A Comparative Analysis Of The Input-output Effects Of Chinese And American Finance On The Real Economy

China is facing the severe challenge of financial system reform and economic restructuring.As the backbone of China’s economy,real economy plays an irreplaceable role in national innovation,employment and taxation.It is beneficial and necessary for China’s economy and finance to develop finance in line with China’s real economy.How to make the financial industry return to the origin of serving the real economy and improve its financial impact on the real economy is crucial to the establishment of China’s modern economic and financial system.At the same time,the research results will also have important theoretical and practical significance.Based on WIOD’s world input-output data,this paper constructs the non-competitive import financial input-output tables of 20 standard industries in China and the United States from 2007 to 2014.On this basis,the effects of financial related industries and financial industries dissemination are analyzed,and the input-output effects of China and the United States financial industry on the real economy are thoroughly and comprehensively explored,providing direction for the follow-up development of China’s financial industry.The results show that:(1)China and the United States financial industry belong to industries with high added value and low driving capacity.(2)China’s financial industry mainly promotes the development of its upstream industry through direct consumption and its downstream industry through indirect distribution.The American financial industry mainly drives the development of upstream and downstream industries through indirect consumption and indirect distribution.(3)China’s financial industry has a lower pulling effect on economic demand than the social average,and a higher guiding effect on economic supply than the social average,and its driving effect on economic supply is far greater than the pulling effect on economy.The financial industry in the United States has higher demanddriven and supply-driven capabilities than the average level of society,and its demanddriven effect on the economy is better than its supply-driven effect on the economy.(4)China’s financial industry has invested a large amount of financial resources in the traditional real economy(such as manufacturing,construction,etc.),while the US financial industry is more inclined to allocate financial resources to services,especially financial and insurance activities themselves,human health and social work activities,as well as public administration and defense.Through the summary and analysis of the empirical results,we can put forward some suggestions on the reform and development of the financial industry.(1)Reasonably guide the development of financial science and technology and expand the scenario of financial science and technology operation.(2)Strengthen the establishment of a green financial system and give full play to the role of financial resources allocation.(3)Strengthen prudent management of real estate finance and promote the long-term and steady development of real estate industry.(4)Actively broaden the space of financial support for agriculture and improve the agricultural insurance policy.(5)Strengthen the role of finance in peoplefriendly services and accelerate the coverage of public services.(6)increase the activities auxiliary to financial service and insurance activities of supply,improve the service ability of the real economy.(7)Expanding the allocation space of insurance funds and enhancing the economic capacity of insurance service entities.