| Our country has comprehensively entered into the society of moderate prosperity and the phrase of accelerating the development of the modernization of socialism. The fact that the economic advancement of our country has entered into a new stage decides that opening to the outside world should come into a new stage, also. Comprehensive advancement of the level of opening to outside world is the main content of the new stage. Actively developing outward direct investment is where the key of comprehensively advancing the level of opening to the outside world lies and utilizing overseas resources and market for the sake of forwarding the native economic development is the economic essence of outward direct investment. In order to expound the issue of outward direct investment of China, to begin with, some basic analyses of outward direct investment are required. Outward direct investment refers to one country's the investors(enterprises)' multinational investment activities by means of setting up factories and purchasing oversea entities etc. with their tangible and incorporeal capital for the purpose of increasing the net capital, constantly obtaining profits and participating in foreign enterprises' production course or gaining the qualification for operating and managing them. There is distinct differentiation in between direct and indirect outward investment in terms of the main purpose of investment, jurisdiction of the investors, the form of the movement of the capital, the character, cycle and risk of investment. It considers enterprises to be the main body of investment. The fundamental motive is to pursue more profits. Leaded by this motive, due to the differentiation of factor abundance of different investors themselves, the motive displays itself in the form of various more specific motives, for instance, enlarging overseas market, looking for key resource, advancing efficiency in production, dispersing the risk of investment, acquiring advanced technology and making use of preferential policies etc.. Concerning the forms of outward direct investment, establishing enterprises and multinational purchases are typical and there are also special ones, such as compensation deal, improvement trade, technology transfer. Via outward direct investment, we can improve the ability to compete in the international competition, promote the upgrade of optimization of domestic industrial structure, acquire external advanced technology and managing experience, further the welfare of the our countrymen and push forward the economic integration of the world. To study outward direct investment of China, we need to trace and analyze the ideologies of outward direct investment of people of the former times. Carl Marx's fundamental framework of outward direct investment mainly includes: 1. The emergence of outward direct investment. Marx thinks outward direct investment is an inevitable outcome on account of capitalist mode of production's developing to a certain degree. The development of capitalism, especially the rise and growth of great industries, encourages the capitalist class to exploit the world market and make the production and consumption of all nations to world extent. Along with the constant expansion of the accumulation of capital and further development of the economic connections of all nations, production capital transfers outwards and thus outward direct investment comes into being. 2. The incentive and essence of outward direct investment. Marx thinks producing surplus value is an absoluterule of the capitalist mode of production. Leaded by high profits, the movement of capital is always to flow from low profits' departments to high profits' ones. When the competitions among different department lead average interest to decrease on a large scale, the capital will flow outwards into the countries and regions where the interests are comparatively high. Pursuing high profits and constantly accumulating the capital by increment are the fundamental incentives and essence of outward capital investment. 3. The objective reasons of outward direct investment. Marx thinks capital's pursuit of high interests is the internal motive, while competition is the external one. In fierce competition, increasingly the domestic market relatively contracts, relative surplus value accumulates, competition becomes fiercer, and thus outputting capital to foreign countries becomes a key approach to the problem of resolving surplus capital. Lenin's fundamental framework of outward direct investment mainly consists of: 1. Outward direct investment is an inevitable claim of surplus monopoly capital. Lenin considers that the essence of monopoly capital is to pursue high monopoly profits, while in developed capitalist countries, the markets for investment where high monopoly profits are accessible have been occupied early on by monopoly organizations and the scale of surplus capital is extremely large. The attribute of monopoly capital decides that it can not be used to better its countrymen and consequentially output into undeveloped countries to exploit more profits. 2. The specific forms of outward direct investment of surplus monopoly capital. Lenin considers the outward direct investment of surplus monopoly capital is carried out by governments, enterprises and banks of the imperialist countries. They establish their enterprises either on their own, or associated with alien capital, or they can buy various existing enterprises of foreign countries at a low price. Along with outward direct investment, the competition and pursuit of world's sources of raw material become increasingly fierce. When all the sources ofraw material are occupied, the monopoly organization of this kind is incomparably impregnable. On all accounts, the classical authors of Marxism on the angle of revealing the rule of the capitalist emergence, development and vanishing, expound the economic phenomenon of outward direct investment, placing emphasis at the aspect of the relationship of production. Western economists constrained by limited scope of the capitalist class, put the basic economic system of capitalism aside and have given different explanations for outward direct investment on the level of the internationalization of market and production. The main branches are: S.H.Hymer's Transaction Costs and the Theory of the Multinational Enterprise. This theory, from the angle of imperfect competition, uses the Theory of Industrial Organization to explain enterprises' behavior of outward direct investment; R·G·Vernon's Production-Cycle Theory. This theory shows that the producing area of one product is decided by different stages of the lifecycle of it. The reason for enterprises' outward direct investment is to occupy foreign market, so as to fit the rule of lifecycle-development; Bukley's market internization theory. This theory based on Coase's transaction cost theory, believes the motive for enterprises'outward direct investment is to internalize the externality of international market; Dunning's international product theory. This theory compactly combines enterprisesvwhich have monopolist advantages theory, Dunning's international product theory and location specific advantages theory, reduces the decisive factors of enterprises'outward direct investment to ownership specific advantages, internalization spelific advantages and location specific advantages and regards the degree of comprehensively owning these three advantages as the main factor of deciding the form of outward direct investment; Kojima's marginal industries expansion theory. This theory believes that outward direct invest should be proceeded in proper order from investment country's industrial apartments which havealready fallen or will fall into a comparative disadvantage, i.e. the apartments of the sunset industure; Well's small scale technology theory and Leo's partial technical innovation theory. These theories continuing to use the theory of comparative advantage, expound the obvious differentiation between the motives of developing countries'and developed countries'multinational enterprises'outward direct investment. In the course of reforming the economic system of our nation, opening to the outside world and advancing the market economy, economic experts and scholars proceeding from the fact that outward direct investment never stops developing, did considerable research on outward direct investment and contributed a lot of valuable thoughts mainly including: economic interest determination theory, Comprehensive advantage theory, Development strategy theory, etc.. These thoughts related to outward direct investment have great significance of supplying guidance and being used for reference to make further study of outward direct investment of China. The outward direct investment of Chinese enterprises is developing forwards along with the reform of marketization. Making a comprehensive survey of twenty years' practice, we can draw a conclusion of the actualities of our national outward direct investment as following: Concerning the present state of development, the gross increases rapidly, the scale of individual investment tends to be small and the average scale of the overseas enterprises isn't large; Concerning the main body of investment, a few nation-owned large enterprises are in the leading position and the small and medium enterprises including private enterprises are the majority; With regard to the ways of establishment, most adopted setting up new enterprises, but few chose to purchase local entities. The trend of the latter, however, is growing; With regard to the forms of management, Joint venture and efforts is the mainstream form, and exclusive investment belongs to the secondary one. On the industrialdistribution, resource exploitation, processing, manufacturing and technology development are the main territories of investment, while the enterprises which are engaging in primary processing and manufacturing take up around half of them; On the regional distribution, the developing countries have the major number of the enterprises. However, the developed ones have the major amount of capital. In a word, compared to the past, the outward direct investment of our country develops rapidly, but when compared with related foreign countries, there is a wide gap. Seen as a whole, our national outward direct investment at the present phrase is still at the very beginning stage of development and is at a low rate of participating in the internationalization of production which do not match our nation's status of being power economy. On the threshold the new century, the application of the strategy called 'go outward' and the enrollment of the WTO enabled our nation to enter a new stage, of which one of the main landmarks is the rise of outward direct investment on a large scale. Due to extensive prosecution of outward direct investment, the speed of the increment of outward direct investment is higher than that of the direct investment of foreign traders, and this will inevitably constrain and then close the gap between the amount of direct investment of foreign traders and that of outward direct investment of our nation. This is the internal appeal and the inevitable consequence of the evolutionary logic of outward direct investment after our national economic development has entered into the new stage and also the objective requirement of the development of the economic globalization's going deep. In the next 20 twenty years, concerning the industrial distribution, Chinese outward direct investment will still give priority to industry. Therein, the outward direct investment of fundamental industries will be enhanced and in processing and manufacturing industry, the proportion of outward direct investment of the manufacture of machine electricity will be evidently promoted. The proportionof outward direct investment of high technical industry will be promoted to some extent. Meanwhile, outward direct investment of agriculture will proceed with its promotion and there will be new improvement of outward direct investment of service industry. Concerning the regional distribution, our main objects of outward direct investment are the developing countries of Asia, Africa and Latin America. The important ones include Russia, the rising markets of Eastern Europe and the developed countries such like America, Canada, Australia, Japan and the countries of Western Europe. Therefore, the strategy which should be adopted at present is to mend our pace to develop the multinational enterprises of our nation under the full support of the government.
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