A Comparative Study On The International Competitiveness Of China-Singapore Financial Services Trade

By comparing the international competitiveness between China(Mainland,the same below)and Singapore in the financial services trade and their influencing factors,this thesis aims to analyze the gap between China and Singapore in the financial services trade,as well as the reasons for the gap.This thesis puts forward suggestions on the future development of China's financial services trade,in order to further enhance the international competitiveness of China's financial services trade.The introduction and development of the Belt and Road Initiatives has brought closer contact between China and the countries along the Belt and Road Initiatives.The importance of ASEAN as the hub of the "21st Century Maritime Silk Road" economic belt is self-evident,and Singapore,as the only international financial center in the ASEAN region,has a leading position in the openness and development level of its financial markets.The rapid development of financial services trade has effectively brought about its economic growth.Compared with Singapore,China's financial services trade started late,its foundation is weak,and its development is still not perfect.Based on the above research background,this study uses literature research,data analysis,and empirical analysis based on the "diamond model" to compare the current international competitiveness of financial services trade between China and Singapore and its influencing factors.This thesis first introduced the related concepts and literature review concerning the international competitiveness of financial services trade.On the basis of this,in accordance with the provision of financial services trade,this thesis elaborates on the status quo of China-Singapore financial services trade under the two modes(cross-border delivery and commercial presence).The results show that compared with Singapore,China's overall competitiveness of financial services trade in terms of trade scale,trade structure,international market share(IMS),trade competitiveness index(TC),and index of revealed comparative advantage(RCA)is weaker.After this,based on the theory and existing research results of the diamond model,through the principal component analysis method,the multiple linear regression models were used to determine the five major factors affecting the international competitiveness of China-Singapore financial services trade(Amount of institutional deposits,number of employees in financial institutions,per capita GDP,total merchandise exports,openness of financial services trade).It is concluded that China's regression coefficients are 0.052,0.208,0.243,0.501,and 1.302 respectively;Singapore's regression coefficients are 0.049,0.141,0.483,0.575,and 1.059,respectively;although the influence of the five indicators on China-Singapore financial service trade exports(competitiveness)is different,the degree of openness of the financial service trade,which represents the government's factors,is relatively largest.Finally,the thesis puts forward some suggestions based on five major factors:expanding capital scale,cultivating high-quality talents,making full use of localized advantages to expand internal and external demand,supporting the financial services informatization industry,raising the level of RMB internationalization,and strengthening cooperation with ASEAN countries in financial services,learning from Singapore's experience to establish a sound financial service trade supervision system.