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1、外文翻譯原文ForeignDirectInvestmentinChina:RewardorRemedy？MaterialSource:TheWorldEconomy，2007(11)Author:OlenHavrylchyandSandraPoncetFrombeinganeconomywithvirtuallynoforeigninvestmentinthelate1970s,Chinahasbecomethelargestrecipientofforeigndirectinvestment(FDI)amo
2、ngdevelopingcountries.FDIinflowsexplodedfrom$2billionto$53.5billionbetween1985and2003andChinahasovertakentheUSastheworld’slargestrecipientofFDI.Since1994,Chinahasattractedaboutone-thirdoftotalFDItoemergingmarketseachyearandabout60percentofflowstoAsianemergi
3、ngmarkets(PrasadandWei,2005).EconomistsusuallyagreethatFDIflowstocountrieshavingastablemacro-economicenvironmentandcommitmenttomarketreformsaswellashighproductivity,lowcostsoflaborandgoodinfrastructureamongotherfavorableconditions.InthecaseofChina,Huang(200
4、3)arguesthatthelargeinflowofFDIisnotonlytheconsequenceofgoodpolicies,butalsoresultsfromcertaindistortionsintheChinesebankingmarketandinstateinvestmentpolicies.Hestatesthat‘PrimarybenefitsofChina’sFDIinflowshavelesstodowiththeprovisionofmarketingaccessandkno
5、w-howtransfers,technologydiffusion,oraccesstoexportchannels,thekindoffirm-levelbenefitsoftentoutedintheliterature.Instead,theprimarybenefitsassociatedwithChina’sFDIinflowshavetodowiththeprivatizationfunctionssuppliedbytheforeignfirmsinacontextofpoliticalopp
6、ositiontoanexplicitprivatizationprogram,venturecapitalprovisionstoprivateentrepreneursinasystemthatenforcesstringentcreditconstraintsontheprivatesector’.TheaboveargumentisconsistentwithHarrisonetal.(2004),accordingtowhichfirmsincountrieswithgreaterFDIinflow
7、ssufferlessfromfinancialconstraints,asincomingforeigninvestmentprovidesadditionalsourcesofcapital.Atthesametime,itiscrucialtostressthattheChinesecontextdiffersdramaticallyfromthegeneralcaseinvestigatedbyHarrisonetal.(2004).ThemainreasonwhyFDImayserveasawayt
8、oalleviatecreditconstraintsinmostdevelopingcountriesiscapitalscarcity.Indeed,the‘capitalscarcity’channelisatoddswithChina’sspecificcase.TheprobleminChinaisnotthelackofsavingsbuttheirinefficientallocati
