Study On The Impact Of China’s Two-way FDI Coordinated Development On Carbon Emission Intensity

China’s capital account opening has gradually changed from simply pursuing the quantity of FDI to giving consideration to the quality,structure and benefit of two-way FDI in recent years,.The 19^thNational Congress of the Communist Party of China reports clearly pointed out that the development strategy of the“Belt and Road Initiative”should be emphasized,both‘bringing in’and‘going out’should be payed equal attention.The coordinated development of IFDI and OFDI is the key to the coordinated development of China’s export-oriented economy in the implementation of the strategy of‘bringing in’and‘going out’,the construction of a new development pattern of mutual promotion of domestic and international dual circulation,the optimization of capital allocation and the acquisition of resources such as technology and market.At the same time,whether FDI has a positive or negative impact on domestic carbon emissions has been a heated discussion among scholars in the industry.In 2020,China promised to reach the carbon peak around 2030 and carbon neutralization around 2060.This major strategic decision reflects China’s firm determination to take the high-quality development path of ecological priority,green and low-carbon.Therefore,it is urgent and necessary to study the impact of the coordinated development of two-way FDI on carbon emission intensity.Firstly,this paper introduces the physical coupling model to measure the coordinated development level of two-way FDI coupling at the provincial level in China and carbon emission intensity from 2008 to 2019.According to the division of China’s four major economic regions,this paper compares the coordinated development level of two-way FDI and carbon emission intensity in the eastern region,northeast region,central region and western region respectively.It is found that the overall development level of two-way FDI in China first rose,then had a fall trend probably due to trade friction.The coordinated development level of two-way FDI in the eastern region was better than that in other regions.The carbon emission intensity decreased year by year,among which the eastern region was the lowest and the northeast region was the highest.Secondly,according to the Environmental Kuznets Curve,this paper combs the scale effect,structure effect and technology effect of two-way FDI and its coordinated development level on domestic carbon emission intensity.Introducing foreign direct investment has brought financial and technical support to the domestic expansion of outward foreign direct investment.IFDI has become the basis of OFDI.With the expansion of the flow and scale of outward foreign direct investment in domestic regions,introducing foreign direct investment has good economic development conditions.OFDI in turn supports the development of IFDI,and there is a certain coordinated development between two-way FDI.Two-way FDI directly and indirectly expands the scale of local output,increasing regional carbon emissions and GDP;The positive and reverse technology spillover effects of two-way FDI will promote the improvement of local clean technology,improve energy utilization and reduce carbon emission intensity.The industrial flow of two-way FDI will promote the transformation and upgrading of the regional industrial structure,and the energy endowment structure will change from resource and labor intensive to capital intensive,which is conducive to reducing the intensity of carbon emissions.Taking 29 provinces,autonomous regions and municipalities（excluding Xinjiang,Tibet,Hong Kong,Macao and Taiwan）as samples,this paper establishes comparative static model and spatial Dobbin model respectively to study the local impact and spatial spillover effect of the coordinated development of two-way FDI on carbon emission intensity.The empirical analysis conclusion of comparative static model shows that the coordinated development level of two-way FDI can significantly reduce the intensity of carbon emission and contribute to domestic energy conservation and emission reduction.In terms of regions,the weakening effect of eastern and central regions is significant;Through Moran index test,it is found that there is spatial auto-correlation between the coordinated development level of two-way FDI and carbon emission intensity.The results of spatial Dobbin model show that the coordinated development of two-way FDI will aggravate the carbon emission intensity of surrounding areas.Therefore,this paper suggests that,firstly,we should actively promote the scale growth and coordination level of two-way FDI,integrate the economic development of different regions,and carry out two-way FDI policies according to local conditions;Secondly,we should pay attention to the quality of two-way FDI and improve the efficiency of coordinated development of two-way FDI;Thirdly,we should make full use of the technological effect of two-way FDI to promote the improvement of domestic technological innovation ability;Finally,the development level of two-way FDI among provinces should be coordinated to avoid focusing on the development of local two-way FDI and ignoring the negative impact on the carbon emission intensity of surrounding areas,so as to avoid the occurrence of‘beggar thy neighbor’.