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Do Place-Based Policies Work? Lessons from China's Economic Zone Program

Author

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  • Jin Wang

    (Associate Professor， Division of Social Science and Public Policy, Hong Kong University of Science and Technology
    Institute for Emerging Market Studies, Hong Kong University of Science and Technology)

Abstract

In the right environment, Special Economic Zones (SEZs) are an effective policy tool for attracting foreign direct investment (FDI) and increasing employment. There are large agglomeration benefits. The majority of FDI attracted by Chinese SEZs creates new activity rather than being diverted or reallocated from other non- SEZ areas. Due to poorly-developed institutions and markets in emerging China, SEZs provided better institutions which improve economic efficiency. The economic gains substantially outweigh the costs. But SEZs tend to cause more relocation distortions than agglomeration benefits in developed economies with better institutions and in areas that already have SEZs.

Suggested Citation

  • Jin Wang, 2019. "Do Place-Based Policies Work? Lessons from China's Economic Zone Program," HKUST IEMS Thought Leadership Brief Series 2019-34, HKUST Institute for Emerging Market Studies, revised Oct 2019.
    • Handle: RePEc:hku:briefs:201934
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    File URL: https://iems.ust.hk/assets/publications/thought-leadership-briefs/2019/tlb34/wang-place-based-policies-lessons-china-economic-zone-hkustiems-tlb34.pdf
    File Function: First version, 2019
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    Cited by:

    1. Jun-Yi Zheng & Wan-Gang Lv & Jie Shen & Mei Sun, 2022. "Study on the Impact of the Healthy Cities Pilot Policy on Industrial Structure Upgrading: Quasi-Experimental Evidence from China," Sustainability, MDPI, vol. 14(20), pages 1-18, October.

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    Keywords

    china; global economic power;

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