中国外商投资的决定因素及影响研究外文翻译.docVIP

外文翻译 原文 Foreign Direct Investment in China: Determinants and Effects Material Source: network platform Author: Stephane dees Foreign Direct Investment in China FDI represents the most important source of foreign capital in China. It surpassed foreign borrowing for the first time in 1992. Before 1979, no foreign-owned enterprises operated in China as foreign money was viewed with suspicion by Chinese leaders. The Open Door Policy introduced by Deng Xiaoping in 1979 involved a different attitude toward FDI. This change can be explained by two major factors the disastrous economic performance before 1979 and the successful examples of Japan and the four Asian Tigers’. 1949, was lifted. Deng Xiaoping promoted FDI reforms, acknowledging that foreign investment might absorb foreign capital, attract advanced technology and develop export products (Harding, 1987). In 1979, a foreign investment law was adopted. The aim of this law was to limit the establishment of foreign firms in China geographically to the four Special Economic Zones and in the coastal areas, organizationally to equity joint ventures, and sect orally to hotel construction and energy extraction. However, each of these restrictions was removed over time. The first phase, from 1979 to 1983, is a period of sluggish increase. From 1984 to 1991, the inflows of FDI attained an increasing trend. Since 1992, the large-scale expansion of FDI has made China the second largest recipient of FDI in the world. Before 1983, the growth rate of FDI was quite modest. The number of projects was nearly constant, increasing only from 230 in 1979 to 396 in 1983 (the value increased from $0.5 billion in 1979 to $1.5 billion in 1983). During this first phase, foreign investors took a wait-and-see attitude, looking for more information before investing in China. The predominance of investors from Hong Kong and Macao was mostly due to geographic and cultural proximity rather than to the incentives offered by the Chinese au