Research On The Industrial Structure Upgrade Effect Of China's Outward Foreign Direct Investment

With the gradual expansion and deepening of economic globalization,production factors such as labor,capital,and technology are accelerating in the global scope,and the international division of labor system and international industrial structure are undergoing unprecedented and profound changes.In this context,outward foreign direct investment(OFDI)has become an important means for many countries to participate in global division of labor and improve industrial competitiveness.The upgrading of the industrial structure has always been the focus of economic growth and development in a country.The upgrading of the industrial structure depends on the flow and transfer of labor,capital,and technology and other production factors in different industrial sectors.Through OFDI,a country can transfer its relatively disadvantaged industries to other countries,release labor,capital,and other factors,develop emerging industries,and promote the development of related industries through industrial associations.More importantly,through overseas investment activities,the technological innovation capabilities and levels of domestic enterprises can be improved,and the adjustment and optimization of domestic industrial structures can be promoted.As far as China is concerned,reform and opening up have opened the prelude to China's economy going abroad.The implementation of the "Going Global" strategy in 2002 accelerated the pace of China's OFDI development.Since then,China's OFDI has grown year by year.The significance of the rapid development of OFDI is not only beneficial for Chinese companies to find raw materials and resources globally,open up international markets,and gain international advanced technology and management experience,but also to enhance China's technology research and development capabilities through overseas investment activities,and promote China's related Industry upgrading.This article is divided into six parts.The first part expounds the research background,purpose and significance,and conducts a literature review.The second part defines the relevant concepts of OFDI and industrial structure upgrade,and explains the basic theories involved in the article.The third part descriptively analyzes the status of China's OFDI,technological innovation and industrial structure.The fourth part analyzes the influence mechanism of OFDI to optimize the industrial structure,and focuses on the influence mechanism of OFDI to promote the upgrading of industrial structure through the intermediary role of technological innovation.The fifth part selects the relevant data of China's provinces,municipalities and autonomous regions from 2004 to 2016,and uses the classic intermediary effect model to conduct empirical research on the impact of China's OFDI on the upgrading of domestic industrial structure through technological innovation.1.The impact of technological innovation on the upgrading of industrial structure.The sixth part is the conclusion and policy recommendations.The research results show that the impact of China's OFDI on the upgrading of the industrial structure presents an inverted U-shaped characteristic of promoting first and then inhibiting.Technological innovation can delay the arrival of the "inflection point".Technological innovation is an important intermediary variable for OFDI to promote the upgrading of China's industrial structure.Based on the research conclusions,it proposes to improve the relevant policy support system for OFDI,provide financial and financial support,encourage high-tech enterprises and other investment entities to choose technology-intensive countries for OFDI,strengthen the support of technological innovation,improve technological innovation capabilities,and take full advantage of the reverse technology spillover effect of foreign direct investment.