|Table of Contents|

Institutional innovation in Hubei Pilot Free Trade Zone: practical features, theoretical connotations and policy enlightenment(PDF)

《长安大学学报(社科版)》[ISSN:1671-6248/CN:61-1391/C]

Issue:
2022年01期
Page:
35-52
Research Field:
国际经济与贸易
Publishing date:
2022-03-01

Info

Title:
Institutional innovation in Hubei Pilot Free Trade Zone: practical features, theoretical connotations and policy enlightenment
Author(s):
QIAN Xuefeng12 WANG Bei23
(1. School of Business and Administration, Zhongnan University of Economics and Law, Wuhan 430073, Hubei, China; 2. School of China(Hubei)Pilot Free Trade Zone, Zhongnan University of Economics and Law, Wuhan 430073, Hubei, China; 3. School of Economics and Business Administration, Central China Normal University, Wuhan 430079, Hubei, China)
Keywords:
pilot free trade zone institutional innovation economic logic Hubei location advantage institutional transaction cost high standards of openness service-oriented government dual circulation financial openness
PACS:
F752.8
DOI:
-
Abstract:
The construction of the Hubei Pilot Free Trade Zone is a systematic exploration and strategic practice to comprehensively deepen reforms and expand opening-up in the new stage of development. From the perspectives of dynamic evolution theory and institutional change, transaction cost theory of institutional economics, and public goods supply and demand in public economics, this paper systematically studies the theoretical logic and practical significance of institutional innovation in the pilot free trade zone. The study finds that the Hubei Pilot Free Trade Zone has carried out a series of institutional innovation practices in terms of accelerating the transformation of government functions, deepening reforms in the investment field, promoting trade transformation and upgrading, boosting financial opening-up and innovation, innovation-driven development, and serving the national strategy. The effort has gradually formed a progressive reform and innovation development path extending from offline to online and offline coordinated development, from common areas to characteristic areas, from the preceding items to the end of the overall arrangement, and the simultaneous development of reference from other examples and innovation as well as integration of generalized promotion and independent application. The study believes that in order to promote the institutional innovation of the Hubei Pilot Free Trade Zone, and to give full play to its functional connotations in solving the deep-level structural development contradictions of the local area and expanding the growth enabling space, it is necessary to strengthen the design of the top-level system and strengthen the interfacing with the domestic and international dual circulation new development pattern, to transform government supervision functions and improve market supervision by improving the design of the supervision system and improving the efficiency of administrative services, to build a legal framework and policy system that is compatible with international norms and is composed of laws and regulations, government regulations, and regulatory documents, and to coordinate the incentive orientation between the overall strategic goal that tests the national system and yields experience as well as local real needs seeking to inject vitality and impetus to regional economic development; at the level of specific implementation paths, it is necessary to continue to optimize the opening-up platform and business environment, strengthen the construction of port smart functions, focus on cultivating and strengthening large-scale cities, large-scale hubs, large-scale ports, large-scale platforms, large-scale industries, and first-class business environment, etc., to build a new open economy system and a multi-dimensional quantitative evaluation index system, to achieve the organic coordination and unity among the pilot free trade zone institutional innovation and practice exploration, experience and effectiveness review and verification, empowered social and economic development, and long-term construction planning goals, thus facilitating Hubei in building a new highland of inland opening-up in the new era.

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Last Update: 2022-03-01