www.palgrave-journals.com/abmGlobalizationStrategiesofChineseCompanies:CurrentDevelopmentsandFutureProspects
RobertTaylor
SchoolofEastAsianStudies,Floor5,ArtsTower,UniversityofSheffield,WesternBank,SheffieldS102TN,UK
E-mail:r.i.d.taylor@sheffield.ac.uk
TheobjectofthisstudyistoexaminetheglobalizationstrategiesofChinesecompanieswhich,itiscontended,havebeeninfluencedbyChina’scurrentstageofeconomicdevelopment.Sincetheinitiationofitsopen-doorpolicyin1978,Chinahas,inthisrespect,followedtoaconsiderableextentthepathofotherAsiancountries.Currently,China’sforeigndirectinvestment(FDI)ispresentin139statesandterritoriesbutheavilyconcentratedinAustralia,theUnitedStates,HongKong,Thailand,Russia,NewZealand,SouthAfricaandMacao.Suchventuresoverseasare,however,smallscale,withanaveragecapitalizationofUS$3million.Thisfiguremayneverthelessbesettorise,asChinesecompaniesmoveintomorehigh-techventures;todate,China’sfirmshavebeenmoreheavilyinvolvedintheserviceandprocessingsectors.Inaddition,China’sFDIhasbeenconstrainedbothbygovernmentregulationoftheeconomyandlackofexperienceonthepartofChina’scompaniesininternationalcompetition.Accordingly,theroleofbothbusinessandgovernmentinthepromotionofmanagerial,financialandlinguisticcompetenceisassessed.Inconclusion,thestudysummarizesthesalientfeaturesofChineseFDItodateandthefutureprospectsfortheglobalizationofChina’scompanies.
AsianBusiness&Management(2002)1,209–225.DOI:10.1057/palgrave.abm.9200011Keywords:globalization;resourceextraction;services;manufacturinginvestment
Introduction:ChineseGovernmentPolicyandIdeologicalJustification
In1978,attheThirdPlenumoftheEleventhCentralCommitteeoftheChineseCommunistParty(CCP),China’sleadersembarkedonanopen-doorpolicy,engaginginatransitionfromacommandtoamarketeconomy,andbythe1990stheircountrywasamajorrecipientofforeigndirectinvestment(FDI)andplayinganincreasingroleininternationaltrade.Contemporaneously,fromthe1980sonwardstherewasagrowingtrendtowardstheglobalizationofinternationalbusiness,involvingtradeliberalization,capitalmovementandthediffusionofinformationtechnology(Lu,2000).AmeasureofChina’ssuccessintheutilizationofFDI,theobjectivesofwhicharetheacquisitionofcapital,managementskillsandadvancedtechnology,hasbeenrapideconomicgrowth,
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necessitatingthetransformationanddiversificationofindustrialsectors.Toaidsuchrestructuring,theChinesegovernment,asadeliberateactofpolicy,calledforoutwardFDI,whichbeganinthe1980sbuthadacceleratedbythelate1990s.Infact,anumberofpolicypronouncementshaveechoedthistheme;witnessPresidentJiangZemin’sstatementattheFourteenthandFifteenthCongressesoftheCCPin1992and1997,respectively,andtheencouragementbytheStateCouncilofoutwardprocessingtradeinFebruary1999(Lei,2000;Zang,2000).Suchtradepolicywasalsodesignedtotargetmarketsinbothdevelopinganddevelopedcountries;concessionswere,forexample,giventothosemanufacturersofhouseholdgoodsandtextilemachineryinvestinginprocessingandassemblyinAfrica,CentralAsia,theMiddleEast,EasternEuropeandSouthAmerica(SWB,1999c).Similarly,alaterstageofglobalizationthroughmergersandacquisition(M&A)hasbeenencouragedbytheChinesegovernmentintheEuropeanUnion(EU)andtheUnitedStates,largelytocircumventimportbarriersandenterthirdcountrymarketsaswellastotakeadvantageoftheadvancedmanagementsystemsandtechnologyofforeignpartners(Lei,2000).Finally,thesemovesareareflectionofafast-growingeconomy,especiallyonChina’ssouth-easterncoast,whereanumberofenterpriseshavereachedinternationalstandardsinskills,technologyandmanagement,prerequisitesforglobalmergerandacquisition(Lu,2000).Importantly,marketsforcertainconsumergoodsinthatregionarealreadysaturated.
TheabovescenariostandsinstarkcontrasttotheCCPleaders’earlierespousalofthedictatesofMarxism–Leninismwhich,intheinitialyearsafter1949atleast,placedfaithincentralplanningandtradewithintheconfinesoftheCommunistbloc,atthesametimeexcoriatinginvestmentbythedevelopedcountriesinthenon-Westernworldasimperialismorthelaststageofcapitalism,astanceultimatelyleadingtotheadoptionofpoliciesofautarchyandself-relianceaftertheonsetoftheSino-Sovietdisputein1960.ThefollowingdecadesawthedevelopmentoftradewithwhatMaoZedongtermedthe‘secondworld’,themedium-sizedpowersofWesternEuropeandJapan.Foreigntrade,however,wasseenasanadjunct,ameanstosolvedomesticshortagesratherthanacommitmenttoparticipationinwhattheChinesestillregardedasaWestern-dominatedinternationaleconomicsystem.Never-theless,ithadbecomeincreasinglycleartotheChineseleadersbythemid-1970s,especiallyinthewakeoftheSino-Americanrapprochement,thattherewasalimittoChina’scapacitytogeneratecapitalfordevelopmentfromthecountry’sowndomesticresources.ByDengXiaoping’saccessiontopredominanceinthelate1970s,thenecessityforinwardFDIhadbecomeapparent.
TheChineseleadership,however,wasfacedwithadilemma.Whilefar-reachingreorientationsineconomicpolicymaytakeplacemorereadilyin
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Westerndevelopedcountries,theCCPleaderswerereliantonMarxist–Leninistideologyfortheirownlegitimacy,andanycommitmenttomarketforcesandrelatedinvestmentbyforeigncompanieshadtobeideologicallyjustified,particularlyastherewasnointentionofpermittingpoliticalfreedomstoaccompanygrowingeconomicliberalism.Certainly,inpractice,theCCPleadershave,sincethe1980s,stakedtheirlegitimacyonrisinglivingstandards.Articlesinsocialsciencejournals,oftenstillofficiallyinspired,speakoftheneedtomaintainsocialismandasserttheMarxistglobalhistoricalview,theimplicationsbeingthatChina’sparticipationinglobalizationisameanstotheultimategoalofCommunism.Additionally,globalizationdoesnotsupersedetheimportanceofthenation;onthecontrary,onlythroughtheassertionofnationalpowercanChina’sparticipationintheglobaleconomybeachieved(LiandDeng,2000).Thisideologicalre-statementdoes,however,begthequestionastowhetherculturalvaluesinherentintheglobalizationprocesscanbecontainedwithinaMarxist–Leninistpoliticalsystemandanyresultingdemocraticimplicationsofrepresentativegovernmentstymied.
China’sGlobalization:AnEastAsianComparativePerspective
GlobalizationisaproductofacertainstageofeconomicdevelopmentandChinafollowsthisgeneralrule,evenifthetimingandcircumstancesofthatcountry’sentrymaydifferfromthoseapplicabletootherstates.TheglobalizationofChinesecompanieswillnowbeexaminedwithinacomparativeEastAsianperspective.Inlinewiththeideologicalneedsdiscussedearlier,officiallyinspiredarticlesinChinesejournalshavesoughttojustify,ineconomicterms,China’sFDIbyexaminingdevelopmentalprerequisites.Thus,takingacontemporaryperspective,acountry’sroutetoglobalizationissaidtopassthroughthefollowingfourstates:majorimporter,producer,exporterandforeigninvestor,eachofwhichhasitsowncharacteristics.Intheimportingstage,essentialcommoditiesarepurchasedabroad;importsexceedexportsandthereisatradedeficit.Then,asaproducer,thestateengagesinimportsubstitution,tradedeficitsdecreaseandnationalproductionrises.Attheexporterstage,exportsexceedimports,resultingintradesurpluses,andtherearerapidincreasesinproduction.
Significantly,thisstageseesacountry’sexportsrepresentingagrowingproportionoftheworld’stotal,facilitatingtheinitiationofoutwardinvestment.Itisinthefinalstagethatasuperiortradingposition,inconcertwithaccumulatedcapitalresources,makespossiblelarge-scaleFDI(YangandWu,2000).Ingeneral,Japan’spost-wardevelopmenthasreflectedthesestages,thoughwithsomesignificantdifferences.Anumberofpropitiouscircum-stancesfavouredJapan’seconomicgrowth,especiallyduringtheimporting
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stagefrom1945to1955;theUnitedStatesOccupationauthoritieslargelyinsulatedJapanfromthepoliticalinstabilityprevalentelsewhereandgraduallyintroducedthecountry’sexporterstotheworldmarketsand,asanaddedadvantage,UnitedStates’technologieswereacquiredunderlicence.Asaresult,Japanmaintainedanimpressiverateofeconomicgrowth,anaverageannualincreaseofover10percent,andimportsgrewonaverageby18.4percent,exceedingtheequivalentexportfigureof16.9percent,withtheresultthatin5yearsoutof6thereweretradedeficits.Significantly,FDI,thoughminimal,wasinitiatedinthelatterhalfofthedecade,stimulatedinpartbyJapan’sgrantofwarreparationstoSoutheastAsiancountries.By1956Japanhadreachedtheexporterstageandintheperioduntil1965ahighgrowthwasmaintained,withexportgrowthat15.3percent,fasterthantheimportfigureof12.1percent.Theresultwastradesurplusesin5yearsoutof10.Similarly,Japan’sshareofworldexportsincreasedfrom2.4percentin1956to3.2percentin1960,andtherewassubstantialgrowthinoutwardFDI.Intheproducerstage,from1966to1973,Japan’sannualaveragegrowthratewasover10%,andtheaverageannualincreaseforimportsof23.6percentexceededtheexportfigureof20.2percent.Agreatershareinworldexports,4.5percentin1965and6.2percentin1970,helpedtofacilitateFDI,whichaveragedalmostUS$1billionperannumduringthisperiod.SuchtrendsinFDIhaveacceleratedintheperiodsince1974,andinpart,however,arenowstimulatedbyprotectionistbarrierstoJapanesemanufactures.Duringtheyearsfrom1974to1991,forinstance,tradesurplusessteadilyincreasedasJapan’sshareofworldexportsrosefrom6.5percentin1980to9.1percentin1986.nsummary,Japan’sexperienceindicatesthatoutwardFDIrepresentsahighstageofeconomicdevelopment;in1984Japan’scumulativeoutwardinvestmentwasworthUS$10billionbutin1989itincreasedtoarecordtotalofUS$67billion(ibid.).Thereweretwomajorstimuli.Firstly,asJapanesedomesticlabourcostsrose,labour-intensivemanufacturingwasmovedoffshore,forinstancetoSoutheastAsia,inturnaidingindustrialrestructuringathome.Secondly,whenprotectionistbarrierswereerectedagainsthigh-techindustries,likeautomobilesintheUnitedStatesandWesternEurope,Japan’sinvestmentinthosesectorsprovedameansofpenetratinganewthemarketsofdevelopedcountries.Finally,in1971and1972,theJapanesegovernmentadoptedfinancialliberalizationmeasuresdesignedtoexpeditetheflowofFDI,butthethrustofChina’soutwardinvestment,asshowninlatersections,remainsinhibitedbyregulationsrestrictingthemovementofforeignexchange(ibid.).
Whilethereareundoubtedparallels,intermsofeconomicdevelopmentalstages,betweenChinaandJapan,governmentpoliciesregardingtheconditionsofinwardinvestmentandthetimescaleofcapitalexporthavediffered.TheperiodsincetheinitiationofChina’sopen-doorpolicymaybedividedintothreestages.Duringthefirst,thatofimporting,from1981to1989,equivalent
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tothe1945–1955Japanesestage,China’saverageannualgrowthratewas9.2percent,andimportsincreasedonaverageby13.1percentannuallyasopposedtoagrowthof11.5percentforexports,resultingintradesurplusesforonly2yearsoutof8.Theexportingstage,theperiodbetween1990and1997,similartoJapan’sstagefrom1956to1965,sawa10percentgrowthrate,withanaverageincreaseinexportsof16.85percentasopposedtoanimportgrowthof11.6percent,resultingintradesurplusesin7outof8years,withexportsrepresenting1.8percentoftheworld’stotalin1990butclimbingto3percentin1996(ibid.).HereamajorcontrastbetweenChineseandJapaneseapproachestoinwardinvestmentmaybenoted.WhiletheJapaneseimportedmanagerialexpertisefromexpertsliketheAmericanDrDemingandbenefitedfromUnitedStates’technology,theyweremuchlesswillingtopermitforeignparticipationinorcontrolofthecountry’sindustrialenterprises.Inaddition,Japanesecompanieswerefundedbybanklendingthroughahighrateofgearingratherthanequity.TheChinesegovernment,incontrast,hasencouragedFDIthroughSino-foreignjointventuresandwhollyownedforeignenterprises,inordertodisciplineandreform,throughcompetition,ahighlyinefficientandover-mannedstatesectorofindustry.Inadditiontotechnology,Westernmanagerialexpertiseinpracticeinforeignventuresisenvisagedasthekeytosuccessinbothdomesticandinternationalmarkets.ThesuccessofChina’sexportdrive,towhichforeignenterprisesinChinahavebeenmajorcontributors,hasinturnfurtheredthecountry’soutwardFDI,whichbeganin1980attheinceptionoftheimportingphaseandthusatanearlierstagethanJapan’s,sothatby1982therewere43whollyownedenterprisesandjointventures,evenifinitiallymanyofthesewereintheservicesector.MotivationforChina’soutwardFDImaybesummarizedasfollows.Firstlyandimportantly,oneofthefirstinitiativeslayintheextractiveindustries,toguaranteerawmaterialresourcesforChina’sdomesticmarkets.Secondly,growingtradesurpluseswiththeUnitedStatesandEuropeancountrieshaveledtotheneedtocircumventtariffandnon-tariffbarrierstoexportswhichareincreasinglycrucial,asChina’sowndomesticmarkets,particularlyonthesouth-easterncoast,aregluttedwithconsumerdurables,forinstance(Hu,2000).Moreover,productionbasesinEuropeandtheUnitedStateswillfacilitatetargetingofthirdcountrymarkets.Finally,suchastrategywillbecomethatmuchmoreurgentasWorldTradeOrganization(WTO)ruleswillfurtheropenChina’seconomytoforeignparticipation.WhilesuchmotivationmayalsohavecharacterizedJapan’soutwardFDI,thereisonerespectinwhichtheChinesehavebeenmoreresponsivetoglobalizationthantheirJapanesecounterparts.AstatedobjectiveoftheChinesegovernment’soutwardFDIpolicyistheutilizationofadvancedtechnologyandmanagerialexpertise.Thisistobecontrastedwith,say,JapaneseFDIinWesternEuropeinthe1970sand1980swhichsoughttointroduceJapan’sownmanagerialexpertiseratherthan
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resorttosynergiesinthehostcountries,evenifsincethe1990sthereisevidencethatproactiveglobalizationistransformingJapanese-stylemanagement(HasegawaandHook,1998).China’sinitiativeisalsoacontinuingquestformarketinformationtoimprovethetargetingofexports(Zang,2000).Finally,thegrowthrateofChina’soutwardFDIishigherthanthatofdevelopingcountriesatasimilarstageofeconomicdevelopment,eventhoughChinaisstillintransitionfromtheexportertotheproducerstage(Tseng,1996).TheprogressofChina’soverseasinvestmentisexaminedinthefollowingsection.
TheEvolutionofChina’sOutwardFDI:GeographicalandSectoralDistribution
InseekingarationaleforChina’sFDI,Chineseofficialsourceshaveacknowledgedtheroleofforeigntrade,especiallyitsservicesector,asapreludetothedevelopmentofmanufacturingventuresoverseas.Thus,China’sFDIisjustifiedonanumberofcounts,indirectreferencetothespecificcharacteristicsofdevelopedanddevelopingcountries.Infact,asChina’seconomygrows,itseconomicrelationswillincreasinglybewiththeadvancednationsofEuropeandNorthAmerica,asJapan’sexperiencedemonstrates.China’sexportswillbemorefocusedonvalue-addedproducts,althoughlabour-intensivelightindustrialcommoditieswillremainimportant.Therewillbeaconsequentneedtodiversifytradingpartners.The1998AsianfinancialcrisisshowedthevulnerabilityofChina’srelianceonAsianmarkets,althoughinthedecadeofthe1990sexportstotheEUandtheUnitedStatesincreasedataratefasterthanthecountry’sexportsasawhole.In1998,China’sexportstotheEUandtheUnitedStates,respectively,represented15.3percentand20.67percentofthetotal,togetherexceedingvaluedestinedformajorpartnerslikeJapan(LuandChen,2000).Thereis,however,atendencyintheEUandNorthAmericatowardsincreasingtariffandnon-tariffbarrierstoChinesegoods,andthesemaybecircumventedbyFDI.Directmarketknowledgeisalsogainedthroughdirectreconnaissance,leadingtothedevelopmentofdedicatedmarketchannels.Inaddition,penetratingthirdcountrytargetmarketscanbefacilitated.Afurtheradvantageistheabilitytoaccessadvancedtechnologyandmanagerialskills,particularlyasafrequentcomplaintagainstinwardforeignFDIinChinahasbeenthefailureorunwillingnessofEuropean,AmericanandJapanesepartnerstointroducestate-of-the-arttechnicalexpertiseintheirChineseoperations.
Finally,theChinesewillbeabletotakeadvantageofnaturalresourceendowmentsinhostcountries,givengrowingdifficultyinaccessingChina’sown(Bi,2000).Resourcesextraction,however,isanevenstrongermotivationforChina’sFDIindevelopingcountries.HereChineseventuresmayenjoy
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certainadvantages;suchstatesmayhaveresourceendowmentsbutlackthetechnicalskillsChinahasfortheirexploitation.Moreover,unlikedevelopedcountries,whichtheChineseclaimseektomonopolizetheresourcestheyextract,China’senterprisesholdtojointdevelopment,enhancingmutualadvantage.Similarly,inthesecountriesthereareextensivepublicworksprojects,ofwhichChinaalreadyhasexperienceintheexportofcontractlabourandtheprovisionoftechnicalskills.Additionally,apartfromsuchcomplementarity,therearesimilaritiesbetweenChinaanddevelopingcountriesintermsofconsumerstructuresandcultures,and,mostimportantly,Chinacanuseproductionbasesandthepreferentialtradingconditionsenjoyedbyhostcountriestoaccessthird,andespeciallydeveloped,countrymarkets(ibid.).
Tothisend,since1979theChinesegovernmenthasextendedtherighttoinvestoverseastomoreandmoredomesticenterprises.ItwasinthatyearthattheStateCouncilpermittedoutwardFDIbylawinitsFifteenMeasuresofEconomicReform,butuntil1985onlystate-ownedimportandexportcorporationsundertheMinistryofForeignEconomicRelationsandTrade(MOFERT),inadditiontocertainprovincialandmunicipaleconomicandtechnologicalinstitutions,couldinvestoverseas.From1985,however,anewdirectiveallowedenterpriseswithsufficientcapital,technologicalknow-howandasuitableoverseaspartnertoinvestabroad(Tseng,1996).Whileinitiallyventuresweremainlyinfinance,consultancyandtradingservices,newprioritieshavesincebeenoutlined.Recentsourcesquotethestateasencouraginginvestmentinlightindustriesliketextiles,garmentsandelectricalappliances,providedtheyhavetheprerequisitesinscientificmanagementandareputationforexportquality.Mainformsofinvestmentincludeequipment,maturetechnology,rawmaterialsandcomponents.Thestate’sroleliesintheprovisionofconcessionsinareaslikefinance,taxationandforeignexchange(BeijingReview,2000).
Governmenthasalsoputinplaceriskmanagementmechanismsforoverseasinvestmentinhigh-riskregionslikeLatinAmericaandAfrica.
Withthisbackground,attentionisnowturnedtoanoverviewoftheextentandnatureofChina’soutwardFDI.Suchinvestmentwasonasmallscaleinthe1980s,with43Chinesewhollyownedandco-operativeventureshavingatotalstakeworthUS$37millionin1982(YangandWu,2000).Therewas,however,substantialgrowthinthemid-1990sand,accordingtoofficialstatistics,Chineseenterprisesestablishedmorethan5,600overseasventures(excludingfinancialinstitutions)inmorethan160countriesandregions,withaChineseinvestmenttotalofUS$6billion.Theseincludedmorethan3,200tradingcompanieswithinvestmentsontheChinesesideofUS$3.8billion,and2,400non-tradingfirmswithanequivalentstakeofUS$2.4billion(SWB,1999a).Asignificantfeatureisthegrowingdiversityofsectoralinvestment.
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Whiletradingserviceswerecharacteristicofearlyinvestmentinthe1980s,diversificationhassincetakenplacetowardssectorsrangingacrossmining,explorationforpetroleumandnaturalgas,forestryexploitation,processing,productassembly,manufacture,medicalcare,transportation,projectcon-tractingandtourism.Itistobenoted,however,thatin2000tradingservicesstillrepresented60.1percentoftotaloutwardFDI,withequivalentpercentagesbeing19.4percentforresourcedevelopmentandextraction,11.5percentforvariouskindsofmanufacturing,1.8percentforcommunicationsandtransport,and6.3percentforothercategories(OutwardProcessingTradeResearchGroup,2000).Serviceinstitutions,whetherstate-directedorprivate,arecrucialprerequisitesforthedevelopmentofmanufacturingenterprises;witnesstheestablishmentoftheChinesegovernmentfundedinvestmentandtradepromotioncentresinAfricasince1995andtheopeningoftheBankofChinabranchinZambiain1997(SWB,1998,2000).China’sgrowingneedfornaturalresourcesfromabroad,pendingdevelopmentofitsown,wasreferredtoabove,andChineseparticipationintheexploitationofRussianforestryresourcesisacaseinpoint.Inthe1990s,anenterprisefromHeilongjiangProvinceenteredintoajointlymanagedco-operativeventurewithRussia,withthelattersupplyingequipmentandelectricpower.Resourceswouldbeallocated,45percenttotheChinese,55percenttotheRussianside(GuojiJingmaoXiaoxi,2000).Butthemostremarkableincreasesincethe1990shasbeeninChina’smanufacturinginvestment.ExamplesofcompaniesproducingtheirownproductsandpromotingtheirownbrandnamesincludeChinaNo.1AutomobileIm/ExCorporation,JinchengMotorcycleGroupCorporation,theLuoyangTractorCorporationandtheShanghaiBroadcastingandTV(Group)Corporation.Indoingso,theyhavealsoacquiredadvancedforeigntechnology,managementexpertiseandpersonneltraining.SuchvisibilityoverseashasenhancedthemarketshareofChina’sexports.HaierCorpora-tion,thehouseholdelectronicsmanufacturer,forexample,establishedaventureinIndonesiain1996,followedlaterbyoperationsinthePhilippinesandMalaysia.Inearly1999,HaierwasexportingfromChinato87countries,with60percentofthetotaldestinedfortheUnitedStatesandEurope(SWB,1999a–d).Bymakinguseofdesignsinitsglobaloperations,Haierhasbeenenabledtodevelopnewtechnologiestobettertargetindividualmarkets,asindicatedbyitsconstructionofanewproductionbaseintheUnitedStates,expectedtoproduce200,000refrigeratorsperyear(SWB,1999d).
China’soutwardFDIisanintegralpartoftheopen-doorpolicy.Coastalprovinces,giventheirabundantresourcesandthepresenceofinwardforeignventurespromotingexports,havebeenthepioneersinestablishingoperationsoverseas.Sincethe1980s,top-rankingprovincesintermsofoutwardinvestmenthaveincludedGuangdong,Zhejiang,JiangsuandLiaoning(Tseng,1996).Inadditiontotheabove-mentionedHaierCorporation,basedinthe
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northernpartofQingdao,maybecitedShenzhen,theSpecialEconomicZoneinGuangdong,fromwhichChinesecompanieshaveestablishedproductionbasesinIndia,VietnamandTurkey,tonamebutafewinstances(SWB1999b).Itmustbeemphasized,however,thateventheseprovincesandtheirenterprisesarestillnewcomerstooutwardinvestment,andintheyearsimmediatelyafter1978investedinitiallyinHongKong,China’swindowontheworld,whereknowledgeofglobalmanagementpracticesandmarketscouldbeobtained(Tseng,1996).TheterritoryhasalsobeenabaseforprocessingChineseexportsforre-export.Fromthatexperiencehavecomethediversificationandglobaloperationsdiscussedabove,andthebroadeningdistributionofChina’soutwardinvestmentwillnowbesummarizedbriefly.Whilewidelydispersedglobally,intermsofvalue,China’sinvestmentwasin1996heavilyconcentratedin10countriesorterritories,namely,Australia,Canada,theUnitedStates,HongKong,Thailand,Russia,Peru,NewZealand,SouthAfricaandMacao.Inaddition,inthesameyeartherewere17countriesandareaswhereinvestmentexceededUS$30millionandtogetherthiscapitalinputrepresented85.3percentofthetotal.Thatistosay,85percentofinvestmentwasconcentratedin17countriesandareas,whiletheremainder,dispersedinafurther122countries,accountedfor15percent.InvestmentismainlyfoundinAsia,LatinAmericaandtheMiddleEast(Bi,2000).DistributionofChina’soutwardFDIinthe17countriesisgiveninTable1:statisticsrelatingtoventuresapprovedandcumulativeinvestmentworldwideappearinTable2.
However,inspiteofthisglobalpresence,accordingtoChineseofficialstatistics,attheendof1998China’soutwardFDI,whichhadreachedoverUS$6billion,excludingfiguresforbankinginstitutions,onlyrepresented0.15percentoftheworld’stotal.By1999theamounthadrisentoUS$7billion.EvenifthedifferentfigureofUS$22billionpublishedbytheUnitedNationsisaccepted,China’sFDIwouldstillonlyrepresent0.55percentoftheworlds’totalandberanked21stamongtheworlds’nationaloutwardinvestors(OutwardProcessingTradeResearchGroup,2000).
SeveralfactorsunderlieChina’sminorroletodateinoutwardFDI,andanexaminationofmodesofinvestmentwillindicatethelimitationsChina’senterprisescurrentlyface.China’slowlevelofFDIisinpartareflectionofthesmallaveragesizeofitsventures.Thus,whiletheaverageforventuresfromadvancedcountriesduringthelate1990swasUS$6millionandthatfordevelopingstateswasUS$4.5million,theequivalentfigureforChineseenterpriseswasUS$1million.Significantly,atanequivalentstageofeconomicdevelopmentduringtheyearsfrom1980to1989theRepublicofKorea’saverageinvestmentwasjustunderUS$3million(Bi,2000).Itistobenotedthat,as80percentofChina’soverseasmanufacturingenterprisesarejointventures,theChinesesideonlyprovidesabouthalfofthecapitalforthose
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Table1China’sapprovedFDIbymaincountries(areas)(attheendof1996)
InvestmentPercentageAverageinvestment
CountryNumberPercentageamountoftotalperenterprise(area)ofentriesoftotalUS$10,000investmentUS$10,000Australia914.5123340.427.31356Canada773.969993.315.5909USA2381247440.410.5199HongKong158834933.17.7221Thailand1346.820434.14.5152Russia22711.419255.64.384.8Peru70.3512507.52.71786.8NewZealand120.69321.02.1776.7SouthAfrica281.49265.9233.9Macao331.79053.92272.4Malaysia643.25794.81.390.5Singapore613.15316.91.281.2India331.74757.91.1144.2Japan8244268.20.958Nigeria2013446.40.8172NorthKorea150.763149.50.7209.9France140.73059.80.61218.6Total129465.1385338.785.3297.08
Note:(1)Source:China’sEconomicsandTradeYearbook(1997/1998).China’sEconomicsPublishingHouse.
(2)Totalnumberofenterprisesis1985;investmenttotalis451,793(unitUS$10,000).
Table2ApprovedFDIandcumulativeinvestment
ApprovedFDIYear
No.ofenterprises
CumulativeInvestment
AmountofNo.ofAmountofinvestmententerprisesinvestment(US$10,000)
199511919994.11882402378.8199610349414.21985451793
22269408.3——
Source:China’sEconomicsandTradeYearbook(1997/1998).China’sEconomicsPublishingHouse.
ThetwotablesappearinBiXiaolong,‘AsurveyofChina’soutwarddirectinvestment’,JingjiWentiTansu,No.7,2000,pp.67–71.
companies.Theprevalenceofjointventuresisduetoanumberoffactors,onebeingthereluctanceofcountries,especiallydevelopingcountries,topermitcompleteinvestmentcontrolbyforeigninterestsoverlocalenterprises.Inaddition,however,Chinesesourcesrefertotheundoubtedadvantagethatthejointventuremodeconfersonboththemanufacturingandserviceindustries.Thefirstrelatestoalackofinternationalexperience;theChineseareoftenunfamiliarwiththegovernmentpoliciesandcommerciallawsofhost
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countries,andpartnerscanprovidesuchintelligence,aswellasinformationrelatingtosupplyanddemandandlaboursources.Secondly,apartner’smarketreputationandcommercialchannelscanproveinvaluableandpoliticalriskcanbeavoided.Thereare,however,disadvantages,whetherinadevelopedorinadevelopingcountry;theobligationofeachpartnermayvaryandmethodsofmanagerialcontroldiffer,causingfriction.Moreover,long-termdevelopmentplansmaybeimpededbyvariantviewsconcerningthetimescaleofprofitabilityoftheenterprise.Theremayemergeaconflictofinterestconcerningprofitsharingandre-investmentratios.Differentlegalandaccountingsystemsmaybeencountered,withadverseeffectonfinancialagreementsandthedeploymentofcapital(ibid.).Nevertheless,Chinesecompanieshavetheirsuccessstories.OneprerequisiteforaChineseenterprisecontemplatingajointventureisacomparativetechnologicaladvantagesuchasthatpossessedbyChinaDotcomwhichlaunched24/7MediaKorea,anInternetadvertisingcompany,inpartnershipwithDawnCommunication,aSouthKoreanenterprise,inMay1999(SWB,2000).
ThealternativeisthecreationofwhollyownedChineseventures,eitherestablishedabinitioorthroughmergeroracquisition(Zhu,2000).Butwhilesuchventuresconfermanagementcontrolandhighlevelsofprofitforre-investment,initialcapitaloutlayandattendantrisksaregreat.Theestablish-mentofanabinitioenterprise,whollyownedorwithChineseshareholdingabove95%,istimeconsumingbutoffersfreedomofinitiativeonagreenfieldsite(Bi,2000).Incontrast,anindependentventurecreatedthroughmergeroracquisitioncapitalizesonapre-existingworkforce,previousmarketexperienceanddistributionchannels,bothdomesticallyandinternationally,butmaybehideboundbyentrenchedcorporateculture.Considerationsinvolvedintheacquisitionofforeignventuresinclude,importantly,technologicallevelsandproductlifecycles;thisparticularlyappliestoChineseinvestmentinadvancedcountrieslikeWesternEuropeandtheUnitedStates,sincemajorobjectivesaretocircumventtradebarriersandacquireup-to-dateproductiontechniques.Thecostofnecessaryrenovationofcurrentinstallationsisalsotobeconsidered(Nie,2000).
Infact,China’senterpriseshavebeenactiveinmergersandacquisitions.TheseincludeCapitalSteel’sacquisitionofacontrollingshareinaUnitedStates’companyin1988andpurchasebyaShenzhenglassfirmofanAmericanenterpriseinthatindustryin1993(Lei,2000).SuchinitialdevelopmentsinthecreationofmultinationalcompaniesmaybeseenasthefirststageoftheglobalizationofChinesebusiness,thepioneersinthatprocessbeingtechnologicallyadvancedenterprisesonChina’seasternseaboard.
TheforegoingparagraphshavefocusedonageneralsurveyofChina’sworldwideFDI,withcursoryreferencetohostcountries.Thissection,
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however,willconcludewithanexaminationofopportunitiesandchallengesfacingChineseinvestorsintwohostcountriestargetedbyChina’sgovernmentauthorities,BangladeshandTurkey.Asmentioned,tradingrelationsareaprecursorofFDI,andChinahasnowreachedastageofeconomicdevelopmentequivalenttothatwhichearlierimpelledJapanandSouthKoreatoengageinthecreationofmultinationals.Asindicatedabove,themainprerequisitesarethereceptivityofhostcountries,asindicatedbypreferentialtaxprovisionsaswellasmarketpotential,bothdomesticallyandglobally.BywayofinducementthegovernmentofBangladeshunveiledanIndustrialPolicyin1991,stressingamarketeconomy,forexample,intelecommunicationservices,havingin1980promulgatedaForeignPrivateInvestorsLaw.Concessionsincludedthefreedomtoestablishjointorwhollyownedventures,remissionofprofittothecountryoforiginandtaxholidaysforupto10years.Whiletherearedisadvantagesrelatingtoabackwardinfrastructureandlowmanagerialeffectiveness,economiccomplementaritybetweenthetwocountriesoffersundoubtedopportunities.WhileChina’sforeigntradeincreasinglyinvolvesthesaleoverseasofagrowingdiversityofhigh-techmanufactures,Bangladesh’sexportinitiatives,say,fromthefoodstuffandleatherindustries,areimpededbylow-qualityproductsandbackwardtechnologies.Thus,intheseandinthegarmentindustriestechnologicalrenovationisneededtoexpandproduction,bothquantitativelyandqualitatively.InthecontextofthecementindustryChina’sexportsmaybeboostedbytheprovisionofrawmaterialsforprocessingaswellasequipment.Moreover,insomesectorslikeconsumerelectronics,China’smarkets(especiallyinthesouth-easternprovinces)arealreadysaturated,andBangladeshoffersanalternativemarketthroughlocalproduction,exploitingChineseexpertise.Additionally,offshoreproductionexploitsBangladesh’sresourceslikenaturalgas,helpingtoalleviateChina’senergyshortages.
Finally,investmentinsuchindustriesasclothingwillenableChina’senterprisestobenefitnotonlyfromlocalbutEUandUnitedStatesmarkets,whereBangladesh-basedproducersenjoypreferentialtreatmentandexemptionfromquotas(Zhao,2000).
Similarly,inTurkeytheSoutheastAnatolianregionhasbeendesignatedanareafordevelopment,withcommunicationsystemsandbasicinfrastructuralfacilitiesbeingimprovedinordertoattractFDI.
Theobjectiveistomaketheregionlessdependentonagricultureandencourageindustry,andtothatendlocalgovernmentin1997establishedconsultancyservicesforinvestors.Richregionalresourcesincludeland,labourandrawmaterials,allconducivetothedevelopmentofprocessingindustries.Inaddition,therearereadylocalmarkets;only24%oflocalhouseholdshavewashingmachinesandmanystilldonotowntelevisions,refrigeratorsandtelephones.
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ForChina’smanufacturers,AnatoliawillreplacesaturatedmarketsinChina.Furthersectorsripeforinvestmentincludecottonspinning,foodprocessingandthewoollenindustry,whichrequireadvancedequipment,andthisalsofurnishesopportunitiesforChina’sexporters.Thereisalsodemandformachineryintheagriculturalsector.ApartfromthelargemarketsinTurkeyitself,long-termpotentialliesintheEU.HereoutwardFDIwillbenefitChinaontwocounts:firstly,avoidanceofrestrictionsplacedonChineseexportslikeclothingandothertextiles,madepossiblebyTurkey’sadmissiontotheEuropeanCustomsUnionin1996;and,secondly,entrytothemarketsintheEUitselfwillbefacilitatedafter2005when,forexample,TurkishagriculturalproductswillbeabletoaccessfreelyEUmarkets(Zang,2000).
ThissectionhasdiscussedtheprogressofChina’sFDItodate;thatfollowingfocusesontheconstraintswhichstillimpedeexploitationoftheopportunitiesoutlinedabove.
ConstraintsonChina’sOutwardFDI:CreatingaGovernment–BusinessPartnership
ChinaisnoexceptiontothegeneralrulethatnationalgovernmentsenterintoapartnershipwithbusinessintheeffectivepromotionofoutwardFDI.Inthiscontext,China’sacademicjournalswithanofficialimprimaturhaveemphasizedthatthereismuchtobelearnedfromJapaneseexperience,especiallyinviewofChina’sforthcomingaccessiontotheWTOwhichwilldemandpolicyconvergencewithotheradvancedeconomies.Todate,China’sgovernmenthasfailedtoestablishaviablelegalinfrastructureaswellasenactmacroeconomicmeasurestoensurethatoutwardFDIisco-ordinatedwithoverallnationaldevelopmentalpolicy.Thesearepre-conditionsforthesuccessfulglobalizationofbusinessandwillbediscussedunderanumberofheadings:approvalandinspection,financialandtaxationsystems,investmentprotection,reconnaissanceandintelligencefunctions,andbusinessinitiative.Itisonlysincethe1980s,throughtheongoingreformprocess,thatChina’sstateenterpriseshavebeensubjecttothedisciplineofmarketforces,andcommercialcompetitivenessisaprerequisiteofsuccessfuloutwardFDI.Inaddition,financingthroughshareholdingratherthanbanklendingisseenasahallmarkofamodernenterprisesystem.Itisonthebasisofsuchcriteriathatgovernmentmustperfectfurthertheapprovalandregistrationsystem,sothatmultinationalsmaybeestablished.Aninspectionnetwork,undertheeconomicandfinanceministriesandtheImport–ExportBank,mustberesponsibleforsuchdisciplinarymeasuresasthecancellationoflicences(OutwardProcessingTradeResearchGroup,2000).Akeyfactorinfinancingisthefreeingof
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foreignexchangecontrols,asindicatedbyJapaneseliberalizationmeasuresintheearly1970s,andJapan’sDevelopmentBankandExport–ImportBankweretoplayamajorroleinassistingFDI.Similarly,China’spolicyandcommercialbanksarebeinggivenresponsibilityforfundingmultinationalactivity,buttheremustbefurtherdevelopmentofdomesticcapitalmarketstoprovideeffectivesupportforChina’soutwardinvestors,forexample,throughpreferentialinterestratesonloans(YangandWu,2000).Inaddition,todate,China’scompanieshavehadtoremitprofitsinforeignexchangebacktoChina;liberalizationwouldpermitretentionoverseasforre-investment(Nie,2000).
Furtherfinancialincentivesarebeingproposedintheformoftaxexemptions,forinstance,inrelationtotheexportofequipment,rawmaterialsandintermediateproducts(YangandWu,2000).PreferentialtreatmentshouldalsobeaccordedtoimportedproductsderivedfromFDIinnaturalresources.Reductionoftaxburdensmayalsobeeffectedbydoubletaxationagreements;asoftheendof1999Chinahadsignedthesewith61countries,ofwhich53werealreadyeffectivein2000.Nevertheless,theseagreementswerewithonly39%ofthecountriesinwhichChinahadFDI(OutwardProcessingTradeResearchGroup,2000).
Thus,governmentfinancialandfiscalpoliciesplayamajorroleintheestablishmentofoutwardFDI,butChina’scompanies,especiallyinvestorsindevelopingcountries,fearbothcommercialandpoliticalrisk(Wu,2000).Currently,itisassertedthatChina’sPeople’sInsuranceCompany,subjecttoofficialguidance,isresponsibleformattersarisingfromcommercialorcapitalhazardwhilegovernmentorgansevaluatepoliticalrisk.BothfunctionsarecrucialforFDIexpansion.Onceagain,actionatanationallevelhasfallenshortofneed;asoftheendof1999Chinahadsigned88doubleinvestmentprotectionagreements,whichwerereciprocal,butthisrepresentedonly55%ofthecountriesinwhichChinahadFDI(OutwardProcessingTradeResearchGroup,2000).
Finally,theroleofgovernmentisparamountinthegatheringofintelligenceconcerningcommercialinvestmentopportunities.Immediatelylackingaregovernment-fundedconsultancyservices,sinceitmaybebeyondthecapacityofindividualcompaniestoengageinextensivereconnaissanceofanumberofpotentialhoststates.Developedcountries,particularlyJapan,havelongspecializedinprovidingsuchinformation;centresforthisarefrequentlyconcentratedinnationalembassies.China’sintelligencegatheringanditsdisseminationtocompanies,crucialfortheglobalizationofbusiness,iswoefullyinadequatewhencompared,forexample,withthatoftheUnitedStates(Bi,2000;Nie,2000).
Thus,ultimatelyonlygovernmentmacroeconomicpoliciesandinitiativecansupplythepreconditionsforsuccessfuloutwardFDIandtheconcomitant
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globalizationprocess.Moreover,therestructuringofstateenterprises,replacingthecontrolsystemsofministrieswithmoresophisticatedfiscalandmonetaryinstruments,isconducivetothecreationofmultinationalenterprises.
Insuchanemergingenvironment,Chineseenterprisemanagersmustthemselvespromoteglobalinitiatives.Apartfrombeingimpededbycapitalshortagesandbackwardtechnology,China’sFDIhasalsobeenhamperedbythelackofqualitymanagement.Underthecommandeconomytherewasaseller’smarketandstateenterprisedirectorsdidnotfacecompetition;thismindset,onlyslowlyerodedsincereform,isnotconducivetostrategicglobalthinking.Chinesesources,criticalofcurrentmanagerialpractices,stressthesecondmentofpersonnelfortraining,whetherinforeignlanguages,marketing,technologyorhumanresources.Especially,mustmanagerialandgeneralpersonalcompetenceenhanceunderstandingofforeigncorporateculturesothatclashesoverstrategicobjectivesinjointventuresbeavoided.Successfulmergersandacquisitions,particularly,requireknowledgeoftargetcompanies,personnelmanagementsystemsandmarketpositioning.Learningis,ofcourse,atwo-wayprocess,andlocalization,especiallyinhumanresourceareas,couldeventuallyleadtoahybridsystemofmanagement,whererespectivepartnerscontributetheirownmanagerialpractices,asisbecomingthecasewithSino-foreignventuresinChinaitself.Asyet,however,theglobalizationofChina’scompaniesisstillinhibitedbylegal,financial,fiscal,intelligenceandhumanresourceconstraints,barrierswhichcanbestberemovedbyrecoursetoactionbygovernmentandbusinessinpartnership(Hu,2000;Lei,2000;Nie,2000).
SummaryandConclusions
GlobalizationistheoutcomeofChina’sopen-doorpolicyinitiatedin1978.Thelatter,effectingatransitionfromacommandtoamarketeconomy,wasaradicaldeparturefrompreviousnationalpoliciesofself-relianceandautarchy,andassuchhadtobejustifiedinideologicalterms.Thus,globalizationisseenasnotsupersedingChina’sinterestbutasameanstoprojectnationalpower.
China’soutwardFDIisunderstoodwithinanEastAsianperspectiveandprecededbyanumberofdevelopmentalstages,importing,producingandexporting,aprocessreflectedinthepost-warexperienceofJapanandSouthKorea.WhilethetimescaleofChina’sFDIhasnecessarilydifferedfromthatofitsregionalcounterparts,ithasbeensimilarlymotivatedbysuchfactorsasrisinglabourcosts,saturateddomesticmarkets,aquestforoverseasnaturalresourcesandtheneedtocircumventprotectionisttradebarriers.China’sFDImayadditionallybestimulatedintheeventofWTOmembershipwhichcould
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facilitateparticipationbyothercountriesinChina’sdomesticmanufacturingandservicemarkets.
Beginninginthe1980s,China’sFDIhadbythelate1990scometobedistributedin160countriesandterritoriesthroughadiversityofsectorsrangingoverresourcesextraction,processing,assembly,manufacturing,tourismandtradingservices.
Significantly,85%oftheinvestedamountwasconcentratedin17states.Thetrendistowardsincreasinginvestmentinmanufacturing;therearealreadysuccessstories,likethatofHaier,fromthecoastalcityofQingdao,inconsumerelectronics.Acharacteristicfeature,however,isthesmallsizeofenterprises,whichoftenformpartofjointventures,especiallyindevelopingcountries,giventhehoststate’ssensitivityconcerningforeigneconomicexploitation.TheChinasidemayneverthelesstherebybenefitfromapartner’smarketintelligence,commercialchannelsandhostgovernmentconnections,therebyreducingpoliticalrisk.Butrecentlymergersandacquisitionshavebeenusedtopenetratehostcountrymarkets.
Apre-conditionofsuccessisthereceptivityofhostgovernmentstoFDI;inthecaseofBangladeshandTurkeydevelopmentalprioritiesandstate-runconsultancyservicesarecitedasevidenceofopportunitiesinlocalandthirdcountrymarkets.
Currently,however,therearelimitationstotheglobalizationofChinesecompanies.Governmenthasyettoestablishacrediblelegalinfrastructureintheformoffiscalandfinancialinstrumentsandinsuranceservices.Thereisneedforfurthernationaldoubletaxationagreements.Companies,too,havearesponsibilitytoimprovethequalityofmanagementthroughtraininginareaslikehumanresources,marketingandforeignlanguages.DevelopedcountrieshavelongestablishedmechanismsforoutwardFDIasanintegralpartofeconomicstrategy.
Thus,theglobalizationstrategiesofChina’scompanieswillonlyberealizedthroughaclosepartnershipwithgovernment.References
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