Positivist Research Of Chinese Financial Deepening In Opening-up Economy

China has been the formal member of the WTO. Facing the opening-up economy, the direction of Chinese financial industry development is an important matter.Economy globalization has two sides. It advances as well as obstructs not only the domestic economy but also the financial fields. The capital flow and the opening of financial services have great benefits and at the same time it brings the great instability. In fact, we usually only notice the risk of economy globalization but ignore the action of the elements' flow during the development of the financial system.Herein the author tries to analysis the function of financial opening to one country's economy with financial deepening theory. Using such a theory is based on the following cognition: financial opening can also promotes the domestic economy through the financial deepening. The essence of financial deepening is to eliminate the market's partition and the price's tortility and that is the meaning of financial opening.Firstly, the thesis contacts the financial opening with financial deepening and gives the definition of the "opening-up financial deepening". The opening-up financial deepening is a process. It means that the financial opening exerts material effects to the economic development through promoting the maturity of domestic financial system.Secondly, the author reviews opening-up financial deepening in quantitative way. The opening-up financial deepening can be summed up as the proportion of foreign transaction in one's country's output. The author inserts the element of financial and service trade in the model of "fund opening" and creates the model of "opening-up financial deepening".Thirdly, the paper analyses the financial opening's function to the maturity of one's country's financial system by the numbers. The actions include ameliorating the domestic fund supply as well as investment structure, providing the better services to consumers, the lower fund cost, the higher competitive ability, the more perfect supervising instruments and the more effective financial supervising.At last, the paper researches the OECD's "general rule of the capital flow liberalization" and concludes: the currency convertibility under the financial and capital account is system's engineering. We must think much of the order of opening. In the end, the author advances several principles to the order of financial opening.In a word, after entering the WTO we are facing a new exoteric world. Chinese financial industry is also facing not only a great opportunity but also a flinty challenge. That is a pressing issue to Chinese academic and practical kingdom.