Analysis Of Energy Financing Cooperation Between China And Central Asia

With the sustainable development of China’s economy, the problem of energy security is not optimistic.External dependency of oil has risen from 6.7% in 1993 to 59.6% in 2014, natural gas external dependency, up from 2% in 2007 to 32.2% in 2014.The contradiction between supply and demand of China’s energy was serious, source of imports and sea routes have been threatened, insufficient energy reserves, energy reserves that published in 2014 to less than one fifth of the standard prescribed by the International Energy Agency.Energy security has become the focus of academic circles.In the 1990 s, China put forward "make full use of two resources and two markets at home and abroad" policy, began to implement the strategy of "going out".In 2012 national “twelfth five-year plan about energy development”, put forward to strengthen mutually beneficial cooperation of international energy strategy, expand opening to the outside world.In the support from the state, with the international competitiveness of China’s energy enterprises, large state-owned enterprises and private enterprises go abroad, actively with the world many countries and international organizations to carry out the energy and financial cooperation, participation in economic globalization and regional economic integration.At present, More than 30 countries in the world and China have more than 100 international oil and gas cooperation projects, completed five international oil and gas cooperation zone, including kazakhstan’s the project in central Asia, Central Asia has been became one of the important areas of China’s overseas energy development.In March 2015, the Chinese government promulgated “The vision and action of promoting and building the silk road economic belt and the 21 st century’s Marine silk road ", under the new situation to speed up the implementation of the strategy of "going out", China and central Asian countries had promoted the "the belt and the road".Fund of "silk road" and the Asian infrastructure investment bank will make China and central Asian countries to better carry out bilateral or multilateral energy financing cooperation, this will create a good situation of win-win and mutually beneficial cooperation between China and the central Asian countries.Under the background of construction of economic zone in the "silk road", "the silk road fund" and the Asian infrastructure investment bank establishment, studying the problems of energy financing’s cooperation between China and central Asian countries has an important meaning.In this article, through combing the Chinese energy market and energy financing development and central Asian countries, the empirical analysis from multiple angles study the necessity and the feasibility of energy financing cooperation between China and central Asian countries, investigate the status quo of China’s energy financing cooperation with central Asian countries, analysis of the problems existing in the energy financing cooperation and economic effect between China and central Asian countries, finally puts forward Suggestions on China’s energy financial cooperation with central Asian countries, with reference to the international energy financial center construction experience, dubai, Singapore, Los Angeles. Building xian into China- central Asia regional energy financial center is to promote China’s one of the countermeasures of energy financial cooperation with central Asian countries.In this paper, the following conclusions:(1) The differences of economic development level between China and central Asian countries is big, but economic growth trend is more consistent, to say the difference in the macroeconomic environment is not big, help to adjust the exchange rate, interest rates, tax and other policies according to the requirements of chinese energy financing cooperation with central Asian countries, help to promote China and central Asian countries energy financial cooperation, make its development to a higher level.(2) Through inspection found that common cycle and common trend model between China and central Asian countries has no economic cycle synchronization in the short term, but in the long run, the economic cycle is synchronized, namely China and the five central Asian countries of the economic cycle in long-term share common stochastic trends, in the short-term volatility is out of sync, China and central Asian countries’ s financial markets also have similar conclusions.Using convergence method empirical analysis on the difference between China and central Asian countries economic development, while the economic differences between China and central Asian countries, but there is "the coma catch up effect", these are shows that China and the five central Asian countries currently do not have the condition of high energy financial cooperation, however, as the trade is increasingly close, deepening cooperation in the energy, more perfect dialogue mechanism, efforts to build a good communication platform, on the basis of existing between China and the five central Asian countries actively promote policy coordination, prompting monetary integration, the breadth and depth of China and central Asian countries energy financial cooperation will been greatly improved, promote economic development.(3) Throught the size of the result of total impulse response Measuring the effect of energy financial cooperation to promote the economic growth in China, found China’s energy financial cooperation with central Asia significantly promote the economic growth including cooperation between China and kazakhstan, China and turkmenistan,China and uzbekistan.Using analysis of variance of measurement tools, with the rate of contribution that energy financial cooperation for contributing the economic growth to quantify its role to promote China’s economic growth, the size of the first of the list is energy financial cooperation between China and Uzbekistan, it can explain 40.33% of China’s real per capita GDP fluctuation;Second is energy and financial cooperation between China and Turkmenistan, it can explain 33.33% of China’s real per capita GDP fluctuation;A third of the list is China and Kazakhstan’s energy and financial cooperation, it can explain 21.37% of China’s real per capita GDP fluctuation.Although the two measuring methods, energy financial cooperation in China and Uzbekistan to promote China’s economic growth is the biggest role, but in the long term, according to the figure shows the trend of the impulse response function and variance decomposition contribution of trend analysis, energy financial cooperation between China and Kazakhstan greatest potential to promote China’s economic growth, followed by China and Turkmenistan’s energy and financial cooperation, the smallest is the potential energy of financial cooperation between China and Uzbekistan.(4) To better promote the development of China’s economy, creating China and central Asian countries more mutually beneficial and win-win situation, increase bilateral or multilateral mutual political trust, China should strengthen energy financial cooperation with Kazakhstan, Turkmenistan and Uzbekistan, expand bilateral or multilateral energy trade, improve bilateral or multilateral energy finance cooperation conditions, broaden the bilateral energy trade products, make its diversification, especially need to increase virtual financial products of energy.The role of energy finance cooperation between China and Kazakhstan, the energy financial cooperation between China and Turkmenistan, energy financial cooperation between China and Uzbekistan in promoting China’s economic growth is greater than the central Asian countries.So, China should be in the future of China’s energy financial cooperation in trying to widen the channel of the investment in these central Asian countries, increase the investment.Because there are a big game in central Asia, the investment environment and policies of the state in central Asia is not very optimistic, to increase the cost of energy finance cooperation and to cut the two sides of the economic effect bringing by China’s energy cooperation with central Asian countries, China must establish as soon as possible energy between China and central Asia regional financial center, to promote the internationalisation of the renminbi, access to energy market pricing power, avoid international cooperation in energy prices caused costs rise, the Chinese government, the enterprise should be positive for bilateral or multilateral energy financial cooperation to create a good condition, to maximize the bilateral or multilateral economic benefits through energy financial cooperation.(5) Countermeasures and Suggestions of promoting Energy financial cooperation between China and central Asian countries are as follows: pay attention to the communication platform construction between China and the central Asian countries, expand channels of energy financial cooperation;Make full use of the Shanghai cooperation organization, expand the energy financial cooperation space, perfect energy energy financial market system, strengthen financial support role in energy financial cooperation,Building of xi ’an into China- central Asia regional energy financial center, improve energy and financial cooperation level.