The impact of forward and backward GVC participation on China’s OFDI in ASEAN
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This paper mainly studies the impact of forward and backward participation in ASEAN global value chains on China's investment in ASEAN. The results show that forward participation in global value chains is negatively correlated with China's investment in ASEAN, while backward participation is positively correlated. The technological advancement of ASEAN, the expansion of the number of highly educated labor force, the increase of consumer market consumption potential, the improvement of infrastructure, and the degree of openness of the market will attract and expand China's investment in ASEAN. This means that in addition to investment in ASEAN manufacturing, China can also promote investment in education, technology research and development, infrastructure construction, and tertiary industries in ASEAN countries. The labor cost of ASEAN countries is positively correlated with China's investment in ASEAN, while natural resources are negatively correlated. It is recommended that Chinese companies make full use of the abundant labor resources of ASEAN countries, reduce production costs, and appropriately develop markets according to local consumption habits as well as preferences, stimulate household consumption, and increase corporate profits. ASEAN countries need to strengthen opening up, improve infrastructure construction, attach importance to the training of high-tech talents, and attract more foreign investment, including China.
Abstract
This paper mainly studies the impact of forward and backward participation in ASEAN global value chains on China's investment in ASEAN. The results show that forward participation in global value chains is negatively correlated with China's investment in ASEAN, while backward participation is positively correlated. The technological advancement of ASEAN, the expansion of the number of highly educated labor force, the increase of consumer market consumption potential, the improvement of infrastructure, and the degree of openness of the market will attract and expand China's investment in ASEAN. This means that in addition to investment in ASEAN manufacturing, China can also promote investment in education, technology research and development, infrastructure construction, and tertiary industries in ASEAN countries. The labor cost of ASEAN countries is positively correlated with China's investment in ASEAN, while natural resources are negatively correlated. It is recommended that Chinese companies make full use of the abundant labor resources of ASEAN countries, reduce production costs, and appropriately develop markets according to local consumption habits as well as preferences, stimulate household consumption, and increase corporate profits. ASEAN countries need to strengthen opening up, improve infrastructure construction, attach importance to the training of high-tech talents, and attract more foreign investment, including China.
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