Research On The Effects Of Free Trade Zone On Tianjin Financial Innovation

Since the establishment of China(Shanghai)Pilot Free Trade Zone in 2013,China(Shanghai)Pilot Free Trade Zone began to deepen innovation and opening up of financial services in aspects of RMB capital account convertibility,interest rate liberalization and the cross-border use of RMB,investment and financing facilitation and foreign exchange administration reform,to promote reform with opening up policy,providing a replicable and promotable experience nationwide.In 2015,Tianjin Free Trade Zone,as one of the second group of Free Trade Zones approved,promotes successful experiences of the financial innovation of Shanghai Free Trade Zone and plays a leading role in national financial innovation and development.The establishment and development of Tianjin Free Trade Zone will tap potential benefits of reforms and provide inner motion of economic development in China,in turn bring about sustainable social and economic development in all aspects.Tianjin Free Trade Zone,as the highland of financial reforms in Bohai Economic Rim and the key point of Beijing-Tianjin-Hebei Coordinated Development plan,shoulders the historical responsibility of perfecting marketing system and gaining developing experience.This article at first summarizes international and national backgrounds of the establishment of Tianjin Free Trade Zone,Under the circumstances that international trade protectionism has come into existence,China,as an important export-oriented economic power,should devote itself to promote higher standards of reform and opening up,and financial innovation is crucial to Chinese economic structure adjustment and upgrading.It later introduces the concepts,theories and other researches of financial innovation and the Free Trade Zone,which gives a general picture of the theme theoretically and develops a more targeted and innovative research based on predecessors' papers.It then analyses the current status of Tianjin Financial Innovation,including the background,policies and recent developments.It later uses the method of building regional financial innovation index to analyze the level of Tianjin financial innovation and analyses the effects of Free Trade Zone on Tianjin Financial Innovation through intervention modeling.At last,policy suggestions are made based on the definition of financial innovation and regional features.