The Impact of Financial Opening on the High-quality Development of Foreign Trade: An Empirical Study based on China's Provincial Panel Data

Fengrui Yang; Yuping Zhao; Yameng Shang; Ruijie Cui

doi:10.54691/9bjmtt59

Authors

Fengrui Yang
Yuping Zhao
Yameng Shang
Ruijie Cui

DOI:

https://doi.org/10.54691/9bjmtt59

Keywords:

Financial Openness; High-quality Development of Foreign Trade; Synergy; Regional Coordination; Risk Prevention and Control.

Abstract

Based on China's provincial panel data from 2003-2021, this paper uses state space model to empirically analyze the impact of financial opening on the high-quality development of foreign trade. The study found that financial opening promotes the high-quality development of foreign trade by optimizing resource allocation, reducing risks and promoting RMB internationalization, but there are also some problems, such as unbalanced regional opening, lagging risk prevention and control, and insufficient benefits for small and medium-sized foreign trade enterprises. To this end, this paper puts forward some countermeasures and suggestions, such as strengthening regional coordination, improving institutional supervision and enhancing the support of small and medium-sized foreign trade enterprises, in order to promote the coordinated development of financial opening and high-quality development of foreign trade and promote the sustainable development of China's economy.

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