Research On The Impact Of China’s Pilot Free Trade Zone On Institutional Opening-up

In 2018,the Central Economic Work Conference proposed to change from the opening of liquidity such as commodity factors to institutional opening-up,and opening up to the outside world is entering a new stage of institutional opening-up.Promoting institutional opening up is the internal demand for deepening high-level opening-up,and in this process,the pilot free trade zone is a policy implementation platform for institutional opening and an important way to promote institutional opening-up.Based on this background,this paper studies the impact and mechanism of pilot free trade zones on institutional opening-up.Through the multi-temporal difference-in-differences model,controlling individual effects,namely regional effects and time effects,this paper conducts statistics and data analysis on the panel data of 266 prefecture-level cities in China from 2011 to 2020,and uses the entropy weight method to construct an institutional-type opening index system,and explores the impact of the construction of China’s pilot free trade zone on institutional opening from the perspective of institutional change and the actual situation.The results show that the establishment of China’s pilot free trade zone has a significant positive impact on institutional opening-up,and the level of government financial expenditure on science and technology,per capita GDP and social retail consumption all have a very significant positive impact on institutional opening-up.From a regional point of view,the construction of pilot free trade zones may have a more significant policy effect on non-coastal and non-provincial capitals and other areas with less developed transportation conditions and political and cultural conditions.In addition,the policy effect of the construction of the pilot free trade zone has not been interfered by other unobservable factors after testing,but its policy effect may fluctuate and be unstable over time,and the specific reasons still need to be further explored.At the level of mechanism,regional innovation and entrepreneurship and advanced industrial structure both have a significant positive regulating effect on the promotion of institutional opening up in the pilot free trade zone through demand-induced institutional changes.In the final chapter,this paper summarizes these research conclusions and puts forward corresponding policy suggestions for the research conclusions,including how to further strengthen the construction of pilot free trade zones in the dimensions of financial opening-up,investment and trade liberalization and facilitation,and government function transformation,and how to promote the construction of pilot free trade zones to a greater extent by upgrading innovation and entrepreneurship and optimizing and upgrading the industrial structure.