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1、外文翻译原文EMPIRICSOFCHINA’SOUTWARDDIRECTINVESTMENTMaterialSource:PacificEconomicReview,2009.8,312-341Author:YIN-WONGCHEUNG,XINGWANGQIANAbstract：WeinvestigatetheempiricaldeterminantsofChina’soutwarddirectinvestment(ODI).ItisfoundthatChina’sinvestmentsindevelopeda
2、nddevelopingcountriesaredrivenbydifferentsetsoffactors.Subjecttothedifferencesbetweendevelopedanddevelopingcountries,thereisevidencethat:(i)bothmarket-seekingandresource-seekingmotivesdriveChina’sODI;(ii)ChineseexportstodevelopingcountriesinduceChina’sODI;(i
3、ii)China’sinternationalreservespromoteitsODI;and(iv)Chinesecapitaltendstoagglomerateamongdevelopedeconomiesbutdiversifyamongdevelopingeconomies.SimilarresultsareobtainedusingalternativeODIdata.WedonotfindsubstantialevidencethatChinainvestsinAfricanandoil-pro
4、ducingcountriesmainlyfortheirnaturalresources.1.IntroductionWhetheritisentirelytrueorapocryphal,theemergenceofChinaintheglobaleconomicstagehasengenderedastrongfeelingofdéjàvu.ChinawasestimatedtohavehadapercapitaGDPhigherthanthatofEuropebefore1280,andaccounte
5、dfor23.2–32.4%ofworldoutputfrom1700to1820(Maddison1998).Indeed,Chinawasoneofthemajortradingcentersintheworld.Duringthe16thand17thcenturies,Chinaranasubstantialtradebalancesurplusandwasreferredtoasthe‘sink’forsilver,thevehiclecurrencyofinternationaltradeinthe
6、defactosilverstandardera(SakakibaraandYamakawa2003a,b).Thereislittledoubtthatthere-emergenceofChinaischangingthelandscapeoftheglobaleconomy;thequestionis,inwhatdirection?ThereisaplethoraofanalysesofChina’seconomicprowessintermsof,say,itsballooningtradesurplu
7、sandinternationalreserves,anditsabilitytodrawinforeigndirectinvestment(FDI).1TheroleofChinaasanoutwardinvestorhasseldombeendiscussed,andhasonlybeenthesubjectofattention.Comparedwithinflows,China’soutwarddirectinvestment(ODI)isquitesmall.AccordingtotheUnitedNa
8、tionsstatistics,China’sFDIinflowandODIratiowas6.4:1in2005.However,sincethebeginningofthenewmillennium,China’sdirectinvestmentabroadhassurgedapace.Duringthe1994–1999period,China’soutwardinvestment
