Abstract
This empirical study is based on Chinese annual data from 2010-2021, and all data were collated according to China Statistical Yearbook (2022). The paper employs the Structural Equation Model to empirically assess the presence of the Resource Curse in China, and the differential impacts of financial quality development and scale development on the Resource Curse.The main findings of the paper is that the financial scale development can only break the Resource Curse through R&D investment, while financial quality development can break the resource curse through multiple channels. In light of these findings, the following policy recommendations are made: (1) prioritizing the development of financial quality as the main strategy to manage the Resource Curse; (2) emphasizing financial liberalization in the management of the Resource Curse through financial quality development; and (3) recognizing that focusing on the development of financial quality does not imply that financial scale development is inconsequential.
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