Study On The Importance Of The Development Of Service Industry Of China From The Per-Spective Of Financial Crisis Conduction

Originated in the United States, the subprime mortgage crisis from the real estate market made the global economy into great depression since one of the biggest crisis in1929. Global financial markets have tasted the bitter fruit of the US housing market planted. Not only that, the crisis itself has also affected the development of the real economy, such as the rising unemployment in major economies, decreasing economic growth rate, weak investment even bankruptcy of enterprises and residents consumption declining, a serious impediment to the development of the global economy.Based on overview of financial contagion mechanism, this paper expounds the contagion channels that have been explored in the word. Then this paper put forward the particularity of the special economy crisis conduction problem in our country.As one of the most important emerging economies in the world, China’s economy keeps a rapid growth rate for many years, and that has been concerned by many scholars and researchers, and some of them even put forward the "Chinese model" of the economic development. It is due to China’s development model and the particularity of Chinese economic macro-control, based on which the financial risk conduction in China has certain particularity, appearing as the main transmission mode is trade related transmission mechanism, and then through the export structure and industrial structure introducing to various sectors of industry. Then based on an empirical study of index from the financial market, the paper uses Granger causality test to analyze the changing characteristics of representative industry profitability, in order to inspect the conduction effect of the industry chain in China. Empirical research shows that, under the external crisis, service industry of our country played a special role in the conduction. Thus from the perspective of industrial structure, the paper researched the status of service industry in the conduction, which can improve the present situation of the high dependency of foreign trade, also can adjust the export structure. As the breakthrough point, the author analyzes the service industry in our country faced with crisis, which can safeguard national economic security. Finally put forward suggestions on how to prevent the crisis conduction, and how to develop the service industry in our country.