Ⅱ. Overview of China’s OFDI
Ⅲ. Brief Overview of OFDI in B&R Countries
Ⅳ. The B&R Initiative’s Effect on Overcapacity
Ⅴ. Effect of the B&R Initiative on Inter-regional Disparity
The purpose of this study is to examine the impacts of China’s outward foreign direct investment (OFDI) in ‘Belt and Road’(B&R) countries on two domestic problems: overcapacity in the Old Economy, and inter-regional disparities. Since the B&R initiative was announced in 2013, China has been increasing investment in B&R countries. However, it is too early to conclude that China has made significant progress in reducing overcapacity and inter-regional disparities through OFDI, for the following reasons. (i) The growth of China’s regional economies remains dependent on domestic investment due to promotion competition between local officials, although investment efficiency has been decreasing since the late 2000s. (ii) The productivity of the enterprises that undertake OFDI is higher than those that do not. In China, enterprises located in developed coastal areas tend to undertake more OFDI. Inland areas usually have enterprises that are more inefficient and local governments rarely allow them to exit the markets. For the near future, firms in coastal areas will seize the investment opportunities in B&R countries.
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