Research On Financial Openness Innovation In Free Trade Zone Under The Background Of The "Belt And Road"

After the financial crisis,the world economic structure was profoundly adjusted.Trade protectionism prevailed around the world,and regional economic cooperation became more frequent.Against this backdrop,in China,the first free trade trial zone,the Shanghai Free Trade Zone,was set up in 2013.Then in 2015,the establishment of three free trade zones in Guangdong,Fujian and Tianjin was also approved.The Guangdong Free Trade Zone has been taking finance as its core momentum,standing on the shoulders of the Shanghai Free Trade Zone,aiming to promote further optimization and upgrading of cross-border trade through financial development.The proposal of the "Belt and Road" initiative in 2013 has further expanded the financial openness of the FTZ,and also pointed out the future development direction for it.At a deeper level,the financial opening in the FTZ is the leader of China's financial opening,and it is also a benchmark for China's finance in exploring openness to the outside world.This paper takes the Guangdong Free Trade Zone as an example to study the issue of financial opening innovation in the Free Trade Zone under the "Belt and Road" initiative.This paper combines the theory of regional economic integration,the theory of cross-border sub-regional cooperation,and the theory of financial openness to form the research perspectives and ideas.After describing the status quo and characteristics of the financial opening of the Guangdong Free Trade Zone,problems existing in the financial openness and corresponding reasons will be put forward in the context of the "Belt and Road".Subsequently,empirical analysis will be conducted through an econometric model to demonstrate the role of financial openning in promoting economic growth in the short and long term.Finally,on the basis of learning from the financial development experiences of Hong Kong,Singapore,Cologne,and New York,the four mature free trade areas,countermeasures and suggestions for the financial opening innovation in the free trade zone will be proposed.The main conclusions of this paper are as follows: First,financial opening can promote the development of foreign economy in the short term.In the long run,comprehensively considering various indicators of financial opening,the conclusion is the same.Second,different treatment of the free trade zone financial policy can enhance the financial institutions' cross-border business attraction.Third,on the basis of relaxing the access of financial institutions,actively promoting eligible Chinese banks to carry out foreign currency offshore business.Fourth,to promote the opening of the financial sector by using featured businesses,including financial leasing business,in the FTZ.Fifth,to broaden cross-border financial cooperation and promote the process of RMB internationalization.