Inward foreign direct investment in Guangdong: Further thinking on mainstream theories (Chinese text)

Guangdong, one of the southern provinces of China, since the late 1970s, has attracted the largest share of foreign direct investment (FDI) of the nation. This study attempts to explain the unique characteristics and the mechanism to fill the gap of existing literature analyzing the phenomenon of FDI attraction in Guangdong. A comprehensive theoretical framework is developed based on FDI theories and related theories in regional economics, incorporating experiences in policy design and investment environment construction in the province.; By clearly reviewing the open-door policy and FDI promotion policies in China, which are planned first and implemented extensively in Guangdong, this study concludes that the investment environment construction based on and stimulated by the above mentioned policies is highly effective in terms of attracting FDI inflow in Guangdong. Both the survey designed and conducted in Guangdong and the regression analysis in this thesis support the importance and effectiveness of such policies.; This study finds that geographical pattern of FDI distribution in Guangdong is determined by the relative strength of the environmental factors. The counties with higher economic development, lower labor cost, more solid infrastructure, better industrial structure, higher urban level, more proximate to Hong Kong and more preferential policy packages have induced more FDI inflow.; The investment from Hong Kong (HK) to Guangdong has been further studied under the core-periphery system. The push forces of economic power, industrial competition and shortage of labor force in Hong Kong and the pull forces of important environmental factors in Guangdong are found to be the mutual forces leading to the intensive outward investment and relocation of Hong Kong firms in Guangdong, especially in the region of Pearl River Delta (PRD).; It is addressed that geographical distance plays a significant role in triggering Hong Kong manufacturers to invest in the proximate Guangdong. The region of PRD has the largest share of FDI inflow in Guangdong by constructing investor friendly environment, particularly by taking advantages of policies governing FDI and geographical proximity with Hong Kong.; Based on the empirical results, the experience and its implication of HK outward investment in PRD is further discussed from the point of view of HK-PRD metropolitan economy system. The study also provides policy implications in terms of investment environment improvement and the integration of Hong Kong and Guangdong.