Cluster of Financial Industry of Urban Agglomeration in China – A Panel Data Study

With the promotion of different new electronic payment methods via mobile phone, the development of China’s financial industry is getting attention from international scholars in a new way. Interestingly, China’s financial activities extend and capture the world while reflecting strong regional characteristics. How are these clusters of financial formed and what are the key elements? With regard to these central questions, this article explores the influence factors of Chinese financial agglomeration based on a 15-year data set. The findings present that the relative power of urban agglomeration is a considerable factor influencing financial agglomeration pace and scale.