China’s pilot free trade zone and green high-quality development: an empirical study from the perspective of green finance

Achieving the integration of green and economic development has become the key to promoting high-quality economic development in China. In the context of dual-cycle development, a higher level of opening up will be an important prerequisite for achieving this goal. This article uses panel data from 30 provinces in China from 2008 to 2020 as the research sample and takes the establishment of the Pilot Free Trade Zone (PFTZ) as a quasi-natural experiment. By constructing the Green Dual-Cycle High-Quality Development (GDHD) indicator system, taking green finance as the starting point, industrial structure adjustment and technological innovation ability as the perspective of differentiation. This article uses the difference-in-differences method and the intermediary effect model to explore the impact of PFTZ on regional green high-quality development. The study found that establishing PFTZ has significantly promoted regional green high-quality development, and this effect remains valid under multiple robustness tests. Further research has found that, under the advantages of green finance in PFTZ, regional industrial restructuring and the improvement of green innovation capabilities are the main ways to achieve this goal. This study provides a new development path for China's PFTZ to promote high-quality regional development better.