In the background of economic globalization，To maximize its own interests，According to the comparative advantages of each region，Reconstructing the layout of production activities in the world with foreign direct investment。According to the United Nations Trade and Development Conference Data，Global value chain produced by multinational companies accounts for about 80%of global trade。Accelerate the construction of a large domestic cycle as the main body、New development pattern of mutual promotion of domestic and international dual cycles，Fully shape China's two -way direct investment system，It is important to realize that China's industry moves towards the global value chain.。

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From the practical experience of China's economic development，Direct direction of direct investment is the real reflection of China's participation in the global value chain production network，It is also an important path for China to respond to the low -quality development of the internal and external imbalances and the supply system，It is a new opportunity to promote China's global value chain upgrade and industrial chain layout。

First，Early extensive investment policies have attracted a large number of foreign capital and Chinese cheap labor combination，By improving production efficiency、Improve the industrial system，China has gradually become the central hub of the world's manufacturing industry and extend the value chain to many regions。Statistics of industrial production scale，Globally, the production scale of most industries in China accounted for more than 30%。The total effect of the scale advantage of the broad industrial system has driven the high -speed development of China's economy。Next，Available investment makes the comparative advantage of China's manufacturing industry concentrated in the processing assembly link of labor -intensive industries and capital or technology -intensive industries，increased domestic jobs and residents' income bet365 live casino games level，Solving the dilemma of the shortage of Chinese foreign exchange reserves。At the same time，The external investment model for resource seeking type promotes the domestic "production capacity output"、The international layout of capital output and industrial chain，While optimizing the domestic economic structure，Drive Chinese enterprises to actively expand overseas markets、Raise profitability。Last，Technology -intensive capital introduction and technology seeking investment through bet365 Play online games technical overflow effect、Inverse technology overflow effect、Competitive effect、The upstream and downstream related effects of the industrial chain promotes the technical level of Chinese enterprises、Optimization of management experience and organizational methods，Then improved the value chain of the company's value chain，It provides a reference experience for China to promote the manufacturing industry "strong chain", "supplement chain", "extended chain" and "pioneering chain"。

But，The extensive two -way direct investment policy has driven the high -speed development of the economy in a short time，But also laid hidden dangers for the weak economic growth in the later period。First，With the continuous improvement of my country's economic development level，Labor costs continue to rise，The advantages of cheap labor are gradually exhausted，Part of the value chain led by international large -scale multinational companies began to transfer to other countries。Next，my country ’s large -scale low -end manufacturing added value -added income，Limit the enterprise's research and development investment，As a result, my country's manufacturing industry's long -term "low -end lock" in the global value chain。again，China's foreign direct investment is still based on resources，High -end manufacturing and high -tech investment are less; foreign investment enterprises are concentrated in state -owned enterprises，Private enterprises have less foreign investment; foreign investment entities are concentrated in catering、Accommodation、Wholesale、Retail and other traditional service industries and construction enterprises，Bet365 lotto review and fewer high -tech enterprises。This leads to weak absorption capacity of China's reverse technology overflow，The upgrade process of the global value chain is slow，The external investment structure needs to be optimized urgently。Last，The slow recovery process after the financial crisis leads to unilateralism、Trade protectionism and the trend of adverse globalization intensified，Coupled with the new crown pneumonia's epidemic, the pace of direct investment in China's foreign direct investment slowly slows，Global Value Chain Reconstruction Process is blocked。

　　Important means of upgrading the value chain

International direct investment can re -allocate the global production factors and scarce resources through capital flows，Is a country's industrial transfer、Technical upgrade、Reconstruction of the advantages of production and then realize the important means of upgrading the global value chain。

On the one hand，The bet365 Play online games technical overflow effect of foreign direct investment provides an important basis for the technical upgrade and market competition structure of the host country。The technology overflow of foreign direct investment is mainly concentrated in two aspects，That is the horizontal overflow effect and vertical overflow effect。The former is mainly manifested as the imitation learning learning in product quality and production process between enterprises in the same industry and the marketing strategy competition between the same type of product market。The latter is mainly manifested as the production connection between upstream and downstream related enterprises in the industrial chain，That is，Provide high -quality and high -tech intermediate input or output，Make downstream local enterprises in contact with advanced management and business experience，Improve your production level with the "Gan Middle School" mode。In order to ensure the quality of the industrial chain，May be associated with the backstream local enterprises，Technical cooperation、Financing Support、Company governance and other forms forced upstream local companies to improve production capacity，Advanced production technology of benchmark。

On the other hand，The reverse technology overflow bet365 live casino games effect of external investment also provides support for the upgrading of the industrial structure of the parent country and the global value chain upgrade。Local enterprises can seek resource support and technical guarantee for their economic development through foreign investment，Mother country invests or merge through overseas high -tech enterprises，It can improve the innovation ability of local enterprises in a short time，Exchange technology with capital，Simultaneous realization of the goals of industrial expansion and technological improvement。At the same time，The output of production capacity through direct investment in the mother country，Further optimize the domestic industrial structure of the mother country，Promote the upgrading of domestic industry technology in the mother country。So，International direct investment is a local enterprise to obtain advanced technology、Optimize the industrial structure、An important way to improve the position of the value chain。

　　Pay attention to international direct investment resource preferences

The upgrade of the global value chain does not refer to the upgrade of a certain link or the ability to obtain value acquisition，Instead, every link in a country's entire industrial chain is combined with the matching advantageous resources，Then promote the optimization and improvement of the entire industrial chain。Depending on international direct investment in different resource preferences，Guide it to combine it with the corresponding resource advantage，Give full play to the role of capital to promote economic development，and then promote the upgrade of the value chain。

Specifically，On the one hand，Development of more than 40 years of reform and opening up，Gradually form a comparative advantage between regions in China。If you continue to implement a static investment policy，Not only will it cause waste of advantageous resources，It will even destroy the foundation of the local original advantageous industry，Obstruct local economic development。Facing the above dilemma，my country should change the traditional two -way direct investment layout，To encourage the talents of technology -intensive industries Bet365 lotto review and talents in the east、Technology、Combination of industrial layout，Guide the foreign investment of labor -intensive industries to turn to the central and western regions，Active combination with excess labor with the central and western regions，Make full use of foreign investment to drive local economic development，The best allocation of domestic limited resources，So as to upgrade the overall industry chain in China。

On the other hand，my country should actively use the investment effect of the "Belt and Road" construction，Promoting production capacity and capital output。Domestic excess capacity and capital will not only occupy resources，Waste the waste of scarce resources，It will also occupy government public expenditure，Reduce the effect of government policy dividends。But，Domestic excess capacity and capital are the foundation and shortage of resources for the development of most national industries along the “Belt and Road”。So，Use the "Belt and Road" construction advantage，Actively promote domestic enterprises to go global，can optimize the domestic industrial layout、Realize the best allocation of resources，can also help the "Belt and Road" countries to improve the industrial foundation and industrial system，Realizing China's "Value Chain Multi -Ring" system with China as the core。

The relationship between the two -way direct investment is dealt with，Against the overall development of the high -quality development of China's economy，In particular, I need to use the international direct investment power，Help China's value chain improvement。

　　perfect two -way direct investment system

Capital elements in international investment need to flow frequently，Therefore, the institutional environment that flows into the country is a key factor affecting foreign investment。Existing research shows that institutional factors are important in two -way direct investment，Local protectionism、The lack of intellectual property protection and the opaque system will seriously damage the local business environment。and the opaque business environment will invisibly increase the information search cost and investment risk of investor information，Aquid the performance of the bet365 Play online games technical overflow effect of foreign direct investment，improvement of local absorption ability，The cultivation process of the cultivation of local technological progress and innovation capabilities。Impurning of the East China Kingdom、The imperfect institutional environment will also increase the regulatory review of the host country's foreign investment enterprises，Not only increases the operating cost of foreign investment enterprises，It also weakened the reputation value of the enterprise，The difficulty of seeking technical cooperation in the outside world，Reverse technology overflow effect is difficult to play。

From the perspective of the improvement of the domestic system，We should continue to steadily advance the process of rule of law，Reduce the asymmetry between the information between the investor and the host market with the rule of law。At the same time，It should also introduce an illegal punishment mechanism，Improve punishment for infringing intellectual property rights，Improve the investment in the investment protection protection mechanism of foreign -funded enterprises，Open the communication channel of foreign investors and the local government，Effectively safeguard the rights and interests of foreign investors。China should continue to promote simplified administration and release、Optimized government service，Continuously simplify the administrative approval process、Reduce market entry threshold。Only constantly improving government efficiency and transparency，can gradually reduce the institutional cost of investment，Then improve the configuration efficiency of market resources，Promoting the optimization of industrial structure and the high -quality development of the economy。

To sum up，China's two -way direct investment should be transformed by transforming capital element preferences、Optimize industrial layout and improve institutional guarantee，Give full play to the bet365 Play online games technical overflow effect、Inverse technology overflow effect、Demonstration effect，Constantly improving local absorption ability and professional quality of labor，Based on the high -tech industry、Driving with innovation，"Low -end lock" of the value chain Bet365 app download of developed countries，The continuous upgrade of the global value chain。To optimize two -way direct investment structure，By attracting high -quality foreign investment and promoting high -tech foreign investment，Drive the improvement and upgrade of the domestic industrial chain system，"Breakfast and Equipment" realizes the layout of the large domestic circular industry，To achieve the overall improvement of the international cycle with system replacement technology。

　(Author Unit: Academy of International Finance at Sun Yat -sen University)