A Study On The Trade Effects Of China's Outward FDI To Countries Along Maritime Silk Road In Twenty-first Century

Since the ancient times,the Silk Road has been an important bridge for China's opening up.The construction of the Belt and Road has provided unprecedented opportunities for Chinese enterprises to Participating in world economic and has also provided solutions to China's efforts to resolve the increase in domestic labor costs and the output of high-quality surplus production capacity.As an important component of the Belt and Road,the “21st Century Maritime Silk Road” is about to usher in its fifth year since President Xi Jinping proposed in 2013.Under this background,understanding the relationship between foreign direct investment and import and export trade is conducive to the formulation of open-door policies in the future,and it can also provide empirical evidences for the establishment of a comprehensive and open new pattern.From previous studies,it can be seen that there is an important relationship between foreign direct investment and import and export trade in a country.Foreign direct investment shows a complementary or alternative relationship between import and export trade,and foreign direct investment with different motives affects the trade of home country.The path is also different.In order to solve the above problems,this paper adopts a combination of qualitative and quantitative analysis,theoretical analysis and empirical analysis,combined with relevant theoretical knowledge of international trade and international investment,using China and the "21st Century Maritime Silk Road" countries data on investment and import and export analyzes the trade effect of China's direct investment on countries along the route to the home country.Specifically,using the data of China's direct investment flows and import and export trade of the 23 countries along the Maritime Silk Road from 2003 to 2016 to distinguish regional and national resource abundances and economic development levels,we found that China's overall There are export creation effects on direct investment in countries along the Silk Road on the sea.Specifically,a 1% increase in China's direct investment in the Maritime Silk Road will increase exports by 0.125%.At the same time,direct investment in Southeast Asia will exist.Export creation effect and import substitution effect;direct investment in South Asia has no significant impact on import and export trade,and there is export creation effect on direct investment in Honghai Bay route countries.In addition,direct investment in resource-rich countries has no significant impact on trade,while direct investment in non-resource-rich countries has promoted the growth of export trade;in addition,the effect on the import and export of economically more developed countries is not significant,but the development of The direct investment of Chinese countries has export creation effects;finally,before and after the financial crisis,China as a whole has export creation effects on direct investment in countries along the Maritime Silk Road,and the effect has increased,and the effect on import trade has not been significant.