Industrial Structure Servitization, Financial Structure Marketization and Economic Growth — Based on PVAR Model

Abstract

Based on the panel data of financial structure, industrial structure and economic growth of 31 provinces in China from 2000 to 2021, this paper constructs a panel vector autoregressive model to explore the interactive relationship between industrial structure service-oriented, financial structure marketization and economic growth. The results show that the economic growth rate and industrial structure servitization have their own reinforcement effects, while the marketization of financial structure has a negative feedback adjustment mechanism. In the long run, the servitization of industrial structure, the marketization of financial structure and economic growth all have mutual influences, and the marketization of financial structure has a long-term positive impact on the economic growth rate, while the marketization of financial structure has a strong and then weak inhibitory effect on the servitization of industrial structure.