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FOREIGN DIRECT INVESTMENT IN CHINA : POLICY, RECENT TREND AND IMPACT
K.C. Fung,Hitomi Iizaka,Sarah Y. Tong 연세대학교 동서문제연구원 2004 Global economic review Vol.33 No.2
One of the most important elements of China's economic reform has been the promotion of foreign direct investment (FDI) inflow. Government polices on FDI have gone through different stages in their main objectives since the late-1970s, from gradually opening to foreign investors, to actively encouraging inward investment, directing FDI in accordance with domestic industrial restructuring, and complying with China's World Trade Organization (WTO) obligations. FDI in China has experienced rapid growth especially since the mid-1990s, as well as structural change. Most of the earlier investments were small scale, labor-intensive and export-oriented. In recent years, more investment has been large scale and more capital and technology intensive, aiming at both domestic and export markets. Moreover, increasingly more investment has come from the industrial world, and has located along the eastern coastal regions, in additional to the two southeastern provinces. FDI has played a crucial role in China's rapid growth, economic transition, and, mostly importantly, integration with the world. China's recent accession to the WTO provides more incentives to foreign investors. At the same time, it will also result in more intense competition for domestic firms.
( K. C. Fung ),( Iikka Korhonen ),( Ke Li ),( Francis Ng ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2009 Journal of Economic Integration Vol.24 No.3
China has become leading recipients of foreign direct investment (FDI). Meanwhile, an increasing share of global FDI is going to many Central and Eastern European countries (CEECs). What is the relationship between inward FDI of China and the CEECs? We conceptualize the relationship according to three alternative paradigms: (1) China and the CEECs each exist in its own regional production network, with no linkage between FDI flows into China and into CEECs; (2) China and the CEECs together comprise a global production network, so that China`s FDI is positively related to CEECs` FDI; and (3) FDI into China is a substitute for FDI into the CEECs, with the correlation being negative. In this paper, we study empirical estimates of this issue for 15 CEECs for 1990-2004 using four different econometric approaches: FGLS with Random effects, FGLS with fixed effects, EC2SLS and GMM. The result supports the conclusion that China`s inward FDI does not crowd out CEECs` inward FDI. In fact, it shows that in some regressions FDI flows in these two regions are moderately complementary. Our analysis also confirms the importance for FDI flows of determinants such as market size, degree of trade liberalization, labor quality and a healthy global FDI supply.
French, German, and Japanese FDI on Intra-East Asian Trade
( K C Fung ),( Nathalie Aminian ),( Alicia Garcia Herrero ),( Hitomi Iizaka ),( Francis Ng ) 세종대학교 경제통합연구소(구 세종대학교 국제경제연구소) 2013 Journal of Economic Integration Vol.28 No.2
In this paper we first document the growing importance of intra-East Asian trade in parts and components and capital goods facilitated by foreign direct investment (FDI). Japanese direct investment has a stronger influence on intra-East Asian trade relative to FDI from France and Germany. It is related to the roles of small and medium enterprises in the Japanese FDI in East and Southeast Asia.
Economic Integration and Firm-Union Interaction: The Role of Market Structure
( K. C. Fung ),( Harry Huizinga ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 1999 Journal of Economic Integration Vol.14 No.4
This paper examines the impact of market integration in the presence of a labor union. Effects on wages, employment, product price, firm profits, and union rents are analyzed. Both the theoretical model as well as numerical simulations show the importance of factors such as the product demand elasticity, the number of firms, the degree of product differentiation, and the nature of competition in the goods market. One surprising result is that union wages and union rents can increase in the presence of market integration. (JEL Classifications: F10, F12, F15)
Economic Integration and Firm-Union Interaction : The Role of Market Structure
Fung, K. C.,Huizinga, Harry 세종대학교 국제경제연구소 1999 Journal of Economic Integration Vol.14 No.4
This paper examines the impact of market integration in the presence of a labor union. Effects on wages, employment, product price, firm profits, and union rents are analyzed. Both the theoretical model as well as numerical simulations show the importance of factors such as the product demand elasticity, the number of firms, the degree of product differentiation, and the nature of competition in the goods market. One surprising result is that union wages and union rents can increase in the presence of market integration. (JFL Classifications: F10, F12, F15)
European Economic Integration and the Effectiveness of Employment Policies
( K. C. Fung ),( Chelsea C. Lin ),( Andrea M. Maechler ) 세종대학교 경제통합연구소 2005 Journal of Economic Integration Vol.20 No.3
This paper examines the qualitative impact and the degree of effectiveness of several labor market policies when domestic union`s wage response and economic integration are explicitly taken into account. The employment policies considered include payroll tax cuts, unemployment benefits cuts, aggregate demand expansion and wage subsidies. It is shown that with endogenous wages and an open economy, these policies can in some cases become more potent. But in other instances, they become less effective. In fact, under some conditions derived in this paper, employment policies can even be counterproductive, leading to a drop in domestic employment.
Quotas, Export Trading Companies, and Oligopolistic Rivalry
Fung, K. C. 세종대학교 국제경제연구소 1987 Journal of Economic Integration Vol.2 No.1
This paper examines the economic effects of an import quota and an export trading company in an international oligopolistic environment. Using a simple reaction function analysis, it is shown that a quota can lead to a contraction of the domestic output. In addition, a quota may lead to higher profits for both the domestic and the foreign firms. The creation of an export trading company abroad will increase foreign profits, but will have an ambiguous impact on the volume of imports, domestic production, and domestic profits.
STRATEGIC TRADE POLICIES , DIFFERENTIATED DUOPOLY AND INTRA - INDUSTRY TRADE
FUNG, K. C. 한국국제경제학회 1988 International Economic Journal Vol.2 No.3
This paper examines the economic effects of various trade policies in a Brander-Krugman style model of intra-industry trade. The policies considered include tariffs, production subsidies, consumption taxes, countervailing duties, and anti-dumpting duties. In the analysis, the role of product differentiation and the relative competitive advantages of the firms are highlighted. Various trade policy formulas are also computed. Furthermore, it is shown that in such a model, free trade is not necessarily better than no trade. More product differentiation and lower transport costs will make free trade more desirable.
Europe, Germany and “The German Model”: Economic Links and Implications for China
K.C. Fung 연세대학교 동서문제연구원 2015 Global economic review Vol.44 No.4
In this paper, I examine the economic links first between the European Union (EU) and China and then I focus on the economic relationships between Germany and China. The links I will consider include international trade and direct investment. Lastly I highlight some elements of the so-called “German Model” or the “BerlinWay” and examine if they can be of policy relevance to China. There are four main results: first, EU-China trade and investment relationships are strong, deepening rapidly but they are somewhat unbalanced and asymmetric. Second, the economic relationships between Europe and China are focused on manufacturing. Third, the EU-China relationships are primarily Deutschland-centric. Lastly, elements of the “German Model” such as Mitbestimmung, Mittelstand and the German apprenticeship system can have important structural and policy implications as China continues to grow and experiment with reforms aiming at combining stability, harmony and competitiveness.