The development of China’s Free Trade Zones (FTZ) has played a leading role in promoting economic growth and system innovation, and the public has showed positive attitude toward the future of these areas, according to an evaluation index compiled by the research team from Shanghai University of Finance and Economics.

“The index aims to measure the comprehensive development condition of China’s Free Trade Zones and tries to explore the periodic law of the FTZs,” said Jiang Ruochen, vice president of Shanghai Development Research Institute under the university.

However, the impact of China’s FTZs on regional economic development is not fully reflected in the index, said the researchers.

The research team examined more than 2,000 enterprises to collect information such as enterprises’ evaluation of the development of the FTZ and the problems they are facing. Meanwhile, public feedback, expert opinions as well as data relating to the growth of FTZs and the region were also collected.

The index for China’s FTZs is 68.37, meaning that the development of the zones has made a possible impact on economic development.

The research team had also evaluated the development of the FTZs in Shanghai, Guangdong, Tianjin and Fujian based on the parameters of development confidence, innovation and influence.

The development confidence index is based on the opinions of the public and enterprises regarding the following: the economic situation in the country and the region, FTZs’ development condition, system reforms as well as future trends. The FTZs’ comprehensive development index was found to be 69.52.

“Enterprises and members of the public are confident about the development of the FTZs and this index shows that these financial zones can bring more positive effects to regional development, enterprises’ growth and the public,” researchers said.

The innovation index is used to measure the optimization effect of the business environment in FTZs. The parameters include the effectiveness of the transformation of government functions, the opening up of investment, innovation and finance elements, as well as the protection level of the legal system.

The innovation index was 66.87, reflecting that there is still room for FTZs to improve their innovation ability, especially in the transformation of government functions.

Lastly, the influence index, which was 68.71, reflects the impact that FTZs have made on the development of the local economy and social life.

In conclusion, researchers said that the FTZs have significantly improved the opening up and promotion of trade convenience, and have since their inception garnered much valuable experiences that can form a solid foundation for an international and legal business environment.

wanghongyi@chinadaily.com.cn