台湾产业的金融服务和国际竞争力[文献翻译]

作者：Wea, Chi-Lin

Trade in Services refers to the sale and delivery of an intangible product, called a service, between a producer and consumer. Trade in services takes place between a producer and consumer that are, in legal terms, based in different countries, or economies, this is called International Trade in Services.

International trade in services is defined by the Four Modes of Supply of the General Agreement on Trade in Services

(Mode 1) Cross border trade, which is defined as delivery of a service from the territory of one country into the territory of other country;

(Mode 2) Consumption abroad - this mode covers supply of a service of one

country to the service consumer of any other country;

(Mode 3) Commercial presence - which covers services provided by a service supplier of one country in the territory of any other country,

(Mode 4) Presence of natural persons - which covers services provided by a

service supplier of one country through the presence of natural persons in the

territory of any other country.

In global production networks, the production is regarded as a broad value-added process, and the up grading of industrial structure is mainly reflected by the transit from the stage of low value-added production and processing to the stages of high value-added R&D and marketing. Through asset-specific investments, Chinese enter prises can take advantage of the positive externalities and dynamic learning effect of global production network to p romote the upgrading of industrial structure, but the soundness of law system and the compatibility of technical standards also affect the performance of the upgrading of industrial structure. Chinese enter prises should

increase asset-specific investments for flagship firms and senior suppliers. Chinese government should create a good institutional environment for asset-specific investments, and strive to promote cross-licensing among different production stages.

The paper makes a comparative analysis on the international competitiveness of financial services trade under the models of cross-border supply and commercialp resence. Our conclusions are as follows. ( 1 ) On the financial services trade under the model of cross-border supply, among the 18 economies, China′s competitiveness is very poor, it′s in the last place. (2)On the fina ncial services trade under the model of commercial presence, whether it is compared with the EastAsian economies or with the“BR IC”, China′s financial industry has become strongly competitive. But compared with developed economies, there is still a big gap. Finally, according to the empirical analysis, the paper puts forward corresponding counter measures on how to improve the international competitive power of China′s financial services trade.

This financial crisis reveals the fundamental institutional defects of the international monetary system denominated by the USA, in the long run the dollar

will inevitable depreciate. However, the USA remains the largest economy, the dollar is the most important global reserve money, in the short run the stability of dollar′s value is necessary for the world, the aggressive reform will take the international monetary system into a more chaotic state. The bestway is to cultivate the other competitive powers such as EURO、Japanese Yuan、RMB as a check and balance mechanism, paving the way for a more diversified international monetary system. China should draw the lessons from the global strategy of EURO, Japanese Yuan, and create the positive conditions of a more diversified global monetary system and the globalization of RMB.

90% of which are treasury bonds and bills and secured agenc China has a total holding of ＄1. 4 trillion of US assets y bonds. If the US continues its expansionary fiscal and monetary policies, the risk of dollar devaluation and replacement by EURO in the international reserve system will grow. While foreign exchange risk of dollar and its interest risk in the current recession are similar to those in historical recessions, the stock market shows great volatility. The risk of China′s holding of US asset in the