A Study Of The Influence On Reverse Technology Spillover Of Outward Foreign Direct Investment To Total Factor Productivity Of China’s Manufacturing Industry

In 2021,one belt,one road to epidemic prevention and control,was gradually normalized.China’s economy has gradually recovered.At present,both OFDI and the implementation of the "one belt and one way" initiative are in steady progress.China’s multinational enterprises have always adhered to optimizing the supply chain system and strive to further shape the new economy and development pattern.As a pillar industry in China’s market economy system,manufacturing industry is also the core field of OFDI.At this stage,the original international division of labor system is constantly changing,and the division of labor between and within industries is gradually transitioning to the division of labor within products.By analyzing the international vertical division mechanism,it can be seen that the division index of production process is total factor productivity(TFP).Based on the differences in production processes,transnational production and trade form a relatively independent chain.In the traditional industrial system,the manufacturing industry accounts for the highest proportion.Therefore,it is the industry most favored by investors all over the world in the global value chain.The report of the 19 th CPC National Congress also clearly stressed that in developing a high-quality economic system with modern characteristics,we should focus on the real economy,promote the orderly optimization of the high supply system as far as possible,and then improve the overall quality of the national economy.At the same time,we must promote the building of a manufacturing power and strengthen the overall advanced nature of manufacturing industry.This requires China to pay close attention to TFP in the manufacturing field and promote the gradual transformation of "made in China" into "made in China" in a real sense.Firstly,this paper combs the relevant research and theories of OFDI and TFP by domestic and foreign scholars,analyzes the current situation of OFDI and TFP,and then introduces GMM method to dynamically analyze how OFDI affects and acts on TFP.Through analysis,it is found that OFDI can positively boost TFP to maintain a relatively stable improvement.Then,this paper analyzes the two mediators and their mechanisms of OFDI promoting TFP from a multi-dimensional perspective,one is technological progress,the other is industrial structure optimization.Accordingly,a relatively independent intermediary model covering the above intermediaries is further constructed,and the inter provincial panel data from 2003 to 2020 are introduced to carry out in-depth empirical analysis.Through step-by-step analysis,the following results are obtained: from a national perspective,OFDI can drive technological progress,optimize and upgrade the industrial structure,and boost the effective improvement of TFP.Among them,the positive promoting effect brought by technological progress is relatively higher than that of industrial structure optimization;From a regional perspective,there is significant regional heterogeneity in the industrial structure optimization effect brought by OFDI to the eastern and central regions.The eastern effect is more prominent,and the central effect is larger,but not as good as the eastern one.Finally,according to the analysis and empirical results,this paper puts forward countermeasures and suggestions for the improvement of total factor productivity of manufacturing industry.