The Impact of Economic Globalization on China

2018-06-13 09:56ZENGYuxuan
科学与财富 2018年13期
关键词:關键

ZENG Yuxuan

摘 要: The economic globalization is the main trend of China's economic development in recent years. Under such circumstances, it has brought opportunities for the development of all industries in China and posed great challenges to their management, especially to Chinas financial and insurance industry which is required to make timely and effective reforms in the new era. This thesis makes analysis on the impact of economic globalization on Chinas finance and insurance industry and its solutions with the aim to contribute to the development of Chinas finance and insurance industry.

關键词: economic globalization; China's financial and insurance industry; solutions

Preface: The financial industry has been shocked greatly under the economic globalization and it will face more risks and crisis in the development of the international financial market. Therefore, economic globalization may have a huge impact on its management and development and then the finance and insurance industry have been brought to avoid the financial risks in economic globalization. The economic globalization has promoted the development of China's finance and insurance industry on the one hand and made its management more difficult. In order to better play its role in the new era, corresponding measures should be taken to strengthen its development.

1. Impact of economic globalization on China's finance and insurance industry

1.1 advantages to the development of China's finance and insurance industry

The development of economic globalization has provided certain development environment and market for China's finance and insurance industry, which increased the efficiency and cost of services in the financial industry to some extent, thereby increasing the economic benefits of its development. For our finance and insurance industry, as there is the increasing room for the development of Chinas financial industry in the international market,

1.2 greater risks in financial investment

Under the economic globalization, the closer cooperation between financial and non-financial industry increased the economic structure of financial system. The western economic system will affect our financial industry in a certain degree due to the impact of economic globalization. The western financial investment has been greatly liberalized and its effect may cause that banks will become more relaxed in their relevant review work, which inevitably leads to customers' increasing default rate and increases the risk of investment in China's financial industry [1].

1.3 increased our difficulties in integrating into the world capital market

The domestic and international economic dependence has increased under such circumstances. The business cycle of the financial industry has fluctuated significantly and its structural adjustments and price fluctuations will also have a certain impact on the international financial market. Therefore, it will make it harder for the macroeconomic management in countries.

2. The strategies of China's finance and insurance industry in the economic globalization

2.1 strengthening internal control and management

We need to start from the inside of China's finance and insurance industry for its sound development under the economic globalization so as to strengthen its internal control and management and improve its international competitiveness. As for strengthening the internal control and management, it is feasible to start from maintaining internal financial institutions and external foreign exchange environment in order to standardize and improve the contents of its management.

2.2 improve financial risk supervision system

Although the economic globalization has promoted the development of our financial industry, there are still many risks. It is necessary to fully recognize the importance of its financial supervision for the industry's sound development to improve the financial risk supervision system. The financial liberalization in Western countries still has certain limitations on interest rates, exchange rates, capital output and input. The Chinese government departments need to reduce intervention to achieve rapid development and breakthrough of China's financial industry.

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