Download Contemporary Logistics China’s Financial Services Trade

Contemporary Logistics 13 (2013) 1838-739X
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Contemporary Logistics
journal homepage: www.seiofbluemountain.com
Analysis on Improving the International Competitiveness of
China’s Financial Services Trade
Shengping ZHU, Xiaomi FU
Nanchang Institute of Science & Technology, 330108, P.R.China
KEYWORDS
ABSTRACT
China,
Financial services trade,
International competitiveness,
SWOT analysis
Financial services trade as a part of the modern service industry is more and more important
in economic development. However, compared with the developed capitalist countries, the
international competitiveness of China’s financial services trade is still very weak. By means
of SWOT analysis, the development of China’s financial services trade is influenced by the
internal and external factors of the industrial structure, capital conditions, human conditions,
technical conditions, government policy, market mechanism and international environment.
According to the strengths, weaknesses, opportunities and threats faced with financial
services trade development, the solutions are made one by one, for the aim to improve the
international trade competitiveness of our country’s financial services, and promote the stable
growth of China’s economy.
© ST. PLUM-BLOSSOM PRESS PTY LTD
1 Introduction
Since the 21st century, international service trade has sprung up, with an average annual growth of 9.3 percent, exceeding 8.8 percent
growth rate of commodity trade, which has become an important indicator to measure the country’s international competitiveness.
Meanwhile the structure of the world service industry is in constant changes, the financial services industry, as one of the
fastest-growing knowledge and technology-based industries, has become an important pillar and power of the national economic
development of all countries. According to the definition of GATS, financial services trade points at any financial-related service
provided by a member of the financial services provider to another member. How to improve the international competitiveness of
financial services trade has become the focus of national economic competitiveness under the new situation also will tend to
commanding heights on the development of the future world economy.
The theoretic explorations on the international competitiveness theory of the international financial services trade mainly focus on the
following three aspects: First is the research on the theory of comparative advantage. Through many researchers’ analysis from the
angle of theory and empiricism, the majority of scholars believe that the theory of comparative advantage which has a strong
explanatory power, can have a very good analysis of service trade in the original framework, only to introduce the new variables in
the model, according to features of service trade on different departments; Second is the research on the new trade theory. The new
trade theory, on the premise of imperfect competition and increasing returns to economies of scale, mainly has an analyzes of
intra-industry trade, and explains the cause and pattern of the bank service trade, etc from a more realistic perspective, which lays a
broader theory basis for the development of service trade; Third is the research on the competitive advantage theory. Michael Porter,
etc. scholars explain the development and conversion process of competitive advantage, emphasize the decisive role that endogenetic
factors—factor endowment, domestic demand, relevant industries and enterprises organization, strategy, and competitiveness and the
English edition copyright © ST. PLUM-BLOSSOM PRESS PTY LTD
DOI:10.5503/J.CL.2013.13.016
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auxiliary factors—government, opportunity work to play on the competitive advantage.
This paper, on the basis of previous researches, in view of the present situation of China’s financial services trade, uses the SWOT
analysis tools, deeply analyzes its influence factors and puts forward the countermeasures in order to give full play to the advantages
and avoid disadvantages, make use of opportunities and reduce the threat, all of which provide a theoretical and practical basis for
enhancing China’s financial services trade competitiveness.
2 The Present Situation of China’s Financial Services Trade
Under the GATS framework, financial services trade includes four models: cross-border delivery model, consumption abroad model
and commercial presence model, presence of natural person model. At present, the opening degree of China’s financial field is
beyond the requirement of GATS. e.g. in 2002, China actively implemented a QFII system—allows qualified foreign institutional
investors to enter China’s A-share market; in 2006, a QDII system allowed qualified domestic institutional investors to invest
overseas. In 2007, on the second strategic economic dialogue, our country announced the cancellation of limitation on QDII’s
overseas investment. On one hand, China promotes the openness of capital project, on the other hand, a series of institutional
arrangements on promoting investment trade facilitation, encouraging RMB cross-border use are under way. Obviously, the opening
degree of our country’s financial services trade has been improving.
However, compared longitudinally, according to the displayed statistics data released by the state administration of foreign exchange
(see Table 1), more than ten years, though China’s financial services trade has been constantly increasing in overall scale, export has
been in deficit state, and the deficit is expanding. Meanwhile, the rate of growth of bank deposits, loans, and other financial services
trade is significantly lower than that of insurance service trade, and the volatility is obvious. This goes to show whether it’s in the
import and export constitution or in financial services trade type, Chinese development on financial service trade is obviously not
balanced, they need to be adjusted and optimized.
Table 1 China’s financial services trade statistics
Project
Time limit
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Insurance service
Unit: U.S. $ 100 million
Total import and
export volume
Import value
balance
0.77
-24.62
0.90
-30.76
2.33
-43.32
1.38
-57.87
1.60
-66.65
8.91
-90.29
5.57
-100.87
5.66
-116.11
7.00
-100.00
14.00
-142.00
7.00
-166.00
Financial service
Export value
Import value
Export value
2.27
2.09
3.13
3.81
5.50
5.48
9.04
13.83
16.00
17.00
30.00
27.11
32.46
45.64
61.24
72.00
88.31
106.64
127.43
113.00
158.00
197.00
0.99
0.51
1.52
0.94
1.45
1.45
2.30
3.15
4.00
13.00
8.00
Source of data: Organize and calculate according to the China international balance of payment.
Table 2 The competitiveness index (TC) form on financial services trade of major economics
Economy
Year
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Britain
America
South Korea
India
China
0.651 3
0.666 2
0.650 2
0.679 6
0.614 1
0.652 4
0.673 4
0.678 4
0.679 2
0.677 3
——
-0.056 7
-0.081 4
-0.064 8
0.007 2
0.046 7
0.051 1
0.076 4
0.066 6
0.087 5
0.088 6
——
0.129 6
0.066 8
0.197 0
0.350 4
0.305 6
0.335 5
0.444 9
0.495 5
0.312 2
0.313 5
——
-0.630 0
-0.428 8
-0.361 7
-0.364 2
-0.211 0
-0.142 2
-0.135 7
-0.163 8
-0.163 2
0.132 4
——
-0.790 6
-0.855 4
-0.823 3
-0.859 1
-0.827 5
-0.866 8
-0.816 4
-0.773 8
-0.714 3
-0.703 0
-0.686 0
Source of data: Organize and calculate according to the China international balance of payment & UNCTAD database on record.
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Compared horizontally, through calculating the ratio of an industry between import & export balance and total, i.e. to use the trade
competitive advantage index (TC) to measure international competitiveness of countries’ financial services trade (see Table 2). The
index drops the influences of some factors on inflation and different country scale, which makes the index that appears in different
period, different trade competitiveness among countries have higher comparability. The closer to 1 that the numerical value of the
index is, the stronger that the competitive advantage means. The closer to -1, the weaker that the competitive advantage means.
China’s TC index of financial services trade has been negative, and always lower than the critical point -0.6; compared with India,
South Korea and other Asian countries, the improvement of competition on China’s financial services trade is slight; compared with
America, Britain and other developed countries, China’s financial services trade hasn’t developed to the business-based mode.
Therefore, the international competitiveness of China’s financial services trade is rather weak.
3 SWOT Analysis of China’s Financial Services Trade Development
3.1 Advantages
3.1.1 The development of China’s financial services trade is an important chance of China’s financial services system
internationalization
With the development of the economic integration and financial liberalization, financial services trade has become the key that
countries get real benefits amount in international trade and to a certain extent promotes that the domestic financial services know
and use the international rules, also clear the cohesion obstacles of the domestic and international financial service system. e.g. China
life stock company gets 1% of the equity on investing in Visa Company $300 million. In 2008, when Visa was listing at the New
York stock exchange, China became the largest Chinese strategic investors. Therefore, promoting financial services trade
development has speeded up the international steps of our financial services system, enhanced the country’s international economic
and strategic status.
3.1.2 The development of financial services trade is the new power of China’s steady economic growth
The rise and development of the third industry is the objective requirements of economic development and social progress.
According to the bureau of statistics showed in China in 1997, the composition rates of three industries are respectively 18.7%,
49.2% and 32.1%; and in 2001, which are 10%, 47%, 43%; The added value of the financial industry is from 360.68 billion yuan in
1997 to rise to over 2 trillion yuan in 2011, the development of the financial industry has played a positive role to our country’s
optimization of the industrial structure. While the development of the financial service trade development can be further effectively
adjust the industrial structure of China’s service trade, and promote high technology, high knowledge and high added value service
form of development, so as to reduce the market transaction cost and improve the efficiency of resource allocation, balance the trade
deficit, promote China’s steady economic growth.
3.1.3 The development of financial services trade is the main ways of Chinese enterprise operational mechanism
Financial enterprise whether reorganization, restructuring and disposal of risk, or in the domestic and overseas capital market, all are
measures to lead the competition and openness to the implementation of enterprise management process, are the continuous
improvement to the financial system. Therefore, the development of financial service trade is beneficial to the facts that financial
enterprises participate in international cooperation and international competition, and constantly improve, develop and expand
themselves, as well as manages good assets, run the market; cultivate the talents with the courage of reforming. According to data
released by the China banking regulatory commission (CBRC), in 2003, the balance of nonperforming loans in our country banking
is 2.104 46 trillion yuan, the rate of non-performing loans is 17.9%; in 2011, the balance of nonperforming loans is 0.105 billion
yuan, and the rate of non-performing loans is 1.77%. The obvious improvement of banking assets quality is closely related to the
banks’ making full use of both domestic and international markets and resources, constantly deepening reform of management
mechanism.
3.2 Disadvantages
3.2.1 Irrational industrial structure of service trade
Nowadays, with the rapid development of the information technology, our tertiary industry still exists a gap in comparison with
developed countries in the world, and the proportion on each sub-item of service trade of the tertiary industry is lesser. Our tertiary
industry main focus on tourism, transportation and traditional labor-intensive industries departments, for such technologies and
knowledge-intensive industry as financial services trade, the development is still slow.
According to the statistics of the state administration of foreign exchange, in 2011, the total volume of import and export for China’s
financial services accounts for only 5.75% of that for services trade is on a smaller scale. the main reason is that our country's
irrational industrial structure directly affects the international competitiveness of China’s service trade, which leads to the long-term
disadvantage on the international competitiveness of China’s financial services trade.
3.2.2 Single kind of t product on financial services trade
Number of varieties and product features of financial products, are one major factor of influencing the international competitiveness
of a country’s financial services trades. Because China’s financial services industry is under the long-term protection of government,
market competition consciousness is low and existing huge deficiency on the innovation of the financial product. Compared with the
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United States, Japan and other developed financial countries, the variety of China’s financial products is single and backward, the
products are lack of characteristics, income-generating ability is low, which are unfavorable whether to financial services industry
itself or to consumers of that, and eventually will lead to the low-level competitiveness of the financial industry, furthermore, weaker
competitiveness when participating in international market competition.
3.2.3 The shortage of professional talents of high-quality financial services trade
High-quality talent is the basis of development of enterprises. Financial services trade involves the economic, legal, foreign language
etc professional knowledge, and requires higher to technique. But of 47 countries and districts ranked for the financial system of
competitive power evaluation in Lausanne, Switzerland, international institute for management development (IMD), China’s
“financial technology talent” and “financial education”—the indexes related human resources ranks third and first from bottom
respectively. Many financial services trade practitioners haven’t experienced the systematic financial professional knowledge
learning or training, and formed professional theory system, management concept and product development and marketing
mechanism, which makes our financial services trade practitioners lack of strain and the innovation ability, and at a competitive
disadvantage facing of a complex financial services trade market. Meanwhile, short of talents and influence on human resource
management model, internal incentive mechanism, the economic development environment and living environment, and many other
factors, which lead to the loss of a large number of top talents and affect our overall financial services trade competitiveness.
3.2.4 The technical level of financial service trade development lags behind
Financial services trade as a knowledge and technology-intensive trade cannot leave the technical support of computer system,
optical fiber network, communication satellite, and other aspects. However, our country’s technical level in this case is relatively
backward, there exists a very big gap compared with western developed countries. According to the statistics, by the end of
November 2007, the patents China’s banks has applied for were altogether 50, of which 26 from foreign banks, 24 from Chinese
bank, but the proportion of foreign banks in China banking assets is only 2% or so. A backward information technology level can
directly limit our country’s development on the financial services trade, so it’s necessary to promote the information technology level
in order to make the international competitiveness of our financial services trade step to a new level.
3.3 Opportunities
3.3.1 The strongly support of the government’s relevant departments and policies
In the market economy, there is an “invisible hand” to regulate the market, which is the policy of the government. For the
development of financial services trade, our country provides an active support and has issued a series of policies to support the
financial service trade. Such as commercial banks can make use of foreign exchange funds to offset and lower the bad loans,
furthermore to increase the capital adequacy ratio of commercial banks, etc. in the outline of the “Twelfth Five-Year Plan” of the
service trade development issued by the ministry of commerce, the contents involve laying emphasis on promoting services exports
of financial sectors and giving a certain tax protection to financial services, setting enterprises that do international trade business as
the object of financial services, etc. Great attention paid by the relevant government departments and strong support of policies all
contribute to the promotion of international competitiveness of our country’s financial services trade.
3.3.2 The significant improvement of the external market environment
The restrictions on many countries’ financial service trade and investment barriers worldwide reduce greatly, canceling the securities
investment restrictions and reducing the constraints of bank credit make the international financial services integration continuous
improvement. While in 2008, with the bankruptcy of Lehman brothers as the mark of world financial crisis, stock markets around the
world nearly crashed; then following that the banks of America and Europe were part nationalization, independent investment banks
in the United States disappeared; and then appeared U.S. government debt crisis and the European sovereign credit crisis, etc. The
western developed countries had to take the contraction policy for those who broke away from economic entity of the actual need,
bloated financial industry, which provides a great opportunity to let financial industry “go out”.
3.3.3 The massive injection of external capital
After joining the WTO, foreign banks quicken the paces into our country’s financial market. According to the data issued by the
China banking regulatory commission (CBRC), by the end of 2011, 181 banks from 45 countries and regions have established 209
representative offices in China, foreign capital bank established institutional networks in China’s 50 cities, from 27 provinces (city,
area). Foreign financial institutions in the Chinese market also bring considerable capital. At present, foreign capital bank in China,
total assets of commercial institutions (including foreign legal person banks and branches of foreign banks) 2.15 trillion yuan, the
balance is 1.32 trillion yuan, the outstanding balance of the loans is 978.5 billion yuan. And with the entry of more and more
financial institution and constant improvement on investment and financing conditions as well as financial services, China’s
investment environment has also got further optimization, which created the conditions for promoting the international
competitiveness.
3.4 Threat
3.4.1 China’s perfect degree of economic, trade structure and market mechanism
The width and depth that countries involved in financial services trade depends on the perfect degree of the scale of economy and
trade structure as well as market mechanism factors etc. but in these aspects, our country is facing many problems, such as: the
problem that the overall economy is from plan to convert to market; the converting problem from financial industries managed and
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supervised to mixed operation, comprehensive regulatory; the converting problem from a state-owned bank to stock commercial
banks based on modern company system, and so on. Our country’s commercial bank was interfered by various factors outside the
market, e.g. vague property right, t unclear the power and responsibilities, poor management, these factors easily lead to these
circumstances that the risks between banks and enterprise pass on each other, the banking industry has increased dramatically bad
loans, and the advantages on international competitiveness of financial services trade are difficult to show.
3.4.2 Uncertainties of financial services international trade barriers
Due to the unbalance of global economic development, in order to prevent or ban foreign financial service provider to set up
organizations in the country, especially to prevent or ban cross-border financial services of import and export, each country’s attitude
on the restrictions degree of the financial services trade is not quite the same. Such as cross-border delivery financial services, some
countries have limited foreign financial services export foreign insurance service or financial services products to local consumers
through the internet foreign suppliers, telecommunications, postal and other means. The sets obstacle to our country’s executing
financial services trade “going out” strategy.
3.4.3 Anti-risk ability facing the developed economies
Although recent years our country has had a certain development in the asset scale of the financial services agency, however, because
developed economies’ financial services industry started more early, whether capital scale or credit level and service level is far
beyond the development level at present stage of our country’s financial services industry, especially gaps such as: international
service network, investment advisory services and capital adequacy ratio and some key factors, are likely to lead to the loss of
business talents and bank customers. If our country banking raises interest rates, lowers mortgage rates, excessively uses financial
derivatives or excessively takes market speculation for the purpose of pursuing high profits, that will l damage our country’s financial
market stability, and bring greater risk to our economic operation.
4 Countermeasures on Improving the International Competition of China’s
Financial Services Trade
4.1 Adjust trade structure, expand the scale of capital
A prominent feature of today’s international industry development is that the readjustment insurance, finance, information
technology, knowledge intensive industry of industrial structure, has gradually become the important part of world trading system.
To be in with the pace of transformation of trade pattern is a challenge to our country’s financial services trade. To adjust the
structure of the trade, we must increase capital investment on the financial institutions. There are two major approaches to expand
asset scale of financial institutions: one is vigorously develop intermediary business, attain more assets through the intermediary
business income; the other is acquiring more interest income by the way of increasing loan. Expanding asset scale and improving the
quality of capital should be paid much attention to. The improvement of capital quality needs that financial institutions strictly
approve the loan conditions in issuing a loan, and completes the loan risk early warning measures. Only grasping the transferring
opportunity of international industry of financial services trade, constantly innovation, China’s financial institutions can make its
comprehensive competitiveness of financial services become the first class of the world.
4.2 Innovate financial products, expand the internal and external demand
Demands include two aspects: domestic demand and foreign demand.
The financial service requirements of our domestic residents can make financial service providers unceasingly improve the financial
services in order to meet the demand, and furthermore gain a competitive advantage in the international financial market. Financial
institutions can start from two aspects: First, to introduce foreign advanced financial technology, or use the financial services
products that have been successful on the foreign market; Second, according to a special consumption preferences of the residents of
our country, and combining with China’s economic and cultural background, develop new financial products that meet domestic
consumer demand to consolidate the market, and based on this, develop the high-tech and high value-added new financial products to
fill in the blanks market, create the new demands of consumers, leading financial markets, so as to achieve the purpose of expanding
domestic demand.
For the export demand of financial services trade, the demand of foreign investment enterprise for our country’s financial services
trade can directly influence value of export of financial services trade. Carrying out the financial services for foreign enterprises,
financial institution can make full use of its local expertise, do detailed investigations work, do detailed investigations work in
foreign capital enterprises entering our country, and active service to foreign investment enterprise can effectively improve the
international competitiveness of China’s financial institutions. At the same time, financial institutions can also increase export
demand of financial services trade by broadening the overseas market. Our financial institutions can selectively merger some
overseas financial institutions, to realize the localization in the overseas markets, and take measures of broadening financial service
object, broadening financial service mode, developing financial products and derivatives to increase financial services trade exports
of China’s financial institutions and promote our international competitiveness.
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4.3 Optimize human capital, improve service quality
Cultivation of financial top talent is the foundation of financial institutions owning the international competitiveness, to further
enhance the international competitiveness of financial services trade, cultivation of the high-quality professional should strengthen.
The main ways of talent training are: First, to increase the investment to the related education industry, and to establish a
comprehensive range of trade training institutions of financial services; Second, to set up the talent exchange mechanism with the
developed countries, improve the professional quality of employees through the integration with the international; Third, to perfect
the talent incentive mechanism, absorb high-competence international professional talents through competitive salary and high
position. Financial institutions have a large number of high-quality financial human capitals, which can effectively improve the
service quality and reduce the cost of competition.
4.4 Support the related industry, improve the level of technology
The development of financial service trade cannot leave the support of the other services trade, trade in goods and information
technology industry as well as other related industries, among which the level of the information technology can directly affect the
development and implementation of financial services trade product. Apart from introducing talents, arranging financial services
trade talents to overseas learning experience, financial institutions still should take out certain fund every year specially for the
information research, equipment updating and improving environment of financial service trade, fully exploits global service network
on the basis of using high-technology communication to guarantee information security, without the support of information
technology, a lot of advanced financial services trade products can’t put into use in the market, so financial institutions should
increase development efforts of information technology to ensure the promotion of competition ability.
4.5 Set develops strategy and stimulates effective competition
Making scientific development strategy is the key of one country improving its international competitiveness of financial services
trade. In making scientific development strategy to stimulate financial institutions on the effective competition, two aspects can be
considered to spread out: one is to start financial integrated operation. In the country and region that control the risk well, financial
integrated operation is beneficial of the development and innovation of financial products, and can promote the development of the
financial industry better; The other is to increase the introduction of foreign financial institutions in part areas. In China, the number
of introduction area of financial institutions is in unbalanced distributions, some areas, which are influenced by such as the regional,
economic factors and the trouble—too little introduction number of foreign financial institutions can’t make our financial institutions
feel competition actually. Therefore, setting develop strategy, changing concept and creating the competitive environment, can
effectively stimulate the sense of competition, promote our country’s perfection in economic, trade structure and the market
mechanism.
4.6 Optimize the financial environment, seize the opportunity of development
The post-financial crisis era, the world economic situation is changing, and our economic pattern is also in change, our country
develop trade in goods, meanwhile begin to value and actively develop the service trade, especially value the development of
financial services trade. To this, our country have issued a lot of policies in succession to support the development of trade in
financial services, for example, the state administration of foreign exchange issued a policy in 2009 that regulates: China’s financial
institutions within the territory whether they are our commercial banks, or the overseas commercial bank, must give trade financing
support to Chinese enterprises and foreign capital enterprise within the territory of China, the way of supporting is mainly to use the
new increased short-term foreign debt of financial institutions. Meanwhile, in order to support the development of financial service
trade, the ministry of commerce also puts forward to all financial institutions to increase financial services to “enterprises supported
by financial services”. Since 2008, China annually held trade talks in financial services, all financial institutions can talk on the
financial services, and consult legal issues related with financial service trade. The holding of the trade talks establishes a platform to
exchange for our country’s financial institutions and foreign financial institutions. In addition, our country should strengthen the
economic exchanges and cooperation with countries that have close relationship with us and work together to develop the financial
market, reduce the friction, improve the international competitiveness of RMB as a financial settlement currency. So, financial
institutions should grasp such chances and attach importance to the development of finance service trade.
4.7 Improve supervision system, timely defuse risks
At present, the global financial crisis has not been eliminated, the European debt crisis continued. In this situation, it’s particularly
important for developing countries to strengthen the moderate supervision of the financial industry. Liberalization is a double-edged
sword, profit and damage are coexistence, and even disadvantages are more than advantages in a certain period. But based on a
long-term goal of sustainable economic, health and stable development, it’s necessary to sacrifice the short-term interests of the trade.
But our country should control financial risks effectively, and ensure the safety and stability of the financial service trade. Specific
measures are: one is to increase supervision to financial institutions, to improve business transparency, do self-examination
introspection at any time; second is to perfect the external supervision system for financial institutions, strengthen risk awareness;
third is to increase its crackdown on financial crime, to ensure the safe operation of the financial industry; fourth is to strengthen the
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supervision to foreign Banks, to maintain fair competitive environment. In short, our country must pay attention to the improving
supervision system in financial services trade, so that we can draw on advantages and avoid disadvantages, and seek a balance in the
open and protection, achieve the long-term development targets.
5 Conclusion
Under the background of WTO, China’s financial services trade has got a certain development, but the international competitiveness
is still very weak. By means of SWOT analysis, the development of China’s financial services trade is influenced by the internal and
external factors of the industrial structure, capital conditions, human conditions, technical conditions, government policy, market
mechanism and international environment. According to the strengths, weaknesses, opportunities and threats faced with financial
services trade development, our country should seize the rare development opportunities, set scientific development strategy, in the
basis of government’s active policy and the effective supervision, for the premise of adjusting to trade industry structure, expand
financial capital investment, innovate financial services products, optimize the structure of human capital, our country should seize
the rare development opportunities, set scientific development strategy, in the basis of government’s active policy and the effective
supervision, for the premise of adjusting to trade industry structure, laying emphases on expanding financial capital investment,
innovating financial services products, optimizing the structure of human capital, enhancing the level of information technology,
improve the international competitiveness of China’s financial services trade, promote the steady development of the our country
economy.
Author in Brief:
1. ZHU Shengping (1976- ), female, Nanchang, Jiangxi, Nanchang Institute of Science & Technology, Economic Management
Department, Vice president, associate professor, master of management, research direction: business administration. (Postal: 330108,
Nanchang, Jiangxi)
2. FU Xiaomi (1977- ), female, Yichun, Jiangxi, Nanchang Institute of Science & Technology, lecturer, master of pedagogy, research
direction: English. (Postal: 330108, Nanchang, Jiangxi)
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