The Impacts Of Insurance Service Trade On Economic Growth

At present,the economy of our country has changed from the stage of rapid growth to the stage of high quality development,and the insurance industry,as the sunrise industry of our country,has been strongly supported and developed by the state.It is of great practical significance to study the influence of insurance service trade on China's economic growth.As a knowledge-intensive sector in the service industry,insurance service industry plays an important role in our economic life.The insurance market in developed countries is mature.Insurance plays an important role in the financial market,helps to deepen the capital and improves the efficiency of capital allocation.This paper selects the relevant data of insurance service trade and economic growth from 1997 to 2017 to carry on the empirical test,and introduces virtual variables to analyze 2007 as a turning point.At the same time,it studies the three mechanisms that affect the economic growth of insurance service trade.That is,to promote investment,to improve technological progress and to increase consumption.And the robustness test is carried out.The results show that the influence of insurance service trade on China's economic growth is different in different periods,and the influence degree of the three mechanisms is different.When the economic growth index is expressed as per capita real GDP,there can be a co-integration relationship between the relevant variables of insurance service trade and per capita real GDP,and there is no co-integration relationship when it is expressed as economic growth rate.On the whole,in insurance service trade affects economic through the mechanism of increasing consumption,which is more common and to a greater extent.However,the coefficient of related insurance service trade variables which affect the economy is smaller than the coefficient of control variable like the level of human capital and the level of urbanization.