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Research on the Relationship of Finical Development and Technical Structure of China’s Exports

Author: WuMengYu
Tutor: GuoJing
School: Zhejiang University of Technology
Course: Industrial Economics
Keywords: Financial Development Technical Structure of Export Technology Innovation
CLC: F832;F752.62
Type: Master's thesis
Year: 2011
Downloads: 47
Quote: 1
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Abstract

After China reforming and opening to the outside world,China’s foreign trade has expanded rapidly and has got remarkable achievements. Meanwhile, with the development of China’s foreign trade, it is time to talk about how to make foreign trade upgrading gradually .Particularly, after the global financial crisis, in 2008 , China’s foreign trade increased instability and foreign trade environment become disadvantageous. In order to find a new path to develop foreign trade we should think about a way to adjust foreign trade structure .In this context,we will discuss the question about how financial development affect the technical structure of China’s exports.In this paper, we will talk about the impact of financial development on explaining the mechanism of export of technical structure, this all based on a comprehensive review of financial development and international trade theory literature. This paper argues that financial development primarily through the mobilization of savings functions, resource allocation, risk management, supervision and control functions and to facilitate the trading function to promote capital accumulation and technological innovation. Capital accumulation and technological innovation can affect a country’s resource endowment and economic development models, As capital accumulation and technological innovation continue to increase , a country’s resource endowment will continue to improve, the comparative advantage in international trade has become more evident. At the same time, capital accumulation and technological innovation is also beneficial to select a more reasonable economic development model, these changes will finally affect the structure of a country’s export of technology.We selected indicators of financial deepening,banking efficiency indicators and the policy of financial development indicators to measure the level of financial development. At the same time we use high-tech products account for a percentage of total exports to illustrate the technical structure of China’s export situation, and then build models. The relevant variables through unit root test, cointegration test, error correction model, Granger causality test empirical analysis of the four steps to analyze how financial development affect the technical structure of China’s exports. Empirical tests have shown that financial development and technical architecture are cointegrated. Specifically, the higher the degree of financial deepening more conducive to export technology optimization, the higher the efficiency of the banking sector is also more conducive to export technology optimization, but the development of policy finance to promote the export of technology structure is not obvious. This is because, in order to maintain a large trade surplus for export, mainly of policy financial support in some of even low-technology exports, support for high-tech products is not enough.Based on theoretical analysis and empirical test results, we think that China’s financial reform should be to deepen and venture capital system should be to strengthen, the policy financial system should be to improve in order to promote the technical structure of China’s exports continue to upgrade.

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