Influence of the Agglomeration of Producer Service Industry on Economic Growth based on Cobb-Douglas production function

The spatial layout of producer services is becoming more and more important in regional economic development. This paper uses the panel data of 18 cities above the prefecture level in Henan Province and introduces the Cobb-Douglas production function to empirically analyze the impact of the agglomeration of producer services on economic growth and industrial heterogeneity. The research results show that the agglomeration of producer services can greatly promote the economic growth of Henan Province, especially the modern producer services represented by scientific research, technical services, and financial industries have a greater role in promoting economic growth. At the same time, the agglomeration of producer services in Henan Province is still in a U-shaped upward phase in promoting economic growth. Therefore, the focus of the agglomeration development of producer services is to continue to strengthen the trend of agglomeration to promote economic development.