| Over the past 30 years of reform and opening up,China has played a cheap labor advantage and its foreign trade has developed rapidly.It has become the second largest economy after the United States and the largest commodity exporter.However,the technical content of China's export commodities is low,the structure of foreign trade products is unreasonable,and it is a big trading nation rather than a strong one.Therefore,it is extremely urgent to speed up the change of foreign trade development mode,promote the upgrading of export technology complexity,and form a transition from a big trading country to a strong country.As experts and scholars gradually enrich and improve the theoretical analysis and empirical test of the technical complexity of export products,the discussion of financial suppression and product export technology complexity further provides a new export trade analysis perspective.At present,China's relatively lagging financial development level have become an important factor restricting the upgrading of China's product export technology complexity.Therefore,to explore the internal mechanism and dynamic impact of financial suppression on the technical complexity of China's export products has important theoretical and practical significance for improving the development mode of foreign trade,adjusting the structure of export products and promoting the sustainable development of trade.First,this paper uses the revised Hausmann(2005)model to measure the technical complexity of export products in 20 industries in China.The results show that the technical complexity of China's manufacturing export products has been greatly improved,but from the perspective of changes in various indu stries,the technical complexity of export products of general equipment manufacturing industry is the fastest,while the technical complexity of export products of beverage manufacturing industry is relatively small.At the same time,considering the purpose of the research and the availability of data,this paper draws on the practice of Yao Huize and Shi Lei(2015),and uses the difference between the average real interest rate and the average GDP growth rate to reflect the degree of financial suppression.Subsequently,the author deeply explored the transmission mechanism of China's financial restraint policy on the technical complexity of product export,and proposed a theoretical proposition that financial restraint policy is not conducive to promoting the upgrading of product export technology complexity.Secondly,this paper uses the static panel and dynamic panel system GMM method to empirically examine the impact of financial suppression on the technical complexity of China's manufacturing export products.The following empirical results are obtained: whether it is static panel data or dynamic panel data,financial suppression will have a significant and robust suppression effect on the technical complexity of export products.At the same time,there are some differences in the impact of financial repression on the technical complexity of export products in different factor-intensive industries and different external financing-dependent industries.Finally,based on the results of empirical study,the paper proposes five countermeasures. |
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