The Research Of Influence Factors In Financial Service Trade Competitiveness Of "BRICS"

The concept of BRIC was first proposed by Goldman in 2001 and the BRIC included four countries (Brazil, Russia, India and China). Rapid and sound national economic growth is the common characteristic of BRIC, and they are the representatives of the emerging economies. In December,2010, South Africa joined the BRIC and the concept of "BRICS" (Brazil, Russia, India, China and South Africa) eventually formed. The BRICS has attracted more and more attention since the BRICS cooperation mechanism informed. China cooperates with other countries of BRIGS in many fields, and have achieved corresponding results. As finance has played an important role in economic activity, the cooperation on financial services between BRICS is a matter of great urgency. Brazil, India, Russia and South Africa gradual opened their financial markets to the outside world in recent years, and the financial services business has been developing rapidly. Past few years, China continued to develop its financial markets and reformed the financial system, but there is still a gap in competitiveness compared with other countries of BRICS.Foreign scholars started to study the financial trade in services much earlier than the domestic. The research has many perspective and methods, and the research is very in-depth study. Their research results are relatively mature. However, domestic research on the financial trade in services started relatively late, and the research group size is still relatively small. There are few studies on the competitiveness of trade in financial services. Thus, take the "BRIC countries" as a whole to study their financial services trade competitiveness and its influencing factors is of great academic value.This study mainly consists of four parts. Part 1 is the introduction. This chapter states the topic choosing background, practical significance, theoretical basis, literature review, the innovation points and weaknesses points of the paper. In this section the reader will have a preliminary understanding about the paper. Part 2 is to analysis financial service trade competitiveness about "BRICS countries". We finally choose the international market share, the trade competitiveness index and revealed comparative advantage index to analysis. We draw the following conclusions:the competitiveness of "BRIC countries" are generally weak. Part 3 is positive analysis. Based on the Potter "diamond model", we select the revealed comparative advantage (RCA) index as the dependent variable and select the proportion of urban population, foreign direct investment, total savings proportion of GDP, trade in goods accounted for the proportion of GDP, the proportion of GDP, value added services and financial services trade openness as independent variables. We expect to find the factors that most influence the "BRIC countries" financial service trade competitiveness. Part 4 is extension and inspiration. Based on the previous three chapters, we summarized the results of the model analysis and proposed some effective recommendations to enhance the competitiveness of China’s financial service trade.