The Impact Of OFDI In China’s Manufacturing Industry On GTFP

Long-term extensive economic development mode makes the contradiction between environment,resources and social and economic development in China accumulate and deepen day by day.As a pillar industry of the national economy,manufacturing industry accounts for a high proportion of carbon emissions in the country.Accelerating its green development progress and improving its green total factor productivity is the top priority in solving China’s environmental problems.With the continuous "Going Out" of China’s manufacturing enterprises,the international spillover is of great significance to the development of green economy of domestic manufacturing industry.At the same time,with the increasing attention of the society to the ecological environment,it has become a new demand of high-quality economic development in the new era to realize sustainable development through formulating reasonable environmental policies.The impact of OFDI on green total factor productivity is to some extent influenced by environmental regulations in the home country.Based on the perspective of environmental regulations,this paper studies the impact of OFDI on green total factor productivity under the regulation of environmental regulations in China’s manufacturing industry.From the perspective of resource and environmental constraints,this paper systematically studies the impact of China’s manufacturing OFDI on green total factor productivity and the regulatory role of China’s environmental regulations.First,on the basis of previous studies,this paper constructs a basic analytical framework for the impact of OFDI on green total factor productivity in China’s manufacturing industry,and carries out theoretical analysis supplemented by the regulatory role of environmental regulations.Secondly,this paper analyzes the status quo of OFDI,green total factor productivity and environmental regulations in manufacturing industries,and makes an in-depth analysis of the fact that the current environmental regulations in China’s manufacturing industry cannot play a positive role in regulation.Finally,based on the panel data of 14 manufacturing industries in China from 2007 to 2020,an econometric model is constructed to empirically test the impact of OFDI in China’s manufacturing industry on green total factor productivity and the regulatory role of environmental regulations.The findings of this study are as follows:(1)OFDI and green total factor productivity of China’s manufacturing industry both show a trend of continuous expansion,and environmental regulations cannot fully play a positive regulatory role.(2)Without considering environmental regulations,OFDI of China’s manufacturing industry can significantly promote the growth of green total factor productivity;The results of industry heterogeneity test showed that OFDI of different polluting manufacturing industries in China significantly promoted the improvement of green total factor productivity of the industry,and the effect of heavily polluting industries was greater than that of moderately polluting industries than that of lightly polluting industries.(3)The enhancement of environmental regulations in both the whole and subdivided industries of the manufacturing industry can promote the positive effect of OFDI on green total factor productivity,and the moderating effect of moderately polluting industries is the largest.(4)Environmental regulation in China’s manufacturing industry has a double threshold effect.As the intensity of environmental regulation gradually increases and exceeds the threshold,the promoting effect of OFDI in China’s manufacturing industry on green total factor productivity shows a trend of first increasing and then decreasing.Therefore,this paper puts forward countermeasures and suggestions from the aspects of expanding OFDI scale of manufacturing industry and strengthening environmental regulation of manufacturing industry.