Research On The Comprehensive Effect Of Financial Opening In Shanghai Free Trade Zone

After the financial crisis,trade protectionism prevailed on the global scale.Economies in the regional internal tie more closely than ever before.At the same time,China's economy has shown a “New normal”.Momentum of the economic development gradually slowed down from the past double high-speed growth.There have been many uncertainties for the prospects of China's economy.The establishment of the China(Shanghai)Pilot Free Trade Zone(hereafter referred to as FTZ)is an important strategic direction for the government to cope with the current international political and economic situation,and it is also an opening to the international.The core value of the establishment of the FTZ is embodied in the financial opening.Through financial services to further promote the opening up of the trade,and opening our window to the outside world,Our country will achieve the docking with the international trade order.Furthermore,the establishment of the FTZ is aim to explore the system of experience for the country to support the real economy out of the tide and to explore the direction of reform.The main content of this paper is the financial opening effect caused by a series of policy measures after the establishment of the FTZ.First of all,we study the development situation of the FTZ,and analysis the main content of the FTZ on the financial open areas,and then we analyze the combined effect of the FTZ to financial openness.On the positive impact,this paper mainly explore financial opening effect of the FTZ on the economic development of Shanghai from a number of aspects.On the negative impact,the main analysis is the risk factors about the financial openness of the FTZ.The empirical analysis of this paper is based on the quantitative analysis of the positive effects of financial openness in the FTZ.And five variables related to financial openness are selected as the original variables.The factor analysis method is used to find the common factor,and to build the financial liberalization Index.This paper measures the relationship between the composite index and economic data through regression analysis,we concluded that the financial opening of the FTZ has a significant impact on economic development.On this basis,combined with the financial open experience of the Hong Kong FTZ,Cologne FTZ and the United States New York FTZ this article would find the answer for the problems of financial opening in the Shanghai FTZ,hoping to provide experience and support for the other free trade zone in China.