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Empirics Of China'S Outward Direct Investment

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  • Yin-Wong Cheung
  • Xingwang Qian

Abstract

We investigate the empirical determinants of China's outward direct investment (ODI). It is found that China's investments in developed and developing countries are driven by different sets of factors. Subject to the differences between developed and developing countries, there is evidence that: (i) both market-seeking and resource-seeking motives drive China's ODI; (ii) Chinese exports to developing countries induce China's ODI; (iii) China's international reserves promote its ODI; and (iv) Chinese capital tends to agglomerate among developed economies but diversify among developing economies. Similar results are obtained using alternative ODI data. We do not find substantial evidence that China invests in African and oil-producing countries mainly for their natural resources. Copyright 2009 The Authors. Journal compilation 2009 Blackwell Publishing Asia Pty Ltd

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Pacific Economic Review.

Volume (Year): 14 (2009)
Issue (Month): 3 (08)
Pages: 312-341

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Handle: RePEc:bla:pacecr:v:14:y:2009:i:3:p:312-341

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1361-374X

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Citations

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Cited by:
  1. Yin-Wong Cheung & Xingwang Qian, 2010. "Capital Flight: China's Experience," CESifo Working Paper Series 2931, CESifo Group Munich.
  2. Yao, Shujie & Wang, Pan, 2014. "Has China displaced the outward investments of OECD countries?," China Economic Review, Elsevier, vol. 28(C), pages 55-71.
  3. Chou, Kuang-Hann & Chen, Chien-Hsun & Mai, Chao-Cheng, 2011. "The impact of third-country effects and economic integration on China's outward FDI," Economic Modelling, Elsevier, vol. 28(5), pages 2154-2163, September.
  4. Pornpen Sodsrichai & Sakkapop Panyanukul & Nantaporn Pongpatthananon, 2011. ""Putting All Eggs in One Basket" Thailand's Under-Investment Abroad: Impact and Explanations," Working Papers 2011-06, Economic Research Department, Bank of Thailand.
  5. Carlos Rodríguez & Ricardo Bustillo, 2011. "A Critical Revision of the Empirical Literature on Chinese Outward Investment: A New Proposal," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(5), pages 715-733, December.
  6. Amighini, Alessia A. & Franco, Chiara, 2013. "A sector perspective on Chinese outward FDI: The automotive case," China Economic Review, Elsevier, vol. 27(C), pages 148-161.
  7. Yin-Wong Cheung & Jakob de Haan & XingWang Qian & Shu Yu, 2011. "China's Outward Direct Investment in Africa," Working Papers 132011, Hong Kong Institute for Monetary Research.
  8. Pradhan, Jaya Prakash, 2009. "Emerging Multinationals from India and China: Origin, Impetus and Growth," MPRA Paper 18210, University Library of Munich, Germany.
  9. Dong, Baomin & Guo, Guixia, 2013. "A model of China's export strengthening outward FDI," China Economic Review, Elsevier, vol. 27(C), pages 208-226.

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