Analysis On The Efficiency Of My Country's Direct Investment In Countries Along The "Belt And Road"

In the wave of neoliberal globalization in the 1970 s and 1980 s,the polarization of global economic development became more and more serious.Many underdeveloped economies were gradually marginalized,and domestic polarization in developed economies intensified.Standing on the new historical node,China's "One Belt,One Road" initiative is a major measure to coordinate the steady development of the domestic economy,maintain a peaceful and stable surrounding environment,and promote regional economic and trade cooperation.The "One Belt,One Road" initiative can not only drive China.Economic growth has far-reaching implications for promoting world economic prosperity and peace.The National 13 th Five-Year Plan clearly pointed out that in the face of the new international situation and the new situation,China's opening up to the outside world should "sound the new system of opening up to the outside world" and promote the construction of the "Belt and Road",although China has directly invested in direct investment in countries along the route in recent years.And the investment efficiency has been continuously improved,and the proportion of attracting foreign direct investment in countries along the route has been increasing year by year.However,in the context of deteriorating global trade,how to promote the upgrading and adjustment of its own industries and promote investment efficiency in the process of promoting the geographical advantages of countries along the route.With quality and better realization of social and economic benefits,it is an urgent need for in-depth research.In order to realize the effective allocation of international production factors and resources,and to build a community of interests between China and neighboring countries,it is of great significance to explore China's direct investment status and resource allocation efficiency in countries along the route.First of all,this paper explores the overall situation of China's direct investment in countries along the “Belt and Road” and summarizes the characteristics of China's direct investment in countries along the route from the aspects of investment location selection,industrial distribution,investment enterprises and investment methods.Secondly,based on the traditional gravity model and production function,based on the panel data of 46 countries along the line from 2006 to 2016,a stochastic frontal gravitation model is constructed,and the full sample regression analysis using Stata,Frontier and other software will affect China's direct investment in countries along the route.The factors were empirically analyzed.Thirdly,the investment inefficiency items in the stochastic frontier gravity model constructed in the previous paper are further explored,and the influencing factors are empirically analyzed.Finally,based on the sample regression results,measure the direct investment efficiency of China along the “Belt and Road” countries,and estimate the investment potential accordingly.The results show that:(1)China's direct investment in the countries along the “Belt and Road” is developing rapidly,and the future investment trend is stable and good;(2)China's direct investment efficiency along the “Belt and Road” countries and the host country's economic strength are common.The level of border common language and infrastructure construction is positively correlated and negatively related to bilateral geographic distance.At the same time,the degree of openness of the host country,accession to the WTO,bilateral free trade agreements,government efficiency,and legal supervision environment have positive effects on investment efficiency;(3)China's direct investment efficiency in countries along the line is generally low,and the investment country There is no convergence in the difference.From the perspective of regional distribution,China has the highest investment efficiency in Southeast Asia,while the investment efficiency in West Asia and North Africa is generally low.From the perspective of different economic system types,the scale of investment in developing economies The efficiency is higher than that of advanced economies and transition economies.Based on the above conclusions and existing problems,this paper proposes countermeasures to ensure the sustainability of the “Belt and Road” initiative from the perspective of strengthening the “five links”.