Research On The Impact Of Foreign Direct Investment On The High-quality Development Of My Country's Econom

Over the past 40 years of reform and opening-up,China’s economy has developed rapidly and achieved remarkable achievements.The gross domestic product(GDP)has surpassed that of Japan since 2010,ranking second in the world.However,the development in the past few decades,whether limited by the stage of development,or the interference of the old model and the old system,the speed of economic development is fast but the quality is poor.In recent years,under the background of weak international economic growth,frequent trade frictions,the rise of unilateralism and increasingly fierce market competition,China’s economy has shifted from a high-speed growth stage to a high-quality development stage,which has been restricted by such factors as tight land supply,slow population growth,serious energy consumption,internalization of pollution control costs,and the conversion of new and old kinetic energy.How to promote technological progress,improve quality and efficiency,change economic development from factor-driven to innovation-driven;how to alleviate resource constraints,save energy and reduce consumption,and provide people with a good living environment;how to optimize the industrial structure,enhance China’s position in the global value chain,and meet the increasingly diversified needs of people;all of these have become the main problems restricting the development of high-quality economy.At the same time,we find that under the background of the gradual reduction of labor cost advantage and the government actively encouraging enterprises to "go out",Chinese enterprises’ foreign direct investment is developing rapidly.According to the Statistical Bulletin of China’s Outward Foreign Direct Investment(2019),China’s cumulative net foreign direct investment was about 2.2 trillion US dollars by the end of 2019,rising from the25 th place in 2002 to the third place in the global economy.China is already in the ranks of the world’s largest investment countries.As an important form of cross-border capital flows,OFDI(Outward Foreign Direct Investment)has played an active role in enhancing the innovation ability of Chinese enterprises,promoting the optimization and upgrading of domestic industrial structure,easing the pressure of domestic factor resources and promoting economic growth by investing in developed and developing economies and integrating with the host country’s economy.In the context of the pursuit of high-quality development goals and the construction of a new development pattern of domestic and international dual-cycle mutual promotion,it is of great time and practical significance to explore the impact of foreign direct investment on China’s high-quality economic development and its internal mechanism.On the one hand,this research can enrich and improve the theory of socialist political economy with Chinese characteristics,and provide theoretical support for releasing the positive role of foreign direct investment in maintaining the stable,sustained and coordinated development of the national economy;on the other hand,it can provide reference for the next step of opening wider to the outside world,the transformation of outward foreign investment strategy and the construction of supporting system.Finally,it can provide China’s wisdom for the economic development and foreign direct investment of the vast number of developing countries and emerging economies,and help the virtuous circle of China’s economy and the world economy.Focusing on this topic,this paper mainly discusses four issues: first,how to understand and evaluate high-quality economic development as a new expression;second,what is the influence mechanism of outward foreign direct investment on high-quality economic development? Third,how to test whether the influence of outward foreign direct investment on high-quality economic development is positive or negative,whether there are differences between the influence of outward foreign direct investment on high-quality economic development in the eastern,central and western regions,and whether the influence of outward foreign direct investment on the sub-indicators of high-quality economic development is heterogeneous;Fourth,if outward foreign direct investment plays a role in promoting high-quality economic development,how to give full play to its role through specific policies and measures.According to this logical framework,the research content of this paper is divided into seven chapters.The first chapter is the introduction,which mainly puts forward the background and significance of this study,the definition of core concepts,paper structure and research methods,innovation and shortcomings.The second chapter is the relevant theory and literature review part,which combs and reviews the relevant theoretical basis and the current research situation at home and abroad,so as to determine the basic theoretical perspective of this study,and explore the reference basis of this research.Possible research entry point for innovation.The third chapter analyzes the characteristics,existing problems and challenges of China’s outward foreign direct investment at the current stage,and provides support for the following analysis of the influence mechanism and empirical test results of outward foreign direct investment in promoting high-quality economic development below,as well as the final policy recommendations;The fourth chapter constructs the comprehensive evaluation index system of high-quality economic development and calculates the comprehensive score on the basis of in-depth understanding of the connotation of high-quality economic development,which provides data support for the empirical analysis of chapter VI;the fifth chapter explains the mechanism of the impact of outward foreign direct investment on high-quality economic development from the five dimensions of innovation,coordination,green,openness and sharing;The sixth chapter empirically analyzes the impact of outward foreign direct investment on high-quality economic development through the construction of a model;the seventh chapter makes a brief summary of the research conclusions of this paper,and puts forward countermeasures and suggestions on how to improve the level of high-quality economic development through outward foreign direct investment,which reflects the practical significance and value of this paper.The main points of this paper are as follows: through the construction and calculation of the evaluation index system of high-quality economic development,the results show that China’s high-quality economic development index has been steadily improved both in terms of the whole country and sub-regions during the sample period.Specific to the sub-indicators,the economic innovation,coordination,green and open development index increased steadily,and the economic shared development index rose the fastest,which is consistent with the fundamental purpose of China’s economic development.Influenced by external factors such as the rise of trade protectionism and weak international economic growth,the economic opening index reached an inflection point and dropped somewhat in 2016.From a sub-regional point of view,the eastern region is higher than the central and western regions in both the high-quality economic development index and the sub-index.From the perspective of functional mechanism,OFDI promotes the development of economic innovation mainly through the promotion effect of human capital,the increase effect of R & D capital,the effect of competition in overseas markets,the reverse spillover effect of technology,the effect of pre-and post-industrial correlation and the effect of complementary advantages,promotes the coordinated development of economy by promoting the upgrading and optimization of industrial structure and the coordinated development of regional economy,promotes green economic development through reverse technology spillover,government supervision from home and abroad,as well as constraints of international organizations and informal organizations,promotes economic opening up by affecting international trade,promoting the opening up of related service industries,promoting the internationalization of foreign direct investment systems and policies,and promotes economic sharing development by improving people’s economic welfare,social welfare and ecological welfare;From the results of empirical analysis,there is a significant positive correlation between the scale of outward foreign direct investment and high-quality economic development index during the sample period,that is,foreign direct investment promotes the high-quality development of China’s economy,and there is a first-order lag.From a regional point of view,the promoting effect of outward foreign direct investment on high-quality economic development is more significant in the eastern and central regions than in the western regions,indicating that there is spatial heterogeneity in the promotion of high-quality economic development in the current stage.The differences in the scale and strength of foreign investment enterprises,the gap between high-end factors such as technology and talents,and differences in economic base may be the main reasons why outward foreign direct investment to promote high-quality economic development in the eastern and central regions is better than that in the western regions.From the perspective of sub-dimensional indicators,outward foreign direct investment has a significant positive effect on economic coordinated development,economic green development,economic open development and economic sharing development,but not significant on economic innovative development.It shows that at the current stage,the impact of China’s outward foreign direct investment on high-quality economic development is heterogeneous in different dimensions.The high-end manufacturing industry,which has a great influence on the improvement of innovation ability,accounts for a low proportion of China’s outward foreign direct investment,the stock of reverse gradient investment is small,manufacturing investment stays in low value-added links,and the lack of technology absorptive capacity may be the main reasons why outward foreign direct investment does not achieve the expected impact on the development of economic innovation.In addition,the interaction between local absorptive capacity and foreign direct investment is added to the model to test whether local absorptive capacity has a regulatory effect.The results show that local absorptive capacity plays a positive role in promoting high-quality economic development by outward foreign direct investment.Based on this,this paper puts forward the following countermeasures and suggestions: first,expand innovative asset-seeking outward foreign direct investment to promote the development of economic innovation.Second,expand outward foreign direct investment in marginal industries to promote coordinated economic development.Third,advocate corporate social responsibility to promote green economic development.Fourth,strengthen the integration of outward foreign direct investment and international trade to promote economic opening and development.Finally,form the joint efforts of the government and enterprises to promote shared economic development.