中国自由贸易试验区建设的政策红利

Policy Bonus for the Construction of China’s Free Trade Zone

从近年中央政策文件的变化看,党中央赋予自由贸易试验区的历史使命正在嬗变,其肩负的历史使命与改革任务在不断加强。然而,在建的自由贸易试验区是否落实了党中央的战略布局,实现了预期的政策红利?这个问题在实务界与理论界均至关重要,但却鲜有文献进行系统性探讨。为此,本文通过搜集全国286个地级市2009—2017年的数据,基于PSM-DID分析法,从三个"政策红利"维度探讨自由贸易试验区的政策效应。结果表明:(1)贸易红利,自由贸易试验区对进口产生了显著的正面影响,对出口的作用并不明显,但对进出口产生了积极影响;(2)增长红利,自由贸易试验区有利于提高所在地的经济发展水平;(3)投资自由红利,自由贸易试验区对所在地的外资利用水平并未产生明显的作用。

Judging from the changes in the central policy documents in recent years, the historical mission of free trade pilot zones granted by the Party Central Committee is changing, and its historical mission and reform tasks are constantly strengthening. However, whether the free trade pilot zones under construction have implemented the strategic layout of the Party Central Committee and achieved the expected policy dividend? This an important problem in both the practical and theoretical circles,but there are few literatures to systematically explore. To this end, this paper collects data from 286 prefecture-level cities in China from 2009 to 2017. Based on the PSM-DID analysis method, this paper explores the policy effects of the free trade pilot zone from three "policy dividends" dimensions. The results show that:(1)the trade bonus, the free trade pilot zone has a significant positive impact on imports, and the effect on exports is not obvious;(2)the growth bonus, the free trade pilot zone is conducive to improving the level of economic development;(3)investment freedom bonus, the free trade pilot zone does not have a significant effect on the level of foreign capital utilization.