Abstract
This paper uses the panel data of 30 provinces in China from 2011-2021 as a sample, measures the level of financial agglomeration in each province by using the financial location entropy and constructs a fixed-effects model to explore the influence of financial agglomeration on the optimization of urban residents' consumption structure by stepwise regression. The results of the analysis shows that the increase of financial agglomeration in each province in China helps to increase the proportion of urban residents' expenditure on education, culture, entertainment, health care and transportation which is conducive to the improvement of urban residents' consumption quality. We propose policy recommendations for financial agglomeration to help urbanization and industrial structure upgrading, optimize the financial market environment and improve the regulation of the financial industry.
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