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1、外文翻译原文ForeigndirectinvestmentinflowsandeconomicgrowthofChinaMaterialSource:ScienceDirect,Vol.32,No.1,2010Author:Mah,Jai1.IntroductionIthasoftenbeenarguedthatFDIinflowisoneofthedrivingforcesofeconomicgrowthindevelopingcountries.Historicalevidencesaremixed.Oftheso-calledfoureastAsiantigers,
2、HongKongandSingaporesucceededinattractinghugeamountofFDI;however,SouthKoreaandTaiwandidnotattractitsomuch.Sinceeconomicreformin1979,Chinahasrecordedremarkableeconomicgrowthrates;forinstance,theannualaveragerealGDPgrowthratewasashighas8.3percentduring1979–2001.Inthemeantime,Chinahasactivel
3、ytriedtoattractFDIinflows.FDIflowsintoChinaincreasedfromUS$0.9billionin1983toUS$46.9billionin2001(Table1).Chen,Chang,andZhang(1995)evaluatedthatFDIhadcontributedtoChina’spost-1978economicgrowthbyaugmentingresourcesavailableforcapitalformationandexportearnings.Meanwhile,theissueonthecausal
4、itybetweenFDIinflowsandeconomicgrowthincaseofChinahasseldombeenanalyzedrigorously.AlthoughQin,Cagas,Quising,andHe(2006)revealedthateconomicgrowthcausedinvestmentinChina,thelatterwasnotrestrictedtoFDI.Usingasimulation,Dees(2001)showedthatFDIhasalong-runeffectonoutput.Thecurrentstudytestswh
5、etherornotincreaseinFDIcausedincreaseineconomicgrowthofChinawithacointegrationtestprocedureallowingfordifferentordersofintegrationandtheGrangercausalitytestusingstationarydata.2.FactualbackgroundTheinvestmentatmosphereinChinahadnotbeenfriendlytoforeigninvestorsuntil1978.Anewpolicytowardsf
6、oreigninvestmentallowingforeignfirmstooperateinChinawasproclaimedin1979,whichgrantedforeigninvestmentalegalstatusinChina(Chenetal.,1995:692).TheSpecialEconomicZones(SEZs)wereestablishedinthecoastalareas,whichgrantedtheinvestorsadministrativesupportandtaxbenefitslikeprofittaxreduction(Park
7、,2002:21).ThedecisiontoopenupChinatotheworldeconomywasformallyincludedinthe1982stateconstitution.In1984,theconceptofSEZswasextendedtoanotherfourteencoastalcitiesandHainanIsland.In1985,developmenttriangleswereestablishedfortheencouragementofforeigninvestment.Severali
