Study on the Path of Sustainable Financial Development in Resource-based Regions

Abstract

In recent years, China's economy has shifted from a high-speed growth stage to a high-quality development stage. The transformation of economic development mode, optimization of industrial structure, and transformation of growth momentum are important ways for high-quality development, and this is also true for resource-based regions. Resource-based regions have inherent advantages in development, but as mineral resources are continuously excavated and exploited, many resource-based cities are facing serious economic decline, unemployment, and environmental degradation. Therefore, the transformation of resource-based cities and the sustainable development of the ecology and economy are highly valued by the country. In particular, China is currently in a stage of high-quality development, and resource-based cities should closely follow the national development direction and explore a new path suitable for their own sustainable development. This article takes the resource-based city of Ordos as an example to conduct comprehensive analysis on its fiscal revenue and expenditure data from 2011 to 2022 and points out the problems in the process of sustainable development of fiscal in resource-based regions, mainly including inadequate regional economic momentum, unreasonable fiscal sources, unreasonable industrial structure mainly relying on resource-based industries, and high concentration of tax revenue under the "tax-sharing system" fiscal system affecting the ability of municipal level coordination. This article proposes countermeasures and suggestions for the sustainable development of fiscal in resource-based regions, mainly including optimizing the business environment, promoting the integration of digital industry and physical industry, adjusting fiscal and tax policies, and developing local main tax categories.