Research On The Capital Effect And Spillover Effect Of FDI On The Economic Growth Of The Four Provinces Of The Pearl River-Xijiang River Basin

After reform and opening up,in the construction of socialist market economic system,China's economy grows at an average annual growth rate of nearly 10%.But after the global financial crisis in 2008,the global economy entered a downturn.China's economic growth rate has dropped significantly,into the low-speed growth stage,that is"new economic normal"stage.The growth rate in 2014 was 7.4%.However,from the micro level,the four provinces of the Pearl River-Xijiang River Basin economic growth is still strong,the growth rates in 2014 were:9.1%in Guangdong,9%in Guangxi,9.3%in Yunnan and 15.5%in Guizhou.Of course,we can not ignore the Pearl River-Xijiang River Basin is a zone that cross-stage of development,the internal economic development imbalance is serious,with a typical characteristics of"East rich,west poverty".In 2014,the GDP of the four provinces of the Pearl River-Xijiang River Basin respectively is 6.7792 trillion yuan in Guangdong,1.5673 trillion yuan in Guangxi,1.2814 trillion yuan in Yunnan,925.1 billion yuan in Guizhou;In the introduction of FDI,the problem is more prominent,by 2014,the absorption of FDI in guangdong is 165 billion yuan,6.1 billion yuan in Guangxi,16.6 billion yuan in Yunnan,12.7 billion yuan Guizhou.In contrast,we can see the Pearl River-Xijiang River Basin internal economic imbalance seriousness.At the same time,it is not difficult to find the inevitable connection between absorption of FDI and the economic growth of the host country.Therefore,this paper will explore the capital effect and spillover effect of FDI on the economic growth of the Pearl River-Xijiang River Basin,on the basis of reasonable and efficient use of FDI in the Pearl River-Xijiang River Basint,this paper puts forward the superficial suggestion of realizing the linkage development between the developed and underdeveloped areas.In the study of Chinese and foreign literature,books,We employ jian-gang zhang,PengJi,RongYan scholars method that calculate capital effect and spillover effect of FDI to Economic Growth,deduce the fixed effect variable coefficient panel model which suitable for this paper.Using the relevant data of panel data of the Pearl River-Xijiang River Basin from 1978 to 2014 to analysis,and founding that that the capital effect of FDI on Guangdong's economic growth will increase by 0.4916%for every 1%increase in the amount of FDI,spillover effect for the proportion of FDI and domestic investment for every one percentage point increase,the total output of Guangdong Province will increase by 3.29%.Guangxi,Guizhou and Yunnan provinces respectively increased by 0.3621%,0.3175%and 0.3175%in output from every 1%increase of FDI,while the spillover effect was not significant.Furthermore,the author analyzes the influencing factors of FDI effect by using Prof.Fu Yuanhai,and explains the reasons why the capital effect and spillover effect of FDI of Guangdong is better than the other three provinces fron the perspective of the level of talent cultivation,FDI source,FDI use,FDI industry distribution,So as to give a reasonable explanation of the difference between the regression results.Finally,from the central level,the Pearl River-Xijiang River Basin level,the local government level to make recommendations:The central government as a "head" of macroeconomic running direction,must give play to the role of good '"promising government",starting from the national level,provide quality services promoting efficient development of regional economy.First,regularly Adjust?The foreign investment industrial guidance catalogue?,guarantee the high quality FDI inflows;Second,adhere to the top of the economic policy design coherence,consistency;Third,to establish a professional regional economic cooperation leading group,promote cooperation between regional economic organizations.The construction of the Pearl River-Xijiang River Basint is a large project with a long duration and a wide range of interests.The long-term and efficient cooperation between the four provinces is the fundamental guarantee for its construction effect.Therefore,so long-term cooperation mechanisms must be established.First,to establish the organizational structure of the Pearl River-Xijiang River Basin with clear powers and responsibilities;Second,the less developed provinces of Pearl River-Xijiang River Basin should actively undertake FDI from the Beijing-Tianjin-Hebei region,Yangtze River Delta region.Third,superposition of four provinces advantage,reasonable and orderly layout of FDI;Fourth,firm Guangdong-Guangxi-Guizhou high-speed rail economic zone?Guangdong-Guangxi cooperation special test area construction route,sum up experience,play radiation effects.The provinces as the Pearl River-Xijiang River Basin with the practice of the main program,to further promote the economy good and fast development through High-quality FDI,enhance their own attraction is particularly important.First,strengthen the infrastructure construction;Second,strengthen the human capital investment;Third,to promote the integration of market construction to avoid the problem of low economic efficiency caused by market segmentation.