Research On The Impact Of My Country's Provincial OFDI On Economic Growth Based On The Spatial Dubin Model

As foreign direct investment of Chinese enterprises continues to expand,the issue of regional OFDI and economic growth has gradually become a new research hotspot.In 2016,China's direct foreign investment hit a historical high of 196.1 billion U.S.dollars,up 34.7%over the same period of previous year,ranking second in the world,Accounting for the first time more than 10%,for two consecutive years to achieve the net capital output of two-way direct investment.At the same time,the internationalization of RMB and the implementation of the national policy of the Belt and Road initiative in the country and the study on how OFDI and economic growth will have great practical significance for provinces to take advantage of their advantageous advantages and resources in order to more quickly join the cycle of international economic development and resource allocation.This article is based on the following three aspects:First,the theory combined with the actual,from the "investment and development path theory" of Dunning and spatial panel model theory of OFDI and economic growth analysis of the essence;Second,the impact of our provincial OFDI on economic growth Including the outline of the status quo of the development of foreign direct investment at the provincial level in our country,the path of the impact of China's foreign direct investment on economic growth and the spatial correlation analysis of China's economic development.Third,taking into account the regional spatial disparities in provinces,Based on the activity of OFDI,this paper makes a conclusion through the empirical analysis of the spatial econometrics model and puts forward some suggestions for our country's economic development,regional economic rejuvenation,industrial optimization and upgrading.The conclusion shows that the direct coefficient of provincial OFDI on the economic growth of all regions is 0.22419,which is in line with Dunning's theory of the path of investment and development.The indirect effect of the development of OFDI on the economic development of neighboring provinces is 0.02203,which indicates that there is a significant positive spillover effect on the development of provincial foreign direct investment in our country,that is,the expansion of OFDI in the region at the same time has the following effects on the level of economic development in the neighboring regions:The coefficient of influence of human capital,capital stock,labor input and urbanization rate on economic growth is positive;the coefficient of government investment is negative,indicating that at this stage,government investment is not very significant for regional economic growth and may be significant Due to the existence of foreign direct investment in areas such as restraining exports,reducing employment,increasing agency costs and other causes.Specifically,China's OFDI reflects the status quo of the modern financial industry and the low international competitiveness of the manufacturing industry.It should be adjusted or transformed from the following aspects:(1)Macroeconomically,the central bank will come up with new regulations on November 17,2017.Look,the financial industry has been strictly controlled by policies.Under this background,the government should increase policy support for the manufacturing industry.At present,China's OFDI policy system mainly includes OFDI approval policies,encouragement policies,and supervision and service policies.In the specific application of the policy system,there are many lags and incomplete status quo,and we need to improve our policy system;(2)Microscopically,Enterprises should constantly improve their own management capabilities.Local enterprises themselves should also introduce high-end talents in investment and operation management and nurture them,deeply learn the successful experience of foreign financial industry and manufacturing industry,and summarize the lessons learned from failures.(3)Focus on technological innovation,integrate industrial upgrading,and integrate resources;(4)Efforts will be made to strengthen the construction of human capital and provide human resources protection for OFDI;(5)Optimize the layout of OFDI investment location to get rid of geopolitical influence.