The Study On The Influence Of China’s Foreign Direct Investment On Asean’s Carbon Productivity

With the development of the economy,human activities have led to a large amount of greenhouse gas emissions,which has aggravated the greenhouse effect and frequent extreme natural disasters.The international community has called for vigorously developing a low-carbon economy and paying attention to the sustainability of social development.As one of the fast-growing economies,ASEAN may become an important source of world carbon emissions growth in the future,so it is facing tremendous pressure to reduce emissions.Since most of the ASEAN member states are developing countries,it is a more feasible way to reduce emissions by increasing carbon productivity to achieve "relative emission reduction".At the same time,economic cooperation between China and ASEAN is increasing.In 2020,ASEAN had become China’s largest trading partner,and mutual investment between the two sides will also continue to increase.However,some countries in the international community,including certain member states of ASEAN,have accused China of looting local resources and damaging the local environment with direct investment.For this reason,it is necessary to explore the impact of China’s foreign direct investment on ASEAN’s carbon productivity,so that ASEAN countries can objectively view the impact of China’s direct investment on the local environment,and it is also conducive to China’s further opening to the outside world.Various relevant data of China’s outward foreign direct investment and ASEAN countries from 2005 to 2019 were selected to conduct quantitative empirical research on the impact of China’s outward foreign direct investment on ASEAN carbon productivity.The specific empirical research mainly includes three parts,which are the total effect research,the sub-regional analysis and the impact mechanism test.In the total effect study,the unit root and cointegration tests were first performed on each variable.After the research conditions were met,the panel fixed effects model was used to perform regression analysis,and it was found that China’s foreign direct investment can significantly increase the carbon productivity of ASEAN countries,namely China Foreign direct investment is conducive to the realization of "relative emission reductions" in ASEAN countries.In view of the certain differences among the ASEAN member states,the ASEAN countries can be divided into two major regions,the "Old Six Countries" and the "New Four Countries",and perform regression analysis respectively.The results show that China’s foreign direct investment has a more obvious effect on the improvement of the carbon productivity of the "new four countries".Finally,in order to explore the specific impact mechanism,the mediation effect model is used to test the role of economic development level,industrial structure upgrading and technological level in the influence process.The test results show that the level of economic development is a mediator for China’s outward direct investment to affect ASEAN’s carbon productivity.That is,China’s outward direct investment promotes ASEAN’s economic development to increase its carbon productivity.At the same time,the indirect effect of using technology as a mediator also has significant,but manifested as a masking effect,weakening the role of China’s foreign direct investment in improving carbon productivity.However,the indirect effect of the upgrading of the industrial structure is not significant.China’s foreign direct investment cannot affect their carbon productivity by promoting industrial upgrading in ASEAN countries.Based on the above empirical results and actual conditions,some policy recommendations are put forward,to better promote China’s foreign direct investment and the sustainable development of ASEAN.