Regional Financial Development and Regional Economic Growth: An Empirical Analysis of Suzhou City, China

There are many defects in researches on the relationship of the regional financial development (FD) and economic growth of China, such as simply assuming the causality direction, not highlighting financial institution, using incomplete financial indicator, etc. This article, taking Suzhou City of Jiangsu Province, China as a case, builds a simple model to study the level of FD from three aspects of financial scale, structure and institution. Three original indicators of PRIVY (private investment/aggregate investment), DEPTH (aggregate loan/GDP) and FDIVG (FDI/GDP) are used to construct the FD economic indicator through Principal Component Analysis approach. Then we use Granger method to analyze the relationship between the FD and the economic growth of Suzhou. Empirical test results show that the FD of Suzhou is the Granger reason of economic growth, while economic growth is not the reason for FD, because the relationship between the FD and the economic growth of Suzhou is just in the ″supply-leading″ period. In terms of Suzhou experiences, the local government should strengthen the protection of private investment, improve the institutional environment, and establish the reasonable financial structure. So we can concluded that FD could play a great role in promoting economic growth at the economy takeoff stage.

Research on the correlation between regional economic growth and culture industry of our nation

For a nation, culture is not only the promotion and enhancement to the national spirit and the realm of life, but also an essential content and indispensable support force to achieve economic development, it is the important cause and prominent of the overall strength and the main carrier and specific embodiment of a nation＇s ＂soft power＂, besides, it also represents the degree of civilization, level of development and height of this nation. Culture and cultural industry endow with the modern culture with new meaning, it requires that at the time we achieve the prosperity and development of culture, we must actively explore and operate a scientific mechanism which is most able to release the energy of the culture and play cultural efficiency, and then develop the industrial pathway of the cultural. Cultural industry is a little different from the general industry. This causes the special natm-e of the cultural industry which is different from other industries. Different water and soil raised different people, inheriting national culture and developing cultural industry can be described as the unity of the three ones.

Water Resource and Regional Economic Growth Study Based on Panel Data

Empirical analysis to the relationship between water resource scarcity degree and economic growth were done by building relationship model between water resource scarcity degree and regional economic growth with provincial panel data of 30 provinces during 2000-2009. The analysis results show that, in water resource scarcity regions, the shortage of water resource is the key factor of restricting economic development. In order to alleviate the shortage of water resource and meet the needs of economic development to water resource, it is necessary to speed up the establishment of water right trading market and finally achieve the goal of water-saving and regulation of water resource by economic leverage. The specific countermeasures include： first, comprehensively considering the endowment difference of water resource when carrying out industrial planning and layout; second, speeding up the establishment of water right trading market and revising water-saving incentive mechanism; third, increasing fiscal transfer payment ability to the provinces of outputting water resource; fourth, strengthening industrial guidance, making moderate industrial transfer and population movement; fifth, paying attention to science, technology and education investment, to improve utilization efficiency of water resource.

The Spatial Spillover Effect of Input and Output of Scientific Progress on Regional Economic Growth: The Case of Guangdong Province

This paper makes an empirical analysis of the spatial spillover effect of regional economic growth by using Moran’s I and Spatial Durbin Model to study the input and output of technological progress, with the panel data of 21 prefecture-level cities in Guangdong Province from 2008 to 2017. The empirical results show that the spatial autocorrelation exists in the economic development of Guangdong Province, and both the input and output of scientific research innovation have a significant positive effect on the regional economic growth. Under the spatial contiguity weights matrix, the output of scientific research and innovation has a more obvious spillover effect on the economic growth of neighboring cities than the input of scientific research and innovation.

The Role of China's High-Tech Zones in Its Regional Economic Development

National high-tech industrial development zones represent a major strategy of the Chinese government in developing high-tech industries and spurring regional economic growth. The effect of this policy is yet to be proven. Based on the panel data of 283 Chinese cities between 1984 and 2012, this paper investigates the effect of high-tech zones on regional economic development. Empirical results suggest that first, national hightech zones have remarkably enhanced regional GDP and per capita GDP growth, and this conclusion still holds true after multiple rounds of robustness test; second, the economic effect of national high-tech zones is subject to diminishing marginal return and compared with higher-tier cities, lower-tier cities benefited more from the creation of national hightech zones. This paper concludes that national high-tech zones where special policies are experimented and offered not only drive economic development but, if properly distributed across regions, may help reduce regional economic disparities as well. The results of this study provide important implications for the future distribution of national high-tech zones and the creation of other relevant policies.

Validity Checks for Natural Resource Regulation on Regional Economic Growth in China on the Basis of Provincial Panel Data

We analyze the mechanism of natural resource regulation on regional economic growth and estimate the model based on panel data for 31 Chinese provinces from 2000 to 2009. Our findings suggest that a fixed effect model is more appropriate than a mixed cross section or random effect model. A fixed effect model between natural resource regulation and regional economic growth quantity and quality was constructed to check the validity of natural resource regulation on regional economic growth. We found that natural resource regulation is effective at regulating regional economic growth; and natural resource regulation restrains regional economic speed to some extent. The per unit growth of natural resource regulation intensity will cut 24.6 billion CNY in gross domestic product; however, natural resource regulation can improve the quality of regional economic growth. Growth in the per unit natural resource regulation intensity will increase the index of regional economic growth quality by 0.022 units. In summary, these data support the proposal for using natural resources to regulate regional economic growth and transformation.

Has Transport Infrastructure Promoted Regional Economic Growth?——With an Analysis of the Spatial Spillover Effects of Transport Infrastructure

Taking full account of the synergistic effects of multidimensional factors on regional economic growth in China, this paper constructs a model of the spatial spillover effects of transport infrastructure on regional economic growth. Using provincial panel data from 1993 to 2009 and employing spatial econometric techniques, our empirical analysis comes to the following conclusions. （1） The total output elasticity of transport infrastructure for regional economic growth varies between 0.05 and 0.07, indicating its important role in such growth. （2） Transport infrastructure has very clear spatial spillover effects on regional economic growth; its role in regional economic growth will be overestimated if these are neglected. （3） For a specific region, transport infrastructure in other regions has mainly positive spillover effects on economic growth, but there is also evidence of negative spillover effects. （4） Among multidimensional factors contributing to regional economic growth, labor pluscapital stock from other parts of the public sector make the greatest contribution to regional economic growth in China, followed by the new economic growth factors and new economic geography.

Real Effective Exchange Rate and Regional Economic Growth in China： Evidence from Provincial Data

Using data for the period 2000-2011, we construct province-level real effective exchange rate （REER） indices for China and test the effect of REER depreciation on regional economic growth in a generalized method of moments regression framework. Our results show that REER depreciation, in general, promotes regional economic growth, through increasing net exports and lowering FDI costs. After dividing the full sample into coastal and inland subsamples, we find that REER depreciation influences economic growth in inland areas but not in coastal areas. This is due to the fact that the inland areas have more surplus labor or other resources to expand their production capacity when REER depreciation leads to increased worm demand. Furthermore, compared to inland areas, processing-and-assembly trade comprises a larger share of trade in the coastal areas, where traders import more raw materials and intermediate goods to process and assemble goods. When the exchange rate depreciates, the costs of imported materials and immediate goods increase. In this case, the benefits from REER depreciation in coastal areas are offset to some extent and are thus lower than in inland areas.

Spatial Spillovers and the Convergence of Regional Economic Growth: A Case Study Based on the Yangtze River Delta

Spatial club convergence means that the economic growth of a group of regions that have similar initial conditions and structural characteristics and are spatially adjacent will gradually converge on the same steady state. As a new field in research on the club convergence of regional economic growth, spatial club convergence works on a mechanism whereby spatial spillovers drive the localized growth of the regional economy, leading to spatial club convergence. Using a theoretical model of regional economic growth that includes spatial spillovers, this study shows that these spillovers can lead to spatial club convergence. Our empirical analysis of regional economic growth in the Yangtze River Delta in 1990-2007 also shows that spatial spillovers can affect regional economic growth, and that spatial club convergence does exist. When the spatial spillover factor is taken into account, the speed of spatial club convergence in the Yangtze River Delta is 1.57 percent.

An Empirical Analysis on Diversity of Regional Economic Growth in Jiangsu Province of China

By using index β * and δ * ,this paper carries out an empirical analysis on diversity of regional economic growth in Jiangsu province. Firstly, the paper, from the point of view of economics, divides diversity theories of economic growth into three categories, i.e. the theory of convergence, the theory of divergence and the theory of constant differentials, and analyses them respectively. Secondly, the paper, using sectional and time series data, compares and studies regional economic growth among southern, middle and northern part of Jiangsu province. Finally, the paper analyses the empirical conclusions. The main conclusion is that the theory of convergence is suit to Jiangsu economic growth.

Inter-Region Transportation Costs,Regional Economic Growth,and Disparities in China

To examine the correlation between regional economic growth and inter-region transportation costs in China,this study establishes a regional economic growth model embedded with inter-region transportation costs based on the Cobb-Douglas production function.Based on a balanced growth empirical model,this study verifies the correlation by conducting a regression analysis of the panel data of 29 provinces,municipalities,and autonomous regions from 1985 to 2015.The empirical results show that:(1)The per capita GDP growth among the three regions(namely,the eastern,central,and westem regions of China)meets a conditional convergence trend,and the decreasing of the inter-region transportation costs increases the convergence speed;(2)The per capita GDP growth is in line with the club convergence trend within each of the three regions;(3)The trend of the output elasticity of the inter-region transportation costs shows that the gradual decrease of inter-region transportation costs has a positive correlation with the narrowing of economic disparity after the year 2000,accelerating“common prosperity”across different regions in China.

Development of Pilot Free Trade Zones and Regional Economic Growth in China:Comparison on the Conducting Paths and Dynamic Mechanisms

This study discusses the effect and the dynamic mechanism of free trade zone(FTZ)development promoting regional economic growth in China from the perspective of institutional innovation,and finds as follows.(1)The identification process based on difference-in-differences(DID)testing and Bayesian information criterion(BIC)indicates that the institutional innovation of FTZs not only drives regional economic growth,but acts as one of the core factors among the many drivers.(2)The rapid development of investment and trade,as the primal core function of FTZs,is an important dynamic factor for FTZs to promote regional economic growth.It means in the macro-context of lasting and repeated China-U.S.trade frictions,FTZ development should refer to the practice of China(Shanghai)Pilot Free Trade Zone and China(Zhejiang)Pilot Free Trade Zone in aligning to high-standard investment and trade criteria,return to the origin of free trade,and actively seek policy support in improving trade openness and investment facilitation.(3)With the synthetic control method used,the study finds a wide gap in the“experimental effect”of setting up FTZs in different areas.The effect is better in coastal FTZs than in inland ones,and FTZs established later usually have less noticeable effect.On this account,FTZs in China should be positioned differently based on their characteristics of location and endowment;featured development modes should be explored to reduce homogeneous competition;development of coastal and inland FTZs should be balanced and coordinated.

Comparison and Measurement of Economic Growth in Coastal Areas and Inland Provinces of China

This study aims to measure the regional difference in economic growth and the driving effect of export of coastal areas for inland provinces in China from the perspective of labor division.Embedded input and output data are adopted on the basis of the input-output theory for economic growth and trade accounting.Since China’s accession to WTO,vertical specialization across areas has been improved in general,but the areas differ widely in their participation in labor division in the global value chain(GVC)and national value chain(NVC).Different areas in China mainly rely on local production for economic growth,but engagement in GVC and NVC labor division is the major driver for the country’s rapid economic growth.Under the external impact,local economic growth has relied less on the outside,but more on local production since 2008.The driving effect of export of coastal areas for inland provinces is mainly reflected in agriculture,indicating that inland provinces and cities indirectly participate in international division of labor mainly by providing raw materials for production for eastern areas.This study,based on GVC and NVC integration and interaction,conducts in-depth research on the driving effect of export of coastal areas for the economic development of inland provinces,and offers a new perspective for studying the regional difference in economic growth in China.