| In the past 40 years of reform and opening up,China’s economy has achieved sustained growth,but at the same time,there are many problems and challenges to its sustainable development.The report of the 19 th National Congress of the Communist Party of China clearly points out that China’s economy has shifted from a stage of rapid growth to a stage of high-quality development,high-quality economic development has become the theme of China for a long time now and even in the future,how to improve the level of high-quality economic development has become an important research topic.Currently,China is gradually expanding its openness to the outside world,actively building a new pattern of dual circulation,the strategies of "bringing in" and "going out" are constantly developing and deepening.As an important component of China’s economic development,the impact of foreign direct investment and outward direct investment on high-quality economic development is the key content of this study.Before conducting empirical analysis,the first step is to summarize the existing research both domestically and internationally,systematically analyze the mechanism of bilateral FDIs impact on high-quality economic development.The second step is to construct a measurement index system for high-quality economic development,then uses the entropy weight method to calculate the high-quality economic development level of 30 provincial administrative regions in China,and analyzes the current situation of China’s bilateral FDI and high-quality economic development based on these data.After analyzing the mechanism of action and current situation,constructs the required econometric model,explains the data and various variables used in this article,then conducts benchmark analysis,heterogeneity analysis,functional mechanism testing,regulatory effect analysis and spatial effect analysis in turn,in order to comprehensively examine the effects of bilateral FDI on China’s high-quality economic development.The results show that:(1)Bilateral FDI significantly promote China’s high-quality economic development,and the strength of this positive effect is different between regions.This effect is strongest in the eastern region,followed by the central region,and weakest in the western region.(2)In the process of bilateral FDI promoting high-quality economic development,both the level of technological innovation and the level of industrial structure optimization and upgrading all play a positive intermediary role,bilateral FDI can promote high-quality economic development by enhancing the level of both.(3)In the process of promoting high-quality economic development through bilateral FDI,the level of environmental regulation plays a positive regulatory role,the improvement of the level of environmental regulation can significantly strengthen the effect of bilateral FDI in promoting high-quality economic development.(4)The high-quality economic development and bilateral FDI in 30 provincial administrative regions in China all have positive spatial correlation,local bilateral FDI not only significantly promote the high-quality development of the local economy,but also significantly improve the high-quality development of the neighboring regions.Based on the above research conclusions,proposes following policy recommendations:(1)Actively build a new pattern of dual circulation,improve the level of bilateral FDI,and also implement differentiated development strategies according to local conditions.(2)Strengthen the organic integration of bilateral FDI with technological innovation and industrial structure optimization and upgrading.(3)Fully leverage the government’s guiding role in environmental issues,enhance the level of environmental regulation to strengthen the positive role of bilateral FDI.(4)Efforts should be made to enhance the level of regional cooperation and promote common development among regions. |
