Analysis On International Competitiveness Of China's Financial Services Trade

Since the 1990 s,with the continuous development of the world economy and the deepening degree of economic globalization and integration,the economic structure has been gradually adjusted.At the same time,the internationalization of modern financial services industry,which is closely related to economic development and one of the typical representatives of knowledge and information intensive,has become one of the prominent characteristics of world economic development.In recent years,under the background of the continuous development of global economy,China's industrial structure is also slowly adjusting and transforming.Compared with the primary industry and the secondary industry,the proportion of service industry is gradually increasing,while the development of financial services trade started very late and has a low proportion in service trade,but its development is indispensable.The development of financial services trade can not only accelerate the efficiency of capital flow between countries,but also play an effective role in promoting international trade.Firstly,this paper systematically combs the international competitiveness of financial services trade in theory,compares the competitiveness of the two countries,and subdivides the research in this field.Secondly,it defines the concept of international competitiveness of financial services trade,and analyses the corresponding theoretical basis.It defines the concept from service trade,financial services trade to financial services trade competitiveness in turn;carries out theoretical analysis from the perspective of comparative advantage theory and competitive advantage theory;and uses international market share and trade competitiveness in international competitiveness.The index and dominant comparative advantage index were evaluated.Thirdly,it analyses the current situation of China's financial services trade development,studies the scale,structure and trade balance of China's financial services trade by using the data center data of the Ministry of Commerce of China and WTO trade database,and finds that China's financial services trade industry has a good development situation in terms of the scale,structure and trade balance of financial services trade.Fourthly,this paper compares the competitiveness of China's financial services trade with that of the major countries in the world by using the above-mentioned standard indicators.It focuses on the analysis of the competitiveness of Britain,Germany,the United States,Japan,India and Singapore.The competitiveness of China's financial services trade is not strong in the three standard indicators of international market share,trade competitiveness index and dominant comparative advantage index.Fifthly,we use gravity model and OECD database to conduct one-to-one empirical analysis between China and its financial services trading partners.We find that China's financial services trade has great trade potential for some developed countries.At the same time,we conclude that the important factors affecting the competitive potential of financial services trade include GDP,distance between the two countries and economic freedom.Finally,the conclusion is drawn and some policy suggestions are put forward,such as strengthening the statistics of financial services trade,strengthening the reform of economic system mechanism,further opening up the market,focusing on developing cooperation with Australia,France,Germany and Hong Kong SAR in financial services trade.