An Analysis Of The Reverse Technology Spillover Effect Of My Country's Producer Service Industry's Foreign Direct Investment

The continuous globalization of economy makes all countries and regions actively or passively participate in the international division of labor and trade.Since the reform and opening up,Chinese enterprises have been going abroad for more than 40 years to participate in the international division of labor following the Principle of Comparative Advantages,and gradually embedded in the global value chain,and established the status of China's manufacturing industry in the world.However,with the sluggish growth of the world economy and the changes of domestic and foreign situations such as the rise of domestic wages and the reduction of trade preferential policies,the traditional advantages such as cheap human capital and government support in China's local manufacturing industry are weakening.Especially after the global financial crisis,China's economic growth began to slow down,entering the "new normal" of the economy,the industrial structure needs to be upgraded,and the development mode is facing major adjustment.At this time,the state proposed that economic growth should shift from resource driven to innovation driven,and improve the quality of economic growth.The 18 th National Congress of the Communist Party of China clearly proposed the strategy of "innovation driven development",and encouraged all sectors of society to continuously improve their innovation ability to improve social productivity.Nowadays,outward foreign direct investment(OFDI)has become one of the important channels for countries to promote economic growth and technological exchange.Producer service industry is a new industry with dense high-end elements,which is at the high end of the global value chain.Its development needs advanced technology and high-quality talents.At present,all countries in the world are vigorously developing producer services,which has become a new driving force for a country to enhance its technological innovation capability.Especially for developed countries,producer services have become the main industry and power source to promote technological innovation and economic growth in these countries.Therefore,when we examine China's FDI,we should pay more attention to the development of producer services and its roles when we examine the technological innovation in China.Compared with independent innovation and traditional spillover channels of international innovation,outward foreign direct investment,as a new force that affects the improvement of China's technological innovation level,has been widely valued for its role and statusstatus.While producer services,once a "short board",are becoming the main force of China's outward foreign direct investment.Under the new economic background,Chinese enterprises break the barriers of high-end elements flowing among countries through producer service industry OFDI,absorb and integrate foreign advanced technology,professional talents and other innovative resources,so as to obtain technology spillover and promote technological progress and independent innovation ability.Based on the analysis of the current situation of China's producer service industry OFDI and technology innovation,this paper explores the reverse technology spillover effect of producer service industry OFDI from the theoretical mechanism,and then uses the provincial panel data of 2008-2017 to establish a technology spillover model.Through empirical analysis,this paper studies the relationship between China's producer service industry OFDI and China's technology innovation.The results show that producer service industry OFDI has a significant technology spillover effect on China,which promotes China's technological innovation.Finally,based on the results of theoretical analysis and empirical analysis,this paper focuses on how to optimize China's producer service industry OFDI,better releasing its reverse technology spillover effect,improving China's technological innovation level,etc.From continuing to promote producer service industry OFDI,encouraging producer OFDI location selection,guiding department structure adjustment,promoting the interaction and integration with manufacturing industry,improving independent innovation and other aspects,this paper puts forward relevant policy recommendations.