外商直接投资的流入与中国经济的增长外文翻译.docVIP

外文翻译 原文 Foreign direct investment inflows and economic growth of China Material Source:ScienceDirect,Vol.32,No.1,2010 Author: Mah,Jai 1. Introduction It has often been argued that FDI inflow is one of the driving forces of economic growth in developing countries. Historical evidences are mixed. Of the so-called four east Asian tigers, Hong Kong and Singapore succeeded in attracting huge amount of FDI; however, South Korea and Taiwan did not attract it so much. Since economic reform in 1979, China has recorded remarkable economic growth rates; for instance, the annual average real GDP growth rate was as high as 8.3 percent during 1979–2001. In the meantime, China has actively tried to attract FDI inflows. FDI flows into China increased from US$ 0.9 billion in 1983 to US$ 46.9 billion in 2001 (Table 1). Chen, Chang, and Zhang (1995) evaluated that FDI had contributed to China’s post-1978 economic growth by augmenting resources available for capital formation and export earnings. Meanwhile, the issue on the causality between FDI inflows and economic growth in case of China has seldom been analyzed rigorously.Although Qin, Cagas, Quising, and He (2006) revealed that economic growth caused investment in China, the latter was not restricted to FDI. Using a simulation, Dees (2001) showed that FDI has a long-run effect on output. The current study tests whether or not increase in FDI caused increase in economic growth of China with a cointegration test procedure allowing for different orders of integration and the Granger causality test using stationary data. 2. Factual background The investment atmosphere in China had not been friendly to foreign investors until 1978. A new policy towards foreign investment allowing foreign firms to operate in China was proclaimed in 1979, which granted foreign investment a legal status in China (Chen et al., 1995: 692). The Special Economic Zones (SEZs) were established in the coastal areas, which granted the investors administrative su