Opportunities and Risks of FDI in China - Dissertation Example

?Opportunities and risks of FDI in China Table of Content ………………………………………………………………………………………...2 Introduction……………………………………………………………………..…………………3 Research Questions……………………………………………………………….….……………4 Critical Literature Review…………………………………………................................................4 Research Methodology……………………....................................................................................9 Data Analysis…………………………………………………………………............................11 Discussions……………………………………………………....................................................15 Conclusions…………………………………………………………………………..….……….16 Recommendations…………………………………………………………………….………….17 Bibliography………………………………………………………………………….………….19 Appendices………………………………………………………………………………….……22 Abstract Over the last twenty years or so, Foreign Direct Investment in China has been successful. It started with a base of approximately nineteen million dollars in 1990 and by 1999; the stock of FDI had risen to three hundred billion dollars. China is the leading country among all developing countries in terms of FDI stock. Its FDI consists of Greenfield investment. Initially, the stock of FDI in China originated from Asia among other parts of the developing world. FDI has varying meanings when it comes to its application in different social and political grounds. For instance, in china, the notion of FDI has positive and negatives impacts depending on geographical locations of individuals, cultural beliefs and area of operation (private or public sector). Since 1980s, China has been grouped among the countries that have been able to reap the benefits of FDI. For instance, in the past two decades or so, China’s economic growth rate has been increasing as the economy tries to move from the command economy to a market-based economy. This growth rate has been made possible by trade liberalization that has been ongoing across the globe. Introduction China is a Middle East country that has undergone a rapid economic growth rate in the recent past. In the past decade the economy has been experiencing a positive economic growth rate estimated at 12%. In conjunction with the economic growth rate, the government has decided to engage itself in numerous developmental activities for instance, infrastructure building, development of the financial sector, and technological advancement. The rate of growth has so far been stable and it is expected to remain the same in the foreseeable future. China has not been left behind in terms of FDI and it is actually among the countries in the world that have managed to keep pace with the changes in the global world. However, Foreign Direct Investment (FDI) is a concept and a phenomenon that has gone beyond economies boundaries to encompass socio-cultural and political aspects. According to Fiss and Hirsch (2005), FDI in Chinese context means, “the emergence of capitalism, democratization, or globalization is marked by discursive struggles over their social and cultural impacts, and the outcome of these struggles may facilitate or impede the transformation’s widespread acceptance” p29. There are several research studies that have been conducted on FDI in china but very little have been done on the opportunities and risks experienced by FDI in the Chinese economy. The research activities have mainly focused on the stocks of FDI in general and have not actually done much in relation to how this is affected by the social and economic stability in China. In order to fill the gap, this research study intends to thoroughly examine how FDI have been performing in Chin as it looks at some of the opportunities and risks experienced by foreign investors as well as the benefits to China as a result of FDI. This paper looks at the literature review, research methodology, analysis the studied data, gives discussions and conclusions of the problem and concludes by giving recommendations on the way forward. Research questions The research questions that will guide the study process are: 1. How does TNCs influence the economy of China? 2. What are the opportunities and risks experienced by foreign investors? 3. What is the impact of FDI on the Chinese economy? Literature review TNCs engage in FDI and the production of goods in different countries. Their influence on global trade is experienced in many countries including china. TNCs exert a lot of pleasure to countries where their operations are located. In the last few decades, china’s economy has to a great extent been influenced by the TNCs. They hold the biggest share of FDI is china and they are still growing. TNCs are attracted to the Chinese market because China has developed infrastructure and financial institutions. It is one of the countries in the world which have been experiencing an increasing growth rate. Moreover, china has a wide variety of natural resources and raw materials which makes production easy. These TNCs have had a positive impact on the Chinese economy; having held the largest number of FDI in the country, they have contributed to the growth of Chinese economy. However, all the impacts have not been positive as they have to a great extent had a negative impact on the economy. The TNCs are big enterprises and are able to produce in large quantities without any hindrances. Moreover, they operate in many countries making it easy for them to expand. They have led to crowding out of Chinese infant industries. At times, they produce goods of high quality than those produced by the infant industries attracting a large number of customers. Most of the Chinese prefer such goods because they guarantee them of quality. This has led to increased competition for the local industries and some of them have closed business. The opportunities that attract FDI in China are connected to the highly modern developed infrastructures and financial institutions. The systems are advanced so well that asses to the country from any corner of the world is highly enhanced, the airports, the sea port, and internal transport are well managed and assessable. The communication network within and without is of high-technology. This is an asset to foreign investors since it reduces the cost of doing business; on the other hand the international market is enhanced at all lengths. On top of that, China has a well developed financial sector with the privatized and government participation. The banks are stable enough to sustain the growing economy. Micro finance institutions have emerged in the country giving support to the small scale traders who are distributed all over the country. Insurance companies are also a backbone of investment sector of an economy and China is not left behind. The insurance companies are stable enough and can handle big losses without going under. At the same time, there are reinvestment insurance companies in the country which help in maintaining stability even further. The banking sector has enabled firms to get loans at favourable rates. The insurance and the banking sectors thus have both a direct and indirect effect. An example of a direct effect is the improvement on efficiency of these institutions and from an indirect effect empowerment of other sectors that trickle down to any business venture. China has the biggest population in the world. According to China Statistic Bureau (controlled by the government), the population stands at approximately 1.3 billion (Peng and Guo, 2009: p.80). Thus, there is availability of cheap labour. The labour market takes two angles the highly skilled and the low skilled people. For FDI, the skilled and experienced are of great help and the semi-skilled can be deployed for manual work. The population according to Greenhalgh and Asrhed (2005) started to grow in large numbers in early 1950 and they note that “large scale state intervention in woman’s reproduction health begun in early 1950’s with the campaigns to improve the sanitation, spread knowledge of reproductive psychology, and create modern mid wifely practices” (P.338). The higher population is available for cheap labour; most of the FDI operations are labour intensive and thus the availability of the cheap labour is of great concern. The high population provides a good market for FDIs. The growth rate of the economy of China has for the last three decades, remained on a positive note. There have even been some rates recorded as high as 12%. This is an element to show the strength of the economy as well as it gives FDIs the hope of continuity in the market (Fan &Chan-Kang 2005). This growth has enabled China to be seen as the emerging world economy. The rate of growth is another indicator of a stable political environment that encourages local and international investors to invest. Economic growth means that the living standard of the country is going to rise, implying that there will be more and more customers for the goods produced by the FDIs. China has experienced a change in lifestyle to afford the least expensive model or increased incomes that make existing customer go for the more prestigious brands. Due to the influx of customers from all over the world, the prices in China can be relatively termed to be higher than the other parts of the world. The higher demand also facilitates selling in bulks thus enjoying the benefits of economies of scale. This means foreign investors are able enjoy a better margin than anywhere else. With quality, it is very easy to beat the competitors and bargain for better terms. There are direct incentives given by the government once an enterprise invests in the country. Some of the incentives are direct for example taxes and others are given for the purpose of facilitating trade. The taxes that have been reduced include, corporation taxes, value added taxes as well as customs. An example to portray the above incentive is the Corporation tax of 15% that is subsidized from the general rate of 30% when an investment is done in the Special Economic Zones at the southern part of the country (Tax Rates around the World). For instance getting a visa and business permit to China is one of the simplest ways. No restrictions and thus trade is highly advantaged. This is of great assistance to foreign investors. More so other than the initial investment incentives, there are tax holidays when expanding. Easson (2004) notes that “China is another country that provides tax holidays for business expansion; the new tax holiday applies only to the income derived from the expansion.” (P136). However, there is a growing perception, of late, that the quality of Chinese goods is questionable. This may be true because some companies are not maintaining the quality so required. This may be because the industries are so many that the government is not able to keep the quality at all times. This is likely to have a negative effect not only to the economy of China, but also to the countries that are trading with it or those that that are considering trading with China. To ensure that this does not have a negative impact on FDI a quality policy should be thought of before starting up a business. It is easy to keep in business always if the brand name is attractive and it is protected. Due to the high population there are social evils in the country that can influence the decision negatively. However, the government has continued to assure that security will be boosted. It has invested in modern security systems to boost the security systems. It is almost impracticable to perk up the whole region’s attractiveness for FDI at the same time. The struggle against corruption constitutes a significant element in local governments’ strategies to catch the attention of foreign investors. It is a well-known reality that the spread of misdemeanour and corruption has a downbeat impact of FDI inflows in china, because they do not only augment the investment menace, but also affect taxes on FDI operations. However, if the government takes on strategies aimed at curbing corruption then the region’s attractiveness for FDI may increase. The collapse of numerous FDI projects caused by the inability of expatriates to settle down well in the host country and come to terms with the foreign environment, places an interest on important factors of FDI attraction. Nowadays a number of western enterprises face the predicament that they might find personnel willing to move for two to five years to the essential or even western regions. Local governments’ ability to construct an attractive environment to skilful labour increases the likelihood of their region to catch the attention of FDI. It remains doubtful in how far promotional actions like tax breaks and tax exemptions established for foreign investors are a favourable means to motivate FDI inflows. Not only is their effect on the location choice of a multinational enterprise only marginal, but they may also be counterproductive. In so far as tax breaks and tax exclusions leave the local governments with insufficient means for road and rail network construction and the fight against misdemeanour and corruption in the local microenvironment remains in a sub-optimal state (Sassen 1996). The enhancement of attractive qualities is not sufficient in attracting considerable amounts of FDI. The localities’ activities to exert a pull on FDI are not demeanoured in the perspective of a seller’s market, but to a certain extent a buyer’s market. Thus it is significant that local governments not only undyingly develop on their good “location” but take measures to exert a pull on the attention of prospective investors as well. Once FDI has been attracted to a region, the localities should endeavour for repeat investments. By means of a down to business recognition and contentment of the business development requirements by investors long-term win/win strategies to the advantage of the FDIs and the vicinity may be shaped and the possible closures of local FDIs be minimised. The pull of FDI is more often than not a very difficult undertaking. But even this can only be a first step as at the same time it has to be made sure that China really benefit from the inflowing FDI.FDI inflows do not automatically benefit the host regions. Their possible positive expansion and growth fancies to the host regions have rather to be vigorously investigated by the regions. One of the major structural shortcomings of China not only making it little striking for FDI but also critically slowing down its ability to profit from essentially realised FDI inflows, is the inadequate availability and production procedures. Regions, which have been triumphant in attracting FDI at an early stage of the Chinese restructuring era, have consequently not only been able to redirect human capital from other regions, but have also kicked off an agglomeration process which strengthens their competitive position. Appendix 1 shows the FDI in china in 2010. The level of FDI have been rising and falling throughout the year with the highest rate (14.03%) recorded in December Another disadvantage of FDI to Chinese economy is that, it may lead to crowding out of local investment and recognized local enterprises, in that way reducing the constructive effects of FDI to the Chinese economy. Such an unfavourable effect may result from a patchy playing field, discriminating against the local enterprise sector, as FDI may be advantaged in accessing global factor and goods markets. It may also be the consequence of disparities in the stages of growth local and foreign enterprises are in. Potentially aggressive local industries might be incapable of existing to an FDI as they are forced to struggle at a point in time when they are basically not fit to do so. Crowding out of such infant industries would be thriftily detrimental and may become a topic of economic policy measures. Research Methodology Based on my research hypothesis, quantitative research methods were used. This is a search method that is common in social sciences and market research. It is aimed at giving the researcher a deeper understanding of how different people behave and the reasons towards their behaviour. It is a research method that helps the researcher to explore why and how a certain social phenomenon occurs and not just where or when it occurs (Saunders, L. &Thornhill 2007). This research study utilized the use of secondary data because there was limited time to conduct primary data. These sources were used to give the researcher a wide range of information about the Chinese economy and how it affects the development of FDI. Readings were focused on those issues that influence development of FDI, influence of the government and organizations that are involved in investment. Historical data from published sources were also used get a wide range of information. Obtaining what has been done regarding Chinese developments offers a good background in data analysis. The website was also used to give current trends of the problem which helped in connecting the past, present, and the future for a better analysis. Taking into consideration the research hypothesis, different data collection methods were used (Collis & Hussey 2009). Beside the use of articles, books, journals and reports and documents and materials were analyzed. There are certain documents and articles that have been written in relation to FDI in china in these areas. They were referred to as a guideline to carry out my field study. This research also involved deductive reasoning. This is a systematic method of obtaining knowledge where one proceeds from a general point of view to a specific analysis. The researcher starts from the known to explain the unknown. In this case, the researcher comes from the known point that there has been an increased need to understand Chinese economy and what the research wants to know is how this influences FDI development in China. The methodology allows for the use of secondary methods of data collection; this gives an in-depth analysis of the factors underlying the research for quality analysis. Deductive reasoning methodology offers the researcher a chance to realize the other areas within the subject that needs further study. Then major limitation of this study was the use of secondary data which was sometimes problematic. First because of data limitation the study was not able to compare the contributions of FDI by different investors to productivity or economic growth in China. In many cases, FDI from different groups of countries contains different levels of technology and would have different impacts on economic development (Sharma 2009). However, the existing data are very aggregate and it is impossible to find out the information on the origin of foreign investors and their corresponding activities at the regional or industrial level. Thus the study had to examine the effects of foreign-invested firms as a whole, whether they come from Germany, Japan, or other developed countries. Data Analysis To analysis data collected in the most effective way, a thematic analysis procedure was used. Using this method I was able to compare and contrast data from homogenous sources and I continued with the process until I was confident that no new issues emerge. After developing a general idea from the data, the next, method was to fully analyze the data will be contents method; following the following steps; a) Data Understanding This involved going through the data collected again and getting the general flow of the data. Various tools used in early development were understood and the follow of data grasped. b) Taking a focus At this stage with the data collected in mind, I reviewed the aim of the research and choose the data that is consistent with research aim and objectives. Irrelevant data and extreme ends data were set aside. c) Coding the data At this stage data with the same theme and which have same meaning were categorized together. Reading and re-reading of data is crucial at this stage to get an in-depth understanding of the data. d) Identify connections and patterns in codes At this point critical thinking was used to derive meaning of the data and pattern. A relationship of data was then derived. After the data had been coded and relationships developed, a conclusion which involves writing a guide on measures that can be implemented to ensure that China derives maximum benefits from FDI. China in its position as a world trade area has embarked on becoming a political neutral country and so far there is no country in the world that cannot trade with it on political grounds. During elections, democracy is highly adhered to and has a smooth power transition. The government policies are geared towards developing a good working environment in the entire country. The political situation of the country is thus favourable for business (Witzell & Lee 1990). .Alongside the economic growth rate the government is engaging in numerous developmental process which include infrastructure building and technological advancement .the rate of taxation in the country is one of the lowest standing at 25% corporation rate (Wu, 2006). The rate has so far being stable and it is expected to remain the same in the foreseeable future. With this rate of growth and economic situation the foreign investors are likely to enjoy in the short and long term. The economic crisis that hit the entire world in end of 2007 proved a lot about China, it has been described as the only country that was able to record a sensible economic growth rate this illustrate the stability of Chinese economy, a good feature in any business venture. Also, the western countries have a share in the Chinese market. Among the strategies that China has employed to attain this world economic command is the incentives they give to the key players in the country. According to Gsene (2002),”The outside world has an impact for change in China” (P.34). This statement emphasizes the move that china has taken to improve the economic situation of the country. It has realized that, to be successful it involves doing something extra and China has done it. Getting a visa and business permit to china is one of the simplest ways. No restrictions and thus trade is highly advantaged (Kilgrer 2009). The attitude that the Chinese people have adopted is the attitude that embraces change and they have no ill heart for foreigners. They are willing to trade with anyone. There is an artificial social setting that is set by the numerous traders in the country. This has created an environment that all players are at the same level. There are no threats as far as the social environment is concerned. China is one of the technologically developed countries in the world. The technology is not stagnant and the country is willing to develop and adopt new and better technologies. With advancement in the level of technology, the cost of production has reduced and thus better profit margins. The competitiveness of the FDI is enhanced by the use of efficient technologies. China is among the countries in the world that have the most advanced technology. This is through innovations that the Chinese people have embraced as well as importation of technology from other countries (Reuvid & Li 2005). FDI in China has certain features. A big part of the FDI has been made by Chinese in overseas countries (Kundra 2009). The noteworthy and upbeat relationship between comparative borrowing costs and inward FDI in China replicates the reality that the leading type of FDI takes the form of combined ventures where Chinese partners also need to make economic assistance (Randall 2007). This dares the conservative wisdom that envisages a constructive association between FDI and host country borrowing costs. Appendix 1 shows the amount of FDI used in China by industry in 2009. FDI has played a positive role in China’s economic development. The evidence from china’s electronics industry indicates that FDI is positively associated with labour productivity in the Chinese electronic industry (Hutrerd 2004). At the national level, FDI inflows are positively influenced by China’s relative market size and economic integration represented by real exports and imports, and negatively determined by China’s relative wage rates, country risk, and cultural differences and borrowing costs. Through the above analysis, it is clear that, China is a viable country for any investor to consider venturing into it. It has a strong economic position and also the political situation is stable (Wu 2006). China is slowly portraying itself as the world economic driver; this means that each and every country, individuals and companies are considering China as the trade partner, a thing that has boosted the economy of the country. The fact that each country is willing to trade with it has set the country in a pace, now heading to be a political neutral country. As nations get more confident in the country, the more they will be willing to trade with China and thus the market stands to gain. This has a positive effect on the business since the product will not be depending on local market alone but the entire world. China has come up as a bargaining market where traders interact in an open market Discussions China’s success is one of the most significant developments of contemporary history, but being predictive from current growth to Chinese global supremacy or threats to the way of life is just incorrect. Contrasting to the old Soviet Union, reformist China does not try to change any other country’s way of life. Its financial system faces world history’s most rigorous amalgamation of banking, urbanization and employment disputes and by 2020 an expected demographic constrict that will have few workers caring for a big number of dependents. The best upshot would be a China that is sooner or later be like Japan, affluent, winning in some sectors, and losing in others. Signs that China is making rapid progress is quite evident and should be embraced warmly (Appadurai 1996). For over two centuries Chinese had tried a variety of ways including socialism, entrepreneurship, republic, religious fundamentalism, among others which did not seem to work. Hostility was so relentless that, along with scholars, much of the country accepted that the world economic and political order, and the Chinese economic and political order, were so hoarded against them that any path to success had to start with destruction of the existing order. It is clear that, China can be considered as one of the countries that have managed to reap most of the benefits that come with globalization. China is strategically placed in the world market and thus access from all the corners of the world is easy. The country has a deep coastline that has enabled sea transportation (ILO 2004). This easy access is a major boost to the international business. There are increased numbers of aircraft companies from all over the world that are entering the cargo and passenger business to the country with directs freights. This stands to have a positive effect on FDI as access to market and getting raw materials from all over the country is easy and cheap. It is true that china is one of the countries in the world that still observe its cultural practices but this has not deterred it from developing. The country encourages foreign investors because they do not only play a big part in the country’s economy, but also the country earns revenue from these investors. Over the last two decades, FDI in china has increased significantly and it is expected to increase further in the recent few (Stiglitz 2003). The Chinese people have taken advantage of the innovations brought about by these foreign investors to develop their art of work to ensure that it meets the current need of the current global world. Conclusion Recent data suggest that, since 1990, FDI in china has been growing rapidly and this is owned to globalization. As soon as China was able to accept globalization, its economy has grown substantially than any other country in the world. Chinese people are believed to be good hearted who appreciate foreigners. Many foreigners have been attracted by this aspect together with the developed infrastructure and technology in china. China is slowly portraying itself as the world economic driver; this means that each and every country, individuals and companies are considering China as the trade partner, a thing that has boosted the economy of the country. The fact that each country is willing to trade with it has set the country in a pace, now heading to be a political neutral country. As nations get more confident in the country, the more they will be willing to trade with China and thus the market stands to gain. This has a positive effect on the business since the product will not be depending on local market alone but the entire world. China has come up as a bargaining market where traders interact in an open market. It would be true to say that; China has benefited the most from economic FDI out of all the developing countries. This has only been possible because of FDI. Chinese economic performance is associated with the use of liberalization in the context of globalization. Part of the economic success is improved standards of living among the workers which has been rapid. Chinese economy has actually grown more rapidly than Japan although this has resulted into stressful adjustments. For instance, enterprise employment has reduced by 44 million, while 25 million jobs have been lost in the manufacturing sector. This project was not able to do a further research because of the limitation of time and outdated secondary data. Most of the data available is not up to date and hence this research project was not able to make a clear conclusion. Future research projects should utilize the use of primary data in order to get first hand information on whether cultural practices in china affect the growth and development of FDI. Recommendations There are some areas in china that have not been able to develop because of the perspective held by the Chinese about the western values. Some of these people are deeply rooted to their culture which does not accept western values. The Chinese government has to duty to enlighten this people if the country is to grow in all areas. Countries can not rely entirely on domestic investment for them to grow economically. There is need to incorporate the foreign sectors in order to increase the level of creativity, innovations, and even capital base. The world can become a global village and many people meet through globalization to share ideas, products, and even cultures. Foreign direct investment is one of the ways of ensuring that a country does not lag behind in terms of development. In today’s world, many products, ranging from electronics to domestics are imported from China. High technology assist in efficiency and reduction in the cost of production; this means that a business in China is more likely to produce quality and quantity at a very low price compared to other places in the world (Denis-Fred, 2003). China has also embarked on improving the technologies of other countries to suit its system. This is an advantage to foreign investors. In this respect, future research projects should focus in addressing the risks that FDI have on the Chinese economy. More time and money should be dedicated to future projects because besides consuming a lot of time, it is an expensive process that requires a lot of funds. Reference List Appadurai, A., 1996, Modernity at large: Cultural dimensions of globalization. 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New York, Edward Elgar publishing Appendices Appendix 1 From: http://www.france24.com/en/20110118-foreign-investment-china-hits-record-2010 Appendix 2 Below is the chart of total amount of foreign direct investment (FDI) used in China by industry / sector for the year 2009: (from: http://www.starmass.com/china_review/foreign_investment/FDI_used_by_industry.htm) Appendix 2 (From: http://www.google.co.ke/imgres?imgurl=http://india-reports.in/files/2010/01/India-and-Chinese-FDI.jpg&imgrefurl=http://india-reports.in/transitions/dynamics-of-india-viz-a-viz-china-diasporic-investment/&usg=__rI682Wkpjx0EUs72B0wkaGbB7aQ=&h=299&w=375&sz=46&hl=en&start=1&zoom=1&um=1&itbs=1&tbnid=ntRmGAxg2A0toM:&tbnh=97&tbnw=122&prev=/search%3Fq%3Dchinese%2Band%2Bindian%2BFDI%26um%3D1%26hl%3Den%26biw%3D994%26bih%3D636%26tbm%3Disch&ei=OTfFTciPOcmF-wbW0cnXAQ) Read More