Studies on financial efficiency and economic growth in Hebei Province, China

The paper makes an empirical study of financial efficiency and its contribution to economic growth in Hebei Province, China. The factor analysis results show that since 1995 financial efficiency of Hebei province has been changing first from strong to weak and then from weak to strong, financial reform of Hebei Province has made remarkable achievements and financial efficiency has improved a lot In recent years. On the contribution to economic growth, regression model results show that savings transferring into investment is high, use of funds is relatively good, and savings mobilization capacity is poor. Overall, financial efficiency of Hebei Province is not high, need to further deepen financial reform, increase its contributions to economic growth.