Research On The Impact Of Trade In Maritime Service Liberalization On Economic Growth

Maritime service trade liberalization can promote technological advances and make full use of resources, but excessive liberalization may hinder the growth of domestic small businesses, and even threat national security of maritime industry. Overall, before 2008, maritime service trade openness was in upward trend and reached 1.160 percent in 2008.Affected by the financial crisis, in 2009, maritime service trade openness faced a rapid decline to 0.885 percent, then began to pick up and reach 0.983 percent in 2012. The level of maritime service trade liberalization in developed countries almost consistent with the world level; And in developing countries it were higher than world level before 2007, and then consistent with the world level; The level of maritime service trade liberalization in China were higher than the average level of the various economies since 2002.Empirical study based on the data of 37 countries from 2001 to 2012 showed that: if maritime service trade openness increase 1 unit, per capital the world would will increase $63200 for world and increase $63200 for developed countries. However, if maritime service trade openness increases 1 unit, per capital will drop $11 in developing countries. The analysis of the time series data of China shows that China’s maritime service trade liberalization, including import and export liberalization, has a positive effect on economic growth, and LnIM, LnEX, LnSTO are all the granger reason of LnPGDP.Maritime service trade liberalization can promote economic growth by ways of capital accumulation effect, employment effect and improving the efficiency of capital allocation. Capital accumulation effect performs in stimulating the FDI inflows and reducing shipping services prices. Employment effect implement by increasing employment quantity and quality. And maritime service trade liberalization can make countries take advantage of world resources and make full use of their comparative advantage, eventually bring the growth of the world economic.It needs the joint efforts of all aspects to gradually achieve maritime service trade liberalization, and effectively play its role to promote economic growth. Firstly, a complementary service trade law system should be established to provide legal guarantee for the liberalization of maritime service trade. Secondly, we should actively participate in regional and multilateral cooperation and trade in services. Thirdly, implement the strategy of liberalization of maritime service trade step by step. Finally, domestic shipping service trade enterprises should try to change the business strategy and improve the service level. In addition, make full use of the industry association of maritime service trade.