Utilizing panel data spanning from 2012 to 2023 across 31 provincial administrative divisions in mainland China (with Taiwan, Hong Kong, and Macao excluded), this study conducts an empirical analysis to explore the interconnections among educational investment, financial innovation, and regional economic expansion. The findings reveal that educational investment exerts a substantial positive influence on regional economic growth. Furthermore, educational investment can act as a catalyst for regional economic progress by fostering financial innovation. Notably, the effects of educational investment on regional economic growth demonstrate regional heterogeneity, varying significantly across the eastern, central, and western parts of the country. Additionally, these impacts differ between regions characterized by high versus low degrees of population aging, as well as between regions with pronounced versus minimal income disparities.
Zhao et al. (2026) studied this question.
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