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The place of FDI in China's regional economic development: Emergence of the globalized delta economies

机译:外国直接投资在中国区域经济发展中的地位:全球化三角洲经济的崛起

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摘要

China's remarkable economic development and sustainable high growth rates since the 1980s have stimulated much discussion in recent literatures. Among the augments of China's rapid growth, voluminous recent literatures have emphasized that foreign direct investment (FDI) may best explain its recent growth record at both national and regional level. To understand how such sustained rapid regional growth happened in a huge country such as China, this paper examines the possible explanations of FDI absorption from the perspective of regional agglomerations by investigating (1) the emergence of two major globalized delta economies (GDEs), namely, Pearl River Delta (PRD) and Yangtze River Delta (YRD), due to FDI inflows; (2) the critical effects and functions of a core city in promoting FDI into GDEs; and (3) industry structure specialization in the periphery cities/counties in GDEs. Estimations were performed with a set of panel data at the city/county level for 1993-2003. Research results show that both core cities in GDEs have played significant role in attracting FDI. Compared with PRD, YRD had relatively higher estimated elasticities in FDI absorption and more diversified industry structure similarities among its cities and hence, possible higher intra-regional competition in terms of industry production. The possible formation of any effective city link in GDEs was also investigated. Reflections and policy implications regarding FDI promotion and regional growth in China were discussed.
机译:自1980年代以来,中国惊人的经济发展和可持续的高增长率在最近的文献中引起了很多讨论。在中国快速增长的增长中,最近的大量文献强调,外国直接投资(FDI)可能最好地解释了国家和地区两级的近期增长记录。为了了解在像中国这样的大国中这种持续快速的区域增长是如何发生的,本文通过调查(1)两个主要的全球化三角洲经济体(GDE)的出现,从区域集聚的角度考察了外国直接投资吸收的可能解释。 ,珠江三角洲(PRD)和长三角(YRD),这归因于外国直接投资的流入; (2)核心城市在促进外国直接投资发展为GDE中的关键作用和功能; (3)GDEs周边城市/县的产业结构专业化。使用1993-2003年城市/县级的一组面板数据进行了估算。研究结果表明,GDE的两个核心城市在吸引外国直接投资方面都发挥了重要作用。与珠三角相比,长三角地区的FDI吸收弹性较高,各城市之间的产业结构相似性更高,因此,区域间的产业生产竞争可能会更高。还研究了GDE中任何有效城市链接的可能形成。讨论了有关促进外国直接投资和中国区域增长的思考和政策含义。

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