Chapter2:theproblemsandcountermeasuresofChina’sutilizationofforeigncapital
Section2MajorCountermeasureWhichShouldbeAdoptedCurrently
Section1:Currentmajorproblemsofutilizationofforeigncapital
Chapter3:thenewthoughtsofutilizingforeigncapital
Chapter4:theestimationofChinaattractingtheforeigncapitalin2002
Chapter1:thenewstageofChina’suseofforeigncapital
Before1989,Chinatakesadvantagesofherpreferentialpoliciestoattractforeigncapitalsbutformanyreasons,thescaleofforeigncapitalsisquitesmall,After1992,DengXiaoping'ssouthcruise,theforeigncapitalbegantoflowintoChinainlarge-scale.Thereasonisthattheprofitsofenterprisesdecreased,themarketshankandthecommoditypricewentdown,whichresultedformtheslackofChineseeconomyform1989to1992.Inordertogetoutofthedeepend,thealltheenterprise,theenterprisesexpectedtorefreshthetechniquesandoffermorenewproductstoquicklycapturethemarket,andsurvivedanddevelopedthroughthedifferenceofsystemandprice,particularlythepreferentialtreatment.Therefore，foreigncapitalswerestronglyneeded（alsoresultedformthedifferenceofinternalandexternalpolicies）,whiletheexpandingofinfluxofforeigncapitalsintoChinahappened.Thisstagedidn’tenduntil1997.Inthisstage,thejointventurestartedcompetingintensively(primarilyfortechnique,marketsharesandnon-pricefactors)inChinesemarket,andledtothematurityofChinesemarketcompetition.
TheutilizationoftheforeigncapitalhasalreadyenteredanewstageregardingfinancialcrisisinAsia,whichissymbolizedbythefollowings
1.Thepercentageofforeigncapitaloverthewholeinvestmentdecreases,andhascomeintoalowpercentperiod.Meanwhile,theneedofforeigncapitalissaturated.After1992,despitethatTheutilizationoftheforeigncapitalhasalreadyenteredanewstage,thepeakis1994whenthepercentageofforeigncapitalovertotalinvestmentwasabout22.75%,henceforththepercentgraduallydescended.ThisshowedthattheneedofforeigncapitalinChinesemarkethadbeenrelativelysaturatedorbalanced.In1997and1998，theamountofFDIwasbasicallyabout45billionUSD,whichprovedthatthecapacityofChinesemarketofforeigncapitalwaslimitedandthemarketreallydidnotneedtoomuchforeigncapital.(Localpoliciesandsubjectivewishesareotheraspects).Wecanalsofindthatthedecreasingofforeigncapitalfromtheintensivedecreasingoftheproportionofforeigncapitaloverthetotalsocialinvestment.Theproportionofforeigncapitalwas20.66%in1995,butin1996theproportionsuddenlydecreasedto14.65%withoutanyadjustingofgovernmentalpolicies,whichwasobviouslyresultedformthechangingofChinesemarket.Thefigurewas14.79%in1997and13.11%in1998,whichindicatedthatthescaleofforeigncapitalandtotalsocialinvestmenthadbeenfixedonandthemarketlackedtheeitherinvestingmomentumorneedforforeigncapital.However,thecompetitionofpricebetweenenterprisesbeginningform1997suggestedthechangingofmarketnecessarilyresultedtothedecreasingofdomesticandforeigninvestmentsfromanotheranglebecausethemarkethadenteredtheperiodofdecliningorstabilization.Theamountoftheutilizationofforeigncapitalin1999was40.4billionUSD,decreasing11.4%overthepreviousyearbutthetotalinvestmentinChinawas2.9876trillionRMB,increasing5.2%overthepreviousyear.Theproportionofforeigncapitalwas11.2%,fallingbehind13.48%,theproportionof1992,andonlyabouthalfofthehighestproportionin1994.Thisprovedthattheneedfordomesticcapitalexceededthatofforeigncapital,andthenewchanginghademergedinutilizationofforeigncapital(includingtheadjustingofsomepolicies).Whiletheproportionofforeigncapitalwaslowerthanthatof1992,theutilizationofforeigncapitalhasalreadyenteredthenewstageofstableordecreasingscale. |
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