The Influence of Regional Financial Center on Regional Economic Growth: An Empirical Analysis for Wuhan

摘要

Regional financial centers play an important role in the regional economy. This paper employs path coefficient analysis to evaluate empirical relation between regional financial center in Wuhan and regional economic growth in Hubei province. The result of path coefficient analysis shows that regional financial center exerts a large direct effect on regional economic growth, but the indirect effects of financial center on capital growth and saving rate growth, which feeds through to economic growth are smaller. Furthermore, production value in financial industry rate in Wuhan has directly restrained economic growth in Hubei province in the last decades. On the basis of empirical analysis, the relationship between regional financial center and regional economic growth is illustrated, the problems of regional financial center in Wuhan are revealed and proposals are recommended.