Abstract: The reform and openingup under the leadership of the Communist Party of China，a transformative 20thcentury event，reshaped the fate of the Chinese people and global society Openness has been pivotal to Chinas economic miracle，with the Coastal Economic Development Zone （CEDZ） policy serving as a cornerstone of its progressive，multitiered openingup strategy Established in 1985，the CEDZ policy aimed to create a “tradeindustryagriculture” structure，focusing on exportoriented industrialization and agricultural development By 1988，the State Council extended the CEDZ to 288 counties across nine coastal provinces，covering 320，000 square kilometers and 160 million people，forming a robust coastal economic belt
To boost exportoriented growth in coastal areas，China introduced targeted policies in the CEDZs，including expanded local authority over foreign direct investment （FDI） approvals，promotion of Sinoforeign ventures to modernize enterprises，decentralized trade approvals，and stricter exportprocessing oversight Foreign exchange management was optimized via revolving funds，adjusted sharing protocols，and export risk funds Infrastructure upgrades，such as improved transport and streamlined entryexit processes，further bolstered development These measures positioned CEDZs as key hubs for FDI and export growth，second only to Special Economic Zones and coastal open cities in policy support
This study leverages the 1988 expansion of the CEDZs as a natural experiment，utilizing countylevel panel data from 1985 to 1991 and a differenceindifferences （DID） strategy to examine whether the policy stimulated FDI inflows and regional innovation Empirical findings reveal that counties integrated into the CEDZs experienced significant increases in the establishment of FDI enterprises and patent grants Notably，the policys impact on innovation was more pronounced in regions with a higher concentration of technical professionals To address potential endogeneity concerns stemming from the nonrandom selection of treatment counties，a geographic regression discontinuity design （RDD） was employed along the CEDZnonCEDZ boundary The geographic RDD results corroborate the DID estimates，demonstrating the policys sustained positive effects on patent growth until Chinas accession to the World Trade Organization in 2001
This research contributes to the broader literature on Chinas economic history during the reform and openingup era By examining the longterm effects of the CEDZ policy，the study provides historical empirical evidence that underscores the importance of continued openness in fostering highlevel indigenous innovation Furthermore，it enriches academic discussions on the evaluation of placebased policies，offering insights into the mechanisms through which targeted regional development strategies can drive innovation and economic transformation

Key words: Coastal Economic Development Zone policy, foreign direct investment, innovation

摘要： 沿海经济开放区政策是20世纪80年代中国渐进式、多层次对外开放政策体系的重要组成部分。本文利用1988年沿海经济开放区扩大的自然实验，基于19851991年中国沿海各省的县级面板数据发现，沿海经济开放区政策能够有效促进新设立外商投资企业数量和新专利授权量增长。政策对创新活动的影响在专业技术人才集聚度较高的地区更为显著。本文通过地理断点回归分析进一步发现，沿海经济开放区政策对县域创新的积极影响持续至中国加入世界贸易组织前夕。本文丰富了改革开放经济史的研究，为统筹推进高水平科技自立自强和高水平对外开放的重大战略部署提供了来自改革开放历史实践经验证据的支撑。

关键词: 沿海经济开放区政策, 外商直接投资, 创新