中国政府关于投资的经济合作.docx

外文原文Chinese state’s economic cooperation Related investment:An investigation of its direction and some Implications for outward investmentBy: Sumon Bhaumik and Catherine Yap CoSumon Kumar Bhaumik*Brunel University,William Davidson Institute, University of Michigan, Ann Arbor, andIZA – Institute for the Study of Labour, BonnCatherine Yap Co**University of Nebraska at OmahaAbstractThe Chinese state undertakes large scale investments in a number of countries under the auspices of economic cooperation related investment (ECI). While there are suggestions that it is an extension of China’s soft power aimed at facilitating Chinese FDI in those countries, often for access to natural resources, there is no systematic analysis of this in the literature. In this paper, we examine this investment of the Chinese state over time. Our results suggest that the pattern of investment is indeed explained well by factors that are used in the stylized literature to explain directional patterns of outward FDI. They also demonstrate that the (positive) relationship between Chinese ECI and the recipient countries? natural resource richness is not economically meaningful. Finally, while there is some support for the popular wisdom that China’s willingness to do business with a country is not strongly affected by its level of corruption, there is much weaker support, if any, for the hypotheses that China favors doing business with countries where political rights are limited.Running title: China’s economic cooperation related investmentsKeywords: China; Economic cooperation related investment; Foreign direct investment; Natural resources; Institutional qualityIntroduction2011, Risks in Global MarketThe risks in the global market have been changing rapidly. The theme of the world economy in 2010 is not so much “recovery” as “adjustment”. Shocked by the global financial crisis, economies began to question and reconstruct the game rules of the global business. This trend may continue and even