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Since the reform and opening up, the economy and finance have been globalized, and promoting further opening of finance is in line with China's entry into a new era. As the core of modern economy, the key role of finance in the optimal allocation of production factors is particularly significant. In the context of economic globalization and global allocation of factors of production, further accelerating financial openness and integration into financial globalization has become inevitable. What is the coordination between China's financial opening and domestic development, what kind of relationship exists between financial opening and economic growth, what is the level of financial opening in China, and what are the impacts and challenges of financial opening on China's banking industry and financial supervision? In response to the above questions, this paper takes financial openness and economic growth as the basis, financial openness and financial development, and free flow of international capital as the main direction, in order to finally analyze and conclude that financial openness and economic growth in China affect each other, but the effect of financial openness on economic growth is obviously greater than the effect of economic growth on financial openness, and China urgently needs to establish a new financial regulatory system.
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