Abstract: In the context of my country's policy of "promoting domestic and international dual cycles and pursuing high-quality development", the role of international finance in global financial governance is becoming more and more critical. In this international context, it is particularly important to effectively improve the rationality and effectiveness of our country's resource allocation. This article uses all industrial enterprises from 1998 to 2015 as a sample, deletes invalid data in the original data, and performs tailing processing on the data. The empirical research part first uses the fixed effect model to study whether the entry of foreign banks will improve the efficiency of resource allocation in my country, and through mechanism testing, it studies the specific ways that foreign banks enter to improve the efficiency of resource allocation in my country, and analyzes the entry of foreign banks through heterogeneity analysis. With regard to the effect of improving the efficiency of resource allocation in different industries, we finally studied whether the entry of foreign banks will ultimately help my country's economic growth. The study found that the entry of foreign banks through financing channels and capital use channels significantly improved the efficiency of resource allocation at the city-industry level in my country, and ultimately helped my country’s economic growth. The heterogeneity between industries will have different effects on the efficiency of resource allocation. The higher the degree of financing constraints, the lower the risk of default, and the higher the quality of accounting information, the more obvious the improvement effect of foreign banks' entry.Key Words: dual cycles ;global financial governance;the efficiency of resource allocation;the degree of financing constraints
