The Impact Of RMB Internationalization On Dual Margin Of The Growth Of China's Export

Since China's reform and opening-up, China's foreign trade has the rapid development. After China's accession to the WTO, the economy come into the global competition system with a greater degree, and the export trade presents an unprecedented rapid development. And now, China has become a great trade exporter which depends on cheap labor costs and huge market capacity. It makes China shows the characteristics of high dependence on global market, and this can lead to China's export growth has certain vulnerability inevitably. Because of the financial crisis, China's international trade had a negative growth in 2009. It fully exposed that the China's export market structure and the growth model has certain problems. In recent years, the acceleration of RMB internationalization development is of great significance to promote export growth, maintain regi economic stability, facilitate bilateral trade and investment. It is necess understand the microstructure of China's export growth, explc internationalization of the Renminbi's influence on China's export growth stable China's export path.Therefore, this paper first analyze the development of internationalization, and explain the basic information of the internationalization. Second, the intensive margin, market margin and pro margin on China's export growth are re-estimation based on dynamie "product-market" two-mode network to analyze the main source of China's export growth and the marginal contribution of various trade partner of China's export growth. UN Comtrade database HS6-digital trade data from 1992 to 2013 is used to build the network. Third, on this basis, a panel model combining three related indicators of the RMB internationalization, bilateral currency swap scale agreement, the establishment of offshore renminbi clearing bank and RQFII quota, is set up to conduct empirical analyses to learn the impact of RMB internationalization on China's export growth margin. The data include 67 countries(regions) from 1997 to 2013. The results show that (1) the intensive margin is the main cause of China's export growth in recent years. Contribution of extensive margin is limited, the main source is market expansion and market contraction, but product newly increased and product die out have smaller effect; (2) the RMB internationalization could promote the growth of export trade, but the current growth mainly through the way of intensive margin; (3) it is more stable of products to export in the economic developed countries and China's neighboring countries; (4) the external shock has a significant negative influence on export growth, especially for intensive margin.In this paper, there are some possible innovation points:(1) in terms of measurement, this paper build a dynamic network of "product-market" two mode on the basis the existing dual margin. And subdivide extensive margin into market expansion, market contraction, product newly increased and product die out with more micro angle to parse China's export growth and explore the main source of China's export growth; (2) in terms of data, the research data involved a variety of products, areas and year, which can be more detailed comprehensive analysis of China's export growth margin; (3) in terms of measurement empirical study, this paper used bilateral currency swap scale agreement, the establishment of offshore renminbi clearing bank and RQFII quota to study the impact of RMB internationalization on dual margin of the growth of China's export.