Has Finance Promoted High-Quality Development in China’s Fishery Economy?—A Perspective on Formal and Informal Finance
2025
Shengchao Ye | Qian Zhang | Xiao Li | Jianli Yu | Haohan Wang
The high-quality development of China&rsquo:s fishery economy serves as its core objective, with robust financial support playing a pivotal role. This study employs provincial panel data spanning 2005 to 2020 and utilizes the entropy method to evaluate the level of high-quality development in China&rsquo:s fishery economy across three dimensions: fundamental security, sustainability, and comprehensive efficiency. From the perspectives of formal and informal finance, it compares their support effects on different aspects of high-quality development in China&rsquo:s fishery economy, while also exploring the mechanisms underlying these effects by considering factors such as industrial uncertainty and economic scale. The findings indicate that, overall, the support provided by both formal and informal finance for high-quality development in the fishery economy is insufficient. Further analysis reveals a significant threshold effect of fishery economic scale, with turning points at 108.44 billion CNY and 232.98 billion CNY for formal and informal finance, respectively. For higher-level indicators, such as sustainability and comprehensive efficiency, formal and informal financial systems demonstrate complementary roles, depending on the scale of the regional fishery economy. Furthermore, industrial uncertainty serves as a significant mediating factor only for formal financial support, with the levels of sustainability and comprehensive efficiency most affected.
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