| Over the past 40 years of reform and opening up,China has been participating in the international division of production and has gradually formed an open pattern of "importing" and "going out".The report of the 20 th Party Congress pointed out that China should promote a high level of opening up to the outside world and accelerate the construction of a strong trade country.As a link between domestic and international cycles,foreign investment and foreign investment are important ways to aggregate domestic and foreign factor resources and form new industrial competitive advantages,and are also important drivers of global value chain reshaping.The real economy is the foundation of China’s national economy,and the manufacturing industry is the main body of the real economy.Studying the impact of two-way investment in China’s manufacturing industry on the status of the global value chain will help China better implement the strategy of "bringing in" and "going out",and build the "Belt and Road" as well as the global value chain.The study on the impact of two-way investment in China’s manufacturing industry on the status of global value chain will be of great significance to China’s better implementation of the strategy of "importing" and "going out",the construction of "one belt and one road" and the transformation and upgrading of manufacturing industry.Firstly,from the national strategy level,the investigation of the impact of two-way FDI in manufacturing industry on the status of global value chain is in line with the policy requirements of high-quality development of national trade and cultivation of new competitive advantages in trade,and by clarifying the impact mechanism and effect of two-way FDI on GVC,it will provide theoretical basis for the next targeted formulation of relevant trade policies and promote China’s better participation in global economic integration.Second,from the perspective of industrial upgrading,in the context of the new pneumonia epidemic sweeping the world and new trade barriers emerging,manufacturing industry,as an important cornerstone of China’s national economy,is facing a "reconfiguration" impact,and studying the impact of two-way FDI in manufacturing industry on the status of global value chain can provide ideas for manufacturing industry to better adapt to the major changes in the era of Industry 4.0.The study of the impact of two-way FDI in manufacturing industry on the position of global value chain can provide a reference for the manufacturing industry to better adapt to the major changes in the Industry 4.0 era.Thirdly,from the perspective of national economic growth,in 2023,China’s economic surface will gradually improve after the implementation of the "B class B management" policy,and in the face of the upcoming leapfrog growth of China’s IFDI and OFDI,studying the impact of two-way FDI in manufacturing on the status of global value chains will provide a great opportunity for Chinese enterprises to realize the "import" and "export" policies.The study of the impact of two-way FDI on global value chain status in manufacturing industry will guide the development direction for Chinese enterprises to achieve "importing" and "going out".Therefore,it is of significant theoretical and practical significance to investigate the impact of two-way FDI in manufacturing industry on China’s upgrading of global value chain status from both theoretical and empirical aspects.The possible innovations of this paper include the following three points: Firstly,based on the existing research of domestic and foreign scholars on the relationship between IFDI and OFDI and the division of labor in global value chains,IFDI and OFDI are placed in the same dimension to study the level and mechanism of the influence of two-way FDI on global value chains,which enriches the existing research in related fields.Secondly,we adopt the latest input-output data published by ADBMRIO during 2007-2021 to construct a two-way FDI synergy index for China’s manufacturing industry segments,and then empirically test the impact of two-way FDI on improving China’s global value chain division of labor,which makes up for the short data interval of most studies to a certain extent.Third,by classifying manufacturing industry segments into labor-intensive,capital-intensive and technology-intensive categories,we explore the heterogeneity of the impact of different types of industries on GVC,which provides theoretical reference for the next step of targeted two-way investment policy formulation.The findings of this paper are mainly in the following four aspects: First,IFDI in China’s manufacturing industry has a positive pulling effect on the GVC division of labor status,while OFDI hinders the upward climb of the GVC division of labor status.Secondly,two-way FDI has achieved synergistic development to a certain extent and can contribute to the upgrading of the GVC division of labor status of the manufacturing industry.Third,from the perspective of moderating effect,the improvement of technology level plays a facilitating role in the pull of GVC division of labor status by the three of IFDI,OFDI and two-way FDI synergistic development level.In addition,further research shows that two-way FDI in technology-intensive industries in China achieves a certain degree of coordinated development,and technology spillovers from labor-intensive,capital-intensive and technology-intensive industries all contribute to the positive impact of expanding two-way FDI on the upstream extension of GVC division of labor status. |
PDF Full Text Request