Abstract
Based on Patrick’s Demand-Following and Supply-Leading financial system theory, the paper summarizes and compares the two kinds of formation mechanism of the financial industrial cluster in detail: the market-led model and the government-led model. And further, it summarizes six basic elements of the financial industry cluster needs to have, so as to point out the direction of China’s major urban construction and development of the financial industry cluster, especially cities must take full advantage of government’s support for the financial industry development and make the supply-Leading under the government-led model as the main formation mechanism.
Highlights
In the accelerating process of globalization, a striking phenomenon is that production globalization fails to make the production and business activities of enterprises to be balanced in the spatial distribution, but make the geographic clustering phenomenon of the related production activities become more and more obvious
Corresponding to the DemandFollowing theory and the Supply-Leading theory, the formation mechanism of financial industry cluster can be summarized to two paths, are the market-led model and the government-led model
The government-led model is adapted to the Supply-Leading theory, which holds that in the formation process of the financial industry cluster, the state or local government would launch a space layout according to the economic development strategy
Summary
In the accelerating process of globalization, a striking phenomenon is that production globalization fails to make the production and business activities of enterprises to be balanced in the spatial distribution, but make the geographic clustering phenomenon of the related production activities become more and more obvious. In the process of industrialization, a new form of business organization was created, industry clusters, which was becoming an important driving force of economic development both in developed and developing countries. From the initial few banks to the rise of financial holding company, and until today the spatial agglomeration and business outsourcing of various financial institutions, the financial industry cluster has become a phenomenon that cannot be ignored. In a time of highly developed IT, the financial industry cluster like “a sticky points” on a smooth space attracts a lot of economic energy. It is very meaningful to study the formation of financial industry cluster, cities can set up the financial industry cluster so as to better support the development of regional economy
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