Research On The Influence Of Financial Opening On Our Manufacturing Export Product Competitiveness

China’s share of global manufacturing increased from 3.5 percent in 1990 to 30.5 percent in 2021,according to the International Industrial Statistics Yearbook 2022 released by the Federation of Industrial Development.China,as the only middle-income industrial economy in the top 10 competitive industrial performance index,tops the list in manufacturing competitiveness.Although the export strength of our manufacturing industry is strong,the total export shows a gradually rising trend,but it has the characteristics of "big but not strong",the quality of export products is low,the structure of export products is unreasonable,the competitiveness of export products is not strong.In order to increase the competitiveness of Chinese manufacturing export products and maintain the status of the first manufacturing export country,it is necessary to promote the transformation and upgrading of Chinese manufacturing industry,and solve the problems of weak independent innovation ability and low product added value.As the core of our economic development,finance plays an indispensable role in achieving high-quality economic development under the new development pattern.Financial opening-up is an important part of Chinese opening-up pattern,which can promote the allocation of resources,the progress of technology and the accumulation of human capital.It plays an important role in realizing the innovation-driven development strategy and promoting the optimization and upgrading of the manufacturing industry structure.This paper holds that the financial opening up can promote the promotion of export competitiveness of our manufacturing industry,and the mechanism functions are important in the main study of this paper,as the important factors affected in the deepening process of financial opening up.In order to deeply understand this process,this paper firstly logically deduces the process of financial opening to promote the export competitiveness of manufacturing industry,and puts forward the theoretical mechanism of the effect of financial opening on the export competitiveness of manufacturing industry.Then,through empirical analysis to verify the above process,to find the evidence that financial opening drives the competitiveness of manufacturing export products.This paper proposes that the financial opening up affects the export competitiveness of the products of our manufacturing enterprises through the financing restraint mechanism and the foreign direct investment mechanism,and proves it.It is found that the financial opening up increases the financing restraint level of enterprises,but inhibits the export competitiveness of the products of our manufacturing enterprises.At the same time,it improves the level of foreign direct investment and promotes the competitiveness of manufacturing enterprises.And because of the different regional economic development level and financial opening level,there is a different degree of influence on the competitiveness of manufacturing export products.Finally,according to the research conclusions of this paper,the corresponding policy suggestions are put forward.