外文翻譯--外商直接投資的流入與中國經濟的增長

1、<p>　　1827單詞，2057漢字，6830英文字符</p><p><b>　　外文翻譯 </b></p><p><b>　　原文 </b></p><p>　　Foreign direct investment inflows and economic growth of China Material

2、Source:ScienceDirect,Vol.32,No.1,2010 Author: Mah, Jai</p><p>　　1. Introduction </p><p>　　It has often been argued that FDI inflow is one of the driving forces of economic growth in developi

3、ng countries. Historical evidences are mixed. Of the so-called four east Asian tigers, Hong Kong and Singapore succeeded in attracting huge amount of FDI; however, South Korea and Taiwan did not attract it so much .</

4、p><p>　　Since economic reform in 1979, China has recorded remarkable economic growth rates; for instance, the annual average real GDP growth rate was as high as 8.3 percent during 1979-2001. In the meantime, Ch

5、ina has actively tried to attract FDI inflows. FDI flows into China increased from US$ 0.9 billion in 1983 to US$ 46.9 billion in 2001 Table 1. Chen, Chang, and Zhang 1995 evaluated that FDI had contributed to China’s po

6、st-1978 economic growth by augmenting resources available for capital formatio</p><p>　　2. Factual background </p><p>　　The investment atmosphere in China had not been friendly to foreign invest

7、ors until 1978. A new policy towards foreign investment allowing foreign firms to operate in China was proclaimed in 1979, which granted foreign investment a legal status in China Chen et al., 1995: 692. The Special Econ

8、omic Zones SEZs were established in the coastal areas, which granted the investors administrative support and tax benefits like profit tax reduction Park, 2002: 21. The decision to open up China to the worl</p>&l

9、t;p>　　Since Deng Xiaoping’s Southern Trip in 1992, China began to strengthen the market economy. Preferential taxation schemes were provided to foreign investors as well Park, 2002: 23. Consequently, FDI flows into Ch

10、ina began to increase substantially in 1992. In late 1997, China introduced various measures to attract FDI, including import tariff reductions and began to pro- vide preferential tax measure to the finance sector in 199

11、9 Park, 2002: 26-30. Although China attracted huge amount of FDI infl</p><p>　　3. Empirical evidence on the causality between FDI and economic growth </p><p>　　Alguacil, Cuadros, and Orts 2002 e

12、xamined the Granger causality from exports and FDI to output in Mexico. Their empirical evidence supported not only the export-led growth hypothesis but also the existence of an FDI-led growth relationship. Basu, Chakrab

13、orty, and Reagle 2003 found the bi-directional causality between FDI and GDP for open economies, while, for closed economies, although causality was bi-directional in the short run, it ran mainly from growth to FDI in th

14、e long run. Cuadros, Orts,</p><p>　　To examine the causal relationship between FDI inflows and economic growth in China, this section uses the annual data for China during the period 1983?2001. The augmented

15、 Dickey? Fuller tests show that the levels of FDI inflows and real economic growth rates are not stationary at 5 percent level of significance. Optimal lags are chosen by Akaike’s final prediction error FPE criterion FDI

16、 and real GDP growth rate are revealed to be integrated of order two and one, respectively, at 5 percent leve</p><p>　　The null hypothesis in Pesaran and Shin’s 1999 test is the non-existence of a long-run e

17、qui-librium relationship among the variables, which can be denoted as H0 : h1 h2 0, against the alternative hypothesis that each of hi is not zero. Assuming the lag number to be one in the first differenced forms of the

18、concerned variables in Eq. 1, the calculated F2,9 statistics, 2.324, is not significant at any reasonable level of significance. Increasing the lag number up to four in the first differenced f</p><p>　　Since

19、 the cointegration tests reveal that there does not exist any long-run equilibrium relation- ship, I use the Granger causality test based on the first differenced data for real economic growth rate and the second differe

20、nced data for FDI inflows to reveal the causal relationship between the former and the latter. Table 2 shows the results of the Granger causality tests, where the number of lags are chosen by Akaike’s FPE criterion. Acco

21、rding to Table 2, the null hypothesis that FDI inflow d</p><p>　　4. Conclusion </p><p>　　For the past rapid economic growth process, China has attracted huge amount of FDI. Although the causalit

22、y between FDI inflows and real economic growth has important policy implications, it has seldom been analyzed with respect to China. The current study examines the concerned issue using Pesaran and Shin’s 1999 small samp

23、le cointegration test procedure allowing for different orders of integration and the Granger causality tests. The empirical results show that FDI inflows have not caused real </p><p><b>　　譯文 </

24、b></p><p>　　外商直接投資的流入與中國經濟的增長</p><p>　　資料來源:科學指南。32卷,1期,2010年 作者:Mah,Jai</p><p><b>　　簡介 </b></p><p>　　人們常常認為,外商直接投資的流入是發(fā)展中國家經濟迅猛增長的強勁驅動力之一。然而歷史證據卻是喜憂

25、參半。在所謂的亞洲四小龍中,香港和新加坡成功地吸引了數額巨大的外商直接投資;但是,韓國和臺灣并沒有像它們一樣吸引這么多的外商直接投資。自從1979年改革開放以來,中國的經濟增長率顯著提高。例如:在1979年到2001年間,中國國內生產總值的實際年平均增長率高達8.3%。與此同時,中國實施積極的引資政策,吸引外商直接投資的大規(guī)模涌入。進入中國的外商直接投資總額從1983年的9億美元到2001年的469億美元。有學者在1995年評價說:外商

26、直接投資通過資本的不斷充實和出口的持續(xù)順差促進了中國經濟的高速增長。同時,對于外商直接投資的流入情況和中國經濟快速增長的因果關系問題,卻很少有學者對其進行系統地研究分析。雖然,有學者通過數據調查研究表明,中國經濟的飛速增長導致外國投資的大量涌入,而這種投資并不僅限于外商直接投資。德什在2001年運用一個簡單的模型表明了外商直接投資對一國的產品輸出具有長期的影響。 </p><p><b>　　事實背景

27、</b></p><p>　　從1978年開始,中國的投資環(huán)境對外國投資者變得友好起來。一個面向外國投資者的新的政策開始出臺,那個政策授予了外商投資者在中國投資的合法地位。并且中國開始在沿海設立經濟特區(qū),給予那些在特區(qū)進行投資的外國投資者們以稅收和政策上的便利和優(yōu)惠,比如稅收的減免等。這個將中國經濟向全世界開放的政策在1982年被正式納入中國的憲法。在1984年,中國其他的14個沿海城市和海南島都被劃

28、為經濟特區(qū)。到1985年,中國沿海建立了三角形的區(qū)域發(fā)展模式,極大地鼓勵了外國商人在中國的投資。特別是對在經濟特區(qū)投資的外國商人,中國政府提供了十分優(yōu)惠的稅收政策,吸引大量的外商直接投資涌入中國,雖然這些措施在一開始并沒有發(fā)揮出太大的作用。自從鄧小平于1992年進行南巡后,中國政府開始注重市場經濟的發(fā)展。中國優(yōu)惠的稅收政策給外國投資者提供了一個極佳的投資環(huán)境。因此,進入中國的外商直接投資從1992年開始大幅度的增加。在1997年年底,中

29、國政府不斷出臺了各種政策以吸引外商來華投資,包括降低外國進口商品的關稅稅率等,并在1999年開始實施西部大開發(fā)戰(zhàn)略,以吸引更多的外資。雖然中國吸引了大量外商直接投資的流入,但是,到199</p><p>　　關于外商直接投資的實證研究與中國經濟快速增長的因果關系 </p><p>　　有學者在2002年以墨西哥的數據為例研究了格蘭杰因果關系在產品輸出和外商直接投資之間的作用。他們的實證研究

30、結果不僅支持了產品出口可以拉動一國經濟高速增長的假設,而且證實了外商直接投資對一國的產品出口和經濟增長也是具有帶動作用的。還有學者在2003年找到了在開放的經濟體中外商直接投資與國民生產總值之間的雙向因果關系,同時,對于封閉的經濟體,雖然外商直接投資與國民生產總值的因果關系也是雙向的,但是,在短時期內,它們的關系卻是定向的。從長遠來看,主要是經濟的高速增長促進了外商直接投資的大量涌入。有學者在2004年以墨西哥、阿根廷和巴西的數據研究了

31、出口導向型增長假說與外商直接投資增長之間的關系。他們的研究結論是建立在Johansen協整檢驗和格蘭杰因果檢驗的基礎上的,他們認為同時考慮出口與外商直接投資,能對外向型經濟體的經濟增長帶來一定的好處。協整檢驗表明,外商直接投資的增長與一國經濟的增長不存在任何長期的均衡關系。我采用了格蘭杰因果檢驗的模型,得出一國的實際經濟增長率與外商直接投資的流入是有一定的關系的。這意味著,自1979年改革開放以來,中國經濟的快速增長與中國政府陸續(xù)出臺優(yōu)

32、惠的面向外商的</p><p>　　總之,外商直接投資已經并將繼續(xù)發(fā)揮其集聚經濟效應,在對中國的經濟增長速度、方式、質量和效率產生帶來越來越重大的影響的同時,也會對地區(qū)差距產生一些負面的影響。從某種程度上來講,這與中國區(qū)域經濟的發(fā)展歷程和對外開放的步伐是一致的。要改變這種區(qū)域經濟發(fā)展呈現的非收斂態(tài)勢,中國面臨著很強的路徑依賴,這是絕對不可能一蹴而就的。 </p><p><b>

33、　　結論 </b></p><p>　　在過去的經濟快速增長的歷程中,中國已經吸引了大量的外商直接投資。雖然外商直接投資的流入量與中國經濟實際增長的因果關系還包含了一定的政策因素的影響,但是中國學者仍然很少對其進行系統的理論分析。本文用一個簡單的協整檢驗考察了外商直接投資的流入和中國經濟增長的因果關系,小樣本協整檢驗。實證結果顯示,自從改革開放以來,外商直接投資的流入沒有引起經濟的增長,但是經濟的增長

34、導致外商直接投資的大量流入。這意味著中國政府沒有必要提高太多的稅收和財政鼓勵政策來吸引不同類型的外國商人的涌入。即使沒有這些鼓勵外商直接投資的優(yōu)惠政策和措施,外商直接投資涌入中國的數量預計將隨著中國經濟的持續(xù)高速增長而不斷增加。截至目前,因為其他原因導致的外商直接投資的流入,例如,促進產品出口的政策和保證個人擁有私有財產的平等權利,更可能是中國經濟快速增長的重要原因。中國有必要建立一個高效運作的機構來正確引導外商直接投資的流入方向,以期