| Using of foreign investment is an important part of China's opening up,and also an important driving force to realize industrialization and modernization.Since the reform and opening up,foreign investment has first made up for China's "Savings Gap" and "foreign exchange gap" and promoted economic growth,and then indirectly promoted China's economic growth through the investment drive and multiplier effect generated by industrial linkages.In addition,foreign investment has improved the quality of China's economic development and brought many benefits through the mechanisms of technology spillover,management spillover,export promotion,employment absorption and competitive effect.At present,China has entered a new stage from policy oriented opening to institutional opening,which is mainly manifested in the new pattern of opening from key regions to all-round opening.In terms of the utilization of foreign investment,China has entered a stage of investment liberalization and facilitation,in which national treatment before access plus negative list management and national treatment after access are implemented.In this context,it is of great significance for inland areas to introduce foreign investment and improve the efficiency of foreign investment utilization to support the new pattern of all-round opening up.And competition effect,which directly or indirectly improves the quality of China's economic development and brings many benefits.Shanxi Province,as a central province connecting the East and west of China and connecting the South and north of China,has a low degree of economic extroversion and a low level of development.If we do not strengthen the introduction of foreign investment and improve the efficiency of foreign investment utilization and economic openness,it will inevitably lead to a "blockage" in the new pattern of all-round opening up in the central region.At present,there are three challenges in the utilization of foreign investment in Shanxi Province: first,The prevailing trend of anti globalization and the competition of other developing countries and regions may reduce the flow of foreign investment to Shanxi;second,the regional heterogeneity of China's long-term opening-up policy makes the utilization of foreign investment in Shanxi Province face the "Matthew effect" in the new era;third,foreign investment in the resource sector The path dependence of investment may reduce the efficiency of using foreign investment.Under the above background,how to strengthen the use of foreign investment in the new situation,improve the comprehensive benefits of the use of foreign investment,and change the "Matthew effect" into "late development advantage" has become a major proposition for Shanxi Province to promote the institutional opening-up and support the new pattern of China's all-round opening-up.To answer this proposition,we must first sort out the change process of foreign investment utilization,summarize the rules,evaluate the benefits and analyze the influencing factors,and put forward targeted policy suggestions according to these rules.Up to now,there are few studies on the changes and benefits of foreign investment utilization in inland resource-based areas in China.The existing researches on the utilization of foreign investment in Shanxi Province are also lack of interpretation due to lack of understanding of historical facts.As an inland Resource-based Region,Shanxi Province has its unique logic and law in the utilization of foreign investment due to the characteristics of inland location and resource-based economy.Starting from these two characteristics,it is of typical practical significance and theoretical value to study the changes and benefits of the utilization of foreign investment in Shanxi Province.Based on the above discussion,this paper studies the changes and benefits of foreign investment utilization in Shanxi Province since the reform and opening up.Firstly,on the basis of literature analysis,referring to the landmark events in the history of foreign investment utilization and the stage leading factors of foreign investment utilization in Shanxi Province,the research period is divided into four stages,which are 1978-1991(small-scale exploration under inland location constraints),1992-2001(high-level foreign investment under the exchange of inland location constraints and resourcebased economic characteristics),2002-2012(strengthening the advantages of resource-based economy and rapid introduction of foreign investment in service industry),2013-2018(introducing high-quality foreign investment to promote the transformation of resource-based economy and enhance economic openness).Secondly,using the methods of historical data analysis,normative analysis,historical system analysis and induction and deduction,this paper summarizes the facts and laws of the changes in the use of foreign investment in each stage,evaluates the comprehensive benefits of the use of foreign investment and analyzes its influencing factors.Finally,combined with the current internal and external environment of foreign investment utilization in Shanxi Province,this paper puts forward some policy suggestions to draw lessons from the future.The main conclusions are as follows.On the facts of the changes in the utilization of foreign investment in Shanxi Province,we find that since the reform and opening up,the overall scale of foreign investment utilization in Shanxi Province is small,but it shows an upward trend,and it has adapted to its economic scale at the present stage.Foreign direct investment(FDI)has become the main way of investment since 2006.The proportion of foreign investment projects from Hong Kong,Macao and Taiwan has always been an absolute advantage.The proportion of foreign investment projects from Europe,America and other developed countries first increased and then decreased.The main factors that affect the country structure of foreign investment sources are financial crisis,geo economy and so on.In the way of foreign investment,the proportion of wholly foreign-owned enterprises in Shanxi province continues to be lower than that of the whole country.The main reasons are poor business environment,high transaction costs and the limitation of equity proportion in resource-based industries.In the industry of foreign investment,before China's entry into WTO,industry was the main industry.After China's entry into WTO,foreign investment in service industry increased gradually.The proportion of investment in coal,coking,metallurgy,electric power and other traditional fields within the industry has experienced a process of first increasing,then decreasing,and then increasing.In terms of foreign investment areas,Taiyuan,the provincial investment,is in the majority,but the regional coordination of foreign investment is gradually increasing,and development zones and other industrial parks are gradually becoming the main carriers of foreign investment.As for the summary of the law of changes in the utilization of foreign investment in Shanxi Province,we have the following views.Firstly,resource endowment is the unique condition for Shanxi Province to attract foreign investment,and it is also the root of the difference between Shanxi Province and the whole country in the characteristics and benefits of attracting foreign investment.Until now,resource endowment is still the main factor to attract foreign investment in Shanxi.Secondly,Inland location factors and resource-based economic factors balance each other in the dominant position of foreign investment decision-making.Under the inland location factor,foreign businessmen usually invest in industries with high added value and insensitive transportation cost based on the consideration of transportation cost.Considering the income of resources,foreign businessmen tend to invest in primary resource products,but such products have low added value and high transportation cost.After the improvement of transportation conditions,foreign investment in the resource sector is more convenient,and the cost of transportation is lower.The increase of investment in the resource sector will reduce the efficiency of investment,so it needs policy guidance and regulation.Thirdly,In the past 40 years,the utilization of foreign investment in Shanxi Province has been focused on two aspects: strengthening the advantages of resource industry and making up for the shortcomings of development.As a result,the starting point of the utilization of foreign investment is excessively focused on the resource-based economy,while ignoring the release of the comprehensive benefits of foreign investment.Forth,It is the result of the comparison between the internalized cost and the operating income of the competitive advantage that foreign investors choose which way to invest in Shanxi Province.The degree of marketization and business environment will affect this decision.Finally,The nature of investment proliferation determines that whether direct or indirect foreign investment,profitability is an important factor to be considered.We discuss the performance of Shanxi Province's utilization of foreign investment.It is found that since the reform and opening up,the overall efficiency of Shanxi Province's utilization of foreign investment has increased.Foreign investment from Hong Kong,Macao and Taiwan is higher than that from other regions.The former has comparative advantages in innovation and coordination,while other foreign investment is better in sharing efficiency.At the present stage,innovation benefit and green benefit are two aspects that need to be improved.We analyze the reasons of influencing the utilization of foreign investment in dimensions.We find that: first,Shanxi Province has a single industrial structure,insufficient industrial chain length,and low absorption capacity of innovation results,which is not conducive to absorbing the innovation spillover of foreign investment;the "Internalization" of joint venture management reduces the spillover of foreign investment management experience.Second,it encourages foreign investment in the primary resource products production sector,which reduces the coordinated benefits of foreign investment in Shanxi Province,and this reduction is sustainable.Third,the investment industry has high carbon and low environmental regulations,reducing the green benefits of foreign investment.Fourth,under the resourcebased economy,the resource-based foreign investment is chasing the foreign investment to squeeze out the outward oriented foreign investment;after the exchange rate gap is eliminated,Shanxi Province has weakened its motivation to generate foreign exchange,and the importance to the imported foreign-funded enterprises is reduced,which affects the opening-up benefits of foreign investment.Fifth,cost sensitive foreign investment has low technical requirements for labor force and strong replaceability,and invests in low value-added areas.In the case of real estate overheating promoting land price rise,foreign investment tends to reduce employee wages,thus reducing income driven benefits.The above factors are not only the reasons for reducing the efficiency of foreign investment utilization,but also the entry point for Shanxi Province to improve the efficiency of foreign investment utilization.At the end of this paper,based on the above analysis,combined with the current international,domestic and provincial environment of foreign investment utilization in Shanxi Province,we put forward 15 targeted and feasible suggestions from six aspects.The six aspects are as follows: first,under the overall situation of global climate change,we should increase the intensity and scale of the introduction of Green foreign investment.Second,in the new regional investment and trade agreements such as RCEP and CIA,we should carry out precise investment promotion based on key fields and objects.Third,in the one belt,one road initiative and the double cycle development pattern,we will take the initiative to undertake and introduce relatively advanced and highly efficient foreign enterprises.Fourth,under the adjustment of coal production layout that "coal production is concentrated in resource rich areas",we should not only enhance the coordination of foreign investment,but also give full play to the green benefits of high-quality foreign investment in the fields of clean coal production,transportation and processing.Fifth,in the transformation of resource-based economy,we should enhance the innovation efficiency of foreign investment and increase the investment attraction of producer services.Sixth,we should build a highquality environment for attracting foreign investment,pay more attention to the increment and stabilize the stock,and further release the comprehensive benefits of existing foreign-funded enterprises. |
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