| Since the reform and opening, China’s foreign trade and foreign direct investment has made great achievements.In2010, China’s total import and export were2.9728trillion U.S. dollars which increased34.7%than2009.Among them, the export was1.5997trillion U.S. dollars which with an increase of31.3%,and the import achieved1.3948trillion U.S. dollars with an increase of38.7%.In2010, the inflow FDI quantity into China was more than100billion U.S. dollars for the first time, ranking second in the world and first of the developing countries. According to the truth of China’s foreign trade and foreign direct investment constantly updated, you can see that foreign trade and foreign direct investment has shown converge and symbiotic growth state, which promote the development of Chinese economy rapidly. In the process, you can also see that China involve in international division of labor showing obvious trend of trade and investment integration.From a macro point of view, Trade and investment integration is the foreign trade and foreign direct investment in the consistency of the direction, time synchronization, external trade and foreign direct investment in complementary and interactive development of the phenomenon. From the micro point of view, the essence of trade and investment integration is, under the element division, the multinational corporations allocate resources in the world, which make more and more international direct investment and international trade around the value chain of multinational corporations and show the combined effect, interdependent, symbiotic integration of phenomenon. Since the reform and opening up, especially since China’s accession to WTO, with the introduction of a large number of foreign investments, the vast majority of Fortune500companies have come to our investment. According to Zhang erzhen and other scholars, China’s Yangtze River Delta has become the integration of trade and investment patterns. But, the first opening of the Pearl River Delta region whether has developed the integration of trade and investment trend? This paper tries to analyze the following questions:(1) Pearl River Delta of foreign direct investment and foreign trade situation?(2) Whether the Pearl River Delta has formed integration of trade and investment trends?(3) Under the conditions of trade and investment integration, what’s the difference between the development of the Pearl River Delta and Yangtze River Delta?(4) Under the trade and investment integration trend, what’s only way for the Pearl River Delta’s sustainable economic development? How to improve the capability of independent innovation.The research ideas are as follows:Firstly, according to the Pearl River Delta region’s industrial structure, foreign trade, foreign direct investment, trade and investment these years, understand the Pearl River Delta region’s foreign trade and foreign investment Current Situation. Secondly, use empirical analysis as co-integration analysis and vector error correction model to analysis relationship between trade and foreign direct investment, and interpretation of empirical results. Thirdly, through the empirical analysis of the results determine if the Pearl River Delta has existed trade and investment integration trend, and compared the Pearl River Delta and Yangtze River Delta’s economic development on the basis. Fourthly, consider how to make the Pearl River Delta region’s economy sustainable development healthy under the investment integration background? And study developing economies’innovation theory under the conditions of integration of trade and investment, combining the actual situation of the Pearl River Delta, then propose countermeasures to promote independent innovation.Main contents are as follows:First of all, this paper talks about the relationship between the traditional foreign trade and foreign direct investment. Mundell (1957) analyses standard model of the two countries, two goods and two factors of production and thought the foreign trade and foreign direct investment is an alternative relationship, but the theoretical premise of this result was too strict. The20th century late of70to mid of80’s, Kiyoshi Kojima released a lot papers about international trade and foreign direct investment, opposed Mundell’s alternative relationship between trade and investment. He thought the relationship between foreign trade and foreign direct investments were complementary. With the development of economy, capital and technology and other elements in the international flow of technical barriers and institutional barriers decreasing, the international trade and foreign direct investment has increasingly presented a symbiotic growth, mutually reinforcing trends.Then, analysis the Pearl River Delta’s foreign trade and foreign direct investment status, mainly on the Pearl River Delta region the size of foreign trade, product mix, geographical distribution, and the scale of foreign direct investment, investment approach and to enter the country (region), and make foundation for subsequent empirical analysis.Again, make quantitative empirical analysis by VAR, co integration and vector error correction model to analysis the relationship between the Pearl River Delta region’s external trade and foreign direct investment, for a long run, the region’s foreign trade and foreign direct investment between is a complementary relationship. So the region has formed the initial pattern of trade and investment integration. And on this basis, compare the Yangtze River Delta and Pearl River Delta region.Finally, according to the theory of trade and investment integration, combining the actual situation of the Pearl River Delta region, writer thinks that the Pearl River Delta must take independent innovation to keep sustainable economic development under trade and foreign direct investment integration, and make recommendations.The main innovations of this paper are:First, China’s domestic scholars, mainly focus on trade and investment integration of provinces and cities, the Yangtze River Delta region, but there’s no study about Pearl River Delta region; Second, most of China’s domestic scholars compare Yangtze River Delta and Pearl River Delta of China, from total macro, economic development, but there’s not comparing based on the integration of trade and investment background. Third, there have many articles about innovation, but the articles about innovation, in terms of trade and investment integration are less, and there’s no article about Pearl River Delta’s self innovation in this condition of integration of trade and investment. Although this article has many innovations, there are many inadequacies:First, our data are from1992-2009, due to a late start time of China’s reform and opening up, so results a shorter time span of annual data, which can’t make use of panel data analysis, affecting the accuracy of empirical analysis. Therefore, it can not have deep analysis of relations between Pearl River Delta trade and investment. Second, due to data availability problems, comparing of characteristics between Pearl River Delta and Yangtze River Delta, under the trade and investment integration background, can only compare the macro level, rather than detailed comparison foreign direct investment from the industry. |
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