The Comparative Study Of Trade In Financial Service Between China And Other Countries Of BRICS

In2001, Goldman Sachs of the United States first proposed the concept of BRIC, including four of the world’s main emerging market countries (Brazil, Russia, India and China). In April,2010, under the impetus of the four countries the BRIC cooperation mechanism has been formed. In December of the same year, South Africa joined the cooperation mechanism and the concept of "BRICS"(BRICS) eventually formed. Since the BRICS cooperation mechanism informed, China and other countries of BRICS continuously have cooperated in economic, financial and development fields, especially pay attention to the cooperation in the financial sector, and have won a great achievement. The agreements in the field of finance signed by China and other countries of BRICS are beneficial to promote the development of financial service trade in China, thereby giving impetus to the growth of Chinese economy. In recent years, India, South Africa, Brazil and Russia, with the deepening of the domestic financial market opening to the outside world, their financial service trade has been developed rapidly, thereby giving impetus to the growth of their economy. After China’s accession to the WTO since2001, it has constantly increased its opening of the financial services industry to the outside and the reform of the financial system, thus its financial service trade has been developed very fast, but there is still a gap in competitiveness compared with other countries of BRICS. Therefore, explore the competitiveness of financial service trade between China and other countries of BRICS, through the comparison and drawing lessons from each other, which is better for China and other countries of BRICS in the financial sector cooperation. Besides, by comparing the competitiveness of financial service trade between China and other countries of BRICS, we can found the gap of competitiveness between our country and the other four countries and the reason for the gap, which can promote the development of financial service trade in China and improve competitiveness.Abroad study of the financial trade in services started early, the research content is comprehensive and also has many research Angle. Until now there are a large number of literature researches about this, most of them use the empirical method to study the competitiveness of financial service trade and the results of their researches are relatively mature. However, domestic research on the financial trade in services started relatively late, and most studies focus on the theoretical system and statistical indicators. Their research results are relatively not mature and need to be further perfect. In recent years, the academia starts to study the competitiveness of trade in financial services of BRICS. But these studies are still relatively small and there are few studies on comparative study of financial service trade between China and other countries of BRICS, especially the research carried out from the classification of the financial trade. This paper is to research the competitiveness of financial service trade between China and other countries of BRICS, which not only studies the whole competitiveness of financial service trade, but also studies the competitiveness of insurance and bank services trade. By comparative analysis, we can found the gap of the competitiveness of financial service trade between our country and other countries of BRICS, and also find out the influence factors of the gap, so good to improve and enhance the competitiveness of financial services trade in China.This article is divided into seven parts. First it introduces research background and significance, research contents and methods, innovation and deficiency, domestic and foreign relevant literature review and evaluation, etc., which provides important background, train of thought and research methods for the back of the research. Then it introduces the related concept, theory and constructs an index system of analysis of financial service trade competitiveness according to the characteristics of the relevant index and using range and the needs of this paper. Next it mainly uses comparative analysis methods to analyze the development status, competitive conditions and the influencing factors of competitiveness in financial service trade of China and other countries of BRICS. This article analyzes the development status mainly from the overall trade scale, trade accounted for weight, sub-sector trade status. Meanwhile, this article uses four indexes and also chooses related data in2001-2013from UNCTAD database of BRICS to compare the competitiveness from the overall level and specific department level of the financial service trade. In addition, this paper, based on the influence factors of porter’s national competitive advantage theory, found that the low level of human capital, urbanization and service development, the imbalance structure of import and export demand and the low role of government in China are the reasons caused that the competitiveness in financial service trade of China are lower than other countries of BRICS. At the same time it still has some advantage factors. If China wants to improve and enhance its competitiveness of financial services trade, it must improve the disadvantage factors and fully utilize the advantage factors. Therefore, this chapter puts forward some relevant Suggestions and countermeasures from the above aspects. Finally the article presents the research conclusion at the end of the paper.