Empirical Analysis of the Financial Service Intra-industry Trade in China and Its Development Strategy
利用G-L指数和S指数计算中国金融服务产业内贸易水平，基于2000-2011年与香港、美国等8个经济体的面板数据，发现人力资本投资是最关键因素，人均收入和外商直接投资也有影响，但外商直接投资效果滞后。
The service economy is the trend of the times. The development of financial service intra-industry trade has played a significant role in the upgrading of industrial structure, the improvement of social welfare and the promotion of the international competitiveness. Through the analysis on the current situation of financial service trade in China, this paper uses the G-L index and S index to calculate the level of Chinese financial service intra-industry trade. Based on the 2000~2011 data of financial service between Hong Kong, the U.S, Japan, Germany, Singapore, France, Russia and China, through the combination of static panel data analysis and dynamic panel data analysis and the review of the influential factors of intra-industry trade, this paper reveals that the human capital investment is the most important factor on the development of Chinese financial service intra-industry trade and the importance increases in the long term. Income per capital and FDI also have impact on it, but the effect of FDI takes time to promote the development of financial intraindustry trade in China. By contrast, the influence of the difference of market size, intensity of goods trade and trade imbalance, etc. is not obvious. And further the paper make proposal from four aspects to develop the financial services intra-industry trade in China.