中國大陸自從一九七八年進行改革開放後,外國直接投資(FDI)在其經濟發展中,便扮演著重要的角色。本文先就文獻中對FDI產生的原因、利用外資在經濟發展過程中的必要性、及可能產生的效應作一說明,並認為利用外資並非經濟發展的充份條件,還必須加上其他因素(如產業政策、外資政策等)的配合,才能對東道國產生助益。本文乃以中國大陸為例,討論FDI與其經濟發展的互動,發現外資對大陸的經濟發展,在資本累積、進出口貿易、就業率的提高及制度示範效果等方面,均有著正面的貢獻,但在技術轉移方面則仍有待加強。外資的進入,亦帶來了相關的問題,諸如通膨壓力、逃漏稅與價格轉移、技術研發不足、區域發展不平衡、瓜分國內市場,及對國家經濟安全的威脅等等。在正負效應之間,大陸以利用外資政策加以調控與規範,包括放寬投資領域、改善宏觀投資環境、加強法律規範與開放投資區域等等,並與其產業政策相呼應。總體來說,過去二十年,大陸的外資政策,是配合其經濟發展的目標而制訂與調整,其政策效果是值得肯定的。
Ever since 1978, when China adopted opening policy, Foreign Direct Investment (FDI) has played an important role in the process of economic development. This paper reviewed the literature which explain the sources of FDI, the necessities for using FDI in the process of economic development, and possible effects. According to historical experience, using FDI is not a necessary condition for the economic development of the host country. Other factors, such as industrial policy, FDI policy, the capacity of the host country, are also very important. This paper focuses on the case of China, discusses the interaction between FDI and China's economic development, and concludes that FDI contributed to aspects of capital formation, trade expansion, rising employment rate, and institutional demonstration effect but not technology transfer. FDI brought some corresponding issues, such as inflationary pressure, less improvement in R&D, disparity in economic regional development, monopoly of the inner market, and threats to national economic security. In the past years, China's FDI policy has played an important role in matching her industrial policy and in enhancing the economic growth. The policy effect has been positive.