Research On The Financial Innovation And Its Impact Of The Shanghai Free Trade Zone

Since the reform and opening up of China’s economy has maintained a high rate of development,but after the financial crisis in 2008,the international economic situation has become more and more severe,and its own reform and development into the "deep water" has caused a significant impact on China’s economy.On the one hand,the United States and other developed countries are laying out the global economic development pattern,implementing new international trade norms and weakening the role of WTO,thus putting forward new requirements for China’s open innovation,and China is also facing new challenges to re-adapt to economic globalization.On the other hand,China’s economic growth method,which relies on population and policy dividends,is disappearing,and it urgently needs to seek a new model to promote its own economic development and comply with the wave of economic globalization.Shanghai FTZ has the functions of adapting to economic globalization,promoting trade liberalization and realizing financial internationalization,which can better meet the needs of China’s internal and external economic development.Financial innovation is the key content of Shanghai FTZ,and it plays an important role in the development of Shanghai FTZ economy and the improvement of opening up to the outside world.Therefore,it is not only important but also urgent to strengthen the research on the financial innovation practice in Shanghai FTZ.Firstly,this thesis defines the connotation of financial innovation in Shanghai FTZ by combing the existing literature,and elaborates the theoretical basis of the study of FTZ and financial innovation.Secondly,taking the background of the establishment of Shanghai FTZ as the starting point,based on the functional positioning of Shanghai FTZ,we will clarify the policy guidelines of relevant departments on financial support for the construction of Shanghai FTZ,so as to systematically summarize the financial innovation achievements of Shanghai FTZ.It also points out the new challenges faced by financial innovation in the in-depth development of Shanghai FTZ;again,the impact of financial innovation in Shanghai FTZ is explored based on VAR model by quantitative analysis,and the economic benefits of financial innovation are comprehensively evaluated.Finally,Taking into account the new challenges facing financial innovation in the Shanghai Free Trade Area,together with analyses of the effects of financial innovation,this thesis presents important suggestions from a coordinated development perspective.This thesis makes theoretical comments on the financial innovation and its influence in the free trade zone.From the perspective of systematic analysis,this thesis studies the following basic conclusions in view of the exploration and implementation improvement plan of the financial innovation efforts in Shanghai Free Trade Zone.Firstly,it puts forward the particularity of the establishment background of Shanghai free trade zone at home and abroad.Affected by international unilateralism and domestic complex economic situation,the establishment of Shanghai free trade zone itself undertakes many historical missions.Secondly,based on the system analysis method,we summarize the connotation of financial innovation,financial innovation fields and financial innovation achievements in Shanghai FTZ,and find out the characteristics of innovation and challenges faced by Shanghai FTZ.Third,using empirical analysis to construct a comprehensive evaluation index to quantify the financial innovation of the Shanghai FTZ,while making a comprehensive evaluation of its economic benefits and putting forward specific suggestions for improvement in response to the various challenges it faces.Through the analysis of the current situation of financial innovation in Shanghai FTZ,we systematically summarize the results of financial innovation practice,in order to help sort out the research theory of financial innovation in FTZ and help replicate and promote the experience of financial innovation in Shanghai FTZ.The thesis has 7 figures,15 tables,and 50 references.