‘일대일로’ 이니셔티브하의 경제회랑별 중국의 해외직접투자 입지결정요인에 관한 연구

The Locational Determinants of China’s FDI by Economic Corridor Under the ‘One Belt One Road’ Initiative

This study aims to explore the factors determining the location of FDI in China by economic corridors under the BRI. To this end, using the data of 137 countries located in “One Belt One Road” from 2007 to 2018, the influencing factors of China’s FDI were identified by gravity model analysis, and the difference in determinants were also analyzed between before and after the BRI’s proposal time. The concentration of the China-Indochina economic corridor was high in terms of economic corridor, and energy sector was most significant by the industrial sector. Factors such as market size, resources, wage, institution and market openness were significant in location determinants and the motivation to acquire natural resources was the strongest in the China-Indochina Peninsula economic corridor. In terms of infrastructure, only the Bangladesh-China-India-Myanmar economic corridor showed railroads to have a negative impact on the FDI. The volume of China’s FDI was high in the China-Indochina peninsula and China-Mongolia-Russia economic corridors, while Bangladesh-China-India-Myanmar and New Eurasia continental economic corridors remains low. Compared before and after the BRI proposal, the factors such as natural resources, road, and geographical distance were statistically not significant after 2013, whereas railroads were derived as a significant variable. While the influence of market size and trade openness fell, the influence of wages and institutions increased in determining Chinese FDI.