Institutional Openness, Business Environment Improvement and Development of New Quality Productive Forces: A Quasi-natural Experiment Based on the Establishment of China's Pilot Free Trade Zones

LIU Hong-duo; WANG Meng-fei; XU Yu-xin; CHEN Xiao-shan

Volume 39 Issue 5

Sep. 2024

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LIU Hong-duo, WANG Meng-fei, XU Yu-xin, CHEN Xiao-shan. Institutional Openness, Business Environment Improvement and Development of New Quality Productive Forces: A Quasi-natural Experiment Based on the Establishment of China's Pilot Free Trade Zones[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(5): 4-22.

Citation:

LIU Hong-duo, WANG Meng-fei, XU Yu-xin, CHEN Xiao-shan. Institutional Openness, Business Environment Improvement and Development of New Quality Productive Forces: A Quasi-natural Experiment Based on the Establishment of China's Pilot Free Trade Zones[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(5): 4-22.

Citation:

LIU Hong-duo, WANG Meng-fei, XU Yu-xin, CHEN Xiao-shan. Institutional Openness, Business Environment Improvement and Development of New Quality Productive Forces: A Quasi-natural Experiment Based on the Establishment of China's Pilot Free Trade Zones[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(5): 4-22.

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Institutional Openness, Business Environment Improvement and Development of New Quality Productive Forces: A Quasi-natural Experiment Based on the Establishment of China's Pilot Free Trade Zones

1.
School of Economics & Trade, Guangdong University of Foreign Studies, Guangzhou 510006
2.
School of Accounting / School of Intelligent Finance & Accounting Management, Guangdong University of Finance & Economics, Guangzhou 510320, China

Received Date: 2024-06-26
Available Online: 2024-11-08
Publish Date: 2024-09-28

Abstract

Abstract

As a "testing ground" for China's institutional openness in the new era, whether the construction of Pilot Free Trade Zones (FTZs) can provide assistance for the cultivation of new quality productive forces and play a pioneering and demonstrative role in the process is the focus of attention of the policy circles and academics at present. Based on the quasi-natural experiment of the establishment of FTZ, this paper constructs a time-varying DID model to empirically test the effect and mechanism of institutional openness on the new quality productive forces. It is found that institutional openness can significantly promote the development of new quality productive forces, which is manifested in the fact that the establishment of FTZ increases the development level of new quality productivity in the region by about 7.490% on average. The results of the mechanism test show that the institutional openness accelerates the market system change in the provincial areas, brings the effect of improving the business environment, and thus is conducive to promoting the emergence of new quality productive forces. Heterogeneity analysis shows that the promotion effect of institutional openness on new quality productive forces varies according to the batch of its establishment and the strength of clan culture in the region where it is located, and the development-promoting effect of the first two batches of FTZs and the FTZs in the regions with weaker informal systems is more obvious in comparison. Further analysis reveals that institutional openness has significant spatial spillover effect and has a radiation-driven effect on the development of new quality productive forces in neighboring provinces; in addition, the higher the level of institutional innovation in FTZs, the stronger the support of legal authorization, resulting in the stronger the effects of industrial agglomeration and attraction of high-end factor mobility, as well as the more pronounced is the promotion effect on new quality productive forces. The findings of this paper have important policy implications for further optimizing and improving the construction of FTZs in order to release the dividends of institutional openness, and then boost China's productivity leap.
- institutional openness,
- new quality productive forces,
- business environment,
- pilot free trade zones

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