外商直接投资在中国的奖励或补救【外文翻译】

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1、外文翻译原文ForeignDirectInvestmentinChina:RewardorRemedy？MaterialSource:TheWorldEconomy，2007(11)Author:OlenHavrylchyandSandraPoncetFrombeinganeconomywithvirtuallynoforeigninvestmentinthelate1970s,Chinahasbecomethelargestrecipientofforeigndirectinvestment(FDI)amo

2、ngdevelopingcountries.FDIinflowsexplodedfrom$2billionto$53.5billionbetween1985and2003andChinahasovertakentheUSastheworld’slargestrecipientofFDI.Since1994,Chinahasattractedaboutone-thirdoftotalFDItoemergingmarketseachyearandabout60percentofflowstoAsianemergi

3、ngmarkets(PrasadandWei,2005).EconomistsusuallyagreethatFDIflowstocountrieshavingastablemacro-economicenvironmentandcommitmenttomarketreformsaswellashighproductivity,lowcostsoflaborandgoodinfrastructureamongotherfavorableconditions.InthecaseofChina,Huang(200

4、3)arguesthatthelargeinflowofFDIisnotonlytheconsequenceofgoodpolicies,butalsoresultsfromcertaindistortionsintheChinesebankingmarketandinstateinvestmentpolicies.Hestatesthat‘PrimarybenefitsofChina’sFDIinflowshavelesstodowiththeprovisionofmarketingaccessandkno

5、w-howtransfers,technologydiffusion,oraccesstoexportchannels,thekindoffirm-levelbenefitsoftentoutedintheliterature.Instead,theprimarybenefitsassociatedwithChina’sFDIinflowshavetodowiththeprivatizationfunctionssuppliedbytheforeignfirmsinacontextofpoliticalopp

6、ositiontoanexplicitprivatizationprogram,venturecapitalprovisionstoprivateentrepreneursinasystemthatenforcesstringentcreditconstraintsontheprivatesector’.TheaboveargumentisconsistentwithHarrisonetal.(2004),accordingtowhichfirmsincountrieswithgreaterFDIinflow

7、ssufferlessfromfinancialconstraints,asincomingforeigninvestmentprovidesadditionalsourcesofcapital.Atthesametime,itiscrucialtostressthattheChinesecontextdiffersdramaticallyfromthegeneralcaseinvestigatedbyHarrisonetal.(2004).ThemainreasonwhyFDImayserveasawayt

8、oalleviatecreditconstraintsinmostdevelopingcountriesiscapitalscarcity.Indeed,the‘capitalscarcity’channelisatoddswithChina’sspecificcase.TheprobleminChinaisnotthelackofsavingsbuttheirinefficientallocati