High-level Institutional Opening-up and the Development of New Quality Productive Forces:Evidence from the Institutional Innovation in China's Pilot Free Trade Zones
High-level institutional opening-up has served as a crucial external driver in forging a new type of production relations at both domestic and international levels to develop new quality productive forces(NQPF).The institutional innovation in China's Pilot Free Trade Zones(PFTZs)is a critical initiative measure within this framework.We employ textual mining to quantify the ef-fectiveness of PFTZs'institutional innovation.Then,the Entropy-TOPSIS method is used to con-struct an index scoring system of NQPF with criteria based on the three elements of productive powers.On this basis,adopting the panel data from prefecture-level cities hosting PFTZs in China,we empirically examine the impact and mechanisms of PFTZs'institutional innovation on NQPF.We yield that institutional innovation in PFTZs significantly enhances the level of local NQPF,in which improving regional production efficiency and raising the degree of market development play the key intermediary effects.The baseline result seems to be more positively embedded in coastal re-gions and cites with dispersed PFTZs section configurations,and is mainly reflected in innovation di-mensions of investment,government functions,and nomocracy.Notably,we also observe that PFTZs'institutional innovation to some extent has a"siphon effect"rather than"radiation effect"on NQPF development of neighboring urban.This paper not only enriches the understanding of the implementation effects of PFTZ policy from the perspective of institutional innovation,but also of-fers insights into how to strengthen the empowerment of opening-up on the iterative upgrading of productive forces.
Pilot Free Trade ZonesInstitutional InnovationNew Quality Productive ForcesText Analysis
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