A Study On International Competitiveness Of China's Financial Service Trade

With the development of economic globalization, the development and competitiveness of service trade has become an important landmark to measure a country's international competitiveness. Financial service trade, as an important component of service trade, is playing a strong role in promoting economic development and further highlights on other services. With the reform of China's financial system and the continuous progress of openness, financial service trade has developed rapidly and financial service industry as a whole has been optimized and improved on structure and efficiency. However, compared with foreign financial services sector, China's financial service trade has been dropped behind a lot due to the late development. The import and export are imbalance and the proportion of financial service trade in overall trade services is low. The subject of this paper is to evaluate the international competitiveness of China's financial service trade, analyze the factors which affect the international competitiveness of China's financial services, dig out constraints of our financial service industry and propose practical upgrade paths.This paper uses revealed indicators of international market share-trade competitiveness index, revealed comparative advantage index and revealed competitive advantage index to evaluate the international competitiveness level of China's financial service trade. On the basis of Porter's "diamond model", this article analyzes the assets and capital, human resources, industrial structure, support of related industry, market needs and national policy of banking and securities industry, which are the main participators of financial services, to find out the restriction of our international competitiveness of financial services. According to the analysis, the article proposes to improve the capital quality, optimize the human resources structure, speed up financial business innovation, quicken the process of information techniques, establish a perfect financial regulatory system to improve the international competitiveness of China's financial service trade.