外商直接投资在中国的奖励或补救外文翻译.docVIP

外文翻译 原文 Foreign Direct Investment in China: Reward or Remedy？ Material Source: The World Economy，2007(11) Author: Olen Havrylchy and Sandra Poncet From being an economy with virtually no foreign investment in the late1970s, China has become the largest recipient of foreign direct investment (FDI) among developing countries. FDI inflows exploded from$2 billion to $53.5 billion between 1985 and 2003 and China has overtaken the US as the world’s largest recipient of FDI. Since 1994, China has attracted about one-third of total FDI to emerging markets each year and about 60 per cent of flows to Asian emerging markets (Prasad and Wei, 2005). Economists usually agree that FDI flows to countries having a stable macro-economic environment and commitment to market reforms as well as high productivity, low costs of labor and good infrastructure among other favorable conditions. In the case of China, Huang (2003) argues that the large inflow of FDI is not only the consequence of good policies, but also results from certain distortions in the Chinese banking market and in state investment policies. He states that ‘Primary benefits of China’s FDI inflows have less to do with the provision of marketing access and know-how transfers, technology diffusion, or access to export channels, the kind of firm-level benefits often touted in the literature. Instead, the primary benefits associated with China’s FDI inflows have to do with the privatization functions supplied by the foreign firms in a context of political opposition to an explicit privatization program, venture capital provisions to private entrepreneurs in a system that enforces stringent credit constraints on the private sector’. The above argument is consistent with Harrison et al. (2004), according to which firms in countries with greater FDI inflows suffer less from financial constraints, as incoming foreign investment provides additional sources of capital. At the same time, it is crucial to