(1) Continue to adhere to the policy of actively, rationally and effectively utilizing foreign capital.
The scale of utilizing foreign capital in China ranks among the developing countries, but the stock of foreign direct investment is still lower than the world average. In the future, while continuing to expand the scale of foreign capital utilization, efforts should be made to improve the quality of foreign capital utilization. We should correctly handle the relationship between expanding the scale of foreign capital utilization and improving the quality of foreign capital. Expanding scale is the basis and premise of improving quality, which provides guarantee and motivation for expanding scale. By further improving the quality of foreign capital utilization, we will give full play to the positive role of foreign capital in improving the quality of national economic operation, promoting the strategic adjustment of economic structure, accelerating the road of new industrialization, and promoting the coordinated development of economy, society and environment.
(2) Seize the opportunity of global optimization and reorganization of production factors and industrial transfer to further optimize foreign-funded industries and regional structure.
Adapting to the trend of international industrial restructuring and accelerating scientific and technological progress, we will focus on encouraging foreign investors to invest in high-tech industries and advanced manufacturing industries, strengthen domestic industrial support, extend the industrial chain, give full play to the technology spillover effect of foreign-invested enterprises, and promote the transformation and upgrading of processing trade. Promote multinational companies to set up more regional headquarters and investment companies in China to improve the overall investment efficiency of multinational companies. Support multinational companies to set up export procurement centers, encourage the expansion of procurement and export in China, and gain more access to their global production and sales networks. Attract multinational companies to set up service outsourcing enterprises, and explore the establishment of service outsourcing pilot bases in areas with better economic conditions, relatively perfect infrastructure and professional talents. Continue to support foreign investment in developing labor-intensive industries.
Pay close attention to the introduction of relevant supporting measures, make every effort to create policy advantages, and promote foreign investment to actively participate in the development of the western region, the rise of central China and the revitalization of the old industrial bases in Northeast China.
(3) Actively and steadily promote the opening up of the service industry.
Earnestly fulfill the promise of joining the WTO, and expand the service industry to the outside world in a focused and step-by-step manner according to the needs of national economic development. Fully open accounting, telecommunications and other service industries; For commercial circulation, urban infrastructure construction, medical and health care, culture and education and other service industries, we should steadily expand opening up on the basis of summing up experience; According to the level of China's financial supervision and the affordability of the national economy, the banking, securities, insurance and other service industries will be cautiously opened.
(4) Constantly innovate ways of utilizing foreign capital and broaden channels for utilizing foreign capital.
Comply with the rapid development trend of global cross-border mergers and acquisitions, and actively guide foreign investors to merge domestic enterprises. In accordance with the commitment of China's accession to the WTO and the present situation of China's capital market development, we will steadily promote the opening of the capital market to the outside world, continue to try out the system of qualified foreign institutional investors, and support qualified mainland enterprises to issue securities and list overseas. Strictly control the scale and structure of foreign debt, highlight the rationality, effectiveness and safety of foreign debt use, and effectively prevent financial and foreign debt risks.
(5) Vigorously improve the foreign investment environment and further standardize the investment attraction.
Continue to maintain the continuity and stability of the policy. Fully implement the administrative licensing law, vigorously promote administration according to law, further reduce and standardize foreign-related administrative examination and approval, and improve the efficiency of examination and approval. Effectively transform government functions, focus on serving market players and create a good development environment. Accelerate the construction of foreign-related intermediary service institutions. We will carry out in-depth special actions to protect intellectual property rights, strengthen law enforcement, punish infringements according to law, and strengthen intellectual property protection.
Investment promotion should be based on local conditions, pay attention to actual results, and prevent disorderly competition behaviors such as disguised preferential policies, blind comparison, and layered pressure on indicators. Drawing lessons from foreign experience and combining with China's reality, we will promote the establishment of an investment promotion mechanism that is coordinated and guided by the government, implemented by professional investment promotion agencies, and widely participated by intermediaries and enterprises, and encourage and standardize the development of private investment promotion agencies. Improve the way of attracting investment, and better build investment platforms such as exhibitions, e-commerce and websites. , improve the effect of attracting investment.
(six) to strengthen the guidance and supervision of foreign investment.
According to the needs of the development and change of the situation, the Provisions on Guiding the Direction of Foreign Investment and the Catalogue for Guiding Foreign Investment Industries were revised in time, foreign investment projects in some overheated industries were strictly examined and approved, and blind investment and low-level expansion in some overheated industries were resolutely curbed. For restricted foreign-funded projects with high energy consumption and high pollution, the entry threshold will be raised, the environmental protection examination and approval procedures will be strictly enforced, and relevant preferential measures will be cancelled. Formulate and improve relevant laws and regulations as soon as possible, urge foreign-invested enterprises to earnestly fulfill their social responsibilities and prevent monopoly.
Two articles
-It is the scale of attracting foreign investment. At present, there are two diametrically opposed opinions on the scale of China's foreign investment absorption. Some people think that in view of the promotion of foreign capital to China's economic growth, China should seize the opportunity of international industrial transfer, improve the policy environment and further expand the scale of foreign capital absorption. Some people think that the scale of foreign investment in China is already very large, which has reduced the development space of domestic enterprises to some extent. Multinational companies often form monopolies in some industries, and excessive dependence on foreign capital increases the risk of economic operation, which will lead to problems that have already appeared in East Asia and Latin America. How should we treat these two opinions? How can China better handle the relationship between foreign capital and domestic capital? How to avoid the monopoly of multinational companies and the "Latin beautification" of absorbing foreign capital?
The second is the role of attracting foreign investment. Since the reform and opening up, the introduction of foreign capital has played an obvious role in China's economic development. However, some people think that the role of absorbing foreign capital is mainly reflected in promoting export growth and creating employment, and its role in technological progress and industrial upgrading is not obvious. At present, the competitiveness of Chinese enterprises is more reflected in cost and price, lacking core technologies and internationally renowned brands with independent intellectual property rights. How much does the absorption of foreign capital promote China's technological progress and industrial upgrading? How can China introduce technology while introducing foreign capital, and combine technology introduction with independent development?
The third is the policy of attracting foreign investment. Since the reform and opening up, China has given certain preferential policies to foreign direct investment. With the establishment and continuous improvement of China's market economic system, the content of preferential policies for foreign investment is getting less and less, and the scope of enterprises enjoying preferential policies is getting smaller and smaller, but preferential policies such as taxation are retained. In view of this situation, some people think that at present, countries all over the world have introduced preferential policies, and the international competition to attract foreign investment is more intense. At least China can't cancel the current preferential policies. Some people think that the rapid growth of China's absorption of foreign capital depends on its advantages in terms of labor resources, market capacity, industrial facilities and infrastructure, and preferential policies are only one of them, so the role of preferential policies should not be overestimated. At the same time, giving preferential treatment to foreign capital does not conform to the principle of national treatment, which is not conducive to equal competition between foreign-funded enterprises and domestic-funded enterprises. How to treat this problem, should we continue to give preferential policies to foreign investment?
The fourth is to absorb the problem of service outsourcing. According to the World Investment Report 2004 recently released by UNCTAD, global transnational direct investment has shifted from manufacturing outsourcing to service outsourcing, and service outsourcing has become the main engine of global transnational direct investment. It is predicted that the global outsourcing market will grow at an annual rate of 30%-40% in the next few years, and the total value of service outsourcing will increase to $585 billion in 2005, and further increase to 1.2 trillion in 2007. Since 1990s, multinational companies have transferred the assembly and processing links to China through manufacturing outsourcing, which has formed the climax of foreign investment in China. In recent years, multinational companies began to transfer some internal services to China. Take IBM as an example, IT has set up a joint venture with the Ministry of Railways of China to provide IT equipment and software maintenance for other companies by using the railway network and IBM's information technology. Undoubtedly, China faces a historic opportunity to absorb service outsourcing. The question is, is it equally effective for China to absorb the advantages of manufacturing transfer in absorbing service outsourcing? Besides giving full play to these advantages, what should China do to absorb service outsourcing?
As a response to Mr. Fu's initiative, this paper mainly puts forward some views on the role and scale of foreign-invested enterprises and their direct investment activities (FDI) in China's economic development.
First of all, promoting the development of domestic enterprises and industries should be the standard for China to introduce foreign capital.
The domestic understanding of the scale and role of foreign-invested enterprises is mainly based on the so-called "double gap, model or development theory", that is, foreign-invested enterprises and their foreign direct investment (FDI) activities have three main contributions to development: (1) they can increase local savings, thus improving local accumulation rate and economic growth rate; (2) It can alleviate the local foreign exchange shortage and enable China to import more machinery and equipment; (3) It can bring new technology and management skills. In this case, the more foreign capital inflows, the better; The greater its role in China's economy, the better.
In fact, it is a distortion of its essential characteristics to regard transnational corporations and their foreign direct investment activities as supplements and providers of capital, foreign exchange, technology and management skills of the host country. As industrial capital, the essence of FDI is reflected in the uninterrupted "flow" movement; And it will always exist as a whole, and the dismembered capital or technology cannot represent FDI itself. Similarly, a multinational company will always be a self-serving enterprise, not a "savior". In addition, resources (capital, foreign exchange, technology, management skills, etc.). ) brought by multinational companies and their foreign direct investment activities is regarded as a complete complement to China's economic development, but it is also one-sided. This "complementary relationship" only exists in the small host country that relies entirely on foreign-funded enterprises, because multinational corporations are the protagonists there, and the inflow of FDI itself constitutes the local industrial capital circulation system. However, this relationship does not hold true for large developing countries that are not completely dependent on multinational corporations. In the long run, the intervention of foreign direct investment is only a means to promote local economic development. At the same time, these theories are only applicable to marginal analysis and relatively small FDI flows, and are not applicable to the analysis of China, where FDI stock has been large after decades of development.
Obviously, the introduction of FDI in China needs a new theoretical basis and a new strategy.
As far as introducing FDI to promote domestic economic development is concerned, there are generally two successful strategies: one is a development model that relies entirely on multinational corporations and FDI, with Singapore as the representative. This model is only suitable for places with superior geographical location and small population; Or countries and regions with rich resources and small population. Theoretically speaking, as long as the host country has some or some input resources or raw materials necessary for FDI production, and such resources are so rich relative to the population of the host country that the modern life can be realized only by relying on the rent of this citrus production factor, then the condition of relying on mode selection exists. From the perspective of multinational companies, this combination also meets the requirements of its vertically integrated business strategy. Singapore-style dependent development model belongs to labor-dependent model, which is based on the improvement of labor quality. The second is a self-supporting development model that relies on local enterprises and makes full use of the favorable influence of multinational companies, represented by South Korea and Taiwan Province Province of China. Developing countries and regions that are not suitable for choosing dependent development mode can only take the road of independent development. Contrary to the dependent development that relies entirely on multinational corporations, self-reliance development is an economic development model with local national enterprises as the main body. It is through the growth of national enterprises that the comparative advantages of domestic resources can be brought into full play, thus promoting the healthy development of the whole economy.
Correspondingly, there are two failure strategies: one is a self-sufficient development model that completely excludes multinational corporations and their beneficial effects, represented by China before the reform and opening up and India at the same time. The second is that it does not meet the requirements of adopting a dependent development model, but introduces a morbid dependence model of excessive foreign direct investment represented by Brazil, Mexico and Argentina in Latin America.
China's economic development conditions are only suitable for self-reliance development mode. Independent development is different from "self-reliance and independence" that is completely exclusive and closed to the outside world, and it is not unlimited introduction of foreign direct investment. Always take cultivating and promoting the growth of national enterprises as the center. Relaxing or strengthening the control of foreign direct investment is only a means to achieve this goal. Therefore, the entry of foreign direct investment should not harm the growth of China enterprises; At the same time, multinational corporations only play an auxiliary role in promoting the development of enterprises in China, not the other way around. The inflow of foreign direct investment beyond these limits will inhibit the development potential of China's economy (that is, the comparative advantage of resources) and damage the foundation of independent development (that is, China enterprises). On the other hand, if foreign direct investment is properly involved, multinational companies will also promote the growth of enterprises in China and achieve the goal of economic self-reliance.
As the scale and grade of foreign direct investment should be limited to the competitiveness of enterprises in China, more foreign capital can be introduced in industries with strong competitiveness of enterprises in China, and the scale of multinational companies can be even larger. In industries or emerging industries where the competitiveness of Chinese enterprises is weak, the amount of foreign capital introduced should be limited, and the scale of multinational companies should be basically the same as that of Chinese enterprises. Similarly, the position and role of multinational corporations in China's economy should also aim at promoting the growth and development of local enterprises in China.
The practice of introducing foreign capital that simply pursues economic growth without considering the absorption and digestion ability of local enterprises and industries, and even damages the development of local enterprises and industries, should be corrected. Similarly, in theoretical discussion and practical work, China, a large developing country that can only take the road of "independent development", and Singapore, a small country that can take the mode of "dependent development", are always compared and contrasted, thus misleading China to make the correct strategic choice of introducing foreign capital, which must also be clarified and corrected. When China introduces foreign capital in the future, it should take the development of local enterprises and industrial growth as the standard to measure the situation of introducing foreign capital in a region, instead of unilaterally looking at its contribution to GDP growth indicators.