중국식 국가자본주의와 해외직접투자

초록

This paper investigates the Chinese outward direct investment (ODI) through the lens of the Chinese style state capitalism. The central State-owned enterprises (SOEs, yangqi), which is affiliated with and controlled by the powerful institutional apparatus, State Assets Supervision and Administration Commission (SASAC), and the centrally controlled financial institutions such as the China Investment Corporation (CIC), the Central Huijin Investment, and the big state-owned commercial banks form the core policy instruments of the Chinese style state capitalism. The core policy instruments are controlled by the Communist Party through the right of personnel management given to the organization department of the Party. We find that the Chinese ODI has been dominated by the central SOEs, although the share of the central SOEs’ ODI has recently been decreased. If we include both the ODI of the centrally controlled financial institutions and the local SOEs into the central SOEs' together, the share of the ODI attributable to the state units accounts for two-third of the total Chinese ODI. The behavior of the central SOEs related to the Chinese ODI has been driven by the resource-seeking motivation. The Chinese style ODI, which reflects the party-state system of China and rests heavily on the state units such as the central SOEs and the centrally controlled financial institutions, could have aggravated the monopolistic or oligopolistic structure of industry and financial sectors which are dominated already by the state units. As long as China maintain and sustain the existing system of the party-state system in which the party-state and the state units work together as one, the Chinese style ODI pattern could not be changed in the near future.

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