Outward Foreign Direct Investment and Export Performance in China

Abstract

En tant que l'un des plus grands pays exportateurs du monde, la Chine a connu une importante croissance de ses investissements directs à l'étranger (IDE sortants). Dans cet article, les auteurs examinent les effets des facteurs liés à l'exportation sur les IDE sortants de la Chine grâce aux mesures de soutien à l'exportation et à la base d'exportation. À partir de données recueillies au moyen d'un panel couvrant la période 2003-2010 et concernant 144 pays, dont le Canada, les auteurs observent un effet important de la croissance des exportations sur les IDE sortants de la Chine. De plus, la base d'exportation occupe une place importante dans les IDE sortants de la Chine, une tendance qui s'est renforcée au cours des dernières années. Par ailleurs, les marchés des pays d'accueil voisins n'ont pas d'effets importants sur les IDE sortants. Les IDE sortants de la Chine ont un effet d'agglomération indéniable dans les pays d'accueil, et particulièrement dans les pays à revenu élevé. Ces résultats empiriques suggèrent que la Chine doit prêter attention aux doubles effets de son soutien à l'exportation et de sa base d'exportation sur ses IDE sortants. Le gouvernement devrait encourager les entreprises à mettre en place une stratégie portant à la fois sur le commerce et les investissements, et créer une plateforme de réseautage d'investissement pour protéger les investissements étrangers des entreprises.Mots clés : investissement direct à l'étranger, soutien des exportations, base d'exportation, effet spatial, Chine As one of the world's major exporters, China has witnessed a substantial increase in its outward foreign direct investment (OFDI). This article examines the effects of export-driven factors on China's OFDI through export-supporting and export platform. On the basis of 2003-2010 panel data from 144 countries and regions, including Canada, we find a strong effect of rising exports on China's OFDI. In addition, the export platform is an important part of China's OFDI, and this trend has strengthened in recent years. Moreover, markets of neighbouring host countries do not have a significant effect on the OFDI. China's OFDI has an obvious agglomeration effect in the host countries, particularly in high-income countries. The empirical results suggest that China should pay attention to the dual effects of its export-supporting and export platform on OFDI. The government should guide enterprises to implement a mixed international trade and investment strategy and build a platform of networking investment to protect firms' overseas investments.

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