Have China's FDIs Improved the Infrastructure of Countries along the Belt and Road?

Abstract

Abstract:

Infrastructure construction is not only an important area of China's foreign direct investment (FDI), but also an important part of China's "Belt and Road" initiative. We take the perspective of China's influence on the world and use the unbalanced panel data of 64 countries along the Belt and Road from 2003 to 2013 to construct an econometric model for analyzing the impact of China's FDIs on the infrastructure of countries along the Belt and Road. Firstly, we construct a five-dimensional infrastructure level index to measure the infrastructure state of the countries along the Belt and Road. The result shows that the infrastructure of countries along the Belt and Road is constantly improving and the regional differences are narrowing. Subsequently, we establish a panel data model and find that every 1% increase in China's direct investment to the countries along the Belt and Road could improve these countries' infrastructure by 0.006%. In the sample period 2003-2013, China contributes 12% to the improvement of these countries' infrastructure. This promoting effect weakens in the investment of economic "downgradient", but political "downgradient" does not affect the promoting effect.

Key words: FDI, infrastructure, the Belt and Road, regulation effect

Huang Liangxiong, Qian Xinbei, Sui Guangjun. Have China's FDIs Improved the Infrastructure of Countries along the Belt and Road?[J]. , 2018, 30(3): 226-239.

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