久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Op-Ed Contributors

Is there a Chinese ODI model?

By Huang Yiping and Wang Bijun (China Daily)
Updated: 2011-04-26 08:00
Large Medium Small

China is already an important player in overseas direct investment (ODI). But for China, this is a relatively recent phenomenon.

Before 2004, the size of Chinese ODI was rather trivial. From 2004, China's ODI grew significantly together with a dramatic expansion of its current account surplus. Its ODI increased from $2.85 billion in 2003 to $56.53 billion in 2009, an average growth rate of about 55 percent a year. During the same period, its share in global ODI flow rose from 0.45 to 5.1 percent. In 2009, China not only became the largest investor among developing countries, but also the fifth largest investor in the world - preceded by the United States, France, Japan and Germany.

China's case challenges the perception that ODI is dominated by developed countries. It is also exceptional in that while China enjoys comparative advantages in certain manufacturing industries, evidenced by its competitiveness in exports and domestic development, they are not areas in which Chinese ODI is concentrated. According to official statistics, most of China's ODI is in the service industry such as commercial financial services, and retail and wholesale sectors.

The industry distribution of Chinese ODI differs markedly from that of other countries. The primary sector (including resources) accounted for 18.7 percent of China's total ODI flow between 2006 and 2008. In comparison, those from developed and other developing economies were only 7.84 and 8.38 percent. These large differences can be attributed mainly to investments in mining, quarrying and the petroleum industry - the latter accounting for 97 percent of China's ODI in the primary sector. This may reflect the strategic use of Chinese ODI to secure long-term supply of resources.

The manufacturing sector got an extremely low share, only 4.7 percent, of China's total ODI - this despite the country's image as a global manufacturing center. To put this in perspective, the share of developed countries in the manufacturing sector averaged 24.1 percent and that of other developing economies, 15 percent.

China's prominent ODI role could simply be the result of the size effect. Since China is a large country, even a relatively low propensity to invest overseas could add up to a big number. It may be the consequence of financial control at home. Such financial policies reduce the cost of capital and make abundant capital available to State-owned enterprises. Or, they could be motivated by strengthening domestic production and economic transformation.

Since these potential explanations may not be mutually exclusive, what is the determinant factor behind China's ODI?

First, although the majority of China's ODI centers on the service sector - the majority in trade, finance and business activities - its response to the development/revealed comparative advantages of the service sector in host economies is different for OECD countries and non-OECD economies. For the Organization for Economic Cooperation and Development (OECD) member countries, the more comparative advantageous and better development of the service sector, the more ODI China will engage in.

From this it could be inferred that Chinese enterprises intend to learn from the experience and technologies of the service sector's development in OECD countries. In contrast, for non-OECD economies, the more comparative advantageous and better development of the service sector, the less ODI China will engage in.

Second, China's exports display a significantly positive association with its ODI. There are two interpretations for this trend. On one hand, the more China exports to these markets, the better knowledge and experience it will gain. For the new player of outward investment, such knowledge and experience could facilitate direct investment, just like speaking a common language or sharing a common border. On the other, Chinese ODI may be used to service exports.

   Previous Page 1 2 Next Page  

分享按鈕
主站蜘蛛池模板: 国产亚洲一区呦系列 | 91男女视频 | 日韩国产欧美在线观看 | 色久激情 | 日韩精品一区二区三区中文在线 | 手机免费看a | 日本成a人片在线观看网址 日本成年人视频网站 | 日本精品高清一区二区不卡 | 中国美女一级黄色片 | 欧美日韩精品一区二区三区视频 | 欧美一级毛片生活片 | 亚洲欧美视频在线 | 欧美精品一区视频 | 欧美一区二区在线观看视频 | 日韩一级视频在线观看播放 | 国产理论最新国产精品视频 | 免费一区二区三区在线视频 | 萌白酱粉嫩jk福利在线观看 | 成人黄激情免费视频 | 国产微拍精品福利视频 | 久久成人免费播放网站 | 在线视频中文字幕 | 欧美首页 | 日韩久久中文字幕 | 日本作爱 | 五月色婷婷综合开心网4438 | 午夜爽爽爽视频 | 国产中文字幕免费观看 | 男女性高清爱潮视频免费观看 | 在线亚洲精品自拍 | 色老久久 | 最新国产三级在线不卡视频 | 曰本美女高清在线观看免费 | 九九99视频在线观看视频观看 | a级毛片免费观看在线播放 a级毛片免费看 | 九九99| 一级毛片aaa片免费观看 | 国产一区二区三区免费 | 一本色道久久88加勒比—综合 | 国产成人综合久久亚洲精品 | 国产成人盗拍精品免费视频 |