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FinancialdifficultiesandsolutionsforindustrialtransferundertheintegrationofBeijing-Tianjin-HebeiregionDongJianping*DepartmentofFinance,TianjinAgriculturalUniversity,Tianjin300384,Chinae-mailaddress:dongjianping68@163.
com.
*correspondingauthor:DongJianpingKeywords:Beijing-Tianjin-Hebeiregion;Integration;Industrialtransfer;FinancialdifficultiesAbstract:TheintegrationofBeijing-Tianjin-Hebeiregionhasbecomeanationalstrategy,andtheindustrialtransferisimperative.
Itrequirescoordinateddevelopmentofthesethreeregions.
However,thebigdifferenceoffinancialservicelevelamongtheseregionsmakestheindustrialtransferslowdown.
Inthepresentstudy,thefinancialdifficultiesofBeijing-Tianjin-Hebeiregionalintegrationareanalyzed.
Theresultsshowthatthemainobstaclesabouttheregionaleconomicintegrationarethefuzzyorientationoffinancefunction,theunbalancedfinanciallevelandthelackofunifiedindustrystandard.
Threesolutionsofbroadeningthefinancialchannels,speedingupthefinancialinnovationandimprovingthefinancialenvironmentareputforwardbasedontheaboveanalyses.
IntroductionAsthecoreoftheBohaieconomiczone,theBeijing-Tianjin-Hebeiregionhassomecongenitaladvantagesofconnectedregionduetosimilarcultureandthecomplementaryresource[1].
Withtheestablishmentofthethirdeconomicgrowthpole,alargenumberofdomesticandforeignfunds,talentsandtechnologiesflocktoBeijing-Tianjin-Hebeiregion.
Undertheguidanceofnationalpolicyandthepushingofmarketingforces,theregionaleconomicdevelopmenthasbeenaccelerated.
ItisnecessarytorealizetheintegratedcoordinateddevelopmentoftheBeijing–Tianjin-Hebeiregion[2].
However,theregionalbarriershaveformedduetothelongtermadministrativedivision.
Currently,thereisnoreallyeconomicinterdependentrelationshipamongBeijing,TianjinandHebeiregion.
LargepopulationcontinuouslyflockedtoBeijing,thecapitalofChina,resultinginaseriouscitydisease,suchastrafficjams,environmentalpollutionandhazeweather[3].
Althoughasearlyas10yearsagothegovernmentofBeijing,TianjinandHebeipublisheda"Langfangconsensus"relatingtotheregionalintegration[4],thethoughtbarriersofthe"smallpatchoflandjustyourown",theadministrativebarriersof"mysitethatImakedecision",andtheinterestsfetterof"richwatershouldbekeptinone'sownfields",leadingtodifferentunderstandingsforthegovernmentsofthethreeregionstotheregionalintegration[5].
SinceXiJinpingpersonallypromotedthecoordinateddevelopmentofBeijing-Tianjin-Hebeibeforetwosessionsin2014,thecoordinateddevelopmentforthethreeregionshasbecomeanationalstrategy.
TheintegrativedevelopmentoftheBeijing-Tianjin-Hebeiregionhasreceivedhighattentionagain,theindustrialtransferandundertakinghasbeencarryingoutquietly[6].
Industrialtransferreferstoaprocessofcertainindustriestransferfromonecountryorregiontoanothercountryorregion[7],anditisakindofwidespreadeconomicphenomenonintheprocessofeconomicdevelopment.
Beijingislocatedintheupstreamofindustrychainandhasenteredthepost-industrystageofindustrialization,therefore,variousresourcesbecomingsaturated.
Inordertofurtheroptimizetheeconomicstructure,apartoftheindustryneedtotransferoutofBeijing.
Tianjinislocatedinthemiddlestreamofindustrychainandhasenteredtheadvancedstageofindustrialization,itissuitableforundertakingaerospace,newenergyandnewmaterials,biologicalmedicineandnewgenerationofinformationtechnology.
WhileHebeiislocatedinthedownstreamofindustrychainandisintheintermediatestageofindustrialization.
Ithasasolidfoundationintheironandsteel,pharmaceutical,textileandotherindustrieswithlowbusinesscosts,cheaplaborandbasicmanufacturingadvantages[4].
Therefore,throughareasonableindustriallinks,theBeijing-Tianjin-Hebeiregioncancreateacityindustrialchainwithhighcompetitiveadvantage,improvingthelevelofmanufacturingindustry.
Industrytransferhasasignificantroletotheeconomicgrowthintheundertakingregion,correspondingly,givesrisetoalotoffinancialneeds.
Undersuchcircumstances,theindustrytransfersetaseriesofhigherrequirementtotheoptimizationoffinancialresourceallocation,theimprovementofthefinancialorganizationsystemandtheextensionoffinancialservices.
Therefore,thestudyofthefinancialsupportofindustrytransferamongBeijing-Tianjin-Hebeiregionisveryimportantforsolvingregionaleconomicintegration.
Thisresearchisbeneficialtoputforwardsomecountermeasuresforrisksolvingandtorealizeastablegrowthofregionaleconomic,whichhasimportantpracticalsignificanceandtheoreticalvalue.
ProblemsoftheRegionalEconomicIntegrationofBeijing-Tianjin-HebeiThePresentSituationofIndustryTransferamongBeijing-Tianjin-Hebei.
Currently,thereareseveralproblemsholdingbacktheregionaleconomicintegrationofBeijing-Tianjin-Hebei.
TheseproblemsarelistedinTable1.
Table1ProblemsholdingbacktheregionalintegrationofBeijing-Tianjin-HebeiResearchsitesProblemsoftheregionalintegrationBeijingcityLargegapofeconomiclevelamongBeijing-Tianjin-HebeiRegionTianjincityLackofoverallplanningofBeijing-Tianjin-HebeiRegionHebeiprovinceThemarketfunctioncannotdecidetheallocationofresourcesHebeiprovinceNosoundregionalcooperationmechanismamongthethreeregions(1)LackofOverallPlanningofBeijing-Tianjin-HebeiRegion.
Fromtheregionalpointofview,Beijing,TianjinandHebeibelongtooneregion,butactuallytheybelongtothreedifferentadministrativeareas.
Therefore,itisdifficulttocarryoutoneunifiedplanningforeconomicdevelopment.
Duetoseveralreasonssuchashistory,conceptandsystem,threeregionsareusedtodothingsintheirownway,andeagertodevelopindependently.
Thismodelof"largeandcomplete"causestheidenticalindustrystructure,andtherepeatedconstructionresultsinaseriouswasteofresources[8].
(2)LargeGapofEconomicLevelamongBeijing-Tianjin-HebeiRegion.
BeingacapitalofChina,Beijinghasstrongerattractionontalentandresourcesthansurroundingcities.
Duetotheabovereason,threeregionsofBeijing–Tianjin-Hebeicannotdevelopatthesamepace,ararepovertyzonearoundBeijingandTianjinhasoccured[9].
(3)TheMarketFunctionCannotDecidetheAllocationofResources.
Inordertoachievetheregionaleconomicintegration,acompletemarketeconomyshouldbeimplemented.
Undertheconditionofmarket-orientedeconomy,themarketcanplayadecisiveroleintheallocationofresources.
However,theproportionofstate-ownedeconomyinBeijing-Tianjin-Hebeiregionishigh,theindustrialmonopolyisseriousandthemarketawarenessisweak,themarketsegmentationandlocalprotectionhinderthefreeflowofeconomicresourcesaswellasthetransregionaleconomiccooperation[10].
(4)NoSoundRegionalCooperationMechanismamongBeijing-Tianjin-Hebei.
Firstly,theconsultationmechanismforseniorleadersamongBeijing–Tianjin-Hebeihasnotbeenestablished.
Inrecentyears,althoughthebilateralvisitsandmultilateralnegotiationswerecarriedoutbytopleaders,aformalhigh-levelcoordinationmechanismhavenotmadesignificantprogress.
Secondly,thereisnooverallcooperationideasandresultantforceamongBeijing-Tianjin-Hebei.
Foralongtime,thefunctionofBeijingistoservethewholenation,thisideamakesBeijingcannotfocusonregionaldevelopment.
TheFinancialDifficultiesfortheIndustryTransferofBeijing-Tianjin-Hebei.
Financeisthecoreoftheeconomy,sotheeconomicdevelopmentdemandsthefinancetogoaheadfirst.
However,fromthepresentsituationofBeijing-Tianjin-Hebeicollaboration,therearestillmanyproblemsneedtosolve.
(1)TheFuzzyOrientationforRegionalFinanceFunction.
Duetothedividedregionalfinanceandscatteredadministrativemanagement,thefinancialcompetitionisgreaterthanthefinancialcooperationamongBeijing–Tianjin-Hebeiregion.
BothBeijingandTianjinwouldliketobecomethecenterofregionalfinance,thiskindofsituationhasbecomealimitingfactorforthefinancialintegration[11].
(2)TheHinderingforFinancialIntegrationbyLocalInterests.
Thebasicrequirementforfinancialintegrationistheintegrationoffinancialmarket,i.
e.
,theways,meansandenvironmentoffinancialoperationtendtobeuniform.
Moreover,theorientationandregulationoffinancialpolicymustkeeppacewitheachother.
Alloftheserequiretobreaktheregionalsegmentation.
However,accordingtotheappraisalsystemforgovernmentsatalllevelsinChina,thegrowthofregionaleconomicisanimportantindicator.
Asaresult,itisinevitablethatthelocalgovernmentswillmakedecisionsfromtheperspectiveoflocalinterests,hence,theymayinterveneinthebehaviorofcreditdecisionandmanagementoffinancialinstitutionsdirectlyorindirectly,makingthefinancialintegrationtobeholdbackbythelocalprotectionism.
(3)TheEconomicImbalanceRestrictstheFlowofFinancialFactors.
TheresourcedistributionamongBeijing-Tianjin-Hebeiregionisunbalanced,andthedevelopmentlevelisnotconsistent.
ThesocialfinancingscaleofBeijing,TianjinandHebeiwas64.
4%,34.
2%and22.
1%ofGDP(GrossDomesticProduct)respectivelyin2013.
ItisobviousthatthefinanciallevelofBeijingisthehighest,Tianjinishigher,butHebeiisthelowest.
DuetothedistinctgapofthefinancialtotalamountandeconomicsupportcapabilityamongBeijing-Tianjin-Hebeiregion,theinvestmentreturnandthecostofcapitalvarywithdifferentregion,whichreducesthedepthandbreadthoffinancialcooperation[12].
(4)LackofUnifiedStandardinFinancialIndustry.
BecausethefinancialindustryinBeijing,TianjinandHebeiismanagedbydifferentbankdepartments,thefinancialbusinessprocesses,thestandardofserviceandrisk,themechanismofprofitallocationarenotunified,whichleadstoabarrierofmutualexchange,mutualrecognitionandinterconnectionoffinancialproducts.
Thiskindofphenomenonproducestwoconsequences,oneisthatthelong-distancetransactionencountersdifficulties,accordingly,thepayingcostincreases.
Anotheristhattheestablishmentofcreditsystembecomeslaggingbehind,andtheinformationsharingamongthreeregionsisunabletorealize.
MeasuresBroadeningthefinancialchannels.
Inordertoavoidtheproblemsoftheundertakingforindustrialtransferduetothelackofmoney,theessentialthingistobuildamulti-levelfinancingplatformwhichenlargesthefinancialchannels.
Thegovernmentsshouldsupportsmallandmedium-sizedenterprisestobelistedonthestockexchange,increasingtheproportionofdirectfinancing.
Themarketconstructionofstock,fundandbondshouldbeaccelerated.
Theinvestofprivatecapitalshouldbeencouraged,permittingthepeopleofallsocialstratatoinvestandsharethelistedcompaniessoastosolvethefundproblemoftheenterprises.
SpeedingUptheFinancialInnovation.
AccordingtothedemandofenterpriseandmarketduringtheindustrytransferamongBeijing-Tianjin-Hebeiregion,thegovernmentsshouldpromotetheinnovationoffinancialproductsandenlargetheservicemodes.
Therefore,anevaluationmechanismforcomprehensivecustomerserviceandareasonablemechanismforcomplainthandlingareneededsoastoimprovetheconsciousnessoffinancialservice.
Strengtheningtheconstructionoffinancialecologicalenvironment.
Agoodcreditenvironmentandaperfectcreditsystemarethekeysfortheestablishmentoffinancialecologicalenvironment.
Thetheoryofindustryeconomicspointedoutearlierthatonlyagoodeconomicenvironmenthasbeencreated,theoveralldevelopmentofeconomiccanbepromoted.
ThegovernmentofBeijing,TianjinandHebeishouldpayattentiontobuildareasonableandeffectivesocialcreditsystem,andincreasetheincentiveandconstraintactionofthecreditratingsystem,graduallyexpandthecoverageofpersonalcreditinformation.
Inaddition,theconnectionbetweentheprovincesandcitiesshouldbestrengthenedsoastorealizethediversifieddevelopmentoffinancialservicesystem.
Thus,thesupportroleofthefinancialmarkettotheundertakingofindustrytransferwillbecomestrong.
AcknowledgementsTheresearchwasfundedbythekeyaccountingresearchprojectfrom2015to2016ofFinancialBureauofTianjinandtheAccountingSocietyofTianjin,China(No.
kjkyxm150902).
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