Research On The Impact Of Export Credit Insurance In China On The Development Of Export-oriented Economy Under The Background Of "The Belt And Road"

Since the reform and opening up,China has continuously expanded its export scale and made new strides in the high-quality development of foreign trade,and has become the world’s largest exporter.In recent years,the global economic pattern has rapidly adjusted and changed.Influenced by trade frictions,protectionism and the COVID-19,China’s export-oriented economic development has become more complex.Domestic export enterprises have suffered countless economic losses due to various risk factors,and the long-term sustainable development of the export economy remains serious.In this context,export credit insurance,as a policy-based insurance,can provide protection for economic losses caused by credit risks faced by export enterprises in the process of developing export trade,contracting projects and foreign investment and other related businesses,which has been highly valued by our government and widely concerned by the international community.China’s Foreign Trade Law of the People’s Republic of China clearly stipulates that export credit insurance can be the main way for the country to promote the development of foreign trade;The relevant agreement issued by the WTO expressly stipulates that export credit insurance is allowed to promote the development of foreign trade as policy-based insurance.In addition,the proposal of the “the Belt and Road” initiative has also had a huge impact on promoting the transformation,upgrading and sustainable development of China’s export-oriented economy.China’s export credit insurance should also be based on the “the Belt and Road” initiative,take the actual demand as the starting point,commit to developing innovative products,constantly improve the business operation and management system,and then expand the coverage and penetration,explore and find the next development direction.Therefore,it is of great significance to explore the development of export credit insurance in the context of the“the Belt and Road Initiative”,especially to scientifically assess its impact on the development of export-oriented economy.This paper takes the “the Belt and Road” as the background,based on the development practice of China’s export credit insurance,uses the inter provincial panel data from 2009 to 2020,and conducts an empirical analysis of the role of China’s export credit insurance in the export-oriented economy through the panel fixed effect model.Through the analysis of heterogeneity,this paper distinguishes different regions and economic zones,and examines the regional differences in the development of export-oriented economy of export credit insurance.In addition,this paper also deeply studies the role of the“the Belt and Road” initiative in the impact of export credit insurance on export-oriented economies.Using the variable coefficient model of individual fixed effect and the variable slope model of time fixed effect,this paper examines the impact and role of the “the Belt and Road” initiative in the two dimensions of space and time,as well as regions,provinces,cities,time spans and specific years.The results show that China’s export credit insurance has a significant role in promoting the development of export-oriented economy.The heterogeneity analysis shows that compared with other regions,this promotion is more significant in the eastern region and the Yangtze River Economic Belt.Further research shows that export credit insurance plays a more significant role in promoting export-oriented economy in key regions,provinces and cities of the “the Belt and Road” initiative;The results of the time dimension analysis also confirm that after the “the Belt and Road” initiative was put forward,export credit insurance has played a more significant role in promoting the export-oriented economy.Especially in recent years,due to the impact of international economic development,the impact of China’s export-oriented economic development has fluctuated greatly,which reflects the positive protection role of export credit insurance in the face of major risks.Therefore,it is concluded that under the background of the “the Belt and Road Initiative”,China’s export credit insurance has a significant impact and promotion on the development of export-oriented economy.Based on the above research conclusions,this paper puts forward relevant suggestions:First,focus on the development of export credit insurance,innovate the business model of export credit insurance,and develop characteristic products;Second,we should firmly grasp the development opportunities brought by the "the Belt and Road" initiative,formulate differentiated policies,and focus on the balanced development of export credit insurance;Third,we should promote the sustained and healthy development of the export-oriented economy.