The evolutionary mechanism of financial center in Chinese inland national central cities: case from Zhengdong New District

Authors: Yingzhuo Zhang*, Henan University, Changhong Miao, Henan University
Topics: Economic Geography, Business Geography, China
Keywords: national central city; financial center; evolutionary economic geography; institutional economic geography; financial industrial agglomeration; Zhengdong New District
Session Type: Paper
Day: 4/9/2020
Start / End Time: 8:00 AM / 9:15 AM
Room: Beverly, Sheraton, IM Pei Tower, Terrace Level
Presentation File: No File Uploaded

In order to balance the development of regional economy, the central and local governments of China actively support the construction of national central cities in inland areas, and the financial center is a key strategy for the development of National Central cities. With the joint support for financial center from the national and local policies such as setting up China pilot free trade zone and Zhengdong New District, Zhengzhou has become an important financial center in inland areas, which include the CBD and Longhu financial center. This study proposes an analytical framework to explain the rise and dynamics of financial centers in Chinese inland national central cites ,which includes the window of locational opportunity, financial enterprise/institution spinoff, regional branching and institutional thickness based on the evolutionary economic geography and institutional economic geography´╝îand takes the mothed of questionnaire and in-depth interviews. The findings are as follows: The planning and establishment of Zhengdong New District has opened the window of locational opportunity for the financial industry in its formation stage; the spinoff of financial institutions has played an important endogenous dynamic part in financial industry agglomeration in its fast development stage; regional branching laid a solid foundation for the innovation of financial formats and high-end elements agglomeration in the promotion stage; in the entire development and agglomeration process of financial industry, the continuous support of policies and institutional arrangements from the central and local government strengthened the institutional thickness, and the self-reinforcing mechanism made the stickiness of the institutional space continuously improving.

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