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Understanding foreign direct investment in the context of entrepreneurial urban China.

机译：了解中国城市创业背景下的外国直接投资。

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摘要

China has been the largest recipient country of foreign direct investment (FDI) in the developing world for many years during the past three decades. Despite voluminous literature on the locational choice of FDI or its impact on the host economy, little attention has been paid to the causes that give rise to its distinctive pattern of dynamics in China. By reviewing the historical path of FDI, its weight in Chinese economy as well as the quality of FDI inflows, this study finds the mid-1990s and the years since the start of this century are the two periods during which FDI are most significant and vibrant in this country. Both are characterized by surging FDI inflows, high ratios of greenfield manufacturing FDI to nationwide total fixed asset investment that can hardly paralleled by most other major countries and increasing average size of projects capitalized by FDI.;This study argues the entrepreneurial orientation of local states to maximize short-term economic and revenue growth is the cause that leads to the pattern of FDI as identified. Under the centralized political system, both the fiscal decentralization before and the re-centralization after 1994 motivate local states to expedite economic growth and mobilize revenue collection on a short-term basis. Although state-owned enterprises had been the ideal partner of local governments before the mid-1990s to generate economic growth without demonstrating a corresponding increase of budgetary revenues, the fiscal system established in 1994 not only makes foreign invested enterprises the only candidate agent via which local economic and revenue growth could be achieved, it also institutionally reinforces the weights of real estate and manufacturing sectors in local revenue mobilization and pave the way for land-based urban growth strategies.;The intertwined urban housing and land use reforms initiated at the end of 1990s eventually lead to the preference of local states for manufacturing FDI. Specifically, municipal governments that are the de facto owner of urban land are able to drive up the price of land used for residential and commercial development by limiting its supply and allowing higher floor area ratios. On the other hand, the price of land for manufacturing production has been maintained by the municipalities at excessively low level to attract inward investments. The contrasting strategies of land pricing not only mean rising costs associated with the manufacturing land use, they also prompt relentless acquisition of arable land by municipalities and make land an increasingly tight constraint against rampant urban growth, which results in the municipal demand for manufacturing FDI that is generally more efficient in land use.;This study also presents the differing degree of local state entrepreneurialism across regions by comparing the land use dynamics between cities in the costal, middle and western China. It concludes with the impact of this land-based urban growth strategy on China's domestic economic and social sustainability and policy implications for sustainable urban development.
机译：在过去的三十年中，多年来，中国一直是发展中国家最大的外国直接投资接受国。尽管有大量关于外国直接投资的地点选择或其对东道国经济的影响的文献，但很少引起关注的是在中国引起其独特动态格局的原因。通过回顾外国直接投资的历史路径，外国直接投资在中国经济中的比重以及外国直接投资的流入质量，本研究发现1990年代中期和本世纪初以来的几年是外国直接投资最为重要和活跃的两个时期。在这个国家。两者都具有以下特点：外国直接投资流入激增，未加工制造业外国直接投资占全国固定资产投资总额的高比率（大多数其他主要国家难以与之匹敌）以及外国直接投资资本化项目的平均规模不断增加。最大化短期经济和收入增长是导致确定的外国直接投资模式的原因。在中央集权的政治体制下，1994年之前的财政分权和1994年以后的重新分权都促使地方政府在短期内加快经济增长和筹集收入。尽管国有企业在1990年代中期以前是地方政府在实现经济增长而不显示相应预算收入增长方面的理想合作伙伴，但1994年建立的财政体系不仅使外商投资企业成为唯一的地方政府代理人，可以实现经济和收入的增长，也从制度上增强了房地产和制造业在地方收入动员中的权重，并为以土地为基础的城市增长策略铺平了道路。 1990年代最终导致当地政府偏爱制造业FDI。具体来说，实际上是城市土地所有者的市政府能够通过限制其供应并允许更高的建筑面积比率来提高用于住宅和商业开发的土地价格。另一方面，市政当局将生产用土地的价格维持在过低的水平，以吸引外来投资。不同的土地定价策略不仅意味着与制造土地使用相关的成本上升，而且还促使市政当局无情地获取可耕地，并使土地成为日益严峻的约束城市快速增长的动力，这导致市政对制造业外国直接投资的需求通过比较中国沿海，中部和西部城市之间的土地利用动态，本研究还提出了跨地区的地方政府企业家精神的不同程度。最后总结了这种陆基城市增长战略对中国国内经济和社会可持续性的影响，以及对可持续城市发展的政策影响。

著录项

  • 作者

    Wang, Lei.;

  • 作者单位

    Columbia University.;

  • 授予单位 Columbia University.;
  • 学科 Urban and Regional Planning.
  • 学位 Ph.D.
  • 年度 2009
  • 页码 207 p.
  • 总页数 207
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 区域规划、城乡规划;
  • 关键词

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