What does financial service mean?

Financial service refers to the activities that financial institutions use currency transactions to finance valuable commodities and provide benefits and satisfaction for financial participants and customers.

According to the contents of the annex of the World Trade Organization, the providers of financial services include the following types of institutions: insurance and related services, as well as all banks and other financial services (except insurance).

In a broad sense, financial service means that the whole financial industry plays its multiple functions of promoting economic and social development. Specifically, financial services refer to various services provided by financial institutions to customers through business activities, including financing and investment, savings, credit, settlement, securities trading, commercial insurance, financial information consultation and so on.

Strengthening the awareness of financial services and improving the level of financial services are of great significance for accelerating the construction of China's modern financial system, improving the management level of financial institutions, enhancing the competitiveness of the financial industry and better promoting economic and social development.

Extended data:

As far as the financial service industry is concerned, compared with other industrial sectors, the financial service industry also has some remarkable characteristics, such as:

1, the financial services industry has less physical capital investment, so it is difficult to find a suitable physical unit to serve in quantitative finance, so it is impossible to accurately define its price, so it is impossible to compile an accurate price index and quantity index, so it is difficult to determine the output of the service industry in quantitative finance.

2. The function of traditional financial service industry is the intermediary of financing, while more and more functions of modern financial service industry are related to the production, transmission and use of information, especially because economic activities are increasingly "financialized", so financial information is increasingly becoming one of the important resources of economic activities.

3. Traditionally, the financial services industry is labor-intensive. With the increasing complexity and informatization of financial activities, financial services industry has gradually become knowledge-intensive and human capital-intensive industries. In the modern financial service industry, the density of human capital and the quantity of information resources have become important factors that determine the ability of financial enterprises to create value and the survival and development prospects of financial enterprises.

In today's era of intensified competition at home and abroad, the financial service industry is undergoing tremendous changes. The influence of information technology, deregulation and liberalization has changed forever, and is constantly reshaping the field of financial services, and this trend will continue.

Domestic scholar Mo mentioned in the article "Research on WTO and Internationalization of Financial Services" that financial services can be understood from two aspects:

First, any financial services provided by a member's financial service provider are financial services in a broad sense under the framework of the General Agreement on Trade in Services.

Secondly, the services provided by financial services such as insurance and banking refer to the existing major financial services and contents in this sense, which is a narrow concept.

Financial service industry is a relatively unique and independent industrial scope in the advanced service industry, and it is an important department. GATS (General Agreement on Trade in Services) stipulates that.

Financial services refer to any financial services released by members and provided by financial service providers, including insurance, reinsurance, securities, foreign exchange, asset management, futures options and related auxiliary financial services.

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