Study on the Measurement of Openness Degree in China’s Financial Service Trade
|School||Xi'an University of Technology|
|Keywords||financial service market access measurement research|
With the development of the world economy, the importance of service trade in the economy areas is growing. In recent years, the growth rate of trade in services is significantly higher than trade in goods, in particular higher technology and finance, telecommunications, and other departments are playing an increasingly important role to create employment absorption. That is why when joining the WTO negotiations, the opening up of trade in services especially in the financial sector has been the most important and sensitive issues to bargain. On the basis of an in-depth theoretical study of financial freedom and the collated information including domestic and abroad related openness of trade in service and financial services, this article analyze the research literature related to the openness of China’s trade in financial services. On this basis, combined with the actual development condition of China’s financial services industry, this article analyzed the process of opening up of trade in financial services, the opening up status of banking, insurance, securities and other sectors, and the opening up the status of cross-border and commercial presence mode of financial services trade market, as well as the opening impact and development trends in the future.Based on the theory and method of selection by comparison, this paper accepted the dependence degree of financial service trade and Mattoo·A’s market access separately to build the financial services trade openness degree of the quantitative analysis model, so as to conduct Index System abd calculate China’s openness degree in financial services trade. In the openness measure model based on the dependence degree, this article selected eight indicators during the year 1997-2007 through factor analysis, such as dependence degree of financial service trade, to comprehensively reflect China’s openness degree of financial service, then analyzed the open course as well as the overall development trend of financial service in the process of economic opening up, and explained specific reasons of openness trend combined with the reality. In the openness measure model based on market access level, through the market access level measurement of financial service industry as well as its department during the 2001-2006 transition periods entering the WTO and the period after 2007 in the end of accession to the WTO, and measurement analysis results show that:the opening up order of China’s financial service trade industry sector is insurance industry, banking, securities. And by comparison with other countries, China’s financial service trade and opening up market access situation is significantly lower than the world’s rapid development countries, such as Japan, the United States and other countries.Finally, based on the results of the analysis, this paper supplies openness measures of China’s financial services trade market and its department incluing banking, insurance and securities, at the same time it proposes special openness suggestions in the future openness of financial service trade.