【精品論文】外文outward fdi from china and its policy context, 2012

OUTWARDFDIFROMCHINAANDITSPOLICYCONTEXT,2012BYKENDAVIESCHINASOUTWARDFOREIGNDIRECTINVESTMENTOFDIHASCONTINUEDTOGROWDESPITETHEUNCERTAINGLOBALCLIMATEEMERGINGFROMTHERECENTCRISESTHELATESTFIVEYEARPLAN,WHICHCAMEINTOEFFECTIN2011,STRENGTHENSTHECOMMITMENTTOPROMOTETHE“GOINGGLOBAL”POLICYWHILETHECOUNTRYSOFDICONTINUESTOGOINTOTERTIARYANDPRIMARYSECTORS,THEREARESIGNSOFGRADUALSECTORALDIVERSIFICATIONASIA,ESPECIALLYHONGKONGCHINA,REMAINSTHELARGESCALEOFCHINESEINVESTMENT,WITHOFDIINSMALLERTARGETS,INCLUDINGEUROPE,GROWINGMORERAPIDLYTHECARIBBEANOFFSHORETAXHAVENSCONTINUETORECEIVELARGEAMOUNTSOFCHINESEOFDILLOCALAUTHORITIESINCHINAAREINCREASINGLYDOINGTHEIRBITTOFOSTERINVESTMENTABROADUNLESSTHEREAREANYMAJORADVERSECHANGESINDOMESTICANDEXTERNALCONDITIONS,CHINASOFDIISLIKELYTOCONTINUEEXPANDINGANDDIVERSIFYINGTRENDSANDDEVELOPMENTSCOUNTRYLEVELDEVELOPMENTSCHINASOFDISTOCKREACHEDUS298BILLIONBYTHEENDOF2010,WELLOVERTENTIMESTHEUS28BILLIONRECORDEDIN2000ANDFARABOVETHENEGLIGIBLEUS4BILLIONOF19901CHINAISALATEDEVELOPERINITSOUTWARDINVESTMENT,EVENAMONGLARGEEMERGINGMARKETSBRAZILHADOFDISTOCKOFUS41BILLIONIN1990,WAYAHEADOFCHINA,BUTFELLBEHINDWITHONLYUS181BILLIONIN2010CHINASOFDISTOCKISNOWLEVELWITHTHATOFSINGAPORE,WITHUS300BILLIONIN2010RUSSIASOFDISTOCKGREWMORERAPIDLYTHANCHINAS,REACHINGUS434BILLIONIN2010HAVINGGROWNRAPIDLYSINCETHEADOPTIONOFTHE“GOGLOBAL”POLICYATTHETURNOFTHECENTURY,CHINASFDIOUTFLOWSHAVECONTINUEDTORISEINRECENTYEARSDESPITETHEGLOBALFINANCIALANDECONOMICCRISESANDTHEWORLDWIDEPLUNGEINFDIFLOWSAFTERAMASSIVE132INCREASEFROMUS225BILLIONIN2007TOUS522BILLIONIN2008WHENGLOBALOFDIFLOWSFELLBY12,THEREWASAFURTHERINCREASE,ALTHOUGHLOWER,OF82IN2009TOUS565BILLIONASGLOBALOFDIFLOWSFELLBYAFURTHER38ASGLOBALOFDIFLOWSEDGEDUPTOUS13TRILLIONIN2010,CHINASROSEIMPRESSIVELYBY20OVERTHOSEOF2009,TOUS68BILLIONIN2010OVER79OFCHINASOFDISTOCKWASRECORDEDIN2010ASBEINGINVESTEDINTHETERTIARYSECTOR,THEMAINSUBSECTORSBEINGLEASINGANDCOMMERCIALSERVICES31OFTOTALOFDISTOCK,FINANCIALSERVICES13ANDWHOLESALEANDRETAILTRADE13THEPRIMARYSECTORCAMESECOND,WITH15OFTHETOTALIN2010,MINING,QUARRYINGANDPETROLEUMCOMPRISED14OFTOTALOFDISTOCKUNLIKEINTHECASEOFCHINASINWARDDIRECTINVESTMENT,OFDIINTHESECONDARYSECTORISARELATIVELYMINORCOMPONENTOFCHINASOFDI,MAKINGUPONLY6OFTHEOFDISTOCKIN2010THISPICTUREAPPEARSTOBECHANGING,HOWEVER,ASCHINASOFDIBECOMESMORESECTORALLYDIVERSIFIEDTHISISSUGGESTEDBYTHEOFDIFLOWSTATISTICSIN2010,FDIOUTFLOWSINTOMINING,QUARRYINGANDPETROLEUMFELLBY57FROMTHOSEIN2009,WHILETHOSEINTOMANUFACTURINGROSEBY108THEREIS,HOWEVER,ONECAVEATSINCEINVESTMENTS,ESPECIALLYTHOSEINNATURALRESOURCES,TENDTOBELARGEANDTHEREFOREGREATLYAFFECTEDBYTIMING,THEFLOWFIGURESAREALESSRELIABLEGUIDETOCHANGESINSECTORALDISTRIBUTIONTHANAREFIGURESONSTOCKSHOWEVER,EVENTHESECTORALDISTRIBUTIONASSHOWNBYFDISTOCKDATAMAYBEMISLEADINGFORINSTANCE,ITISPOSSIBLETHATSOMEPROPORTIONOFTHEINVESTMENTINTERTIARYSUBSECTORSSUCHASFINANCIALSERVICESANDLEASINGANDCOMMERCIALSERVICESMAYULTIMATELYBEDESTINEDFORUSEINMANUFACTURINGONEPOSSIBLEINDICATIONOFTHISISTHESECTORALDISTRIBUTIONOFCHINESEENTERPRISESINVESTINGOVERSEAS,WHICHGIVESADIFFERENTPICTURE,EVENTAKINGINTOACCOUNTVARYINGAVERAGESIZESOFINVESTMENTINTHEDIFFERENTSECTORSIN2010,THELARGESTPROPORTIONOFOUTWARDINVESTINGENTERPRISES29UNDERTOOKOUTWARDINVESTMENTINMANUFACTURING,WITHWHOLESALEANDRETAIL23COMINGSECONDANDLEASINGANDCOMMERCIALSERVICES13MOREOVER,EVENIFTHELARGERPROPORTIONOFENTERPRISESWITHOFDIINMANUFACTURINGHASNOIMPLICATIONSFORTHEVALUEOFFDIINMANUFACTURINGANDITSSHAREINTOTALCHINESEOFDIASWOULDBETHECASEIFTHEAVERAGEVALUEOFINVESTMENTSINMANUFACTURINGISCORRESPONDINGLYLOWERTHANTHATOFTHOSEINTHEPRIMARYSECTORORSERVICES,ITMAYHAVEIMPLICATIONSFOROTHERVARIABLES,SUCHASTHESHAREOFMANUFACTURINGINCHINESEMNESOVERSEASEMPLOYMENTORTHEIRSHAREOFEXPORTSFROMOVERSEASAFFILIATESASNOTEDINTHEFIRSTCOLUMBIAFDIPROFILEONOFDIFROMCHINATHESECTORALDISTRIBUTIONOFCHINASOFDIHASREMAINEDSTABLEINRECENTYEARS,BUTTHISSTABILITYMAYBEILLUSORYANDITISLIKELYTOGIVEWAYTOMAJORSHIFTSINCOMPOSITIONINCOMINGYEARSINTHEFUTURE,CHINESEFIRMSMAYALSODIVERSIFYTOWARDMANUFACTURINGTOSERVICEGLOBALCONSUMERGOODSMARKETSMOREDIRECTLY,ASMAYBEINDICATEDBYTHEDISTRIBUTIONOFOVERSEASINVESTINGCHINESEFIRMSDISCUSSEDABOVERECENTINVESTMENTSINSERVICES,ESPECIALLYINBANKING,WILLHAVEASTRONGCATALYZINGEFFECT,FACILITATINGBOTHTHEFURTHEREXPANSIONANDTHESECTORALDIVERSIFICATIONOFCHINASFDIITISALSODIFFICULTTOBUILDARELIABLEPICTUREOFTHEGEOGRAPHICALDISTRIBUTIONOFCHINASOFDISTOCKFROMOFFICIALSTATISTICSBECAUSEMUCHOFITISROUTEDVIAHONGKONGCHINA,ANDTHECARIBBEANTAXHAVENSTHELARGESTPROPORTIONOFTHISOFDI72OFTHETOTAL,AMOUNTINGTOUS228BILLIONASATEND2010ISREPORTEDASGOINGTOASIATHEBULKOFTHISWENTTOHONGKONGCHINAUS199BILLION,OR87OFOFDITOASIAAND63OFTHEGLOBALTOTALTHESECONDLARGESTPROPORTIONOFOFDISTOCKFROMCHINAISINLATINAMERICAANDTHECARIBBEANUS44BILLION,14OFTHEGLOBALTOTAL,BUTTHEOVERWHELMINGMAJORITYOFTHISGOESTOJUSTTWOTAXHAVENS,THEBRITISHVIRGINISLANDSANDTHECAYMANISLANDS,WHICHTOGETHERHAVECHINESEOFDISTOCKOFUS405BILLION92OFTHELATINAMERICANSHAREONLYUS30BILLIONOFCHINASOFDISTOCKISLOCATEDINDEVELOPEDECONOMIES,BUTTHISISGROWINGRAPIDLYALTHOUGHEUROPEHASABSORBEDLESSTHANUS16BILLION5OFCHINASGLOBALSTOCKIN2010,ITRECEIVED6IN2009AND10IN2010OFCHINASGLOBALFDIOUTFLOWSIN2010,THEFLOWOFCHINESEOFDITOEUROPEDOUBLEDOVERTHATIN2009THELARGESTDEVELOPEDECONOMYRECIPIENTOFCHINASOFDISTOCKWASAUSTRALIA,WITHUS8BILLION,3OFTHEGLOBALTOTAL,BYEND2010THEOFDISTOCKINAFRICAREACHEDUS13BILLIONIN2010,4OFTHEGLOBALTOTALMUCHOFTHEOFDITOBOTHAFRICAANDAUSTRALIAHASBEENINTHENATURALRESOURCESSECTORCHINASOFDISTOCKINMOSTREGIONSHASGROWNEXTREMELYFASTFOREXAMPLE,INGREATEROCEANIAITWASOVER13TIMESBIGGERIN2010THANITHADBEENIN2005,10WHILEINEUROPEITWAS12TIMESLARGERANDINAFRICAEIGHTTIMESBIGGERSOMECAUTIONNEEDSTOBEEXERCISEDINUSINGOFFICIALOFDIFIGURESTOTHEEXTENTTHATOFDIISUSEDTOINJECTFUNDSINTOSPECIALPURPOSEENTITIESTHATTHENUSETHEMONEYFORINWARDFDIIFDIINCHINATOTAKEADVANTAGEOFFISCALINCENTIVES,IETOTHEEXTENTTHEREIS“ROUNDTRIPPING”,THEOFFICIALTOTALMAYBEOVERESTIMATEDROUNDTRIPPINGSHOULDLOGICALLYBEDIMINISHINGSINCEFISCALINCENTIVESWEREABOLISHEDATTHEBEGINNINGOF2008,BUTBYITSVERYNATUREASANILLEGALACTIVITYITISDIFFICULTTOOBTAINHARDEVIDENCEOFTHEACTUALTRENDINROUNDTRIPPINGONEREASONFORTHECONTINUATIONOFROUNDTRIPPINGISTHEPRACTICEOFSETTINGUPCHINESEHOLDINGCOMPANIESIN,FOREXAMPLE,THECAYMANISLANDSANDBRITISHVIRGINISLANDS,NOTONLYTOCHANNELCHINESECAPITALBACKINTOCHINABUTALSOTORAISEEXTERNALCAPITALINNEWYORKFORINVESTMENTWHEREVERPROFITABLE,INCLUDINGINCHINACOMPANIESALREADYESTABLISHEDOUTSIDETHEJURISDICTIONOFTHECHINESEGOVERNMENT,INITIALLYFORTAXAVOIDANCEPURPOSES,MAYFINDITCONVENIENTTOCONTINUEBASINGTHEIROPERATIONSABROAD,FOREXAMPLE,INHONGKONGCHINA,WHERETHEINSTITUTIONALFRAMEWORKFORINVESTMENTISMOREADVANCEDTHANINMAINLANDCHINACONVERSELY,THEREAREEQUALLYSTRONGREASONSTOSUPPOSETHEOFFICIALFIGURESTOBEUNDERESTIMATESACCORDINGTOOFFICIALFIGURES,MOSTOFDIISFROMSTATEOWNEDENTERPRISESSOESIN2010,SOESACCOUNTEDFOR66OFOFDISTOCK,AFALLOFTHREEPERCENTAGEPOINTSCOMPAREDWITH200913ALTHOUGHTHESESTATISTICSSHOWTHATPRIVATESECTOROFDIISGRADUALLYINCREASING,THEYMAYUNDERESTIMATEITSSIZENONSTATEENTITIESMAYFINDITEASIERTOEVADETHEAPPROVALPROCESSBYUSINGFUNDSACCUMULATEDOVERSEASALSO,LOCALGOVERNMENTSMAYBEUSINGTHEIRINCREASEDPOWERSOFAPPROVALANDSUPERVISIONOFOFDIPROJECTSMORELENIENTLYTHANDOESTHECENTRALGOVERNMENT,LEADINGTOFURTHERUNDERCOUNTINGOFOFDITHECORPORATEPLAYERSACCORDINGTOTHEMOSTRECENTFUDANVCCSURVEYOFCHINESEMULTINATIONALENTERPRISESMNESPUBLISHEDATTHEENDOF2010,CHINAINTERNATIONALTRADINGANDINVESTMENTCORPORATIONCITIC,WITHFOREIGNASSETSEXCEEDINGUS44BILLION,HADBECOMETHELARGESTOVERSEASINVESTORBY2008INSECONDPLACEWASCHINAOCEANSHIPPINGGROUPCOMPANYCOSCO,WHOSEFOREIGNASSETSHADSTAGNATEDOVERTHEYEARATUS20BILLIONBOTHCITICANDCOSCOAREWELLESTABLISHEDCORPORATIONSTHATHAVEBUILTUPANINTERNATIONALPRESENCEOVERSEVERALDECADESASTHEIRCOREBUSINESSTHETHIRDLARGESTOFDIPROVIDERIN2008WASTHECHINASTATECONSTRUCTIONENGINEERINGCORPORATION,WITHFOREIGNASSETSOFNEARLYUS14BILLIONANOTHERMAJORCONSTRUCTIONINVESTORABROADISTHECHINARAILWAYCONSTRUCTIONCORPORATION,IN11THPLACEWITHFOREIGNASSETSOFUS3BILLIONIN2008OILCOMPANIESAREWELLREPRESENTEDINTHETOPSEVENOUTWARDINVESTINGENTERPRISES,WITHCHINANATIONALPETROLEUMCORPORATIONCNPCRANKINGFOURTHINTERMSOFGLOBALASSETSUS94BILLIONIN2008,SINOCHEMCORPORATIONFIFTHUS64BILLIONANDCHINANATIONALOFFSHOREOILCORPORATIONCNOOCSEVENTHUS52BILLIONTHESEMNESCANBEEXPECTEDTOKEEPEXPANDINGTHEIROFDIASCHINACONTINUESTOSECUREACCESSTOENERGYANDRAWMATERIALSOURCESABROADFORITSINDUSTRIALIZATIONCHINESEPRODUCERSOFCONSUMERGOODSAREALSOSTARTINGTOBECOMEIMPORTANTASOUTWARDINVESTORSASTHEYSEEKTOPENETRATEFOREIGNMARKETSTHROUGHMERGERSANDACQUISITIONSMASTOACQUIREBRANDNAMESANDMARKETSHARE,ASINTHECASEOFLENOVOGROUP,WITHFOREIGNASSETSOFUS27BILLIONIN2008,WHICHACQUIREDIBMSPERSONALCOMPUTERDIVISIONIN2005LENOVOSFOREIGNASSETSHADDECLINEDMARKEDLYSINCE2007,WHENTHEYAMOUNTEDTOUS40BILLION,PROBABLYBECAUSEOFMARKETCONDITIONSINNORTHAMERICASHANGHAIAUTOMOTIVEINDUSTRYCORPORATIONSAIC,WITHFOREIGNASSETSOFUS23BILLIONIN2008,ISALSOUSINGCROSSBORDERACQUISITIONSTOBROADENITSPRODUCTRANGEANDGAINFOREIGNMARKETSHAREHAVINGATTAINEDASTRONGPOSITIONINTHEDOMESTICCHINESEMARKET,CONSUMERDURABLESMANUFACTURERHAIER,WITHFOREIGNASSETSOFUS784MILLIONIN2008,HASALSOBEENSEEKINGSIMILARSUCCESSINTHEGLOBALMARKETFORWELLOVERADECADEHAIERSFIRSTINVESTMENTINTHEUNITEDSTATESWASIN1999THEREHAVEBEENSEVERALMAJORACQUISITIONSINTHEAUTOMOBILEINDUSTRY,INCLUDINGGEELYSTAKEOVEROFVOLVOIN2010,FOLLOWINGONTHEHEELSOFTHEPURCHASEOFTHEREMNANTSOFAUSTINROVERBYSHANGHAIAUTOMOTIVEINDUSTRYCORPORATIONSAIC,WHICHHADFOREIGNASSETSOFUS24BILLIONIN2008MOSTMADEALSBYCHINESEMNESIN20082010REMAINED,ASIN20072009,INTHEENERGYANDMINERALSSECTORSTHELARGESTDEALINTHEOILSECTORWASTHESINOPECGROUPSPURCHASEOFA40SHAREOFSPANISHFIRMREPSOLSBRAZILIANSUBSIDIARY,FORUS71BILLIONIN2010INTHESAMEYEAR,SINOPECBOUGHTA9SHAREINSYNCRUDECANADA,FORUS47BILLIONANDCNOOCBOUGHTHALFOFARGENTINEFIRMBRIDASFORUS31BILLIONYANZHOUCOALACQUIREDFELIXRESOURCESINAUSTRALIAFORUS28BILLIONIN2010ONCEAGAIN,THEREWERESOMEPURCHASESOFMINORITYSTAKESINGLOBALFINANCIALINSTITUTIONS,NOTABLYAUS14BILLIONACQUISITIONIN2010OF27OFICBCASIAINHONGKONG,CHINAALTHOUGHNOTINTHELISTOFTHETOP18CHINESEMNESLISTEDINANNEXTABLE5ASITISNOTANMNEINTHESENSEOFANENTERPRISECOMPRISINGAPARENTENTERPRISEANDITSFOREIGNAFFILIATESINWHICHTHEFORMERCONTROLSTHEASSETSOFANDHASALASTINGINTERESTINTHEMANAGEMENTOFTHELATTER,ANDITTENDSTOAVOIDACQUIRING10ORMOREOFANOVERSEASCOMPANYTHEOWNERSHIPTHRESHOLDTHATISCONSIDEREDTOALLOWSUCHCONTROLANDLASTINGINTERESTINMANAGEMENT,THECHINAINVESTMENTCORPORATIONCIC,CHINASSOVEREIGNWEALTHFUND,ISALSOANIMPORTANTOUTWARDINVESTORFOREXAMPLE,IN2012ITPURCHASED87OFTHAMESWATER,THEUNITEDKINGDOMSLARGESTWATERCOMPANYANDIN2011ITWASANNOUNCEDTHATCICISINVESTINGUS4BILLIONINGDFSUEZGASEXPLORATIONUNITINTHECARIBBEANASNOTEDINTHEPREVIOUSCOLUMBIAFDIPROFILEONCHINASOFDIINWHICHGREENFIELDINVESTMENTSANNOUNCEDWEREREPORTEDTHROUGH2009,17CHINASOVERSEASGREENFIELDINVESTMENTSARECONCENTRATEDMAINLYINTHEENERGY,RAWMATERIALS,AUTOMOTIVE,ANDREALESTATESECTORSTHATCONTINUEDTOBETHECASEIN2010,WHENTHETOP10GREENFIELDINVESTMENTSANNOUNCEDWEREALMOSTALLINFUELSANDMETALSANNEXTABLE7THESEINCLUDEDINVESTMENTSINCUBABYCNPCONEOFUS14BILLIONANDANOTHEROFUS45BILLION,ANDTHREEINNIGERIABYTHECHINASTATECONSTRUCTIONANDENGINEERINGCORPORATIONCSCED,OFUS19BILLIONEACHEFFECTSOFTHERECENTGLOBALCRISESCHINAHASENERGETICALLYBUCKEDTHEGLOBALTRENDNOTONLYBYMAINTAININGRAPIDDOMESTICECONOMICGROWTHDURINGTHERECENTGLOBALFINANCIALANDECONOMICCRISISBUTALSOBYCONTINUINGTOEXPANDITSOUTWARDINVESTMENTFUNDSHAVECLEARLYBEENAVAILABLECHINESEENTERPRISESHAVEBEENMAKINGMONEYOVERSEASIN2010,35OFTHECOUNTRYSOFDIWASINTHEFORMOFREINVESTEDEARNINGS18THEPOLICYTHRUST,CONSISTINGOFFREQUENTLYREPEATEDOFFICIALEXHORTATIONSTOCHINESECOMPANIESTO“GOGLOBAL”ANDNOWENCAPSULATEDINAPOLICYOFTHEMINISTRYOFCOMMERCETOBRINGOFDIINTOAPPROXIMATEEQUIVALENCEWITHIFDI,WHICHISMOREIMPORTANTTHANINOTHERCOUNTRIES,HASBEENREINFORCED19ANDWITHPRICESOFRAWMATERIALSANDOTHERASSETSFALLINGWORLDWIDE,THECRISISHASPROVIDEDANOPPORTUNITYTOSNAPUPBARGAINSHOWEVER,THEOUTLOOKFORTHECHINESEECONOMYISBYNOMEANSONEOFUNMITIGATEDOPTIMISMTHESTIMULUSPACKAGEIMPLEMENTEDBYTHECHINESEGOVERNMENTTHATSAVEDTHEECONOMYFROMSUCCUMBINGTOTHEEFFECTSOFTHE2008FINANCIALCRASHHASLEFTPROBLEMSINITSWAKETHATNEEDTOBETACKLEDIFGROWTHISTOBESUSTAINED,INCLUDINGASSETPRICEINFLATIONANDNONPERFORMINGLOANSTHEGOVERNMENTMUSTALSOCONTINUETAKINGMEASURESTOPROTECTTHEECONOMYIN2012FROMTHEPOSSIBLEEFFECTONITSMAJORMARKETSOFCONTINUEDUNCERTAINTY,MOSTRECENTLYDEEPENEDBYTHEEUROPEANSOVEREIGNDEBTCRISISTHATERUPTEDIN2011IFTHEMEASURESARESUCCESSFUL,THEECONOMYISLIKELYTOHAVEASOFTLANDING,WITHGDPGROWTHMODERATINGTOWELLBELOWTHE10ACHIEVEDINRECENTYEARS,BUTABOVETHE7REQUIREDINORDERFORTHEMANYCOMINGINTOTHELABORFORCETOBEABLETOFINDEMPLOYMENTALLTHESEFACTORSARELIKELYTOCAUSEACONTINUINGUPSURGEINCHINASOUTWARDINVESTMENTPRELIMINARYESTIMATESBASEDONDATAFORTHEFIRSTELEVENMONTHSOF2011SUGGESTTHATTHEREWASAFURTHERRISEINOFDINONFINANCIALOFDITOTALEDUS601BILLIONIN2011,ANINCREASEOF18ON201020ASITINCREASES,CHINASOFDIWILLALSODIVERSIFYFURTHER,BOTHGEOGRAPHICALLYANDSECTORALLYTHISDEVELOPINGPATTERNWILLBEAFFECTEDNOTONLYBYHOMECOUNTRYPOLICIESANDHOSTCOUNTRYECONOMICCONDITIONSBUTALSOBYTHEPOLICYRESPONSETOCHINESEINVESTMENTINTARGETCOUNTRIESASCHINASOFDIHASGROWN,REACTIONSTOITHAVEVARIEDFROMWELCOMINGTOBLOCKING21PUBLICUNEASEABOUTCHINESEOFDIINCOUNTRIESSUCHASTHEUNITEDSTATESANDAUSTRALIAHASBEENMOREMUTEDSINCETHEONSETOFTHEECONOMICCRISIS,BUTPERSISTSNEVERTHELESSITDOESNOTAPPEARTOHAVEDETERREDCHINESEINVESTORSFROMSEEKINGACQUISITIONTARGETSINTHOSECOUNTRIESANDMAYACTUALLYHAVEMOTIVATEDCOMPETINGRECIPIENTCOUNTRIES,SUCHASGERMANY,TOPROFITFROMITBYADOPTINGAMOREWELCOMESTANCETOCHINESEOFDITHEREISMUCHTHATCHINESEENTERPRISESANDTHECHINESEGOVERNMENTCANDOTOREDUCEOBSTACLESTOITSTRADEANDINVESTMENTEXPANSION,FOREXAMPLETOENHANCETHEIRREPUTATIONBYIMPROVINGPERFORMANCEONFRONTSSUCHASPRODUCTSAFETYANDOBSERVANCEOFCORELABORSTANDARDSTHEPOLICYSCENETHECHINESEGOVERNMENTSPOLICIESTOENCOURAGEENTERPRISESTO“GOGLOBAL”THATWEREDESCRIBEDINTHEFIRSTCOLUMBIAFDIPROFILEONCHINASOFDIHAVEBEENMAINTAINEDUNCHANGED22THE12THFIVEYEARPLANNOWOFFICIALLYCALLED“GUIDANCE”,SINCECENTRALPLANNINGWASOFFICIALLYABOLISHEDINTHE1990S,WHICHCOVERSTHEPERIOD20112015,CONTINUESTOSTRESSTHEIMPORTANCEOF“GOINGGLOBAL”INTHEPASTYEAR,ANEWGOALHASBEENSETTOACHIEVE“BALANCE”BETWEENOUTWARDANDINWARDFDI,MEANINGTHATTHEREWILLBEPROGRESSTOWARDOFDIEQUALINGIFDIBY201523WHILEIFDIWILLCONTINUETOGROW,ITWILLHAVETODOSOMORESLOWLYTHANOFDITHEMAINEFFORTISTHEREFORELIKELYTOBEONPROMOTINGOUTWARDINVESTMENTTHISWILLMEANCONTINUINGTOSTREAMLINETHEAPPROVALPROCESSFOROUTWARDFDIANDSTRENGTHENINGSUPPORTFORITBYOFFICIALBODIESSUCHASTHEEXPORTIMPORTBANKOFCHINAANDTHEEXPORTCREDITINSURANCECORPORATION,SINOSUREITMAYALSOMEANFURTHERRELAXATIONOFRESTRICTIONSONLOCALIEPROVINCIALANDMUNICIPALAPPROVALOFOUTWARDINVESTMENTPROJECTSTOPROJECTSVALUEDBELOWACERTAINLEVEL,WHICHWASINCREASEDIN2009TOTHOSEOFLESSTHANUS100MILLION24PROVINCESHAVEINRECENTYEARSBEENACTIVELYPROMOTINGOUTWARDINVESTMENTPOLICIESSUITEDTOTHEIRSPECIFICCIRCUMSTANCESANDARELIKELYTOBECOMEIMPORTANTFACTORSFACILITATINGAFURTHERACCELERATIONOFOFDIFROMCHINAWHILETHEGOVERNMENTSPOLICYSTANCETOWARDOFDIISGENERALLYENCOURAGING,ITALSOINCLUDESANELEMENTOFEXAMINATIONANDAPPROVALBEFOREANOFDIPROJECTCOMMENCESANDOFSUPERVISIONTHEREAFTERTODISCOURAGEPROJECTSTHATTHEAUTHORITIESMAYCONSIDERUNDESIRABLEORLIKELYTOFAILCONCLUSIONSCHINASMUSHROOMINGOFDISURVIVEDTHERECENTGLOBALCRISESANDCANBEEXPECTEDTOCONTINUEEXPANDINGRAPIDLYANDBECOMEMOREGEOGRAPHICALLYANDSECTORALLYDIVERSETHEPACEANDCOMPOSITIONOFTHISEXPANSIONWILLDEPENDONBOTHDOMESTICANDEXTERNALCONDITIONSATTHISSTAGE,ACRUCIALFACTORWILLBETHEWILLINGNESSANDABILITYOFCHINESEENTERPRISESTOBUILDTHEIRREPUTATIONS,BOTHINDIVIDUALLYANDCOLLECTIVELYASNOTEDINTHEPREVIOUSCOLUMBIAFDIPROFILEONOUTWARDFDIFROMCHINA,25THEINCREASINGEXPOSUREOFCHINESEMNESTOINTERNATIONALBUSINESSPRACTICEWILLPROMPTTHEMTOSEEKFURTHERIMPROVEMENTSINCHINASOWNINSTITUTIONALFRAMEWORK,WHICHWILLBEBENEFICIALFORBOTHDOMESTICINVESTMENTANDINWARDANDOUTWARDFDI從中國及其政策背景下對外直接投資盡管不明朗的全球氣候出現從最近的危機中出現，中國的對外直接投資（OFDI）已經繼續(xù)增長。生效與2011年的最新五年計劃，更加強調了走出去的政策，而該國的對外直接投資繼續(xù)進入第三和第一產業(yè)，也有部門逐漸多元化的跡象。亞洲，特別是香港（中國），大規(guī)模的中國投資，對外直接投資在更小的目標，包括歐洲，更快速增長。加勒比海離岸避稅天堂繼續(xù)獲得大量中國對外直接投資升。在中國地方當局越來越多地做他們的位，以促進海外投資。除非有國內和外部條件的任何重大不利變化，中國的對外直接投資有可能繼續(xù)擴大和多樣化。趨勢和發(fā)展國家層面的發(fā)展到2010年底中國的對外直接投資存量達到2980億美元,十倍于2000年價值280億美元的記錄,遠高于19901的微不足道的40億美元,中國在其對外投資方面是后起之秀,即使在大型新興市場。巴西對外直接投資總額在1990年達到410億美元,比中國,但在2010年落后中國1810億美元。中國的對外直接投資規(guī)?，F在水平與新加坡差不多在2010年達到3000億美元。俄羅斯比中國的對外直接投資規(guī)模增加更加迅速,在2010年達到4340億美元。中國經采用“走出去”的政策在世紀之交以來發(fā)展迅速，盡管全球金融和經濟危機和外國直接投資在全球流量暴跌，中國的FDI流出量繼續(xù)在最近幾年上升。大規(guī)模增加132，從2007年225億美元增加到2008年的522億美元（此時全球對外直接投資流量下降了12），中國的OFDI增長速度有進一步加快，雖然低于2009年的82，2009年是565億美元（全球對外直接投資流量下降了38）2010年全球對外直接投資流量上升至13000億美元,中國相對于2009年增長20，在2010年達到680億美元。2010年中國79的對外直接投資被投資于第三產業(yè)，主要子行業(yè)是租賃和商務服務業(yè)（占對外直接投資存量的31），金融服務（13）和批發(fā)零售業(yè)（13）。第一產業(yè)次之，占總數的152010年采礦，和石油占對外直接投資總存量的14。不像在中國的外來直接投資的情的況，對外直接投資在第二產業(yè)是中國對外直接投資的一個相對較小的組成部分，2010年進展6的對外直接投資存量。然而這幅圖片也顯示出變化，因為中國的對外直接投資變得更加部門多樣化。這是根據對外直接投資流量統(tǒng)計出2010年外國直接投資流出量在采礦，采石和石油與相對于2009年下降了57，而制造業(yè)增長了108。然而也有一個警告因為投資，尤其是那些在自然資源里的投資，往往會很大，因此大受回收時間影響，流量數字是一個不太可靠的指導，行業(yè)分布比是相對規(guī)模而言更可靠的。然而，即使是由外國直接投資存量數據顯示的行業(yè)分布也可能會產生誤導。例如，例如在第三子行業(yè)的投資比例，如金融服務和租賃和商務服務業(yè)投資最終可能會被運用于制造業(yè)。這方面一個可能的標志是中國企業(yè)投資海外的行業(yè)分布，這給了一個不同的角度看問題，即使考慮到各種投資在不同行業(yè)的平均規(guī)模。2010年，外向型投資企業(yè)（29）的比例最大的投資在制造業(yè)，批發(fā)與零售（23）名列第二，租賃和商務服務業(yè)（13）此外，即使企業(yè)對外直接投資較大的比例在制造業(yè)的生產和其占中國對外直接投資總額沒有影響外國直接投資的價值（如果投資在制造業(yè)的平均價值比那些在初級部門或服務的相應較低），它可能有其他變量，如制造業(yè)在中國的跨國公司的海外工作或自己的份額從海外關聯公司出口份額的影響。正如在第一個哥倫比亞國際直接投資文件顯示，從對外直接投資的行業(yè)分布注意到中國對外直接投資一直保持穩(wěn)定，但這種穩(wěn)定性可能是虛幻的，它很可能讓位于未來幾年組成的重大轉變。在未來中國企業(yè)也將朝著多樣化，制造更直接地服務于全球消費品市場的產品，可以通過上面所討論的中國企業(yè)海外投資的分布來表示。最近在服務業(yè)的投資，尤其是在銀行，會產生強烈的催化作用，促進雙方的進一步擴大和中國的外商直接投資的部門多樣化。從官方統(tǒng)計數據中建立中國對外直接投資的地理分布的可靠圖片是很難的，因為很大一部分是通過香港（中國）和加勒比地區(qū)避稅天堂投資到國外的。這個對外直接投資的最大比例占總數的72，截至2010年底為美元2280億美元投資到了亞洲。這樣大的份額主要投向香港（中國）（1990億美元，或對外直接投資的87，亞洲及全球總量的63）。來自中國的對外直接投資存量的第二大比例在拉丁美洲和加勒比地區(qū)（440億美元，占全球總量的14），但絕大多數的這種去向只有兩個避稅天堂，英屬維爾京群島和開曼群島，它們共同擁有的405億美元（拉丁美洲占92）的中國對外直接投資存量。只有300億美元的對外直接投資存量坐落在發(fā)達經濟體，但這種投資取向增長很快。雖然歐洲已經吸收了不到160億美元（中國在2010年全球規(guī)模的5），但歐洲接收到了中國在全球外國直接投資占2010的6，2009年的10的流量2010年，中國對外直接投資到歐洲的流量增加了一倍，中國的對外直接投資存量最大的發(fā)達經濟是澳大利亞，到2010年年底達到80億美元，占全球總量的3。在非洲的對外直接投資存量在2010年達到130億美元，占全球總量的4。大部分的非洲和澳大利亞對外直接投資頭像了天然資源行業(yè)。大多數地區(qū)中國的對外直接投資存量的增長速度非?？炖纾?010年相對于2005年,在大大洋洲增長速度逾13倍，而在歐洲則是12倍，在非洲是八倍。在使用官方的對外直接投資數字時需要謹慎。在某種程度上，對外直接投資用于注資的是特殊目的實體，然后用這筆錢為外國直接投資（IFDI）在中國采取的財政刺激措施提供優(yōu)勢，即在某種程度上有“往返”，官方數據總可能被高估。從2008年取消財政獎勵,開始圓跳閘邏輯上應減少。但就其本質為非法活動，它是很難獲得在往返的實際趨勢的確鑿證據。其中一個原因是往返的延續(xù)