6380 
8579The " Two-Oriented Society” Synthetically Reform Testing District（TSSRTD）aims to explore the scientific and rational model of the " Two-Oriented Society” construction and the suitable supporting system. Due to the characteristics of economic development, ecological environment, and infrastructure, Wuhan urban agglomerations and Chang-Zhu-Tan urban agglomerations were selected as the TSSRTD at the end of December 2007. The main purpose of its construction is to achieve green development by promoting the balance of economic development and resource and environment constraints. This policy has been implemented for more than 10 years. Whether it can promote the transformation of the economic growth mode to the low energy consumption and low pollution, so as to achieve green development? If the answer is yes, what are the mechanisms? The in-depth investigation of these questions will provide a reference for China to further promote and extend the " Two-Oriented Society” construction and to realize the green development proposed in the fifth Plenary Session of the 18th CPC Central Committee. This article first reviews and analyzes the policy background of the TSSRTD and the theoretical mechanisms that may affect green development. In order to measure the regional green development level, we use the non-radial and non-angular SBM directional distance function to measure the Malmquist-Luenberger index（GTFP）of 276 cities in China for 2004−2015. On this basis, we use the difference-in-differences model combined with the Propensity Score Matching（PSM-DID）to estimate the impact of the TSSRTD on the green development of pilot cities and identify its influence mechanisms. The main conclusions are as follows: First, the TSSRTD can promote regional green development, which is still established after a series of robustness tests. Second, there are two practical mechanisms by which the TSSRTD promotes green development, namely, this policy can promote green development by enhancing human capital and reducing environmental pollution. Third, the TSSRTD is likely to affect green development through the government scale, the second industry, the third industry, FDI, the population density and the financial development, but these potential impact mechanisms have not played a role. In addition, the energy consumption of the pilot cities does not decrease significantly after this policy, which also restricts the promotion of green development. The conclusions of the article provides important enlightenments for the green development of various regions in China, including further promoting the implementation of the talent policy to improve the level of human capital, building a complete " Two-Oriented” service system, effectively improving the efficiency of energy utilization and reducing the level of pollution, striving to improve the quality of foreign investment, and promoting the flow of interregional factors of production, etc. The main contributions of the article are as follows: First, the PSM-DID method is used to estimate the economic effect of the TSSRTD. This method can effectively control the difference between the experimental group and the control group in order to achieve the data balance, and also alleviate the influence of the data deviation and the confounded variables, thus producing accurate estimates. Second, using the comprehensive index of Green Total Factor Productivity to measure green development, we can measure the economic effect of the TSSRTD in a comprehensive and systematic way. Finally, we effectively identify the impact mechanisms of the TSSRTD on green development.
/ Journals / Journal of Finance and Economics
Journal of Finance and Economics
LiuYuanchun, Editor-in-Chief
ZhengChunrong, Vice Executive Editor-in-Chief
YaoLan BaoXiaohua HuangJun, Vice Editor-in-Chief
Can the “Two-Oriented Society” Synthetically Reform Testing District Promote Green Development?
Journal of Finance and Economics Vol. 44, Issue 10, pp. 24 - 37 (2018) DOI:10.16538/j.cnki.jfe.2018.10.002
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Cite this article
Li Weibing, Li Cui. Can the “Two-Oriented Society” Synthetically Reform Testing District Promote Green Development?[J]. Journal of Finance and Economics, 2018, 44(10): 24-37.
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