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1、EconomicFragmentationandFDIinChinaChinaisoneofthemostpopularinvestmentdestinationsintheworld.Throughoutmuchofthe1990s,Chinaaccountedfor50percentofforeigndirectinvestment(FDI)goingintodevelopingcountriesandinrecentyears,ChinahasbeenthesecondlargestrecipientofFDIintheworld,aft
2、ertheUnitedStates.TherecentagreementsbetweenChinaontheonehandandtheUnitedStatesandtheEuropeanUnionontheotherhandoverChina’saccessionintotheWorldTradeOrganization(WTO)mayincreaseChina’salreadyimpressiveFDIinflowssignificantly.AccordingtoaforecastbyGoldmanSachs,inthreetofourye
3、ars,China’sWTOmembershipcouldboostFDIto100billiondollarsayear,fromthecurrent40.4billiondollars.ChineseofficialsandforeignbusinesspractitionershailChina’slargeFDIinflowsasoneofthemostcelebratedachievementsofthereformera.InstitutionssuchastheWorldBankhavecreditedFDIasamaindriv
4、ingforcebehindChina’seconomicsuccess.InternationalratingagenciesroutinelyuseFDIflowsasanimportantmacroeconomicindicatortoassessChina’screditworthiness.Standard&Poor’s,forexample,initsmostrecentreportonChina’screditrating,cited“stronginflowsofforeigndirectinvestments”asoneoft
5、hefactorstojustifyanupgradeofChina’screditratings.AcademicresearchersareequallyenthusiasticaboutFDIflowsintoChina.TheytouttheenormousbenefitsofFDIforChina,suchastechnologytransfer,theintroductionofmarketingknow-how,capitalinfusion,etc.Thisbooksetsouttodebunkmuchoftheconventi
6、onalwisdomonChina’shugeFDIinflows.ThecentralclaimofthebookisthatthelargeabsorptionofFDIbyChinaisnotasignofthestrengthsofitseconomybutofitsfundamentalweaknesses.Threelinesofargumentareadvancedtosupportthisclaim.First,muchoftheexport-orientedFDI—mainlyoriginatingfromethnicChin
7、esefirmsinHongKong,Macao,andTaiwan—materializesbecauseofthesevereliquidityconstraintsonthepartofexport-orientedindigenousChinesefirms.Theseliquidityconstraintsarisenotbecauseexport-orientedChinesefirmsareinefficientbutbecausetheyareprivateandforyearsChinesebankswereexplicitl
8、yprohibitedfromlendingtoprivatefirms.Privatefirmshavenochoicebuttoraisefina
