Financial Integration and Regional Economic Coordinated from the Perspective of High-Quality Development——An Empirical Study Based on Financial Cross-Domain Support Network
As a key component of a unified national market,financial integration is vital for improving the adaptation of finance to economic development in the new era.This paper calculates financial cross-domain support networks to reflect the distribution and evolution of financial integration among various provinces.It explores the nonlinear influence characteristics of financial integration on the high-quality coordinated development of regional economy and clarifies the influence mechanism between them.The results show that,firstly,the degree of financial integration has gradually increased,with some less-developed prov-inces witnessing an increase in their embeddedness in the financial cross-domain support relationship network.Secondly,fi-nancial integration has an inverted"U-shaped"influence on high-quality coordinated development of regional economy.When the financial cross-domain support relationship is at a relatively low level,it mainly reduces the difference of regional economic high-quality development by promoting the high-quality economic development of the less-developed regions.With the gradual increase of the value of the financial cross-domain support relationship,its promoting effect on the high-quality economic development of the less-developed regions shows a marginal decreasing trend.When the financial cross-domain sup-port relationship is at a relatively high level,it has a relatively greater inhibitory effect on the high-quality economic develop-ment of less-developed provinces,and a relatively greater promotion effect on the high-quality economic development of rela-tively developed provinces,thus leading to the widening of the development gap between different regions.This paper gives three suggestions.Firstly,improve the balance of financial resources in spatial allocation.Secondly,en-hance the strength of financial cross-domain support relationship.Thirdly,utilize comprehensive transportation channels and strengthen inter-regional factor flow and industrial cooperation to give play to the driving effect on the surrounding underdevel-oped regions.
Financial IntegrationHigh-Quality Economic DevelopmentRegional Coordinated DevelopmentFinan-cial Cross-Domain Support Network