全球价值链收缩背景下中国吸引外资逆势增长之谜——一个基于异质性投资动机的解释

The Mystery of China's Attracting More and More Foreign Direct Investment against the Background of Shrinking Global Value Chain: An Explanation Based on Heterogeneous Investment Motivation

2008年国际金融危机后,全球投资和贸易增长相对于危机前大幅萎缩,一些发达国家跨国公司回流本土,或转移到劳动力成本更低的国家或地区,全球价值链加速重构,呈现本土化、区域化趋势,但中国吸引外资仍逆势增长。其根源是,外商直接投资主要有两种动机,分别是成本导向型和市场导向型,中国虽然综合成本在上升,但产业配套齐全高效,在吸引成本导向型投资上仍具有综合竞争力;与此同时,中国具有超大市场规模并持续增长,对市场导向型投资具有越来越强的吸引力。应对全球价值链的加速重构,中国一方面要致力于降低综合成本,另一方面还要致力于打破地方保护和行政壁垒,加快构建统一开放、竞争有序的市场体系。

After the international financial crisis in 2008,the growth of global investment and trade shrank significantly compared with that before the crisis.Some multinational companies in developed countries returned to home country from China or transferred to countries or regions with lower labor cost.The global value chain was reconstructing rapidly,which shows a trend of localization and regionalization.However,China's foreign direct investment attraction continued to grow against the trend.The root is that foreign direct investment has two main motivations,namely,cost-oriented and market-oriented.Although China's comprehensive cost is rising,its industrial supporting facilities are complete and efficient,and it still has comprehensive competitiveness in attracting cost-oriented investment.At the same time,China has a huge market scale and continues to grow,which has increasingly strong attraction for market-oriented investment.In response to the accelerated restructuring of the global value chain,on the one hand,China should be committed to reducing the comprehensive cost,on the other hand,it should be committed to breaking the local protection and administrative barriers,and speeding up the construction of a unified,open and orderly competitive market system.