The Research On The Export Of China’s Financial Service Trade

Beginning from the 1990s, economic globalization has enriched the world significantly and culturally, benefited many people economically as well. The forces of China’s reform and opening-up process demonstrated the power to enhance China’s economics and financial internationalization, and facilitate the development of financial service trade. The primary purpose of this study was to promote the development of financial service trade in China rapidly, stably and healthily, by analyzing theories and empirical methods to explore the positive influence factors based on the situation of financial service trade in China. In the first part of this paper, an introduction was presented, which included research background, significance of the research, research contents, methods, as well as the innovations and limitations of this study. The second part contained related concepts and literature reviews. The third part claimed an explanation of the WTO accession commitments of the financial industry and general situations of opening to the outside world, including banking, insurance and opening of the securities industry; then two essential ways of financial service trade, which were cross-border delivery and commercial presence, were applied to analyze the general level and trade structure. Based on that, this paper classified the influence factors of financial trade in services into basic economic factors, environmental factors, institutional factors and human capital factors.10 variable indexes from 1997 to 2014 were chosen to conduct empirical analysis with the following methods:ADF test, Co-integration test, OLS regression analysis, Robust test and Granger test. Three indexes passed the tests finally, including added value of financial services, the actual use of financial services FDI, and export volume of goods trade. As a result, the three indexes had promoting effect. GDP and urbanization level did not pass the Granger inspection, but still were certainly economic significant. GDP had negative influence, while urbanization level’s influence was positive. In addition to above result, beyond academics, the findings of this study can put forward some countermeasures and suggestions to improve China’s financial services trade.