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The China (Shanghai) Pilot Free Trade Zone: Background, Developments and Preliminary Assessment of Initial Impacts

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  • Daqing Yao
  • John Whalley

Abstract

type="main" xml:id="twec12364-abs-0001"> The China (Shanghai) Pilot Free Trade Zone (SPFTZ) founded one year ago is a trial for China's new round of reform and opening up, which has promised liberalisation on the capital account and trade facilitation as its main objectives. Here, we discuss why China adopted such a pilot zone after three decades of economic development, and explore what the differences are between the SPFTZ and other free trade areas, and developments of the SPFTZ in the past year. We also make a preliminary assessment of the SPFTZ's initial impacts, especially of its impact on China's capital account opening and financial liberalisation. It is possible that the successful practice of the SPFTZ and more pilot policies replicated in China will give rise to a more balanced Chinese economy in the following decade.

Suggested Citation

  • Daqing Yao & John Whalley, 2016. "The China (Shanghai) Pilot Free Trade Zone: Background, Developments and Preliminary Assessment of Initial Impacts," The World Economy, Wiley Blackwell, vol. 39(1), pages 2-15, January.
    • Handle: RePEc:bla:worlde:v:39:y:2016:i:1:p:2-15
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    File URL: http://hdl.handle.net/10.1111/twec.2016.39.issue-1
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    Cited by:

    1. Haikuo Zhang & Chaobo Zhou, 2023. "Construction of the Pilot Free Trade Zone and Chinese Green Total Factor Energy Efficiency," Sustainability, MDPI, vol. 15(12), pages 1-13, June.
    2. Haoqiang Li & Jihong Chen & Zheng Wan & Huaxin Zhang & Maoxin Wang & Yun Bai, 2020. "Spatial evaluation of knowledge spillover benefits in China’s free trade zone provinces and cities," Growth and Change, Wiley Blackwell, vol. 51(3), pages 1158-1181, September.
    3. Lian-Sheng Tang & Xiang Tan & Peng Guo & Ting-Ting Huang & Tie-Li Liu, 2022. "Comparative Analysis of Locational Factors and Their External Influence on Free-Trade Port Zones in China," Sustainability, MDPI, vol. 14(4), pages 1-19, February.
    4. Siwen Xia & Jiaying Han & Anglu Li & Penghao Ye & Huarong Zhang, 2024. "Impact of Free Trade (Pilot) Zone Establishment on Urban Land Use Efficiency—Empirical Evidence from Cities in China," Land, MDPI, vol. 13(7), pages 1-25, July.
    5. Sina Hardaker, 2020. "Embedded Enclaves? Initial Implications of Development of Special Economic Zones in Myanmar," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 32(2), pages 404-430, April.
    6. Jiang, Yufan & Wang, Hongyan & Liu, Zuankuo, 2021. "The impact of the free trade zone on green total factor productivity ——evidence from the shanghai pilot free trade zone," Energy Policy, Elsevier, vol. 148(PB).
    7. Penghao Ye & Huarong Zhang & Siyi Ma & Fang Yang & Yanan Li, 2022. "A Knowledge Map Study of an Application of a Smart Land Planning Free-Trade Zone and China’s Contribution," Land, MDPI, vol. 11(6), pages 1-21, June.
    8. Li, Zhaohua & Pang, Suqin & Zhu, Zhiyun, 2024. "The impact of pilot free trade zones on entrepreneurship: Evidence from a quasi-natural experiment in China," Socio-Economic Planning Sciences, Elsevier, vol. 92(C).
    9. Chunxue Liu & Gaizhen Feng, 2024. "Can Pilot Free Trade Zones Promote Sustainable Growth in Urban Innovation?," Sustainability, MDPI, vol. 16(13), pages 1-17, June.
    10. Bei Wang & Hong Chen & Ruiqi Chen & Weiting Zeng & Lechuan Ye, 2023. "Does the Green Development of Cities Need High-Level Opening Up? A Quasi-Natural Experiment Based on China’s Pilot Free Trade Zone," Sustainability, MDPI, vol. 15(7), pages 1-20, March.
    11. Feng, Wei & Sun, Shujun & Yuan, Hang, 2023. "Research on the efficiency of factor allocation in the pilot free trade zones," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 727-745.
    12. Fengming Qin & Junru Zhang & Zhaoyong Zhang, 2018. "RMB Exchange Rates and Volatility Spillover across Financial Markets in China and Japan," Risks, MDPI, vol. 6(4), pages 1-26, October.
    13. Sun, Yuying & Bao, Qin & Zheng, Jiali & Wang, Shouyang, 2020. "Assessing the price dynamics of onshore and offshore RMB markets: An ITS model approach," China Economic Review, Elsevier, vol. 62(C).
    14. Te Bao & Yun Dai & Yanxiang Feng & Shuai Liu & Ruixin Wang, 2023. "Trade liberalisation and trade and capital flows: Evidence from China pilot free trade zones," The World Economy, Wiley Blackwell, vol. 46(5), pages 1408-1422, May.
    15. Yu Wang & Qingfeng Kong, 2024. "The Impact of Free Trade Zones on Corporate Sustainability Performance: An Empirical Examination from the Dual Perspectives of Financial and Environmental Performance," Sustainability, MDPI, vol. 16(21), pages 1-21, October.
    16. Ruiyang Hu & Chen Yin & Zhijie Zheng & Sili Zhou, 2024. "Unlocking Innovation: The Impact of Free Trade Zones on Corporate Innovation in China," Working Papers 202414, University of Macau, Faculty of Business Administration.
    17. Jie Li & Rebecca Lai Har Chiu, 2020. "State rescaling and large-scale urban development projects in China: The case of Lingang New Town, Shanghai," Urban Studies, Urban Studies Journal Limited, vol. 57(12), pages 2564-2581, September.
    18. Sissani Midoun & Bengana Ismail, 2018. "Digital and Free Trade Zones Impact on Malaysia's Economy and Its Prospects (2000 2018)," International Journal of Economics and Financial Issues, Econjournals, vol. 8(4), pages 39-44.
    19. Lihui Wang & Zhihong Liu & Huailong Shi, 2022. "The Impact of the Pilot Free Trade Zone on Regional Financial Development," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 30(5), pages 154-184, September.
    20. Ge, Qian-Qian & Liu, Xi-Hua & Zhang, Yu-Chen & Liu, Shi-Qi, 2023. "Has China’s Free Trade Zone policy promoted the upgrading of service industry structure?," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 1171-1186.
    21. Guan, Chenghua & Huang, Jinyuan & Jiang, Ruyue & Xu, Wanting, 2023. "The impact of pilot free trade zone on service industry structure upgrading," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 472-491.
    22. Li, Sujuan & Liu, Jiaguo & Kong, Yudan, 2021. "Pilot free trade zones and Chinese port-listed companies performance: An empirical research based on quasi-natural experiment," Transport Policy, Elsevier, vol. 111(C), pages 125-137.
    23. Qingshan Ma & Yuanmeng Zhang & Kexin Yang & Lingyun He, 2021. "Have China’s Pilot Free Trade Zones Improved Green Total Factor Productivity?," IJERPH, MDPI, vol. 18(21), pages 1-20, November.
    24. Yanjun Chang & Liuliu Lai, 2023. "Effects and Mechanisms of China’s Pilot Free Trade Zones on Green and High-Quality Development from the Dual-Circulation Perspective," Sustainability, MDPI, vol. 15(2), pages 1-17, January.
    25. Xu, Shiteng & Shen, Ronghua & Zhang, Yahua & Cai, Yifei, 2024. "Fostering regional innovation efficiency through pilot free trade zones: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 356-367.

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