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1、中国对外投资和经济关系与波罗的海地区国家外文翻译 本科毕业论文外文翻译外文题目: Chinese Foreign Investments and Economic Relations with the Baltic Sea Region Countries 出 处: 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 Chinas economic, trade and investment climate, which have changed dramatically after 1978 when its reform and opening-up began and also after 2001 when the
4、 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 describing Chi
5、nese 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 Chin
6、a has been one of the fastest growing countries in the world and if one compares the growth in the world economy versus Chinas economy, its quite remarkable how much Chinas share has increased. Due to this it is worth to compare Chinas main economic indicators with those of the world and this is don
7、e 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 Baltic Sea Region consi
8、sts 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 countries. This shoul
9、d 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 Definition (一)FDI in t
10、he 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 engaging in the process
11、 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 2000 to 2003 it was
12、 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 shows the importance o
13、f 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 analyses of the world ec
14、onomy. (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 are profits generate
15、d 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 into the enterprise. J
16、ones 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 to have a positive
17、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 availability of labor is e
18、xpected 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 are described such f
19、actors 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 government and its agencies c
20、an 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 as transport and comm
21、unication 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 region that is highly i
22、ndustrialized 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 have information on it
23、s 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 of FDI Various advant
24、ages 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 the economic develop
25、ment 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 spillovers. The spillovers
26、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 is active in, such as
27、 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, distribution of the profit
28、s 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 understood where the host cou
29、ntry 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 adopted that are not
30、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 may lose out on its
31、 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. Economic Watch, 2009
32、三、Chinese Role in the Global Economy Chinas 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 Chinas trade, its quite remarkable how much Chinas share has increased. Thus for these r
33、easons 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 role in the worlds economy. In 2007 China
34、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, Chinas share of the worlds GDP rose to 6% at the end of 2007 Table 1, compared wit
35、h just 1,8% in 1978 when its reform and opening-up began NBS. This fast economic growth over the last 30 years had lifted Chinas GDP ranking in the world from tenth in 1978 to fourth in 2007 after the United States, Japan and Germany. Further, Chinas GDP was more than 3 trillion US dollars in 2007,
36、what is about 24% of USAs, 75% of Japans and 99,5% of Germanys GDP China Daily, 2008. According to the Statistical office of China, the past 30 years witnessed a significant change in the countrys national strength and its international influence, thanks to the reform and opening-up policy. Chinas G
37、DP 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 Japans 9,2% and South Koreas 8,5% during their economic takeoff periods. Added to in
38、formation 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 Chinas growth rate as well, thus especially for this reason Chinas GDP growth rate in 2008 reached 9%. According to o
39、fficial Chinas news, 9% rate was the lowest since 2001, when an annual rate of 8,3% was recorded, and it was the first time Chinas GDP growth fell into the single-digit range since 2003. Talking about 2009, it was reported recently that the Organization for Economic Cooperation and Development OECD
40、will cut its 2009 economic growth projection for China to below 6,5%. The OECDs previous forecast, made in November of 2008, was 8%, but the organizations chief economist, said it was unlikely China will achieve this goal. Moreover, the World Bank revised its projection for Chinas GDP growth to 6,5%
41、 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 Economic Review, 2009 The fifth row of Table 1 shows Chinas export, which share in worlds exports reached
42、 almost 9% by 2007, making it the worlds second largest exporter, trailing only Germany. According to a statement released on NBS, Chinas foreign trade has been growing at an average annual rate of 17% to 2174 billion US dollars from 21 billion US dollars since 1978 when its reform and opening-up be
43、gan. With persistent government efforts to boost foreign trade and encourage investment, Chinas exports rose from almost 10 to 1217 billion US dollars during the period, and imports gained from 11 to 956 billion US dollars. Moreover, China tried to accelerate its participation of the globalization p
44、rocess, 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 also necessary to say that in 1978 China was a country burdened by trade deficit with scarcely any foreign reserves. Now it has becam
45、e the largest foreign reserves holder in the world. Xinhua, 2008译文:中国对外投资和经济关系与波罗的海地区国家一、简介 现在中国是世界上发展最快的国家,尤其是这个原因,它需要更多的研究,比以往的研究不同。在此外,投资到以及来自这个国家的投资也在增长,比如最近中国已经被认为是世界上领先的外资投资(FDI)接收国,以及对其他国家市场有着持续增长的兴趣。这也是由于中国在1987年以后发生巨大边或和改革开放后的经济,贸易和投资环境,以及2001年加入世界贸易组织。此外,在谈到中国在其他国家的投资,可以说,这一研究的目的主要是探讨中国与波罗
46、的海地区的投资和经济关系。 在描述中国和波罗地海地区的投资和经济关系的细节之前,很值得讨论一下FDI的定义,它的预测和对一个国家经济的影响。本文献回顾中可以在报告的第二部分中找到。 如之前提到的,在最近几年里中国已经成为发展最快的国家之一,如果有人比较一下世界经济增长和中国经济增长,中国的市场份额增加了多少将会是非常显著的。由于比较中国和世界的主要经济指标是值得的,在报告的第三部分中有提到。中国站世界经济上扮演了一个重要角色,它的国家对外FDI最近开始吸引更多的关注和各种讨论。基于这些原因,应该对中国在波罗的海地区的FDI进行分析。波罗的海地区包括十个国家:丹麦,爱沙尼亚,芬兰,德国,拉脱维亚
47、,立陶宛,挪威,波兰,俄罗斯和瑞典。在这个报告的第四部分中的重点将放在对波罗的海国家的主要经济指标,然后是关于中国与这些国家的贸易。这应有助于增进对所有的波罗的海国家以及与中国有关的贸易关系的知识。最后,第五部分的报告将包括描述中国的FDI,并与每个单独的BSR国家的经济关系。二、FDI定义的文献回顾 (一)全球经济中的FDI 外国直接投资(FDI)的含义是一个国家的企业提供资金到另外一个国家的现存或新建公司的过程。例如,一个外国企业可能决定到芬兰建设生产,然后在这样参与的过程就被称之为FDI。在过去几年里,世界FDI水平一直在迅速上升。 在2000至20007年间,世界FDI流量增加了大约2
48、2%,这意味这2000年1.4万亿美元,到2007年超过1.8万亿美元。此外,2000至2003年全球FDI流量明显减少,从2000年的1.4万亿到2003年的0.6万亿美元,跌落超过2倍。然而,2003至2007年则上升到之前提到过的,超过1.8万亿美元。这显着增加,表明外国直接投资在整个世界的重要性以及在发展中国家和转型,其中也有外国直接投资流量在上述期间巨大的经济和经济增长。这意味着,外国投资的流动应经常考虑通过利用世界经济的金融分析。这种显著的增长,表明FDI在整个世界以及那些在上面提到的时期内同样有着巨大FDI流量增长的发展中国家和经济转型国家的重要性。这意味着,外国投资的流动决策应
49、经常考虑通过对世界经济的金融分析来进行。 (二)FDI的计算和主要决定因素 经合组织的关于FDI流量计算的推荐过程中图2中可看的。这是通过四个组成部分的综合来计算的:留存收益,股权资本,公司内部贷款和公司内部借款。留存收益由海外企业产生和留存。这些都被归类为FDI,尽管没有资本的跨境转移,由于投资者可以选择把海外企业产生的留存收益带回他们的本国或在投资到企业。 在他们的著作中提供了以下几点FDI决定因素:市场规模和增长,劳动力市场,宏观经济政策,外来投资政策,基础设施,产业化,预先存在的FDI和信息。为了更加精确,市场规模对FDI来讲处于积极影响的位置,这意味着大的市场能比小市场吸引更多的企业。对于市场的发展来说也是一样的-市场更大的增长就意味着它对FDI有着更大的吸引力。劳动力市场也对FDI有着明显的影响-市场上预期劳动力供应越多,投