An Analysis Of The Motivations Of Central Enterprises' Overseas Investment Under The “Belt And Road” Initiative

Among the steps of international development of China's centrally-administered state-owned enterprises(SOEs),overseas investment has attracted the most attention of the international community.From reform and opening up to Chinese enterprises' "going out" and then to the Belt and Road Initiative,the fields and modes of overseas investment by China's central SOEs have changed.These changes directly reflect the motivation of the overseas investment of China's central SOEs at the present stage: policy incentives and realistic squeezing.Policy incentives are reflected in more intensive policy documents,more detailed policy content,more clear guidance for the overseas investment of enterprises,positive incentives and negative lists to promote the overseas investment of enterprises more rational.At the same time,the experience and lessons learned from enterprises' overseas investment have become the realistic basis for policy adjustment.Since the beginning of 2017,Chinese government has set up a series of new regulations to supervise and guide the overseas investment of central SOEs.The Direct Overseas Investment of China's central SOEs has fallen sharply.From this,we can see that the policy has a very obvious guiding effect on the overseas investment of China's central SOEs.Realistic factors have an important impact on the overseas investment of China's central SOEs,mainly including market factors,domestic economic restructuring and the internal needs of enterprises' internationalization.Among them,market factors are mainly embodied in the driving force of reducing production costs and the pressure from international trade friction,while the adjustment of domestic economic structure is the driving force of the adjustment of industrial layout by China's central SOEs.In the final analysis,the internal demand of enterprises' internationalization development is the internal reason why China's central SOEs must further "go out" and strengthen overseas investment.