外国直接投资与经济增长的中国：从两模型中得到的证据【外文翻译】

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1、外文翻译原文Title:ForeignDirectInvestmentAndEconomicGrowthInChina:EvidanceFromATwo-SectormodelMaterialJournalofFinancialManagement&Analysis，2010-10Author:PingYu，Chen,K.C.XiaoJinSunTherelationshipbetweentheintroductionofforeigncapitalandChina'seconomicgrowthhasbeenanalyzedbymanyscholars.Niusho

2、wedthattheinflow,ofFDIpresentedadauntingchallengetoChina'smacroeconomicandregulatorysystemsfromthedemandsideandhadasignificantlypositiveimpactonChina'seconomicgrowthfromthesupplyside.Jordan,Tian,andSundocumentedabidirectionalcausalityrelationshipbetweenChina'sindustrialproductiongrowtha

3、ndutilizationofforeigncapital.TheyarguedthatChinacouldmaintainasteadyeconomicgrowthmainlybecauseofusingthecombinationofforeigncapitalanddomesticresources.ShenandGengbuiltanendogenousgrowthmodelwithaspillovereffectofforeigncapital.TheirresultindicatedthattheincreaseofFDIinflowfueledChina

4、'seconomicgrowthrate,butnotviceversa.Zhao,usingqualitativeandquantitativeanalyses,establishedamodeldescribingtherelationshipbetweenFDIandmajormacroeconomicindicatorstostudytheimpactofFDIinflowonChina'seconomicgrowth.Sangpresentedatheoreticalmodelbasedonthenewgrowththeoryandconcludedthat

5、theincreaseofFDIinflowwaspositivelyrelatedtoeconomicgrowth.However,theincreaseofFDIcouldnotbeconsideredastheonlyreasonforeconomicgrowth.Onthecontrary,China'seconomicgrowthcouldalsoattractFDIinflows.WhalleyandXinassessedthecontributionofinwardFDItoChina'srecentrapideconomicgrowthusingatw

6、ostagegrowthaccountingapproach.TheirresultsindicatedthatChina'sforeign-investedenterprises,whicharejointventuresbetweenforeigncompaniesandChineseenterprises,mighthavecontributedover40percentofChina'seconomicgrowthin2003and2004,andwithouttheinwardFDI,China'soverallGDPgrowthratecouldhaveb

7、een3.4percentagepointslower.KnightandDingexplainedwhyChinahadaremarkablyhighratioofinvestmenttooutputthroughouttheperiodofeconomicreform,surpassingalmostallothereconomies,whetherdevelopedordeveloping.TheydocumentedthatChina'srelativesuccessineconomicgrowthwasduetohighphysicalca