Research On The Financial Reform In Free Trade Zone To Improve The Efficiency Of Financial Services To The Real Economy

Effective service to the real economy is the due meaning of financial development,and how to promote the efficiency of financial service to economy in the high-quality development stage is an important issue under the realistic background.At present,as a highland of regional institutional innovation,the free trade zone is increasingly improving the degree of freedom of economic and trade development,and is injecting new impetus into China’s economic development with its special advantages.As a pilot area for development,what is the interactive relationship between finance and economic in the FTZ? Can the financial reform measures implemented after its establishment effectively improve the efficiency of financial services to the real economy? If so,Is there any difference in the effect of policies in each FTZ? What may be the influence mechanism leading to this difference?After considering the above problems,using quasi natural experimental methods such as synthetic control and double difference method,this paper’purpose is to demonstrate whether the financial reform of China’s FTZ can consummate the productivity and quality of financial services in the real economy,and on this basis,verify the impact mechanism and regional heterogeneity.The results are as follows: first,a series of financial innovation and reforms of China’s FTZ have significantly improved the efficiency of regional financial services to economy,and the building-up of the FTZ has distinct policy effect.Second,FTZ’s financial system innovation and model innovation have effectively stimulated the regional financial agglomeration effect,financial opening effect and financial structure optimization effect.The superposition of many effects provides an effective driving force for the improvement of the efficiency;Third,with the question of whether there are differences in policy effects in the free trade range,this paper finds that the regional heterogeneity of each free trade interval is obvious,and the effects of financial reform policies are different.After investigating the causes,this paper discovers that the differences of transmission mechanism are important elements.Based on the above research,this paper proposes practical and operational countermeasures and suggestions consistent with the leading position of FTZ,in order to provide some new enlightenment for improving the development of FTZ: first,return to the original intention of establishing policies and construct a high-standard zone;Second,improve the financial system framework and create a good market environment;Third,Deepen the reform of finance in the region and improve the overall operation efficiency;Fourth,weigh financial risks from inside and outside and improve financial openness;Fifth,explore the development model,clarify the development objectives and differences.