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《Business Management Journal》 2019-06
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How Does China's OFDI Along the “Belt and Road” Affect Green Economy Growth?

HU Yan-xin;QU Xiao-e;LI Yi-ying;School of Economics & Finance, Xi'an Jiaotong University;  
In 2013, General Secretary Xi Jinping made a bold and forward-looking proposal for the "Belt and Road" initiative. The initiative not only provides new opportunities for enhancing China's international influence, but also is a rare opportunity for China's economic development and green sustainable development transformation. In recent years, China's economy has entered a "new normal", economic growth has slowed down, and resource depletion and environmental pollution have become increasingly serious.At present, China urgently needs to achieve the transformation of green economy growth. China's OFDI along the "Belt and Road" countries is one of the important ways to achieve this transformation.At present, there are many research literatures on the economic growth effect of international direct investment. However, the research on the economic growth effect of the "One Belt, One Road" international investment is not rich, and the research methods are relatively simple. There are great differences in the conclusions, which show three distinct conclusions: positive correlation, negative correlation and no significant influence. Research on the energy environment effect and green development transformation of the home country involving the "Belt and Road" OFDI is still a blank. Therefore, from the perspective of green economy growth, this paper cuts into the home country effect of "One Belt, One Road" international direct investment, selects the panel data of 29 inter-provincial economic units in China from 2004 to 2017.,and use OLS, GMM and spatial measurement methods to empirically analyze the impact of China's OFDI on the growth of China's green economy along the "Belt and Road". Its mechanism of action and transmission routes were discussed. In addition, the "Belt and Road" OFDI is classified as foreign direct investment in Europe, Asia, developed countries and developing countries, and its impact on the growth of green economy and its differences are tested.The results show that regardless of whether endogenous or spatial correlation is considered, China's direct investment in countries along the "Belt and Road" has significantly promoted China's green economy growth, and this effect has a lagging effect. This shows that the "One Belt, One Road" foreign investment strategy not only brings economic benefits, but also produces an environmentally friendly effect, which is in line with China's green development transformation requirements. From the perspective of the mechanism of action, the "One Belt, One Road" OFDI can only positively contribute to the growth of green economy by promoting the mechanism of technological progress, and cannot be achieved through mechanisms of pure technical efficiency and scale efficiency. From the perspective of regional and country differences, the positive effect on investment in "One Belt, One Road" Asian countries is much higher than that in European countries. The green economy effect on OFDI in developing countries is much higher than that in developed countries. And these types of OFDI can only promote China's green economy growth through mechanisms that affect the efficiency of technological progress. From the perspective of transmission, the "One Belt, One Road" OFDI plays a positive role in the development of green economy mainly by improving resource mismatch, adjusting industrial structure, and increasing RD investment.(1) Direct investment in the "Belt and Road" countries has a significant improvement effect on China's labor mismatch, inhibiting the efficiency loss caused by labor mismatch and promoting green economy growth;(2) "One Belt and One Road" OFDI helps to reduce the proportion of the secondary industry and promote the upgrading of industrial structure, thus weakening the negative effects of the secondary industry on green economy growth;(3)"One Belt and One Road" OFDI will help increase investment in science and technology research and development, promote technological innovation related to energy conservation and emission reduction, and achieve green economy growth.This paper provides new ideas for the implementation of the "Belt and Road Initiative" and the transformation of China's green sustainable development.
【Fund】: 陕西省社会科学基金项目“陕西省雾霾污染损失评估、影响因素及综合防治对策研究”(2018D22)
【CateGory Index】: F125
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