The Influence Of Two-way FDI On Total Factor Productivity Between China And Countries Along "Belt And Road"

As our country’s economy turns to the stage of high quality development,changing the mode of development,optimizing the economic structure,and changing the power of growth have become the three difficulties that our country’s economic development needs to overcome.To improve the total factor productivity and enhance the economic innovation and competitiveness of our country is the important goal of promoting the "three major changes".Belt and Road’s strategy has given China and countries along the route more investment opportunities.From the background of Belt and Road’s strategy,this paper explores whether two-way investment between China and other countries along the route can improve TFP.This paper first analyzes the current situation of two-way investment between China and the countries along "Belt and Road";next,the DEA-Malmquist index method is used to measure the total factor productivity and its decomposition items in 59 countries along "Belt and Road",and from the angle of time and space,this paper analyzes the present situation of TFP and its decomposition term from 2006 to 2015;finally,based on the panel data of 36 countries,a dynamic panel model is constructed to test the influence mechanism of two-way investment between China and "Belt and Road" countries on TFP on the basis of total sample data and regional data.It is found that(1)China’s investment in countries along "Belt and Road" has the characteristics of uneven development,single investment project and single investment subject.(2)The growth of TFP in the countries along Belt and Road is the result of both the change of efficiency and the change of progress.Among them,the TFP growth momentum in Asia is better than that in Europe and Africa.The improvement of TFP in Asia is due to the optimization of resource allocation,while that in Europe is mainly due to the development of science and technology.(3)From the analysis of total sample,the technology spillover of OFDI can promote the total factor productivity and technology efficiency index of the countries along the route,the effect of IFDI technology spillover on total factor productivity and its decomposition is not significant.(4)From the sample analysis of different regions,in Asia,the technology spillover of IFDI plays a significant role in promoting the TFP,the effect of OFDI technology spillover on TFP is not significant.In Europe,OFDI technology spillover is beneficial to the improvement of resource allocation ability,and IFDI technology spillover is beneficial to the improvement of TFP and technical efficiency index in Europe.