更广泛的含义与美中贸易争端

Originally, the main channel through which foreign investment entered China in recent years IJVs have yielded much of their role to wholly-foreign owned enterprises. This de-emphasis of IJVs has not deterred the Trump administration from enacting billions of dollars inretaliatory tariffs in response to Chinese investment rules, setting off the largest trade dispute in recent memory. The fact remains that IJVs are distinct from other forms of FDI in the precise ways in which they facilitate technology transfers, and so long as China seeks to close its technology gap with the West, IJVs will remain a viable option for acquiring foreign knowledge.

最初，外商投资进入中国的主要渠道是合资企业。但最近，它们的大部分角色都转移给了外商独资企业。合资企业重要性的下降，并未阻止特朗普政府对中国（“不合理的”）投资规则征收数十亿美元的报复性关税，从而引发近年来最大的贸易争端。事实上，在促进技术转让的方式上，合资企业与其他形式的外商直接投资不同。只要中国还在寻求缩小与西方的技术差距，合资企业仍将是获取外国知识的可行选择。

Our work sheds light on this important issue in investment policy and unpacks an important aspect of globalization.The effects of FDI have been well-examined, but the channels of technology transfer have been little explored. Importantly, we uncover the novel (andtimely) finding that the effects arising from IJVs seem to be approximately as large as those that arise from wholly foreign-owned FDI. Whether China can be coerced to shut off this source of knowledge diffusion – and whether the unilateral retaliation enacted by the U.S. will persuade them to do it – are questions without obvious answers.