To achieve a sustainable development path that harmonizes ecological and economic considerations, China has advocated the “two mountains” concept: “lucid waters and lush mountains are invaluable assets”. This idea posits that those who protect the environment can economically benefit by selling pristine landscapes and utilizing rich ecological resources. This paper use “the equivalence factor method” to calculate ecological benefits, introduces a technical measure—the conversion rate of ecosystem service value—and analyzes its temporal and spatial evolution from 2003 to 2020 in the operational areas of 87 state-owned forestry enterprises in Northeast China. The findings show: (1) a significant improvement in ecosystem-service quality, with its value increasing from 404.7 to 850.2 billion CNY between 2003 and 2020. The restoration of the ecological environment in China’s KSFR provides a foundation for economic and social development. (2) A decrease in the economic gains derived by operators from developing protected ecosystems, with the most significant decline observed in economic benefits generated from the supply product, including timber harvesting. However, the industrial structure in KSFR shifted from being dominated by timber production to diversified development, with non-timber forest resources becoming an important part of regional economic growth. (3) Significant potential for realizing the value of ecosystem services, evidenced by an increasing trend in the conversion rates of cultural, regulatory, and supporting services. These findings underscore the effectiveness of China’s natural forest protection and restoration policies in optimizing forest ecology and realizing the “two mountains” concept through appropriate market transactions and ecological compensation mechanisms.
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