Location Choice Of China's Direct Investment In The "Belt And Road" Countries

Since the "Belt and Road" initiative was first proposed in 2013,China's links with countries along the "Belt and Road" have become increasingly close in economic cooperation.Now the "Belt and Road" has changed from an initiative to an action,and from a vision to a reality,more and more companies seize investment opportunities and actively invest in countries along the "Belt and Road".In this new environment,from the perspective of direct investment motivation,we study the location choice of Chinese enterprises for direct investment in countries along the"Belt and Road",which will provide reference for enterprises' direct investment decisions in the future,and constantly close economic cooperation with the "Belt and Road" countries.First of all,starting from the traditional direct investment motive,combining the classic direct investment theory and the theoretical analysis of the direct investment status of the "Belt and Road" countries,introducing market efficiency factors and conducting in-depth research on the basis of previous studies,comprehensive market seeking.natural resource seeking,strategic resource(technology)seeking and efficiency seeking four types of investment motives,and analyzing China's influencing factors on the location choice of direct investment in the "Belt and Road" countries.Secondly,the empirical part uses the panel data of China's direct investment in 46 "Belt and Road" countries from 2008 to 2016,and empirically analyzes it by means of the extended investment gravity model.Through empirical analysis,it is found that China's direct investment in the "Belt and Road" countries belongs to typical market-seeking OFDI.The impact of natural resources is not obvious with the promotion of the "Belt and Road" strategy.At the same time,China prefers to invest in countries with low technology levels in order to make full use of the technology gap with the host country to fully utilize its own advantages of technology to achieve the "going out" of technology.For market efficiency,China is more inclined to invest in low-efficiency countries and regions,which is an efficiency-output direct investment,which is conducive to higher-level resources such as China's services and standards go out.In order to further study the impact mechanism of efficiency factors on the choice of direct investment location,we will constitute to study the three pillars of market efficiency:commodity market efficiency,labor market efficiency and capital market efficiency.The results show that the impact of commodity market efficiency is positive,and the impact of labor market efficiency and capital market efficiency is negative.This result is just in line with the original intention of the "Belt and Road" Initiative.The two sides have realized deep-level exchanges of technologies,services and standards with capital as a link to promote common progress and development.The research on other factors found that the better the development of the infrastructure of the "Belt and Road" countries,the higher the quality of the labor force and the higher the degree of openness,the more inclined China chooses to invest in the location selection.The farther away,the higher the maturity of the enterprise,the smaller the scale of direct investment in China.Finally,based on the above conclusions,feasible countermeasures and suggestions are proposed from the national and enterprise levels.The government should be committed to the cultivation of human capital and the construction of the"Belt and Road" exchange platform.While steadily promoting the improvement of China's comprehensive competitiveness,it should pay attention to the guidance of direct investment decisions and choices of enterprises so as to continuously close economic cooperation with relevant countries.In terms of cultivating competitive advantages,accelerating technological innovation,formulating a scientific external development strategy,and flexibly selecting OFDI locations,we will gradually increase the scale of OFDI by Chinese enterprises and promote the efficiency of cooperation.In this way,we can not only take advantage of this opportunity to alleviate the problems of overcapacity in China,deepen the structural reform of the supply side,but also drive the development of relevant countries,further strengthen the economic cooperation between China and the countries along the "Belt and Road"and promote the building of a community of destiny with the "Belt and Road"countries.