Study on the Role of Finacial Innovation in the Transformation of Economic Development in the Economic Zone on the Western Coast of the Taiwan Straits
|School||Hunan Normal University|
|Keywords||Economic Zone on the Western Coast of the Taiwan Straits financialinnovation economic development transformation of economicdevelopment|
Financial innovation is a source of power of development in China’s financial industry and an important driving force for the transformation of economic development. The sense of financial innovation includes innovative financial system, financial markets, banking and financial institutions and other aspects. Financial innovation can promote the vigorous development of the financial industry and stimulate consumer demand, promote adjustment of industrial structure,economic structure and technological innovation, thus promote the transformation of economic development mode.The transformation of China’s economic development at this stage includes three progressive,that is to change the mode of economic growth from the pursuit of economic growth in quantity to quality, from a single economic growth to the harmonious development of economy and society,from the material wealth growth to the development of human and nature, resource conservation and environmental protection. Through the theoretical analysis can be found, the financial innovation can reinforce financial function and meet financial demand and has many effects on accelerating the transformation of economic development mode.Economic Zone on the Western Coast of the Taiwan Straits is a financial reform pilot area determined by the State Council.In the past few years, the regional financial system, financial market, financial business and financial institutions carried out a series of innovation and made significant achievements. The results of empirical analysis for the present situation show that financial innovation in this area vigorously promote the development of regional financial industry and the transformation of economic development.Financial innovation and the transformation of economic development is the primary task of the Economic Zone for the future decades, in order to accomplish this task, we put forward some corresponding policy suggestions in the basis of theoretical and empirical study, including the construction of system of financial support in transforming the pattern of economic development; further liberalisation of the financial market access system; further increase the financial product innovation; actively promote the financial institutions in the region to create a horizontal cooperation; financial innovation and economic transformation research base.