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1、FOREIGNDIRECTINVESTMENTINCHINA:EffectsonGrowthandEconomicPerformanceEdwardM.GrahamSeniorFellowInstituteforInternationalEconomicsErikaWadaResearchAssociateInstituteforInternationalEconomicsToappearinAchievingHighGrowth:ExperienceofTransitionalEconomiesinEastAsia,PeterDrysda
2、le,editor,OxfordUniversityPress,forthcoming2001.TheauthorswishtothankDr.ChiZhang(StanfordUniversity),Dr.JunMa(Deutschebank),ProfessorLoriKletzer(UniversityofCaliforniaandIIE),andDr.AasimM.Husain(InternationalMonetaryFund)forvaluableinputandcommentsonearlierdraftsofthispape
3、r..INTRODUCTIONByalmostallaccounts,foreigndirectinvestment(FDI)inChinahasbeenoneofthemajorsuccessstoriesofthepast10years.Startingfromabaseoflessthan$19billionin1990,thestockofFDIinChinarosetoover$300billionattheendof1999.RankedbythestockofinwardFDI,Chinathushasbecomethelea
4、deramongalldevelopingnationsandsecondamongtheAPECnations(onlytheUnitedStatesholdsa1largerstockofinwardFDI).China’sFDIconsistslargelyofgreenfieldinvestment,whileinwardFDIintheUnitedStatesbycontrasthasbeengeneratedmorebytakeoverofexistingenterprisesthanbynewestablishment,apo
5、intdevelopedlaterinthispaper.ThemajorityofFDIinChinahasoriginatedfromelsewhereindevelopingAsia(i.e.,notincludingJapan).HongKong,nowalargelyself-governing“specialautonomousregion”ofChinaitself,hasbeenthelargestsourceofrecord.ThedominanceofHongKong,however,issomewhatillusory
6、inthatmuchFDInominallyfromHongKonginrealityisfromelsewhere.SomeofwhatislistedasHongKong-sourceFDIinChinais,infact,investmentbydomesticChinesethatis“round-tripped”throughHongKong(seefootnote2).OtherFDIinChinalistedasHongKonginoriginisinrealityfromvariouswesternnationsandTai
7、wanthatisplacedintoChinaviaHongKongintermediaries.Alas,nopublishedrecordsexisttoindicateexactlyhowmuchFDIinChinathatisnominallyfromHongKongisinfactattributabletoothernations.Accordingtoofficialsources,intheperiod1992-96,FDIfromdevelopingAsiannationsdominatedtotalFDIflowsin
8、toChina,butsince1996agrowingportionoftheseflowshascomefromothersources(i.e.,Europe,NorthA
