外国直接投资在中国(1).pptxVIP

Foreign Direct Investment in ChinaSeth Cox3 March 2005 Foreign Direct Investment (FDI)When is investment best defined as ‘direct?’When investment gives rise to foreign control of domestic assetsIMF- “…made to acquire a lasting interest in an enterprise where the investor has an effective voice in the mamagment of the company〞 Foreign Direct Investment (FDI)Investment threshold set at state levelUS: ‘direct’ when stake exceeds 10%China (PRC): when stake exceeds 25%Higher level to encourage larger investment?Terms:Inflow- quantity of FDI flowing into state over a given time period-dynamic measureStock: total accumulation of investment at a given point in time- static measure FDI- What Does it Offer?Capital- long-term, risky investmentMarket Access- export marketsPromote Export-led strategies of growthEmploymentTechnology- transfers increase productivitySpillovers and Linkages- introduction of more competitive environment and connections to local industry boost productivity and output of entire economy What has FDI Done for China?Role in Economic Transformation-GeneralEstablished new industrial branchesEmployment opportunitiesTechnological transfersTechnological and Managerial SkillsSpillovers to domestic industryInternational Trade- boosted immenselyExport production by Foreign-Invested EnterprisesIncreased from 1% in ’85 to 45% in ‘98 FIE-Led Export GrowthSource: Lardy (1999) # Approved ApplicationsApproved InflowActual Inflow1979 -011.1719834701.730.64198418562.651.26198530735.931.66198614982.831.87198722333.712.31198859455.3363.39199072736.63.4919911297811.984.3719924876458.1211.01199383437111.4427.5219944754982.6833.7719953701191.2837.5219962455673.2841.731997210015145.26Sources: (State Statistical Bureau 1998), p. 138. The FDI Boom in ChinaIn 2002 China was the #1 recipient of FDI worldwideRapid FDI growth began in early 1990’s1979-1992 FDI inflow of 20.2 billion USD1997 stock stood at 196.8 billion USD5 year inflow of 176.6 billion USD- ac