Contribution Of Trade In Financial Services To China’s Economic Growth

Finance is the core of modern economy and industry, trade in financial services has an important role for economic growth.In recent years, the rapid development of international trade in financial services has become an important feature of the contemporary international financial development. After the establishment of the WTO, trade in financial services is included in the multilateral trading system in the world. Continuous development of trade in financial services in China has been on an upward trend, but still infant industry in developing countries. The development of trade in financial services is still subject to a greater degree of restriction. Due to the constraints of" the infrastructure is poor, weak economic foundation "conditions, resulting in the slow development of China’s financial services sector.How to promote the development of financial services trade better and faster,has become an important task of the economic development in china.In this paper, the development of Chinese financial services trade, after China’s WTO accession, can be described by the following factors:total trade, regional structure, industry structure and international status of a country. The economic functions of the financial services trade were taken as a starting point for the research. Over the last seventeen years with time-series data on financial services trade related indicators and GDP relationship using econometric model to empirical tested, in-depth research and analysis of the relationship between the development of trade in financial services and China’s economic growth.The results showed that, although China’s financial services exports and imports have been expanding.However, trade in financial services exports to China’s economic growth is no obvious promoting effect, financial services trade imports for China’s economic growth has a small role. Show that, although the financial services trade dependence of China’s economy is slowly improving, but the development of China’s financial services trade limited role in promoting economic growth. Finally, a number of proposals for further development of financial services trade in terms of promoting the economic growth of China were suggested.