This article investigates the spatial impact of financial growth on high-quality development (HQD) in the Yellow River Basin (YRB) of China using panel data from 99 cities between 2006 and 2019. The study employs spatial econometric models to analyze spatial autocorrelation and spillover effects. Key findings reveal a positive spatial autocorrelation in HQD, an N-shaped relationship between financial growth and local HQD, and an inverted U-shaped relationship between financial growth and surrounding HQD. Green innovation is identified as a mediating factor, and economic development level moderates the relationship, with stronger effects observed in higher-economy regions.

Zhenhua Zhang, Chao Hua, Marshall S. Jiang, Jianjun Miao