We can see from the table, Jiangsu utilizing the relativity of FDI and GDP is higher than Zhejiang (the judgement coefficient in equation (1) R2 =0.9295 is larger than it in equation (2) R2 =0.8829). Meanwhile, whatever m chooses 2 or 3, the rate of FDI as the reason of GDP increasing in Jiangsu is larger than in Zhejiang. As a result, the overall effect of attracting FDI in Jiangsu is superior to in Zhejiang.
Without objective factors of the cost of land, electricity and water, etc, research analysis argued that the distance of Zhejiang attracting foreign capital from Shanghai and Jiangsu is mainly because of the difference in economic development mode. Shanghai and Jiangsu are walking an open system way, and making the external economy with centralizing foreign capital. Their economies have the characteristics of high starting-point, big driving-force, fast adjustment of industrial structure and enough development after-effects. Unlikely, Zhejiang is depending on the system superior advantage, walking a self-sufficient and primary accumulation way. After an investigation of Zhejiang’s economic structure, some foreign investors indicated that there are “deficiency” existing significantly when doing the cooperation. Also, the deficiency in Jiangsu seems more complex comparing with Zhejiang’s defect.
According to the general comparison, we find that Zhejiang is short of industry chain and product foundation when cooperating with foreigners, while Jiangsu is at a low success ratio of attracting FDI.
Although Zhejiang’s companies have attracted FDI with high speed, there are still many shortcomings, such as short of large conglomerate, enterprises in small scale, scattered distribution, products lacking of brand advantage and core completeness, low ability of resisting market risk, short of perfect industry chain and product for foreign companies, and so on. Because of their own older product and low technology level, lots of local enterprises put out with difficulty with the foreign joint capital, the cooperate product and the technology. At the beginning several years of the reforming and opening policy, Zhejiang province attracting foreign companies are mainly labor-intensive processing enterprises, such as spinning and weaving, shoe manufacture industry and so on. But in the new turn of foreign investment, this kind of enterprises has not occupied the superiority. In fact, FDI has changed from mainly traditional processing enterprise to mainly expanding market enterprise which has higher requirement in technology, capital and infrastructure. However, Zhejiang province does not have the superiority in this aspect.#p#分頁標題#e#
Jiangsu has the superiority in attracting more FDI than Zhejiang, however, the success ratio of attracting FDI is somewhat low. For one thing, comparing with coastal brother provinces and cities like Guangdong and Shanghai, Jiangsu has a lower success ratio of introducing foreign capital. At the end of 2004, the rate of Jiangsu actual FDI comparing with contract FDI over the years accumulation is 51.4%, which is lower than Zhejiang, even lower than the whole country’s average level for 2.7%. It is indicated that the success ratio or validity of Jiangsu attracting foreign capital is not high. For the other thing, Jiangsu attracting FDI projects are mainly labor-intensive enterprises which seems the same to Zhejiang’s enterprises in the early time. Among the new approved FDI companies over the years accumulation at the end of 2004, there were only 4861 companies whose total investment was more than 10,000,000 dollars, just reached 9.7%.
According to the value of export and import comparison, we can see that Zhejiang is short of enterprise technology innovation ability in a certain degree. Meanwhile, the structure comparison reflected that Jiangsu’s local distribution is extremely unbalanced.
The output value rate of new product reflects an enterprise’s technology innovation ability and development potential, what is obviously lower in Zhejiang than Jiangsu. Jiangsu takes advantage of abundant investment fund like Singapore’s industrial park, and got the new product output value rate at 10.5% in 2004 while Zhejiang only got 9.5%, lower than Jiangsu 1%. What’s more, Zhejiang lacks firms like Hisense and Haier who become valuable new acquisition participating in regional economic expansion and international competition.
Jiangsu did better in innovation than Zhejiang so that it had higher number and ratio of export. But Jiangsu’s economic development is unbalanced because of the unbalanced local distribution. The area with high opening degree has quicker economic development; meanwhile, the area with quick economic development has more FDI attraction. For instance, the southern Jiangsu area has superior position condition, infrastructure and economic technical basis, and got the first benefit from reform and opening policy, then held the opportunity of developing Pudong and international capital transferring quicker to Yangtze River region, developing opening economy rapidly. As a result, it obtained astonishing achievement in attracting foreign firms and capitals. In comparison, middle and northern Jiangsu existed distance in ideas, economic basis, internal environment and so on, which caused introducing FDI weakly and having big disparity with southern Jiangsu. In 2004, the proportion of actual using foreign capital, GDP and industry increasing value in the southern Jiangsu area development zone are 66.4%, 25.1% and 35.8%, all greatly higher than middle and northern Jiangsu areas. Comparing with Jiangsu, Zhejiang has an comparatively balanced distribution. The cities of Hangzhou, Ningbo, Wenzhou, Jiaxing all did well in FDI attraction which are located in different areas in Zhejiang.#p#分頁標題#e#
According to the FDI dependency analysis and some aspect of policy regime analysis, we find some problems in technology attraction. Zhejiang’s main problem is short of technical talented person with high quality, while Jiangsu’s problem is that the key technology depends on overseas seriously.
The talented person especially the high quality talented person is the foundation of speeding up the internationalization. The very important standard of Multinational Corporation choosing investment region and merger partner is the human resource condition. With no doubt, sufficient human resources may combine with international capital and advanced technology effectively, in order to reduce “study” time and enhance input-output efficiency. According to the data from the province and cities’ large and middle scale firms in 2000, the proportion of technical development people comparing with jobholders in Jiangsu and Zhejiang is 5.0% and 3.0% separately, which can be seen that the rate in Zhejiang is obvious lower than Jiangsu. Further more, the proportion of technical development funds comparing with total sales income is 2.1% and 1.1% separately. Zhejiang is obviously at backwardness position, so that it is difficult to attract the first-class multinational companies investing in Zhejiang.
Although Jiangsu has much more technical talented persons than Zhejiang, many of them are foreigners. And the domestic specialists almost can not occupy the foreign capital firms’ key technology. The foreign investment high-tech industry, considering the strategy of strengthening global competition, is unwilling “spillover” technology to the same industry. So Chinese can not contact the core technology. It enables many enterprises can not through joint capital mode absorb and digest advanced technology. Additionally, the independent development ability is not strong, so it contains the advancement of industry technology and the potential of realizing technology exceeding. Especially high-tech product like communication equipment, computer and office equipment, because of lacking own core technology, their profit ability is restricted and pressed. Even some middle or high-tech products with independent intellectual property, also mostly belong to low end product, not comparable with developed countries in quality, performance, outward design, etc. So these firms just increased certain tax revenue, and solved partial labour force employment.
The professional believed that, Zhejiang established the developmental strategy of opening economy later than others, but so long as sets up long-term judgement and practical, Zhejiang may win in the new turn of using foreign capital. Moreover, Jiangsu has a long period to attract FDI and has got a certain success. But there are also deficiencies should be overcome. We should discuss the reasons next for a further understanding of different FDI attraction.#p#分頁標題#e#
4.2.3 Analysis of the reasons for different FDI attraction
In the year 2005, the actual utilizing FDI in Jiangsu got the first ranking comparing with the whole country, while Zhejiang got the fifth ranking, all of whom stayed in ahead. But through the data analysis, considering no matter actual scale of FDI attraction or economic effect of FDI attraction, Zhejiang had comparatively large disparity with Jiangsu. There are several aspects causing this disparity.
(1) Reason of policy regime
For a long time, Jiangsu and Zhejiang walked on different economic development ways It is an important and never neglected reason for FDI attraction. Jiangsu has always thought much of FDI attraction. Jiangsu’s government provided FDI policy regime much earlier than Zhejiang so that it always caught the opportunity of technology strategy adjustment, especially the “Internet Technology” which will bring high added value. Through attracting international IT industry investment located in southern Jiangsu, Jiangsu had developed newly industry and promoted economy development, all of which got significant effects. Moreover, Jiangsu concentrates on the development of large scale and efficiency enterprises, all of which can speed up the FDI attraction.
In the contrast, Zhejiang was always developing private enterprises, and the finance lack of economic construction was largely supplemented by private finance. On one hand, the development of private economy generated a sound marketing environment which is good for FDI attraction. On the other hand, the strong private capital gives an obstructive action. FDI flowing into was not only capital inflow but also technology and entrepreneur inflow. What’s the best location choice in order to get profit maximum? Of course it is the region which is short of entrepreneur resources but full of complete development conditions, such as higher labor quality, more complete infrastructure and favorable government policy. Zhejiang’s private economy provided lots of excellent entrepreneurs which discouraged FDI attraction.
Moreover, Zhejiang’s government hopes to protect the private enterprises’ development in order to protect local market, while Jiangsu’s government draws policy to promote the FDI attracting activities. Thus, Zhejiang’s FDI attraction was listed relatively behind which can be seen from the indexes of FDI/GDP, FDI export/total export, FDI dependency and so on. However, Jiangsu is lack of effective and clear supporting measures to encourage or restrict investment which leads the decrease of success ratio of FDI attraction.
(2) Reason of industrial infrastructure
The characteristic of future FDI attraction can be determined by the original industrial infrastructure. Jiangsu has come to maturity in supporting facilities since it began to attract FDI. It is obviously the difference comparing with Zhejiang. According to its perfect industrial infrastructure, Jiangsu province did great effort to secondary industry, especially the manufacturing industry. For instance, it mainly concentrates on electronic and telecommunication equipment manufacturing industry, the value output of which is significant large. In fact, foreign investment enterprises mainly put their capital targeting to secondary industry which may get a sound profit, especially the manufacturing industry. In addition, China’s manufacturing products have strong competitive power in the international market, so that the foreign investors are willing to invest in this industry. Although Zhejiang’s secondary industry has a higher percentage than the other two, it can not catch up with Jiangsu. For one thing, Jiangsu’s development of manufacturing industry is much earlier and more maturity than Zhejiang, and has much stronger supporting ability, so it can attract more foreigners to invest each city in Jiangsu. For the other thing, Jiangsu has more heavy manufacturing industry which can provide more profit and be favoured by foreign investors. #p#分頁標題#e#
(3) Reason of culture
Because of the advantageous location in China, Jiangsu and Zhejiang both have superiority nature environment to attract FDI. But there are several human culture reasons to create the differences of foreign investment attraction. Firstly, Jiangsu has cultivated a human investment surrounding which played a numerous intangible role. Lots of good universities are located in Jiangsu but only a little in Zhejiang. A good education provided the labors with high quality, mild temperament and peaceful as well as the superior public order. Moreover, Jiangsu’s region culture made the government and local enterprises have widespread good influence of behaving well and keeping their word. All of these human cultures made foreign investors favor to invest in Jiangsu. Secondly, Zhejiang has formed “Merchant Business” which shows that the people in Zhejiang eager to do business, especially in the cities of Wenzhou and Ningbo. In contrast, Jiangsu concentrates on large estate and industry investment instead of private business. So it is easier for Jiangsu to attract large amount capital in important industries. Further, Zhejiang’s “Merchant Business” pushes some local capital outflow as well as the talented people outflow. Although Zhejiang has many excellent entrepreneurs, the ages of them are general large or old, so that the knowledge structure becomes old and innovation ability becomes weak. The low level of human resources accumulation also discourages the FDI attraction.
Chapter Five
Conclusion & Recommendation
5.1 Conclusion
The analysis of this article concentrated on the factors as FDI scale, FDI mode, structure and also the policy regimes which have significant impact on the FDI attraction. Comparing with these factors, I discussed the economic effect with the relation between FDI and GDP using Granger test procedure, and then put forward the deficiencies in Zhejiang and Jiangsu provinces separately. Further more, several reasons were founded for these differences.
According to these deficiencies and reasons, some policy recommendations may suit for two provinces attracting FDI.
5.2 Recommendation
5.2.1 Recommendation for Jiangsu province
In the recent years, Jiangsu province has caught the opportunity that international capital transferred to Yangtze River Delta rapidly, and carried out active FDI strategy. As a result, the newly increased foreign capital made phenomenal progress, and lots of regions in economy and society development all listed in the front of the whole country. Jiangsu should base on the existent FDI scale, then rapid developing the quality and level of FDI attraction, improving investment environments and encouraging investment for new technology industry.#p#分頁標題#e#
(1) Aiming at industry transfer objective, and attracting FDI with high density and specialization.
When FDI attraction has got a certain scale, Jiangsu should have forward looking and direction. Especially, Jiangsu should pay attention to analyze and predict the characteristic, trend and orientation of international capital flow and industry transfer. Then, it should grab important countries or areas and main objectives to obtain actual effect. At the 1990s last century, Jiangsu took the opportunity of Taiwan’s capital transferring to mainland, and proposed strategies of FDI attraction in Suzhou, Wuxi, etc. But nowadays, Taiwan’s industries has fundamental completed the transfer and composition from Taiwan land and Chu Chiang Delta to Yangtze River Delta. So Jiangsu’s focal point of FDI attraction should transfer to “emphasizing on Japan and Korea, expanding Europe”. The cities and development zones should concentrate on different scale and different mode FDI attraction activities, such as high level development forum, investment talkfest, industry instruction meeting, etc. Through these activities, Jiangsu should try hard to take the opportunity of Japan and Korea industry transferring, constructing Japanese capital high land and Korean capital plate. When lots of cities attract Japan and Korea capital, some large cities should put the objective on the industry reforming after European Union expending toward the eastern. Then, these cities should organize FDI attraction group to go to Europe continually, and contact European companies directly, in order to get the primary opportunity of investment attraction.
(2) Establishing performance examination mechanism and strengthening FDI attraction group construction.
Jiangsu should attach importance to the construction of investment institution and professional FDI attraction group, and establish solid investment strategy of combining government attraction, institution attraction and non-governmental attraction. Every area constructs organizations like FDI attraction service centre and investment promotion centre, and allocates special people in charge of connection work. These people may be in charge of doing connection with industry and commerce organization, guild and transnational corporation in different countries or areas, or in charge of getting FDI program information, or starting large investment attraction activity abroad. In addition, they should give early service to local enterprises and help them to go out to invest factory construction. Through these people, Jiangsu can establish a special FDI attraction group with high quality. And through the mode of assigning outstanding people to do advanced study in college or train abroad, Jiangsu will construct a group with high quality people who will enrich the power of FDI attraction.
5.2.2 Recommendation for Zhejiang province#p#分頁標題#e#
Trough the analysis in former chapters, we should notice that Jiangsu is better than Zhejiang in FDI attraction. So Zhejiang should recognize the resent situation and plan a good structure to attract FDI effectively.
(1) Improving and optimizing investment environment, and speeding up the government construction of standardization.
Comparing with Jiangsu province, Zhejiang also has comparatively large distance in investment environment. So Zhejiang should consider the improvement of investing environment as the very important work of promoting region completeness. Then, the judgment system can be established. Meanwhile, Zhejiang may speed up the service type government construction, building soft-environment comparative advantage. Further more, some important things for the government are to reform administrative examination method, deeply impelling the contracture of standardization government, cleaning up administrative fee, and decreasing the stages and precondition of administration. Zhejiang’s government should build government affairs service environment connecting to internationality through conforming government affairs flow and improving efficiency. Other things may do is to establish complaint centre on line in order to widen the service region for FDI enterprises.
(2) Innovating the forms of FDI attraction, and carrying out specialization differences of FDI attraction.
Firstly, Zhejiang should adopt the mode of unanimous outward, so that it can change the former structure of autonomous outward and competition with each other. Then, the organization can plan for entire projects of resources and objects in FDI attraction. Secondly, the evaluation and reward systems should be reformed, really achieving “investment attraction and investment choosing”. But those capital-intensive projects which did weak or small spillover effect for Zhejiang’s economic structure and industry structure should be stopped. At the same time of giving attention to the scale of FDI attraction, the government should concentrate on the direction of foreign capital inflow and actual foreign quality, and then to strengthen the economic and social effect of FDI attraction. As well as organizing large investment attraction activities, the government also can launch specialized small group for FDI attraction to look at the main objective and main industry, and carry out marketization attraction mode. Referring Jiangsu’s successful behavior, Zhejiang can establish about 10 small specialized groups to progress technicality projects introduction and discussing with Japan, Korea, Taiwan, Hong Kong, Europe, America, etc. Further more, the construction and work launching of specialized FDI attraction groups should be given special capital and policy support.
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Appendix
Learning Statement
For the short one year study, I consider very fortune to learn so much knowledge and experience which are taught by teacher’s both from Leeds Met and ZJUT. In my learning statement, I will first indicate the reasons for my interest in this program. Secondly, my learning experience will be introduced. Learning from dissertation is the most important stage which I should emphasis on.
Reasons for my interest in the programmer#p#分頁標題#e#
I am interested in this program mainly due to its attractive variables which combine both the west and the east, such as teaching in English, innovations, professionalism and so on. Especially in the area of innovation, the operating of methodology of the program is the platform of business courses study. The development of innovation ability will help me to deal with every day’s different situation of world business industry.
In the program, I really feel something different from domestic study so that I am interested in it. Though my major in undergraduate course was international economy and trade, which lead to some courses have the same contents comparing with MAITF, the learning methods are different so that I get the different knowledge and skill from a same course.
Another reason is for teachers. I really thank my teachers in both universities, who brought me the new methods for study and the ability to observe the world economy from Leeds Met, and who helped me to overcome the barrier of language from ZJUT. I can gain excellent business mind from them.
Learning experience
This course includes lots of modules, such as Economics of International Trade, International Marketing, Corporate Finance, Trade Development and Growth, Management of International Business Finance, International Trade Law, Cross-Culture HRM and Research Methods. All of these are taught by excellent tutors in both universities.
Through their teaching, I recognized that they were willing to build on our inter-dependant and especially independent studying skills which mentioned me to do more lessons by myself. When I am studying by myself using the skills which taught by the tutors, I can learn them more quickly and gain more information which I want to get. But I really find this course is with difficulty and full of challenge so that I should pay more attention to learn it well. After these studies, I developed a range of self-management skills, in particular self-organization and time management skill. It also taught me how to use critical opinion to learning others conceptions, and how to read lots of literatures to understand a theory or an economic phenomenon.
In this program, I am not only satisfied with the structures of the course, but also the teaching progress and the positive mind of tutors in both universities. All of these will help me to do well in the future, which are listed as follows:
1. Knowledge received.
On the one hand, I gained the professional knowledge in the field of international trade and finance which include many modules. Each module brought me different information but all of them were connected with each other so that they formed a complete system. The most important activity is the serving of international markets with critical understanding on the research area and the areas about international finance corporation. This is the basis for my future thinking about economic problems. Further more, it provided me the ability to solve different situations.#p#分頁標題#e#
On the other hand, I promoted the English reading, listening, writing and speaking ability. Since all of the books are chosen by the teachers in Leeds Met and the formal lessons are taught by English, we must learn the course in an English phenomenon which can improve our English language skill. Maybe it is difficult in the primary time, but it is not difficult after one year’s study by tutors’ teaching and own studying.
2. Capabilities received.
After the one year study about MAITF course, I have gained capabilities in many areas. Firstly, I am able to demonstrate a critical, ethical and reflective approach to the field of international trade and finance. Secondly, I may evaluate, synthesize and apply advanced theories and techniques to a range of complex and open-ended issues, problems and situations in the field of international trade and finance. Thirdly, when in the absence of complete data, I can make informed judgments on problems and opportunities in the economic field. The data can be analyzed by my analysis using the knowledge which is taught by my excellent teachers. Fourthly, I have learned interdependently and independently and accept responsibility for subsequent career and continuing professional development. It is very important for my future. Further more, I am able to demonstrate originally in the application of theory and techniques, drawn from earlier studies, through the production of a significant piece of high level independent work.
To sum up, it comes into feasibility for my learning skill. From the course, I learned how to read, understand, critically analyze and evaluate issues. Especially the case study, I really reached a good method to do it, and through reading relative articles, lots of other information was brought to me. As a result, I enjoyed myself when studying, studying with the course, with the tutors in Leeds Met and ZJUT, with my classmate and with myself. So I will continue to study regardless of whether there are teachers to teach me.
Learning from the dissertation
Doing the dissertation is a hard but interest experience. It is intended to provide opportunities for me to evaluate, synthesize and apply advanced theories and techniques, and demonstrate originally in the application of theory and techniques through the production of high level independent work.
During the period of drawing dissertation, I devoted myself to these aspects including literature reading and review, primary data and secondary data collecting which were most important to my dissertation and future study. On the one hand, literature review and secondary data are collected mostly by reading books, articles in the magazines, and information on the website. Firstly, most information which collected from the books is the originally theories, all of which provide the basic conception of FDI attraction. And lots of secondary data is from the statistical yearbooks in Zhejiang province and Jiangsu province. Secondly, the information collected from the articles in the magazines is mostly the actual situation about economy in domestic or foreign countries and areas. There are economists’ research, sociologists’ vision, politicians’ policy analysis and their commendations, which help me to understand the current environment in FDI attraction not only about the invested countries but also about the investing countries. Finally, lots of secondary data information is collected from the website, especially the statistical website of Statistic Department. One the other hand, primary data collection is a challenge to me in the beginning. I couldn’t sure which way was the best on interviewing officers. So I should prepare for it with the questions: What information should be collected? Who will provide the relative data to me? How can I take the interview step by step? The process of thinking questions also provides me a practical ability.#p#分頁標題#e#
Sometimes I feel it difficult to decide to focus on literature search or literature research. Under this circumstance, it is easy to feel overwhelmed and tired by the amount of material to review. Therefore, I told this to my tutor who always gave me kind support and right guidance. Thanks for her help that I almost unscrambled my thoughts of the structure and concept about my dissertation. I am able to examine the list of areas which as follows:
1. Identity the centre research question, and then definite the topic.
2. Clearly explain and define the constituent elements of research objectives.
3. Evaluate and explain alternative research methods and justify an appropriate research design for the research questions chosen.
4. Develop a suitable methodology to undertake the research.
5. Critically review the literature in a chosen field.
6. Prioritize and select appropriate theory and models relating to the topic area.
7. Demonstrate skills in using appropriate analytical techniques.
8. Present the findings suitable and professionally, within the guideline provide, and then do some discussions.
9. Present precise and cogent written abstract of the dissertation.
10. Display creativity and originality at all stages of the research process as well as the conclusions and commendations of the dissertation.
In short, the process of doing the dissertation improved my capability for dealing with the areas of individual and communication successfully. Also, learning skill is improved by reading numerous books and articles, and doing selection and critical analysis. Working in the dissertation is enjoyable for me. An important reason for it is that there are lots of help from my tutors and friends. Firstly, I have gained lots of help and guidance from my tutors so that I can approach my research project smoothly. Moreover, I have acquired knowledge and the ability to do research through undertaking how feasible this research project is, reading books and articles and collecting data as much as possible. Secondly, I always discuss the structure and grammar with my friends so that we can get improvement together. Thirdly, communicating with my tutors and friends itself is a happy activity.
Conclusion
From the above analysis, I have referred the strength of this course. What I have learned from MAITF in the one year study provides me lots of knowledge, skill, ability for my future life and career. Through the process of study, I gained confidence, strength and maturity what will influence my future life. And I believe that good opportunities and chances will be met. I am very proud of taking the postgraduate of award of MAITF at Leeds Metropolitan University successfully.#p#分頁標題#e#