Does Chinas OFDI in Countries Along the Belt and Road Incline to Export-Platform OFDI?
- ?LIU Qingjie, LIU Qian & REN Dexiao
- Beijing Normal University, 100875.
The surging of anti-globalization trend has seriously hindered the process of globalization. China plays a leading role in promoting the globalization process through the Belt and Road Initiative (BRI). As a new investment pattern in the process of the globalization, export-platform OFDI conforms to the exportoriented economic development strategy in developing countries. It is of great significance to study whether China's OFDI in countries along the Belt and Road can be classified as export-platform OFDI. The traditional two-country model can't identify the export-platform OFDI, and considering the third-country effect, the paper inspects types of investments from China to countries along the B&R through the spatial Durbin model from the spatial perspective. And, to ensure the reliability and robustness of the research conclusion, the paper adjusts the standardization of spatial weights, method of the calculation of market potential, and estimates the model based on four spatial weight matrices. Results show that, China's OFDI in countries along the Belt and Road inclines to export-platform OFDI, specifically represented the spatial crowding-out effect of OFDI, and significantly positive influence from the potential market of neighboring countries; the regional analysis results show that, China's OFDI is showing stronger characteristics of export-platform OFDI in southeast Asia and south Asia than in other regions, because these two regions have a higher level of regional economic integration that creates better condition for export-platform OFDI. China's export-platform OFDI in countries along the Belt and Road strengthens the multilateral economic and trade relationship, and also puts forward more requests for lower trade barriers and more convenience of trade under the Belt and Road Initiative.
JEL：C21, F23, R12
- ?Countries Along the Belt and Road, Outward Foreign Direct Investment (OFDI), Export-Platform, Spatial Durbin Model