久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

US EUROPE AFRICA ASIA 中文
Business / View

Outbound moves set to gain more momentum

By Wu Changqi (China Daily) Updated: 2015-01-05 09:17

This year is a milestone for outward direct investment from China. The nation's outward investment is predicted to match or exceed the foreign direct investment flowing into China's mainland.

While the final statistics are not expected until around the end of February, it is important to understand the underlying forces driving the current momentum, which might help determine whether such a trend is sustainable.

China, the largest emerging market and transition economy in the world, has seen 35 years of rapid economic growth. It is natural that it attracts a lot of capital investment from around the world.

What remains somewhat of a puzzle is how China is becoming a net capital exporting economy despite its fast economic growth and its relatively low per capita income. To resolve this puzzle, we need to look back at China's growth path.

In the early years of its reform and opening-up, which started in the late 1970s, China adopted aggressive policies to attract foreign direct investment, including tax and land usage incentives, among others.

This set of policy initiatives worked and China soon became the largest recipient of foreign direct investment among emerging markets and one of the most attractive destinations for global capital.

The financial crisis of 2008 changed all this. Although China remains attractive, the speed of foreign investment inflows to China decelerated. The rate of growth fell to less than 2.8 percent a year in the past five years. That trend probably will continue because of the slow recovery in the United States and the stagnation of many other major economies.

At the same time, the cumulative foreign direct investment inflows in the past few decades have reshaped the landscape of China's economy and accelerated its industrialization.

Enterprises backed by foreign investments bring with them advanced technology and global best management practices. When these foreign-backed enterprises make profits in China's rapidly growing domestic market and from its large, low-cost labor pool, the technological spillovers help local firms increase their productivity and upgrade the skills of China's labor force.

In the early years, joint ventures represented as much as 80 percent of those foreign-backed companies. The transmission of technology and management know-how accelerated. Increasing competition from those companies also forced domestic firms to restructure to become more efficient.

Over 35 years, after a lot of trials and errors, a group of Chinese firms have gained the abilities and skills to compete internationally. Those firms began exploring international markets by investing in key markets. Some firms can be considered global leaders in their sectors, such as Huawei Technologies Co Ltd, Lenovo Group Ltd and Haier Group.

In addition, China's rapid growth may be constrained by its limited resources in energy and minerals. A number of large companies initiated their going-global plan by acquiring and managing resources-related companies and investing in resource-rich countries. The largest cross-border acquisition by a Chinese company, amounting to $15.1 billion, took place two years ago when China National Offshore Oil Corp bought Nexen of Canada.

The financial crisis of 2008 marked down asset values in many countries, presenting opportunities to some companies in China. The rate of increase of outward direct investment from China in the five-year period since 2008 is 12.5 percent on an annual basis. The 10 percent difference in growth rates of investment flows in opposite directions narrows the gap between China's inward and outward flows of direct investments.

Although it is likely that China's outbound direct investment will surpass foreign direct investment in the country this year, the momentum is expected to continue.

One of the reasons is that the value of stock generated by outward investment remains low in comparison to the stock from inward FDI in China and to the size of its economy.

By the end of 2013, the cumulative stock of China's ODI was just $660.48 billion, substantially smaller than the stock of its inward FDI of $956.8 billion. It also was only about one-tenth of that of the US' $6.35 trillion. It is too early to say that China is a major direct investment exporter. There is still a long way to go.

As more and more Chinese companies gain international competitiveness by improving their productivity and upgrading their technologies, they will see more opportunities in the global market. It seems clear that more and more Chinese firms will go global.

The author is professor of strategic management, Guanghua School of Management, Peking University.

Hot Topics

Editor's Picks
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    亚洲国产成人精品无码区99| 三上悠亚在线一区| 日韩欧美理论片| 国产中文字幕视频在线观看| 免费网站在线观看黄| 怡红院av亚洲一区二区三区h| 一级片免费在线观看视频| 黄色一级一级片| 日韩一级性生活片| 天天干天天操天天干天天操| 日本www高清视频| 给我免费播放片在线观看| 99久久99精品| 亚洲五月天综合| 少妇高潮喷水在线观看| 中国女人做爰视频| 加勒比av中文字幕| 黄色免费网址大全| 中国丰满人妻videoshd| 女人被男人躁得好爽免费视频| 天天综合成人网| 一级黄色特级片| 18禁男女爽爽爽午夜网站免费 | 亚洲一区二区三区四区精品| 亚洲一区二区蜜桃| 日韩欧美国产免费| 99热久久这里只有精品| 99热都是精品| 日韩不卡的av| 在线看免费毛片| 五月天亚洲视频| 黄色高清无遮挡| 午夜肉伦伦影院| 狠狠干 狠狠操| 国产不卡一区二区视频| 丁香色欲久久久久久综合网| 国产一二三四五| 国产成年人在线观看| 一级片免费在线观看视频| 免费一区二区三区在线观看| 天堂在线资源视频| 亚洲视频在线a| 另类小说第一页| 亚洲成色www.777999| 亚洲精品一二三四五区| 91香蕉视频污版| 在线观看免费成人av| 国产精品入口免费软件| 一区二区三区入口| 日本三级黄色网址| 在线看免费毛片| 色呦呦网站入口| 亚洲高潮无码久久| 91动漫在线看| 欧美 日韩 激情| 日韩一级片播放| 婷婷丁香激情网| 嫩草视频免费在线观看| 久久精品久久99| 超碰免费在线公开| 亚洲激情免费视频| 国产freexxxx性播放麻豆| 久草热视频在线观看| 久久人妻精品白浆国产| 日本黄大片一区二区三区| 小说区视频区图片区| 老司机激情视频| 日韩在线综合网| 九九热免费精品视频| а 天堂 在线| 欧洲精品在线播放| 日本在线视频www| 一道本在线免费视频| 好色先生视频污| 青青草视频在线免费播放| 久久精品网站视频| 激情图片中文字幕| 久久国产精品网| 手机在线看福利| 青青草原网站在线观看| 中国丰满人妻videoshd | 久久最新免费视频| 免费看黄在线看| 美女网站视频黄色| 国产欧美综合一区| 男人日女人bb视频| 亚洲三级在线观看视频| 免费看毛片的网址| 视色视频在线观看| bt天堂新版中文在线地址| 亚洲乱码国产一区三区| av动漫免费观看| 日本成年人网址| 一区二区三区一级片| 中国丰满人妻videoshd| 两性午夜免费视频| 国产最新免费视频| 一区二区三区日韩视频| 欧美 日韩 国产一区| 日韩视频在线免费播放| 黄色免费观看视频网站| 国产精品美女在线播放| 男女曰b免费视频| 超碰97在线看| 中文字幕第88页| 成 年 人 黄 色 大 片大 全| 国产精品自在自线| 成人免费观看毛片| 黄网站色视频免费观看| 精品久久久99| 免费观看日韩毛片| 嫩草影院中文字幕| 久久成年人网站| 少妇高清精品毛片在线视频 | 在线观看国产中文字幕| 成人一区二区免费视频| 999热精品视频| caoporn超碰97| 777av视频| 中文字幕色呦呦| 欧美一级xxxx| 无码日韩人妻精品久久蜜桃| 亚洲一区二区三区av无码| 男女视频在线观看网站| 最新中文字幕免费视频| 欧美爱爱视频免费看| 欧美日韩中文字幕在线播放| 日韩高清第一页| 日本免费观看网站| www.玖玖玖| 国产av天堂无码一区二区三区| 日韩最新中文字幕| 国产一区二区在线观看免费视频| 50路60路老熟妇啪啪| 成人免费视频91| 白白操在线视频| 欧美性受xxxx黑人猛交88| 三日本三级少妇三级99| 五月婷婷六月丁香激情| 99热手机在线| 久草在在线视频| 无码无遮挡又大又爽又黄的视频| 性欧美大战久久久久久久| 老子影院午夜伦不卡大全| 午夜啪啪福利视频| 激情图片qvod| 中文字幕精品在线播放| 亚欧美一区二区三区| 欧美性受xxxx黒人xyx性爽| 91日韩精品视频| 在线观看岛国av| www,av在线| 尤物网站在线看| 在线播放 亚洲| 裸体裸乳免费看| 国产日韩第一页| 日本人妻伦在线中文字幕| 国产性生活免费视频| 超级碰在线观看| 全黄性性激高免费视频| 久草视频国产在线| 日日摸日日碰夜夜爽无码| 浮妇高潮喷白浆视频| 国产欧美在线一区| 欧美精品无码一区二区三区| 一区二区三区国产免费| 亚洲综合婷婷久久| www.偷拍.com| 日韩在线视频在线| 欧美不卡在线播放| 欧美日韩在线不卡视频| 精品久久久久久中文字幕2017| 婷婷免费在线观看| 亚欧精品在线视频| 免费网站永久免费观看| 黄色一级片播放| 福利在线一区二区三区| 一级淫片在线观看| 日韩人妻一区二区三区蜜桃视频| 久久综合久久网| www.国产区| 一二三av在线| 成年人网站国产| 免费在线观看的毛片| 国产精品久久久久久9999| 国产一级大片免费看| 国产一区二区三区精彩视频| 亚洲少妇久久久| 青青草影院在线观看| 男人用嘴添女人下身免费视频| 成人一区二区三| 小说区视频区图片区| 黄色大片中文字幕| 午夜两性免费视频| 在线观看污视频| 黑森林福利视频导航| 亚洲热在线视频| 国产精品97在线| 欧美亚洲视频一区| 日本a级片免费观看|