Comparison of China's direct investment in Asia, Europe and America 中国在亚洲、欧洲和美洲的经济和直接投资比较

1.3 Problem statement
The research questions for this study were:

1. 
   Why are Chinese investors increasingly investing in Central Asia?
   
2. 
   What kind of economic changes are Central Asian countries achieving in the last five years through Chinese investors?
   
3. 
   What are the significances of China’s direct investment in Central Asian countries?
   
4. 
   What are the risk factors of China’s Direct investment in Central Asian countries?
   

CHAPTER TWO

2.1 Literature review

Hanemann and Thilo (2017) talks about China joined the WTO in 2001, the volume of bilateral trade and economic cooperation between China and the EU has continued to grow, and China's investment in the Asia and EU has also maintained rapid growth in the same period.
Kan and Shirley A. (2016) talks about China put forward the "the Belt and Road" initiative in 2021, the stock of investment in Asia and Europe has increased by 2.4 times, and the regional distribution of investment industries has become increasingly diversified.
He, Dong, Lillian Cheung, Wenlang Zhang, and Tommy Wu (2017) talks about EU has a stable social environment, advanced technology and many other advantages, and Chinese enterprises are full of confidence in the long-term prospects of investment in the EU.
Clegg, Jeremy and Hinrich Voss (2017) the China's investment stock in the EU has increased 22 times. The average annual growth rate of China's total foreign direct investment flows in the world is 35.9%, while the average annual growth rate of China's investment in the EU is as high as 57%.
Lardy, Nicholas R. (2017) talks about the annual growth rate of China's investment in the Asia and EU is higher than that of its investment in the world. By the end of 2016, China had set up 4100 direct investment enterprises in Europe, accounting for 11.3% of the total number of overseas investment enterprises, covering all 28 EU member states.
Wang Jianwei, Ma Jiaojiao (2017) Logistics is the physical movement of material entities in the supply chain from raw material suppliers to final consumers, including raw material procurement in the supply process, material processing and handling in the production process and product transportation and distribution in the circulation process. It is an economic activity to create time value and space value. It is a multi-level and multi-dimensional system composed of logistics subjects, logistics objects and logistics carriers.
Guo Suwen and Li Lili (2018) At present, with the deepening of economic globalization, Companies foreign trade enterprises have become one of the main forces to promote the country's comprehensive economic development in Turkmenistan, playing an important role in developing economy, expanding employment and active market. This paper studies the logistic policies of Companies cross-border logistic of five central Asian countries e-commerce enterprises. cross-border logistic of five central Asian countries e-commerce belongs to the category of international trade, so the definition of Companies cross-border logistic of five central Asian countries e-commerce enterprises refers to the definition method of Companies foreign trade enterprises in the trade field.
Liu Yang and Yin Baoqing (2017) Logistics entities are economic organizations that directly participate in or specialize in logistics activities, including cargo owner logistics enterprises, third-party logistics enterprises, storage and transportation enterprises, etc. Logistics subject is the connector of the starting point and end point of supply chain logistics channel, and plays a leading and decisive role in the whole logistics activities. The integration of logistics main factors is the essential feature of modern logistics.
Aisaiti River, Guo Yu's (2012) In a specific region, there are differences in the types of logistics subjects. This difference mainly comes from the differences in regional geographical location, the relationship between this region and other regional economies, as well as the differences in regional industrial structure, scale and level. Similar to regional economic industrial agglomeration, regional logistics also emphasizes the agglomeration of logistics subjects.
Wang Dongfang, Dong Qianli and Yu Lixin (2018) empirically analyzed that the logistics performance of countries along the "the Belt and Road" is significantly positively correlated with China's bilateral trade volume. Wang Jianwei and Ma Jiaojiao analyzed the logistics performance of China and the countries along the the Belt and Road in Southeast Asia, and concluded that there is a large gap between the logistics performance of the countries along the belt and road in Southeast Asia and that of China. Guo Suwen and Li Lili (2018)believe that logistics performance in different regions promotes trade between the two countries differently.
Haifeng et al (2004) When studying the policies of Turkmenistan's logistics industry, defining the logistic policies is the ratio of goods input and output (expenses paid by customers) in all links of logistics and transportation. Some scholars define logistic policies as the degree of satisfaction to customers.
2.2 Current situation of China's direct investment in five Central Asian countries in recent years
2.2.1 Scale of China's direct investment in five Central Asian countries
In recent years, China's direct investment flows to the five Central Asian countries have increased first and then decreased, and the growth rate has fluctuated sharply. 2016-_ In 2019, China's direct investment flows to the five Central Asian countries reached two peaks in 2021 and 2017, with investment flows of US $660 million and US $3.45 billion respectively. These two years can just be divided into three stages. The first stage is 2011 years-_ In 2016, China's direct investment in the five Central Asian countries in this stage showed a steady upward trend; The second stage is from 2014 to 2019, and the investment in this stage is relatively gentle; The third stage is from 2017 to 2019. After the rapid growth of investment in this stage, an obvious decline channel is formed. In 2017, China's direct investment in the five Central Asian countries reached 3.45 billion yuan, and in 2019 it was 550 million US dollars, lower than the first peak, that is, lower than the 660 million US dollars in 2021. This series of changes is closely related to China's domestic environment. After the financial crisis, China put forward the "four trillion" investment plan to better stimulate economic growth. Therefore, the investment flow in 2021 increased significantly. However, with the increasing downward pressure on China's economy in the past two years, the decline of China's direct investment flow to the five Central Asian countries is also further increasing.