Study On The Impact Of Two-way Direct Investment On The Efficiency Of China’s Green Economy

Through deepening reform and opening up policy,China’s economy has achieved rapid development,and economic strength has been greatly enhanced,but the long-standing rough economic growth mode has also brought enormous pressure on resources and environment,global environmental pollution is becoming increasingly serious,and the ecosystem is deteriorating,so changing the mode of economic growth,and realising high-quality development of the economy have become the primary task of the current research on the development of green economy.At the same time,after China’s accession to the World Trade Organisation(WTO)in 2001,the model of open economy has been gradually established,and the concept of coordinated development of ‘bringing in’ and ‘going out’ has become the key to expanding the space for domestic economic development in the new era of socialism with Chinese characteristics.Under the current complex and volatile international situation such as the prevalence of anti-globalisation,weak recovery of the world economy and reform of the WTO rules,China’s two-way direct investment still maintains a steady trend,and the scale of opening up to the outside world has continued to expand,covering an increasingly wide range of fields,while at the same time China is at an important stage of transforming itself from an investmentimporting country to an investment-exporting country.In the context of this era,China’s economy is faced with the trade-off choice between new economic growth and new ecology of environmental protection.So,can the development of two-way direct investment promote the efficiency level of green economy? If it can,what is the mechanism of action? What is the effect of the development of two-way direct investment in China on the efficiency of green economy?Is there a spatial effect? What kind of characteristics does it show? What are the differences in the impact of two-way direct investment on the green economic efficiency of the three major regions of China: East,Central and West? An in-depth study of these issues is of great theoretical and practical significance for improving the level of green economic efficiency in various regions of China,promoting the high-quality development of China’s economy,and ensuring that the people of China enjoy a greener and better-quality living environment.This paper takes the coupling coordination degree of two-way direct investment and green economic efficiency of 30 provincial-level administrative regions in China(excluding Tibet Autonomous Region,Taiwan Province,Hong Kong Special Administrative Region and Macao Special Administrative Region)as the research object,combines the basic theories of the investment development stage theory,technological innovation and industrial upgrading theory,the integrated international investment development theory,the green growth theory,and the theory of spatial effect,and analyses the role mechanism of the impact of two-way direct investment on green economic efficiency and constructs the basic theoretical framework by scientifically defining the basic connotations of two-way direct investment and green economic efficiency.By scientifically defining the basic connotation of two-way direct investment and green economic efficiency,the mechanism of two-way direct investment affecting green economic efficiency is theoretically analysed and the basic theoretical framework is constructed.Based on the sample data from 2004 to 2021,China’s two-way direct investment coupling and coordination degree and green economy efficiency are measured by using the comprehensive indicator system and efficiency measurement model,exploring the dynamic pattern and spatial characteristics of the two variables in the sample period,and empirically testing the two-way direct investment coupling coordination degree and green economy efficiency in China from the national level and the level of the three major economic regions of the east,the middle and the west by using the panel SYS-GMM model.The driving role of two-way direct investment on green economic efficiency is empirically tested,and the spatial effect of two-way direct investment on green economic efficiency is analysed with the help of spatial econometric model.The main conclusions of this study are as follows:Firstly,from the measurement results of China’s two-way direct investment coupling and coordination degree,the two-way direct investment coupling and coordination degree of China’s provincial-level administrative regions during the sample observation period shows a fluctuating upward trend as a whole,but the absolute value level is still in the medium-coupling and coordination stage,and the two-way direct investment coupling and coordination degree of the three major economic regions shows the significant ‘East-Middle-West’ gradient characteristics.China’s two-way direct investment coupling degree of coordination in space as a whole from the random distribution gradually to the distribution of agglomeration,China’s two-way direct investment hot spots and sub-hot areas in the eastern coastal region,cold spots and sub-cold areas are mainly distributed in the western and northeastern regions.Secondly,from the measurement results of China’s green economic efficiency,the overall green economic efficiency level of the country during the sample observation period is in a spiral upward,and the green economic efficiency levels of the three major economic regions all show an upward trend,and the eastern region > central region > western region.High-speed and highefficiency type regions have a good momentum of green economic development,far exceeding other provinces,high-speed and low-efficiency type regions have a greater potential for improving green economic efficiency,low-speed and low-efficiency type regions have a significantly lower efficiency value than other types of provinces,and low-speed and highefficiency type regions have fewer resource-consuming industries and a stronger green economic efficiency.Thirdly,from the results of the impact of two-way direct investment on green economic efficiency from the non-spatial factor,two-way direct investment does have a significant role in promoting China’s overall green economic efficiency.The coupled and coordinated development of two-way direct investment is conducive to improving the green economic efficiency of the eastern region,is not conducive to improving the green economic efficiency of the central region,and has no obvious promotion effect on the green economic efficiency of the western region.From the results of the mechanism test,two-way direct investment can indeed enhance China’s green economic efficiency through the optimisation of the industrial structure;the impact of twoway direct investment on green economic efficiency significantly exists single-threshold effect based on green technology innovation.Under the constraint of green technological innovation threshold,the relationship between two-way direct investment and green economic efficiency is‘U’ type,only when the level of green technological innovation reaches a certain threshold,twoway direct investment can significantly promote the growth of green economic efficiency.Fourthly,from the results of the impact of two-way direct investment on green economic efficiency considering spatial factors,both two-way direct investment and green economic efficiency show positive spatial autocorrelation characteristics of high-value-high-value agglomeration and low-value-low-value agglomeration.The coefficient of the impact of two-way direct investment on the green economic efficiency of the neighbouring provinces within the region is significantly positive in the eastern provinces,two-way direct investment in the central provinces has a non-significant inhibitory effect on the green economic efficiency of the neighbouring provinces within the region,and there is a significant inhibitory effect of two-way direct investment in the western provinces on the green economic efficiency of the neighbouring provinces within the region.This thesis puts IFDI and OFDI in the same research framework,constructs the basic theoretical analysis framework of the impact of two-way direct investment on green economic efficiency,improves the measurement method of two-way direct investment,and explores the effect of two-way direct investment on green economic efficiency based on the dual perspective of time and space,which provides a reference research and judgement for clarifying the development path of two-way direct investment and green economic efficiency in China.It also provides certain policy references for maintaining the sustainable and healthy economic and social development.