens up a new realm of open economic theory with Chinese characteristics but also enriches the socialist political economy with Chinese characteristics.From the perspective of the new development paradigm of dual circulation,China's FTZs serve as a reform test field and a powerful starting point for driving the high-quality circulation ofChina's economy.From another perspective,it is also an open bridgehead and a significant window for China to participate in international economic circulation.In this sense,China's FTZs remain the key hub linking domestic and international circulations.China's FTZs should be given greater reform autonomy.Whilefocusinggon the differentiated exploration and development models,the dividends of the first trial system should be fully utilized to integrate China's FTZs into the national open development strategy.Thus,high-level open practice can be anticipated to boost the virtuous circle of domestic and foreign economies,with concerted efforts and drive China's economy toward a high-quality future.展开更多
In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve th...In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve the efficiency of financial operations.Pilot Free Trade Zones(PFTZs),highlands of institutional innovation,have played the role of a natural testing ground for China to deepen its financial supply-side reform and improve the efficiency of financial services in the real economy.On that premise,this paper discusses the policy effects and transmission channels for the financial reform of PFTZs to improve the efficiency of financial services in the real economy within China.The findings of the papar are the followings,(1)The reform of PFTZsshas significantly improved the efficiency offinance in the real economy,having even achieved a sustainable effect.That is to say,with the extension of gment This work wasthe duration of free trade zone constructionand the gradual implementation of financialreform measures,the regional impactof financial services in the real economyhas shown a year-on-year upward trend.(2)The effects of financial agglomeration,financial transparency,and optimizationof financial infrastructure produced by thereform of PFTZs have played a significantregulatory role in the process of improvingthe efficiency of financial services in thefree trade zones.(3)The effect of China'sfinancial reform on PFTZs has fosterednoticeable regional diversity;an importantreason for the diversity of policy effectrests with the difference in transmissionmechanisms.The conclusions of this paper expand the research dimension of theliterature evaluating the effect of policy onPFTZs,and provide policy references fromthe perspective of financial reform in thefree trade zones for China to further deepenfinancial supply-side reform and improvethe efficiency of financial services in the realeconomy.展开更多
文摘文章利用2009-2019年我国30个省份的面板数据实证检验了金融结构优化与经济增长之间的关系,并对其背后的传导机制进行了探讨。研究发现:一是现阶段,中国金融规模的继续扩张不利于经济的增长,而金融结构的优化为进一步的经济增长提供动力;二是经济波动在金融结构优化促进经济增长的过程中发挥重要的协同作用,且经济运行越平稳,越有利于金融结构优化发挥作用;三是技术进步与产业结构优化在金融结构改善促进经济增长过程中发挥重要的传导机制作用。上述研究结论在经系统G M M削弱内生性、替换关键变量、剔除异常值等检验后依旧保持稳健。本文的研究结论以中国的发展实践丰富了金融结构理论,同时也为我国深化金融供给侧改革、优化金融结构、进一步提高直接融资比重等提供了重要参考。
文摘Against the backdrop of China's development reality for the time being and upholding the basic logic of boosting the high-quality development of China's economy,the authors give the historical background,realisticclogic,theoretical connotation,and strategic significance of the new development paradigm of dual circulation a thorough interpretation.On this basis,the authors conduct a detailed analysis of the development path between China's Free Trade Zones(FTZs)and the new development paradigm of dual circulation,as well as the new orientation of FTZs under this paradigm.Focusing on systems thinking,the new development paradigm of dual circulation not only opens up a new realm of open economic theory with Chinese characteristics but also enriches the socialist political economy with Chinese characteristics.From the perspective of the new development paradigm of dual circulation,China's FTZs serve as a reform test field and a powerful starting point for driving the high-quality circulation ofChina's economy.From another perspective,it is also an open bridgehead and a significant window for China to participate in international economic circulation.In this sense,China's FTZs remain the key hub linking domestic and international circulations.China's FTZs should be given greater reform autonomy.Whilefocusinggon the differentiated exploration and development models,the dividends of the first trial system should be fully utilized to integrate China's FTZs into the national open development strategy.Thus,high-level open practice can be anticipated to boost the virtuous circle of domestic and foreign economies,with concerted efforts and drive China's economy toward a high-quality future.
基金sponsored by"Research on Countermeasures for Deepening Institutional Innovation of Pilot Free Trade Zones,"a Think Tank Program of Tianjin Philosophy and Social Science Planning(No.:TJZDDY20-05).
文摘In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve the efficiency of financial operations.Pilot Free Trade Zones(PFTZs),highlands of institutional innovation,have played the role of a natural testing ground for China to deepen its financial supply-side reform and improve the efficiency of financial services in the real economy.On that premise,this paper discusses the policy effects and transmission channels for the financial reform of PFTZs to improve the efficiency of financial services in the real economy within China.The findings of the papar are the followings,(1)The reform of PFTZsshas significantly improved the efficiency offinance in the real economy,having even achieved a sustainable effect.That is to say,with the extension of gment This work wasthe duration of free trade zone constructionand the gradual implementation of financialreform measures,the regional impactof financial services in the real economyhas shown a year-on-year upward trend.(2)The effects of financial agglomeration,financial transparency,and optimizationof financial infrastructure produced by thereform of PFTZs have played a significantregulatory role in the process of improvingthe efficiency of financial services in thefree trade zones.(3)The effect of China'sfinancial reform on PFTZs has fosterednoticeable regional diversity;an importantreason for the diversity of policy effectrests with the difference in transmissionmechanisms.The conclusions of this paper expand the research dimension of theliterature evaluating the effect of policy onPFTZs,and provide policy references fromthe perspective of financial reform in thefree trade zones for China to further deepenfinancial supply-side reform and improvethe efficiency of financial services in the realeconomy.
