The Status Quo of Chinese Enterprises' Direct Investment in
China began to invest directly in ASEAN in the mid1980s, and China's direct investment in ASEAN gradually developed after the establishment of a partnership in the 1990s. In the 21st century, especially since the formal launch of the ChinaASEAN Free Trade Area in 2002, China's rapid investment in ASEAN countries has achieved rapid growth in the framework of comprehensive economic cooperation. This shows that China's direct investment flows and stocks to ASEAN countries have increased rapidly year by year, and ASEAN's position in China's direct investment in the world's major economies has been rising. China has been linked to the ASEAN countries' landscape. Since the establishment of cooperative partnership between China and ASEAN countries, bilateral economic and trade cooperation has increased year by year, and the scale of bilateral direct investment has been expanding. China and ASEAN Free Trade Area after the start, the tariffs between the two sides significantly reduced, ushered in the best period of bilateral relations between the two sides. China's economic and trade cooperation with ASEAN countries has shown a more rapid growth in the framework of a free trade zone, and the scale of China's direct investment in ASEAN countries has also expanded rapidly. ASEAN has been more and more Chinese enterprises as the preferred destination for foreign direct investment. However, compared with the scale and speed of ASEAN's direct investment in China, China's direct investment in most ASEAN countries is lagging behind.
ASEAN as China's important neighbor, rich in natural resources, and China's strong economic complementarities is China's largest trade partner in developing countries With the establishment of ChinaASEAN Free Trade Area, China's direct investment in ASEAN fast But China's direct investment in ASEAN is relatively small and has not yet formed economies of scale and agglomeration effect. China's direct investment in ASEAN is mainly concentrated in Singapore, Myanmar, Indonesia, Cambodia and Vietnam, the country's direct investment in ASEAN, , And accounting for China's direct investment in ASEAN, the proportion of the growing share of China's direct investment in ASEAN countries, the infrastructure manufacturing industry, such as mining industry accounted for a larger proportion of the wholesale and retail financial industry information services and other services Of the direct investment to maintain rapid growth.
2 Chinese enterprises in the ASEAN direct investment problems
2.1 two-way investment is not balanced
In recent years, with the deepening economic and trade cooperation between China and ASEAN, the twoway investment between the two sides increased year by year. However, China and ASEAN's twoway direct investment is not balanced, China's direct investment in ASEAN is far lower than the pattern of ASEAN's direct investment in China. Twoway investment imbalance on the one hand will make some ASEAN countries less worried about China's investment, on the other hand can also be seen that China's direct investment in ASEAN still has great potential for development.
2.2 Country distribution is uneven
Whether it is from the flow or from the stock analysis, China's investment in ASEAN in the country are uneven distribution. From the traffic point of view, in 2010, China's investment in ASEAN countries ranked the top three for Singapore, Myanmar, Thailand, and ranked in the latter three for Indonesia, Malaysia, Brunei. From the stock point of view, by the end of 2010, China's investment in ASEAN countries, the top three investment in Singapore, Myanmar, Indonesia accounted for China's total investment in ASEAN, the proportion of total investment was 42.3%, 13.6%, 8.0% The proportion of Malaysia, the Philippines and Brunei were 4.9%, 2.7% and 0.3% respectively. In 2010, China accounted for 44.5% of the investment in ASEAN New Zealand, equivalent to half of ASEAN's total investment. Among the ten ASEAN countries, Singapore and Brunei are high-income countries with ASEAN, Indonesia, Malaysia, the Philippines and Thailand are middle-income countries and the new four countries are low-income countries, and China is imbalanced even for investments at the same level The
Location Strategy of Chinese Enterprises' Direct Investment in
3.1 Location advantages of major ASEAN countries
Sabah is located in the north of Borneo Island, Malaysia is the second largest state. Oil palm is the main cash crop of Sabah, and other economies also include rubber and cocoa. Despite the huge natural resources, Sabah is Malaysia's current poorest state. As a result of the unfair distribution of resources between the state and the federal government, and the increase in illegal immigration from Indonesia, the Philippines and the East, the high unemployment rate in Sabah, coupled with the lack of highly skilled labor in the state, Financial strength of the Sabah people moved or moved to the Malaysian peninsula. Currently, Sabah, with the support of the federal government and the state government, is actively promoting agricultural mechanization and hopes to help build its transport and utility infrastructure and promote economic development in Sabah through preferential investment policies.
Yangon is located in the Irrawaddy River Delta, Myanmar is the political, economic and cultural center, is also the largest city in Myanmar, Yangshan natural conditions, rich resources, rice, sleeves and precious stones is the export of the three main products. Yangon gems and jade in the world reputation, gem trade has become one of the main sources of foreign exchange. Yangon Port is only 34 kilometers away from Haikou, Myanmar is the largest throughput of the harbor, Myanmar import and export trade of 80% of the goods have been here. National railways and highways are available here.
Since independence in 1965, Singapore has taken the economic development route of industrialization and made full use of foreign resources, markets, technology and capital to develop its own economy. Its economic development has gone from a transition from laborintensive industries to high valueadded capital and technologyintensive industries and hightech industries, to today's knowledgeintensive economy. Singapore's economy is highly outgoing and highly dependent on the international market, has been actively involved and promote the process of global trade liberalization.
Bangkok Port is one of Thailand and the world's leading rice export port. Over the past decade, Bangkok's rapid economic development, with each passing day. Bangkok's industrial and commercial development, many international banks and financial institutions (including Bank of America, Mitsubishi Tokyo UFJ Bank, Bank of China, the Thai Stock Exchange, etc.) set up regional headquarters in Bangkok. North Yanjia Airport, 24 km from the urban area, the largest amount of modern international airports in Southeast Asia.
Is located in the east coast of Thailand, Thailand is an important industrial base, the main industries are cars, chemicals, steel, oil refining, natural gas, electricity, etc., Thailand National Industrial Development Zone Motor General Industrial Development Zone is located in Rayong. The most rapid development in recent years is the automotive industry, at present, the world's leading GM, Ford, Toyota, Honda, Mitsubishi, Isuzu, Nissan, BMW and other car manufacturers are set up factories in the production of cars, Thailand and Southeast Asia Market, as these wellknown car companies in Asia's production base.
3.2 Location of resource-seeking direct investment
China's resourceintensive industries do not have a comparative advantage, and the disadvantages are prominent, while ASEAN's Indonesia, Malaysia, Thailand's resourceintensive industries have obvious advantages. China's rapid economic development can not be separated from energy expenditure, oil, coal, natural gas and other resource constraints will directly affect the national security. One way to mitigate energy bottlenecks is energy saving and emission reduction, changing the way of economic growth from extensive to intensive. But this process requires a long time to adjust, a short period of time only through foreign direct investment to access and use of resources to promote sustainable economic development. On the one hand, it can directly occupy the resources, fundamentally guarantee the supply of resources, scattered by the import of resources brought about by the risk; the other hand, to avoid the trade barriers and transport costs in the way of uncertainty.
3.3 Market source seeking direct investment location selection
Laborintensive industries not only for China's GDP growth and exports have a great contribution, but also absorb a lot of labor, social stability in China has an immeasurable role. With the pace of upgrading of China's industrial structure, laborintensive industries will gradually reduce the advantages of China's sunset industry, China needs to gradually transfer these industries overseas. Second, a large number of Chinese laborintensive products led to trade friction with many countries. Antidumping cases against China also rose sharply, export quotas and various technical barriers still constrain the continued development of such industries. Therefore, the gradual shift of laborintensive industries to overseas can effectively reduce trade friction and help to open up new markets. Therefore, in the choice of location, should be preferred in the fastgrowing economy of the new four countries. China's investment in ASEAN's new four countries can maintain the original market share at the same time, open up new markets. Specifically, China should invest in the Vientiane of Laos, Cambodia's Phnom Penh and Sihanoukville, Myanmar's Kachin State and Yangon, Vietnam's Hanoi and Ho Chi Minh City. In addition, China should also choose Malacca Malaysia, Bangkok, Thailand and Rayong, Indonesia Jakarta to invest. These countries and the ASEAN four countries than the more complete infrastructure, the market consumption level is diverse and clear, per capita spending power, social laws and regulations sound, into the country's Chinese funds to absorb the strong.
3.3 Location of resource-seeking direct investment
As China's capital and technologyintensive industries increased by comparative advantage, lower than Singapore and the Philippines, higher than Malaysia, Thailand, Vietnam, Indonesia. Therefore, China's technologyseeking investment should be preferred to choose Singapore, followed by the Philippines and Malaysia. China's technologybased industries want to improve rapidly, on the one hand the need for enterprises to selfinnovation, relying on their own technical staff independent research and development of new technologies; the other hand, Chinese enterprises can have hightech countries to set up R & D institutions or the establishment of research institutes Access to foreign advanced technology. Through a technology innovation in the country, to enhance the enterprise's selfinnovation and innovation. In addition, Singapore, in addition to its own biopharmaceutical, precision manufacturing systems and other highend industries have their own technology, but also gathered most of the foreign outstanding enterprises, the formation of a huge industrial clusters. China's investment in Singapore can quickly absorb firsthand information on new technologies and quickly pass the subsidiary to the parent company to achieve the goal of innovation.
4 countermeasures and suggestions
4.1 Government level
First, through the border to open up the ASEAN market matchmaking. The government should make full use of the geographical advantages of these border areas, strengthen the infrastructure of the trade center and the transportation hub, and make it from the geographical edge of the country to become the center of the ASEAN market, and provide favorable conditions for the Chinese enterprises to invest in ASEAN The
Second, the development of industrial development direction of the policy. In order to promote the direct investment of ASEAN enterprises and the overall interests of the state in harmony, only to continuously strengthen the ASEAN direct investment in industrial choice of macrocontrol, in order to make their own foreign direct investment into an orderly and efficient operation track. China must integrate the industrial choice of ASEAN directly into the country's industrial policy scope, making it an important part of the national industrial policy. According to the strategic needs of China's overall macroeconomic development, it will continue to serve the industrial upgrading of our country.
4.2 Enterprise level
First, choose the right country. ASEAN countries for the characteristics of the market, careful investigation and study, to avoid blind investment in ASEAN countries different national conditions, development is uneven, there is a big difference. Should be based on their own business to determine the focus of the country, industry, business, products and so on. Should be for different markets, select a comparative advantage of the industry, do a feasibility study. We will focus on strengthening cooperation with ASEAN countries in mineral resources, energy and other resource industries, make full use of ASEAN and domestic two markets, two kinds of resources to enhance the level of industrial cooperation between the two sides, and promote the adjustment and optimization of China's industrial structure.
Second, firmly establish the risk awareness and cost awareness. Enterprises should firmly establish the risk awareness, strengthen the political risk of investment in ASEAN, the management of risk management, to develop in line with their own actual crossborder investment strategy. Establish a sense of cost, as soon as possible to establish a market economy in line with the rules of the modern enterprise system, thinking and governance structure, and constantly improve their management level, to overcome the blind behavior of foreign investment, and continuously enhance the ability of foreign direct investment and transnational business.
