World Financial Crisis And China's Regional Export Trade Pattern Changes

Since reform and opening, with a superior location advantages, cheap yet high-quality labor resources, relatively more robust in terms of domestic infrastructure and related support from national policies, the Yangtze River Delta's foreign trade including Jiangsu, Zhejiang and Shanghai has made brilliant achievements, and this region has become the most dynamic and potential place in China's economic development. Made great achievements in foreign trade, while the Yangtze River Delta region also formed a distinctive pattern of regional export trade, such as Zhejiang "Reversed" pattern of trade characteristic of general trade led trade pattern structure, private enterprises as main body of trade main structure and labor-intensive products based commodity trade structure; Jiangsu "diffusion" pattern of trade characteristic of processing trade led trade pattern structure, foreign enterprises as main body of trade main structure and high-tech merchandise trade commodity-based structure.However, due to the global financial crisis and slowdown in world economic, domestic and foreign factors of production rising prices as well as a series of RMB appreciation of the factors, China's foreign trade suffered the large impact, especially the Yangtze River Delta region which exports grew there decreased. Explore the shock effect of impact factors at home and abroad on different export trade patterns of the Yangtze River Delta "two provinces and one city" on the financial crisis background, and analyze the export enterprises'anti-risk ability under different export trade mode, have great practical significance of reversing the declining trend of export growth in Yangtze River Delta, achieving steady growth of foreign trade, and promoting steady and rapid economic development.This study by the global financial crisis impact on the development of world trade as the background, the Yangtze River Delta "two provinces and one city" distinctive pattern of regional export trade as the research object, analyzed different export trade modes'characteristics and the different impact factors and the differences of financial crisis impact on their exports. This study based on the theoretical model of partial equilibrium and general equilibrium, selected the top five impact factors affected export growth volatility in the context of financial crisis(the external demand shrinking, the RMB exchange rate appreciating, the raw material prices rising, the labor costs boosting and the bank loans deflating) in order to build the export of impulse response model of Yangtze River Delta "two provinces and one city" as well as making regression analysis, cointegration and impulse response analysis. Empirical findings show that:1,external demand shrinking is the first element of Zhe-Su-Hu export growth rate fell; 2,Rising labor costs squeeze export enterprises'profit space in Zhejiang and Shanghai; 3,Processing trade exports are more sensitive to reflecting changes in raw material prices; 4,Difficulties in financing will be the bottleneck restricting the development of Private exporters during the post-crisis era. Finally, this study based on the previous status analysis and empirical analysis of the text, put forward some suggestions on adjusting the Yangtze River Delta "two provinces and one city" export trade patterns during the post-crisis era.