Evaluation and Analysis of International Competitiveness of Hubei Free Trade Zone Based on Factor Analysis

Relying on its own good conditions, superior geographical location, convenient transportation environment and strong industrial foundation, Hubei free trade zone has become a breakthrough to deal with the economic rise of the central region. Based on the analysis of the current situation of the development of Hubei free trade zone, this paper constructs the international competitiveness model of the free trade zone, which includes four core elements: target effectiveness degree, open freedom degree, radiation driving degree, environmental superiority degree, and two auxiliary elements: government and market. This paper makes a qualitative analysis of the international competitiveness of Hubei free trade zone, and uses factor analysis method to empirically analyze the international competitiveness of Hubei free trade zone. On the basis of the above analysis, the development direction of Hubei free trade zone is proposed.