Research On The Impact Of OFDI Reverse Technology Spillover On The Technical Complexity Of China’s Equipment Manufacturing Exports

The world today is in the midst of a major change unprecedented in a century,and the number of unstable factors affecting healthy economic development has increased significantly.In recent years,the rise of counter-globalization forces has made the international economic order a great challenge,further impacting the current global value chain division of labor system.This is both a challenge and an opportunity for China’s industrial development.In today’s complex domestic and international economic environment,it is particularly important to improve the technological content of products,enhance the technical complexity of product exports,and thus break through the "low-end lock" dilemma of the global value chain and enhance China’s international competitiveness."The Belt and Road"(B&R)is actively promoting for China how to better seize the opportunity to meet the challenge to provide a new idea,a new platform.With the increasing cooperation between China and countries along the route in the fields of trade and investment,it is found that making full use of the reverse technology spillover effect generated by foreign direct investment is an important channel to enhance the technological complexity of exports.Based on this,this paper starts from the perspective of B&R reverse technology spillover,selects panel data of 31 provinces and municipalities in China from 2003 to 2020,empirically analyzes the impact of reverse technology spillover on the technical complexity of equipment manufacturing exports,and tests the threshold effect of technology gap,the findings of the study not only help to improve the technical level of China’s equipment The findings not only help to improve the technical level of China’s equipment manufacturing industry,promote China’s technology,standards and equipment to "go out" with high quality,but also contribute to the construction of China-led B&R regional value chain and the realization of B&R high-quality development.First,on the basis of reading a large amount of domestic and foreign related literature,we summarize the results of existing research and the problems that can be further studied,and thus determine the research content of this paper.Secondly,based on endogenous growth theory,marginal industrial expansion theory and technology gap theory,the influence mechanism between Outward Foreign Direct Investment(OFDI)reverse technology spillover and industrial export technology complexity is clarified.Again,we analyze the current situation of OFDI and equipment manufacturing exports from China to the B&R countries,and clarify their advantages and problems in the development process.Based on the above theoretical analysis and statistical analysis,we select the relevant panel data,take the B&R reverse technology spillover as the core explanatory variable,the technical complexity of equipment manufacturing exports as the explanatory variable,and the domestic R&D capital stock and human capital as the control variables,and use the fixed-effect model to analyze the impact of reverse technology spillover on the technical complexity of equipment manufacturing exports.The effect of reverse technology spillover on the technical complexity of equipment manufacturing exports is analyzed using a fixed-effects model,and on this basis,a threshold effect model is established to test the threshold role of the technology gap.The research results show that: first,reverse technology spillover has a positive effect on the export technology complexity of equipment manufacturing industry.Second,there is regional heterogeneity in the reverse technology spillover effect,with the strongest impact on the central region,followed by the east and the weakest in the west.Third,there is a double threshold effect of technology gap in the process of reverse technology spillover effect,and the reverse technology spillover effect will gradually decrease as the technology gap between China and the countries along the route is narrowed.At the same time,there is also regional heterogeneity in the threshold effect of technology gap,which shows a single threshold in the eastern and central regions and a double threshold in the western region.Based on this,based on the conclusion of empirical analysis,we propose to expand the scale of investment in countries along the "B&R",select countries with large technology gap with China for investment,increase domestic R&D capital investment,and improve the level of human capital from both government and enterprises.It can provide reference to improve the technical level of equipment manufacturing export and realize the high-quality development of China’s "going out".