The Lujiazui Financial Trading Zone—situated on the east bank of theHuangpu River and linked by theYangpu and Nanpu bridges and city innerring highway——covers 28 square kilometres.Facing the well-known Shanghai Bun...The Lujiazui Financial Trading Zone—situated on the east bank of theHuangpu River and linked by theYangpu and Nanpu bridges and city innerring highway——covers 28 square kilometres.Facing the well-known Shanghai Bund justacross a strip of water,the zone functions asone of the "windows" of China for attractingoverseas investors and an important bridgeconnecting the international financial andtrade market.With the unique展开更多
In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve th...In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve the efficiency of financial operations.Pilot Free Trade Zones(PFTZs),highlands of institutional innovation,have played the role of a natural testing ground for China to deepen its financial supply-side reform and improve the efficiency of financial services in the real economy.On that premise,this paper discusses the policy effects and transmission channels for the financial reform of PFTZs to improve the efficiency of financial services in the real economy within China.The findings of the papar are the followings,(1)The reform of PFTZsshas significantly improved the efficiency offinance in the real economy,having even achieved a sustainable effect.That is to say,with the extension of gment This work wasthe duration of free trade zone constructionand the gradual implementation of financialreform measures,the regional impactof financial services in the real economyhas shown a year-on-year upward trend.(2)The effects of financial agglomeration,financial transparency,and optimizationof financial infrastructure produced by thereform of PFTZs have played a significantregulatory role in the process of improvingthe efficiency of financial services in thefree trade zones.(3)The effect of China'sfinancial reform on PFTZs has fosterednoticeable regional diversity;an importantreason for the diversity of policy effectrests with the difference in transmissionmechanisms.The conclusions of this paper expand the research dimension of theliterature evaluating the effect of policy onPFTZs,and provide policy references fromthe perspective of financial reform in thefree trade zones for China to further deepenfinancial supply-side reform and improvethe efficiency of financial services in the realeconomy.展开更多
This paper focuses on the Shanghai pilot free trade zone(FTZ).It investigates the effect of the FTZ policy on regional financial development.The synthetic control method employs quarterly data from 2005 to 2019 at the...This paper focuses on the Shanghai pilot free trade zone(FTZ).It investigates the effect of the FTZ policy on regional financial development.The synthetic control method employs quarterly data from 2005 to 2019 at the provincial level to investigate counterfactual states before and after the pilot FTZ was set up.First,our results reveal that the Shanghai pilotFTZ had a positive influence on the following four variables proxied for regional financial development:(i)the scale of regional financial development;(i)the efficiency of indirect financial development;(ii)the efficiency of direct financial development;(iv)the structure of financial development.Second,our results found that the policy effects that began to emerge from 2014 onwards exhibited a steadily increasing trend.As a result,the four proxy variables have increased by(i)197 percent,(i)202 percent,(ii)9.4 percent,and(iv)15.2 percent,respectively.That is,the scale of regional financial development and the efficiency of indirect financial development have increased more than theother proxy variables.展开更多
文摘The Lujiazui Financial Trading Zone—situated on the east bank of theHuangpu River and linked by theYangpu and Nanpu bridges and city innerring highway——covers 28 square kilometres.Facing the well-known Shanghai Bund justacross a strip of water,the zone functions asone of the "windows" of China for attractingoverseas investors and an important bridgeconnecting the international financial andtrade market.With the unique
基金sponsored by"Research on Countermeasures for Deepening Institutional Innovation of Pilot Free Trade Zones,"a Think Tank Program of Tianjin Philosophy and Social Science Planning(No.:TJZDDY20-05).
文摘In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve the efficiency of financial operations.Pilot Free Trade Zones(PFTZs),highlands of institutional innovation,have played the role of a natural testing ground for China to deepen its financial supply-side reform and improve the efficiency of financial services in the real economy.On that premise,this paper discusses the policy effects and transmission channels for the financial reform of PFTZs to improve the efficiency of financial services in the real economy within China.The findings of the papar are the followings,(1)The reform of PFTZsshas significantly improved the efficiency offinance in the real economy,having even achieved a sustainable effect.That is to say,with the extension of gment This work wasthe duration of free trade zone constructionand the gradual implementation of financialreform measures,the regional impactof financial services in the real economyhas shown a year-on-year upward trend.(2)The effects of financial agglomeration,financial transparency,and optimizationof financial infrastructure produced by thereform of PFTZs have played a significantregulatory role in the process of improvingthe efficiency of financial services in thefree trade zones.(3)The effect of China'sfinancial reform on PFTZs has fosterednoticeable regional diversity;an importantreason for the diversity of policy effectrests with the difference in transmissionmechanisms.The conclusions of this paper expand the research dimension of theliterature evaluating the effect of policy onPFTZs,and provide policy references fromthe perspective of financial reform in thefree trade zones for China to further deepenfinancial supply-side reform and improvethe efficiency of financial services in the realeconomy.
文摘This paper focuses on the Shanghai pilot free trade zone(FTZ).It investigates the effect of the FTZ policy on regional financial development.The synthetic control method employs quarterly data from 2005 to 2019 at the provincial level to investigate counterfactual states before and after the pilot FTZ was set up.First,our results reveal that the Shanghai pilotFTZ had a positive influence on the following four variables proxied for regional financial development:(i)the scale of regional financial development;(i)the efficiency of indirect financial development;(ii)the efficiency of direct financial development;(iv)the structure of financial development.Second,our results found that the policy effects that began to emerge from 2014 onwards exhibited a steadily increasing trend.As a result,the four proxy variables have increased by(i)197 percent,(i)202 percent,(ii)9.4 percent,and(iv)15.2 percent,respectively.That is,the scale of regional financial development and the efficiency of indirect financial development have increased more than theother proxy variables.
