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1、外文翻译原文China’sFDIPolicyandTaiwaneseDirectInvestment(TDI)inChinaMaterialSource:DepartmentofEconomicsAuthor:JackW.Hou1.IntroductionAswebeginthenewmillennium,therecanbenodoubtthatAsiawillbeoneofthemosteconomicallyvibrantareasintheworld.Indeed,thishasbeenacontinuo
2、usdevelopmentforthepastfourdecades.SincetheresurrectionofJapaninthe1960s-70s,Asia(especiallyEastAsia)hasshowntheuncannyabilityofalmostunbridledgrowthanddevelopment.Inthe1980s,theFourSmallTigerstook-offandcreatedanewterminology,newlyindustrializecountries(NICs
3、),1whilethespectaculargrowthofChinahasmadeherthesecondlargesteconomyintheworld.Inbetween,wealsoseetheemergenceofthesuccessorsoftheFourSmallTigers;beitThailand,Malaysia,Indonesia,Philippines,orVietnam.Thoughtheareahasseensomehardtimesrecently,fromtheburstofJap
4、an’sbubbleeconomytotheAsianFinancialCrisis,recoveryiswellonitswayandmosteconomistswouldagreethatAsiawillemergestrongerthanbeforeastheireconomicinstitutionshaveundergonsignificantreform(forthebetter).Nowhereintheworldcanoneseethebustlingmarketsandthevibrantdem
5、onstrationofentrepreneurspirit.1TheFourSmallTigers,alongwithIsrael,werereclassifiedas“advancedeconomies”in1997bytheInternationalMonetaryFund(IMF).Theseareallwelldocumentedandhavecontributedtothephenomenalsuccessofthegrowthintheregion,especiallyintermsoftrade(
6、Hou,etal,1995).Whatisperhapslessunderstoodoremphasizedistheuniquemultilateralinterdependencyoftheeconomiesthatiscontinuouslyaccelerating.Thisisnotjusttradeofgoodsandservices,butincreasingintermsofcapitalmovements,especiallyinforeigndirectinvestment(FDI).Japan
7、hasalwaysbeenthelargestinvestor,butrecentlytheNICsarealsoexhibitingsignificantcapitaloutflow.Forexample,HongKongisthelargest“foreign”investorinChina,whileTaiwanisthelargestinvestorinMalaysia,andamongthetopthreeFDIprovidersforVietnam,andthesecondlargestinvesto
8、rinChina.ThemaindrivingforceforsuchbehavioristhefactthatAsiahasaverycompletesystemofeconomiesinthesensethatonthetopwehavethefullymatureindustrializedcountrieslikeJapan,flankedbytheNICs(Ho
