The Comparative Study on Service Trade in East Asian Countries
|School||Wuhan University of Technology|
|Keywords||East Asian countries Trade in service Comparative study|
In the international market, more and more countries have focused on the service trade that has highly added value, such as productive services and financial services with the era of service economy upcoming. The development level of service trade is the major indicator that measures the overall economy power of one country. East Asian countries have also deepened the cooperation in the field of service trade. Reinforcing the cooperation has been put on the agenda when the leaders drew up the working plans in the period of2007-2017in the summit of ASEAN, China, Japan and Korea.In spite of accelerating the cooperation in services, the market openness of East Asian countries, most of them are the developing countries, are relatively low for protecting the domestic market. Compared with the Occident countries, their market share of the global service trade are also comparatively small. Their structures of trade in service are dominated by the traditional industries, such as tourism, transportation, but emerging service industries which can create highly added value lag far behind, so unbalanced structure results in the worse deficit situation. Seeing as a whole, East Asian countries have weak competitive advantages in service trade. Therefore making systematic analysis on East Asian countries of trade in service can contribute to improving the competition level of services for the region of East Asia.Based on the theory of economic growth promoted by service trade and the theory of competitive advantages, this paper analyzes the amount of import and export of each country, their balance of payment of trade in service in the two decades using the major eight East Asian countries data collected from the WTO official database in the period of1982-2012. In order to discover the features of their service trade structures, this paper calculates each proportion of ten major service divisions. After calculating their market share, TC index and RCA index, which measure the competitive level of each country’s overall service trade, we find out the advantageous divisions of trade in service, and then establish the econometric models to examine the theory of economic growth promoted by service trade, respectively analyze their contribution degree of trade in service to the economic growth. According to the analysis results, it reveals that the overall development level of service trade in eight East Asian countries is low, but they are adjusting and optimizing their structures of service trade. What’s more important is that their development of service trade can able to enhance their economic growth to a great extent. In the fifth chapter, it studies the current situation of bilateral service trade in the field of finance, transportations and telecommunications. According to the results of comprehensive study, the paper puts forward some development strategies to the East Asian countries and predicts the development trend among these countries in the future.