下滑趋势的终止外文翻译.docVIP

外文翻译 原文 End of the downturn Material Source: /jxgl/yxbylw/2006/gm01_4.pdf Author: Neil Hood Led by developing countries globule global FDI flows resumed growth in 2004.On account of a strong increase in foreign direct investment （FDI） flows to developing countries， 2004 saw a slight rebound in global FDI after three years of declining flows. At $648 billion， world FDI inflows were 2% higher in 2004 than in 2003. Inflows to developing countries surged by 40%， to $233 billion， but developed countries as a group experienced a 14% drop in their inward FDI. As a result， the share of developing countries in world FDI inflows was 36%， the highest level since 1997.The United States retained its position as the number one recipient of FDI， followed by the United Kingdom and China. Many factors help to explain why the growth of FDI was particularly pronounced in developing countries in 2004. Intense competitive pressures in many industries are leading firms to explore new ways of improving their competitiveness. Some of these ways are by expanding operations in the fast-growing markets of emerging economies to boost sales， and by rationalizing production activities with a view to reaping economies of scale and lowering production costs. Higher prices for many commodities have further stimulated FDI to countries that are rich in natural resources such as oil and minerals. In some developed as well as developing countries， increased inflows in 2004 were linked to an upturn in cross-border merger and acquisition （MA） activity. Greenfield FDI continued to rise for the third consecutive year in 2004. Provided economic growth is maintained， the prospects for a further increase in global FDI flows in 2005 are promising. FDI outflows increased in 2004 by 18%， to $730 billion， with firms based in developed countries accounting for the bulk （$637 billion）. In fact， almost half of all outward FDI originated from three sources: the United States， the United Kingdom and Luxembourg in th