The Influence Of China’s OFDI On Export Commodity Structure

As China’s economy has entered the new normal,it has shifted from a stage of rapid growth to a stage of high-quality development.The optimization of export commodity structure can reflect the high-quality development of China’s economy.After “going out” strategy put out,China’s Outward Foreign Direct Investment(OFDI)has grown rapidly,but foreign trade faces great downward pressure.Although China is one of the biggest countries which rely a lot on international trade,it has been in a low value-added position in the global value chain,and the export commodity structure needs to be optimized.Under such severe situation,it is of great significance to study the impact of OFDI on export commodity structure.This paper adopts the method of theoretical analysis and empirical analysis.In terms of theoretical analysis,this paper,based on the review of classical theories,divides OFDI into four categories according to motivations: efficiency-seeking OFDI,resource-seeking OFDI,market-seeking OFDI and innovation-asset-seeking OFDI,and analyzes their specific impacts on export commodity structure;On the basis of theoretical analysis,this paper constructs the export commodity level index(EXPY),establishes the fixed effect panel data model and makes an empirical analysis based on the panel data of 30 provinces from 2007 to 2017.The main conclusions are as follows:(1)OFDI can significantly promote the optimization of export commodity structure;(2)Eastern,central and western OFDI have regional differences in the impact of export commodity structure,the eastern region has the most obvious promotion effect;(3)FDI,the degree of financial development,R&D investment and human capital can also promote the optimization of export commodity structure to some extent,and this optimization effects have regional differences.Based on above conclusions,this paper puts forward the following suggestions:(1)The government should guide the enterprises actively to participate in overseas direct investment,by formulating relevant legal system,certain tax breaking for overseas investment enterprises,simplifying the administrative examination and approval of foreign investment process,establishing foreign direct investment financing platform to guide the development of outward foreign direct investment in China;(2)While "going global",the country should focus on promoting production capacity cooperation with countries through " the Belt and Road".