Research On The Impact Of Overseas Economic And Trade Cooperation Zones On China’s OFDI Under "The Belt And Road" Initiative

Since the proposal of the “Belt and Road” initiative in 2013,overseas economic and trade cooperation zones have gradually become a vivid practice for the Chinese government to help enterprises invest overseas.Overseas economic and trade cooperation is an innovative foreign investment model,which can help enterprises reduce the cost of "going overseas" investment in complex and changeable overseas forms.The establishment of an overseas economic and trade cooperation zone has opened a window for mutual learning among countries around the world,built a platform for Chinese companies to go out,and provided a guarantee for Chinese companies to take root locally.However,compared with the increasingly important strategic position of overseas economic and trade cooperation zones,the academic research on overseas economic and trade cooperation zones mostly stays at the level of case analysis and descriptive statistics.This article selects the 2005-2015 list of overseas investment enterprises published by the Ministry of Commerce,and discusses the establishment of overseas economic and trade cooperation zones to foreign direct investment of Chinese enterprises in light of factors such as the economic development scale of the invested country,the richness of natural resources,and the institutional environment of the signatory country.The impact of investment;combined with the heterogeneity of the motivations of Chinese companies ’ "going overseas" investment,the Chinese companies’ overseas investment is divided into market-seeking,resource-utilizing,and technology development-seeking foreign direct investment,and the establishment of overseas economic and trade cooperation zones is tested by samples The relationship with the heterogeneity of the investment motivation of the enterprise;combined with the heterogeneity of the location distribution established by the overseas economic and trade cooperation zone,this paper divides the sample countries into countries along the "Belt and Road" and non-Belt and Road countries,and examines them by samples.The heterogeneous impact of the location distribution of overseas economic and trade cooperation zones on China’s foreign direct investment.Finally,this article replaces the explanatory variables,replaces the number of Chinese companies that have made direct investment in the host country with the flow data of their foreign direct investment,and then conducts a robustness test.The main conclusions of this article are:(1)Whether considering the heterogeneity of the drivers of Chinese companies ’FDI or the geographical distribution of overseas economic and trade cooperation zones,overseas economic and trade cooperation zones serve as an alternative arrangement for the host country ’s institutional environment It can significantly promote foreign direct investment of Chinese enterprises.(2)The establishment of overseas economic and trade cooperation zones at this stage mainly promotes Chinese enterprises’ market-seeking ODI and resource-utilizing ODI,and has no significant positive impact on technology-seeking and development-oriented ODI.(3)There is an obvious imbalance in the location distribution of overseas economic and trade cooperation zones,which leads to heterogeneity in the impact of Chinese enterprises’ foreign direct investment.Therefore,the countries along the “Belt and Road” and non-along the country are located in the overseas economic and trade cooperation zones.Under the framework,the incentives for Chinese companies to invest abroad are different,and the former is relatively weak.Based on the empirical results,this paper analyzes the reasons why the investment attractiveness of the commonwealths along “the Belt and Road” route under the framework of the overseas economic and trade cooperation zone is relatively small compared to the countries not along the “Belt and Road”.It is suggested that most of the countries along the “Belt and Road” have good political and economic or geographic relations with China,and they are mainly developed economies and transition economies.Compared with the more developed non-Belt and Road economies,There is a big difference in the total market,the national economic system or its policy support for the park.Therefore,the establishment of overseas economic and trade cooperation zones has a relatively greater role in promoting the attraction of foreign investment in countries along the “Belt and Road”.Finally,it was proposed that the construction of overseas economic and trade cooperation zones should take the “smooth windmill” of the “Belt and Road” and five links construction,and make full use of the “five links” in the “Belt and Road” initiative to escort the construction of overseas economic and trade parks.