{"id":261887,"date":"2026-06-10T09:28:26","date_gmt":"2026-06-10T01:28:26","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/"},"modified":"2026-06-10T09:30:55","modified_gmt":"2026-06-10T01:30:55","slug":"shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/","title":{"rendered":"\u4e2d\u5916\u53cc\u5411\u6295\u8d44\u53d8\u5c40\u00a0 \u00a0\u00a0\u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347"},"content":{"rendered":"<p>\u8fd1\u5e74\u4e2d\u5916\u53cc\u5411\u6295\u8d44\u683c\u5c40\u7ecf\u5386\u663e\u8457\u53d8\u5316\uff0c\u9999\u6e2f\u6865\u6881\u89d2\u8272\u7684\u5185\u6db5\u4e5f\u968f\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u53d8\u4e0e\u53d1\u5c55\u673a\u9047\uff0c\u5fc5\u987b\u68c0\u89c6\u4e2d\u56fd\u5b9e\u9645\u4f7f\u7528\u5916\u8d44 (realized foreign direct investment<span>\uff0c\u4ee5\u4e0b\u7b80\u79f0<\/span>FDI) <span>\u548c\u5bf9\u5916\u76f4\u63a5\u6295\u8d44<\/span> (outward foreign direct investment ; <span>\u7b80\u79f0<\/span>ODI) <span>\u7684\u6570\u636e\u8d8b\u52bf\u3002<\/span><\/p>\n<h2>\u5916\u5546\u52a0\u901f\u8fdb\u9a7b\u9ad8\u7aef\u4ea7\u4e1a<\/h2>\n<p>\u636e\u56fd\u5bb6\u5546\u52a1\u90e8\u7684\u300a\u4e2d\u56fd\u5916\u8d44\u7edf\u8ba1\u516c\u62a52025<span>\u300b\u53ca\u65b0\u95fb\u529e\u516c\u5ba4\u7684\u516c\u5e03\uff0c\u4e2d\u56fd<\/span>FDI<span>\u5728<\/span>2022<span>\u5e74\u521b\u4e0b<\/span>1,891.3<span>\u4ebf\u7f8e\u5143\u7684\u5386\u53f2\u9ad8\u4f4d\u540e\uff0c\u6301\u7eed\u56de\u843d\u81f3<\/span>2025<span>\u5e74\u7684<\/span>1,063.8<span>\u4ebf\u7f8e\u5143\u5de6\u53f3<\/span> (7,476.9<span>\u4ebf\u5143\u4eba\u6c11\u5e01<\/span>) <span>\u3002\u540c\u671f\uff0c\u65b0\u8bbe\u5916\u5546\u4f01\u4e1a\u5219\u4ece\u4e00\u5e74<\/span>38,497<span>\u5bb6\u6301\u7eed\u6fc0\u589e\u81f3<\/span>70,392<span>\u5bb6\u3002\u6b64\u4e00\u8d70\u5411\u4ecd\u7136\u6301\u7eed\uff0c<\/span>2026<span>\u5e74<\/span>1<span>\u81f3<\/span>4<span>\u6708\uff0c<\/span>FDI<span>\u4e3a<\/span>2,876.9<span>\u4ebf\u5143\u4eba\u6c11\u5e01 <\/span>(<span>\u7ea6<\/span>419.2<span>\u4ebf\u7f8e\u5143<\/span>)<span>\uff0c\u540c\u6bd4\u4e0b\u964d<\/span>10.3%<span>\uff1b\u65b0\u8bbe\u5916\u5546\u4f01\u4e1a<\/span>20,113<span>\u5bb6\uff0c\u540c\u6bd4\u589e\u957f<\/span>6.8%<span>\u3002<\/span><\/p>\n<p>\u4e2d\u56fd\u8fd1\u5e74FDI<span>\u7684\u5468\u671f\u6027\u8c03\u6574\uff0c\u53cd\u6620\u51fa\u5916\u8d44\u7684\u5ba1\u614e\u6001\u5ea6\u3002\u4e00\u65b9\u9762\u6e90\u4e8e\u56fd\u9645\u9ad8\u5229\u7387\u73af\u5883\u4e0e\u4e2d\u56fd\u7269\u4ef7\u589e\u957f\u4e4f\u529b\uff1b\u53e6\u4e00\u65b9\u9762\u6e90\u4e8e\u8de8\u56fd\u4f01\u4e1a\u5728\u5730\u7f18\u653f\u6cbb\u538b\u529b\u4e0b\u91c7\u53d6\u7684\u201c\u4e2d\u56fd<\/span>+1<span>\u201d\u7b56\u7565\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u57fa\u4e8e\u6301\u7eed\u5927\u589e\u7684\u65b0\u8bbe\u5916\u5546\u6295\u8d44\u4f01\u4e1a\u6570\u91cf\uff0c\u5916\u8d44\u201c\u6218\u7565\u5361\u4f4d\u201d\u90e8\u7f72\u6e05\u6670\uff0c\u8db3\u89c1\u5176\u672a\u6709\u64a4\u51fa\u4e2d\u56fd\u5e02\u573a\uff0c\u800c\u662f\u79ef\u6781\u4e3a\u672a\u6765\u52a0\u5927\u6295\u8d44\u4f5c\u51fa\u51c6\u5907\u3002<\/span><\/p>\n<p>\u4e8b\u5b9e\u4e0a\uff0c\u5916\u8d44\u5bf9\u4e2d\u56fd\u9ad8\u6280\u672f\u4ea7\u4e1a\u5c55\u73b0\u51fa\u6d53\u539a\u5174\u8da3\u30022024<span>\u5e74\uff0c\u4e2d\u56fd\u9ad8\u6280\u672f\u4ea7\u4e1a\u7684<\/span>FDI<span>\u4e3a<\/span>402.6<span>\u4ebf\u7f8e\u5143\uff0c\u5360<\/span>\u603b\u989d\u768434.6%<span>\u3002\u5176\u4e2d\uff0c\u9ad8\u6280\u672f\u5236\u9020\u4e1a\u548c\u9ad8\u6280\u672f\u670d\u52a1\u4e1a\u7684<\/span>FDI<span>\uff0c\u5206\u522b\u4e3a<\/span>135.1<span>\u4ebf\u7f8e\u5143\u548c<\/span>267.6<span>\u4ebf\u7f8e\u5143\u3002<\/span>2026<span>\u5e74<\/span>1<span>\u81f3<\/span>4<span>\u6708\uff0c\u9ad8\u6280\u672f\u4ea7\u4e1a\u7684<\/span>FDI<span>\u4e3a<\/span>1,163.3<span>\u5143\u4ebf\u4eba\u6c11\u5e01 <\/span>(169.5<span>\u4ebf\u7f8e\u5143<\/span>)<span>\uff0c\u540c\u6bd4<\/span>\u5927\u589e20.3%<span>\uff0c\u5df2\u5360\u603b<\/span>\u989d\u768440.4%<span>\u3002\u5176\u4e2d\uff0c\u7814\u53d1\u4e0e\u8bbe\u8ba1\u670d\u52a1\u3001\u8ba1\u7b97\u673a\u53ca\u529e\u516c\u8bbe\u5907<\/span>\u5236\u9020\u4e1a\u3001\u7535\u5b50\u53ca\u901a\u8baf\u8bbe\u5907\u5236\u9020\u4e1a\u7684FDI<span>\u5206\u522b\u5927\u589e<\/span>108.4%<span>\u3001<\/span>22.9%<span>\u3001<\/span>20.2%<span>\u3002\u968f\u7740\u5916\u8d44\u5bf9\u4e2d\u56fd\u6280\u672f\u5b9e\u529b\u6108\u8d8b\u8ba4\u53ef\uff0c\u9884\u6599\u9ad8\u6280\u672f\u4ea7\u4e1a\u5c06\u4f1a\u7ee7\u7eed\u5f15\u9886\u4e2d\u56fd<\/span>FDI<span>\u7684\u589e\u957f\u3002<\/span><\/p>\n<p>\u4ece2024<span>\u5e74\u4e2d\u56fd<\/span>FDI<span>\u7684\u6765\u6e90\u5730\u6765\u770b\uff0c\u524d\u4e94\u5927\u5730\u533a\u4f9d\u6b21\u4e3a\u9999\u6e2f<\/span>(63.5%)<span>\u3001\u65b0\u52a0\u5761<\/span>(9.2%)<span>\u3001\u5f00\u66fc\u7fa4\u5c9b<\/span>(4.7%)<span>\u3001\u82f1\u5c5e\u7ef4\u5c14\u4eac\u7fa4\u5c9b<\/span>(3.3%)<span>\uff0c\u4ee5\u53ca\u7f8e\u56fd<\/span>(2.4%)<span>\u3002\u8fd9\u53cd\u6620\u5916\u8d44\u5927\u591a\u9009\u62e9\u901a\u8fc7\u79bb\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8fdb\u5165\u5185\u5730\uff0c\u800c\u975e\u4ece\u672c\u56fd\u76f4\u6295\u3002\u9999\u6e2f\u4f5c\u4e3a\u4e2d\u5916\u8d44\u91d1\u6865\u6881\u7684\u89d2\u8272\u4ecd\u7136\u5c42\u65ad\u9886\u5148\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u53d8\u5f97\u663e\u8457\u91cd\u8981\u3002\u6b64\u5916\uff0c\u90e8\u5206\u4e2d\u8d44\u4f01\u4e1a\u5728\u79bb\u5cb8\u91d1\u878d\u4e2d\u5fc3\u6ce8\u518c\u516c\u53f8\uff0c\u4ee5\u5916\u8d44\u540d\u4e49\u8fd4\u7a0b\u6295\u8d44\u5185\u5730\u3002<\/span><\/p>\n<h2>ODI\u5347\u52bf\u6301\u7eed\u00a0 \u4ef7\u503c\u94fe\u5168\u8986\u76d6<\/h2>\n<p>\u6709\u522b\u4e8eFDI <span>\u7684\u5468\u671f\u6027\u8c03\u6574\uff0c\u4e2d\u56fd<\/span>ODI<span>\u5219\u4e00\u76f4\u5c55\u73b0\u589e\u957f\u8d8b\u52bf\u3002\u636e\u56fd\u5bb6\u5546\u52a1\u90e8\u65b0\u95fb\u529e\u516c\u5ba4\u516c\u5e03\u7684\u7b80\u660e\u7edf\u8ba1\u6570\u5b57\uff0c<\/span>2025<span>\u5e74\u7684<\/span>ODI<span>\u4e3a<\/span>1,743.8<span>\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span>7.1%<span>\uff1b<\/span>2026<span>\u5e74<\/span>1<span>\u81f3<\/span>4<span>\u6708\u7684<\/span>ODI<span>\u4e3a<\/span>619.9<span>\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f\u5347\u81f3<\/span>7.7%<span>\u3002<\/span><\/p>\n<p>\u56fd\u5bb6\u5546\u52a1\u90e8\u3001\u7edf\u8ba1\u5c40\u3001\u5916\u6c47\u7ba1\u7406\u5c40\u7f16\u5236\u7684\u300a2024<span>\u5e74\u5ea6\u4e2d\u56fd\u5bf9\u5916\u76f4\u63a5\u6295\u8d44\u7edf\u8ba1\u516c\u62a5\u300b\uff0c\u63d0\u4f9b\u4e86\u8be6\u5c3d\u7684<\/span>ODI<span>\u8d44\u6599\u3002<\/span>2024<span>\u5e74\uff0c\u4e2d\u56fd<\/span>83.8%<span>\u7684<\/span>ODI<span>\u4e3b\u8981\u6d41\u5411\u4e94\u5927\u884c\u4e1a\u2014\u2014\u91c7\u77ff\u4e1a<\/span> (11.1%)<span>\u3001<\/span>\u5236\u9020\u4e1a (19.5%)<span>\u3001\u79df\u8d41\u548c\u5546\u52a1\u670d\u52a1\u4e1a<\/span> (19.8%)<span>\u3001\u6279\u53d1\u548c\u96f6\u552e\u4e1a<\/span> (21%)<span>\u3001\u91d1\u878d\u4e1a <\/span>(12.4%)<span>\uff0c\u6a2a\u8de8<\/span>\u4ef7\u503c\u94fe\u4e0a\u3001\u4e2d\u3001\u4e0b\u6e38\u3002\u5176\u4e2d\uff0c\u91c7\u77ff\u4e1a\u3001\u5236\u9020\u4e1a\u53ca\u91d1\u878d\u4e1a\u7684\u666f\u6c14\u5ea6\u8f83\u9ad8\uff0cODI<span>\u6d41\u91cf\u5206\u522b\u540c\u6bd4\u5927\u589e<\/span>115.2%<span>\u3001<\/span>37.3%<span>\u53ca<\/span>30.5%<span>\u3002<\/span><\/p>\n<p>\u4e2d\u56fdODI<span>\u7684\u6301\u7eed\u589e\u957f\u4e0e\u4ef7\u503c\u94fe\u5168\u8986\u76d6\uff0c<\/span>\u610f\u5473\u7740\u4e2d\u8d44\u4f01\u4e1a\u4ece\u5916\u5730\u83b7\u5f97\u6295\u8d44\u56de\u62a5\u4e4b\u9980\uff0c\u540c\u65f6\u5c06\u81ea\u8eab\u6210\u719f\u7684\u6280\u672f\u548c\u5546\u4e1a\u6a21\u5f0f\u5e26\u5230\u6295\u8d44\u76ee\u7684\u5730\uff0c\u5e76\u8f6c\u5316\u6210\u5f53\u5730\u7ecf\u6d4e\u7684\u9a71\u52a8\u529b\u3002\u4ece\u5efa\u8bbe\u91c7\u77ff\u573a\u3001\u5de5\u5382\u3001\u4ed3\u5e93\u3001\u6570\u636e\u4e2d\u5fc3\u3001\u5546\u53a6\u3001\u5546\u573a\u7b49\u57fa\u7840\u8bbe\u65bd\uff0c\u5230\u5f00\u8bbe\u5927\u91cf\u96f6\u552e\u5e97\u94fa\u548c\u529e\u516c\u5ba4\uff0c\u90fd\u4e3a\u6295\u8d44\u76ee\u7684\u5730\u521b\u9020\u51fa\u5927\u91cf\u7ecf\u6d4e\u6d3b\u52a8\u3001\u7a0e\u6536\u548c\u5c31\u4e1a\u804c\u4f4d\u3002<\/p>\n<p>\u4ece2024<span>\u5e74\u4e2d\u56fd<\/span>ODI<span>\u7684\u76ee\u7684\u5730\u6765\u770b\uff0c\u524d\u56db\u5927\u5730\u533a\u4f9d\u6b21\u4e3a\u9999\u6e2f<\/span>(60.4%)<span>\u3001\u65b0\u52a0\u5761<\/span>(9.3%)<span>\u3001\u5f00\u66fc\u7fa4\u5c9b<\/span>(4.6%)<span>\u3001\u7f8e\u56fd<\/span>(3.5%)<span>\uff0c\u663e\u793a\u4e2d\u56fd<\/span>ODI<span>\u4e5f\u5927\u591a\u9009\u62e9\u901a\u8fc7\u79bb\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8d70\u51fa\u53bb\uff0c\u800c\u975e\u76f4\u63a5\u6295\u5411\u6700\u7ec8\u76ee\u7684\u5730\u3002\u4e0e\u4e2d\u56fd<\/span>FDI<span>\u7684\u60c5\u51b5\u7c7b\u4f3c\uff0c\u9999\u6e2f\u89d2\u8272\u4e00\u679d\u72ec\u79c0\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u663e\u5f97\u76f8\u5f53\u91cd\u8981\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u8fde\u540c\u4e0a\u8ff0\u65b0\u52a0\u5761\u7684\u5360\u6bd4\u8ba1\u7b97\u5728\u5185\uff0c<\/span>2024<span>\u5e74\u5171<\/span>17.9%<span>\u7684\u4e2d\u56fd<\/span>ODI<span>\u76f4\u63a5\u6d41\u5411\u4e1c\u76df\u5730\u533a\uff0c\u800c\u76f8\u5bf9\u5e94\u7684\u5b58\u91cf\u6bd4\u91cd\u4ec5\u4e3a<\/span>6.3%<span>\u3002<\/span><\/p>\n<h2>\u5f15\u8d44\u548c\u5916\u6295\u5f80\u9ad8\u8d28\u91cf\u65b9\u5411\u53d1\u5c55<\/h2>\n<p>\u9274\u4e8eFDI<span>\u5468\u671f\u6027\u8c03\u6574\u548c<\/span>ODI<span>\u6301\u7eed\u589e\u957f\uff0c\u4e2d\u56fd\u6b63\u4ece<\/span>\u653f\u7b56\u65b9\u9762\u7740\u624b\u4f18\u5316\u5916\u5546\u6295\u8d44\u73af\u5883\uff0c\u800c\u4e2d\u8d44\u4f01\u4e1a\u4e5f\u5728\u5168\u7403\u5316\u6269\u5f20\u4e2d\uff0c\u6108\u6765\u6108\u91cd\u89c6\u6587\u5316\u5171\u878d\u548c\u521b\u9020\u5728\u5730\u5316\u4ef7\u503c\u3002\u5728\u201c\u5341\u4e94\u4e94\u201d\u89c4\u5212\u4e2d\uff0c\u653f\u5e9c\u660e\u786e\u8981\u4ee5\u66f4\u5927\u529b\u5ea6\u5438\u5f15\u548c\u5229\u7528\u5916\u8d44\uff0c\u5305\u62ec\u5168\u9762\u843d\u5b9e\u5916\u8d44\u4f01\u4e1a\u56fd\u6c11\u5f85\u9047\uff1b\u5f15\u5bfc\u5916\u8d44\u66f4\u591a\u6295\u5411\u5148\u8fdb\u5236\u9020\u3001\u73b0\u4ee3\u670d\u52a1\u3001\u9ad8\u65b0\u6280\u672f\u3001\u8282\u80fd\u73af\u4fdd\u7b49\u9886\u57df\uff1b\u5927\u529b\u5438\u5f15\u5916\u8d44\u4f01\u4e1a\u5728\u534e\u8bbe\u7acb\u5730\u533a\u603b\u90e8\u548c\u7814\u53d1\u4e2d\u5fc3\uff1b\u4ee5\u53ca\u62d3\u5bbd\u5916\u8d44\u6295\u8d44\u8bc1\u5238\u5e02\u573a\u6e20\u9053\u7b49\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u4e0d\u5c11\u4e2d\u8d44\u4f01\u4e1a\u53d1\u6325\u81ea\u8eab\u6280\u672f\u3001\u8d44\u91d1\u53ca\u4f9b\u5e94\u94fe\u7b49\u4f18\u52bf\uff0c\u79ef\u6781\u63a2\u7d22\u4ee5\u6388\u6743\u3001\u5408\u8d44\u3001\u516c\u79c1\u8425\u5408\u4f5c\u7b49\u591a\u6837\u5316\u8def\u5f84\uff0c\u5728\u6295\u8d44\u76ee\u7684\u5730\u7ecf\u8425\u4e1a\u52a1\uff0c\u60e0\u53ca\u5f53\u5730\u4f9b\u5e94\u5546\u3001\u5c31\u4e1a\u53ca\u7a0e\u6536\uff0c\u4ece\u800c\u5efa\u6784\u5229\u76ca\u5171\u540c\u4f53\uff0c\u5b9e\u73b0\u4e92\u5229\u5171\u8d62\u7684\u5168\u7403\u5316\u6269\u5f20\u3002<\/p>\n<h2>\u9999\u6e2f\u589e\u503c\u7a7a\u95f4\u66f4\u52a0\u5e7f\u9614<\/h2>\n<p>\u4e2d\u5916\u8d44\u91d1\u5df2\u5728\u9999\u6e2f\u4ea4\u6c47\u591a\u5e74\u30022024<span>\u5e74\uff0c\u9999\u6e2f<\/span>\u5360\u5185\u5730FDI 63.5%<span>\u7684<\/span>\u6d41\u91cf\u548c56.8%<span>\u7684\u7d2f\u8ba1\u91d1\u989d\uff1b\u800c\u5728<\/span>\u5185\u5730ODI 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2.0 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(21%)\u3001\u91d1\u878d\u4e1a (12.4%)\uff0c\u6a2a\u8de8\u4ef7\u503c\u94fe\u4e0a\u3001\u4e2d\u3001\u4e0b\u6e38\u3002\u5176\u4e2d\uff0c\u91c7\u77ff\u4e1a\u3001\u5236\u9020\u4e1a\u53ca\u91d1\u878d\u4e1a\u7684\u666f\u6c14\u5ea6\u8f83\u9ad8\uff0cODI\u6d41\u91cf\u5206\u522b\u540c\u6bd4\u5927\u589e115.2%\u300137.3%\u53ca30.5%\u3002 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\u4e2d\u5219\u536060.4%\u7684\u6d41\u91cf\u548c61.2%\u7684\u5b58\u91cf\u3002\u65e0\u5eb8\u7f6e\u7591\uff0c\u9999\u6e2f\u5728\u56fd\u5bb6\u201c\u5f15\u8fdb\u6765\u201d\u4e0e\u201c\u8d70\u51fa\u53bb\u201d\u65b9\u9762\uff0c\u4e00\u76f4\u53d1\u6325\u81f3\u5173\u91cd\u8981\u7684\u6865\u6881\u4f5c\u7528\u3002 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\u9636\u6bb5\u3002\u6574\u6761\u4ef7\u503c\u94fe\u5168\u8986\u76d6\uff0c\u4e5f\u610f\u5473\u7740\u4e2d\u8d44\u4f01\u4e1a\u5728\u5916\u5730\u7684\u8d44\u4ea7\u53d8\u5f97\u66f4\u91cd\u3002\u91cd\u8d44\u4ea7\u56fa\u7136\u53ef\u4ee5\u4e3a\u4f01\u4e1a\u7b51\u8d77\u7ade\u4e89\u58c1\u5792\uff0c\u4f46\u7f3a\u70b9\u662f\u4f4e\u6d41\u52a8\u6027\u548c\u9ad8\u6c89\u6ca1\u6210\u672c\u3002\u8fd9\u4f7f\u4e2d\u8d44\u51fa\u6d77\u4f01\u4e1a\u5728\u5730\u7f18\u653f\u6cbb\u535a\u5f08\u3001\u4f9b\u5e94\u94fe\u91cd\u7ec4\u3001\u56fd\u9645\u7a0e\u52a1\u5ba1\u67e5\u3001\u56fd\u9645\u6cd5\u89c4\u5dee\u5f02\u7b49\u65b9\u9762\uff0c\u9762\u4e34\u66f4\u591a\u98ce\u9669\u3002 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\u9999\u6e2f\u5927\u5b66\u534f\u7406\u526f\u6821\u957f\u3001\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u526f\u9662\u957f\u3001\u51af\u56fd\u7ecf\u51af\u56fd\u7eb6\u57fa\u91d1\u7ecf\u6d4e\u5b66\u6559\u6388 \u5f20\u8d85\u827a\u5148\u751f \u9999\u6e2f\u5927\u5b66\u9999\u6e2f\u7ecf\u6d4e\u53ca\u5546\u4e1a\u7b56\u7565\u7814\u7a76\u6240\u9ad8\u7ea7\u7814\u7a76\u52a9\u7406 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u516d\u5e74\u516d\u6708\u5341\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-06-10T01:28:26+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-06-10T01:30:55+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u4e2d\u5916\u53cc\u5411\u6295\u8d44\u53d8\u5c40 \u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u8fd1\u5e74\u4e2d\u5916\u53cc\u5411\u6295\u8d44\u683c\u5c40\u7ecf\u5386\u663e\u8457\u53d8\u5316\uff0c\u9999\u6e2f\u6865\u6881\u89d2\u8272\u7684\u5185\u6db5\u4e5f\u968f\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u53d8\u4e0e\u53d1\u5c55\u673a\u9047\uff0c\u5fc5\u987b\u68c0\u89c6\u4e2d\u56fd\u5b9e\u9645\u4f7f\u7528\u5916\u8d44 (realized foreign direct investment\uff0c\u4ee5\u4e0b\u7b80\u79f0FDI) \u548c\u5bf9\u5916\u76f4\u63a5\u6295\u8d44 (outward foreign direct investment ; \u7b80\u79f0ODI) \u7684\u6570\u636e\u8d8b\u52bf\u3002 \u5916\u5546\u52a0\u901f\u8fdb\u9a7b\u9ad8\u7aef\u4ea7\u4e1a 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School","og:description":"\u8fd1\u5e74\u4e2d\u5916\u53cc\u5411\u6295\u8d44\u683c\u5c40\u7ecf\u5386\u663e\u8457\u53d8\u5316\uff0c\u9999\u6e2f\u6865\u6881\u89d2\u8272\u7684\u5185\u6db5\u4e5f\u968f\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u53d8\u4e0e\u53d1\u5c55\u673a\u9047\uff0c\u5fc5\u987b\u68c0\u89c6\u4e2d\u56fd\u5b9e\u9645\u4f7f\u7528\u5916\u8d44 (realized foreign direct investment\uff0c\u4ee5\u4e0b\u7b80\u79f0FDI) \u548c\u5bf9\u5916\u76f4\u63a5\u6295\u8d44 (outward foreign direct investment ; \u7b80\u79f0ODI) \u7684\u6570\u636e\u8d8b\u52bf\u3002 \u5916\u5546\u52a0\u901f\u8fdb\u9a7b\u9ad8\u7aef\u4ea7\u4e1a \u636e\u56fd\u5bb6\u5546\u52a1\u90e8\u7684\u300a\u4e2d\u56fd\u5916\u8d44\u7edf\u8ba1\u516c\u62a52025\u300b\u53ca\u65b0\u95fb\u529e\u516c\u5ba4\u7684\u516c\u5e03\uff0c\u4e2d\u56fdFDI\u57282022\u5e74\u521b\u4e0b1,891.3\u4ebf\u7f8e\u5143\u7684\u5386\u53f2\u9ad8\u4f4d\u540e\uff0c\u6301\u7eed\u56de\u843d\u81f32025\u5e74\u76841,063.8\u4ebf\u7f8e\u5143\u5de6\u53f3 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School","twitter:description":"\u8fd1\u5e74\u4e2d\u5916\u53cc\u5411\u6295\u8d44\u683c\u5c40\u7ecf\u5386\u663e\u8457\u53d8\u5316\uff0c\u9999\u6e2f\u6865\u6881\u89d2\u8272\u7684\u5185\u6db5\u4e5f\u968f\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u53d8\u4e0e\u53d1\u5c55\u673a\u9047\uff0c\u5fc5\u987b\u68c0\u89c6\u4e2d\u56fd\u5b9e\u9645\u4f7f\u7528\u5916\u8d44 (realized foreign direct investment\uff0c\u4ee5\u4e0b\u7b80\u79f0FDI) \u548c\u5bf9\u5916\u76f4\u63a5\u6295\u8d44 (outward foreign direct investment ; \u7b80\u79f0ODI) \u7684\u6570\u636e\u8d8b\u52bf\u3002 \u5916\u5546\u52a0\u901f\u8fdb\u9a7b\u9ad8\u7aef\u4ea7\u4e1a 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