The Changes And Influence Factors Of Exports Sophistication Of China’s Financial Services Trade

With the rapid development of China’s economy, the export products volume of financial services trade is rising, the structure of trade optimizes constantly, academia pay attention to the exports sophistication problem of China’s financial services trade. In regard to this, this article analyzes the changes and influence factors of sophistication from the side of Chinese financial services trade, it deeply analyzes the technological content of China’s financial services trade products, for the development of financial services trade in our country to develop a broader space.This article selects the latest financial services trade exports data as sample from2000to2011of the countries or regions which ranks in the top50of the global financial services trade exports in2011. Calculating China’s financial services trade exports sophistication to analyze the changes in detail and compare it with the BRIC Countries, the main developed countries and developing countries. The analysis makes conclusion like that:exports sophistication of China’s financial services trade is on the rise overall. Although the average annual growth rate is faster, the development is not balanced, and because of the low base, the absolute value has no significant increase. Compared with the developed countries, China has dominant growth rate but weak foundation, so the gap is still larger. And compared with other BRIC Countries and developing countries, the advantage of growth rate is not obvious in our country, so the competition is very fierce.In the research of influence factors to China’s financial services trade exports sophistication, using the comparative advantage, H-O model, technology spillover effect etc, extracting the six variables, such as land area per capital, the ratio of capital and labor, the actually used amount of FDI in the financial industry, gross enrollment ratio of higher education, research and development investment and the total export-import volume of trade in goods, we select the Chinese data from2000to2011to make the regression analysis. Research found that land area per capital is negatively related to exports sophistication of China’s financial services trade, and the ratio of capital and labor is positively related to exports sophistication of China’s financial services trade, it shows that the resources exhaustion can force the shift of development ideas. The actually used amount of FDI in the financial industry, research and development investment actively promote the increase for China’s financial services trade exports sophistication, and gross enrollment ratio of higher education is linked to China’s financial services trade exports sophistication presented a long-term relationship of mutual promotion, it means that make full use of FDI and technology spillover effect can play a positive influence. The total export-import volume of trade in goods also can improve the China’s financial services trade exports sophistication, it states that the relationship between two kinds of trade are mutual promotion.