China's OFDI, Spatial Spillovers and the Industrial Structure Upgrading of Countries along the “Belt and Road”
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Abstract In order to clarify the relationship between China's OFDI and the industrial structure upgrading of countries along the “Belt and Road” ( B&R ) from the perspective of spatial correlation, this paper adopts the panel data of 52 B&R countries from 2006 to 2017 and constructs a Spatial Durbin Model to empirically analyze the impact of China's OFDI's on the industrial structure upgrading of B&R countries based on the mechanism analyzing. This study finds that China's OFDI is conducive to the industrial structure upgrading of B&R countries and has significant positive spatial spillover effect. Among them, the technology transfer OFDI has the largest direct effect on promoting the industrial structure upgrading of B&R countries, followed by capital transfer OFDI and labor transfer OFDI, while labor transfer OFDI has the largest spatial spillover effect on promoting the industrial structure upgrading of B&R countries, followed by technology transfer OFDI and capital transfer OFDI. Moreover, the spatial spillover effect of China's OFDI as a whole or of the different transfer types is stronger than the corresponding direct effect. The heterogeneity analysis shows that among the B&R countries, regardless of direct effect or spatial spillover effect, China's OFDI has the greatest effect in promoting the industrial structure upgrading of ASEAN countries, followed by the effect of promoting the industrial structure upgrading of the other Asian countries along the “Belt and Road”, and the effect of promoting the industrial structure upgrading of European countries along the “Belt and Road” is the least.
WANG Hui,ZHONG Xin. China's OFDI, Spatial Spillovers and the Industrial Structure Upgrading of Countries along the “Belt and Road”. Economic Survey, 2022, 39(2): 068.
2022, Vol. 39 
