중국식 국가자본주의와 해외직접투자
Chinese Style State Capitalism and Its Outward Foreign Direct Investment
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초록
이 논문은 중국의 해외투자를 중국식 국가자본주의 시각에서 분석하는 데 그목적이 있다. 중국식 국가자본주의 체제의 핵심 정책수단은 중앙기업과 중앙관리금융기관이다. 중앙기업과 중앙관리 금융기관은 당 중앙조직부의 인사권을 통해당에 의해 통제된다. 이 논문의 분석결과 당-국가체제의 핵심인 중앙기업에 의한해외투자는 최근 그 비중이 감소하는 추세임에도 불구하고 해외투자의 절반을 차지하는 것으로 나타났다. 중앙관리 금융기관과 지방 국유기업을 포함할 경우 국유단위에 의한 해외투자가 해외투자의 2/3를 차지하는 것으로 나타났다. 중앙기업은주로 석유에너지 및 광물자원에 투자함으로써 중국의 경제발전에 필요한 국가적자원수요에 부응하고 있는 것으로 나타나고 있다. 기존 연구에서 중국 해외투자의결정요인을 자원추구 이외에도 시장추구, 기술추구, 전략자산 추구 등 다양한 방식으로 설명하고 있으나 이 논문의 분석결과 중앙기업의 해외투자 동기는 거의 전적으로 자원추구에 있음을 알 수 있다. 중앙기업과 중앙관리 금융기관 등 국유단위중심의 해외투자는 국내에 형성된 국유단위 위주의 독과점적 산업·금융구조를 더욱 강화시켜 경쟁적 산업·금융구조 형성에 부정적 영향을 미칠 수 있다. 또한 국유단위 중심의 해외투자는 중국의 해외투자 이면에 당-국가의 정치적 의도가 있다는의구심을 가지게 함으로써 민간기업의 해외진출에 장애요인이 될 수 있다. 중국은국유단위 중심의 해외투자가 갖는 한계에도 불구하고 당-국가 체제에서 벗어나지 않는 한 향후 중국의 해외투자과정에서 민간기업의 비중이 증가하더라도, 당-국가의 정치적 의지에 부응하는 핵심적인 역할은 중앙기업을 중심으로 하는 국유단위가 담당할 수밖에 없을 것이다.
Abstract
This paper investigates the Chinese outward direct investment (ODI) through the lens of the Chinese style state capitalism. The central State-owned enterprises (SOEs, yangqi), which is affiliated with and controlled by the powerful institutional apparatus, State Assets Supervision and Administration Commission (SASAC), and the centrally controlled financial institutions such as the China Investment Corporation (CIC), the Central Huijin Investment, and the big state-owned commercial banks form the core policy instruments of the Chinese style state capitalism. The core policy instruments are controlled by the Communist Party through the right of personnel management given to the organization department of the Party. We find that the Chinese ODI has been dominated by the central SOEs, although the share of the central SOEs’ ODI has recently been decreased. If we include both the ODI of the centrally controlled financial institutions and the local SOEs into the central SOEs' together, the share of the ODI attributable to the state units accounts for two-third of the total Chinese ODI. The behavior of the central SOEs related to the Chinese ODI has been driven by the resource-seeking motivation. The Chinese style ODI, which reflects the party-state system of China and rests heavily on the state units such as the central SOEs and the centrally controlled financial institutions, could have aggravated the monopolistic or oligopolistic structure of industry and financial sectors which are dominated already by the state units. As long as China maintain and sustain the existing system of the party-state system in which the party-state and the state units work together as one, the Chinese style ODI pattern could not be changed in the near future.
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