Research On Financial Support Foreign Trade Development In Xinjiang Under The Background Of The Silk Road Economic Belt

Since China joined the WTO in 2001,it has embarked on a new journey to promote economic growth,and has maintained a high growth rate.Since Silk Road Economic Belt strategic is issued by the chairman of the xi,the RMB exchange agreement has been signed with many member countries,it create conditions for the better development of foreign trade.As the bridgehead of opened to the west and the core area of Silk Road economic belt strategy,Xinjiang trade relations of cooperation with surrounding countries will be more comprehensive development,so as the foundation of economic development,the financial market should provide some support for the growth of Xinjiang's foreign trade and the adjustment of its structure.Therefore,while promoting the "Silk Road Economic Belt" strategy and deepening trade cooperation among member countries,it is of practical significance to study and analyze the support effectiveness of Xinjiang's financial development on import and export trade.This article through mining mechanism of financial support for foreign trade,analysis Xinjiang financial supports the development of foreign trade under the background of the Silk Road Economic Belt,further to measure the effect of Xinjiang financial support for the development of foreign trade,in order to through the support of financial and the silk road economic belt of Xinjiang foreign trade leap development.First of all,this paper introduce the current situation of the development of financial industry in Xinjiang,the situation of financial support for trade and trade with countries along the strategy of the Silk Road Economic Belt and the Xinjiang foreign trade development present situation of the basic introduction,qualitative analysis of financial support for the Xinjiang foreign trade development effect;Second,through empirical study inspection related time series data from 1998 to 2015,selected the financial related rate,private financial capital and securities market development as a financial variables,foreign direct investment and the RMB real effective exchange rate as control variable,the scale of foreign trade and foreign trade structure as variables of Xinjiang foreign trade development,by building the VAR model to finance related index empirical analysis of the impact of foreign trade in Xinjiang,it is concluded that the financial indicators have long-term dynamic equilibrium relationship with foreign trade index,and the financial indicators for the foreign trade index of one-way causal;Thirdly,in order to further explore the impact of financial development on the scale and structure of foreign trade,this article by adding two control variables to build regression model,the empirical analysis results show that the level of financial development in Xinjiang shows ascending trend year by year,the financial development support for trade scale effect is superior to the support of the trade structure effect,the growth of formal finance has a positive support for Xinjiang's foreign trade;the promotion of folk financial capital on the size and structure of foreign trade have significant role,its impact on trade scale is superior to the trade structure,and the degree of the folk finance capital support for foreign trade development more than formal financial scale and capital market;Securities market is the main place to corporate finance,provide enterprises with financial support,as the representative of the securities market,the total market value of the stock market is an important component of the financial market,while the development of the stock market in Xinjiang has no marked impact on foreign trade scale,instead of foreign trade structure has inhibitory effect.In addition,the "silk road economic belt" strategy to promote RMB internationalization,attracting and using foreign direct investment has a direct role in promoting,the empirical results show that the regression coefficient of foreign direct investment are very significant,undoubtedly become intermediate variable and conduction ways between financial development and foreign trade development;The real effective exchange rate REER has been tested in the financial development support for the scale and structure of foreign trade,but it has a negative effect.Finally,the paper puts forward some Suggestions on how to develop Xinjiang's foreign trade in the future in terms of finance and the silk road economic belt.