国际经济与贸易学院知识库

中国经济已迈入高质量发展阶段，实现国际分工地位的攀升势在必行，但发 达国家所主导的全球价值链将发展中国家锁定在价值链低端。中国要想实现产业 转型升级、经济高质量发展这两大目标就不能单纯依靠全球、国内价值链的发展 思路，必须构建自己主导的区域价值链，通过区域价值链地位的升级更好参与到 国际分工中去。研究发现对外直接投资是中国影响世界、提升其区域价值链地位 的重要手段。自2013年“一带一路”倡议以来，秉承“共商共建共享”的理念， 中国对“一带一路”沿线国家直接投资总额逐年攀升，其中，基础设施一直是投 资的最主要领域，投资额已达到同期投资总额的3/5。考虑到中国与沿线国家具 有天然的地理位置优势，且产业互补性大于竞争性，尤其是中国国内巨大的产能 及其积累的投融资保障和技术优势刚好可以满足“一带一路”国家的基建刚需， 因此在“一带一路”倡议推进过程中，通过基础设施对外投资打造以中国为主导 的区域价值链越来越具有现实意义和可操作性。 本文在梳理研究文献和理论的基础上，归纳出基础设施投资通过降低贸易成 本、获取自然资源和技术人力资本流动三条路径影响区域价值链地位，并对中国 在“一带一路”区域中基础设施投资和价值链地位的现状进行阐述。基于增加值 贸易核算方法，利用ADB-MRIO2022中的投入产出表测算了中国在“一带一路” 区域价值链中的地位指数，并进一步通过实证研判中国对“一带一路”沿线国家 基础设施投资和中国在“一带一路”区域价值链中地位的关系，得出如下结论： 首先，通过基准回归发现中国对“一带一路”沿线国家的基础设施投资可以 显著提升其在该区域价值链中的地位，且“一带一路”倡议后的显著性明显优于 倡议提出之前。其次，通过投资地区、东道国和投资行业三种异质性分析发现， 对中东欧、东北亚、东南亚和南亚区域国家的投资，投向高风险和基础设施优良 东道国的基础设施以及新型基础设施投资均可以显著提升中国“一带一路”区域 价值链地位。最后拓展分析发现中国基础设施投资可以促进其在“一带一路”区 域价值链中的前向参与度指数，抑制后向参与度指数。 基于以上研究结论，本文认为中国应该积极主动融入“一带一路”区域价值 链，通过对外基础设施投资加强与沿线国家的价值链联系，促进技术创新和产业升级，提升自身在区域价值链中的地位，助力经济高质量发展。进而本文提出相 关的对策建议：第一，进一步发挥对外基础设施投资提升区域价值链地位的作用； 第二，持续推进对外基础设施投资的多元化改革；第三，利用新型基础设施投资 化解基建国际挑战；第四，依托“一带一路”倡议深化高水平对外开放。

The Chinese economy has entered the stage of high-quality development, and it is imperative to achieve the rise of the international division of labor. However, the global value chain dominated by developed countries locks the non-developed countries at the low end of the value chain. If China wants to achieve the two goals of industrial transformation and upgrading and high-quality economic development, it cannot rely solely on the development ideas of global and domestic value chains. It must build its own dominant regional value chain and better participate in the international division of labor through the upgrading of regional value chain status. It is found that foreign direct investment is an important way for China to influence the world and enhance its regional value chain status. Since the Belt and Road Initiative in 2013, adhering to the concept of "extensive consultation, joint contribution and shared benefit", China's total direct investment in countries along the Belt and Road has been increasing year by year. Among them, infrastructure has always been the most important area of investment, and the investment amount has reached 3/5 of the total investment in the same period. Considering the natural geographical advantages of China and other countries along the Belt and Road, and the industrial complementarity is greater than competitiveness, especially China's domestic huge production capacity and its accumulated investment and financingguarantee and technological advantages can just meet the rigid infrastructure needs of countries along the Belt and Road. Therefore, it is believed that in the process of promoting the Belt and Road Initiative, it is becoming more and more realistic and operable to invest in infrastructure to build a regional value chain dominated by China. On the basis of combing research literature and theories, this paper summarizes that infrastructure investment affects the status of regional value chain by reducing trade costs, acquiring natural resources and technological human capital flows, and expounds the status quo of China's infrastructure investment and value chain status in the Belt and Road region. Based on the value-added trade accounting method, the input-output table in ADB-MRIO2022 is used to measure China's status index in the Belt and Road regional value chain, and further empirically judges the relationship between China's infrastructure investment in the countries along the Belt and Road and China's regional value status in the Belt and Road region.And this paper draws the following conclusions. First of all, through benchmark regression, it is found that China's infrastructure investment in countries along the Belt and Road can significantly enhance its status in the regional value chain. And the significance after the Belt and Road Initiative is obviously better than that before the initiative was put forward.Secondly, through the heterogeneous analysis of investment regions, host countries and investment industries, it is found that investment in countries in Central and Eastern Europe, Northeast Asia, Southeast Asia and South Asia, infrastructure investment in high-risk and well-infrastructure host countries as well as the new infrastructure investment can significantly enhance China's value chain status in the Belt and Road region. Finally, the expansion analysis finds that China's infrastructure investment can promote its forward participation index in the Belt and Road regional value chain and suppress the backward participation index. Based on the above research conclusions, this paper believes that China should actively integrate into the the Belt and Road regional value chain, strengthen the value chain links with countries along the route through foreign infrastructure investment, promote technological innovation and industrial upgrading, improve its status in the regional value chain, so as to achieve high-quality economic development. Furthermore, this paper proposes relevant countermeasures and suggestions. First, give further play to the role of foreign infrastructure investment in enhancing the status of regional value chains; Second, continue to promote the diversified reform of foreign infrastructure investment; Third, use new infrastructure investment to solve the international challenges in infrastructure construction; Fourth, use the Belt and Road Initiative to deepen high-level opening up.