| Economic globalization is a trend that all countries in the world cannot avoid and must actively choose and accept.The degree of participation of all countries in world economic cooperation continues to deepen.The international division of labor has developed rapidly.Among China’s three major industries,manufacturing industry is an indispensable organic part of China’s industry and plays a key role that cannot be replaced by other industries in the operation of the whole national economy.However,in recent years,the trend of China’s economic growth has slowed down,the development has encountered bottlenecks,the growth rate has a tendency to continue to decline and stabilize,and the economic growth is stagnant.With relatively abundant and cheap labor and resource endowment,China’s manufacturing industry has been engaged in the production field requiring a large number of human labor in the global manufacturing division of labor for a long time.However,due to the relatively low technical content of industries that require a lot of human labor,China’s manufacturing industry has a relatively low position in the world value chain and is often in a disadvantageous position,and may be locked in the low end for a long time by the advanced manufacturing industry of developed countries and fall into the trap of constraining economic growth.As a result,the country’s economic growth and the decline of per capita national income are intertwined,affecting the welfare level of its nationals and inhibiting the upgrading of domestic industries.China’s traditional manufacturing industry cannot play a positive role in China’s high-quality economic development.At present,the tide of economic globalization in the world has encountered a countercurrent,and China is in a situation that has not changed in the global political and economic situation in the past century.Developed countries’ willingness to invest abroad is not strong enough.Instead,they focus on restoring and developing their economies.The United States has launched its own "Reindustrialization" movement,with the intention of reducing tax rates and reducing national taxes to attract American manufacturing enterprises that previously built factories overseas back to China for investment,so as to create more jobs and revitalize the American economy.Under the background of the slow recovery of the world economy,the widening gap of economic development among countries,the continuous adjustment of World Trade and the challenge of international investment and trade rules.China has put forward one belt,one road initiative to resolve the adverse economic situation of the international economy,and tried to open up a new path of win-win cooperation for outward investment.Based on the above environmental background,this paper studies whether OFDI of China’s manufacturing industry can play a positive role in its global value chain position.And explore new way to promote the status of China’s manufacturing industry in the world value chain system,so as to make China’s manufacturing industry go out of the mid-low-end position,and finally realize the optimization and upgrading of the overall structure of China’s manufacturing industry.It has positive theoretical and practical significance for promoting the sound development of China’s economy and the whole manufacturing industry.This paper takes the impact of Chinese manufacturing industrial outward investment on their status in the world value chain system as the research object,and then the "one belt,one road" initiative is incorporated into the above research category.Firstly,it describes the concept and theory of global value chain and outward foreign direct investment from the theoretical level,the relevant theories of outward foreign direct investment and global value chain are elaborated from the theoretical level.Then it analyzes the mechanism and channel through which an industry can affect the global value chain status of the industry after overseas investment.Secondly,it describes the current situation,trend and characteristics of China’s manufacturing OFDI.Then the export technology complexity index is used to calculate and analyze the global value chain status of China’s overall manufacturing industry and its sub industries.Finally,the paper uses the panel data of China’s manufacturing industry from 2009 to 2018,the paper conducts regression analysis through econometric model to study the relationship between China’s manufacturing OFDI and the position of manufacturing industry in global value chain.Meanwhile,the Belt and Road Initiative is taken as a dummy variable to explore whether the global value chain status of China’s manufacturing industry can rise after being affected by this initiative.Based on the empirical results,this paper analyzes and discusses the reasons for the change of China’s manufacturing industry’s position in the global value chain caused by overseas investment.In general,OFDI plays a positive role in promoting the status of China’s manufacturing industry in global value chain.However,the impact on the improvement of the status of world value chain system of China’s manufacturing industry at different technological levels is not the same.The global value chain status of China’s low-tech manufacturing industry shows a positive change after its outward investment,while the global value chain status of high-tech manufacturing industry changes in a negative direction after its foreign investment.After the Belt & Road initiative,China’s manufacturing industry outward investment has a positive impact on promoting the status in world value chain system.The implementation of this initiative has a greater impact on the global value chain of low-tech manufacturing and the impact of high-tech manufacturing.According to the conclusions,Chinese enterprises should increase the investment scale along the Belt and Road line,expand "Circle of Friends" of Belt and Road Countries,guide the rationalization of China’s outward investment structure and promote the continuous deepening of outward investment,appreciate the improvement of technological research and development ability of domestic manufacturing enterprises,and enhance the training intensity and capital investment of enterprises in cultivating scientific and technological talents. |
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