A Study On The Construction Of China-ASEAN Financial Center Under "The Belt And Road Initiative"

According to the report of the 19 th CPC National Congress,China will not close its door to the world and will only become more and more open.China will put the emphasis on “the belt and road initiative” and ASEAN has always been the priority of China's Peripheral Diplomacy.The relationship between China and ASEAN is changing from the strategic partnership to a Community with a shared future for mankind.In 2010,China-ASEAN free trade area was established.In 2019,the upgraded version of China ASEAN Free Trade Agreement was officially implemented.After COVID-19 in 2020,ASEAN has surpassed the EU for the first time and become China's largest trading partner.In addition,China and ASEAN signed the RCEP in November 2020.The development between the two sides is facing great opportunities.In the process of establishing China ASEAN Free Trade Area,establishing a financial system and solving the problem of "financing" is the key question.The establishment of China ASEAN financial center is the key step.At present,scholars' research on financial center is mostly around the big cities.Few research is on the ASEAN.With the political,economic,trade and financial cooperation between China and ASEAN entering a new stage,the construction of China ASEAN financial center needs to be put on the agenda.For now,few research is about how to build China ASEAN financial center from the overall situation.With the increasingly close relationship between China and ASEAN,this paper uses the theory of financial center,financial development,financial cooperation,geography of Finance and financial cluster to study the current situation and problems of China ASEAN financial cooperation,with field investigation and detailed data.The article then puts forward the importance of the construction of China ASEAN financial center under “the belt and road initiative”,and choose China ASEAN financial center location through empirical analysis.After judging that Nanning is the first choice for building a financial center,this paper evaluates the feasibility of building Nanning into a China ASEAN financial center.Finally,combining with the theoretical analysis,the paper analyzes that the development of Nanning's financial center should be government led,and designs the positioning and development path of Nanning's financial center.In general,this paper mainly does the following research work:Firstly,after expounding the theories and concepts of financial center,the paper summarizes the current situation of China ASEAN financial cooperation.This part explains the degree of financial development and the degree of financial cooperation between China and ASEAN at present,and explains the specific contents of cooperation from the perspectives of monetary cooperation,financial market cooperation,financial institution cooperation and financial supervision cooperation.From the main problems of China ASEAN financial cooperation,we can find the basis of establishing China ASEAN financial centerSecondly,this paper designs the function of China ASEAN financial center under “the belt and road initiative”.Starting from the general law of the development of international financial center,,this paper expounds that the deepening of economic and trade cooperation calls for the support of China ASEAN financial center,the differences in the economic and financial foundation of various countries need to be coordinated by building a financial center.On this basis,this part demonstrates the necessity of building a China ASEAN financial center.Then,the paper designs the main functions of China ASEAN financial center from four dimensions: financial institution cluster,financial market cooperation,financial service radiation and risk supervision coordination.Third,the paper study the location of China ASEAN financial center.Firstly,the economic growth and financial development index and coupling harmonious model of China and ASEAN are designed,and the cluster analysis method is used to subdivide the countries.According to the coupling and coordination of economic growth and financial development,countries are divided into coordination or uncoordinated types.The empirical conclusion is that China and Singapore are coupled and coordinated,and other countries are in imbalance.As China has the best development trend and the highest degree of coordination,the establishment of China ASEAN financial center is scientific.Secondly,Nanning,Chengdu,Chongqing,Kunming and Guiyang are selected as the candidate cities of China ASEAN financial center according to the New International Land-Sea Trade Corridor,and the index system of financial center is designed.Through the calculation of financial center index,Chongqing,Chengdu and Nanning are left with positive scores among the five cities.The Wilson model is used to calculate the radiation radius and radiation intensity.It is concluded that the radiation radius of Chongqing and Chengdu is larger,but Nanning is closer to ASEAN.Combined with the reality of China ASEAN financial development and the policy of building a free trade area in Guangxi and building an financial portal,under the background of “the belt and road initiative”,Nanning has been selected as the preferred city to build China ASEAN financial center.Further,this paper illustrates the feasibility of building Nanning into a China ASEAN Regional Financial Center from the aspects of the financial market,the financial institutions,the financial ecological environment and the financial radiation ability to ASEAN.Fourth,the paper put forward the target orientation,mode and path of building China ASEAN financial center.Combined with the theory,it shows that Nanning is still in the primary stage of financial agglomeration and should adopt the government guidance mode to build China ASEAN financial center.Its development orientation is: China ASEAN financial institution cluster place,monetary and capital market center on “the belt and road initiative”,China ASEAN financial service radiation source,China ASEAN financial risk collaborative supervision base.Its development path is: firstly,guide the agglomeration of China ASEAN financial institutions,secondly,deepen financial market cooperation,thirdly,optimize the ecological environment and promote the radiation of financial services,and finally strengthen financial risk supervision cooperation.Finally,this paper gives the suggestions for Nanning to build China ASEAN financial center from the three levels of the central government,autonomous region and Nanning.The innovation of this paper is:1.Research perspective innovation.On the background of “the belt and road initiative”and the RCEP agreement,this paper studies the construction of China ASEAN financial center from the perspective of financial center theory.This study is the perfection of the theory of financial center.The research on this aspect is rarely involved in the existing literature.Therefore,this article has opened up a new look for the research of the financial center.2.Research method innovation.This paper uses the coupled coordination model to investigate the country location of China ASEAN financial centers and compare the financial development and economic growth indexes of various countries;The Wilson model is used to demonstrate the city location,design the index of "radiation degree to ASEAN" for the first time,and measure the financial radiation radius of major cities in Western China for the first time.3.Research conclusion innovation.Under the guidance of relevant theories,combined with Nanning's own characteristics,this paper creatively designs the positioning of its China ASEAN financial center,points out that it should follow the government led model,and designs its construction path.In short,the research results of this paper have important theoretical and practical significance for promoting China ASEAN financial integration and RMB internationalization,promoting the development of RCEP regional comprehensive economic partnership,high quality building “the belt and road initiative” and jointly maintaining the good momentum of regional prosperity and development.