Financial Industry Agglomeration, Technology Innovation and Regional Economic Growth -An Analysis based on PVAR Model of Panel Data at Provincial Level

The dynamic relationship between financial industry agglomeration, technology innovation and regional economic growth was analyzed using PVAR model based on panel data of 31 provinces in China between 2000 and 2015. The study showed that financial industry agglomeration and technology innovation could bring about a positive impact effect on regional economic growth for the whole country, but this effect is not permanent; for developed regions, the impact of financial industry agglomeration on economic growth is both positive and negative, and the impact in less developed areas has been in a steady state of stability. The contribution of technological innovation to regional economic growth is higher than the level of financial industry agglomeration, and the impact of technological innovation on financial industry agglomeration is very weak. The sustainable development of regional economy should be realized through deepening the reform of financial system, promoting the deep integration of technological innovation and financial development, and increasing investment in research and development.