The Impact Of China's Ofdi Reverse Technology Spillover On Domestic Industry Structure Under The Background Of One Belt And One Road

In the face of the external environment with weak global economic recovery,continuous local conflicts,and intensified global problems,the Chinese government continues to adhere to the reform and opening up in the face of the internal environment where China's economic development has entered a new normal and has excess production capacity.In the autumn of 2013,the 'Belt and Road Initiative' was proposed to further promote the formation of a new pattern of openness.In the report of the 19th National Congress of the People's Republic of China,it was emphasized that we must focus on the construction of the 'Belt and Road Initiative',expand foreign trade,implement high-level trade and investment liberalization and facilitation policies,innovate foreign investment methods and promote international capacity cooperation.The proposal of 'The Belt and Road'initiative can enable China to invest directly in the form of capacity cooperation and share quality production capacity with countries along the way.Facts have proved that outward foreign direct investment has become an important form of capacity cooperation between Chinese enterprises and countries along the route.Under this background,this paper attempts to explore China's OFDI of countries along the road for the reverse technology overflow effect on industrial structure in our country.In this paper,the literatures of domestic and foreign scholars to study the foreign direct investment are sorted out first,and the current research status is understood.On the theoretical level,this paper induces the path of reverse technology spillover and the impact of reverse technology' spillover on the industrial structure.Multinational corporations can use the ' greenfield investment',cross-border mergers and acquisitions or joint R&D methods to conduct direct foreign investment according to the different characteristics of the host country.They can use the sharing of research and development costs,technical imitation,cross-border flow of R&D personnel,etc.to obtain reverse technology spillovers and promote the technology level of the home country's company.When the home country's company gains a certain degree of competitiveness by virtue of its technological level,companies in the inter-industry industry will promote industrial scale expansion and technological upgrading through competition,R&D cooperation,or mergers and acquisitions.Similarly,when the industry's competitiveness increases,different industries will jointly promote the upgrading of the overall domestic industrial structure because of the linkage effect,competition effect,or transfer effect.This article uses this as a theoretical basis for empirical analysis.In the empirical analysis,this article is based on the panel data from 29 provinces and autonomous regions in China of year 2003?2015,calculating the international R&D capital stock acquired from 52 countries along the way by our countries' OFDI,the international R&D capital stock by importing from the countries along the line and the R&D capital stock from the direct investment of the countries along the line,and building the econometric model with the industrial upgrading.Moreover,the interaction of human capital,domestic R&D capital stock and reverse technology spillover effect of China's OFDI is added to the model to expand the model.Due to the large difference of industrial-structure in the eastern and central parts of China,this paper conducts a sample regression.The main empirical results are as follows:(1)At present,China's domestic R&D capital stock can absorb OFDI reverse technology spillovers in countries along the line,promote China's technological level,and further promote the optimization of China's industrial structure.(2)The international research and development capital spillover from the eastern region's OFDI to the countries along the route can not produce technology spillover in this area,which has certain hindrance to the high level of industrial structure in the eastern region.The eastern region can obtain technology spillovers from countries along the route and promote the advanced industrial structure in the region.(3)The human capital in the central and western regions has absorbed the backward technological spillovers of OFDIs in the countries along the route,which has promoted the industrial structure optimization of the region to a certain extent,but the effect is not significant.At the end of this paper,relevant policy recommendations are proposed based on empirical results.