Foreign Direct Investment, Environmental Regulation And The Efficiency Of China's Green Economy

With the strengthening of the world economic ties,China has been more active in opening up and introduced a series of preferential policies to attract foreign investment.China has been a hot destination for foreign investment for many years.On the one hand,fdi can be used by developing countries to learn and imitate through the spillover effects of capital,technology and management experience to promote economic development.On the other hand,with the expansion of investment scale,China’s resource consumption increases and environmental quality deteriorates,China is regarded by many scholars as the "pollution refuge" of developed countries.Therefore,whether foreign direct investment can promote the efficiency of China’s green economy becomes the starting point of this paper.In addition,the mode of rapid economic growth that sacrifices resources and environment for the sake of economic development no longer meets the requirements of China’s sustainable development.As an important measure for China’s government to practice the green development concept,environmental regulation is an important way to improve environmental pollution,and its policy effect is crucial to improving the efficiency of China’s green economy.Therefore,in-depth research on whether the implementation of environmental regulation policies affects the relationship between fdi and the efficiency of China’s green economy is of great significance for formulating reasonable environmental regulation policies to promote the benign interaction between fdi utilization and green economy.Based on theory of Marx’s ecological economy and pollution halo hypothesis,pollution haven hypothesis,to follow the cost hypothesis,the porter hypothesis,environmental regulation "by top competition" and "the bottom" competition theory,define the foreign direct investment,environmental regulation,the concept and connotation of green economy efficiency to build the efficiency of foreign direct investment and China’s green economy,environmental regulation and green economic efficiency,environmental regulation theory analysis framework of threshold effect.At the same time,not radial Angle of SBM model is used to measure the green economy efficiency of various provinces and cities,based on our country’s 30 provinces and cities,except Tibet,Hong Kong,Macao and Taiwan)in 2000-2016 panel data,building dynamic panel model and threshold regression model,foreign direct investment(fdi),the relationship between the efficiency of environmental regulation,China’s green economy has carried on the empirical analysis.The main conclusions of this paper are as follows :(1)In terms of foreign direct investment,China’s actual utilized foreign direct investment is on the rise and the structure of foreign investment is obviously improved,but the regional distribution is on the decline from the east to the central and western regions,and the regional gap has a narrowing trend.(2)In terms of environmental regulation,the amount of investment in environmental pollution control in the country is on the rise year by year,and the intensity of environmental regulation is on the rise.The intensity of environmental regulation varies with different regions,and the intensity of environmental regulation in the east is higher than that in the central and western regions.(3)In terms of the efficiency of green economy,the country as a whole shows a rising trend of fluctuations,with the eastern region having the highest value of green economic efficiency,the central region having the second highest value of green economic efficiency,and the western region having the lowest value of green economic efficiency.(4)The overall national regression results support the "pollution sanctuary hypothesis" and "compliance cost hypothesis".Foreign direct investment and environmental regulation have a significant negative impact on the efficiency improvement of China’s green economy.It shows that the inflow of foreign direct investment aggravates the environmental pollution in China,and the implementation of environmental regulation aggravates the cost burden of enterprises,which is not conducive to the improvement of the efficiency of green economy.The regression coefficient of opening-up and industrial structure is also significantly negative,which may be due to the unreasonable structure of China’s import and export trade and industrial structure.The regression coefficient of human capital level,research and development level and economic development level is significantly positive,indicating that economic growth,scientific and technological progress and educational progress can promote the improvement of green economy efficiency.(5)The results of threshold regression model show that the influence of fdi on the efficiency of green economy has threshold characteristics based on environmental regulations.At the national level,with the strengthening of environmental regulation,foreign direct investment plays a role in promoting,hindering and then improving the efficiency of green economy.In terms of regions,the threshold regression results of the eastern region are close to those of the whole country,and the relationship between fdi and green economy efficiency is consistent with the national trend,presenting an "N" type relationship.In central and western regions of foreign direct investment and the green economy efficiency exist only an environmental threshold value,the difference is the central region of the foreign direct investment in a single environmental regulation threshold before and after the failed to significantly promote the green economy efficiency,but across a single inhibitory effect obviously improved after the threshold value,the economic efficiency of foreign direct investment in the western region and green obvious inverted "U" type of relationship,other control variables and the influence of the benchmark return direction are the same.Based on the above research conclusions,the paper puts forward the following policy suggestions :(1)Optimize the layout of opening to the outside world and introduce high-quality green investment.(2)Identify regional differences and implement environmental regulations reasonably.(3)Coordinate regional development and work together to build a green homeland.(4)Actively promote scientific and technological research and development,and realize the strategy of strengthening China with talents...