| The deepening of the "Belt and Road" initiative has gradually transformed the border regions from "peripheral" areas open to both domestic and foreign markets to the "frontier." As important gateways in China’s western border regions,Yunnan and Guangxi are tasked with building centers for radiating towards South and Southeast Asia and integrating into the new development pattern.In August 2019,the State Council issued a notice officially establishing the China(Yunnan)and China(Guangxi)free trade pilot zones.In September 2021,Yunnan and Guangxi signed the "Innovation Framework Agreement for Coordination of the Border Free Trade Pilot Zones," marking a new level of opening up in China’s western border regions.One important aspect of the construction of the free trade pilot zones is the deepening of financial sector opening and innovation.However,existing research on the policy effects of the establishment of the free trade pilot zones on financial development in the border regions is relatively insufficient.Therefore,this article evaluates the policy effects of the six free trade pilot zones in Yunnan and Guangxi on financial development,and provides theoretical support for the high-quality development and deepening financial coordination of the free trade pilot zones in Yunnan and Guangxi.This article combines institutional economics theory,regional economic growth theory,growth pole theory,and financial development theory,and uses the "counterfactual" analysis method to establish control and comparison groups to analyze the policy effects of the Kunming,Honghe,and Dehong zones of Yunnan’s free trade pilot zone and the Nanning,Chongzuo,and Qinzhou Port zones of Guangxi’s free trade pilot zone on financial development.Furthermore,it considers the extent to which the policy effects of financial development are affected by the COVID-19 pandemic.The results show that the establishment of the free trade pilot zones has had a positive policy effect on financial development in both Yunnan and Guangxi.Moreover,the policy effect of Guangxi’s free trade pilot zone on financial development is more significant than that of Yunnan.Finally,the COVID-19 pandemic has to varying degrees restricted the policy effects of the free trade pilot zones on financial development in Yunnan and Guangxi.Based on this,this article proposes countermeasures and suggestions focusing on the establishment of new financial institutions,expansion of financial products,improvement of convenience levels,and innovation of institutional construction within the free trade pilot zones in Yunnan and Guangxi. |
