Study On China's International Financial Services Trade Competitiveness And Its Determinants

As an important sector in services, financial services industry in the country's economic development plays a decisive role, while financial services trade in services trade despite a late start, but the development speed is very fast. Since the beginning of the 60s of last century, especially since the 80s of last century, financial deregulation, to achieve the liberalization of the financial services industry is a global trend, liberalization does promote real competition in the world's financial services industry, and to some countries, the efficiency of the financial services industry has brought to enhance and promote a some of the country's economic growth, but the experience of other countries also show that liberalization of financial services industry is to bring the competition, making less competitive in some countries the financial institutions bankruptcy, threatening the stability of the country's financial system running, and even affect the health of the country's economic growth. In 2001 China joined the WTO, and in 2006 through a "transitional period", China financial services industry is also facing competition from financial institutions in developed countries. Therefore, the analysis of the competitiveness of the financial services industry, and how to improve the competitiveness of the financial services industry for the development of trade in financial services with more significance.Prior to joining the WTO, due to open China's financial services industry is low, therefore, our financial services industry is facing little pressure of external competition, while the state pursues a policy of excessive protection and the industry as a whole by the lower quality of human resource Impact of the financial services industry in our country's overall competitiveness is low. After joining WTO, in particular through the "transitional period" after the financial services industry in China of foreign financial institutions face competition not only promotes the efficiency of China's financial services industry and the outside world, also makes our financial service industry was the introduction of foreign advanced management experience and the implementation of cross-border business opportunities.Analysis of existing financial services trade competitiveness theory are:theory of comparative advantage, national competitive advantage theory, IMD competitiveness evaluation system, "nine elements of theory" and based on the competitiveness of the financial resources of the evaluation system and the theory of comparative advantage national competitive advantage theory is a qualitative rather than quantitative analysis, therefore, not conducive to comparison between different countries. The IMD competitiveness evaluation system and financial resources based on the competitiveness of the evaluation system designed for the calculation of some indicators, not based on objective data, but estimates made by man-made, so its difficult to guarantee the objectivity of the results. It is the competitiveness of the shortcomings of existing evaluation methods, and are therefore, this paper attempts to objective data, by calculating the TIS, RCA, CA and other indicators, to compare the competitiveness of the financial services industry in China and developed countries, and represented the United States to India as the representative of the differences between developing countries and draw with the United States, India compared to China's financial services industry size, growth potential and competitiveness of both lower overall conclusions. Our analysis shows that the financial services industry, capital factors, human resource, technology, related and supporting industries and demand factors that affect the competitiveness of the financial services industry, an important factor. The empirical analysis shows that trade in financial services in China is the biggest influence of the labor factor, followed by technical factors, the capital element of the lowest.Accordingly, the financial services industry to enhance our overall competitiveness, China's financial services industry should increase investment in human resource, imply the "going out strategy" and abandon the policy of separate operation and diversified management...