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《《2016.06.dp7.foreign.direct.investment.people.rep.china.implications》.pdf
ADB Institute Discussion Paper No. 7
People’s Republic of China’s Round-Tripping
FDI:
Scale, Causes and Implications
Geng XIAO
July 2004
Geng Xiao is Associate Professor, School of Economics and Finance and Deputy
Director, Institute for China and Global Development of The University of Hong Kong.
The views expressed in this paper are the views of the author and do not necessarily
1
1. Introduction
There is no doubt that part of People’s Republic of China (PRC)’s FDI inflows
belongs to the return of the Chinese capital that has gone aboard escaping the
foreign exchange control. The World Bank and other agencies and experts have
estimated that the scale of this round tripping could be as high as a quarter of the
total FDI inflows into PRC (see World Bank 2002). But the World Bank did not
provide clear definition on round tripping FDI and did not explain its estimation
method. This paper attempts to fill this gap in the literature by providing an estimation
of the overall scale of PRC’s round tripping FDI with detailed description on the
methods and assumptions. The paper also clarifies a few conceptual issues related
to the different types of round tripping FDI and their measurement problems.
A useful study of PRC’s round tripping FDI needs to have both the breath and depth
that can capture and piece together the underlying real picture of the unique pattern
of capital flows from the incomplete and imperfect statistics and existing theories.
Because of the inconsistence and fragmentation of FDI statistics across different
sources (for example, the Mainland PRC, Hong Kong, China SAR, and OECD
countries) and the intrinsic secrecy nature of the round-tripping capital, it is almost
impossible to obtain a direct and accurate measure o
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