Research On The Influence Of China's OFDI In "One Belt And One Road" Countries On The Export Of Intermediate Goods

Since the 1970s,with the promotion of world science and technology level and the trend of economic globalization,intra-product division of labor has rapidly developed into one of the main ways of division and cooperation in the world.In this context,the main content of intermediate products is spare parts and industrial semi-finished products.It has become the main trading object based on the international division of labor within products,and the trade of intermediate products has become the main mode of international trade.The world's economies determine their different positions in the value chain of production and supply through their own endowment resources,thus participating in the international division of labor within products through specialized production of industrial semi-finished products and spare parts in this link,cooperating with the international production of commodities,while bringing substantive impact on the development of domestic industrial industry,science and technology,culture and the improvement of income level and employment level.In this regard,scholars at home and abroad have conducted in-depth research and Reflection on the field of intra-product international division of labor and trade in intermediate products.In recent years,China,as the world's largest developing country,has become the main production base of the world's products.It takes part in the international division of labor in the form of processing trade,and assembles it into a production mode by importing the high technology added value and sophisticated intermediate products of the developed countries,so as to achieve the final export of commodities.Therefore,China is still at the lower end of the global production and supply chain.To solve this problem,China develops foreign trade and foreign direct investment through linkage development,expands the scale of overseas production,develops intermediate goods trade,and actively enters into the tide of international division of labor,obtains differential benefits from all aspects of the value chain,and makes efforts to upgrade the value chain status.Since the "one belt and one way" initiative was put forward in 2013,China has been working closely with other countries along the line,and investment and trade have become more frequent.The scale of foreign direct investment has increased rapidly,and has gradually entered the stage of net capital output.China's foreign investment and trade development has gradually entered the new normal,but also needs to tap the new driving force of growth.Therefore,based on the previous literature,from the perspective of intermediate goods,taking China and the "along the way" countries as the research object,this paper explores the impact of China's direct investment in "one belt and one country"on expanding the export trade scale and optimizing the export trade structure of China's high technology,high technology added value intermediate products,and guiding them scientifically and effectively.The rational development of FDI promotes the growth of China's intermediate export scale and the optimization and upgrading of export structure,further advances China's industrialization process,and improves China's position in the international division of labor within products.By integrating the important paths of two countries participating in international division of labor in international trade and international direct investment,this paper explores the influence of China's export scale and export structure on the foreign direct investment of the countries along the belt and road.By constructing panel data,it establishes an extended investment trade gravity model,and uses the cluster robust standard to mix the OLS method.Analysis,respectively,from the perspective of full sample and sub sample to study the existence,mechanism,direction and degree of this effect.Finally,the mixed 2SLS method is used to test the robustness of the conclusion.Firstly,the paper measures and compares the direction of scale effect.On the one hand,the regression analysis of the influence effect of the whole sample is carried out to grasp the impact of China's OFDI and the export scale of the intermediate products in an overall way,so as to get the overall influence trend.On the other hand,the host countries are subdivided according to the geographical area,and the real sample analysis and the result comparison of the sample groups in each region are carried out to judge the intermediate products of China's OFDI along the "one belt and one road" area.The differences of the effect of export scale.Secondly,we make an empirical analysis of the structure level,trying to answer the question of how China affects the product mix of the"one belt and one road" country OFDI to the export of intermediate goods,which is closely related to the logical main line of the paper.On the one hand,it focuses on the overall effect of OFDI on the product structure of intermediate goods export;on the other hand,it subdivides the host country market from the aspect of endowment structure,and studies the structural effect of OFDI with different motives on intermediate goods export.The conclusions drawn from the above analysis are:(1)China's "one belt and one road" OFDI promotes the growth of intermediate goods exports,and the OFDI of the six regions along the "one belt and one road" has a positive effect on the export of intermediate goods as a whole,while the degree of regional heterogeneity shows the highest and most significant impact on the ASEAN and central and Eastern Europe.(2)China's direct investment in "one belt and one country" has improved the structure of intermediate goods exports in general,and has the most significant effect on the export of intermediate goods with medium technology content,followed by high value-added intermediate products such as spare parts,and finally,unprocessed primary intermediates.The innovative asset seeking OFDI has significantly improved the export scale of China's high value-added intermediate goods,and contributed the most to the improvement of China's export structure of intermediate goods.After reaching the above conclusion,the paper puts forward the policy suggestions to promote the continuous growth of intermediate export scale,the continuous optimization of export structure,and then to improve the international division of labor status in China's products by guiding the development of foreign direct investment,which provides practical guidance for building a sustainable economy and gradually climbing the global value chain.