外文翻译--中国对外直接投资和对外投资的相关影响(编辑修改稿)

外文翻译--中国对外直接投资和对外投资的相关影响(编辑修改稿)内容摘要：

cipient countries, especially in developing countries. In late 2020, for example, Chinese contractors built office buildings in Luanda and repaired Angola’s railway system that was mostly destroyed during the country’s 27year long civil war (Walt, 2020). In Iran, such investment has been used to develop transportrelated infrastructure and dams (Walt, 2020).6 In both countries, soon after the initiation of “economic cooperation”, Chinese oil and gas panies, who are at the forefront of Chinese outward FDI, received licenses to operate large oil fields. While any causality between the economic cooperation and the aforementioned license cannot be established without further evidence, it is easy to see that there is evidence of at least correlation between China’s economic cooperation related investment on both subsequent outward FDI of Chinese panies and on their access to resources that are of national importance to other countries. In the rest of the paper, we examine this link more closely. Data and Empirical Strategy The data on China’s economic cooperation related investment – the dependent variable in our regression model – are obtained from various editions of China Statistical Yearbook. These are annual flows of such investment measured in (millions of) US dollars. Information provided in the Yearbooks suggests that much of the investment was used to finance projects such as construction of dams, roads and railways. The data for the explanatory variables in equation (2) are collected from a number of sources. Data on GDP and per capita GDP, measured in constant 2020 international dollars, are obtained from the 2020 version of the World Development Indicators that are released annually by the World Bank. Data on bilateral trade between China and each of the recipient countries are obtained from the aforementioned Yearbooks. Since data for developing countries – destination for a significant proportion of Chinese economic cooperation related investment – are not always available for all the years, we have sometimes had to substitute missing values with available values of the corresponding variables going back one or two years. For example, if data for energy exports for 2020 are not available for a country, we have substituted it with the energy export data for 1999 or, if data for 1999 are unavailable as well, with data for 1998. When working with developing country data, such imputation of value of missing values is not unmon in the literature (see Meyer et al. 2020), and helps minimize loss of observations on account of missing data. Imputation is mostly done for fuel and mineral exports, and no more than 6% of these data are imputed in the 19982020 and 20202020 periods. However, availability of these data in 2020 is paratively low so the extent of imputation for 20202020 is higher at 17% for fuels and 14% for minerals. Importantly, a parison of the 2020 data with the 2020 and 2020 data show that the latter are within 3 percentage points of the 2020 value for about 90% of all countries with parable data for these years. Hence, we conclude that the exercise involving imputation could not have affected our estimation significantly. The distributions of the natural log of ECI (LECI) for the three periods appear in Figure 1. indicative of an increase in Chinese economic cooperation investment across countries over time. Before reporting the full descriptive statistics for and the correlation among ECI and its repressors, we also highlight the relationship between ECI and some recipient country characteristics that have been the source of many discussions in popular discourses about Chinese overseas investment. In Figure 2, we report the relationship between ECI and the natural resource richness of the recipient countries, as captured by the shares of energy (FUEL) and non energy minerals (MINERAL) in their exports. In Figure 3, we report the relationship between ECI and the institutional quality of and the political freedom in the recipient countries. Figure 2 suggests that if one considers only countries that are rich in natural resources, with energy or nonenergy minerals accounting for more than 30% of their exports, a mild positive relationship may be observed between ECI and natural resource richness of the recipient countries. Overall, if one ignores the outliers in the top right and bottom left quadrants of the scatter diagrams。 there is little sign of any pattern between ECI and these recipient country characteristics. Similarly, Figure 3 is not indicative of any definitive patterns between ECI and corruption and political rights in these recipient countries. Textile and Garment Exports Rising Unsteadily Textile and garment exports are directly related with the demand of the importers. As the EU and American markets dwindled in 2020, and the prices of raw materials and working labors in domestic market kept rising, China39。 s textile and garment exports revived at a fluctuating rate. That is, the speed waved while the export value of the whole industry rose up at percent to USD billion. The monthonmonth growth slowed down between May and October 2020 and even suffered declines in two months, then reb。