Research On The Industry Selection Of China's Direct Investment In Japan

With the development of China's economy and the deepening of economic globalization,OFDI has become an important way for Chinese enterprises to participate in international division of labor,expand their space of development and strengthen their international competitiveness.Since the establishment of diplomatic ties between China and Japan in 1972,it has been 45 years.As Asia's largest developing country and the strongest developed country,the economic relationship between China and Japan has a profound impact on the whole of Asia and even the world.In recent years,China's direct investment in Japan has entered a new stage with the policy of both sides.To study the industrial choice of China's investment in Japan is not only to study the reverse direct investment in China,but also to indicate the direction of China's investment in Japan from an industrial perspective.From the scale of investment,China invests directly in Japan shows the characteristics of small stock and large increment.From the perspective of investment status,China has become the seventh largest source of foreign investment in Japan,and its investment status keeps rising.From the perspective of two-way direct investment,the direct investment between China and Japan presents asymmetry and investment still has great potential.From the perspective of investment orientation,China's investment in Japan is dominated by bond instruments,with a strong short-term tendency.The main reasons for China's choice of Japan's direct investment industry are bypassing trade barriers,opening up overseas markets,crossing technical barriers,learning advanced technologies,and promoting China's and Japan's government's strategic policies.China's direct investment industry in Japan chooses four dominant industries for direct investment in Japan based on industrial comparative advantage,homogeneity of industrial structure,promotion of industrial self-employment,radiation effects on related industries,and foreign investment policies in Japan.They are machinery manufacturing,R&D,tourism and real estate,and finance and insurance.This article analyzes the economic effects of China's direct investment in industrial selection in Japan,which is the impact on the upgrading of China's industrial institutions and the impact on export trade.First,by establishing a model of world development,China's direct investment in Japan is verified.The amount of investment and investment structure contribute to the upgrading of China's industrial structure.The amount of investment from Japan to China is not significantly related to the upgrading of China's industrial structure.Second,through the trade integration index,it is confirmed that China's direct investment in Japan is conducive to China and Japan.Improvement of trade relations;At the same time,the paper analyzes the co-integration of China's direct investment in Japan and China's exports of primary products,capital-intensive industries and labor-intensive industries respectively.The empirical analysis shows that: China's direct investment in Japan has a positive long-term and stable relationship with China's exports of primary products,has a positive long-term and stable relationship with China's exports of labor-intensive products and has a stable relationship with the growth of China's capital-intensive products during their export growth.China's direct investment in Japan is the granger cause of China's exports to Japan's primary products,labor-intensive industries and capital-intensive industries.This also proves that China's export to Japan is complementary to foreign direct investment,and the main reason for China's direct investment in Japan is to promote the export of related industries.China's direct investment in Japan has an advantage in policy and Japanese companies' recognition of China,but the unstable political relations between China and Japan have also worried Chinese companies.The industrial choice of China's direct investment in Japan should be analyzed from the two aspects of national strategic level and enterprise micro level.From the perspective of national strategy,large multinational corporations should be cultivated,qualified personnel should be cultivated and specialized service agencies should be established.From the enterprise micro level,should deepen to Japan have brand advantage and leading technology industry investment cooperation,develop key investment cooperation,to Japan to set up r&d centers in Japan,design products for the global,etc.China and Japan should avoid vicious competition,complement each other's strengths,and jointly face the world...