Research On Location Selection Of China's Direct Investment In "One Belt And One Road" Countries

In recent years,the supply-side structural reform has been further advanced,constantly stimulating the inherent vitality of the Chinese economy.In addition,the world economy is still in a deep adjustment,which makes the internal and external environment for China's economic development more complicated.However,the "One Belt and One Road" initiative has created new opportunities and challenges for China's economic development.In recent years,with the continuous progress of economic globalization,the foreign direct investment of Chinese enterprises has been developing rapidly.From 2003 to 2016,The stock of OFDI of Chinese enterprises has increased from $2.855 billion to $1800 billion.Especially in 2013,the state president Xi Jinping put forward the strategic concept of the “Belt and Road”(or “B&R”),which makes China further increase its investment in countries along the “B&R”.China will remain the second largest economy in the world by 2017.In 2017,despite the negative growth for the first time,China's OFDI still ranked the third in the world with us $158.3 billion,exceeding the level of foreign investment in the same period.At the same time,with the pace of China's deep integration into the world economy,Chinese enterprises' OFDI has entered a golden growth stage,especially the direct investment along the "One Belt and One Road" provides greater opportunities for China's economic development.As countries along the “B&R” route have large immature markets,a large space for development and long-term investment prospects,in the current golden stage of the implementation of “B&R” strategic concept,exploring and analyzing the location selection characteristics and influencing factors of Chinese enterprises' direct investment in countries along the “B&R” route has gradually become a hot topic of in-depth research by scholars at home and abroad.The research on this problem can further improve the research results on the location selection of “B&R” regional direct investment,and also put forward more intuitive countermeasures and suggestions for Chinese enterprises' direct investment in “B&R” countries from a quantitative and qualitative perspective.This paper takes the location selection of direct investment in countries along the “B&R” as the research object,and sorts out relevant domestic and foreign literatures,and reviews relevant theories with the method of literature research,which lay the research foundation of this paper.Descriptive statistical analysis and Investment gravity model are used to analyze the location selection characteristics of China's direct investment in countries at different stages of development along the “B&R” route.The research results show that: Firstly,in the process of direct investment in the countries of “B&R”,Chinese multinational enterprises show the characteristics of market seeking.Secondly,in the process of direct investment in the “B&R” countries,the resource seeking characteristics of Chinese enterprises are shown as follows: when investing in the “One belt” countries,Chinese enterprises do not show preference for labor endowment,capital endowment and natural resources;When investing in the “One road” countries,Chinese enterprises show a significant preference for labor endowment,but do not show a preference for capital endowment and natural resource endowment.