The Influence Of The Belt And Road Initiative On The OFDI In Chinese Service Industry

Since the reform and opening-up,China’s opening-up structure has been improved continuously,and OFDI has been ranked first in the world.China’s OFDI in various countries and continents has increased rapidly,and it has become the most rapid growth of FDI in the world.Meanwhile,as an important component of China’s OFDI strategy,the volume and stock of service industry are also increasing rapidly.Since the "Belt and Road" policy was implemented,a large number of service enterprises have entered the international market,contributed to the "Going Out" strategy,and made many foreign investments.OFDI in Chinese service sector,has been paid more and more attention,but there are still a lot of problems.Therefore,it is very important to research the impact of "Belt and Road" on OFDI in China,and to create a good investment environment for China’s service enterprises.This paper mainly consists of five parts.According to the relevant materials in the foreign investment bulletin and the development of China’s service industry OFDI,this paper makes a comprehensive analysis of China’s service industry OFDI under the background of "One Belt,One Road",and gives some relevant policies and suggestions.Based on the service industry investment data of our country in 40 countries in the five major economies of ASEAN(10 countries),the EU(27 countries),the United States,Australia and the Russian Federation from 2008 to 2020,we first carry out in-depth research on the impact of the "One Belt,One Road" policy initiative on the overseas direct investment in the service industry of our country by adopting the empirical measurement method of difference-in-differences models.Then,the empirical method of heterogeneity test is adopted to analyze the location selection of OFDI in China’s service industry under the "One Belt,One Road".Finally,we test the intermediary effect to find out the promotion path of "One Belt,One Road" initiative to China’s OFDI.The results indicate that the "Belt and Road" initiative has a positive effect on China’s OFDI.Moreover,it is found that the OFDI promotion effect of the "Belt and Road" initiative is more obvious as the investment in the countries along the Maritime Silk Road and developed countries.At the same time,the intermediary effect can be seen that the "Belt and Road" initiative promotes the role of promoting foreign direct investment in China’s service industry by improving the trade between China and the host countries.Based on the theory review and the empirical analysis,this paper analyzes the causes of OFDI expansion in Chinese service industry and the location selection of multinational companies’ outward direct investment are studied from the national perspective.This has important meaning for Chinese service industry to adjust and upgrade.