| Since the "10+1" China—ASEAN(Association of Southeast Asian Nations)Free Trade Zone was established and the "China—ASEAN Free Trade Zone Investment Agreement" was signed,especially the "Chinese Belt and Road Initiatives" strategy was come up,China and ASEAN constantly promote the China—ASEAN regional Foreign Direct Investment(FDI)development.With the quickening of the process of regional integration,the scale of FDI of Chinese enterprises in ASEAN countries is expanding.Chinese direct investment in ASEAN has accelerated the economic development of ASEAN countries,optimized the industrial structure of ASEAN countries,but also improved the economic efficiency of ASEAN member states.Based on the theory of economic growth and foreign direct investment,this paper studies the relationship between Chinese direct investment in ASEAN countries and the economic growth of ASEAN countries.First of all,the economic development status of ASEAN countries are analyzed from the whole,and then this paper analyzes the current distribution of Chinese industry investment in ASEAN countries,the investment scale and the investment of the country,and has analyzed the causes of Chinese direct investment to ASEAN countries from three angles.Finally,with the whole and the ASEAN countries of ASEAN main countries as the research object,the paper established dynamic panel data model to analyze the Chinese FDI between ASEAN countries and economic growth,calculated the Chinese FDI contribution to economic growth,and draw the following conclusions:Firstly,the scale of investment and trade between China and ASEAN countries is increasingly developing.2013,China’s leaders proposed to build the maritime Silk Road Initiatives in twenty-first Century,China—ASEAN has become a close community of destiny.Secondly,Chinese FDI in ASEAN countries is motivated by three kinds of investment motivation: resource seeking investment motivation,market seeking investment motivation and trade seeking investment motivation.Thirdly,on the whole,Chinese FDI in ASEAN countries has a certain effect on economic growth,and Chinese inflows of foreign direct investment to a certain extent promoted the economic growth in ASEAN countries.At the same time,the existence of "complementary effect" between Chinese FDI and ASEAN domestic investment in fixed assets and ASEAN exports.Grainger causality tests show that ASEAN GDP growth can lead to the increase of Chinese FDI.Finally,by analyzing data of different countries,the paper found that Chinese FDI of the main countries of ASEAN economic promotion are different: increasing Chinese FDI can lead to the increase of GDP in Thailand,Singapore and Indonesia,and Chinese FDI can mostly promote economic growth in Singapore.At the same time,Chinese FDI results on the calculation of ASEAN economic growth shows that Chinese FDI made the biggest contribution to Thailand’s GDP. |
