Chinese outward direct investment （ODI） is expanding at an unprecedented rate. The present study augments the understanding of the determinants and drivers of Chinese ODI. It reviews the literature on Chinese 0191 a...Chinese outward direct investment （ODI） is expanding at an unprecedented rate. The present study augments the understanding of the determinants and drivers of Chinese ODI. It reviews the literature on Chinese 0191 and analyzes investment by state-owned enterprises （SOE） for the period 2003-2008, focusing specifically on the differences between the determinants of Chinese investment in developed （OECD） and developing （non-OECD） economies. In addition, the study assesses the appropriateness of the general framework used for investigating ODI determinants （Dunning＇s eclectic paradigm） to analyze the experience of Chinese SOE. The findings indicate that Dunning＇s eclectic paradigm provides an excellent theoretical framework for analyzing the determinants of Chinese SOE investment in developed countries, and provides a good starting point for analysis of Chinese investment in developing countries. However, Dunning＇s specification requires refinement for developing countries. This paper finds a distinct difference between the motivations for Chinese SOE investment in developed and developing countries.展开更多
This paper explores, from the perspective of general equilibrium, the relationship between urbanizing migrant workers and increasing domestic demand. Why should China adopt the strategy of relying on domestic demand t...This paper explores, from the perspective of general equilibrium, the relationship between urbanizing migrant workers and increasing domestic demand. Why should China adopt the strategy of relying on domestic demand to develop its economy？ Countering the impact of declining external demand is only a temporary reason for doing so, and the more fundamental reason is the need to change the ＂dual imbalance＂ in today’s economy： the imbalance between internal and external economic arrangements and the industry structural imbalance, as well as the need to take full advantage of the domestic market to achieve the goal of industrialization. The latent consumption demand of migrant workers will be fully released if realistic measures are taken to accelerate the pace of turning migrant workers into urban residents. This will help neutralize the negative impact of reduced external demand, as well as rectifying the structural imbalances in the Chinese economy and upgrading China’s industrialization and urbanization.展开更多
Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this driv...Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this drive. We argue that investment overseas by SOEs is a double-edged sword as far as its impact on domestic reform is concerned. Investing overseas offers opportunities to deepen structural reform in China, but such investment could also strengthen the monopoly position of some SOEs, which is inconsistent with the objective of domestic reform. Therefore, it is important for China to deepen domestic reform with respect to competition, ownership and regulations, to maximize the benefits from investing overseas＇. The present paper also discusses how building market-compatible institutions will resuh in increased innovation. This provides opportunities for Chinese firms to effectively catch up with the advanced technologies to remain competitive in overseas markets.展开更多
This article seeks to develop a conceptual and policy framework for understanding China＇s role in the global economic imbalances. China＇s contribution to these imbalances via recurrent trade and financial surpluses ...This article seeks to develop a conceptual and policy framework for understanding China＇s role in the global economic imbalances. China＇s contribution to these imbalances via recurrent trade and financial surpluses corresponds with a phase of deepening structural risks to China s economic growth and development. These structural challenges include： the composition of growth resulting from China＇s dynamic internal transformation, China＇s trade orientation, the trajectory of resource use and CO emissions, welfare problems relating to distribution and international constraints. This article develops a conceptual framework for examining the relationship between the processes of long-run structural transformation in China, its economic imbalances, and the role of institutional reform in dealing with these structural challenges. As such, economic policy shouM extend beyond short-term macro management to pursue an institutional reform dgenda to facilitate broader structural change to mitigate constraints to future growth and to improve economic welfare.展开更多
Australia is China＇s largest destination for FDI, most of it directed to the resource sector. The scale and speed of the surge of Chinese investment into Australia, largely from stateowned enterprises （SOEs）, has r...Australia is China＇s largest destination for FDI, most of it directed to the resource sector. The scale and speed of the surge of Chinese investment into Australia, largely from stateowned enterprises （SOEs）, has raised the question of whether investments by SOEs require special scrutiny. In China, the question is about the treatment of Chinese investment compared with investment from other countries. Clearly, Australia has had a policy environment that is very open to foreign investment, including investment from China. Nevertheless, it is questionable whether measures recently introduced in Australia to review investment by SOEs will restrict Chinese access to the Australian market or encourage a change in the nature of investment projects. How will Chinese enterprises need to adjust to the disciplines and rules in foreign markets？ Will the Chinese Government need to take the regulations of host countries like Australia into aecount in its supervision of SOEs？ Australia remains more open to Chinese investment than any other eountry in the world. Although the issue of SOE investment raises important new questions for policy-makers in Australia and other countries, Chinese investment in Australian resources is very beneficial and, with appropriate institutional andpoliey initiatives, will continue its strong growth.展开更多
文摘Chinese outward direct investment （ODI） is expanding at an unprecedented rate. The present study augments the understanding of the determinants and drivers of Chinese ODI. It reviews the literature on Chinese 0191 and analyzes investment by state-owned enterprises （SOE） for the period 2003-2008, focusing specifically on the differences between the determinants of Chinese investment in developed （OECD） and developing （non-OECD） economies. In addition, the study assesses the appropriateness of the general framework used for investigating ODI determinants （Dunning＇s eclectic paradigm） to analyze the experience of Chinese SOE. The findings indicate that Dunning＇s eclectic paradigm provides an excellent theoretical framework for analyzing the determinants of Chinese SOE investment in developed countries, and provides a good starting point for analysis of Chinese investment in developing countries. However, Dunning＇s specification requires refinement for developing countries. This paper finds a distinct difference between the motivations for Chinese SOE investment in developed and developing countries.
文摘This paper explores, from the perspective of general equilibrium, the relationship between urbanizing migrant workers and increasing domestic demand. Why should China adopt the strategy of relying on domestic demand to develop its economy？ Countering the impact of declining external demand is only a temporary reason for doing so, and the more fundamental reason is the need to change the ＂dual imbalance＂ in today’s economy： the imbalance between internal and external economic arrangements and the industry structural imbalance, as well as the need to take full advantage of the domestic market to achieve the goal of industrialization. The latent consumption demand of migrant workers will be fully released if realistic measures are taken to accelerate the pace of turning migrant workers into urban residents. This will help neutralize the negative impact of reduced external demand, as well as rectifying the structural imbalances in the Chinese economy and upgrading China’s industrialization and urbanization.
文摘Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this drive. We argue that investment overseas by SOEs is a double-edged sword as far as its impact on domestic reform is concerned. Investing overseas offers opportunities to deepen structural reform in China, but such investment could also strengthen the monopoly position of some SOEs, which is inconsistent with the objective of domestic reform. Therefore, it is important for China to deepen domestic reform with respect to competition, ownership and regulations, to maximize the benefits from investing overseas＇. The present paper also discusses how building market-compatible institutions will resuh in increased innovation. This provides opportunities for Chinese firms to effectively catch up with the advanced technologies to remain competitive in overseas markets.
文摘This article seeks to develop a conceptual and policy framework for understanding China＇s role in the global economic imbalances. China＇s contribution to these imbalances via recurrent trade and financial surpluses corresponds with a phase of deepening structural risks to China s economic growth and development. These structural challenges include： the composition of growth resulting from China＇s dynamic internal transformation, China＇s trade orientation, the trajectory of resource use and CO emissions, welfare problems relating to distribution and international constraints. This article develops a conceptual framework for examining the relationship between the processes of long-run structural transformation in China, its economic imbalances, and the role of institutional reform in dealing with these structural challenges. As such, economic policy shouM extend beyond short-term macro management to pursue an institutional reform dgenda to facilitate broader structural change to mitigate constraints to future growth and to improve economic welfare.
文摘Australia is China＇s largest destination for FDI, most of it directed to the resource sector. The scale and speed of the surge of Chinese investment into Australia, largely from stateowned enterprises （SOEs）, has raised the question of whether investments by SOEs require special scrutiny. In China, the question is about the treatment of Chinese investment compared with investment from other countries. Clearly, Australia has had a policy environment that is very open to foreign investment, including investment from China. Nevertheless, it is questionable whether measures recently introduced in Australia to review investment by SOEs will restrict Chinese access to the Australian market or encourage a change in the nature of investment projects. How will Chinese enterprises need to adjust to the disciplines and rules in foreign markets？ Will the Chinese Government need to take the regulations of host countries like Australia into aecount in its supervision of SOEs？ Australia remains more open to Chinese investment than any other eountry in the world. Although the issue of SOE investment raises important new questions for policy-makers in Australia and other countries, Chinese investment in Australian resources is very beneficial and, with appropriate institutional andpoliey initiatives, will continue its strong growth.
