| In the 21 st century,globalization has become the latest trend of economic development,and the financial industry,as a knowledge-intensive industry in the service industry,occupies an increasingly important position,and the international competitiveness of financial services trade has become one of the important indicators to assess the overall economic strength of a country or region.At the same time,the RCEP agreement makes China face a new round of higher level of opening up,and China’s financial industry will rely on RCEP to compete fairly with member countries in the agreement,so it is important to study the impact of financial opening up on the competitiveness of financial services trade in RCEP member countries.This paper firstly analyzes the scale of financial services trade development,import/export balance and sectoral structure of each RCEP member country to present the current situation of its overall financial services trade development,and compares and analyzes the competitiveness of financial services trade of member countries with the help of RCA index,TC index and MS index;then selects the data of financial services trade of RCEP member countries from 2005 to 2021.Then,the data of financial services trade of RCEP member countries from 2005-2021 are selected to empirically study the impact of financial openness on the international competitiveness of financial services trade using fixed-effects model,and group regressions are conducted according to the degree of national development and market openness;finally,the mechanism of the impact of financial openness on the competitiveness of financial services trade is investigated by combining theory and empirical evidence.The study finds that the financial openness of a country has a significant positive influence on its international competitiveness of financial services trade,and the total savings of residents,total import and export of services trade and exchange rate also have a positive influence on the international competitiveness of financial services trade of RCEP member countries;financial openness has heterogeneous effects on countries with different degrees of development and openness,and the effects on developed countries and countries with high openness are higher than those on developing countries and countries with low openness.The impact on developed countries and countries with high openness is more significant than that on developing countries and countries with low openness;financial openness can enhance the competitiveness of financial services trade through market competition effect,technology spillover effect and resource allocation effect.Finally,combining the current situation analysis and empirical results,we put forward our own suggestions for the further opening of China’s financial services trade. |
