The Influence Of China On The Industrial Structure Heterogeneity Factors Of Asean OFDI

With the smooth implementation and follow-up of the Belt and Road Initiative,China’s direct investment in countries along the Belt and Road has been increasing.ASEAN is one of the most important regions along the "Belt and Road",and its good geographical location and large potential market size have attracted more than half of China’s investment in the areas along the route,so it is necessary to study the influencing factors of China on ASEAN OFDI.In this paper,through the collection and collation of domestic and foreign literature,and the use of relevant data and theories,this paper analyzes the current situation of China’s direct investment in ASEAN,and uses the data from 2003 to2020 as a sample and uses the panel fixed effect model for empirical analysis.In addition,combined with the regulatory effect of the quality of the host country’s political system and the level of financial development,an empirical analysis is conducted through the panel threshold model.The study shows that first,the impact of industrial structure distance on China’s outward FDI is negative.Second,the impact of industrial structure distance on China’s OFDI has a "U-shaped" characteristic.Third,when the financial development level of the host country has not crossed the threshold value,the industrial structure distance has a stronger inhibitory effect on China’s OFDI.Fourth,when the quality of the host country’s political system is better,the industrial structure distance will promote China’s outward investment;when the quality of the host country’s political system is poor,the industrial structure distance will inhibit China’s outward FDI.By obtaining the above results,this article makes the following recommendations:1.The choice of investment industry takes into account two directions,not only to increase investment in developing countries,accelerate the overseas transfer of domestic marginal industries,but also to increase investment in developed countries,mainly to learn the emerging technologies of the host country,to avoid the hollowing out of domestic industries due to industrial transfer.2.Accelerate the overseas layout of financial institutions,let financial institutions follow the enterprises to "go out",accelerate the construction of financial institutions’ overseas development strategies,broaden the business scope of overseas institutions,and build a network of overseas branches,so as to create an international business platform,exert synergy effects,and achieve all-round and localized financial services.3.To promote financial cooperation between the two sides,it is necessary to change the crisis-response financial cooperation,establish a normalized financial cooperation mechanism,dredge the blockages of overseas investment and financing,jointly build a cross-border financial service platform with financial institutions in the host country,improve the efficiency of financial resource allocation,and provide efficient and high-quality financial services for Chinese enterprises to invest in ASEAN countries.4.According to different investment motivations,combined with the political environment of the host country,the investment country is reasonably selected.Strategic resource-seeking OFDI should seize the institutional advantages of the host country,enhance its own research and development capabilities,and feedback advanced technology back to the home country;market-seeking OFDI and resource-seeking OFDI should select countries with poor institutional quality to invest,but establish an appropriate risk assessment mechanism to prevent unnecessary capital losses.