Financial Innovation,Resource Allocation,and High-Quality Economic Development:Analysis and Evidence in the Context of Becoming a Financial Power
The 20th National Congress of the Chinese Communist Party(CCP)emphasized a paradigm shift toward high-quality development.The Central Financial Work Conference(CF-WC)subsequently proposed an unwavering commitment to cultivating a distinctive path for finan-cial development embedded with Chinese characteristics.Within this context,this study systemati-cally compiled and empirically analyzed the impact of financial innovation on the high-quality development of the Chinese economy.The results show that improving financial innovation capa-bilities facilitates the high-quality development of the economy.Path analysis reveals that finan-cial innovation minimizes resource misallocation and has a supplementary effect on financial re-sources,which helps to improve the role of finance in serving the real economy,thereby promoting high-quality development of the economy.Financial innovation promotes innovative,coordinated,green,and open development.However,it also widens the income and consumption gaps,hinde-ring shared development.Future policies are suggested to focus on the financial inclusion and a-vailability generated by financial innovation.Further examination revealed that a more market-o-riented environment facilitates the positive impact of financial innovation,and the guidance pro-vided by government policies also plays an important supporting role in maximizing its positive effect.The findings of this study provide a theoretical basis and decision-making reference for guiding future financial innovation,accelerating the development into a financial power and pro-moting high-quality development.
financial innovationhigh-quality economic developmenttotal-factor produc-tivityresource misallocationbecoming a financial power
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