The Situation,Characteristics And Causes Of Service Trade Barriers In China's Banking Industry

In recent decades,the development of the global service industry has advanced a lot,the service industry has accounted for 75%of GDP and 80%of employment in the OECD countries.However,in 2016,service exports accounted for only 23.8%of total global trade exports,the level of service trade does not fully reflect the contribution of modern service industry.The proportion of emerging service industry such as financial services in service trade has increased significantly.In China,the proportion of service industry has increased from 45.3%in 2012 to 51.6%in 2017,the service industry has become the main driving force for economic growth.But China is also the country with the largest deficit in service trade,and the international competitiveness of service trade is insufficient.In fact,there are still a large number of different forms of trade barriers for services in many countries,which seriously hampers the development of global service trade.Therefore,this paper comprehensively portrays service trade barriers in China's banking industry,and further analyzes the causes of the barriers,and then proposes several proposals.It hopes to provide certain theoretical support for China to rationally reduce service trade barriers and steadily open up domestic service market.First of all,this paper uses the GATS Commitment Openness Index,the World Bank STRI Index and the OECD FDI Restriction Index to make an international comparison of service trade barriers in banking industry.The results show that China's barrier index is higher than that of developed countries but lower than the average level of developing countries.Secondly,this paper uses the index system designed by Dihel and Shepherd(2007)for reference to evaluate service trade barriers in China's banking industry.Furthermore,this paper sorts out the impact of service trade barriers on trade competitiveness,economic development,and industrial structure,finding that the reduction of service trade barriers has a positive effect on them.In addition,this paper systematically analyzes the causes of service trade barriers in China's banking industry from two perspectives.Market failure,trade reciprocity,strategic trade policy,and state monopoly are the main reasons leading to the barriers.Finally,the paper proposes five policy recommendations:First,reduce service trade barriers to comply with the trend of liberalization;Second,to promote regional trade development,and gradually reduce service trade barriers;Third,pay attention to the coordinated development of trade in goods and services;Fourth,eliminating trade barriers in banking industry step-by-step;Fifth,accelerating financial reforms and breaking down industry barriers.