关键词: 美国再工业化, 双向FDI, 经济高质量发展, 产业结构, 技术创新

Abstract: With the implementation of the policy of opening to the outside world, outward foreign direct investment (OFDI) and inward foreign direct investment (IFDI), which is called two-way foreign direct investment (FDI), undoubtedly played an important role in the rapid growth of China’s economy. However, faced with the impact of the America’s re-industrialization strategy, whether two-way FDI can play its role and how to play its driving role in high-quality economic development are urgent questions to be answered. In this paper, based on the new economic growth theory, a model containing the two-way FDI theory of high quality and economic development was built combining the intermediary effect and the adjusting effect. The empirical test reveals that the mediating effect of industrial structure and technological innovation on the “twin-engine” in the impact of two-way FDI on the high-quality and economic development of the intermediary role and the moderating effect of the America’s re-industrialization strategy. At the same time, the Shapley’s value decomposition method was used to quantify the contribution ratios of different mediating roles. The results show that two-way FDI can significantly promote the high-quality development of China’s economy, and technological innovation plays a partial intermediary role, while the rationalization of industrial structure has a hiding effect in that process. The implementation of America’s re-industrialization strategy can not only directly influence the process of two-way FDI on the high-quality economic development, but also indirectly affect the high-quality economic development through regulating the influence of two-way FDI on the advanced industrial structure and technological innovation. The results of Shapley value decomposition indicate that the marginal effect of industrial structure on high-quality economic development is greater than that of technological innovation. The analysis of regional heterogeneity demonstrates that the rationalization of industrial structure has a covering effect in both coastal and inland areas, the advanced industrial structure only has a hiding effect in coastal areas, and the mediating effect of technological innovation is only established in coastal areas. There are significant differences between coastal and inland areas in the moderating effect of the America’s re-industrialization on two-way FDI. The research results are conducive to reveal the mechanism of two-way FDI on high-quality economic development and provide policy basis for effectively exerting the positive effect of two-way FDI on high-quality economic development in China.

Key words: American re-industrialization, two-way foreign direct investment (FDI), high-quality economic development, industrial structure, technology innovation