Measurement of Free Trade Zones’ Investment Attraction: Sustainable Corporate Development Perspective

This study explores the measurement of FTZs’ investment attraction from a sustainable corporate development perspective. Through a comprehensive evaluation framework, the study assesses FTZs’ investment attraction across five indicators: urban business environment, economic development strength, innovation and openness vitality, urban environmental friendliness, and high-quality enterprise development. The weights of each layer’s indicators are calculated using entropy weight and the PCA method. The evaluation results of the investment attractiveness of China’s FTZs show that the investment attraction of FTZs in different regions exhibits hierarchical characteristics and unbalanced development. East China and South China occupy the forefront. Disparities in provincial FTZs’ developmental balance are conspicuous. Guangdong, Shanghai, and Beijing top the charts in terms of congruence with their overall environment rankings, whereas Jiangsu, Zhejiang, and Fujian exhibit a mismatch between their sub-indices and their relatively strong overall investment attractiveness. Conversely, Henan, Anhui, Hebei, Heilongjiang, Hunan, and Tianjin, though balanced in sub-environmental development, lag in overall investment appeal, necessitating concerted efforts towards balanced development. On the whole, compared with other indicators, innovation and openness vitality and high-quality enterprise development seem relatively weak. Drawing from our insights, foreign investors can choose free trade zones according to their own development needs. Policymakers can devise targeted interventions to bolster FTZs’ investment attractiveness, tailored to scores and rankings.