Influential Factors On The Transition And Upgrading Of Jiangsu’s Opening Economy&Its Development

Economic globalization has brought directional shift of China’s economic Development. During the past three decades, the open economy has developed fast in many places of China. For example, Jiangsu has gradually developed into "Big Province in terms of Trade". Jiangsu is enjoying the great development brought by the pattern of open economy, while also facing a series of challenges in the process of globalization. The motif of this article is to specifically expound and analyze the influencing factors and path choice in the transformation and upgrading of open economy in Jiangsu.The paper first collects and analyzes the relevant theory and research status of the transformation and upgrading of open economy. Based on the related data and information, the paper systemically analyzes the development environment of open economy in Jiangsu from both macro and micro environments and the development status to pave the way for the confirmation of its possibility and feasibility of the transformation and upgrading. Besides, by utilizing the quantitative methods, the paper analyzes the influencing factors of the transformation and upgrading of open economy and gets the result that the largest influencing factor is the regional economic factor and the minimum is the power factor. According to the conclusion of the above-mentioned quantitative research, the paper puts forwards a series of the path for the transition and upgrading of Jiangsu’s open economy as follows:firstly, to give play to the comparative advantage of regional economic development, to foster the core competence and optimize the structure of export commodities; secondly, to integrate the resource and coordinate the development of Jiangsu’s foreign trade and foreign economy; thirdly, to strengthen the regional cooperation, focus on both foreign trade and foreign direct investment and make efforts to promote the economic and trade integration in Jiangsu.