双边政治关系、人民币国际化制度合作与中国对外直接投资

Bilateral Political Relations,Institutional Cooperationn in the Internationalization of the RMB and Chinese Foreign Direct Investment

文章从人民币国际化制度建设的视角出发,基于2006年至2019年期间的联合国投票数据、中国对外直接投资数据和人民币国际化报告,构建面板模型分析双边政治关系及其与人民币国际化合作的交互效应对中国对外直接投资的影响。结果表明,良好的双边关系能显著扩大中国在东道国的投资规模;中国推动人民币国际化进程以及货币合作能有效降低政治距离对投资的负面影响;人民币与美元在货币权力方面存在激烈竞争,人民币国际化水平的相对落后会阻碍中国对外直接投资。文章为中国推进对外政治经济制度合作、扩大投资规模提供了新的依据。

The article analyzes the impact of bilateral political relations and their dynamic interactions with cooperation advancing internationalization of the Chinese RMB on China's outward Foreign Direct Investment.To do this,it constructs a panel data model utilizing a dataset including UN voting data,Chinese outbound FDI data,and reports on the internationalization of the Chinese RMB from 2006 to 2019.The results indicate that positive bilateral relations with a country are associated with a significant expansion in the scale of Chinese investment in that country;China's promotion of the internationalization of the RMB and currency cooperation effectively mitigate the negative impact of political distance on investment;there is intense competition between the Chinese RMB and the U.S.dollar vis-d-vis monetary power,and the relatively low level of internationalization of the RMB hinders China's outward FDI.