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1、中國對外投資和經濟關系與波羅的海地區(qū)國家外文翻譯 本科畢業(yè)論文外文翻譯外文題目: Chinese Foreign Investments and Economic Relations with the Baltic Sea Region Countries 出 處: Electronic Publications of Pan-European Institute作 者: Laura Barauskaite Chinese Foreign Investments and Economic Relationswith the Baltic Sea Region Countries一、Introd

2、uction Nowadays China is one of the fastest growing countries in the world and especially for this reason it demands more studies and various researches than ever before. In addition, investments to and from the country are growing as well, for instance at these days China is known as one of the lea

3、ding foreign direct investment FDI recipients in the world and as country with growing interest for other countries markets. This is also due to China's economic, trade and investment climate, which have changed dramatically after 1978 when its reform and opening-up began and also after 2001 whe

4、n the country joined the World Trade Organization. In addition, while talking about Chinese interest in other countries it could be said that the aim of this research is to explore the main Chinese investments and economic relations with the Baltic Sea Region BSR. Before going in detail in describin

5、g Chinese and the Baltic Sea Region investments and economic relations, it is worth to discuss shortly the definition of FDI, its calculations and influence for a countrys economy. This literature review could be found in the second part of report. As it was mentioned before, during the recent years

6、 China has been one of the fastest growing countries in the world and if one compares the growth in the world economy versus China's economy, it's quite remarkable how much China's share has increased. Due to this it is worth to compare Chinas main economic indicators with those of the w

7、orld and this is done in the third part of report. China plays an important role in the world economy and the countrys outward FDI has recently started to attract more attention and various discussions. For these reasons Chinas outward FDI in the Baltic Sea Region should be analyzed as well. The Bal

8、tic Sea Region consists of ten countries: Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Norway, Poland, Russia and Sweden. On the fourth part of this report at first the focus will be placed on main economic indicators of the Baltic Sea Region countries and then on Chinas trade with these c

9、ountries. This should help to improve knowledge about all the BSR countries as well as about their trade relations with China. Finally, the fifth part of report will consist of description of Chinese FDI and economic relations with each of the BSR countries separately.二、A Literature Review of FDI De

10、finition (一)FDI in the Global Economy Foreign direct investment FDI is the name given to the process where a firm from country provides capital to an existing or newly-created firm in another country. For instance, a foreign firm may decide to set-up production in Finland and by so doing will be eng

11、aging in the process known as FDI. Over the last years the level of FDI in the world has risen rapidly During the period from 2000 to 2007 total FDI flow in the world increased around 22%, that means from 1,4 trillion US dollars in 2000 to more than 1,8 trillion US dollars in 2007. In addition, from

12、 2000 to 2003 it was significant decrease in global FDI flow, which dropped more than two times - from 1,4 trillion in 2000 to around 0,6 trillion in 2003. Nevertheless, from 2003 to 2007 it rose and reached, as it was mentioned before, more than 1,8 trillion US dollars. This significant increase sh

13、ows the importance of FDI in the whole world as well as in developing economies and economies in transition, which also had a huge increase of FDI flows during the period mentioned above. That means that flows of foreign investments should be usually taken into consideration by making financial anal

14、yses of the world economy. (二)Calculation and Main Determinants of FDI The OECD recommended procedure for calculating FDI flows is given in Figure 2. It is calculated as the sum of four components: retained earnings, equity capital, intra-company loans and intra-company borrowing. Retained earnings

15、are profits generated and kept by the overseas enterprise. These are classified as FDI, despite there is no cross-border transfer of capital, as the investor has the choice of either taking the retained earnings made by the overseas enterprise to their home country or by the reinvesting them back in

16、to the enterprise. Jones and Wren 2006 in their book provide following local determinants of FDI: market size and growth, labor market, macroeconomic policy, inward investment policy, infrastructure, industrialization, pre-existing FDI and information To be more precise, the size of market is argued

17、 to have a positive effect on FDI location, this means that a large market attracts firms more that smaller ones. The same is with the growth of market ? the bigger growth of market is declared the more attractive it is for the FDI. Labor market also has significant impact on FDI ? the bigger availa

18、bility of labor is expected in the market, the bigger rage of choice has investor for its labor force. Moreover, when having analyses of labor market it also necessary take into consideration such factors as the cost of labor and productivity. Talking about macroeconomics determinants it is usually

19、are described such factors as taxes, various tariffs and exchange rate. Taxes and tariffs have negative influence of FDI that means that higher taxes and wider rage of various tariffs decrease the FDI in the market. Aside from general macroeconomic policies and labor market regulation, the governmen

20、t and its agencies can use explicit inducements in order to attract FDI, of either a financial or non-financial nature. Jones and Wren, 2006 Moreover, a key inducement is grants, which seems to play a substantial role in the international competition for FDI Infrastructure includes such indicators a

21、s transport and communication networks in area or region, which improves the distribution of goods and services and the ability to recruit labor and to communicate with supplier and purchasers. The level of industrialization is expected to be associated with a high level of FDI, since country or reg

22、ion that is highly industrialized will have a large number of firms, potentially increasing the possibility of beneficial spillovers. Pre-existing FDI is understood as if an area that has attracted imports may be susceptible to FDI, as foreign firms will have gained a foothold in this economy and ha

23、ve information on its customs and potential Finally, the last determinant mentioned above was information, which has positive effect on FDI, this means that more information about area is available the more attractive for foreign investor it is. Jones and Wren, 2006 (三)Advantages and Disadvantages o

24、f FDI Various advantages and disadvantage could be found of FDI, thus it is worth to discuss both. One of the main advantages could be kept technology, knowledge and additional funding source, which are placed to the host country. Given this, it is not surprising that FDI is highly valued, and that

25、the economic development agencies spend substantial sums in attracting them. The benefits are not only the direct investment, employment and output of these plants, with resulting income flows, but MNEs are thought to have other benefits that are transferred to indigenous companies, known as spillov

26、ers. The spillovers are of two types; either a productivity or a market-access spillover. To be more precise, when MNE enters a local economy it also increases the productivity of domestic firms. A market-access spillover is when domestic firms are able to gain knowledge about markets that the MNE i

27、s active in, such as distribution networks or exports markets, and to use this information to their own advantage. Jones and Wren, 2006 On the other hand there are also negative effects of FDI for the host economy. The disadvantages of FDI occur mostly in case of matters related to operation, distri

28、bution of the profits made on the investment and the personnel. One of the most indirect disadvantages of FDI is that the economically backward section of the host country is always inconvenienced when the stream of FDI is negatively affected. Moreover, the various disadvantages of FDI are understoo

29、d where the host country has some sort ofnational secret ? something that is not meant to be disclosed to the rest of the world. It has been observed that the defense of a country has faced risks as a result of the FDI in the country. At times it has been observed that certain foreign policies are a

30、dopted that are not appreciated by the workers of the recipient country. The differences of language and culture that exist between the country of the investor and the host country could also pose problems in case of FDI. Yet another major disadvantage of FDI is that there is a chance that a company

31、 may lose out on its ownership to an overseas company. This has often caused many companies to approach FDI with a certain amount of caution. At times it has been observed that there is considerable instability in a particular geographical region. This causes a lot of inconvenience to the investor.

32、Economic Watch, 2009三、Chinese Role in the Global Economy China's increasing prominence in the world economy has caught a lot of attention as well as its global trade. Nevertheless, if you compare the growth in the world trade versus China's trade, it's quite remarkable how much China'

33、;s share has increased. Thus for these reasons it is worth to pay attention to this country more than before. This part of report will focus on the main Chinas demographic and economic indicators in comparison with the world ones. As it could be seen from Table 1 China plays really very important ro

34、le in the worlds economy. In 2007 China had around 20% of the world population and stays first in the world according to this number. Labor force percentage is high as well which means that this country has a quarter of the worlds total labor force Further, China's share of the world's GDP r

35、ose to 6% at the end of 2007 Table 1, compared with just 1,8% in 1978 when its reform and opening-up began NBS. This fast economic growth over the last 30 years had lifted China's GDP ranking in the world from tenth in 1978 to fourth in 2007 after the United States, Japan and Germany. Further, C

36、hinas GDP was more than 3 trillion US dollars in 2007, what is about 24% of USAs, 75% of Japan's and 99,5% of Germany's GDP China Daily, 2008. According to the Statistical office of China, the past 30 years witnessed a significant change in the country's national strength and its interna

37、tional influence, thanks to the reform and opening-up policy. China's GDP grew at the rate of 9,8% from 1979 to 2007, higher than the rate of 6,1% from 1953 to 1978. The economic growth rate in the past three decades was also much higher than the world average, and slightly higher than Japan'

38、;s 9,2% and South Korea's 8,5% during their economic takeoff periods. Added to information mentioned above, GDP growth rate in 2007 was 11,4% comparing with the world GDP growth rate which was 3,8%. Nevertheless, in 2008 the global economic crisis began to reduce China's growth rate as well,

39、 thus especially for this reason Chinas GDP growth rate in 2008 reached 9%. According to official Chinas news, 9% rate was the lowest since 2001, when an annual rate of 8,3% was recorded, and it was the first time China's GDP growth fell into the single-digit range since 2003. Talking about 2009

40、, it was reported recently that the Organization for Economic Cooperation and Development OECD will cut its 2009 economic growth projection for China to below 6,5%. The OECD's previous forecast, made in November of 2008, was 8%, but the organization's chief economist, said it was unlikely Ch

41、ina will achieve this goal. Moreover, the World Bank revised its projection for Chinas GDP growth to 6,5% from 7,5%. According to the OECD, China is likely to see 6,3% growth in the first quarter, down from 6,8% in the fourth quarter of 2008. Growth may reach 8% in the fourth quarter of 2009. China

42、Economic Review, 2009 The fifth row of Table 1 shows China's export, which share in world's exports reached almost 9% by 2007, making it the world's second largest exporter, trailing only Germany. According to a statement released on NBS, China's foreign trade has been growing at an

43、average annual rate of 17% to 2174 billion US dollars from 21 billion US dollars since 1978 when its reform and opening-up began. With persistent government efforts to boost foreign trade and encourage investment, China's exports rose from almost 10 to 1217 billion US dollars during the period,

44、and imports gained from 11 to 956 billion US dollars. Moreover, China tried to accelerate its participation of the globalization process, especially after it joined the World Trade Organization WTO in 2001. Thus, this move had opened China into one of the most rapid development in history. It is als

45、o necessary to say that in 1978 China was a country burdened by trade deficit with scarcely any foreign reserves. Now it has became the largest foreign reserves holder in the world. Xinhua, 2008譯文:中國對外投資和經濟關系與波羅的海地區(qū)國家一、簡介 現(xiàn)在中國是世界上發(fā)展最快的國家,尤其是這個原因,它需要更多的研究,比以往的研究不同。在此外,投資到以及來自這個國家的投資也在增長,比如最近中國已經被認為是世

46、界上領先的外資投資(FDI)接收國,以及對其他國家市場有著持續(xù)增長的興趣。這也是由于中國在1987年以后發(fā)生巨大邊或和改革開放后的經濟,貿易和投資環(huán)境,以及2001年加入世界貿易組織。此外,在談到中國在其他國家的投資,可以說,這一研究的目的主要是探討中國與波羅的海地區(qū)的投資和經濟關系。 在描述中國和波羅地海地區(qū)的投資和經濟關系的細節(jié)之前,很值得討論一下FDI的定義,它的預測和對一個國家經濟的影響。本文獻回顧中可以在報告的第二部分中找到。 如之前提到的,在最近幾年里中國已經成為發(fā)展最快的國家之一,如果有人比較一下世界經濟增長和中國經濟增長,中國的市場份額增加了多少將會是非常顯著的。由于比較中國和

47、世界的主要經濟指標是值得的,在報告的第三部分中有提到。中國站世界經濟上扮演了一個重要角色,它的國家對外FDI最近開始吸引更多的關注和各種討論?；谶@些原因,應該對中國在波羅的海地區(qū)的FDI進行分析。波羅的海地區(qū)包括十個國家:丹麥,愛沙尼亞,芬蘭,德國,拉脫維亞,立陶宛,挪威,波蘭,俄羅斯和瑞典。在這個報告的第四部分中的重點將放在對波羅的海國家的主要經濟指標,然后是關于中國與這些國家的貿易。這應有助于增進對所有的波羅的海國家以及與中國有關的貿易關系的知識。最后,第五部分的報告將包括描述中國的FDI,并與每個單獨的BSR國家的經濟關系。二、FDI定義的文獻回顧 (一)全球經濟中的FDI 外國直接投

48、資(FDI)的含義是一個國家的企業(yè)提供資金到另外一個國家的現(xiàn)存或新建公司的過程。例如,一個外國企業(yè)可能決定到芬蘭建設生產,然后在這樣參與的過程就被稱之為FDI。在過去幾年里,世界FDI水平一直在迅速上升。 在2000至20007年間,世界FDI流量增加了大約22%,這意味這2000年1.4萬億美元,到2007年超過1.8萬億美元。此外,2000至2003年全球FDI流量明顯減少,從2000年的1.4萬億到2003年的0.6萬億美元,跌落超過2倍。然而,2003至2007年則上升到之前提到過的,超過1.8萬億美元。這顯著增加,表明外國直接投資在整個世界的重要性以及在發(fā)展中國家和轉型,其中也有外國

49、直接投資流量在上述期間巨大的經濟和經濟增長。這意味著,外國投資的流動應經?？紤]通過利用世界經濟的金融分析。這種顯著的增長,表明FDI在整個世界以及那些在上面提到的時期內同樣有著巨大FDI流量增長的發(fā)展中國家和經濟轉型國家的重要性。這意味著,外國投資的流動決策應經?？紤]通過對世界經濟的金融分析來進行。 (二)FDI的計算和主要決定因素 經合組織的關于FDI流量計算的推薦過程中圖2中可看的。這是通過四個組成部分的綜合來計算的:留存收益,股權資本,公司內部貸款和公司內部借款。留存收益由海外企業(yè)產生和留存。這些都被歸類為FDI,盡管沒有資本的跨境轉移,由于投資者可以選擇把海外企業(yè)產生的留存收益帶回他們

50、的本國或在投資到企業(yè)。 在他們的著作中提供了以下幾點FDI決定因素:市場規(guī)模和增長,勞動力市場,宏觀經濟政策,外來投資政策,基礎設施,產業(yè)化,預先存在的FDI和信息。為了更加精確,市場規(guī)模對FDI來講處于積極影響的位置,這意味著大的市場能比小市場吸引更多的企業(yè)。對于市場的發(fā)展來說也是一樣的-市場更大的增長就意味著它對FDI有著更大的吸引力。勞動力市場也對FDI有著明顯的影響-市場上預期勞動力供應越多,投資者的選擇范圍也就越廣。此外,當進行勞動市場分析的同時,也必須考慮到勞動力的生產效率和成本等因素。談到宏觀經濟因素時,通常是指稅,各種關稅和匯率等。稅收和關稅對FDI有著負面影響,這意味著更高的

51、稅收和更大范圍的關稅會降低市場的FDI。除了一般的宏觀經濟政策和勞動力市場的監(jiān)管,政府及其機構可以使用其他手段來吸引FDI,或其它金融或非金融性質投資。此外,一個關鍵的誘因是贊助,這似乎是在國際FDI競爭中扮演一個替代角色。 基礎設施包括地區(qū)或區(qū)域的交通和通信網(wǎng)絡等指標,這提高了商品和服務的分布和招募勞動力的能力,并提供了供應商和賣家的溝通平臺。工業(yè)水平預期和高水平的FDI有著緊密聯(lián)系,因為一個國家或地區(qū)的高度工業(yè)化會產生大量的企業(yè),這潛在地增加了收益外溢的可能性。預先存在FDI被理解為,如果一個地區(qū)已進口可能受到吸引的FDI,比如外國公司將獲得這個經濟的立足點,并已經擁有當?shù)睾ｊP和潛力的信息

52、。 最好,上述提到決定性因素是對FDI有著積極作用的信息,這意味著有關地區(qū)提供的信息越多,對外國投資者的吸引力越大。 (三)FDI的優(yōu)缺點 FDI有著各種優(yōu)點和缺點,因此它是值得討論的。其中的一個主要優(yōu)點是,最新的技術,知識和額外資金來源,這些都是放在被投資國家的。鑒于此,FDI的高度重視就并不奇怪了,而且經濟發(fā)展機構在吸引它們上花了大量的資金。其收益不僅僅是直接投資,就業(yè)和本地物資的輸出,還有因此獲得的收入流,但跨國企業(yè)被認為是有其它收益,通常會把收益以“外溢”的形式轉移到本土公司。外溢有兩種類型,不是產量就是市場準入外溢。更加精確地來說,當跨國公司進入當?shù)亟洕鷷r,同時也增加了當?shù)仄髽I(yè)的產值

53、。市場準入外溢是當國內企業(yè)能夠得到相關國外企業(yè)參與的市場知識時,比如分銷網(wǎng)絡或出口市場,并把這些信息用于他們自身的優(yōu)勢中。 在另外一方面,當?shù)貒乙灿袑DI有負面作用。FDI的缺點主要表現(xiàn)在相關的操作,投資的利潤分配和人員。其中一個最直接的缺點是,當FDI被負面影響時,經濟落后的當?shù)貒铱偸菐聿槐?。此?FDI的種種缺點也是可以理解的,當?shù)貒矣心承﹪覚C密,這是注定不會被披露給世界各地的。已經被觀察到的是,一個國家的國防已經由于在該國的FDI而面臨風險。經?？吹降氖?某些并不為接收國工人所贊賞的外交政策被通過。投資者 和當?shù)貒业恼Z言和文化差異也同樣能對FDI制造問題。然而,FDI的另外

54、一個主要缺點是,一個公司可能會有失去它的擁有權,而有機會被海外公司所擁有。這往往造成很多公司對引進FDI產生一定的疑慮。有時它被認為這一個特定地理區(qū)域有相當大的不穩(wěn)定性。這對投資這產生了很多不便。 三、中國在全球經濟中的角色 中國的日益突出,在世界經濟以及它的全球貿易中已經引起了許多關注。不過,如果你比較世界貿易和中國貿易的增長,會發(fā)現(xiàn)中國的市場份額增加是相當顯著的。由于這些原因,對這個國家比以前更加關注是值得的。報告的這個部分將集中在中國主要的人口和經濟指標與世界其他國家的比較。 中國在世界經濟中確實扮演著非常重要的角色。2007年,中國擁有大約占全世界20%的人口,是世界占比最高的。勞動力

55、的比例很高,這意味著這個國家擁有全世界四分之一的勞動力。此外,到2007年底,中國在世界GDP總量的份額上升到6%,而1987年改革開放時只有1.8%。在過去30年的經濟快速增長,中國的GPD世界排名已經從1978年的第十,上升到2007年的第四,僅次于美國,日本和德國。此外,中國2007的GDP超過3萬億美元,大約是美國的24%,日本的75%,德國的99.5%。據(jù)中國統(tǒng)計局稱,過去的30年無論是國力還是世界影響力都有重大變化,這要感謝改革開放政策。中國1979年至2007年的GDP增長率是9.8%,比1953年到1978的6.1%要高。在過去30年里,經濟增長率同樣比世界平均水平要高很多,并

56、比日本和韓國在他們經濟起飛時期的增長率分別是9.2%和8.5%還要稍高。還有一個要比上述增加的消息是,相比較世界GDP增長率的3.8%,2007年GDP增長率是11.4%。然而,在2008年經濟危機也開始降低中國的增長率,正是由于這個原因,中國2008年的GDP增長率降到了9%。根據(jù)中國官方報道,增長率9%是自2001年全年增長率8.3%以來的最低的,并且這是自2003年以來,中國GDP增長第一跌到個位。說的2009年,最近有報道,經濟合作與發(fā)展組織將削減其2009年的中國經濟增長預測至低于6.5%。經合組織在2008年11月提出的預測為8%,但該組織的首席經濟學家表示,中國將不太可能會達到這

57、個目標。此外,世界銀行把對中國GDP增長值的預測,從7.5%降低到了6.5%。根據(jù)經合組織的預測,中國很可能在第一季度達到6.3%的增長率,2008第四季度低于6.8%。表一的第5行顯示了中國的出口額,在2007年底占世界出口總額的將近9%,這使得中國成為了世界第二大出口國,僅次于德國。根據(jù)國家統(tǒng)計局公布的一份聲明中顯示,中國對外貿易自1978年改革開放以來的210億美元,到21740億美元,平均每年增長1%。隨著當前政府不斷努力提高對外貿易和鼓勵投資,中國同期的出口從幾乎100億美元增長到12170億美元,并且進口從110億美元增長到9560億美元。 此外,中國試圖加速其全球化過程,特別是2001年加入世界貿易組織之后.因此,這一舉措已經把中國開放成為歷史上發(fā)展最快的國家之一了。還必須說的是,在1978年,中國背負著貿易赤字和幾乎沒有任何外匯儲備?，F(xiàn)在它已經成為世界上最大的外匯儲備持有國家了。