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Publishing Language: Chinese

Economic Zones and Firms' outward FDI: Evidence from China

School of International Trade and Economics, University of International Business and Economics
Postdoctoral Research Workstation of Beijing State-owned Capital Operation and Management Company Limited
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Abstract

This paper contributes to the literature by identifying the casual effect of economic zones on firms' outward FDI. Using the data of Annual Survey of Industrial Firms (ASIF) merged with List of Chinese Firms' FDI, empirical results present the promoting effect of economic zones on firms' FDI and the mechanism of firms' productivity and financing constraints. After the robustness test, the results remain valid. Finally, this paper documents some heterogeneity of the effects across the types of economic zones, firms and FDI.

CLC number: F21, R11, R58

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China Journal of Economics
Volume 12 Issue 3,
September 2025
Pages 37-53
DOI: 10.26599/CJE.2025.9300302

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Cite this article:
Zhang G, Chen J, Li H. Economic Zones and Firms' outward FDI: Evidence from China. China Journal of Economics, 2025, 12(3): 37-53. https://doi.org/10.26599/CJE.2025.9300302

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Published: 10 February 2026
© 2025 Tsinghua University Press