Research On China's Investment In ASEAN Countries Under The Background Of FTA

China-ASEAN Free Trade Area is a significant economic and trade arrangement in the history of bilateral relations between China and ASEAN.It is also the largest FTA and the largest FTA with the world's largest population.2018 is the 15th anniversary of the strategic partnership between China and ASEAN.They have formed a comprehensive,multi-level and wide field of cooperation.In 2010,CAFTA was completed.In 2015,they signed the escalation protocol of the CAFTA.After the establishment of the FTA,the economic and trade cooperation between China and ASEAN has been speeded up.Meanwhile,two-way investment between them is also developing.In 2016,Chinese investment in ASEAN was 86.1 times that of 2003,and the 2015 data is 122.4 times that of 2003.According to related research,the establishment of FTA will have an impact on a country's foreign investment,but whether it plays a major role and its impact on industrial structure is different with different types of FTA.It can find the size and the problems of the investment role under the background of FTA in China through the study of the impact of Chinese investment on ASEAN under the background of FTA.Put forward some suggestions on the problem,so as to give full play to the investment effect under the background of FTA.And it provides guidance for Chinese enterprises to invest in foreign investment,and provides empirical and theoretical support for the promotion of CAFTA("10+1”)and the RCEP in negotiation.This paper studies with six aspects.The first part is a review of research at home and abroad.I have combed the related literature from the angle of the regional economic integration,the investment motivation of transnational corporations,the internal investment effect and external investment effect,the investment effect of different types of regional integration organizations and the relationship between investment and trade.The second part compares the characteristics of China's overall foreign investment and China's investment in ASEAN to analyze the development of China's foreign investment.The third part is the analysis of Chinese foreign investment mechanism under the background of FTA.The fourth,fifth part is an empirical study.In the fourth part,I use the synthetic control and dual difference method study on the impact of Chinese direct investment on ASEAN under the FTA background.The results show that FTA has contributed to China's investment in ASEAN.But the effect is far less than the level of infrastructure construction,institutional factors and market scale.The fifth part is to study the change of China's foreign investment structure and the upgrading of the industrial structure by using the grey relational analysis method.The results show that FTA is more effective in promoting the investment of the second,third industry to ASEAN.And the foreign investment of labor intensive industry and strategic resource seeking industry plays a greater role in the optimization and upgrading of China's industrial structure.The last part puts forward the conclusion of the research.In order to improve the investment effect of CAFTA,the government should maintain a further friendly and cooperative relationship with ASEAN and achieve more in-depth,liberalized and facilitated investment cooperation.Establish ASEAN Investment Information Base,implement differentiated economic policies,and continue to encourage enterprises to implement the strategy of "going global".Improve the supervision of Chinese enterprises'international direct investment and establish a perfect legal system for them.The government should strengthen investment platform constction,encourage and guide the leading enterprises in the industry to build cooperative zones outside China.Enterprises should speed up the establishment and innovation ability of the modern enterprise system,and comprehensively enhance the competitiveness of Chinese enterprises in the East Asian market.Choose the investment countries and investment industries carefully.In order to promote the negotiation with the China ASEAN"10+1" upgrade,we should build an "upgraded version" with investment as the main line,and promote the all-round cooperation with ASEAN.Leveraging "One Belt,OneRoad" break through the bottleneck of FTA upgrade.The enterprises also should shape the bilateral relations between China and ASEAN actively and build a flagship project for the destiny of China and ASEAN.To promote negotiations on RCEP,China andASEAN should strengthen their cooperation in the financial field.They should also establish investment coordination institutions,investment cooperation mechanisms and investment service platforms.Finally we should strengthen political mutual trust and participate in rules making.