Analysis of the Economic Effects and Influence Paths of Free Trade Pilot Zones:A Case Study of the China(Sichuan)Pilot Free Trade Zone
As one of the first inland Free Trade Zones in China,the China(Sichuan)Pilot Free Trade Zone has achieved remarkable results since its establishment in April 2017.It has successfully fulfilled reform and experimental tasks,promoted institutional innovations,enhanced openness,optimized the business environment,and contributed significantly to economic growth in Sichuan.This paper employs the synthetic control method to assess the economic effects of establishing the China(Sichuan)Pilot Free Trade Zone and analyzes the channels through which the Free Trade Zone affects regional economic growth:through three channels:consumption,foreign direct investment,and import-export trade.Subsequently,a difference-in-differences(DID)estimation and a placebo test,conducted by transforming the treatment and controlunits,are used for further analysis.The DID estimation results are highly consistent with those obtained from the synthetic control method.The empirical findings indicate that the establishment of the China(Sichuan)Pilot Free Trade Zone has had a significant positive impact on local economic growth,primarily through foreign direct investment and import-export trade.In contrast,the effect of promoting economic growth through increased consumption in Sichuan is not statistically significant.These findings provide important insights for effectively deploying future efforts related to free trade zones.
free trade pilot zoneeconomic effectssynthetic control methoddifference-in-differences methodplacebo test
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