Research On The Process And Effect Of Foreign Investment Utilization In Hebei Province(1979-2019)

Since the reform and opening up,the utilization of foreign investment has been an important part of our opening up strategy and open economy system.Over the past 40 years,foreign direct investment in China has experienced a process of gradually increasing scale,steadily improving quality,continuous optimization of structure and continuous expansion of regions.At present,China has entered a new pattern of all-round opening up.In this context,it is necessary for the eastern coastal provinces to strengthen utilization of foreign direct investment,improve the effectiveness of utilization of foreign direct investment and better support all-round opening up.Hebei Province,as a large coastal industrial province in northern China,is in urgent need of accelerating the construction of open economic system and improving the scale and quality of foreign direct investment in order to better serve the coordinated development and all-round opening pattern of Beijing-Tianjin-Hebei.Therefore,it is necessary to sort out and summarize the history and effect of foreign direct investment in Hebei Province since the reform and opening up,so as to realize the purpose of learning from the past.The existing researches on the effect of utilizing foreign direct investment in Hebei Province are mostly due to the lack of grasp of history,which leads to a lack of explanatory power.As a large coastal industrial province,the coastal location characteristics and economic characteristics of a large industrial province determine the logic and law of its utilization of foreign direct investment.From this point,it is of theoretical and practical significance to study the course and effect of Hebei Province’s utilization of foreign direct investment.From the perspective of economic history research,this paper uses the methods of overall macro analysis,literature analysis,qualitative and quantitative analysis,etc.,to sort out the history and effect of FDI utilization in Hebei Province from 1979 to 2019.Firstly,according to the changes of domestic and foreign situation,foreign investment policy system,leading factors of investment introduction in the province,The study period is divided into 1979-1991(initial exploration stage of utilizing foreign direct investment under partial opening up),1992-2001(rapid inflow stage of foreign direct investment under the pattern of provincial opening up),2002-2012(industrial structure optimization and rapid opening of service industry under the background of WTO entry),and 2013-20 There are four stages in 19 years(the stage of innovation-oriented high-quality investment introduction under the background of New Normal).Then the process and characteristics of foreign direct investment in each stage are summarized,and the effectiveness of foreign direct investment in each stage is evaluated and analyzed.Finally,the paper summarizes the characteristics and rules of the process and effect of foreign direct investment in Hebei Province in the past 40 years,and puts forward some suggestions for better utilization of foreign direct investment.The main conclusions of this paper are as follows: from 1979 to 2019,the introduction of foreign direct investment centering on the development of export-oriented economy and the adjustment of industrial structure are the two main lines of utilizing foreign direct investment in Hebei Province;Global industrial transfer,Bohai Rim,geographical advantages of Beijing and Tianjin,strong manufacturing strength are the main driving force for foreign investment in Hebei.Government investment policy orientation determines that FDI in Hebei Province is mainly concentrated in manufacturing industry for a long time.The reason why the proportion of joint ventures in Hebei is higher than the national level is that the provinces with a more developed business environment are lagging behind and the emphasis on guiding foreign investment into steel,chemical and other pillar industries.Different historical background and investment orientation lead to different effects of FDI utilization in Hebei Province at different stages.Capital formation effect and industrial structure effect were the most significant in the 1990 s,export promotion effect gradually reached the maximum since the accession to the WTO,and innovation effect was increasing under the background of supply-side reform.For a long time,fewer large innovative enterprises were introduced in Hebei Province,and the industrial chain was not extended enough,which limited the spillover of innovation ability of foreign-funded enterprises.Meanwhile,excessive emphasis on capital and equipment affected the absorption of advanced management experience.Factor price rise and emphasis on strategic transformation of industrial structure are the reasons why the effect of foreign export promotion began to decline.Finally,according to the above summary,the article puts forward the following suggestions: speed up the construction of soft environment,improve their attractiveness;In the process of promoting the strategic transformation of industrial structure,the innovation effect of foreign-funded enterprises should be better brought into play;Grasp the strategic opportunity of coordinated development of Beijing,Tianjin and Hebei to accelerate the introduction of foreign investment;We will continue to strengthen the work of attracting investment and carry out market-oriented transformation of the development zone.