| Institutional innovation is the fundamental source of sustained economic growth.China’s pilot free trade zone,focusing on institutional innovation as the core,has promoted the pilot reform of "commonness + differentiation",giving full play to the role of the national "test field".In recent years,it has become an important growth pole for promoting economic development,urbanization and institutional innovation in all countries,especially in developing countries.Given the use of quantitative research methods and from the comparative analysis of different batches set up the economic growth effect of the evolution law is rare,this paper studied four pilot free trade zones as Shanghai,Fujian,Tianjin and Guangdong in the establishment of economic growth effect,trade effect,investment effect and industrial upgrading effect for empirical evaluation.The provincial panel data from 2000 to 2018 is selected,and the synthetic control method compares the difference between the actual value of the economic variables in the various regions and the "counterfactual" estimated value of the economic variables in the synthetic control area,and analyzes the differentiated impact of the pilot free trade zones in different regions on the economic indicators.The study found that the average treatment effect of the Shanghai Pilot Free Trade Zone on economic growth was-7.86%,the average treatment effect on exports was-18.7%,the average treatment effect on the investment was-29.47%,and the average processing effect on industrial upgrading was 56.1%;The average treatment effect of the establishment of the Fujian Pilot Free Trade Zone on economic growth was 5.23%,the average treatment effect produced on imports was 42.8%,the average treatment effect on the investment was 22.43%,and the average treatment effect on industrial upgrading is-14.66%;The average treatment effect of the establishment of the Tianjin Pilot Free Trade Zone on economic growth was 19.67%,the average treatment effect on imports and exports was 8.44%,-19.49%,the average treatment effect on the investment was 20.38%,and the average processing effect on industrial upgrading is 21%;The average treatment effect of the Guangdong Pilot Free Trade Zone on economic growth was 6.96%,the average treatment effect produced on the investment was 4.6%,and the average treatment effect on industrial upgrading was-11.51%.Therefore,there are regional differences in the release of institutional dividends of pilot free trade zones.The construction of China pilot free trade zones should be differentiated according to their own location characteristics and endowment characteristics,reduce homogeneous competition by exploring characteristic development models,and realize the balanced and coordinated development of pilot free trade zones. |
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