引资开放、营商环境与全球价值链参与

Business Environment and FDI Openness:Enhancing Participation in Global Value Chains

如何在各国激烈的引资竞争中维持和深化全球价值链参与,是破解全球价值链重塑阶段中国经济“被脱钩”风险的核心问题。在过去相当长的一段时期,我国主要依赖超国民待遇、税收优惠、扩大外资准入行业范围(或缩减负面清单的限制)等手段来招商引资。然而,文章研究表明,传统引资开放水平的提升与我国全球价值链参与水平呈“倒U型”关系,意味着单纯追求外资数量的引资政策已无助于维持和提升我国全球价值链参与程度。2019年我国颁布的《中华人民共和国外商投资法》强调了营商环境对改善外商投资机制的作用。在此背景下,文章进一步引入传统引资开放与营商环境的交互项,系统考察二者在我国GVC参与上的交互影响。结果显示,营商环境的改善在一定程度能够缓解传统引资开放与GVC参与之间的“倒U型”关系,优化营商环境有使上述“倒U型”关系发生翻转的可能,但目前我国营商环境尚未达到该水平,这表明我国推动形成全面开放新格局需辅以更完善的营商环境。

Maintaining and deepening GVC(Global Value Chain)participation amid intense foreign investment competition is crucial to mitigating the risk of China's economic decoupling during GVC remodeling.Historically,China has attracted investment through means like preferential policies,tax benefits,and relaxed industry access.Yet,our research indicates an inverted U-shaped relationship between FDI(Foreign Direct Investment)openness and China's GVC engagement,suggesting that merely increasing foreign investment is insufficient for sustaining and enhancing China's role in GVCs.The 2019 Foreign Investment Law in China underscores the importance of a conducive business environment in refining the foreign investment framework.Our paper introduces the interaction between FDI openness and the business environment,examining their combined effect on China's GVC involvement.The findings reveal that a better business environment mitigates the inverted U-shaped relationship,and its further optimization could reverse this trend.However,the current business environment stll presents an"inverted U-shaped"dynamic with FDI openness,indicating that China's strategy for comprehensive opening up requires bolstering the business environment.