A Comparative Study Of The Impact Of China's Ofdi On The Export Commodity Structure Of The Belt And Road Countries And Non-belt And Road Countries

After the ‘Belt and Road' initiative was proposed,the process of ‘going global' of Chinese enterprises continued to deepen,and the scale of OFDI and commodity exports increased rapidly.China became a net capital exporting country in 2014.As of 2017,China's investment stocks in countries along the ‘Belt and Road' were 20.65 times that of 2008.In 2018,China became the world's largest trading nation for two consecutive years.At present,China is struggling to get rid of the impression of ‘Made in China',and has begun to actively export high-tech commodities to other countries and optimize the structure of export commodities.How Chinese enterprises can seize the opportunities brought by the “Belt and Road” and use OFDI to accelerate the optimization of the export commodity structure is an issue that needs urgent research.By comparing the impact of China's OFDI on the export commodity structure of countries along the ‘Belt and Road' and non-Belt countries,this paper explores whether OFDI can optimize the structure of China's export commodities and whether the ‘Belt and Road' initiative has a positive effect on the optimization of OFDI.This article first researches and summarizes the relevant literature on OFDI,exports,and the ‘Belt and Road',and then elaborates the theoretical mechanism of OFDI's impact on the export scale and export commodity structure of the home country.This article makes a comparative study of the status of OFDI and exports between China and other countries along the ‘Belt and Road'.Then select China's OFDI and export goods data for all countries and regions from 2008 to 2017,according to the second edition of the SITC-3-digit code,the export goods are divided into low,medium,and high-tech goods according to their technical intensity.This paper uses a fixed-effects model for empirical analysis.By observing the interaction term coefficients of the ‘Belt and Road' and OFDI,the differences in the impact of OFDI on the scale and structure of exports of the belt and non-belt countries are compared and analyzed.Then according to different types of OFDI,sub-sample tests are performed on the data of all the countries.Through empirical research,we can find that China's OFDI has complementary effects on the scale of exports,and has an optimizing effect on the export commodity structure.It played a stronger role in optimizing the export commodity structure by vertical OFDI than the horizontal OFDI of the countries along the route.Based on the above research conclusions,this article combines the current status of international investment and trade,and proposes targeted policies at the national,corporate,and international levels to promote Chinese enterprises to seize investment opportunities and accelerate the process of optimizing China's export commodity structure in the context of the ‘Belt and Road'.