Financial Opening-up and High-quality Economic Development:Empirical Evidence from Urban China
Guiding the financial opening-up strategy to serve the general situation of high-quality e-conomic development has become one of the most important issues in China's economy.Based on panel data from 280 prefecture-level and above cities in China from 2005 to 2021,this study explores the impact of financial openness on high-quality economic development and its underlying mechanisms.The results show the following:Firstly,financial opening-up has a significant driving effect on high-quality economic development,and the conclusion remains valid after endogeneity treatment and robustness tests.Second-ly,an in-depth analysis of the mechanism shows that financial opening-up is conducive to enhancing en-trepreneurship activity,stimulating enterprise innovation and ultimately providing an important guarantee for high-quality economic development.Thirdly,heterogeneity tests suggest that in regions with better business environments and more market-oriented financial structures,the incentive effect of financial opening-up is stronger.Furthermore,the strengthening effect of the business environment and financial structure has a significant threshold effect,when crossing the maximum threshold,the reinforcement effect of both is greatly enhanced.Additionally,the spatial spillover effect of financial opening-up on high-quality economic development has also been confirmed.This study provides valuable insights for deepening financial reform and opening-up,improving the quality of the real economy,optimising the business envi-ronment,enhancing the effectiveness of financial structure,and thus accelerating the transformation of the economic development mode.
Financial opening-upBusiness environmentFinancial structureHigh-quality eco-nomic development
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