Research On The Impact Of Investment Facilitation On The China’s Direct Investment In RCEP Member Countries

Since the reform and opening up,China’s economy has ushered in rapid growth,of which foreign investment has made an indelible contribution.As the world’s second largest economy,China’s economic strength and comprehensive national strength have continued to increase in recent years.At the same time,the pace of Chinese enterprises’ "going out" has been accelerating.Especially in the context of the current economic globalization,China’s foreign investment has maintained a steady growth trend.In 2020,the Regional Comprehensive Economic Partnership(RCEP),involving 15 members including China,Japan,South Korea,Australia,New Zealand and ten ASEAN countries,was officially signed and entered into force on January 1,2022.one of the important elements of the agreement.Therefore,seizing the opportunity of RCEP is bound to have a profound impact on the foreign direct investment activities of Chinese enterprises.On the basis of sorting out the relevant literature,this paper makes a systematic and comprehensive analysis of the characteristics and existing problems of China’s foreign direct investment in other RCEP members.The development of China’s current direct investment in other RCEP members is characterized by multiple investment motivations.However,there are still some problems.On this basis,this paper selects the factor analysis method to construct the investment facilitation level measurement index,and uses it to measure the investment facilitation level of other RCEP member states from 2011 to 2019.Most of the investment facilitation indexes of member countries show a downward trend in shocks,and the investment facilitation indexes of Singapore and Australia are relatively high.Finally,this paper conducts an empirical study based on the gravity model,and the results show that investment facilitation does have a significant positive effect on China’s direct investment in other RCEP member countries.In addition,my country’s economic scale and distance have also played a significant positive role in direct investment between China and other RCEP member countries.The factors of labor cost,technical level,economic scale of the host country,and trade volume have played a negative role.Based on the empirical research results,this paper puts forward the following suggestions: First,the state must effectively implement the RCEP agreement,further expand the scope of application of RCEP and strengthen the risk monitoring of RCEP in a timely manner;Direct investment from member countries;at the same time,pay attention to the protection of local enterprises;third,industry associations must further strengthen enterprise training,give full play to service functions,and provide enterprises with risk guidance;finally,enterprises must have an in-depth understanding of other RCEP member countries To understand the general situation of economic development,earnestly study the main spirit of investment facilitation,and flexibly grasp investment opportunities to speed up transformation.