| With the scatter and depth of the international specialization,each link of production,assemble,sale service and so on,has been divided into different links.China has become the significant participant of the GVC and global capital market.Under the fast-developing pattern of "bring in" and "go out",Chinese bidirectional FDI maintains steady growth.In 2016,when the world's FDI flow slowed down,China's IFDI(Inward Foreign Direct Investment)stayed the third of the world.Meanwhile,the OFDI(Outward Foreign Direct Investment)flow surged by 44%and becoming the second biggest investment country for the first time.In 2017,China's IFDI is 131 billion dollar,OFDI is 120.08 billion dollar.As the division and transfer of the GVC is accomplished by foreign direct investment,for China,the large amount of bidirectional FDI can usher in a huge opportunity to deepen and upgrade the GVC,it can also bring the risk of been locked in low-end of the GVC.What is the upgrading path of China's manufacturing industry global value chains?And how to use the large amount bidirectional FDI better?It's worth deep study,both in theory and in reality.Based on the product continuum model about the value chain division,using the manufacturing industry data of china during 1984-2015 and 21 developing countries during 2003-2015,this paper empirically studies the GVC optimization impact of bidirectional FDI and international comparison of global value chains upgrade among developing countries like china,the results indicate that IFDI and OFDI have significant positive effects on the three indicators of GVC upgrading:technological process upgrade,product upgrade,function upgrade.However,their interaction has some hindering effect.Compared with other developing countries,China's GVC status and the upgrading speed are both located in the forefront.So we need to build introduction of the foreign investment,invest abroad based on the conception of the GVC and enhance the coordination and cooperation of IFDI and OFDI. |
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