中国对外投资的历史情形和现今趋势外文翻译(编辑修改稿)

中国对外投资的历史情形和现今趋势外文翻译(编辑修改稿)内容摘要：

a growing confidence in its ability to do so than of purely firmspecific or marketrelated considerations Motives for Chinese Outward FDI In this section, we relate historic and emergent trends in aggregate Chinese ODI data identified above to changes in the motivations driving the internationalisation of Chinese MNEs. Dunning (1993) identifies four basic motivations that provide the impetus for foreignowned production and are discussed below: namely, naturalresource seeking, marketseeking, efficiencyseeking and strategic assetseeking motives. 4 Natural ResourceSeeking FDI Backward integration to acquire or secure the supply of specific locationbound resources and modities abroad for domestic consumption has been the predominant driver of Chinese outward FDI since the late 1970s (Taylor 2020). More recently, China‟s rapid economic growth over the past decade has fuelled what some say is an almost insatiable demand for raw materials and other inputs in many sectors (Economist 2020).13 The dual objective of further improving the supply of natural resources from abroad while ameliorating (at a national level) exposure to political and mercial risk has seen Chinese enterprises recently investing in natural resourcesoriented projects across a broad range of resourcerich countries, especially in Africa and East and Central Asia (see Table 3). Leading recent recipients are Zambia (for copper), Peru (iron ore), and western and central Asian countries like Kazakhstan (oil exploration and extraction). Most investors are stateowned enterprises which enjoy strong support from the Chinese government in the form of direct financial assistance。 the negotiation of bilateral investment treaties and trade agreements with host countries and the close intergovernmental relationships that China is now reviving across certain parts of the developing world. Exemplar panies include China Natural Petroleum Corporation (CNPC), the joint owner of a Sudanese oil production plant (together with Canadian, Malaysian and local interests), Sinopec, Shanghai Baosteel (the owner of six joint ventures in Australia, Brazil and South Africa in ironore mining and steel trading), Sinochem and China National Offshore Oil Corporation (CNOOC). There is some evidence to suggest that official development aid provided by China to developing countries (for example, concerning telemunications and transportation infrastructure development, projectspecific intergovernmental loans, education packages and so forth) is predicated upon market access or exploitation and extraction rights being granted to Chinese MNEs (Pan 2020, Evans/Downs 2020). It has been argued that MNEs from emerging countries are most likely to invest in the industrialised countries when looking to access technology and learning (Monkiewicz 1986, Ye 1992, Deng 2020). However, this may not be the case for China. Whilst knowledgeacquisition has bee increasingly important to Chinese MNEs in 5 recent years, much of Chinese ODI by value was invested in the industrialised countries primarily for naturalresource seeking reasons, espe。