الرئيسية The China Journal China’s Outward Foreign Direct Investments and Impact on the World Economy , by...
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Reviews • 171 The book could also have included historical and institutional details of reform steps as they affected economic growth. Yueh extensively reviews and occasionally relies on relevant literature—not an easy feat, as almost every chapter of the book touches upon a whole research industry—but she avoids an in-depth description of the evolution of growth-related policies in China. The odd paragraphs here and there provide some background information, but the focus of the book is on econometric analysis combined with broad-stroke overviews. On a more technical note, the book makes do without footnotes, thereby forgoing the possibility of freeing the text of side-tracking discussions and issues of marginal interest. The data underlying the analysis are mostly from the 1990s, a common problem for analysis relying on surveys, with official provincial-level data used in the book extending to the mid-2000s. Thus, in its quantitative analysis, the book is typically limited to a decade from the mid-1990s to the mid-2000s. This may well be the best that can be done, given the labor-intensive nature of the quantitative analysis, which makes updating prohibitively time-consuming. The book is best suited to readers somewhat familiar with China’s economy, as well as to economists specializing in growth and wishing to know about the Chinese case. Individual chapters will appeal to those doing research on each particular topic. The book shows how broad is the range of issues involved in China’s economic growth, what work has been done, and what the key findings are. Carsten A. Holz Hong Kong University of Science and Technology China’s Outward Foreign Direct Investments and Impact on the World Economy, by Shujie Yao and Pan Wang. Basingstoke: Palgrave Macmillan, 2014. xx + 268 pp. £70.00 (hardcover), also available as an eBook. This book contains eight chapters, including an Introduction and Conclusion. Of the five substantive chapters, one is a literature review (Chapter 2), two are case studies (of Chinalco ; and Rio Tinto and of Geely Volvo), and three are empirical papers on Chinese outward foreign direct investment (OFDI). These latter three chapters use a number of gravity models to explain the technological and resource antecedents (Chapter 5), the relationship between OFDI and inward foreign direct investment (IFDI) (Chapter 6), and Chinese OFDI displacement of OECD FDI. The two authors, Shujie Yao (University of Nottingham, UK) and Pan Wang (Pingan Trust Co., China) make a singular contribution to knowledge about Chinese OFDI, which is likely to continue to grow and to change the global economic landscape, and is thus the subject of increased scrutiny by academics, the This content downloaded from 141.216.078.040 on July 25, 2016 06:41:30 AM All use subject to University of Chicago Press Terms and Conditions (http://www.journals.uchicago.edu/t-and-c). 172 • T H E C H I N A J O U R N A L , No. 74 mass media and politicians. Yao and Wang bring clarity and new evidence to a debate charged with ideology, politics and xenophobia. Chapter 2 sets the stage with a literature review on Chinese OFDI. This focuses on FDI theories, primarily borrowing from the economics literature, including the eclectic paradigm and knowledge capital models. However, a considerable number of analyses of Chinese OFDI (such as Dragon multinationals, Mathew’s triple L theory, Rugman’s country/company dynamics) are not discussed. Major omissions from a chapter dedicated to a literature review detract from its usefulness. Chapters 3 and 4 dovetail nicely, as both are case studies, dealing with the natural resources and car industries. Chapter 3 discusses the case of Chinalco and Rio Tinto in the context of China’s need to obtain resources. The chapter provides a useful background on the government strategy of seeking national champions, and applies the rigor of economic modeling to understand how the Chinese government has used easy credit, state policy toward commercial banks and power-building approaches to globalization. The chapter also has a literature review, which is slightly different from that of Chapter 2, and draws on a publication written jointly with Dylan Sutherland of Durham University. Chapter 4 uses Geely’s acquisition of Volvo as a way to demonstrate how China is moving up the technology ladder. In contrast to the state-owned resourcebased companies which rely on subsidies and access, technology companies such as Geely are state-supported private enterprises which leapfrog through international acquisitions in order to improve their products and processes. Chapters 5, 6 and 7 are quite empirical, seeking to answer specific questions about the antecedents and outcomes of Chinese foreign direct investment. Chapter 5 examines the role of resources and technology in OFDI decisions, primarily through gravity models. Using annual data from MOC for 1991–2003 and 2003–09, Yao and Wang show the impact of a number of traditional macroeconomic variables (income, exports, openness, inflation) in addition to resources (measured through share of resources in exports) and technology (measured as share of high-tech exports in manufactured exports). A number of interaction effects and robustness tests were done, but imports were not controlled for. The results show that Chinese OFDI is more attracted to resource-abundant and poorly-governed countries. Chapter 6 examines the relationship between IFDI and OFDI. Intuitively, one might expect that China’s inward investment would stimulate technology acquisition, lead to an upgrading of Chinese multinational skills and culminate with a push outwards through OFDI. The research suggests that IFDI affects OFDI through a dynamic adjustment and agglomeration effects. Using a partial stock adjustment model, controlling for a variety of macroeconomic variables (GDP, GDP growth, GDP per capita, imports, exports, openness, governance, inflation and technology), Yao and Wang demonstrate the impact of IFDI on OFDI. Lagged IFDI is positively and significantly related to Chinese OFDI. Aside from This content downloaded from 141.216.078.040 on July 25, 2016 06:41:30 AM All use subject to University of Chicago Press Terms and Conditions (http://www.journals.uchicago.edu/t-and-c). Reviews • 173 the augmented gravity models, Yao and Wang present a wide range of statistics in various forms. Chapter 7 answers the question of whether China’s OFDI displaces the OECD’s OFDI. Much has been written about this topic in the popular business media. Sensational stories involve China buying up Latin American and African resources at the expense of Western countries. Using augmented gravity models, Yao and Wang demonstrate that Chinese investment is displacing OECD investment, not in poor, underdeveloped countries with bad governance, but rather in countries in Asia, Europe and North America with less abundant natural resources and higher levels of income. The implication of this finding is that China may complement OECD investments in the developing world, while competing with it in the developed world. The book has two weaknesses. First, although published in 2014, it stops short after 2010. This is evident in the literature review, data and references. Because China changes fast and its OFDI is both recent and experiencing exponential growth, older perceptions and data patterns are likely to change. The book’s second weakness is that its chapters are not closely integrated. For example, while an entire chapter is dedicated to a literature review, almost all the other chapters also have literature review sections. On the positive side, because the chapters are self-contained they can be read in isolation by those interested in a narrower topic. For those researching international business, foreign direct investment and Chinese economics, the book is an excellent addition to the growing literature on the antecedents and consequences of Chinese OFDI, and thus should be part of any research library serious about Asian business. Ilan Alon Rollins College China’s Foreign Policy, by Stuart Harris. Cambridge: Polity Press, 2014. xviii + 236 pp. £55.00/€66.00 (hardcover), £15.99/€18.60 (paperback). “This is a book about contemporary foreign policies” (p. 4), according to the author, Stuart Harris, a noted China expert and emeritus professor at the Australian National University. The book offers something more, as it goes beyond Chinese foreign policy per se to give a useful account of Chinese history and culture (Chapter 1), providing a context against which to study Chinese foreign policy. Apart from analyzing Chinese politics and economy in the international system (Chapter 3), it examines China’s relations with neighboring countries and those beyond (Chapter 7), and also China’s economic foreign policy (Chapter 6). The book largely addresses two main questions: (1) whether China is a threat to the security of other countries; and (2) whether China conforms to the rules This content downloaded from 141.216.078.040 on July 25, 2016 06:41:30 AM All use subject to University of Chicago Press Terms and Conditions (http://www.journals.uchicago.edu/t-and-c).