Belt and road initiative and Chinese firms' outward foreign direct investment |
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| Affiliation: | 1. The Skalny Center for Polish and Central European Studies, University of Rochester, Rochester, NY 14627, USA;2. Economics and Finance Department, SUNY Buffalo State, Buffalo, NY 14222, USA;3. Institute of Economic Research, Tsinghua University, China;4. Shandong University of Economics and Finance, China;1. School of Public Administration, Southwest Jiaotong University, Chengdu, China;2. School of Finance, Shandong University of Finance and Economics, Jinan, China;3. Solbridge International School of Business, Daejeon, South Korea |
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| Abstract: | This paper studies the impact of China's “Belt and Road Initiative” (BRI) on Chinese firms' outward foreign direct investment (OFDI). Overall, the BRI positively impacts on Chinese OFDI activities. However, both the direction and the magnitude of this impact depend on the host countries' willingness to participate in the BRI. The BRI promotes more OFDI to developing countries that welcome China's economic engagement and alters the effect of Chinese domestic push factors on its OFDI patterns. In addition, Chinese firms in construction and infrastructure, manufacturing, and trade-related sectors are more responsive to the BRI than firms in other sectors. |
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