Study On The Impact Of Export Credit On China’s Ship Exports

Under the background of double-loop,building a double-loop for the shipbuilding industry can not only accelerate China’s progress towards a manufacturing power and a maritime power,but also enhance the adaptability and flexibility of China’s shipbuilding industry in the face of complex and changing market demands.Export credit as policy finance helps to promote ship export from the theoretical point of view and has positive significance to the technical development and income generation of China’s shipbuilding industry,but what about the impact of export credit on China’s ship export in practice?Based on The new trade theory,this paper analyzes the influence mechanism of policy export credit on China’s ship exports,selects 51 country regions from 276 country regions with ship trade with China as the research object,uses the panel data of these 51 country regions from 1995-2019,measures the influence of China’s ship The impact of policy export credit on China’s ship exports is empirically analyzed from the perspective of the intensive margin and the extended margin using the binary export margin of Hummels and Klenow(2005)as the explanatory variable.On this basis,the heterogeneity of the impact of policy export credit on China’s ship exports to countries with different economic levels and different geographical distances is further analyzed,taking into account the actual situation of China’s ship exports.The results of benchmark regression show that policy-based export credit can promote both the intensive margin and the expanding margin of China’s ship export,with a greater effect on the extended margin than on the intensive margin;heterogeneity analysis shows that there is a facilitating effect on the extended margin for countries that export to countries with a high level of economic development and no statistically significant facilitating effect for countries with a low level of economic development;there is a facilitating effect on the intensive margin for countries whose exports are geographically close to China and a facilitating effect on the extended margin for countries whose exports are geographically distant from China.There is a boost in terms of intensive margins for countries with exports geographically distant from the country and a boost in terms of extended margins for countries with exports geographically distant from the country.Therefore,the impact of export credit on China’s ship exports is facilitative and heterogeneous.Based on the empirical results,this paper combines the problems of policy export credit and China’s ship exports,and suggests building a credit system for ship enterprises to enhance the efficiency of export credit applications,actively developing buyer’s credit business to promote China’s ship exports,formulating different export credit policies to expand developing country markets,strengthening business cooperation to reduce the risk of export credit issued by import and export banks and introducing export credit laws to implement more targeted External supervision.