Research On Chinese Manufacturing Industrial Upgrading Effect Of OFDI Under The Belt And Roacd

In recent years,China's economic growth has slowed down,and economic development has entered a new normal stage.The development status of the manufacturing industry is not what it used to be.The previous mode of developing traditional manufacturing industry cannot meet the development demand under the current new normal economy.As a result,it has become an important strategic choice for industrial structural reform to develop advanced manufacturing,push manufacturing industry from low-end to high-end technology,and promote the transformation of traditional development mode featuring high consumption and high pollution into a new mode featuring high efficiency,green and sustainable development.The world has entered an important period of great development,revolution and adjustment.Since the financial crisis,the foreign investment intentions of the developed countries have deceased.In recent five years,as the financial crisis influence is gradually weakening,the scale of global foreign investment has been recovered.But in 2016 and 2017,global foreign investment growth has slowed down again,developed countries,led by the United States,focus on their domestic economic recovery and raise a wave of re-industrialization,aiming to attract manufacturing back their countries through tax reform and to revive the economy.If the world continues to keep the mentality of zero-sum game and regards foreign investment only as a tool to safeguard its own interests or national hegemony,it is no doubt detrimental to the recovery of the global economy.On this background,China has put forward the initiative of "the Belt and Road" to inherit and develop the core spirit of the silk road,including the peaceful cooperation,openness,inclusiveness,mutual learning,mutual benefit and win-win situation,to explore a new way of foreign direct investment based on win-win cooperation,and to realize the benign interaction between foreign direct investment and advanced manufacturing industrial development.This initiative is conducive for us to grasp the historical opportunity of the world industrial development and revolution,to push forward the progress of manufacturing technology,spread the market,and to promote the advanced manufacturing overtaking.Based on present research on the Outward Foreign Direct Investment(OFDI)at home and abroad,this thesis further focuses on the research on Chinese manufacturing industrial upgrading effect of OFDI under the Belt and Road.The influence path is teased from the theoretical level.Three possible influential effects of resource shortage,industrial transfer and technique overflow are theoretically constructed and practically verified.Data from 66 manufacturing-listed companies which have participated in the Belt and Road initiative from 2011 to 2017 are collected.Utilizing the Propensity Score Matching(PSM)and the Difference-in-Difference(DID)methods,the empirical researches are conducted.Looking into the relationship between OFDI and industrial upgrading of manufacturing enterprises with different technological levels and different enterprise natures,the Chinese manufacturing industrial upgrading can be promoted with OFDI under the Belt and Road.This thesis is divided into six chapters to analyze and study these contents one by one,and the main works are as follows:First and second chapters show the introduction and theoretical basis respectively,mainly introduce the research background and significance,tease the research status of OFDI and the research achievement of domestic manufacturing industrial upgrading promoted by OFDI,elaborate the thesis structure and research methods,and finally point out the innovations and shortcomings of this thesis.In the theoretical foundation part,the OFDI theories are briefly reviewed from two perspectives of developed and developing countries,especially the latter.After that,based on the perspectives of global value chain and industrial structure,the theory of industrial upgrading is briefly introduced as well.Chapter three introduces the status quos of OFDI and the manufacturing industrial development under the Belt and Road,and analyzes some problems existed in the manufacturing industrial development.The situation of OFDI to the globe is compared with that to the countries alongside the Belt and Road in order to summarize the development features of OFDI under the Belt and Road.Chapter four involves the mechanism analysis,elaborating the relevant investment theory and manufacturing development of OFDI under the Belt and Road as well as the relationship between them,laying a theoretical foundation for the following analysis and empirical test on the influential effects.In chapter five,the empirical test is conducted based on the PSM-DID model and the actually collected data.The verification results show that OFDI under the Belt and Road plays a positive role in promoting productivities of high-and mid-end manufacturing enterprises,while it has no significant effect on manufacturing enterprise of low-end technological level.As a result,it can be concluded that OFDI under the Belt and Road can significantly promote the manufacturing industrial upgrading.Besides,it is also found that the manufacturing industrial upgrading effect appears to be weaker for private-owned enterprises than public-owned enterprises.Chapter six contains the conclusions and some relevant policy recommendations.The research results of the thesis are summarized.Some Suggestions on how China should carry out OFDI under the Belt and Road strategy to effectively promote the manufacturing industrial upgrading are put forward.