The Influence of China’s Financial Service Trade Liberalization on the International Competitiveness of the Financial Industry

Abstract

As one of the "troikas" to promote economic growth, the importance of trade is self-evident. In the service trade, financial services have attracted much attention. As countries adjust the structure of service trade and gradually incline to financial services trade, it can be seen that financial services play an increasingly prominent role in economic development. However, will the liberalization of financial services improve the international competitiveness of the financial industry? On the basis of introducing the development status of China's financial services trade, this paper makes a theoretical mechanism and empirical analysis on the impact of the liberalization of financial services trade on the international competitiveness of the financial industry, and puts forward feasible countermeasures to improve the competitiveness of the financial industry in the future under the condition of China's financial services liberalization.