Research on Regional Economic Development Level Based on Spatial Econometric Model

The regional economic development in Hubei Province is unbalanced, and there are significant differences in industrial structure, resource utilization and economic vitality among the internal regions, which restricts the overall competitiveness promotion and coordinated development of the province. Based on the spatial econometric model, this study uses the global Moran index and the local Moran index to analyze the total GDP of 12 prefecture-level cities from 2014 to 2021, deeply analyzes the level of regional economic development in Hubei Province, and reveals the characteristics of regional economic pattern by combing the current situation. It is found that the total GDP of this region presents a significant spatial negative correlation, and the economic development patterns are mainly "low-high" and "high-low" aggregation patterns. Accurately explore the spatial correlation, spillover effect and differences of influencing factors of regional economic development. The results show that the added value of tertiary industry, actual foreign direct investment and total retail sales of social consumer goods promote economic growth, while social security and employment expenditure inhibit economic growth. The purpose of this study is to provide a scientific basis for Hubei Province to formulate a regional coordinated development strategy, help optimize resource allocation, promote industrial upgrading and transformation, narrow the regional economic gap, and achieve sustainable, balanced and high-quality economic development in the province.