The Impact of Financial Resilience and Steady Growth on High-Quality Economic Development—Based on a Heterogeneous Intermediary Effect Analysis

Abstract

Finding a way to move the economy away from rapid growth and toward high-quality development is essential for China’s economic success. Financial resilience and steady economic growth provide possible paths for high-quality economic development. This paper uses the panel data of 31 provinces and cities in mainland China from 2009 to 2020 to establish a comprehensive evaluation indicator system using the entropy weight method so as to measure the level of high-quality economic development and financial resilience of each province and city. On this basis, combined with the System-GMM estimation method of the dynamic panel system and the intermediary effect model, the impact of financial resilience and stable growth on high-quality economic development is demonstrated. The results show that financial resilience is essential for fostering high-quality economic development, and that steady growth plays a beneficial intermediary position in the connection between financial resilience and high-quality economic development. Furthermore, the impact of financial resilience and steady growth on high-quality economic development has obvious regional, developmental stage, and industrial structure heterogeneity characteristics. Therefore, enhancing financial resilience and boosting steady growth can serve the economy and boost high-quality economic development.