An Empirical Study on the High-quality Development of Regional Economy Driven by Financial Innovation

Financial innovation is the core element of the high-quality development of regional economy. Based on the statistical data of 30 provinces and cities in China from 2008 to 2018, the paper makes an empirical analysis of the impact of financial innovation on the high-quality development of regional economy by panel data econometrics models from four aspects: financial institution innovation, financial market innovation, financial product innovation and financial governance innovation. The results show that there is a cointegrating long-run equilibrium relationship between financial innovation and the high-quality development of regional economy. Financial innovation play a significant role in the high-quality development of regional economy. From the perspective of the differences in the various aspects of financial innovation driving the high-quality development of regional economy,the impact of financial market innovation and financial governance innovation on the high-quality economic development in the eastern region is the greatest, and financial institution innovation and financial product innovation are the most influential sources of the high-quality economic development in the central region. According to results of empirical analysis, the policy enlightenment is drawn, which each region adapts to the local conditions to improve financial innovation capability for the high-quality sustainable development of regional economy.