%A TIAN Zihao, QIU Rong
%T Moderate Financialization of Real Economy Enterprises, Rapid Growth of the Financial Sector, and High-Quality Economic Development
%0 Journal Article
%D 2026
%J Journal of Guizhou University of Finance and Economics
%R 
%P 1-11
%V 43
%N 02
%U {https://gcxb.gufe.edu.cn/CN/abstract/article_9600.shtml}
%8 2026-03-25
%X Compared with the real economy, China’s financial sector has experienced relatively rapid growth. A deeper investigation into this phenomenon is both timely and essential under the national strategic goal of "building a strong financial nation." Grounded in typical empirical facts and drawing on the dual-mode theory of finance, this paper proposes a hypothesis of rapid financial sector growth to explain the moderate financialization of real-economy enterprises and high-quality regional economic development in China. Using macro- and micro-level data from 2010 to 2022, we examine the impact of moderate corporate financialization on high-quality economic development. Our findings indicate that it is moderate, rather than excessive, financialization that truly promotes high-quality development—a conclusion that holds after a series of robustness checks and endogeneity discussions. Mechanism analysis reveals that the moderate financialization of real-economy enterprises drives high-quality development through the rapid growth of the financial sector. Heterogeneity analysis shows that while "strong regulation" of the financial sector weakens the positive micro-level effects of moderate financialization, it yields positive outcomes for economic development at the macro level. Accordingly, this paper proposes guiding micro-level enterprises toward moderate financialization, fostering a rational perspective on the financial sector’s rapid growth, and strengthening macroprudential management. These recommendations provide a theoretical foundation for leveraging finance’s "lifeblood" function in serving the real economy.