The Impact Of Two-way FDI On Economic Growth From The Perspective Of Inclusion

Under the background of increasingly prominent resource and environmental constraints and continuous expansion of income gap,the traditional extensive economic growth model will become difficult to adapt.In China's high-quality economic development,it is an important problem to maintain stable economic growth while ensuring that the people share the fruits of fair development and easing environmental pressure,and "Inclusive growth" provides a new way to solve this problem.In the mode of investment driven economic growth,two-way FDI has always been one of the important driving forces of China's economic growth,so,in the period of economic transformation,China should pay more attention to the two-way FDI behavior of enterprises.However,both theory and practice prove that two-way FDI can also put pressure to domestic resources and environment.Therefore,how to accurately and quantitatively evaluate the level of regional inclusive growth,and how to correctly understand and deal with the two-way FDI structure with the change of the level of inclusive growth will provide an important theoretical basis for the formulation of foreign investment strategy and the introduction of foreign investment model and other issues,and will also provide new ideas for economic reform under the new normal economy.Based on the previous studies,this paper measures the level of inclusive growth in China's provinces and analyzes its temporal and spatial evolution,and discusses the short-term,long-term and spatial effects of two-way FDI on inclusive growth.The main contents are as follows:In the first of all,we measure the inclusive growth level of the province.Taking the provincial administrative regions of China from 2003 to 2017 as the research object,we construct the index system and measures the inclusive growth level accurately with the aid of DEA cross efficiency model;then,based on the traditional statistical analysis and exploratory spatial analysis technology,we analyze the temporal and spatial evolution rules.The results show that: firstly,China's inclusive growth level is generally not high in the sample period,and the provincial differences are large,gradually showing a pattern of "high in the East and low in the west","high in the north and low in the south";secondly,the regional economic development level and inclusive development level are quite different,and their developments are not synchronous;thirdly,the level of inclusive growth has a significant positive spatial correlation,and its distribution has obvious heterogeneity and relevance.Secondly,we investigate the short-term impact of two-way FDI on inclusive growth.Based on panel data of China's provincial administrative regions from 2003 to 2017,we construct a PVAR model to empirically analyze the short-term impact of two-way FDI on inclusive economic growth.The results show that: firstly,there is a positive correlation mechanism between FDI and inclusive growth in the short term.China's introduction of FDI can improve the domestic economic operation environment and promote inclusive growth of the domestic economy;secondly,in the short term,there is also a positive correlation mechanism between FDI and inclusive growth,but the role of FDI in improving the domestic economy is limited,so it can not significantly promote inclusive growth in the short term.Then,we study the long-term and spatial effects of two-way FDI on inclusive growth.Based on the panel data of China's provincial administrative regions from 2003 to 2017,we establish a two-way fixed SDM model.Then the spatial effects are decomposed,and the long-term and spatial effects of two-way FDI on inclusive economic growth are analyzed.The results show that: firstly,in the long run,FDI plays a "stumbling block" role in the inclusive growth of the economy,but has a significant role in promoting the inclusive growth of the surrounding areas;secondly,in the long run,China's OFDI plays a "booster" role in the inclusive growth of the economy,and there is a certain negative effect on the inclusive growth of the surrounding areas,but not significant.Finally,taking the optimization of two-way investment structure as the main line,we put forward some relevant policy suggestions according to the relevant theory and empirical analysis results,or more specifically,adjust the mode of international direct investment,optimize the access mechanism of FDI,and guide the direction of foreign investment.