Evaluation Of Economic Effect Of Fujian Pilot Free Trade Zone

In the context of prevailing trade protectionism and the surging tide of anti-globalization,the trade economies of all countries in the world are affected to varying degrees.China adopts the initiative of "One Belt And One Road" and the strategy of free trade zone to expand the opening up to the outside world in an attempt to continue to maintain the growth trend of export-oriented economy.Since the establishment of the first free trade zone,the China(Shanghai)Pilot Free Trade Zone,in September 2013,China has established 17 FTZs.In fact,the approvement of FTZs has some positive effect in regional economic growth and development of local finance,trade,investment,etc.The establishment of a series of free trade zones in China has theoretically promoted the growth of China’s economy and achieved the positioning goal of the establishment of China’s free trade zone.Currently,the researches of FTZ’s issues are very scarce,so the writer of this paper wanted to take Fujian FTZ as the object of this research,and evaluates the economic effects of the construction of Fujian FTZ.This paper mainly analyzes the economic growth effect of FTZs from both theoretical and empirical perspectives.This paper evaluates the economic effect of Fujian Free Trade Area from the provincial level by using the new policy evaluation method in the level of empirical research,and estimates the actual value of the economic variable and the "fact" of the comprehensive control by setting up the post-processing group of the economic variable of Fujian Province through building comprehensive control and more free trade areas.The difference between Fujian Trade Zones and its influence on emergency variables are also evaluated.The empirical results show that FTZ has a dynamic effect on economic growth and fixed asset investment,and its effect on economic growth and fixed asset investment is significant in short term.The provincial panel data assessment shows that FTZ initially has no significant growth effect on the economy(industrial added value)of Fujian Province.The facilitation effect took about two years to begin rapidly and lasted about 20 months,during which time it increased by about 4.8 per cent,and the facilitation effect on investment(fixed asset investment completed)continued until the end of 2019,with the emergence of a new coronavirus in early 2020,leading to negative growth.In addition,during the investment promotion period,the economic growth rate increased by about 6.7%,and the trade promotion effect cannot be assessed by the comprehensive control method.Overall,the evaluation results show that the establishment of FTZ on the regional economic operation has had a certain positive impact.Based on these conclusions,the writer of this paper also gives some suggestions to help Fujian FTZ which is helpful to get more achievements.