| At the new normal stage of China's economic development,we are faced with the problems of declining demographic dividend and capital return rate.The development pattern of extensive economy is difficult to maintain rapid economic growth.At present,only by gradually reducing dependence on factors of production can we break through the constraints of economic growth.Pushing the economy into the innovation-driven track is the only way to achieve sustainable development.At the same time,China's internationalization strategy of"bringing in"and"going global"is driving economic restructuring,introducing foreign advanced technology and stimulating domestic innovation.Under the background of opening-up,how to use inward foreign direct investment(FDI)and outward foreign direct investment(OFDI)to effectively promote the transformation of economic growth pattern deserves further discussion.FDI and OFDI have triggered a series of effects,such as the crowding in or out of material capital and human capital,energy consumption and international technology spillover,which will inevitably lead to changes in China's economic growth pattern.At present,there are many research results on the effect of FDI and OFDI on technology spillover,capital,employment and energy consumption,but the comprehensive effect of FDI and OFDI on the intensive development of China's economic growth has not yet been clearly concluded.This paper combines the sub-effect and the comprehensive effect,and puts"bringing in"and"going global"into a holistic framework.From the national and regional perspectives,this paper examines whether and how FDI and OFDI can promote the transformation of economic growth pattern."International technology spillover-Learning and imitation-technological innovation-transformation of economic growth pattern"is an important path for high-quality economic development.The technology spillover effect in the sub-effect is analyzed emphatically,which is divided into technology acquisition process,technology absorption process and technology innovation process.By introducing the cross-term of absorptive capacity and FDI and OFDI,this paper focuses on whether the absorptive capacity of international technology spillovers can enhance the level of economic intensification.The results show that:(1)From 2003 to 2016,the intensive level of China's economic growth shows an upward trend,but it shows different growth rates and volatility in different stages of economic development.It shows an improvement trend of"rising slowly,then adjusting to decline,and finally rising steadily".The intensive level in coastal areas is much higher than that in inland areas,but the gap between them is narrowing.(2)At the national level,FDI and OFDI have significantly promoted the level of economic intensification,and FDI has a stronger effect.And both of them have shown a driving effect on China's technological progress.(3)The promotion of FDI in coastal areas to the level of economic intensification is greater than that in inland areas.OFDI in coastal areas has effectively promoted the transformation of its economic growth pattern,while inland OFDI has not yet had such a positive impact.(4)The ability of technology acquisition,technology absorption and technology innovation in coastal and inland areas are the important reasons for regional differences in the transformation of economic growth pattern.In most provinces of China,technology acquisition capacity and technology absorptive capacity have played a significant positive role in the transformation of economic growth pattern,but further promotion is limited by technological innovation capacity.According to the research results,FDI and OFDI should be used to promote the high-quality development of China's economy.We should always adhere to innovation-driven and promote innovation from learning imitation to self-innovation.We should also enhance the absorptive capacity of international technology spillovers,attach importance to the quality of FDI and rationally plan the layout of OFDI. |
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