China's Outward Foreign Direct Investment and the Global Value Chain Quality in the Belt and Road Countries
Under the background of high-quality joint construction of the Belt and Road(B&R),the host country value chain effect of China's outward foreign direct investment(OFDI)in the B&R countries needs to expand from the international division to the quality,but there is a lack of relevant theories and empirical analysis.To this end,this paper constructs quantitative indicators to measure the quality data of the B&R countries participating in global value chains,and uses the systematic GMM and intermediary effect model to empirically test the impact and the mechanism of China's OFDI in the B&R countries on the quality of the host country's participation in global value chains.The study found that China's OFDI in the B&R has significantly improved the quality of host countries'participation in global value chains,mainly by improving the production efficiency of the host country's intermediate products,the stability of the host country's supply of intermediate products,and the production linkage between China and the host country.This is more obvious in developing countries along the road,countries with a lower level of economic development than China,countries with a high degree of political mutual trust with China,countries with a common official language with China,and countries on the Maritime Silk Road.The B&R initiative has strengthened China's OFDI's global value chain quality improvement effect.In addition,China's OFDI in the B&R countries has significantly improved the efficiency of the host country's participation in the global value chain and the stability of the global value chain.China should expand the scale of OFDI along the B&R,improve the quality of coordinated development of countries in the region,and support the joint construction of the B&R for high quality development.
global value chain qualityoutward foreign direct investmentintermediate product production efficiencyintermediate product supply stabilitythe Belt and Road
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