{"id":261885,"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":"2026-07-17T10:51:49","modified_gmt":"2026-07-17T02:51:49","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\/tc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/","title":{"rendered":"\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u8b8a\u5c40\u00a0 \u00a0\u00a0\u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347"},"content":{"rendered":"<p>\u8fd1\u5e74\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u683c\u5c40\u7d93\u6b77\u986f\u8457\u8b8a\u5316\uff0c\u9999\u6e2f\u6a4b\u6a11\u89d2\u8272\u7684\u5167\u6db5\u4e5f\u96a8\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u8b8a\u8207\u767c\u5c55\u6a5f\u9047\uff0c\u5fc5\u9808\u6aa2\u8996\u4e2d\u570b\u5be6\u969b\u4f7f\u7528\u5916\u8cc7 (realized foreign direct investment<span>\uff0c\u4ee5\u4e0b\u7c21\u7a31<\/span>FDI) <span>\u548c\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7<\/span> (outward foreign direct investment ; <span>\u7c21\u7a31<\/span>ODI) <span>\u7684\u6578\u64da\u8da8\u52e2\u3002<\/span><\/p>\n<h2>\u5916\u5546\u52a0\u901f\u9032\u99d0\u9ad8\u7aef\u7522\u696d<\/h2>\n<p>\u64da\u570b\u5bb6\u5546\u52d9\u90e8\u7684\u300a\u4e2d\u570b\u5916\u8cc7\u7d71\u8a08\u516c\u58312025<span>\u300b\u53ca\u65b0\u805e\u8fa6\u516c\u5ba4\u7684\u516c\u5e03\uff0c\u4e2d\u570b<\/span>FDI<span>\u5728<\/span>2022<span>\u5e74\u5275\u4e0b<\/span>1,891.3<span>\u5104\u7f8e\u5143\u7684\u6b77\u53f2\u9ad8\u4f4d\u5f8c\uff0c\u6301\u7e8c\u56de\u843d\u81f3<\/span>2025<span>\u5e74\u7684<\/span>1,063.8<span>\u5104\u7f8e\u5143\u5de6\u53f3<\/span> (7,476.9<span>\u5104\u5143\u4eba\u6c11\u5e63<\/span>) <span>\u3002\u540c\u671f\uff0c\u65b0\u8a2d\u5916\u5546\u4f01\u696d\u5247\u5f9e\u4e00\u5e74<\/span>38,497<span>\u5bb6\u6301\u7e8c\u6fc0\u589e\u81f3<\/span>70,392<span>\u5bb6\u3002\u6b64\u4e00\u8d70\u5411\u4ecd\u7136\u6301\u7e8c\uff0c<\/span>2026<span>\u5e74<\/span>1<span>\u81f3<\/span>4<span>\u6708\uff0c<\/span>FDI<span>\u70ba<\/span>2,876.9<span>\u5104\u5143\u4eba\u6c11\u5e63 <\/span>(<span>\u7d04<\/span>419.2<span>\u5104\u7f8e\u5143<\/span>)<span>\uff0c\u540c\u6bd4\u4e0b\u964d<\/span>10.3%<span>\uff1b\u65b0\u8a2d\u5916\u5546\u4f01\u696d<\/span>20,113<span>\u5bb6\uff0c\u540c\u6bd4\u589e\u9577<\/span>6.8%<span>\u3002<\/span><\/p>\n<p>\u4e2d\u570b\u8fd1\u5e74FDI<span>\u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u53cd\u6620\u51fa\u5916\u8cc7\u7684\u5be9\u614e\u614b\u5ea6\u3002\u4e00\u65b9\u9762\u6e90\u65bc\u570b\u969b\u9ad8\u5229\u7387\u74b0\u5883\u8207\u4e2d\u570b\u7269\u50f9\u589e\u9577\u4e4f\u529b\uff1b\u53e6\u4e00\u65b9\u9762\u6e90\u65bc\u8de8\u570b\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u58d3\u529b\u4e0b\u63a1\u53d6\u7684\u300c\u4e2d\u570b<\/span>+1<span>\u300d\u7b56\u7565\u3002\u5118\u7ba1\u5982\u6b64\uff0c\u57fa\u65bc\u6301\u7e8c\u5927\u589e\u7684\u65b0\u8a2d\u5916\u5546\u6295\u8cc7\u4f01\u696d\u6578\u91cf\uff0c\u5916\u8cc7\u300c\u6230\u7565\u5361\u4f4d\u300d\u90e8\u7f72\u6e05\u6670\uff0c\u8db3\u898b\u5176\u672a\u6709\u64a4\u51fa\u4e2d\u570b\u5e02\u5834\uff0c\u800c\u662f\u7a4d\u6975\u70ba\u672a\u4f86\u52a0\u5927\u6295\u8cc7\u4f5c\u51fa\u6e96\u5099\u3002<\/span><\/p>\n<p>\u4e8b\u5be6\u4e0a\uff0c\u5916\u8cc7\u5c0d\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u5c55\u73fe\u51fa\u6fc3\u539a\u8208\u8da3\u30022024<span>\u5e74\uff0c\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u7684<\/span>FDI<span>\u70ba<\/span>402.6<span>\u5104\u7f8e\u5143\uff0c\u4f54<\/span>\u7e3d\u984d\u768434.6%<span>\u3002\u5176\u4e2d\uff0c\u9ad8\u6280\u8853\u88fd\u9020\u696d\u548c\u9ad8\u6280\u8853\u670d\u52d9\u696d\u7684<\/span>FDI<span>\uff0c\u5206\u5225\u70ba<\/span>135.1<span>\u5104\u7f8e\u5143\u548c<\/span>267.6<span>\u5104\u7f8e\u5143\u3002<\/span>2026<span>\u5e74<\/span>1<span>\u81f3<\/span>4<span>\u6708\uff0c\u9ad8\u6280\u8853\u7522\u696d\u7684<\/span>FDI<span>\u70ba<\/span>1,163.3<span>\u5143\u5104\u4eba\u6c11\u5e63 <\/span>(169.5<span>\u5104\u7f8e\u5143<\/span>)<span>\uff0c\u540c\u6bd4<\/span>\u5927\u589e20.3%<span>\uff0c\u5df2\u4f54\u7e3d<\/span>\u984d\u768440.4%<span>\u3002\u5176\u4e2d\uff0c\u7814\u767c\u8207\u8a2d\u8a08\u670d\u52d9\u3001\u8a08\u7b97\u6a5f\u53ca\u8fa6\u516c\u8a2d\u5099<\/span>\u88fd\u9020\u696d\u3001\u96fb\u5b50\u53ca\u901a\u8a0a\u8a2d\u5099\u88fd\u9020\u696d\u7684FDI<span>\u5206\u5225\u5927\u589e<\/span>108.4%<span>\u3001<\/span>22.9%<span>\u3001<\/span>20.2%<span>\u3002\u96a8\u7740\u5916\u8cc7\u5c0d\u4e2d\u570b\u6280\u8853\u5be6\u529b\u6108\u8da8\u8a8d\u53ef\uff0c\u9810\u6599\u9ad8\u6280\u8853\u7522\u696d\u5c07\u6703\u7e7c\u7e8c\u5f15\u9818\u4e2d\u570b<\/span>FDI<span>\u7684\u589e\u9577\u3002<\/span><\/p>\n<p>\u5f9e2024<span>\u5e74\u4e2d\u570b<\/span>FDI<span>\u7684\u4f86\u6e90\u5730\u4f86\u770b\uff0c\u524d\u4e94\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f<\/span>(63.5%)<span>\u3001\u65b0\u52a0\u5761<\/span>(9.2%)<span>\u3001\u958b\u66fc\u7fa4\u5cf6<\/span>(4.7%)<span>\u3001\u82f1\u5c6c\u7dad\u723e\u4eac\u7fa4\u5cf6<\/span>(3.3%)<span>\uff0c\u4ee5\u53ca\u7f8e\u570b<\/span>(2.4%)<span>\u3002\u9019\u53cd\u6620\u5916\u8cc7\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u9032\u5165\u5167\u5730\uff0c\u800c\u975e\u5f9e\u672c\u570b\u76f4\u6295\u3002\u9999\u6e2f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u6a4b\u6a11\u7684\u89d2\u8272\u4ecd\u7136\u5c64\u65b7\u9818\u5148\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u8b8a\u5f97\u986f\u8457\u91cd\u8981\u3002\u6b64\u5916\uff0c\u90e8\u5206\u4e2d\u8cc7\u4f01\u696d\u5728\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8a3b\u518a\u516c\u53f8\uff0c\u4ee5\u5916\u8cc7\u540d\u7fa9\u8fd4\u7a0b\u6295\u8cc7\u5167\u5730\u3002<\/span><\/p>\n<h2>ODI\u5347\u52e2\u6301\u7e8c\u00a0 \u50f9\u503c\u93c8\u5168\u8986\u84cb<\/h2>\n<p>\u6709\u5225\u65bcFDI <span>\u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u4e2d\u570b<\/span>ODI<span>\u5247\u4e00\u76f4\u5c55\u73fe\u589e\u9577\u8da8\u52e2\u3002\u64da\u570b\u5bb6\u5546\u52d9\u90e8\u65b0\u805e\u8fa6\u516c\u5ba4\u516c\u5e03\u7684\u7c21\u660e\u7d71\u8a08\u6578\u5b57\uff0c<\/span>2025<span>\u5e74\u7684<\/span>ODI<span>\u70ba<\/span>1,743.8<span>\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u9577<\/span>7.1%<span>\uff1b<\/span>2026<span>\u5e74<\/span>1<span>\u81f3<\/span>4<span>\u6708\u7684<\/span>ODI<span>\u70ba<\/span>619.9<span>\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u9577\u5347\u81f3<\/span>7.7%<span>\u3002<\/span><\/p>\n<p>\u570b\u5bb6\u5546\u52d9\u90e8\u3001\u7d71\u8a08\u5c40\u3001\u5916\u532f\u7ba1\u7406\u5c40\u7de8\u5236\u7684\u300a2024<span>\u5e74\u5ea6\u4e2d\u570b\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7\u7d71\u8a08\u516c\u5831\u300b\uff0c\u63d0\u4f9b\u4e86\u8a73\u76e1\u7684<\/span>ODI<span>\u8cc7\u6599\u3002<\/span>2024<span>\u5e74\uff0c\u4e2d\u570b<\/span>83.8%<span>\u7684<\/span>ODI<span>\u4e3b\u8981\u6d41\u5411\u4e94\u5927\u884c\u696d\u2014\u2014\u63a1\u7926\u696d<\/span> (11.1%)<span>\u3001<\/span>\u88fd\u9020\u696d (19.5%)<span>\u3001\u79df\u8cc3\u548c\u5546\u52d9\u670d\u52d9\u696d<\/span> (19.8%)<span>\u3001\u6279\u767c\u548c\u96f6\u552e\u696d<\/span> (21%)<span>\u3001\u91d1\u878d\u696d <\/span>(12.4%)<span>\uff0c\u6a6b\u8de8<\/span>\u50f9\u503c\u93c8\u4e0a\u3001\u4e2d\u3001\u4e0b\u6e38\u3002\u5176\u4e2d\uff0c\u63a1\u7926\u696d\u3001\u88fd\u9020\u696d\u53ca\u91d1\u878d\u696d\u7684\u666f\u6c23\u5ea6\u8f03\u9ad8\uff0cODI<span>\u6d41\u91cf\u5206\u5225\u540c\u6bd4\u5927\u589e<\/span>115.2%<span>\u3001<\/span>37.3%<span>\u53ca<\/span>30.5%<span>\u3002<\/span><\/p>\n<p>\u4e2d\u570bODI<span>\u7684\u6301\u7e8c\u589e\u9577\u8207\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c<\/span>\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5f9e\u5916\u5730\u7372\u5f97\u6295\u8cc7\u56de\u5831\u4e4b\u9918\uff0c\u540c\u6642\u5c07\u81ea\u8eab\u6210\u719f\u7684\u6280\u8853\u548c\u5546\u696d\u6a21\u5f0f\u5e36\u5230\u6295\u8cc7\u76ee\u7684\u5730\uff0c\u4e26\u8f49\u5316\u6210\u7576\u5730\u7d93\u6fdf\u7684\u9a45\u52d5\u529b\u3002\u5f9e\u5efa\u8a2d\u63a1\u7926\u5834\u3001\u5de5\u5ee0\u3001\u5009\u5eab\u3001\u6578\u64da\u4e2d\u5fc3\u3001\u5546\u5ec8\u3001\u5546\u5834\u7b49\u57fa\u790e\u8a2d\u65bd\uff0c\u5230\u958b\u8a2d\u5927\u91cf\u96f6\u552e\u5e97\u8216\u548c\u8fa6\u516c\u5ba4\uff0c\u90fd\u70ba\u6295\u8cc7\u76ee\u7684\u5730\u5275\u9020\u51fa\u5927\u91cf\u7d93\u6fdf\u6d3b\u52d5\u3001\u7a05\u6536\u548c\u5c31\u696d\u8077\u4f4d\u3002<\/p>\n<p>\u5f9e2024<span>\u5e74\u4e2d\u570b<\/span>ODI<span>\u7684\u76ee\u7684\u5730\u4f86\u770b\uff0c\u524d\u56db\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f<\/span>(60.4%)<span>\u3001\u65b0\u52a0\u5761<\/span>(9.3%)<span>\u3001\u958b\u66fc\u7fa4\u5cf6<\/span>(4.6%)<span>\u3001\u7f8e\u570b<\/span>(3.5%)<span>\uff0c\u986f\u793a\u4e2d\u570b<\/span>ODI<span>\u4e5f\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8d70\u51fa\u53bb\uff0c\u800c\u975e\u76f4\u63a5\u6295\u5411\u6700\u7d42\u76ee\u7684\u5730\u3002\u8207\u4e2d\u570b<\/span>FDI<span>\u7684\u60c5\u6cc1\u985e\u4f3c\uff0c\u9999\u6e2f\u89d2\u8272\u4e00\u679d\u7368\u79c0\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u986f\u5f97\u76f8\u7576\u91cd\u8981\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u9023\u540c\u4e0a\u8ff0\u65b0\u52a0\u5761\u7684\u4f54\u6bd4\u8a08\u7b97\u5728\u5167\uff0c<\/span>2024<span>\u5e74\u5171<\/span>17.9%<span>\u7684\u4e2d\u570b<\/span>ODI<span>\u76f4\u63a5\u6d41\u5411\u6771\u76df\u5730\u5340\uff0c\u800c\u76f8\u5c0d\u61c9\u7684\u5b58\u91cf\u6bd4\u91cd\u50c5\u70ba<\/span>6.3%<span>\u3002<\/span><\/p>\n<h2>\u5f15\u8cc7\u548c\u5916\u6295\u5f80\u9ad8\u8cea\u91cf\u65b9\u5411\u767c\u5c55<\/h2>\n<p>\u9451\u65bcFDI<span>\u5468\u671f\u6027\u8abf\u6574\u548c<\/span>ODI<span>\u6301\u7e8c\u589e\u9577\uff0c\u4e2d\u570b\u6b63\u5f9e<\/span>\u653f\u7b56\u65b9\u9762\u7740\u624b\u512a\u5316\u5916\u5546\u6295\u8cc7\u74b0\u5883\uff0c\u800c\u4e2d\u8cc7\u4f01\u696d\u4e5f\u5728\u5168\u7403\u5316\u64f4\u5f35\u4e2d\uff0c\u6108\u4f86\u6108\u91cd\u8996\u6587\u5316\u5171\u878d\u548c\u5275\u9020\u5728\u5730\u5316\u50f9\u503c\u3002\u5728\u300c\u5341\u4e94\u4e94\u300d\u898f\u5283\u4e2d\uff0c\u653f\u5e9c\u660e\u78ba\u8981\u4ee5\u66f4\u5927\u529b\u5ea6\u5438\u5f15\u548c\u5229\u7528\u5916\u8cc7\uff0c\u5305\u62ec\u5168\u9762\u843d\u5be6\u5916\u8cc7\u4f01\u696d\u570b\u6c11\u5f85\u9047\uff1b\u5f15\u5c0e\u5916\u8cc7\u66f4\u591a\u6295\u5411\u5148\u9032\u88fd\u9020\u3001\u73fe\u4ee3\u670d\u52d9\u3001\u9ad8\u65b0\u6280\u8853\u3001\u7bc0\u80fd\u74b0\u4fdd\u7b49\u9818\u57df\uff1b\u5927\u529b\u5438\u5f15\u5916\u8cc7\u4f01\u696d\u5728\u83ef\u8a2d\u7acb\u5730\u5340\u7e3d\u90e8\u548c\u7814\u767c\u4e2d\u5fc3\uff1b\u4ee5\u53ca\u62d3\u5bec\u5916\u8cc7\u6295\u8cc7\u8b49\u5238\u5e02\u5834\u6e20\u9053\u7b49\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u4e0d\u5c11\u4e2d\u8cc7\u4f01\u696d\u767c\u63ee\u81ea\u8eab\u6280\u8853\u3001\u8cc7\u91d1\u53ca\u4f9b\u61c9\u93c8\u7b49\u512a\u52e2\uff0c\u7a4d\u6975\u63a2\u7d22\u4ee5\u6388\u6b0a\u3001\u5408\u8cc7\u3001\u516c\u79c1\u71df\u5408\u4f5c\u7b49\u591a\u6a23\u5316\u8def\u5f91\uff0c\u5728\u6295\u8cc7\u76ee\u7684\u5730\u7d93\u71df\u696d\u52d9\uff0c\u60e0\u53ca\u7576\u5730\u4f9b\u61c9\u5546\u3001\u5c31\u696d\u53ca\u7a05\u6536\uff0c\u5f9e\u800c\u5efa\u69cb\u5229\u76ca\u5171\u540c\u9ad4\uff0c\u5be6\u73fe\u4e92\u5229\u5171\u8d0f\u7684\u5168\u7403\u5316\u64f4\u5f35\u3002<\/p>\n<h2>\u9999\u6e2f\u589e\u503c\u7a7a\u9593\u66f4\u52a0\u5ee3\u95ca<\/h2>\n<p>\u4e2d\u5916\u8cc7\u91d1\u5df2\u5728\u9999\u6e2f\u4ea4\u532f\u591a\u5e74\u30022024<span>\u5e74\uff0c\u9999\u6e2f<\/span>\u4f54\u5167\u5730FDI 63.5%<span>\u7684<\/span>\u6d41\u91cf\u548c56.8%<span>\u7684\u7d2f\u8a08\u91d1\u984d\uff1b\u800c\u5728<\/span>\u5167\u5730ODI \u4e2d\u5247\u4f5460.4%<span>\u7684\u6d41\u91cf\u548c<\/span>61.2%<span>\u7684\u5b58\u91cf\u3002\u7121\u5eb8\u7f6e\u7591\uff0c\u9999\u6e2f\u5728\u570b\u5bb6\u300c\u5f15\u9032\u4f86\u300d\u8207\u300c\u8d70\u51fa\u53bb\u300d<\/span>\u65b9\u9762\uff0c\u4e00\u76f4\u767c\u63ee\u81f3\u95dc\u91cd\u8981\u7684\u6a4b\u6a11\u4f5c\u7528\u3002<\/p>\n<p>\u96a8\u7740\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u4e0d\u65b7\u767c\u5c55\uff0c\u9999\u6e2f\u7684\u529f\u80fd\u4ea6\u96a8\u4e4b\u6df1\u5316\u3002\u904e\u53bb\uff0c\u5916\u8cc7\u9032\u5165\u5167\u5730\u6216\u5167\u8cc7\u6295\u5411\u6d77\u5916\uff0c\u9999\u6e2f\u66f4\u591a\u662f\u626e\u6f14\u300c\u8cc7\u91d1\u4e2d\u8f49\u7ad9\u300d\u89d2\u8272\u3002\u73fe\u5728\uff0c\u5168\u7403\u8cc7\u672c\u5c0d\u4e2d\u570b\u5e02\u5834\u7684\u8a34\u6c42\uff0c\u5df2\u5f9e\u50b3\u7d71\u7684\u898f\u6a21\u64f4\u5f35\uff0c\u6f14\u8b8a\u70ba\u5c0d\u5275\u65b0\u7522\u696d\u7684\u7cbe\u6e96\u6295\u8cc7\u3002\u4e2d\u8cc7\u4f01\u696d\u7684\u5168\u7403\u5316\uff0c\u5247\u5f9e\u300c\u7522\u54c1\u5916\u92b7\u300d\u76841.0<span>\u968e\u6bb5\uff0c\u8d70\u5411\u300c\u7522\u696d\u93c8\u8f38\u51fa\u3001\u6280\u8853\u6388\u6b0a\u8207\u5728\u5730\u5316\u7d93\u71df\u300d\u7684<\/span> 2.0 <span>\u968e\u6bb5\u3002\u6574\u689d\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u4e5f\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5728\u5916\u5730\u7684\u8cc7\u7522\u8b8a\u5f97\u66f4\u91cd\u3002\u91cd\u8cc7\u7522\u56fa\u7136\u53ef\u4ee5\u70ba\u4f01\u696d\u7bc9\u8d77\u7af6\u722d\u58c1\u58d8\uff0c\u4f46\u7f3a\u9ede\u662f\u4f4e\u6d41\u52d5\u6027\u548c\u9ad8\u6c89\u6c92\u6210\u672c\u3002\u9019\u4f7f\u4e2d\u8cc7\u51fa\u6d77\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u535a\u5f08\u3001\u4f9b\u61c9\u93c8\u91cd\u7d44\u3001\u570b\u969b\u7a05\u52d9\u5be9\u67e5\u3001\u570b\u969b\u6cd5\u898f\u5dee\u7570\u7b49\u65b9\u9762\uff0c\u9762\u81e8\u66f4\u591a\u98a8\u96aa\u3002<\/span><\/p>\n<p>\u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u9999\u6e2f\u92b3\u610f\u767c\u5c55\u300c\u5341\u5927\u4e2d\u5fc3\u300d\uff0c\u6b63\u53ef\u6eff\u8db3\u4e2d\u5916\u8cc7\u91d1\u7684\u7a2e\u7a2e\u8981\u6c42\uff0c\u5305\u62ec\u50b3\u7d71\u7684\u91d1\u878d\u3001\u8cbf\u6613\u3001\u822a\u904b\uff0c\u4ea6\u5305\u62ec\u5275\u79d1\u3001\u98a8\u96aa\u7ba1\u7406\u3001\u77e5\u8b58\u7522\u6b0a\u8cbf\u6613\u3001\u6cd5\u5f8b\u53ca\u89e3\u6c7a\u722d\u8b70\u3001\u9ad8\u589e\u503c\u4f9b\u61c9\u93c8\u670d\u52d9\u3001\u8cc7\u7522\u53ca\u8ca1\u5bcc\u7ba1\u7406\uff0c\u4ee5\u81f3\u4e2d\u5916\u6587\u5316\u85dd\u8853\u4ea4\u6d41\u3002<\/p>\n<p>\u7e3d\u8a00\u800c\u4e4b\uff0c\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u7684\u6f14\u8b8a\uff0c\u7d55\u975e\u55ae\u7d14\u7684\u7e3d\u91cf\u8d77\u4f0f\uff0c\u800c\u662f\u4e00\u5834\u6df1\u523b\u7684\u7d50\u69cb\u6027\u91cd\u5851\u3002\u9999\u6e2f\u52d9\u9808\u978f\u56fa\u73fe\u6709\u5f37\u9805\uff0c\u51f8\u986f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u300c\u8d85\u7d1a\u589e\u503c\u4eba\u300d\u7684\u89d2\u8272\uff0c\u4e0d\u55ae\u670d\u52d9\u5916\u8cc7\u6295\u8cc7\u5167\u5730\u9ad8\u6280\u8853\u7522\u696d\uff0c\u4ea6\u8981\u670d\u52d9\u5167\u8cc7\u5168\u50f9\u503c\u93c8\u5e03\u5c40\u5916\u5730\u3002\u5404\u8def\u8cc7\u91d1\u5c0d\u9999\u6e2f\u7684\u5b9a\u4f4d\u548c\u8981\u6c42\u7121\u7591\u8207\u65e5\u4ff1\u589e\uff0c\u4f46\u9999\u6e2f\u5275\u9020\u50f9\u503c\u7684\u7a7a\u9593\u4e5f\u540c\u6642\u8b8a\u5f97\u66f4\u52a0\u5ee3\u95ca\u3002<\/p>\n<p><strong>\u9127\u5e0c\u7152\u6559\u6388<\/strong><br \/>\n<strong>\u9999\u6e2f\u5927\u5b78\u5354\u7406\u526f\u6821\u9577\u3001\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u526f\u9662\u9577\u3001\u99ae\u570b\u7d93\u99ae\u570b\u7db8\u57fa\u91d1\u7d93\u6fdf\u5b78\u6559\u6388<\/strong><\/p>\n<p><strong>\u5f35\u8d85\u85dd\u5148\u751f<\/strong><br \/>\n<strong>\u9999\u6e2f\u5927\u5b78\u9999\u6e2f\u7d93\u6fdf\u53ca\u5546\u696d\u7b56\u7565\u7814\u7a76\u6240\u9ad8\u7d1a\u7814\u7a76\u52a9\u7406<\/strong><\/p>\n<p><span>\uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u516d\u5e74\u516d\u6708\u5341\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09<\/span><\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-261885","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-hkej-column-tc","leadership-topic-categories-opinions-and-speeches-tc","in-the-media-topic-categories-faculty-tc","opinion-speeches-categories-faculty-tc"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"\u8fd1\u5e74\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u683c\u5c40\u7d93\u6b77\u986f\u8457\u8b8a\u5316\uff0c\u9999\u6e2f\u6a4b\u6a11\u89d2\u8272\u7684\u5167\u6db5\u4e5f\u96a8\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u8b8a\u8207\u767c\u5c55\u6a5f\u9047\uff0c\u5fc5\u9808\u6aa2\u8996\u4e2d\u570b\u5be6\u969b\u4f7f\u7528\u5916\u8cc7 (realized foreign direct investment\uff0c\u4ee5\u4e0b\u7c21\u7a31FDI) \u548c\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7 (outward foreign direct investment ; \u7c21\u7a31ODI) \u7684\u6578\u64da\u8da8\u52e2\u3002 \u5916\u5546\u52a0\u901f\u9032\u99d0\u9ad8\u7aef\u7522\u696d \u64da\u570b\u5bb6\u5546\u52d9\u90e8\u7684\u300a\u4e2d\u570b\u5916\u8cc7\u7d71\u8a08\u516c\u58312025\u300b\u53ca\u65b0\u805e\u8fa6\u516c\u5ba4\u7684\u516c\u5e03\uff0c\u4e2d\u570bFDI\u57282022\u5e74\u5275\u4e0b1,891.3\u5104\u7f8e\u5143\u7684\u6b77\u53f2\u9ad8\u4f4d\u5f8c\uff0c\u6301\u7e8c\u56de\u843d\u81f32025\u5e74\u76841,063.8\u5104\u7f8e\u5143\u5de6\u53f3 (7,476.9\u5104\u5143\u4eba\u6c11\u5e63) \u3002\u540c\u671f\uff0c\u65b0\u8a2d\u5916\u5546\u4f01\u696d\u5247\u5f9e\u4e00\u5e7438,497\u5bb6\u6301\u7e8c\u6fc0\u589e\u81f370,392\u5bb6\u3002\u6b64\u4e00\u8d70\u5411\u4ecd\u7136\u6301\u7e8c\uff0c2026\u5e741\u81f34\u6708\uff0cFDI\u70ba2,876.9\u5104\u5143\u4eba\u6c11\u5e63 (\u7d04419.2\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u4e0b\u964d10.3%\uff1b\u65b0\u8a2d\u5916\u5546\u4f01\u696d20,113\u5bb6\uff0c\u540c\u6bd4\u589e\u95776.8%\u3002 \u4e2d\u570b\u8fd1\u5e74FDI\u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u53cd\u6620\u51fa\u5916\u8cc7\u7684\u5be9\u614e\u614b\u5ea6\u3002\u4e00\u65b9\u9762\u6e90\u65bc\u570b\u969b\u9ad8\u5229\u7387\u74b0\u5883\u8207\u4e2d\u570b\u7269\u50f9\u589e\u9577\u4e4f\u529b\uff1b\u53e6\u4e00\u65b9\u9762\u6e90\u65bc\u8de8\u570b\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u58d3\u529b\u4e0b\u63a1\u53d6\u7684\u300c\u4e2d\u570b+1\u300d\u7b56\u7565\u3002\u5118\u7ba1\u5982\u6b64\uff0c\u57fa\u65bc\u6301\u7e8c\u5927\u589e\u7684\u65b0\u8a2d\u5916\u5546\u6295\u8cc7\u4f01\u696d\u6578\u91cf\uff0c\u5916\u8cc7\u300c\u6230\u7565\u5361\u4f4d\u300d\u90e8\u7f72\u6e05\u6670\uff0c\u8db3\u898b\u5176\u672a\u6709\u64a4\u51fa\u4e2d\u570b\u5e02\u5834\uff0c\u800c\u662f\u7a4d\u6975\u70ba\u672a\u4f86\u52a0\u5927\u6295\u8cc7\u4f5c\u51fa\u6e96\u5099\u3002 \u4e8b\u5be6\u4e0a\uff0c\u5916\u8cc7\u5c0d\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u5c55\u73fe\u51fa\u6fc3\u539a\u8208\u8da3\u30022024\u5e74\uff0c\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba402.6\u5104\u7f8e\u5143\uff0c\u4f54\u7e3d\u984d\u768434.6%\u3002\u5176\u4e2d\uff0c\u9ad8\u6280\u8853\u88fd\u9020\u696d\u548c\u9ad8\u6280\u8853\u670d\u52d9\u696d\u7684FDI\uff0c\u5206\u5225\u70ba135.1\u5104\u7f8e\u5143\u548c267.6\u5104\u7f8e\u5143\u30022026\u5e741\u81f34\u6708\uff0c\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba1,163.3\u5143\u5104\u4eba\u6c11\u5e63 (169.5\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u5927\u589e20.3%\uff0c\u5df2\u4f54\u7e3d\u984d\u768440.4%\u3002\u5176\u4e2d\uff0c\u7814\u767c\u8207\u8a2d\u8a08\u670d\u52d9\u3001\u8a08\u7b97\u6a5f\u53ca\u8fa6\u516c\u8a2d\u5099\u88fd\u9020\u696d\u3001\u96fb\u5b50\u53ca\u901a\u8a0a\u8a2d\u5099\u88fd\u9020\u696d\u7684FDI\u5206\u5225\u5927\u589e108.4%\u300122.9%\u300120.2%\u3002\u96a8\u7740\u5916\u8cc7\u5c0d\u4e2d\u570b\u6280\u8853\u5be6\u529b\u6108\u8da8\u8a8d\u53ef\uff0c\u9810\u6599\u9ad8\u6280\u8853\u7522\u696d\u5c07\u6703\u7e7c\u7e8c\u5f15\u9818\u4e2d\u570bFDI\u7684\u589e\u9577\u3002 \u5f9e2024\u5e74\u4e2d\u570bFDI\u7684\u4f86\u6e90\u5730\u4f86\u770b\uff0c\u524d\u4e94\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(63.5%)\u3001\u65b0\u52a0\u5761(9.2%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.7%)\u3001\u82f1\u5c6c\u7dad\u723e\u4eac\u7fa4\u5cf6(3.3%)\uff0c\u4ee5\u53ca\u7f8e\u570b(2.4%)\u3002\u9019\u53cd\u6620\u5916\u8cc7\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u9032\u5165\u5167\u5730\uff0c\u800c\u975e\u5f9e\u672c\u570b\u76f4\u6295\u3002\u9999\u6e2f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u6a4b\u6a11\u7684\u89d2\u8272\u4ecd\u7136\u5c64\u65b7\u9818\u5148\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u8b8a\u5f97\u986f\u8457\u91cd\u8981\u3002\u6b64\u5916\uff0c\u90e8\u5206\u4e2d\u8cc7\u4f01\u696d\u5728\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8a3b\u518a\u516c\u53f8\uff0c\u4ee5\u5916\u8cc7\u540d\u7fa9\u8fd4\u7a0b\u6295\u8cc7\u5167\u5730\u3002 ODI\u5347\u52e2\u6301\u7e8c \u50f9\u503c\u93c8\u5168\u8986\u84cb \u6709\u5225\u65bcFDI \u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u4e2d\u570bODI\u5247\u4e00\u76f4\u5c55\u73fe\u589e\u9577\u8da8\u52e2\u3002\u64da\u570b\u5bb6\u5546\u52d9\u90e8\u65b0\u805e\u8fa6\u516c\u5ba4\u516c\u5e03\u7684\u7c21\u660e\u7d71\u8a08\u6578\u5b57\uff0c2025\u5e74\u7684ODI\u70ba1,743.8\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u95777.1%\uff1b2026\u5e741\u81f34\u6708\u7684ODI\u70ba619.9\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u9577\u5347\u81f37.7%\u3002 \u570b\u5bb6\u5546\u52d9\u90e8\u3001\u7d71\u8a08\u5c40\u3001\u5916\u532f\u7ba1\u7406\u5c40\u7de8\u5236\u7684\u300a2024\u5e74\u5ea6\u4e2d\u570b\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7\u7d71\u8a08\u516c\u5831\u300b\uff0c\u63d0\u4f9b\u4e86\u8a73\u76e1\u7684ODI\u8cc7\u6599\u30022024\u5e74\uff0c\u4e2d\u570b83.8%\u7684ODI\u4e3b\u8981\u6d41\u5411\u4e94\u5927\u884c\u696d\u2014\u2014\u63a1\u7926\u696d (11.1%)\u3001\u88fd\u9020\u696d (19.5%)\u3001\u79df\u8cc3\u548c\u5546\u52d9\u670d\u52d9\u696d (19.8%)\u3001\u6279\u767c\u548c\u96f6\u552e\u696d (21%)\u3001\u91d1\u878d\u696d (12.4%)\uff0c\u6a6b\u8de8\u50f9\u503c\u93c8\u4e0a\u3001\u4e2d\u3001\u4e0b\u6e38\u3002\u5176\u4e2d\uff0c\u63a1\u7926\u696d\u3001\u88fd\u9020\u696d\u53ca\u91d1\u878d\u696d\u7684\u666f\u6c23\u5ea6\u8f03\u9ad8\uff0cODI\u6d41\u91cf\u5206\u5225\u540c\u6bd4\u5927\u589e115.2%\u300137.3%\u53ca30.5%\u3002 \u4e2d\u570bODI\u7684\u6301\u7e8c\u589e\u9577\u8207\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5f9e\u5916\u5730\u7372\u5f97\u6295\u8cc7\u56de\u5831\u4e4b\u9918\uff0c\u540c\u6642\u5c07\u81ea\u8eab\u6210\u719f\u7684\u6280\u8853\u548c\u5546\u696d\u6a21\u5f0f\u5e36\u5230\u6295\u8cc7\u76ee\u7684\u5730\uff0c\u4e26\u8f49\u5316\u6210\u7576\u5730\u7d93\u6fdf\u7684\u9a45\u52d5\u529b\u3002\u5f9e\u5efa\u8a2d\u63a1\u7926\u5834\u3001\u5de5\u5ee0\u3001\u5009\u5eab\u3001\u6578\u64da\u4e2d\u5fc3\u3001\u5546\u5ec8\u3001\u5546\u5834\u7b49\u57fa\u790e\u8a2d\u65bd\uff0c\u5230\u958b\u8a2d\u5927\u91cf\u96f6\u552e\u5e97\u8216\u548c\u8fa6\u516c\u5ba4\uff0c\u90fd\u70ba\u6295\u8cc7\u76ee\u7684\u5730\u5275\u9020\u51fa\u5927\u91cf\u7d93\u6fdf\u6d3b\u52d5\u3001\u7a05\u6536\u548c\u5c31\u696d\u8077\u4f4d\u3002 \u5f9e2024\u5e74\u4e2d\u570bODI\u7684\u76ee\u7684\u5730\u4f86\u770b\uff0c\u524d\u56db\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(60.4%)\u3001\u65b0\u52a0\u5761(9.3%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.6%)\u3001\u7f8e\u570b(3.5%)\uff0c\u986f\u793a\u4e2d\u570bODI\u4e5f\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8d70\u51fa\u53bb\uff0c\u800c\u975e\u76f4\u63a5\u6295\u5411\u6700\u7d42\u76ee\u7684\u5730\u3002\u8207\u4e2d\u570bFDI\u7684\u60c5\u6cc1\u985e\u4f3c\uff0c\u9999\u6e2f\u89d2\u8272\u4e00\u679d\u7368\u79c0\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u986f\u5f97\u76f8\u7576\u91cd\u8981\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u9023\u540c\u4e0a\u8ff0\u65b0\u52a0\u5761\u7684\u4f54\u6bd4\u8a08\u7b97\u5728\u5167\uff0c2024\u5e74\u517117.9%\u7684\u4e2d\u570bODI\u76f4\u63a5\u6d41\u5411\u6771\u76df\u5730\u5340\uff0c\u800c\u76f8\u5c0d\u61c9\u7684\u5b58\u91cf\u6bd4\u91cd\u50c5\u70ba6.3%\u3002 \u5f15\u8cc7\u548c\u5916\u6295\u5f80\u9ad8\u8cea\u91cf\u65b9\u5411\u767c\u5c55 \u9451\u65bcFDI\u5468\u671f\u6027\u8abf\u6574\u548cODI\u6301\u7e8c\u589e\u9577\uff0c\u4e2d\u570b\u6b63\u5f9e\u653f\u7b56\u65b9\u9762\u7740\u624b\u512a\u5316\u5916\u5546\u6295\u8cc7\u74b0\u5883\uff0c\u800c\u4e2d\u8cc7\u4f01\u696d\u4e5f\u5728\u5168\u7403\u5316\u64f4\u5f35\u4e2d\uff0c\u6108\u4f86\u6108\u91cd\u8996\u6587\u5316\u5171\u878d\u548c\u5275\u9020\u5728\u5730\u5316\u50f9\u503c\u3002\u5728\u300c\u5341\u4e94\u4e94\u300d\u898f\u5283\u4e2d\uff0c\u653f\u5e9c\u660e\u78ba\u8981\u4ee5\u66f4\u5927\u529b\u5ea6\u5438\u5f15\u548c\u5229\u7528\u5916\u8cc7\uff0c\u5305\u62ec\u5168\u9762\u843d\u5be6\u5916\u8cc7\u4f01\u696d\u570b\u6c11\u5f85\u9047\uff1b\u5f15\u5c0e\u5916\u8cc7\u66f4\u591a\u6295\u5411\u5148\u9032\u88fd\u9020\u3001\u73fe\u4ee3\u670d\u52d9\u3001\u9ad8\u65b0\u6280\u8853\u3001\u7bc0\u80fd\u74b0\u4fdd\u7b49\u9818\u57df\uff1b\u5927\u529b\u5438\u5f15\u5916\u8cc7\u4f01\u696d\u5728\u83ef\u8a2d\u7acb\u5730\u5340\u7e3d\u90e8\u548c\u7814\u767c\u4e2d\u5fc3\uff1b\u4ee5\u53ca\u62d3\u5bec\u5916\u8cc7\u6295\u8cc7\u8b49\u5238\u5e02\u5834\u6e20\u9053\u7b49\u3002 \u6b64\u5916\uff0c\u4e0d\u5c11\u4e2d\u8cc7\u4f01\u696d\u767c\u63ee\u81ea\u8eab\u6280\u8853\u3001\u8cc7\u91d1\u53ca\u4f9b\u61c9\u93c8\u7b49\u512a\u52e2\uff0c\u7a4d\u6975\u63a2\u7d22\u4ee5\u6388\u6b0a\u3001\u5408\u8cc7\u3001\u516c\u79c1\u71df\u5408\u4f5c\u7b49\u591a\u6a23\u5316\u8def\u5f91\uff0c\u5728\u6295\u8cc7\u76ee\u7684\u5730\u7d93\u71df\u696d\u52d9\uff0c\u60e0\u53ca\u7576\u5730\u4f9b\u61c9\u5546\u3001\u5c31\u696d\u53ca\u7a05\u6536\uff0c\u5f9e\u800c\u5efa\u69cb\u5229\u76ca\u5171\u540c\u9ad4\uff0c\u5be6\u73fe\u4e92\u5229\u5171\u8d0f\u7684\u5168\u7403\u5316\u64f4\u5f35\u3002 \u9999\u6e2f\u589e\u503c\u7a7a\u9593\u66f4\u52a0\u5ee3\u95ca \u4e2d\u5916\u8cc7\u91d1\u5df2\u5728\u9999\u6e2f\u4ea4\u532f\u591a\u5e74\u30022024\u5e74\uff0c\u9999\u6e2f\u4f54\u5167\u5730FDI 63.5%\u7684\u6d41\u91cf\u548c56.8%\u7684\u7d2f\u8a08\u91d1\u984d\uff1b\u800c\u5728\u5167\u5730ODI \u4e2d\u5247\u4f5460.4%\u7684\u6d41\u91cf\u548c61.2%\u7684\u5b58\u91cf\u3002\u7121\u5eb8\u7f6e\u7591\uff0c\u9999\u6e2f\u5728\u570b\u5bb6\u300c\u5f15\u9032\u4f86\u300d\u8207\u300c\u8d70\u51fa\u53bb\u300d\u65b9\u9762\uff0c\u4e00\u76f4\u767c\u63ee\u81f3\u95dc\u91cd\u8981\u7684\u6a4b\u6a11\u4f5c\u7528\u3002 \u96a8\u7740\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u4e0d\u65b7\u767c\u5c55\uff0c\u9999\u6e2f\u7684\u529f\u80fd\u4ea6\u96a8\u4e4b\u6df1\u5316\u3002\u904e\u53bb\uff0c\u5916\u8cc7\u9032\u5165\u5167\u5730\u6216\u5167\u8cc7\u6295\u5411\u6d77\u5916\uff0c\u9999\u6e2f\u66f4\u591a\u662f\u626e\u6f14\u300c\u8cc7\u91d1\u4e2d\u8f49\u7ad9\u300d\u89d2\u8272\u3002\u73fe\u5728\uff0c\u5168\u7403\u8cc7\u672c\u5c0d\u4e2d\u570b\u5e02\u5834\u7684\u8a34\u6c42\uff0c\u5df2\u5f9e\u50b3\u7d71\u7684\u898f\u6a21\u64f4\u5f35\uff0c\u6f14\u8b8a\u70ba\u5c0d\u5275\u65b0\u7522\u696d\u7684\u7cbe\u6e96\u6295\u8cc7\u3002\u4e2d\u8cc7\u4f01\u696d\u7684\u5168\u7403\u5316\uff0c\u5247\u5f9e\u300c\u7522\u54c1\u5916\u92b7\u300d\u76841.0\u968e\u6bb5\uff0c\u8d70\u5411\u300c\u7522\u696d\u93c8\u8f38\u51fa\u3001\u6280\u8853\u6388\u6b0a\u8207\u5728\u5730\u5316\u7d93\u71df\u300d\u7684 2.0 \u968e\u6bb5\u3002\u6574\u689d\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u4e5f\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5728\u5916\u5730\u7684\u8cc7\u7522\u8b8a\u5f97\u66f4\u91cd\u3002\u91cd\u8cc7\u7522\u56fa\u7136\u53ef\u4ee5\u70ba\u4f01\u696d\u7bc9\u8d77\u7af6\u722d\u58c1\u58d8\uff0c\u4f46\u7f3a\u9ede\u662f\u4f4e\u6d41\u52d5\u6027\u548c\u9ad8\u6c89\u6c92\u6210\u672c\u3002\u9019\u4f7f\u4e2d\u8cc7\u51fa\u6d77\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u535a\u5f08\u3001\u4f9b\u61c9\u93c8\u91cd\u7d44\u3001\u570b\u969b\u7a05\u52d9\u5be9\u67e5\u3001\u570b\u969b\u6cd5\u898f\u5dee\u7570\u7b49\u65b9\u9762\uff0c\u9762\u81e8\u66f4\u591a\u98a8\u96aa\u3002 \u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u9999\u6e2f\u92b3\u610f\u767c\u5c55\u300c\u5341\u5927\u4e2d\u5fc3\u300d\uff0c\u6b63\u53ef\u6eff\u8db3\u4e2d\u5916\u8cc7\u91d1\u7684\u7a2e\u7a2e\u8981\u6c42\uff0c\u5305\u62ec\u50b3\u7d71\u7684\u91d1\u878d\u3001\u8cbf\u6613\u3001\u822a\u904b\uff0c\u4ea6\u5305\u62ec\u5275\u79d1\u3001\u98a8\u96aa\u7ba1\u7406\u3001\u77e5\u8b58\u7522\u6b0a\u8cbf\u6613\u3001\u6cd5\u5f8b\u53ca\u89e3\u6c7a\u722d\u8b70\u3001\u9ad8\u589e\u503c\u4f9b\u61c9\u93c8\u670d\u52d9\u3001\u8cc7\u7522\u53ca\u8ca1\u5bcc\u7ba1\u7406\uff0c\u4ee5\u81f3\u4e2d\u5916\u6587\u5316\u85dd\u8853\u4ea4\u6d41\u3002 \u7e3d\u8a00\u800c\u4e4b\uff0c\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u7684\u6f14\u8b8a\uff0c\u7d55\u975e\u55ae\u7d14\u7684\u7e3d\u91cf\u8d77\u4f0f\uff0c\u800c\u662f\u4e00\u5834\u6df1\u523b\u7684\u7d50\u69cb\u6027\u91cd\u5851\u3002\u9999\u6e2f\u52d9\u9808\u978f\u56fa\u73fe\u6709\u5f37\u9805\uff0c\u51f8\u986f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u300c\u8d85\u7d1a\u589e\u503c\u4eba\u300d\u7684\u89d2\u8272\uff0c\u4e0d\u55ae\u670d\u52d9\u5916\u8cc7\u6295\u8cc7\u5167\u5730\u9ad8\u6280\u8853\u7522\u696d\uff0c\u4ea6\u8981\u670d\u52d9\u5167\u8cc7\u5168\u50f9\u503c\u93c8\u5e03\u5c40\u5916\u5730\u3002\u5404\u8def\u8cc7\u91d1\u5c0d\u9999\u6e2f\u7684\u5b9a\u4f4d\u548c\u8981\u6c42\u7121\u7591\u8207\u65e5\u4ff1\u589e\uff0c\u4f46\u9999\u6e2f\u5275\u9020\u50f9\u503c\u7684\u7a7a\u9593\u4e5f\u540c\u6642\u8b8a\u5f97\u66f4\u52a0\u5ee3\u95ca\u3002 \u9127\u5e0c\u7152\u6559\u6388 \u9999\u6e2f\u5927\u5b78\u5354\u7406\u526f\u6821\u9577\u3001\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u526f\u9662\u9577\u3001\u99ae\u570b\u7d93\u99ae\u570b\u7db8\u57fa\u91d1\u7d93\u6fdf\u5b78\u6559\u6388 \u5f35\u8d85\u85dd\u5148\u751f \u9999\u6e2f\u5927\u5b78\u9999\u6e2f\u7d93\u6fdf\u53ca\u5546\u696d\u7b56\u7565\u7814\u7a76\u6240\u9ad8\u7d1a\u7814\u7a76\u52a9\u7406 \uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u516d\u5e74\u516d\u6708\u5341\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"google-site-verification\" content=\"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"HKU Business School -\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u8b8a\u5c40 \u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347 - HKU Business School\" \/>\n\t\t<meta property=\"og:description\" content=\"\u8fd1\u5e74\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u683c\u5c40\u7d93\u6b77\u986f\u8457\u8b8a\u5316\uff0c\u9999\u6e2f\u6a4b\u6a11\u89d2\u8272\u7684\u5167\u6db5\u4e5f\u96a8\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u8b8a\u8207\u767c\u5c55\u6a5f\u9047\uff0c\u5fc5\u9808\u6aa2\u8996\u4e2d\u570b\u5be6\u969b\u4f7f\u7528\u5916\u8cc7 (realized foreign direct investment\uff0c\u4ee5\u4e0b\u7c21\u7a31FDI) \u548c\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7 (outward foreign direct investment ; \u7c21\u7a31ODI) \u7684\u6578\u64da\u8da8\u52e2\u3002 \u5916\u5546\u52a0\u901f\u9032\u99d0\u9ad8\u7aef\u7522\u696d \u64da\u570b\u5bb6\u5546\u52d9\u90e8\u7684\u300a\u4e2d\u570b\u5916\u8cc7\u7d71\u8a08\u516c\u58312025\u300b\u53ca\u65b0\u805e\u8fa6\u516c\u5ba4\u7684\u516c\u5e03\uff0c\u4e2d\u570bFDI\u57282022\u5e74\u5275\u4e0b1,891.3\u5104\u7f8e\u5143\u7684\u6b77\u53f2\u9ad8\u4f4d\u5f8c\uff0c\u6301\u7e8c\u56de\u843d\u81f32025\u5e74\u76841,063.8\u5104\u7f8e\u5143\u5de6\u53f3 (7,476.9\u5104\u5143\u4eba\u6c11\u5e63) \u3002\u540c\u671f\uff0c\u65b0\u8a2d\u5916\u5546\u4f01\u696d\u5247\u5f9e\u4e00\u5e7438,497\u5bb6\u6301\u7e8c\u6fc0\u589e\u81f370,392\u5bb6\u3002\u6b64\u4e00\u8d70\u5411\u4ecd\u7136\u6301\u7e8c\uff0c2026\u5e741\u81f34\u6708\uff0cFDI\u70ba2,876.9\u5104\u5143\u4eba\u6c11\u5e63 (\u7d04419.2\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u4e0b\u964d10.3%\uff1b\u65b0\u8a2d\u5916\u5546\u4f01\u696d20,113\u5bb6\uff0c\u540c\u6bd4\u589e\u95776.8%\u3002 \u4e2d\u570b\u8fd1\u5e74FDI\u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u53cd\u6620\u51fa\u5916\u8cc7\u7684\u5be9\u614e\u614b\u5ea6\u3002\u4e00\u65b9\u9762\u6e90\u65bc\u570b\u969b\u9ad8\u5229\u7387\u74b0\u5883\u8207\u4e2d\u570b\u7269\u50f9\u589e\u9577\u4e4f\u529b\uff1b\u53e6\u4e00\u65b9\u9762\u6e90\u65bc\u8de8\u570b\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u58d3\u529b\u4e0b\u63a1\u53d6\u7684\u300c\u4e2d\u570b+1\u300d\u7b56\u7565\u3002\u5118\u7ba1\u5982\u6b64\uff0c\u57fa\u65bc\u6301\u7e8c\u5927\u589e\u7684\u65b0\u8a2d\u5916\u5546\u6295\u8cc7\u4f01\u696d\u6578\u91cf\uff0c\u5916\u8cc7\u300c\u6230\u7565\u5361\u4f4d\u300d\u90e8\u7f72\u6e05\u6670\uff0c\u8db3\u898b\u5176\u672a\u6709\u64a4\u51fa\u4e2d\u570b\u5e02\u5834\uff0c\u800c\u662f\u7a4d\u6975\u70ba\u672a\u4f86\u52a0\u5927\u6295\u8cc7\u4f5c\u51fa\u6e96\u5099\u3002 \u4e8b\u5be6\u4e0a\uff0c\u5916\u8cc7\u5c0d\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u5c55\u73fe\u51fa\u6fc3\u539a\u8208\u8da3\u30022024\u5e74\uff0c\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba402.6\u5104\u7f8e\u5143\uff0c\u4f54\u7e3d\u984d\u768434.6%\u3002\u5176\u4e2d\uff0c\u9ad8\u6280\u8853\u88fd\u9020\u696d\u548c\u9ad8\u6280\u8853\u670d\u52d9\u696d\u7684FDI\uff0c\u5206\u5225\u70ba135.1\u5104\u7f8e\u5143\u548c267.6\u5104\u7f8e\u5143\u30022026\u5e741\u81f34\u6708\uff0c\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba1,163.3\u5143\u5104\u4eba\u6c11\u5e63 (169.5\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u5927\u589e20.3%\uff0c\u5df2\u4f54\u7e3d\u984d\u768440.4%\u3002\u5176\u4e2d\uff0c\u7814\u767c\u8207\u8a2d\u8a08\u670d\u52d9\u3001\u8a08\u7b97\u6a5f\u53ca\u8fa6\u516c\u8a2d\u5099\u88fd\u9020\u696d\u3001\u96fb\u5b50\u53ca\u901a\u8a0a\u8a2d\u5099\u88fd\u9020\u696d\u7684FDI\u5206\u5225\u5927\u589e108.4%\u300122.9%\u300120.2%\u3002\u96a8\u7740\u5916\u8cc7\u5c0d\u4e2d\u570b\u6280\u8853\u5be6\u529b\u6108\u8da8\u8a8d\u53ef\uff0c\u9810\u6599\u9ad8\u6280\u8853\u7522\u696d\u5c07\u6703\u7e7c\u7e8c\u5f15\u9818\u4e2d\u570bFDI\u7684\u589e\u9577\u3002 \u5f9e2024\u5e74\u4e2d\u570bFDI\u7684\u4f86\u6e90\u5730\u4f86\u770b\uff0c\u524d\u4e94\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(63.5%)\u3001\u65b0\u52a0\u5761(9.2%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.7%)\u3001\u82f1\u5c6c\u7dad\u723e\u4eac\u7fa4\u5cf6(3.3%)\uff0c\u4ee5\u53ca\u7f8e\u570b(2.4%)\u3002\u9019\u53cd\u6620\u5916\u8cc7\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u9032\u5165\u5167\u5730\uff0c\u800c\u975e\u5f9e\u672c\u570b\u76f4\u6295\u3002\u9999\u6e2f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u6a4b\u6a11\u7684\u89d2\u8272\u4ecd\u7136\u5c64\u65b7\u9818\u5148\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u8b8a\u5f97\u986f\u8457\u91cd\u8981\u3002\u6b64\u5916\uff0c\u90e8\u5206\u4e2d\u8cc7\u4f01\u696d\u5728\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8a3b\u518a\u516c\u53f8\uff0c\u4ee5\u5916\u8cc7\u540d\u7fa9\u8fd4\u7a0b\u6295\u8cc7\u5167\u5730\u3002 ODI\u5347\u52e2\u6301\u7e8c \u50f9\u503c\u93c8\u5168\u8986\u84cb \u6709\u5225\u65bcFDI \u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u4e2d\u570bODI\u5247\u4e00\u76f4\u5c55\u73fe\u589e\u9577\u8da8\u52e2\u3002\u64da\u570b\u5bb6\u5546\u52d9\u90e8\u65b0\u805e\u8fa6\u516c\u5ba4\u516c\u5e03\u7684\u7c21\u660e\u7d71\u8a08\u6578\u5b57\uff0c2025\u5e74\u7684ODI\u70ba1,743.8\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u95777.1%\uff1b2026\u5e741\u81f34\u6708\u7684ODI\u70ba619.9\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u9577\u5347\u81f37.7%\u3002 \u570b\u5bb6\u5546\u52d9\u90e8\u3001\u7d71\u8a08\u5c40\u3001\u5916\u532f\u7ba1\u7406\u5c40\u7de8\u5236\u7684\u300a2024\u5e74\u5ea6\u4e2d\u570b\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7\u7d71\u8a08\u516c\u5831\u300b\uff0c\u63d0\u4f9b\u4e86\u8a73\u76e1\u7684ODI\u8cc7\u6599\u30022024\u5e74\uff0c\u4e2d\u570b83.8%\u7684ODI\u4e3b\u8981\u6d41\u5411\u4e94\u5927\u884c\u696d\u2014\u2014\u63a1\u7926\u696d (11.1%)\u3001\u88fd\u9020\u696d (19.5%)\u3001\u79df\u8cc3\u548c\u5546\u52d9\u670d\u52d9\u696d (19.8%)\u3001\u6279\u767c\u548c\u96f6\u552e\u696d (21%)\u3001\u91d1\u878d\u696d (12.4%)\uff0c\u6a6b\u8de8\u50f9\u503c\u93c8\u4e0a\u3001\u4e2d\u3001\u4e0b\u6e38\u3002\u5176\u4e2d\uff0c\u63a1\u7926\u696d\u3001\u88fd\u9020\u696d\u53ca\u91d1\u878d\u696d\u7684\u666f\u6c23\u5ea6\u8f03\u9ad8\uff0cODI\u6d41\u91cf\u5206\u5225\u540c\u6bd4\u5927\u589e115.2%\u300137.3%\u53ca30.5%\u3002 \u4e2d\u570bODI\u7684\u6301\u7e8c\u589e\u9577\u8207\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5f9e\u5916\u5730\u7372\u5f97\u6295\u8cc7\u56de\u5831\u4e4b\u9918\uff0c\u540c\u6642\u5c07\u81ea\u8eab\u6210\u719f\u7684\u6280\u8853\u548c\u5546\u696d\u6a21\u5f0f\u5e36\u5230\u6295\u8cc7\u76ee\u7684\u5730\uff0c\u4e26\u8f49\u5316\u6210\u7576\u5730\u7d93\u6fdf\u7684\u9a45\u52d5\u529b\u3002\u5f9e\u5efa\u8a2d\u63a1\u7926\u5834\u3001\u5de5\u5ee0\u3001\u5009\u5eab\u3001\u6578\u64da\u4e2d\u5fc3\u3001\u5546\u5ec8\u3001\u5546\u5834\u7b49\u57fa\u790e\u8a2d\u65bd\uff0c\u5230\u958b\u8a2d\u5927\u91cf\u96f6\u552e\u5e97\u8216\u548c\u8fa6\u516c\u5ba4\uff0c\u90fd\u70ba\u6295\u8cc7\u76ee\u7684\u5730\u5275\u9020\u51fa\u5927\u91cf\u7d93\u6fdf\u6d3b\u52d5\u3001\u7a05\u6536\u548c\u5c31\u696d\u8077\u4f4d\u3002 \u5f9e2024\u5e74\u4e2d\u570bODI\u7684\u76ee\u7684\u5730\u4f86\u770b\uff0c\u524d\u56db\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(60.4%)\u3001\u65b0\u52a0\u5761(9.3%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.6%)\u3001\u7f8e\u570b(3.5%)\uff0c\u986f\u793a\u4e2d\u570bODI\u4e5f\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8d70\u51fa\u53bb\uff0c\u800c\u975e\u76f4\u63a5\u6295\u5411\u6700\u7d42\u76ee\u7684\u5730\u3002\u8207\u4e2d\u570bFDI\u7684\u60c5\u6cc1\u985e\u4f3c\uff0c\u9999\u6e2f\u89d2\u8272\u4e00\u679d\u7368\u79c0\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u986f\u5f97\u76f8\u7576\u91cd\u8981\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u9023\u540c\u4e0a\u8ff0\u65b0\u52a0\u5761\u7684\u4f54\u6bd4\u8a08\u7b97\u5728\u5167\uff0c2024\u5e74\u517117.9%\u7684\u4e2d\u570bODI\u76f4\u63a5\u6d41\u5411\u6771\u76df\u5730\u5340\uff0c\u800c\u76f8\u5c0d\u61c9\u7684\u5b58\u91cf\u6bd4\u91cd\u50c5\u70ba6.3%\u3002 \u5f15\u8cc7\u548c\u5916\u6295\u5f80\u9ad8\u8cea\u91cf\u65b9\u5411\u767c\u5c55 \u9451\u65bcFDI\u5468\u671f\u6027\u8abf\u6574\u548cODI\u6301\u7e8c\u589e\u9577\uff0c\u4e2d\u570b\u6b63\u5f9e\u653f\u7b56\u65b9\u9762\u7740\u624b\u512a\u5316\u5916\u5546\u6295\u8cc7\u74b0\u5883\uff0c\u800c\u4e2d\u8cc7\u4f01\u696d\u4e5f\u5728\u5168\u7403\u5316\u64f4\u5f35\u4e2d\uff0c\u6108\u4f86\u6108\u91cd\u8996\u6587\u5316\u5171\u878d\u548c\u5275\u9020\u5728\u5730\u5316\u50f9\u503c\u3002\u5728\u300c\u5341\u4e94\u4e94\u300d\u898f\u5283\u4e2d\uff0c\u653f\u5e9c\u660e\u78ba\u8981\u4ee5\u66f4\u5927\u529b\u5ea6\u5438\u5f15\u548c\u5229\u7528\u5916\u8cc7\uff0c\u5305\u62ec\u5168\u9762\u843d\u5be6\u5916\u8cc7\u4f01\u696d\u570b\u6c11\u5f85\u9047\uff1b\u5f15\u5c0e\u5916\u8cc7\u66f4\u591a\u6295\u5411\u5148\u9032\u88fd\u9020\u3001\u73fe\u4ee3\u670d\u52d9\u3001\u9ad8\u65b0\u6280\u8853\u3001\u7bc0\u80fd\u74b0\u4fdd\u7b49\u9818\u57df\uff1b\u5927\u529b\u5438\u5f15\u5916\u8cc7\u4f01\u696d\u5728\u83ef\u8a2d\u7acb\u5730\u5340\u7e3d\u90e8\u548c\u7814\u767c\u4e2d\u5fc3\uff1b\u4ee5\u53ca\u62d3\u5bec\u5916\u8cc7\u6295\u8cc7\u8b49\u5238\u5e02\u5834\u6e20\u9053\u7b49\u3002 \u6b64\u5916\uff0c\u4e0d\u5c11\u4e2d\u8cc7\u4f01\u696d\u767c\u63ee\u81ea\u8eab\u6280\u8853\u3001\u8cc7\u91d1\u53ca\u4f9b\u61c9\u93c8\u7b49\u512a\u52e2\uff0c\u7a4d\u6975\u63a2\u7d22\u4ee5\u6388\u6b0a\u3001\u5408\u8cc7\u3001\u516c\u79c1\u71df\u5408\u4f5c\u7b49\u591a\u6a23\u5316\u8def\u5f91\uff0c\u5728\u6295\u8cc7\u76ee\u7684\u5730\u7d93\u71df\u696d\u52d9\uff0c\u60e0\u53ca\u7576\u5730\u4f9b\u61c9\u5546\u3001\u5c31\u696d\u53ca\u7a05\u6536\uff0c\u5f9e\u800c\u5efa\u69cb\u5229\u76ca\u5171\u540c\u9ad4\uff0c\u5be6\u73fe\u4e92\u5229\u5171\u8d0f\u7684\u5168\u7403\u5316\u64f4\u5f35\u3002 \u9999\u6e2f\u589e\u503c\u7a7a\u9593\u66f4\u52a0\u5ee3\u95ca \u4e2d\u5916\u8cc7\u91d1\u5df2\u5728\u9999\u6e2f\u4ea4\u532f\u591a\u5e74\u30022024\u5e74\uff0c\u9999\u6e2f\u4f54\u5167\u5730FDI 63.5%\u7684\u6d41\u91cf\u548c56.8%\u7684\u7d2f\u8a08\u91d1\u984d\uff1b\u800c\u5728\u5167\u5730ODI \u4e2d\u5247\u4f5460.4%\u7684\u6d41\u91cf\u548c61.2%\u7684\u5b58\u91cf\u3002\u7121\u5eb8\u7f6e\u7591\uff0c\u9999\u6e2f\u5728\u570b\u5bb6\u300c\u5f15\u9032\u4f86\u300d\u8207\u300c\u8d70\u51fa\u53bb\u300d\u65b9\u9762\uff0c\u4e00\u76f4\u767c\u63ee\u81f3\u95dc\u91cd\u8981\u7684\u6a4b\u6a11\u4f5c\u7528\u3002 \u96a8\u7740\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u4e0d\u65b7\u767c\u5c55\uff0c\u9999\u6e2f\u7684\u529f\u80fd\u4ea6\u96a8\u4e4b\u6df1\u5316\u3002\u904e\u53bb\uff0c\u5916\u8cc7\u9032\u5165\u5167\u5730\u6216\u5167\u8cc7\u6295\u5411\u6d77\u5916\uff0c\u9999\u6e2f\u66f4\u591a\u662f\u626e\u6f14\u300c\u8cc7\u91d1\u4e2d\u8f49\u7ad9\u300d\u89d2\u8272\u3002\u73fe\u5728\uff0c\u5168\u7403\u8cc7\u672c\u5c0d\u4e2d\u570b\u5e02\u5834\u7684\u8a34\u6c42\uff0c\u5df2\u5f9e\u50b3\u7d71\u7684\u898f\u6a21\u64f4\u5f35\uff0c\u6f14\u8b8a\u70ba\u5c0d\u5275\u65b0\u7522\u696d\u7684\u7cbe\u6e96\u6295\u8cc7\u3002\u4e2d\u8cc7\u4f01\u696d\u7684\u5168\u7403\u5316\uff0c\u5247\u5f9e\u300c\u7522\u54c1\u5916\u92b7\u300d\u76841.0\u968e\u6bb5\uff0c\u8d70\u5411\u300c\u7522\u696d\u93c8\u8f38\u51fa\u3001\u6280\u8853\u6388\u6b0a\u8207\u5728\u5730\u5316\u7d93\u71df\u300d\u7684 2.0 \u968e\u6bb5\u3002\u6574\u689d\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u4e5f\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5728\u5916\u5730\u7684\u8cc7\u7522\u8b8a\u5f97\u66f4\u91cd\u3002\u91cd\u8cc7\u7522\u56fa\u7136\u53ef\u4ee5\u70ba\u4f01\u696d\u7bc9\u8d77\u7af6\u722d\u58c1\u58d8\uff0c\u4f46\u7f3a\u9ede\u662f\u4f4e\u6d41\u52d5\u6027\u548c\u9ad8\u6c89\u6c92\u6210\u672c\u3002\u9019\u4f7f\u4e2d\u8cc7\u51fa\u6d77\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u535a\u5f08\u3001\u4f9b\u61c9\u93c8\u91cd\u7d44\u3001\u570b\u969b\u7a05\u52d9\u5be9\u67e5\u3001\u570b\u969b\u6cd5\u898f\u5dee\u7570\u7b49\u65b9\u9762\uff0c\u9762\u81e8\u66f4\u591a\u98a8\u96aa\u3002 \u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u9999\u6e2f\u92b3\u610f\u767c\u5c55\u300c\u5341\u5927\u4e2d\u5fc3\u300d\uff0c\u6b63\u53ef\u6eff\u8db3\u4e2d\u5916\u8cc7\u91d1\u7684\u7a2e\u7a2e\u8981\u6c42\uff0c\u5305\u62ec\u50b3\u7d71\u7684\u91d1\u878d\u3001\u8cbf\u6613\u3001\u822a\u904b\uff0c\u4ea6\u5305\u62ec\u5275\u79d1\u3001\u98a8\u96aa\u7ba1\u7406\u3001\u77e5\u8b58\u7522\u6b0a\u8cbf\u6613\u3001\u6cd5\u5f8b\u53ca\u89e3\u6c7a\u722d\u8b70\u3001\u9ad8\u589e\u503c\u4f9b\u61c9\u93c8\u670d\u52d9\u3001\u8cc7\u7522\u53ca\u8ca1\u5bcc\u7ba1\u7406\uff0c\u4ee5\u81f3\u4e2d\u5916\u6587\u5316\u85dd\u8853\u4ea4\u6d41\u3002 \u7e3d\u8a00\u800c\u4e4b\uff0c\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u7684\u6f14\u8b8a\uff0c\u7d55\u975e\u55ae\u7d14\u7684\u7e3d\u91cf\u8d77\u4f0f\uff0c\u800c\u662f\u4e00\u5834\u6df1\u523b\u7684\u7d50\u69cb\u6027\u91cd\u5851\u3002\u9999\u6e2f\u52d9\u9808\u978f\u56fa\u73fe\u6709\u5f37\u9805\uff0c\u51f8\u986f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u300c\u8d85\u7d1a\u589e\u503c\u4eba\u300d\u7684\u89d2\u8272\uff0c\u4e0d\u55ae\u670d\u52d9\u5916\u8cc7\u6295\u8cc7\u5167\u5730\u9ad8\u6280\u8853\u7522\u696d\uff0c\u4ea6\u8981\u670d\u52d9\u5167\u8cc7\u5168\u50f9\u503c\u93c8\u5e03\u5c40\u5916\u5730\u3002\u5404\u8def\u8cc7\u91d1\u5c0d\u9999\u6e2f\u7684\u5b9a\u4f4d\u548c\u8981\u6c42\u7121\u7591\u8207\u65e5\u4ff1\u589e\uff0c\u4f46\u9999\u6e2f\u5275\u9020\u50f9\u503c\u7684\u7a7a\u9593\u4e5f\u540c\u6642\u8b8a\u5f97\u66f4\u52a0\u5ee3\u95ca\u3002 \u9127\u5e0c\u7152\u6559\u6388 \u9999\u6e2f\u5927\u5b78\u5354\u7406\u526f\u6821\u9577\u3001\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u526f\u9662\u9577\u3001\u99ae\u570b\u7d93\u99ae\u570b\u7db8\u57fa\u91d1\u7d93\u6fdf\u5b78\u6559\u6388 \u5f35\u8d85\u85dd\u5148\u751f \u9999\u6e2f\u5927\u5b78\u9999\u6e2f\u7d93\u6fdf\u53ca\u5546\u696d\u7b56\u7565\u7814\u7a76\u6240\u9ad8\u7d1a\u7814\u7a76\u52a9\u7406 \uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u516d\u5e74\u516d\u6708\u5341\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/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=\"2026-07-17T02:51:49+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u8b8a\u5c40 \u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u8fd1\u5e74\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u683c\u5c40\u7d93\u6b77\u986f\u8457\u8b8a\u5316\uff0c\u9999\u6e2f\u6a4b\u6a11\u89d2\u8272\u7684\u5167\u6db5\u4e5f\u96a8\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u8b8a\u8207\u767c\u5c55\u6a5f\u9047\uff0c\u5fc5\u9808\u6aa2\u8996\u4e2d\u570b\u5be6\u969b\u4f7f\u7528\u5916\u8cc7 (realized foreign direct investment\uff0c\u4ee5\u4e0b\u7c21\u7a31FDI) \u548c\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7 (outward foreign direct investment ; \u7c21\u7a31ODI) \u7684\u6578\u64da\u8da8\u52e2\u3002 \u5916\u5546\u52a0\u901f\u9032\u99d0\u9ad8\u7aef\u7522\u696d \u64da\u570b\u5bb6\u5546\u52d9\u90e8\u7684\u300a\u4e2d\u570b\u5916\u8cc7\u7d71\u8a08\u516c\u58312025\u300b\u53ca\u65b0\u805e\u8fa6\u516c\u5ba4\u7684\u516c\u5e03\uff0c\u4e2d\u570bFDI\u57282022\u5e74\u5275\u4e0b1,891.3\u5104\u7f8e\u5143\u7684\u6b77\u53f2\u9ad8\u4f4d\u5f8c\uff0c\u6301\u7e8c\u56de\u843d\u81f32025\u5e74\u76841,063.8\u5104\u7f8e\u5143\u5de6\u53f3 (7,476.9\u5104\u5143\u4eba\u6c11\u5e63) \u3002\u540c\u671f\uff0c\u65b0\u8a2d\u5916\u5546\u4f01\u696d\u5247\u5f9e\u4e00\u5e7438,497\u5bb6\u6301\u7e8c\u6fc0\u589e\u81f370,392\u5bb6\u3002\u6b64\u4e00\u8d70\u5411\u4ecd\u7136\u6301\u7e8c\uff0c2026\u5e741\u81f34\u6708\uff0cFDI\u70ba2,876.9\u5104\u5143\u4eba\u6c11\u5e63 (\u7d04419.2\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u4e0b\u964d10.3%\uff1b\u65b0\u8a2d\u5916\u5546\u4f01\u696d20,113\u5bb6\uff0c\u540c\u6bd4\u589e\u95776.8%\u3002 \u4e2d\u570b\u8fd1\u5e74FDI\u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u53cd\u6620\u51fa\u5916\u8cc7\u7684\u5be9\u614e\u614b\u5ea6\u3002\u4e00\u65b9\u9762\u6e90\u65bc\u570b\u969b\u9ad8\u5229\u7387\u74b0\u5883\u8207\u4e2d\u570b\u7269\u50f9\u589e\u9577\u4e4f\u529b\uff1b\u53e6\u4e00\u65b9\u9762\u6e90\u65bc\u8de8\u570b\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u58d3\u529b\u4e0b\u63a1\u53d6\u7684\u300c\u4e2d\u570b+1\u300d\u7b56\u7565\u3002\u5118\u7ba1\u5982\u6b64\uff0c\u57fa\u65bc\u6301\u7e8c\u5927\u589e\u7684\u65b0\u8a2d\u5916\u5546\u6295\u8cc7\u4f01\u696d\u6578\u91cf\uff0c\u5916\u8cc7\u300c\u6230\u7565\u5361\u4f4d\u300d\u90e8\u7f72\u6e05\u6670\uff0c\u8db3\u898b\u5176\u672a\u6709\u64a4\u51fa\u4e2d\u570b\u5e02\u5834\uff0c\u800c\u662f\u7a4d\u6975\u70ba\u672a\u4f86\u52a0\u5927\u6295\u8cc7\u4f5c\u51fa\u6e96\u5099\u3002 \u4e8b\u5be6\u4e0a\uff0c\u5916\u8cc7\u5c0d\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u5c55\u73fe\u51fa\u6fc3\u539a\u8208\u8da3\u30022024\u5e74\uff0c\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba402.6\u5104\u7f8e\u5143\uff0c\u4f54\u7e3d\u984d\u768434.6%\u3002\u5176\u4e2d\uff0c\u9ad8\u6280\u8853\u88fd\u9020\u696d\u548c\u9ad8\u6280\u8853\u670d\u52d9\u696d\u7684FDI\uff0c\u5206\u5225\u70ba135.1\u5104\u7f8e\u5143\u548c267.6\u5104\u7f8e\u5143\u30022026\u5e741\u81f34\u6708\uff0c\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba1,163.3\u5143\u5104\u4eba\u6c11\u5e63 (169.5\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u5927\u589e20.3%\uff0c\u5df2\u4f54\u7e3d\u984d\u768440.4%\u3002\u5176\u4e2d\uff0c\u7814\u767c\u8207\u8a2d\u8a08\u670d\u52d9\u3001\u8a08\u7b97\u6a5f\u53ca\u8fa6\u516c\u8a2d\u5099\u88fd\u9020\u696d\u3001\u96fb\u5b50\u53ca\u901a\u8a0a\u8a2d\u5099\u88fd\u9020\u696d\u7684FDI\u5206\u5225\u5927\u589e108.4%\u300122.9%\u300120.2%\u3002\u96a8\u7740\u5916\u8cc7\u5c0d\u4e2d\u570b\u6280\u8853\u5be6\u529b\u6108\u8da8\u8a8d\u53ef\uff0c\u9810\u6599\u9ad8\u6280\u8853\u7522\u696d\u5c07\u6703\u7e7c\u7e8c\u5f15\u9818\u4e2d\u570bFDI\u7684\u589e\u9577\u3002 \u5f9e2024\u5e74\u4e2d\u570bFDI\u7684\u4f86\u6e90\u5730\u4f86\u770b\uff0c\u524d\u4e94\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(63.5%)\u3001\u65b0\u52a0\u5761(9.2%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.7%)\u3001\u82f1\u5c6c\u7dad\u723e\u4eac\u7fa4\u5cf6(3.3%)\uff0c\u4ee5\u53ca\u7f8e\u570b(2.4%)\u3002\u9019\u53cd\u6620\u5916\u8cc7\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u9032\u5165\u5167\u5730\uff0c\u800c\u975e\u5f9e\u672c\u570b\u76f4\u6295\u3002\u9999\u6e2f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u6a4b\u6a11\u7684\u89d2\u8272\u4ecd\u7136\u5c64\u65b7\u9818\u5148\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u8b8a\u5f97\u986f\u8457\u91cd\u8981\u3002\u6b64\u5916\uff0c\u90e8\u5206\u4e2d\u8cc7\u4f01\u696d\u5728\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8a3b\u518a\u516c\u53f8\uff0c\u4ee5\u5916\u8cc7\u540d\u7fa9\u8fd4\u7a0b\u6295\u8cc7\u5167\u5730\u3002 ODI\u5347\u52e2\u6301\u7e8c \u50f9\u503c\u93c8\u5168\u8986\u84cb \u6709\u5225\u65bcFDI \u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u4e2d\u570bODI\u5247\u4e00\u76f4\u5c55\u73fe\u589e\u9577\u8da8\u52e2\u3002\u64da\u570b\u5bb6\u5546\u52d9\u90e8\u65b0\u805e\u8fa6\u516c\u5ba4\u516c\u5e03\u7684\u7c21\u660e\u7d71\u8a08\u6578\u5b57\uff0c2025\u5e74\u7684ODI\u70ba1,743.8\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u95777.1%\uff1b2026\u5e741\u81f34\u6708\u7684ODI\u70ba619.9\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u9577\u5347\u81f37.7%\u3002 \u570b\u5bb6\u5546\u52d9\u90e8\u3001\u7d71\u8a08\u5c40\u3001\u5916\u532f\u7ba1\u7406\u5c40\u7de8\u5236\u7684\u300a2024\u5e74\u5ea6\u4e2d\u570b\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7\u7d71\u8a08\u516c\u5831\u300b\uff0c\u63d0\u4f9b\u4e86\u8a73\u76e1\u7684ODI\u8cc7\u6599\u30022024\u5e74\uff0c\u4e2d\u570b83.8%\u7684ODI\u4e3b\u8981\u6d41\u5411\u4e94\u5927\u884c\u696d\u2014\u2014\u63a1\u7926\u696d (11.1%)\u3001\u88fd\u9020\u696d (19.5%)\u3001\u79df\u8cc3\u548c\u5546\u52d9\u670d\u52d9\u696d (19.8%)\u3001\u6279\u767c\u548c\u96f6\u552e\u696d (21%)\u3001\u91d1\u878d\u696d (12.4%)\uff0c\u6a6b\u8de8\u50f9\u503c\u93c8\u4e0a\u3001\u4e2d\u3001\u4e0b\u6e38\u3002\u5176\u4e2d\uff0c\u63a1\u7926\u696d\u3001\u88fd\u9020\u696d\u53ca\u91d1\u878d\u696d\u7684\u666f\u6c23\u5ea6\u8f03\u9ad8\uff0cODI\u6d41\u91cf\u5206\u5225\u540c\u6bd4\u5927\u589e115.2%\u300137.3%\u53ca30.5%\u3002 \u4e2d\u570bODI\u7684\u6301\u7e8c\u589e\u9577\u8207\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5f9e\u5916\u5730\u7372\u5f97\u6295\u8cc7\u56de\u5831\u4e4b\u9918\uff0c\u540c\u6642\u5c07\u81ea\u8eab\u6210\u719f\u7684\u6280\u8853\u548c\u5546\u696d\u6a21\u5f0f\u5e36\u5230\u6295\u8cc7\u76ee\u7684\u5730\uff0c\u4e26\u8f49\u5316\u6210\u7576\u5730\u7d93\u6fdf\u7684\u9a45\u52d5\u529b\u3002\u5f9e\u5efa\u8a2d\u63a1\u7926\u5834\u3001\u5de5\u5ee0\u3001\u5009\u5eab\u3001\u6578\u64da\u4e2d\u5fc3\u3001\u5546\u5ec8\u3001\u5546\u5834\u7b49\u57fa\u790e\u8a2d\u65bd\uff0c\u5230\u958b\u8a2d\u5927\u91cf\u96f6\u552e\u5e97\u8216\u548c\u8fa6\u516c\u5ba4\uff0c\u90fd\u70ba\u6295\u8cc7\u76ee\u7684\u5730\u5275\u9020\u51fa\u5927\u91cf\u7d93\u6fdf\u6d3b\u52d5\u3001\u7a05\u6536\u548c\u5c31\u696d\u8077\u4f4d\u3002 \u5f9e2024\u5e74\u4e2d\u570bODI\u7684\u76ee\u7684\u5730\u4f86\u770b\uff0c\u524d\u56db\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(60.4%)\u3001\u65b0\u52a0\u5761(9.3%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.6%)\u3001\u7f8e\u570b(3.5%)\uff0c\u986f\u793a\u4e2d\u570bODI\u4e5f\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8d70\u51fa\u53bb\uff0c\u800c\u975e\u76f4\u63a5\u6295\u5411\u6700\u7d42\u76ee\u7684\u5730\u3002\u8207\u4e2d\u570bFDI\u7684\u60c5\u6cc1\u985e\u4f3c\uff0c\u9999\u6e2f\u89d2\u8272\u4e00\u679d\u7368\u79c0\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u986f\u5f97\u76f8\u7576\u91cd\u8981\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u9023\u540c\u4e0a\u8ff0\u65b0\u52a0\u5761\u7684\u4f54\u6bd4\u8a08\u7b97\u5728\u5167\uff0c2024\u5e74\u517117.9%\u7684\u4e2d\u570bODI\u76f4\u63a5\u6d41\u5411\u6771\u76df\u5730\u5340\uff0c\u800c\u76f8\u5c0d\u61c9\u7684\u5b58\u91cf\u6bd4\u91cd\u50c5\u70ba6.3%\u3002 \u5f15\u8cc7\u548c\u5916\u6295\u5f80\u9ad8\u8cea\u91cf\u65b9\u5411\u767c\u5c55 \u9451\u65bcFDI\u5468\u671f\u6027\u8abf\u6574\u548cODI\u6301\u7e8c\u589e\u9577\uff0c\u4e2d\u570b\u6b63\u5f9e\u653f\u7b56\u65b9\u9762\u7740\u624b\u512a\u5316\u5916\u5546\u6295\u8cc7\u74b0\u5883\uff0c\u800c\u4e2d\u8cc7\u4f01\u696d\u4e5f\u5728\u5168\u7403\u5316\u64f4\u5f35\u4e2d\uff0c\u6108\u4f86\u6108\u91cd\u8996\u6587\u5316\u5171\u878d\u548c\u5275\u9020\u5728\u5730\u5316\u50f9\u503c\u3002\u5728\u300c\u5341\u4e94\u4e94\u300d\u898f\u5283\u4e2d\uff0c\u653f\u5e9c\u660e\u78ba\u8981\u4ee5\u66f4\u5927\u529b\u5ea6\u5438\u5f15\u548c\u5229\u7528\u5916\u8cc7\uff0c\u5305\u62ec\u5168\u9762\u843d\u5be6\u5916\u8cc7\u4f01\u696d\u570b\u6c11\u5f85\u9047\uff1b\u5f15\u5c0e\u5916\u8cc7\u66f4\u591a\u6295\u5411\u5148\u9032\u88fd\u9020\u3001\u73fe\u4ee3\u670d\u52d9\u3001\u9ad8\u65b0\u6280\u8853\u3001\u7bc0\u80fd\u74b0\u4fdd\u7b49\u9818\u57df\uff1b\u5927\u529b\u5438\u5f15\u5916\u8cc7\u4f01\u696d\u5728\u83ef\u8a2d\u7acb\u5730\u5340\u7e3d\u90e8\u548c\u7814\u767c\u4e2d\u5fc3\uff1b\u4ee5\u53ca\u62d3\u5bec\u5916\u8cc7\u6295\u8cc7\u8b49\u5238\u5e02\u5834\u6e20\u9053\u7b49\u3002 \u6b64\u5916\uff0c\u4e0d\u5c11\u4e2d\u8cc7\u4f01\u696d\u767c\u63ee\u81ea\u8eab\u6280\u8853\u3001\u8cc7\u91d1\u53ca\u4f9b\u61c9\u93c8\u7b49\u512a\u52e2\uff0c\u7a4d\u6975\u63a2\u7d22\u4ee5\u6388\u6b0a\u3001\u5408\u8cc7\u3001\u516c\u79c1\u71df\u5408\u4f5c\u7b49\u591a\u6a23\u5316\u8def\u5f91\uff0c\u5728\u6295\u8cc7\u76ee\u7684\u5730\u7d93\u71df\u696d\u52d9\uff0c\u60e0\u53ca\u7576\u5730\u4f9b\u61c9\u5546\u3001\u5c31\u696d\u53ca\u7a05\u6536\uff0c\u5f9e\u800c\u5efa\u69cb\u5229\u76ca\u5171\u540c\u9ad4\uff0c\u5be6\u73fe\u4e92\u5229\u5171\u8d0f\u7684\u5168\u7403\u5316\u64f4\u5f35\u3002 \u9999\u6e2f\u589e\u503c\u7a7a\u9593\u66f4\u52a0\u5ee3\u95ca \u4e2d\u5916\u8cc7\u91d1\u5df2\u5728\u9999\u6e2f\u4ea4\u532f\u591a\u5e74\u30022024\u5e74\uff0c\u9999\u6e2f\u4f54\u5167\u5730FDI 63.5%\u7684\u6d41\u91cf\u548c56.8%\u7684\u7d2f\u8a08\u91d1\u984d\uff1b\u800c\u5728\u5167\u5730ODI \u4e2d\u5247\u4f5460.4%\u7684\u6d41\u91cf\u548c61.2%\u7684\u5b58\u91cf\u3002\u7121\u5eb8\u7f6e\u7591\uff0c\u9999\u6e2f\u5728\u570b\u5bb6\u300c\u5f15\u9032\u4f86\u300d\u8207\u300c\u8d70\u51fa\u53bb\u300d\u65b9\u9762\uff0c\u4e00\u76f4\u767c\u63ee\u81f3\u95dc\u91cd\u8981\u7684\u6a4b\u6a11\u4f5c\u7528\u3002 \u96a8\u7740\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u4e0d\u65b7\u767c\u5c55\uff0c\u9999\u6e2f\u7684\u529f\u80fd\u4ea6\u96a8\u4e4b\u6df1\u5316\u3002\u904e\u53bb\uff0c\u5916\u8cc7\u9032\u5165\u5167\u5730\u6216\u5167\u8cc7\u6295\u5411\u6d77\u5916\uff0c\u9999\u6e2f\u66f4\u591a\u662f\u626e\u6f14\u300c\u8cc7\u91d1\u4e2d\u8f49\u7ad9\u300d\u89d2\u8272\u3002\u73fe\u5728\uff0c\u5168\u7403\u8cc7\u672c\u5c0d\u4e2d\u570b\u5e02\u5834\u7684\u8a34\u6c42\uff0c\u5df2\u5f9e\u50b3\u7d71\u7684\u898f\u6a21\u64f4\u5f35\uff0c\u6f14\u8b8a\u70ba\u5c0d\u5275\u65b0\u7522\u696d\u7684\u7cbe\u6e96\u6295\u8cc7\u3002\u4e2d\u8cc7\u4f01\u696d\u7684\u5168\u7403\u5316\uff0c\u5247\u5f9e\u300c\u7522\u54c1\u5916\u92b7\u300d\u76841.0\u968e\u6bb5\uff0c\u8d70\u5411\u300c\u7522\u696d\u93c8\u8f38\u51fa\u3001\u6280\u8853\u6388\u6b0a\u8207\u5728\u5730\u5316\u7d93\u71df\u300d\u7684 2.0 \u968e\u6bb5\u3002\u6574\u689d\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u4e5f\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5728\u5916\u5730\u7684\u8cc7\u7522\u8b8a\u5f97\u66f4\u91cd\u3002\u91cd\u8cc7\u7522\u56fa\u7136\u53ef\u4ee5\u70ba\u4f01\u696d\u7bc9\u8d77\u7af6\u722d\u58c1\u58d8\uff0c\u4f46\u7f3a\u9ede\u662f\u4f4e\u6d41\u52d5\u6027\u548c\u9ad8\u6c89\u6c92\u6210\u672c\u3002\u9019\u4f7f\u4e2d\u8cc7\u51fa\u6d77\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u535a\u5f08\u3001\u4f9b\u61c9\u93c8\u91cd\u7d44\u3001\u570b\u969b\u7a05\u52d9\u5be9\u67e5\u3001\u570b\u969b\u6cd5\u898f\u5dee\u7570\u7b49\u65b9\u9762\uff0c\u9762\u81e8\u66f4\u591a\u98a8\u96aa\u3002 \u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u9999\u6e2f\u92b3\u610f\u767c\u5c55\u300c\u5341\u5927\u4e2d\u5fc3\u300d\uff0c\u6b63\u53ef\u6eff\u8db3\u4e2d\u5916\u8cc7\u91d1\u7684\u7a2e\u7a2e\u8981\u6c42\uff0c\u5305\u62ec\u50b3\u7d71\u7684\u91d1\u878d\u3001\u8cbf\u6613\u3001\u822a\u904b\uff0c\u4ea6\u5305\u62ec\u5275\u79d1\u3001\u98a8\u96aa\u7ba1\u7406\u3001\u77e5\u8b58\u7522\u6b0a\u8cbf\u6613\u3001\u6cd5\u5f8b\u53ca\u89e3\u6c7a\u722d\u8b70\u3001\u9ad8\u589e\u503c\u4f9b\u61c9\u93c8\u670d\u52d9\u3001\u8cc7\u7522\u53ca\u8ca1\u5bcc\u7ba1\u7406\uff0c\u4ee5\u81f3\u4e2d\u5916\u6587\u5316\u85dd\u8853\u4ea4\u6d41\u3002 \u7e3d\u8a00\u800c\u4e4b\uff0c\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u7684\u6f14\u8b8a\uff0c\u7d55\u975e\u55ae\u7d14\u7684\u7e3d\u91cf\u8d77\u4f0f\uff0c\u800c\u662f\u4e00\u5834\u6df1\u523b\u7684\u7d50\u69cb\u6027\u91cd\u5851\u3002\u9999\u6e2f\u52d9\u9808\u978f\u56fa\u73fe\u6709\u5f37\u9805\uff0c\u51f8\u986f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u300c\u8d85\u7d1a\u589e\u503c\u4eba\u300d\u7684\u89d2\u8272\uff0c\u4e0d\u55ae\u670d\u52d9\u5916\u8cc7\u6295\u8cc7\u5167\u5730\u9ad8\u6280\u8853\u7522\u696d\uff0c\u4ea6\u8981\u670d\u52d9\u5167\u8cc7\u5168\u50f9\u503c\u93c8\u5e03\u5c40\u5916\u5730\u3002\u5404\u8def\u8cc7\u91d1\u5c0d\u9999\u6e2f\u7684\u5b9a\u4f4d\u548c\u8981\u6c42\u7121\u7591\u8207\u65e5\u4ff1\u589e\uff0c\u4f46\u9999\u6e2f\u5275\u9020\u50f9\u503c\u7684\u7a7a\u9593\u4e5f\u540c\u6642\u8b8a\u5f97\u66f4\u52a0\u5ee3\u95ca\u3002 \u9127\u5e0c\u7152\u6559\u6388 \u9999\u6e2f\u5927\u5b78\u5354\u7406\u526f\u6821\u9577\u3001\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u526f\u9662\u9577\u3001\u99ae\u570b\u7d93\u99ae\u570b\u7db8\u57fa\u91d1\u7d93\u6fdf\u5b78\u6559\u6388 \u5f35\u8d85\u85dd\u5148\u751f \u9999\u6e2f\u5927\u5b78\u9999\u6e2f\u7d93\u6fdf\u53ca\u5546\u696d\u7b56\u7565\u7814\u7a76\u6240\u9ad8\u7d1a\u7814\u7a76\u52a9\u7406 \uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u516d\u5e74\u516d\u6708\u5341\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/#listItem\",\"name\":\"\\u9f8d\\u864e\\u5c71\\u4e0b\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/#listItem\",\"position\":2,\"name\":\"\\u9f8d\\u864e\\u5c71\\u4e0b\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\\\/#listItem\",\"name\":\"\\u4e2d\\u5916\\u96d9\\u5411\\u6295\\u8cc7\\u8b8a\\u5c40\\u00a0 \\u00a0\\u00a0\\u9999\\u6e2f\\u589e\\u503c\\u4f5c\\u7528\\u63d0\\u5347\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\\\/#listItem\",\"position\":3,\"name\":\"\\u4e2d\\u5916\\u96d9\\u5411\\u6295\\u8cc7\\u8b8a\\u5c40\\u00a0 \\u00a0\\u00a0\\u9999\\u6e2f\\u589e\\u503c\\u4f5c\\u7528\\u63d0\\u5347\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/#listItem\",\"name\":\"\\u9f8d\\u864e\\u5c71\\u4e0b\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#organization\",\"name\":\"HKU Business School\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\\\/#webpage\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\\\/\",\"name\":\"\\u4e2d\\u5916\\u96d9\\u5411\\u6295\\u8cc7\\u8b8a\\u5c40 \\u9999\\u6e2f\\u589e\\u503c\\u4f5c\\u7528\\u63d0\\u5347 - HKU Business School\",\"description\":\"\\u8fd1\\u5e74\\u4e2d\\u5916\\u96d9\\u5411\\u6295\\u8cc7\\u683c\\u5c40\\u7d93\\u6b77\\u986f\\u8457\\u8b8a\\u5316\\uff0c\\u9999\\u6e2f\\u6a4b\\u6a11\\u89d2\\u8272\\u7684\\u5167\\u6db5\\u4e5f\\u96a8\\u4e4b\\u5ef6\\u4f38\\u3002\\u82e5\\u8981\\u5206\\u6790\\u5176\\u4e2d\\u6f14\\u8b8a\\u8207\\u767c\\u5c55\\u6a5f\\u9047\\uff0c\\u5fc5\\u9808\\u6aa2\\u8996\\u4e2d\\u570b\\u5be6\\u969b\\u4f7f\\u7528\\u5916\\u8cc7 (realized foreign direct investment\\uff0c\\u4ee5\\u4e0b\\u7c21\\u7a31FDI) \\u548c\\u5c0d\\u5916\\u76f4\\u63a5\\u6295\\u8cc7 (outward foreign direct investment ; \\u7c21\\u7a31ODI) \\u7684\\u6578\\u64da\\u8da8\\u52e2\\u3002 \\u5916\\u5546\\u52a0\\u901f\\u9032\\u99d0\\u9ad8\\u7aef\\u7522\\u696d \\u64da\\u570b\\u5bb6\\u5546\\u52d9\\u90e8\\u7684\\u300a\\u4e2d\\u570b\\u5916\\u8cc7\\u7d71\\u8a08\\u516c\\u58312025\\u300b\\u53ca\\u65b0\\u805e\\u8fa6\\u516c\\u5ba4\\u7684\\u516c\\u5e03\\uff0c\\u4e2d\\u570bFDI\\u57282022\\u5e74\\u5275\\u4e0b1,891.3\\u5104\\u7f8e\\u5143\\u7684\\u6b77\\u53f2\\u9ad8\\u4f4d\\u5f8c\\uff0c\\u6301\\u7e8c\\u56de\\u843d\\u81f32025\\u5e74\\u76841,063.8\\u5104\\u7f8e\\u5143\\u5de6\\u53f3 (7,476.9\\u5104\\u5143\\u4eba\\u6c11\\u5e63) \\u3002\\u540c\\u671f\\uff0c\\u65b0\\u8a2d\\u5916\\u5546\\u4f01\\u696d\\u5247\\u5f9e\\u4e00\\u5e7438,497\\u5bb6\\u6301\\u7e8c\\u6fc0\\u589e\\u81f370,392\\u5bb6\\u3002\\u6b64\\u4e00\\u8d70\\u5411\\u4ecd\\u7136\\u6301\\u7e8c\\uff0c2026\\u5e741\\u81f34\\u6708\\uff0cFDI\\u70ba2,876.9\\u5104\\u5143\\u4eba\\u6c11\\u5e63 (\\u7d04419.2\\u5104\\u7f8e\\u5143)\\uff0c\\u540c\\u6bd4\\u4e0b\\u964d10.3%\\uff1b\\u65b0\\u8a2d\\u5916\\u5546\\u4f01\\u696d20,113\\u5bb6\\uff0c\\u540c\\u6bd4\\u589e\\u95776.8%\\u3002 \\u4e2d\\u570b\\u8fd1\\u5e74FDI\\u7684\\u5468\\u671f\\u6027\\u8abf\\u6574\\uff0c\\u53cd\\u6620\\u51fa\\u5916\\u8cc7\\u7684\\u5be9\\u614e\\u614b\\u5ea6\\u3002\\u4e00\\u65b9\\u9762\\u6e90\\u65bc\\u570b\\u969b\\u9ad8\\u5229\\u7387\\u74b0\\u5883\\u8207\\u4e2d\\u570b\\u7269\\u50f9\\u589e\\u9577\\u4e4f\\u529b\\uff1b\\u53e6\\u4e00\\u65b9\\u9762\\u6e90\\u65bc\\u8de8\\u570b\\u4f01\\u696d\\u5728\\u5730\\u7de3\\u653f\\u6cbb\\u58d3\\u529b\\u4e0b\\u63a1\\u53d6\\u7684\\u300c\\u4e2d\\u570b+1\\u300d\\u7b56\\u7565\\u3002\\u5118\\u7ba1\\u5982\\u6b64\\uff0c\\u57fa\\u65bc\\u6301\\u7e8c\\u5927\\u589e\\u7684\\u65b0\\u8a2d\\u5916\\u5546\\u6295\\u8cc7\\u4f01\\u696d\\u6578\\u91cf\\uff0c\\u5916\\u8cc7\\u300c\\u6230\\u7565\\u5361\\u4f4d\\u300d\\u90e8\\u7f72\\u6e05\\u6670\\uff0c\\u8db3\\u898b\\u5176\\u672a\\u6709\\u64a4\\u51fa\\u4e2d\\u570b\\u5e02\\u5834\\uff0c\\u800c\\u662f\\u7a4d\\u6975\\u70ba\\u672a\\u4f86\\u52a0\\u5927\\u6295\\u8cc7\\u4f5c\\u51fa\\u6e96\\u5099\\u3002 \\u4e8b\\u5be6\\u4e0a\\uff0c\\u5916\\u8cc7\\u5c0d\\u4e2d\\u570b\\u9ad8\\u6280\\u8853\\u7522\\u696d\\u5c55\\u73fe\\u51fa\\u6fc3\\u539a\\u8208\\u8da3\\u30022024\\u5e74\\uff0c\\u4e2d\\u570b\\u9ad8\\u6280\\u8853\\u7522\\u696d\\u7684FDI\\u70ba402.6\\u5104\\u7f8e\\u5143\\uff0c\\u4f54\\u7e3d\\u984d\\u768434.6%\\u3002\\u5176\\u4e2d\\uff0c\\u9ad8\\u6280\\u8853\\u88fd\\u9020\\u696d\\u548c\\u9ad8\\u6280\\u8853\\u670d\\u52d9\\u696d\\u7684FDI\\uff0c\\u5206\\u5225\\u70ba135.1\\u5104\\u7f8e\\u5143\\u548c267.6\\u5104\\u7f8e\\u5143\\u30022026\\u5e741\\u81f34\\u6708\\uff0c\\u9ad8\\u6280\\u8853\\u7522\\u696d\\u7684FDI\\u70ba1,163.3\\u5143\\u5104\\u4eba\\u6c11\\u5e63 (169.5\\u5104\\u7f8e\\u5143)\\uff0c\\u540c\\u6bd4\\u5927\\u589e20.3%\\uff0c\\u5df2\\u4f54\\u7e3d\\u984d\\u768440.4%\\u3002\\u5176\\u4e2d\\uff0c\\u7814\\u767c\\u8207\\u8a2d\\u8a08\\u670d\\u52d9\\u3001\\u8a08\\u7b97\\u6a5f\\u53ca\\u8fa6\\u516c\\u8a2d\\u5099\\u88fd\\u9020\\u696d\\u3001\\u96fb\\u5b50\\u53ca\\u901a\\u8a0a\\u8a2d\\u5099\\u88fd\\u9020\\u696d\\u7684FDI\\u5206\\u5225\\u5927\\u589e108.4%\\u300122.9%\\u300120.2%\\u3002\\u96a8\\u7740\\u5916\\u8cc7\\u5c0d\\u4e2d\\u570b\\u6280\\u8853\\u5be6\\u529b\\u6108\\u8da8\\u8a8d\\u53ef\\uff0c\\u9810\\u6599\\u9ad8\\u6280\\u8853\\u7522\\u696d\\u5c07\\u6703\\u7e7c\\u7e8c\\u5f15\\u9818\\u4e2d\\u570bFDI\\u7684\\u589e\\u9577\\u3002 \\u5f9e2024\\u5e74\\u4e2d\\u570bFDI\\u7684\\u4f86\\u6e90\\u5730\\u4f86\\u770b\\uff0c\\u524d\\u4e94\\u5927\\u5730\\u5340\\u4f9d\\u6b21\\u70ba\\u9999\\u6e2f(63.5%)\\u3001\\u65b0\\u52a0\\u5761(9.2%)\\u3001\\u958b\\u66fc\\u7fa4\\u5cf6(4.7%)\\u3001\\u82f1\\u5c6c\\u7dad\\u723e\\u4eac\\u7fa4\\u5cf6(3.3%)\\uff0c\\u4ee5\\u53ca\\u7f8e\\u570b(2.4%)\\u3002\\u9019\\u53cd\\u6620\\u5916\\u8cc7\\u5927\\u591a\\u9078\\u64c7\\u901a\\u904e\\u96e2\\u5cb8\\u91d1\\u878d\\u4e2d\\u5fc3\\u9032\\u5165\\u5167\\u5730\\uff0c\\u800c\\u975e\\u5f9e\\u672c\\u570b\\u76f4\\u6295\\u3002\\u9999\\u6e2f\\u4f5c\\u70ba\\u4e2d\\u5916\\u8cc7\\u91d1\\u6a4b\\u6a11\\u7684\\u89d2\\u8272\\u4ecd\\u7136\\u5c64\\u65b7\\u9818\\u5148\\uff0c\\u4f46\\u65b0\\u52a0\\u5761\\u4e5f\\u8b8a\\u5f97\\u986f\\u8457\\u91cd\\u8981\\u3002\\u6b64\\u5916\\uff0c\\u90e8\\u5206\\u4e2d\\u8cc7\\u4f01\\u696d\\u5728\\u96e2\\u5cb8\\u91d1\\u878d\\u4e2d\\u5fc3\\u8a3b\\u518a\\u516c\\u53f8\\uff0c\\u4ee5\\u5916\\u8cc7\\u540d\\u7fa9\\u8fd4\\u7a0b\\u6295\\u8cc7\\u5167\\u5730\\u3002 ODI\\u5347\\u52e2\\u6301\\u7e8c \\u50f9\\u503c\\u93c8\\u5168\\u8986\\u84cb \\u6709\\u5225\\u65bcFDI \\u7684\\u5468\\u671f\\u6027\\u8abf\\u6574\\uff0c\\u4e2d\\u570bODI\\u5247\\u4e00\\u76f4\\u5c55\\u73fe\\u589e\\u9577\\u8da8\\u52e2\\u3002\\u64da\\u570b\\u5bb6\\u5546\\u52d9\\u90e8\\u65b0\\u805e\\u8fa6\\u516c\\u5ba4\\u516c\\u5e03\\u7684\\u7c21\\u660e\\u7d71\\u8a08\\u6578\\u5b57\\uff0c2025\\u5e74\\u7684ODI\\u70ba1,743.8\\u5104\\u7f8e\\u5143\\uff0c\\u540c\\u6bd4\\u589e\\u95777.1%\\uff1b2026\\u5e741\\u81f34\\u6708\\u7684ODI\\u70ba619.9\\u5104\\u7f8e\\u5143\\uff0c\\u540c\\u6bd4\\u589e\\u9577\\u5347\\u81f37.7%\\u3002 \\u570b\\u5bb6\\u5546\\u52d9\\u90e8\\u3001\\u7d71\\u8a08\\u5c40\\u3001\\u5916\\u532f\\u7ba1\\u7406\\u5c40\\u7de8\\u5236\\u7684\\u300a2024\\u5e74\\u5ea6\\u4e2d\\u570b\\u5c0d\\u5916\\u76f4\\u63a5\\u6295\\u8cc7\\u7d71\\u8a08\\u516c\\u5831\\u300b\\uff0c\\u63d0\\u4f9b\\u4e86\\u8a73\\u76e1\\u7684ODI\\u8cc7\\u6599\\u30022024\\u5e74\\uff0c\\u4e2d\\u570b83.8%\\u7684ODI\\u4e3b\\u8981\\u6d41\\u5411\\u4e94\\u5927\\u884c\\u696d\\u2014\\u2014\\u63a1\\u7926\\u696d (11.1%)\\u3001\\u88fd\\u9020\\u696d (19.5%)\\u3001\\u79df\\u8cc3\\u548c\\u5546\\u52d9\\u670d\\u52d9\\u696d (19.8%)\\u3001\\u6279\\u767c\\u548c\\u96f6\\u552e\\u696d (21%)\\u3001\\u91d1\\u878d\\u696d (12.4%)\\uff0c\\u6a6b\\u8de8\\u50f9\\u503c\\u93c8\\u4e0a\\u3001\\u4e2d\\u3001\\u4e0b\\u6e38\\u3002\\u5176\\u4e2d\\uff0c\\u63a1\\u7926\\u696d\\u3001\\u88fd\\u9020\\u696d\\u53ca\\u91d1\\u878d\\u696d\\u7684\\u666f\\u6c23\\u5ea6\\u8f03\\u9ad8\\uff0cODI\\u6d41\\u91cf\\u5206\\u5225\\u540c\\u6bd4\\u5927\\u589e115.2%\\u300137.3%\\u53ca30.5%\\u3002 \\u4e2d\\u570bODI\\u7684\\u6301\\u7e8c\\u589e\\u9577\\u8207\\u50f9\\u503c\\u93c8\\u5168\\u8986\\u84cb\\uff0c\\u610f\\u5473\\u7740\\u4e2d\\u8cc7\\u4f01\\u696d\\u5f9e\\u5916\\u5730\\u7372\\u5f97\\u6295\\u8cc7\\u56de\\u5831\\u4e4b\\u9918\\uff0c\\u540c\\u6642\\u5c07\\u81ea\\u8eab\\u6210\\u719f\\u7684\\u6280\\u8853\\u548c\\u5546\\u696d\\u6a21\\u5f0f\\u5e36\\u5230\\u6295\\u8cc7\\u76ee\\u7684\\u5730\\uff0c\\u4e26\\u8f49\\u5316\\u6210\\u7576\\u5730\\u7d93\\u6fdf\\u7684\\u9a45\\u52d5\\u529b\\u3002\\u5f9e\\u5efa\\u8a2d\\u63a1\\u7926\\u5834\\u3001\\u5de5\\u5ee0\\u3001\\u5009\\u5eab\\u3001\\u6578\\u64da\\u4e2d\\u5fc3\\u3001\\u5546\\u5ec8\\u3001\\u5546\\u5834\\u7b49\\u57fa\\u790e\\u8a2d\\u65bd\\uff0c\\u5230\\u958b\\u8a2d\\u5927\\u91cf\\u96f6\\u552e\\u5e97\\u8216\\u548c\\u8fa6\\u516c\\u5ba4\\uff0c\\u90fd\\u70ba\\u6295\\u8cc7\\u76ee\\u7684\\u5730\\u5275\\u9020\\u51fa\\u5927\\u91cf\\u7d93\\u6fdf\\u6d3b\\u52d5\\u3001\\u7a05\\u6536\\u548c\\u5c31\\u696d\\u8077\\u4f4d\\u3002 \\u5f9e2024\\u5e74\\u4e2d\\u570bODI\\u7684\\u76ee\\u7684\\u5730\\u4f86\\u770b\\uff0c\\u524d\\u56db\\u5927\\u5730\\u5340\\u4f9d\\u6b21\\u70ba\\u9999\\u6e2f(60.4%)\\u3001\\u65b0\\u52a0\\u5761(9.3%)\\u3001\\u958b\\u66fc\\u7fa4\\u5cf6(4.6%)\\u3001\\u7f8e\\u570b(3.5%)\\uff0c\\u986f\\u793a\\u4e2d\\u570bODI\\u4e5f\\u5927\\u591a\\u9078\\u64c7\\u901a\\u904e\\u96e2\\u5cb8\\u91d1\\u878d\\u4e2d\\u5fc3\\u8d70\\u51fa\\u53bb\\uff0c\\u800c\\u975e\\u76f4\\u63a5\\u6295\\u5411\\u6700\\u7d42\\u76ee\\u7684\\u5730\\u3002\\u8207\\u4e2d\\u570bFDI\\u7684\\u60c5\\u6cc1\\u985e\\u4f3c\\uff0c\\u9999\\u6e2f\\u89d2\\u8272\\u4e00\\u679d\\u7368\\u79c0\\uff0c\\u4f46\\u65b0\\u52a0\\u5761\\u4e5f\\u986f\\u5f97\\u76f8\\u7576\\u91cd\\u8981\\u3002\\u503c\\u5f97\\u4e00\\u63d0\\u7684\\u662f\\uff0c\\u9023\\u540c\\u4e0a\\u8ff0\\u65b0\\u52a0\\u5761\\u7684\\u4f54\\u6bd4\\u8a08\\u7b97\\u5728\\u5167\\uff0c2024\\u5e74\\u517117.9%\\u7684\\u4e2d\\u570bODI\\u76f4\\u63a5\\u6d41\\u5411\\u6771\\u76df\\u5730\\u5340\\uff0c\\u800c\\u76f8\\u5c0d\\u61c9\\u7684\\u5b58\\u91cf\\u6bd4\\u91cd\\u50c5\\u70ba6.3%\\u3002 \\u5f15\\u8cc7\\u548c\\u5916\\u6295\\u5f80\\u9ad8\\u8cea\\u91cf\\u65b9\\u5411\\u767c\\u5c55 \\u9451\\u65bcFDI\\u5468\\u671f\\u6027\\u8abf\\u6574\\u548cODI\\u6301\\u7e8c\\u589e\\u9577\\uff0c\\u4e2d\\u570b\\u6b63\\u5f9e\\u653f\\u7b56\\u65b9\\u9762\\u7740\\u624b\\u512a\\u5316\\u5916\\u5546\\u6295\\u8cc7\\u74b0\\u5883\\uff0c\\u800c\\u4e2d\\u8cc7\\u4f01\\u696d\\u4e5f\\u5728\\u5168\\u7403\\u5316\\u64f4\\u5f35\\u4e2d\\uff0c\\u6108\\u4f86\\u6108\\u91cd\\u8996\\u6587\\u5316\\u5171\\u878d\\u548c\\u5275\\u9020\\u5728\\u5730\\u5316\\u50f9\\u503c\\u3002\\u5728\\u300c\\u5341\\u4e94\\u4e94\\u300d\\u898f\\u5283\\u4e2d\\uff0c\\u653f\\u5e9c\\u660e\\u78ba\\u8981\\u4ee5\\u66f4\\u5927\\u529b\\u5ea6\\u5438\\u5f15\\u548c\\u5229\\u7528\\u5916\\u8cc7\\uff0c\\u5305\\u62ec\\u5168\\u9762\\u843d\\u5be6\\u5916\\u8cc7\\u4f01\\u696d\\u570b\\u6c11\\u5f85\\u9047\\uff1b\\u5f15\\u5c0e\\u5916\\u8cc7\\u66f4\\u591a\\u6295\\u5411\\u5148\\u9032\\u88fd\\u9020\\u3001\\u73fe\\u4ee3\\u670d\\u52d9\\u3001\\u9ad8\\u65b0\\u6280\\u8853\\u3001\\u7bc0\\u80fd\\u74b0\\u4fdd\\u7b49\\u9818\\u57df\\uff1b\\u5927\\u529b\\u5438\\u5f15\\u5916\\u8cc7\\u4f01\\u696d\\u5728\\u83ef\\u8a2d\\u7acb\\u5730\\u5340\\u7e3d\\u90e8\\u548c\\u7814\\u767c\\u4e2d\\u5fc3\\uff1b\\u4ee5\\u53ca\\u62d3\\u5bec\\u5916\\u8cc7\\u6295\\u8cc7\\u8b49\\u5238\\u5e02\\u5834\\u6e20\\u9053\\u7b49\\u3002 \\u6b64\\u5916\\uff0c\\u4e0d\\u5c11\\u4e2d\\u8cc7\\u4f01\\u696d\\u767c\\u63ee\\u81ea\\u8eab\\u6280\\u8853\\u3001\\u8cc7\\u91d1\\u53ca\\u4f9b\\u61c9\\u93c8\\u7b49\\u512a\\u52e2\\uff0c\\u7a4d\\u6975\\u63a2\\u7d22\\u4ee5\\u6388\\u6b0a\\u3001\\u5408\\u8cc7\\u3001\\u516c\\u79c1\\u71df\\u5408\\u4f5c\\u7b49\\u591a\\u6a23\\u5316\\u8def\\u5f91\\uff0c\\u5728\\u6295\\u8cc7\\u76ee\\u7684\\u5730\\u7d93\\u71df\\u696d\\u52d9\\uff0c\\u60e0\\u53ca\\u7576\\u5730\\u4f9b\\u61c9\\u5546\\u3001\\u5c31\\u696d\\u53ca\\u7a05\\u6536\\uff0c\\u5f9e\\u800c\\u5efa\\u69cb\\u5229\\u76ca\\u5171\\u540c\\u9ad4\\uff0c\\u5be6\\u73fe\\u4e92\\u5229\\u5171\\u8d0f\\u7684\\u5168\\u7403\\u5316\\u64f4\\u5f35\\u3002 \\u9999\\u6e2f\\u589e\\u503c\\u7a7a\\u9593\\u66f4\\u52a0\\u5ee3\\u95ca \\u4e2d\\u5916\\u8cc7\\u91d1\\u5df2\\u5728\\u9999\\u6e2f\\u4ea4\\u532f\\u591a\\u5e74\\u30022024\\u5e74\\uff0c\\u9999\\u6e2f\\u4f54\\u5167\\u5730FDI 63.5%\\u7684\\u6d41\\u91cf\\u548c56.8%\\u7684\\u7d2f\\u8a08\\u91d1\\u984d\\uff1b\\u800c\\u5728\\u5167\\u5730ODI \\u4e2d\\u5247\\u4f5460.4%\\u7684\\u6d41\\u91cf\\u548c61.2%\\u7684\\u5b58\\u91cf\\u3002\\u7121\\u5eb8\\u7f6e\\u7591\\uff0c\\u9999\\u6e2f\\u5728\\u570b\\u5bb6\\u300c\\u5f15\\u9032\\u4f86\\u300d\\u8207\\u300c\\u8d70\\u51fa\\u53bb\\u300d\\u65b9\\u9762\\uff0c\\u4e00\\u76f4\\u767c\\u63ee\\u81f3\\u95dc\\u91cd\\u8981\\u7684\\u6a4b\\u6a11\\u4f5c\\u7528\\u3002 \\u96a8\\u7740\\u4e2d\\u5916\\u96d9\\u5411\\u6295\\u8cc7\\u4e0d\\u65b7\\u767c\\u5c55\\uff0c\\u9999\\u6e2f\\u7684\\u529f\\u80fd\\u4ea6\\u96a8\\u4e4b\\u6df1\\u5316\\u3002\\u904e\\u53bb\\uff0c\\u5916\\u8cc7\\u9032\\u5165\\u5167\\u5730\\u6216\\u5167\\u8cc7\\u6295\\u5411\\u6d77\\u5916\\uff0c\\u9999\\u6e2f\\u66f4\\u591a\\u662f\\u626e\\u6f14\\u300c\\u8cc7\\u91d1\\u4e2d\\u8f49\\u7ad9\\u300d\\u89d2\\u8272\\u3002\\u73fe\\u5728\\uff0c\\u5168\\u7403\\u8cc7\\u672c\\u5c0d\\u4e2d\\u570b\\u5e02\\u5834\\u7684\\u8a34\\u6c42\\uff0c\\u5df2\\u5f9e\\u50b3\\u7d71\\u7684\\u898f\\u6a21\\u64f4\\u5f35\\uff0c\\u6f14\\u8b8a\\u70ba\\u5c0d\\u5275\\u65b0\\u7522\\u696d\\u7684\\u7cbe\\u6e96\\u6295\\u8cc7\\u3002\\u4e2d\\u8cc7\\u4f01\\u696d\\u7684\\u5168\\u7403\\u5316\\uff0c\\u5247\\u5f9e\\u300c\\u7522\\u54c1\\u5916\\u92b7\\u300d\\u76841.0\\u968e\\u6bb5\\uff0c\\u8d70\\u5411\\u300c\\u7522\\u696d\\u93c8\\u8f38\\u51fa\\u3001\\u6280\\u8853\\u6388\\u6b0a\\u8207\\u5728\\u5730\\u5316\\u7d93\\u71df\\u300d\\u7684 2.0 \\u968e\\u6bb5\\u3002\\u6574\\u689d\\u50f9\\u503c\\u93c8\\u5168\\u8986\\u84cb\\uff0c\\u4e5f\\u610f\\u5473\\u7740\\u4e2d\\u8cc7\\u4f01\\u696d\\u5728\\u5916\\u5730\\u7684\\u8cc7\\u7522\\u8b8a\\u5f97\\u66f4\\u91cd\\u3002\\u91cd\\u8cc7\\u7522\\u56fa\\u7136\\u53ef\\u4ee5\\u70ba\\u4f01\\u696d\\u7bc9\\u8d77\\u7af6\\u722d\\u58c1\\u58d8\\uff0c\\u4f46\\u7f3a\\u9ede\\u662f\\u4f4e\\u6d41\\u52d5\\u6027\\u548c\\u9ad8\\u6c89\\u6c92\\u6210\\u672c\\u3002\\u9019\\u4f7f\\u4e2d\\u8cc7\\u51fa\\u6d77\\u4f01\\u696d\\u5728\\u5730\\u7de3\\u653f\\u6cbb\\u535a\\u5f08\\u3001\\u4f9b\\u61c9\\u93c8\\u91cd\\u7d44\\u3001\\u570b\\u969b\\u7a05\\u52d9\\u5be9\\u67e5\\u3001\\u570b\\u969b\\u6cd5\\u898f\\u5dee\\u7570\\u7b49\\u65b9\\u9762\\uff0c\\u9762\\u81e8\\u66f4\\u591a\\u98a8\\u96aa\\u3002 \\u5728\\u6b64\\u80cc\\u666f\\u4e0b\\uff0c\\u9999\\u6e2f\\u92b3\\u610f\\u767c\\u5c55\\u300c\\u5341\\u5927\\u4e2d\\u5fc3\\u300d\\uff0c\\u6b63\\u53ef\\u6eff\\u8db3\\u4e2d\\u5916\\u8cc7\\u91d1\\u7684\\u7a2e\\u7a2e\\u8981\\u6c42\\uff0c\\u5305\\u62ec\\u50b3\\u7d71\\u7684\\u91d1\\u878d\\u3001\\u8cbf\\u6613\\u3001\\u822a\\u904b\\uff0c\\u4ea6\\u5305\\u62ec\\u5275\\u79d1\\u3001\\u98a8\\u96aa\\u7ba1\\u7406\\u3001\\u77e5\\u8b58\\u7522\\u6b0a\\u8cbf\\u6613\\u3001\\u6cd5\\u5f8b\\u53ca\\u89e3\\u6c7a\\u722d\\u8b70\\u3001\\u9ad8\\u589e\\u503c\\u4f9b\\u61c9\\u93c8\\u670d\\u52d9\\u3001\\u8cc7\\u7522\\u53ca\\u8ca1\\u5bcc\\u7ba1\\u7406\\uff0c\\u4ee5\\u81f3\\u4e2d\\u5916\\u6587\\u5316\\u85dd\\u8853\\u4ea4\\u6d41\\u3002 \\u7e3d\\u8a00\\u800c\\u4e4b\\uff0c\\u4e2d\\u5916\\u96d9\\u5411\\u6295\\u8cc7\\u7684\\u6f14\\u8b8a\\uff0c\\u7d55\\u975e\\u55ae\\u7d14\\u7684\\u7e3d\\u91cf\\u8d77\\u4f0f\\uff0c\\u800c\\u662f\\u4e00\\u5834\\u6df1\\u523b\\u7684\\u7d50\\u69cb\\u6027\\u91cd\\u5851\\u3002\\u9999\\u6e2f\\u52d9\\u9808\\u978f\\u56fa\\u73fe\\u6709\\u5f37\\u9805\\uff0c\\u51f8\\u986f\\u4f5c\\u70ba\\u4e2d\\u5916\\u8cc7\\u91d1\\u300c\\u8d85\\u7d1a\\u589e\\u503c\\u4eba\\u300d\\u7684\\u89d2\\u8272\\uff0c\\u4e0d\\u55ae\\u670d\\u52d9\\u5916\\u8cc7\\u6295\\u8cc7\\u5167\\u5730\\u9ad8\\u6280\\u8853\\u7522\\u696d\\uff0c\\u4ea6\\u8981\\u670d\\u52d9\\u5167\\u8cc7\\u5168\\u50f9\\u503c\\u93c8\\u5e03\\u5c40\\u5916\\u5730\\u3002\\u5404\\u8def\\u8cc7\\u91d1\\u5c0d\\u9999\\u6e2f\\u7684\\u5b9a\\u4f4d\\u548c\\u8981\\u6c42\\u7121\\u7591\\u8207\\u65e5\\u4ff1\\u589e\\uff0c\\u4f46\\u9999\\u6e2f\\u5275\\u9020\\u50f9\\u503c\\u7684\\u7a7a\\u9593\\u4e5f\\u540c\\u6642\\u8b8a\\u5f97\\u66f4\\u52a0\\u5ee3\\u95ca\\u3002 \\u9127\\u5e0c\\u7152\\u6559\\u6388 \\u9999\\u6e2f\\u5927\\u5b78\\u5354\\u7406\\u526f\\u6821\\u9577\\u3001\\u6e2f\\u5927\\u7d93\\u7ba1\\u5b78\\u9662\\u526f\\u9662\\u9577\\u3001\\u99ae\\u570b\\u7d93\\u99ae\\u570b\\u7db8\\u57fa\\u91d1\\u7d93\\u6fdf\\u5b78\\u6559\\u6388 \\u5f35\\u8d85\\u85dd\\u5148\\u751f \\u9999\\u6e2f\\u5927\\u5b78\\u9999\\u6e2f\\u7d93\\u6fdf\\u53ca\\u5546\\u696d\\u7b56\\u7565\\u7814\\u7a76\\u6240\\u9ad8\\u7d1a\\u7814\\u7a76\\u52a9\\u7406 \\uff08\\u672c\\u6587\\u540c\\u6642\\u65bc\\u4e8c\\u96f6\\u4e8c\\u516d\\u5e74\\u516d\\u6708\\u5341\\u65e5\\u8f09\\u65bc\\u300a\\u4fe1\\u5831\\u300b\\u300c\\u9f8d\\u864e\\u5c71\\u4e0b\\u300d\\u5c08\\u6b04\\uff09\",\"inLanguage\":\"zh-HK\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\\\/#breadcrumblist\"},\"datePublished\":\"2026-06-10T09:28:26+08:00\",\"dateModified\":\"2026-07-17T10:51:49+08:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#website\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/\",\"name\":\"HKU Business School\",\"inLanguage\":\"zh-HK\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u8b8a\u5c40 \u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347 - HKU Business School","description":"\u8fd1\u5e74\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u683c\u5c40\u7d93\u6b77\u986f\u8457\u8b8a\u5316\uff0c\u9999\u6e2f\u6a4b\u6a11\u89d2\u8272\u7684\u5167\u6db5\u4e5f\u96a8\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u8b8a\u8207\u767c\u5c55\u6a5f\u9047\uff0c\u5fc5\u9808\u6aa2\u8996\u4e2d\u570b\u5be6\u969b\u4f7f\u7528\u5916\u8cc7 (realized foreign direct investment\uff0c\u4ee5\u4e0b\u7c21\u7a31FDI) \u548c\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7 (outward foreign direct investment ; \u7c21\u7a31ODI) \u7684\u6578\u64da\u8da8\u52e2\u3002 \u5916\u5546\u52a0\u901f\u9032\u99d0\u9ad8\u7aef\u7522\u696d \u64da\u570b\u5bb6\u5546\u52d9\u90e8\u7684\u300a\u4e2d\u570b\u5916\u8cc7\u7d71\u8a08\u516c\u58312025\u300b\u53ca\u65b0\u805e\u8fa6\u516c\u5ba4\u7684\u516c\u5e03\uff0c\u4e2d\u570bFDI\u57282022\u5e74\u5275\u4e0b1,891.3\u5104\u7f8e\u5143\u7684\u6b77\u53f2\u9ad8\u4f4d\u5f8c\uff0c\u6301\u7e8c\u56de\u843d\u81f32025\u5e74\u76841,063.8\u5104\u7f8e\u5143\u5de6\u53f3 (7,476.9\u5104\u5143\u4eba\u6c11\u5e63) \u3002\u540c\u671f\uff0c\u65b0\u8a2d\u5916\u5546\u4f01\u696d\u5247\u5f9e\u4e00\u5e7438,497\u5bb6\u6301\u7e8c\u6fc0\u589e\u81f370,392\u5bb6\u3002\u6b64\u4e00\u8d70\u5411\u4ecd\u7136\u6301\u7e8c\uff0c2026\u5e741\u81f34\u6708\uff0cFDI\u70ba2,876.9\u5104\u5143\u4eba\u6c11\u5e63 (\u7d04419.2\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u4e0b\u964d10.3%\uff1b\u65b0\u8a2d\u5916\u5546\u4f01\u696d20,113\u5bb6\uff0c\u540c\u6bd4\u589e\u95776.8%\u3002 \u4e2d\u570b\u8fd1\u5e74FDI\u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u53cd\u6620\u51fa\u5916\u8cc7\u7684\u5be9\u614e\u614b\u5ea6\u3002\u4e00\u65b9\u9762\u6e90\u65bc\u570b\u969b\u9ad8\u5229\u7387\u74b0\u5883\u8207\u4e2d\u570b\u7269\u50f9\u589e\u9577\u4e4f\u529b\uff1b\u53e6\u4e00\u65b9\u9762\u6e90\u65bc\u8de8\u570b\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u58d3\u529b\u4e0b\u63a1\u53d6\u7684\u300c\u4e2d\u570b+1\u300d\u7b56\u7565\u3002\u5118\u7ba1\u5982\u6b64\uff0c\u57fa\u65bc\u6301\u7e8c\u5927\u589e\u7684\u65b0\u8a2d\u5916\u5546\u6295\u8cc7\u4f01\u696d\u6578\u91cf\uff0c\u5916\u8cc7\u300c\u6230\u7565\u5361\u4f4d\u300d\u90e8\u7f72\u6e05\u6670\uff0c\u8db3\u898b\u5176\u672a\u6709\u64a4\u51fa\u4e2d\u570b\u5e02\u5834\uff0c\u800c\u662f\u7a4d\u6975\u70ba\u672a\u4f86\u52a0\u5927\u6295\u8cc7\u4f5c\u51fa\u6e96\u5099\u3002 \u4e8b\u5be6\u4e0a\uff0c\u5916\u8cc7\u5c0d\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u5c55\u73fe\u51fa\u6fc3\u539a\u8208\u8da3\u30022024\u5e74\uff0c\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba402.6\u5104\u7f8e\u5143\uff0c\u4f54\u7e3d\u984d\u768434.6%\u3002\u5176\u4e2d\uff0c\u9ad8\u6280\u8853\u88fd\u9020\u696d\u548c\u9ad8\u6280\u8853\u670d\u52d9\u696d\u7684FDI\uff0c\u5206\u5225\u70ba135.1\u5104\u7f8e\u5143\u548c267.6\u5104\u7f8e\u5143\u30022026\u5e741\u81f34\u6708\uff0c\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba1,163.3\u5143\u5104\u4eba\u6c11\u5e63 (169.5\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u5927\u589e20.3%\uff0c\u5df2\u4f54\u7e3d\u984d\u768440.4%\u3002\u5176\u4e2d\uff0c\u7814\u767c\u8207\u8a2d\u8a08\u670d\u52d9\u3001\u8a08\u7b97\u6a5f\u53ca\u8fa6\u516c\u8a2d\u5099\u88fd\u9020\u696d\u3001\u96fb\u5b50\u53ca\u901a\u8a0a\u8a2d\u5099\u88fd\u9020\u696d\u7684FDI\u5206\u5225\u5927\u589e108.4%\u300122.9%\u300120.2%\u3002\u96a8\u7740\u5916\u8cc7\u5c0d\u4e2d\u570b\u6280\u8853\u5be6\u529b\u6108\u8da8\u8a8d\u53ef\uff0c\u9810\u6599\u9ad8\u6280\u8853\u7522\u696d\u5c07\u6703\u7e7c\u7e8c\u5f15\u9818\u4e2d\u570bFDI\u7684\u589e\u9577\u3002 \u5f9e2024\u5e74\u4e2d\u570bFDI\u7684\u4f86\u6e90\u5730\u4f86\u770b\uff0c\u524d\u4e94\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(63.5%)\u3001\u65b0\u52a0\u5761(9.2%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.7%)\u3001\u82f1\u5c6c\u7dad\u723e\u4eac\u7fa4\u5cf6(3.3%)\uff0c\u4ee5\u53ca\u7f8e\u570b(2.4%)\u3002\u9019\u53cd\u6620\u5916\u8cc7\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u9032\u5165\u5167\u5730\uff0c\u800c\u975e\u5f9e\u672c\u570b\u76f4\u6295\u3002\u9999\u6e2f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u6a4b\u6a11\u7684\u89d2\u8272\u4ecd\u7136\u5c64\u65b7\u9818\u5148\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u8b8a\u5f97\u986f\u8457\u91cd\u8981\u3002\u6b64\u5916\uff0c\u90e8\u5206\u4e2d\u8cc7\u4f01\u696d\u5728\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8a3b\u518a\u516c\u53f8\uff0c\u4ee5\u5916\u8cc7\u540d\u7fa9\u8fd4\u7a0b\u6295\u8cc7\u5167\u5730\u3002 ODI\u5347\u52e2\u6301\u7e8c \u50f9\u503c\u93c8\u5168\u8986\u84cb \u6709\u5225\u65bcFDI \u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u4e2d\u570bODI\u5247\u4e00\u76f4\u5c55\u73fe\u589e\u9577\u8da8\u52e2\u3002\u64da\u570b\u5bb6\u5546\u52d9\u90e8\u65b0\u805e\u8fa6\u516c\u5ba4\u516c\u5e03\u7684\u7c21\u660e\u7d71\u8a08\u6578\u5b57\uff0c2025\u5e74\u7684ODI\u70ba1,743.8\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u95777.1%\uff1b2026\u5e741\u81f34\u6708\u7684ODI\u70ba619.9\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u9577\u5347\u81f37.7%\u3002 \u570b\u5bb6\u5546\u52d9\u90e8\u3001\u7d71\u8a08\u5c40\u3001\u5916\u532f\u7ba1\u7406\u5c40\u7de8\u5236\u7684\u300a2024\u5e74\u5ea6\u4e2d\u570b\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7\u7d71\u8a08\u516c\u5831\u300b\uff0c\u63d0\u4f9b\u4e86\u8a73\u76e1\u7684ODI\u8cc7\u6599\u30022024\u5e74\uff0c\u4e2d\u570b83.8%\u7684ODI\u4e3b\u8981\u6d41\u5411\u4e94\u5927\u884c\u696d\u2014\u2014\u63a1\u7926\u696d (11.1%)\u3001\u88fd\u9020\u696d (19.5%)\u3001\u79df\u8cc3\u548c\u5546\u52d9\u670d\u52d9\u696d (19.8%)\u3001\u6279\u767c\u548c\u96f6\u552e\u696d (21%)\u3001\u91d1\u878d\u696d (12.4%)\uff0c\u6a6b\u8de8\u50f9\u503c\u93c8\u4e0a\u3001\u4e2d\u3001\u4e0b\u6e38\u3002\u5176\u4e2d\uff0c\u63a1\u7926\u696d\u3001\u88fd\u9020\u696d\u53ca\u91d1\u878d\u696d\u7684\u666f\u6c23\u5ea6\u8f03\u9ad8\uff0cODI\u6d41\u91cf\u5206\u5225\u540c\u6bd4\u5927\u589e115.2%\u300137.3%\u53ca30.5%\u3002 \u4e2d\u570bODI\u7684\u6301\u7e8c\u589e\u9577\u8207\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5f9e\u5916\u5730\u7372\u5f97\u6295\u8cc7\u56de\u5831\u4e4b\u9918\uff0c\u540c\u6642\u5c07\u81ea\u8eab\u6210\u719f\u7684\u6280\u8853\u548c\u5546\u696d\u6a21\u5f0f\u5e36\u5230\u6295\u8cc7\u76ee\u7684\u5730\uff0c\u4e26\u8f49\u5316\u6210\u7576\u5730\u7d93\u6fdf\u7684\u9a45\u52d5\u529b\u3002\u5f9e\u5efa\u8a2d\u63a1\u7926\u5834\u3001\u5de5\u5ee0\u3001\u5009\u5eab\u3001\u6578\u64da\u4e2d\u5fc3\u3001\u5546\u5ec8\u3001\u5546\u5834\u7b49\u57fa\u790e\u8a2d\u65bd\uff0c\u5230\u958b\u8a2d\u5927\u91cf\u96f6\u552e\u5e97\u8216\u548c\u8fa6\u516c\u5ba4\uff0c\u90fd\u70ba\u6295\u8cc7\u76ee\u7684\u5730\u5275\u9020\u51fa\u5927\u91cf\u7d93\u6fdf\u6d3b\u52d5\u3001\u7a05\u6536\u548c\u5c31\u696d\u8077\u4f4d\u3002 \u5f9e2024\u5e74\u4e2d\u570bODI\u7684\u76ee\u7684\u5730\u4f86\u770b\uff0c\u524d\u56db\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(60.4%)\u3001\u65b0\u52a0\u5761(9.3%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.6%)\u3001\u7f8e\u570b(3.5%)\uff0c\u986f\u793a\u4e2d\u570bODI\u4e5f\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8d70\u51fa\u53bb\uff0c\u800c\u975e\u76f4\u63a5\u6295\u5411\u6700\u7d42\u76ee\u7684\u5730\u3002\u8207\u4e2d\u570bFDI\u7684\u60c5\u6cc1\u985e\u4f3c\uff0c\u9999\u6e2f\u89d2\u8272\u4e00\u679d\u7368\u79c0\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u986f\u5f97\u76f8\u7576\u91cd\u8981\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u9023\u540c\u4e0a\u8ff0\u65b0\u52a0\u5761\u7684\u4f54\u6bd4\u8a08\u7b97\u5728\u5167\uff0c2024\u5e74\u517117.9%\u7684\u4e2d\u570bODI\u76f4\u63a5\u6d41\u5411\u6771\u76df\u5730\u5340\uff0c\u800c\u76f8\u5c0d\u61c9\u7684\u5b58\u91cf\u6bd4\u91cd\u50c5\u70ba6.3%\u3002 \u5f15\u8cc7\u548c\u5916\u6295\u5f80\u9ad8\u8cea\u91cf\u65b9\u5411\u767c\u5c55 \u9451\u65bcFDI\u5468\u671f\u6027\u8abf\u6574\u548cODI\u6301\u7e8c\u589e\u9577\uff0c\u4e2d\u570b\u6b63\u5f9e\u653f\u7b56\u65b9\u9762\u7740\u624b\u512a\u5316\u5916\u5546\u6295\u8cc7\u74b0\u5883\uff0c\u800c\u4e2d\u8cc7\u4f01\u696d\u4e5f\u5728\u5168\u7403\u5316\u64f4\u5f35\u4e2d\uff0c\u6108\u4f86\u6108\u91cd\u8996\u6587\u5316\u5171\u878d\u548c\u5275\u9020\u5728\u5730\u5316\u50f9\u503c\u3002\u5728\u300c\u5341\u4e94\u4e94\u300d\u898f\u5283\u4e2d\uff0c\u653f\u5e9c\u660e\u78ba\u8981\u4ee5\u66f4\u5927\u529b\u5ea6\u5438\u5f15\u548c\u5229\u7528\u5916\u8cc7\uff0c\u5305\u62ec\u5168\u9762\u843d\u5be6\u5916\u8cc7\u4f01\u696d\u570b\u6c11\u5f85\u9047\uff1b\u5f15\u5c0e\u5916\u8cc7\u66f4\u591a\u6295\u5411\u5148\u9032\u88fd\u9020\u3001\u73fe\u4ee3\u670d\u52d9\u3001\u9ad8\u65b0\u6280\u8853\u3001\u7bc0\u80fd\u74b0\u4fdd\u7b49\u9818\u57df\uff1b\u5927\u529b\u5438\u5f15\u5916\u8cc7\u4f01\u696d\u5728\u83ef\u8a2d\u7acb\u5730\u5340\u7e3d\u90e8\u548c\u7814\u767c\u4e2d\u5fc3\uff1b\u4ee5\u53ca\u62d3\u5bec\u5916\u8cc7\u6295\u8cc7\u8b49\u5238\u5e02\u5834\u6e20\u9053\u7b49\u3002 \u6b64\u5916\uff0c\u4e0d\u5c11\u4e2d\u8cc7\u4f01\u696d\u767c\u63ee\u81ea\u8eab\u6280\u8853\u3001\u8cc7\u91d1\u53ca\u4f9b\u61c9\u93c8\u7b49\u512a\u52e2\uff0c\u7a4d\u6975\u63a2\u7d22\u4ee5\u6388\u6b0a\u3001\u5408\u8cc7\u3001\u516c\u79c1\u71df\u5408\u4f5c\u7b49\u591a\u6a23\u5316\u8def\u5f91\uff0c\u5728\u6295\u8cc7\u76ee\u7684\u5730\u7d93\u71df\u696d\u52d9\uff0c\u60e0\u53ca\u7576\u5730\u4f9b\u61c9\u5546\u3001\u5c31\u696d\u53ca\u7a05\u6536\uff0c\u5f9e\u800c\u5efa\u69cb\u5229\u76ca\u5171\u540c\u9ad4\uff0c\u5be6\u73fe\u4e92\u5229\u5171\u8d0f\u7684\u5168\u7403\u5316\u64f4\u5f35\u3002 \u9999\u6e2f\u589e\u503c\u7a7a\u9593\u66f4\u52a0\u5ee3\u95ca \u4e2d\u5916\u8cc7\u91d1\u5df2\u5728\u9999\u6e2f\u4ea4\u532f\u591a\u5e74\u30022024\u5e74\uff0c\u9999\u6e2f\u4f54\u5167\u5730FDI 63.5%\u7684\u6d41\u91cf\u548c56.8%\u7684\u7d2f\u8a08\u91d1\u984d\uff1b\u800c\u5728\u5167\u5730ODI \u4e2d\u5247\u4f5460.4%\u7684\u6d41\u91cf\u548c61.2%\u7684\u5b58\u91cf\u3002\u7121\u5eb8\u7f6e\u7591\uff0c\u9999\u6e2f\u5728\u570b\u5bb6\u300c\u5f15\u9032\u4f86\u300d\u8207\u300c\u8d70\u51fa\u53bb\u300d\u65b9\u9762\uff0c\u4e00\u76f4\u767c\u63ee\u81f3\u95dc\u91cd\u8981\u7684\u6a4b\u6a11\u4f5c\u7528\u3002 \u96a8\u7740\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u4e0d\u65b7\u767c\u5c55\uff0c\u9999\u6e2f\u7684\u529f\u80fd\u4ea6\u96a8\u4e4b\u6df1\u5316\u3002\u904e\u53bb\uff0c\u5916\u8cc7\u9032\u5165\u5167\u5730\u6216\u5167\u8cc7\u6295\u5411\u6d77\u5916\uff0c\u9999\u6e2f\u66f4\u591a\u662f\u626e\u6f14\u300c\u8cc7\u91d1\u4e2d\u8f49\u7ad9\u300d\u89d2\u8272\u3002\u73fe\u5728\uff0c\u5168\u7403\u8cc7\u672c\u5c0d\u4e2d\u570b\u5e02\u5834\u7684\u8a34\u6c42\uff0c\u5df2\u5f9e\u50b3\u7d71\u7684\u898f\u6a21\u64f4\u5f35\uff0c\u6f14\u8b8a\u70ba\u5c0d\u5275\u65b0\u7522\u696d\u7684\u7cbe\u6e96\u6295\u8cc7\u3002\u4e2d\u8cc7\u4f01\u696d\u7684\u5168\u7403\u5316\uff0c\u5247\u5f9e\u300c\u7522\u54c1\u5916\u92b7\u300d\u76841.0\u968e\u6bb5\uff0c\u8d70\u5411\u300c\u7522\u696d\u93c8\u8f38\u51fa\u3001\u6280\u8853\u6388\u6b0a\u8207\u5728\u5730\u5316\u7d93\u71df\u300d\u7684 2.0 \u968e\u6bb5\u3002\u6574\u689d\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u4e5f\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5728\u5916\u5730\u7684\u8cc7\u7522\u8b8a\u5f97\u66f4\u91cd\u3002\u91cd\u8cc7\u7522\u56fa\u7136\u53ef\u4ee5\u70ba\u4f01\u696d\u7bc9\u8d77\u7af6\u722d\u58c1\u58d8\uff0c\u4f46\u7f3a\u9ede\u662f\u4f4e\u6d41\u52d5\u6027\u548c\u9ad8\u6c89\u6c92\u6210\u672c\u3002\u9019\u4f7f\u4e2d\u8cc7\u51fa\u6d77\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u535a\u5f08\u3001\u4f9b\u61c9\u93c8\u91cd\u7d44\u3001\u570b\u969b\u7a05\u52d9\u5be9\u67e5\u3001\u570b\u969b\u6cd5\u898f\u5dee\u7570\u7b49\u65b9\u9762\uff0c\u9762\u81e8\u66f4\u591a\u98a8\u96aa\u3002 \u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u9999\u6e2f\u92b3\u610f\u767c\u5c55\u300c\u5341\u5927\u4e2d\u5fc3\u300d\uff0c\u6b63\u53ef\u6eff\u8db3\u4e2d\u5916\u8cc7\u91d1\u7684\u7a2e\u7a2e\u8981\u6c42\uff0c\u5305\u62ec\u50b3\u7d71\u7684\u91d1\u878d\u3001\u8cbf\u6613\u3001\u822a\u904b\uff0c\u4ea6\u5305\u62ec\u5275\u79d1\u3001\u98a8\u96aa\u7ba1\u7406\u3001\u77e5\u8b58\u7522\u6b0a\u8cbf\u6613\u3001\u6cd5\u5f8b\u53ca\u89e3\u6c7a\u722d\u8b70\u3001\u9ad8\u589e\u503c\u4f9b\u61c9\u93c8\u670d\u52d9\u3001\u8cc7\u7522\u53ca\u8ca1\u5bcc\u7ba1\u7406\uff0c\u4ee5\u81f3\u4e2d\u5916\u6587\u5316\u85dd\u8853\u4ea4\u6d41\u3002 \u7e3d\u8a00\u800c\u4e4b\uff0c\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u7684\u6f14\u8b8a\uff0c\u7d55\u975e\u55ae\u7d14\u7684\u7e3d\u91cf\u8d77\u4f0f\uff0c\u800c\u662f\u4e00\u5834\u6df1\u523b\u7684\u7d50\u69cb\u6027\u91cd\u5851\u3002\u9999\u6e2f\u52d9\u9808\u978f\u56fa\u73fe\u6709\u5f37\u9805\uff0c\u51f8\u986f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u300c\u8d85\u7d1a\u589e\u503c\u4eba\u300d\u7684\u89d2\u8272\uff0c\u4e0d\u55ae\u670d\u52d9\u5916\u8cc7\u6295\u8cc7\u5167\u5730\u9ad8\u6280\u8853\u7522\u696d\uff0c\u4ea6\u8981\u670d\u52d9\u5167\u8cc7\u5168\u50f9\u503c\u93c8\u5e03\u5c40\u5916\u5730\u3002\u5404\u8def\u8cc7\u91d1\u5c0d\u9999\u6e2f\u7684\u5b9a\u4f4d\u548c\u8981\u6c42\u7121\u7591\u8207\u65e5\u4ff1\u589e\uff0c\u4f46\u9999\u6e2f\u5275\u9020\u50f9\u503c\u7684\u7a7a\u9593\u4e5f\u540c\u6642\u8b8a\u5f97\u66f4\u52a0\u5ee3\u95ca\u3002 \u9127\u5e0c\u7152\u6559\u6388 \u9999\u6e2f\u5927\u5b78\u5354\u7406\u526f\u6821\u9577\u3001\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u526f\u9662\u9577\u3001\u99ae\u570b\u7d93\u99ae\u570b\u7db8\u57fa\u91d1\u7d93\u6fdf\u5b78\u6559\u6388 \u5f35\u8d85\u85dd\u5148\u751f \u9999\u6e2f\u5927\u5b78\u9999\u6e2f\u7d93\u6fdf\u53ca\u5546\u696d\u7b56\u7565\u7814\u7a76\u6240\u9ad8\u7d1a\u7814\u7a76\u52a9\u7406 \uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u516d\u5e74\u516d\u6708\u5341\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09","canonical_url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/","robots":"max-image-preview:large","keywords":"","webmasterTools":{"google-site-verification":"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo","miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#listItem","position":1,"name":"Home","item":"https:\/\/www.hkubs.hku.hk\/tc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/#listItem","name":"\u9f8d\u864e\u5c71\u4e0b"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/#listItem","position":2,"name":"\u9f8d\u864e\u5c71\u4e0b","item":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/#listItem","name":"\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u8b8a\u5c40\u00a0 \u00a0\u00a0\u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347"},"previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/#listItem","position":3,"name":"\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u8b8a\u5c40\u00a0 \u00a0\u00a0\u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347","previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/#listItem","name":"\u9f8d\u864e\u5c71\u4e0b"}}]},{"@type":"Organization","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#organization","name":"HKU Business School","url":"https:\/\/www.hkubs.hku.hk\/tc\/"},{"@type":"WebPage","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/#webpage","url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/","name":"\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u8b8a\u5c40 \u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347 - HKU Business School","description":"\u8fd1\u5e74\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u683c\u5c40\u7d93\u6b77\u986f\u8457\u8b8a\u5316\uff0c\u9999\u6e2f\u6a4b\u6a11\u89d2\u8272\u7684\u5167\u6db5\u4e5f\u96a8\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u8b8a\u8207\u767c\u5c55\u6a5f\u9047\uff0c\u5fc5\u9808\u6aa2\u8996\u4e2d\u570b\u5be6\u969b\u4f7f\u7528\u5916\u8cc7 (realized foreign direct investment\uff0c\u4ee5\u4e0b\u7c21\u7a31FDI) \u548c\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7 (outward foreign direct investment ; \u7c21\u7a31ODI) \u7684\u6578\u64da\u8da8\u52e2\u3002 \u5916\u5546\u52a0\u901f\u9032\u99d0\u9ad8\u7aef\u7522\u696d \u64da\u570b\u5bb6\u5546\u52d9\u90e8\u7684\u300a\u4e2d\u570b\u5916\u8cc7\u7d71\u8a08\u516c\u58312025\u300b\u53ca\u65b0\u805e\u8fa6\u516c\u5ba4\u7684\u516c\u5e03\uff0c\u4e2d\u570bFDI\u57282022\u5e74\u5275\u4e0b1,891.3\u5104\u7f8e\u5143\u7684\u6b77\u53f2\u9ad8\u4f4d\u5f8c\uff0c\u6301\u7e8c\u56de\u843d\u81f32025\u5e74\u76841,063.8\u5104\u7f8e\u5143\u5de6\u53f3 (7,476.9\u5104\u5143\u4eba\u6c11\u5e63) \u3002\u540c\u671f\uff0c\u65b0\u8a2d\u5916\u5546\u4f01\u696d\u5247\u5f9e\u4e00\u5e7438,497\u5bb6\u6301\u7e8c\u6fc0\u589e\u81f370,392\u5bb6\u3002\u6b64\u4e00\u8d70\u5411\u4ecd\u7136\u6301\u7e8c\uff0c2026\u5e741\u81f34\u6708\uff0cFDI\u70ba2,876.9\u5104\u5143\u4eba\u6c11\u5e63 (\u7d04419.2\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u4e0b\u964d10.3%\uff1b\u65b0\u8a2d\u5916\u5546\u4f01\u696d20,113\u5bb6\uff0c\u540c\u6bd4\u589e\u95776.8%\u3002 \u4e2d\u570b\u8fd1\u5e74FDI\u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u53cd\u6620\u51fa\u5916\u8cc7\u7684\u5be9\u614e\u614b\u5ea6\u3002\u4e00\u65b9\u9762\u6e90\u65bc\u570b\u969b\u9ad8\u5229\u7387\u74b0\u5883\u8207\u4e2d\u570b\u7269\u50f9\u589e\u9577\u4e4f\u529b\uff1b\u53e6\u4e00\u65b9\u9762\u6e90\u65bc\u8de8\u570b\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u58d3\u529b\u4e0b\u63a1\u53d6\u7684\u300c\u4e2d\u570b+1\u300d\u7b56\u7565\u3002\u5118\u7ba1\u5982\u6b64\uff0c\u57fa\u65bc\u6301\u7e8c\u5927\u589e\u7684\u65b0\u8a2d\u5916\u5546\u6295\u8cc7\u4f01\u696d\u6578\u91cf\uff0c\u5916\u8cc7\u300c\u6230\u7565\u5361\u4f4d\u300d\u90e8\u7f72\u6e05\u6670\uff0c\u8db3\u898b\u5176\u672a\u6709\u64a4\u51fa\u4e2d\u570b\u5e02\u5834\uff0c\u800c\u662f\u7a4d\u6975\u70ba\u672a\u4f86\u52a0\u5927\u6295\u8cc7\u4f5c\u51fa\u6e96\u5099\u3002 \u4e8b\u5be6\u4e0a\uff0c\u5916\u8cc7\u5c0d\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u5c55\u73fe\u51fa\u6fc3\u539a\u8208\u8da3\u30022024\u5e74\uff0c\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba402.6\u5104\u7f8e\u5143\uff0c\u4f54\u7e3d\u984d\u768434.6%\u3002\u5176\u4e2d\uff0c\u9ad8\u6280\u8853\u88fd\u9020\u696d\u548c\u9ad8\u6280\u8853\u670d\u52d9\u696d\u7684FDI\uff0c\u5206\u5225\u70ba135.1\u5104\u7f8e\u5143\u548c267.6\u5104\u7f8e\u5143\u30022026\u5e741\u81f34\u6708\uff0c\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba1,163.3\u5143\u5104\u4eba\u6c11\u5e63 (169.5\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u5927\u589e20.3%\uff0c\u5df2\u4f54\u7e3d\u984d\u768440.4%\u3002\u5176\u4e2d\uff0c\u7814\u767c\u8207\u8a2d\u8a08\u670d\u52d9\u3001\u8a08\u7b97\u6a5f\u53ca\u8fa6\u516c\u8a2d\u5099\u88fd\u9020\u696d\u3001\u96fb\u5b50\u53ca\u901a\u8a0a\u8a2d\u5099\u88fd\u9020\u696d\u7684FDI\u5206\u5225\u5927\u589e108.4%\u300122.9%\u300120.2%\u3002\u96a8\u7740\u5916\u8cc7\u5c0d\u4e2d\u570b\u6280\u8853\u5be6\u529b\u6108\u8da8\u8a8d\u53ef\uff0c\u9810\u6599\u9ad8\u6280\u8853\u7522\u696d\u5c07\u6703\u7e7c\u7e8c\u5f15\u9818\u4e2d\u570bFDI\u7684\u589e\u9577\u3002 \u5f9e2024\u5e74\u4e2d\u570bFDI\u7684\u4f86\u6e90\u5730\u4f86\u770b\uff0c\u524d\u4e94\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(63.5%)\u3001\u65b0\u52a0\u5761(9.2%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.7%)\u3001\u82f1\u5c6c\u7dad\u723e\u4eac\u7fa4\u5cf6(3.3%)\uff0c\u4ee5\u53ca\u7f8e\u570b(2.4%)\u3002\u9019\u53cd\u6620\u5916\u8cc7\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u9032\u5165\u5167\u5730\uff0c\u800c\u975e\u5f9e\u672c\u570b\u76f4\u6295\u3002\u9999\u6e2f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u6a4b\u6a11\u7684\u89d2\u8272\u4ecd\u7136\u5c64\u65b7\u9818\u5148\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u8b8a\u5f97\u986f\u8457\u91cd\u8981\u3002\u6b64\u5916\uff0c\u90e8\u5206\u4e2d\u8cc7\u4f01\u696d\u5728\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8a3b\u518a\u516c\u53f8\uff0c\u4ee5\u5916\u8cc7\u540d\u7fa9\u8fd4\u7a0b\u6295\u8cc7\u5167\u5730\u3002 ODI\u5347\u52e2\u6301\u7e8c \u50f9\u503c\u93c8\u5168\u8986\u84cb \u6709\u5225\u65bcFDI \u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u4e2d\u570bODI\u5247\u4e00\u76f4\u5c55\u73fe\u589e\u9577\u8da8\u52e2\u3002\u64da\u570b\u5bb6\u5546\u52d9\u90e8\u65b0\u805e\u8fa6\u516c\u5ba4\u516c\u5e03\u7684\u7c21\u660e\u7d71\u8a08\u6578\u5b57\uff0c2025\u5e74\u7684ODI\u70ba1,743.8\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u95777.1%\uff1b2026\u5e741\u81f34\u6708\u7684ODI\u70ba619.9\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u9577\u5347\u81f37.7%\u3002 \u570b\u5bb6\u5546\u52d9\u90e8\u3001\u7d71\u8a08\u5c40\u3001\u5916\u532f\u7ba1\u7406\u5c40\u7de8\u5236\u7684\u300a2024\u5e74\u5ea6\u4e2d\u570b\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7\u7d71\u8a08\u516c\u5831\u300b\uff0c\u63d0\u4f9b\u4e86\u8a73\u76e1\u7684ODI\u8cc7\u6599\u30022024\u5e74\uff0c\u4e2d\u570b83.8%\u7684ODI\u4e3b\u8981\u6d41\u5411\u4e94\u5927\u884c\u696d\u2014\u2014\u63a1\u7926\u696d (11.1%)\u3001\u88fd\u9020\u696d (19.5%)\u3001\u79df\u8cc3\u548c\u5546\u52d9\u670d\u52d9\u696d (19.8%)\u3001\u6279\u767c\u548c\u96f6\u552e\u696d (21%)\u3001\u91d1\u878d\u696d (12.4%)\uff0c\u6a6b\u8de8\u50f9\u503c\u93c8\u4e0a\u3001\u4e2d\u3001\u4e0b\u6e38\u3002\u5176\u4e2d\uff0c\u63a1\u7926\u696d\u3001\u88fd\u9020\u696d\u53ca\u91d1\u878d\u696d\u7684\u666f\u6c23\u5ea6\u8f03\u9ad8\uff0cODI\u6d41\u91cf\u5206\u5225\u540c\u6bd4\u5927\u589e115.2%\u300137.3%\u53ca30.5%\u3002 \u4e2d\u570bODI\u7684\u6301\u7e8c\u589e\u9577\u8207\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5f9e\u5916\u5730\u7372\u5f97\u6295\u8cc7\u56de\u5831\u4e4b\u9918\uff0c\u540c\u6642\u5c07\u81ea\u8eab\u6210\u719f\u7684\u6280\u8853\u548c\u5546\u696d\u6a21\u5f0f\u5e36\u5230\u6295\u8cc7\u76ee\u7684\u5730\uff0c\u4e26\u8f49\u5316\u6210\u7576\u5730\u7d93\u6fdf\u7684\u9a45\u52d5\u529b\u3002\u5f9e\u5efa\u8a2d\u63a1\u7926\u5834\u3001\u5de5\u5ee0\u3001\u5009\u5eab\u3001\u6578\u64da\u4e2d\u5fc3\u3001\u5546\u5ec8\u3001\u5546\u5834\u7b49\u57fa\u790e\u8a2d\u65bd\uff0c\u5230\u958b\u8a2d\u5927\u91cf\u96f6\u552e\u5e97\u8216\u548c\u8fa6\u516c\u5ba4\uff0c\u90fd\u70ba\u6295\u8cc7\u76ee\u7684\u5730\u5275\u9020\u51fa\u5927\u91cf\u7d93\u6fdf\u6d3b\u52d5\u3001\u7a05\u6536\u548c\u5c31\u696d\u8077\u4f4d\u3002 \u5f9e2024\u5e74\u4e2d\u570bODI\u7684\u76ee\u7684\u5730\u4f86\u770b\uff0c\u524d\u56db\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(60.4%)\u3001\u65b0\u52a0\u5761(9.3%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.6%)\u3001\u7f8e\u570b(3.5%)\uff0c\u986f\u793a\u4e2d\u570bODI\u4e5f\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8d70\u51fa\u53bb\uff0c\u800c\u975e\u76f4\u63a5\u6295\u5411\u6700\u7d42\u76ee\u7684\u5730\u3002\u8207\u4e2d\u570bFDI\u7684\u60c5\u6cc1\u985e\u4f3c\uff0c\u9999\u6e2f\u89d2\u8272\u4e00\u679d\u7368\u79c0\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u986f\u5f97\u76f8\u7576\u91cd\u8981\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u9023\u540c\u4e0a\u8ff0\u65b0\u52a0\u5761\u7684\u4f54\u6bd4\u8a08\u7b97\u5728\u5167\uff0c2024\u5e74\u517117.9%\u7684\u4e2d\u570bODI\u76f4\u63a5\u6d41\u5411\u6771\u76df\u5730\u5340\uff0c\u800c\u76f8\u5c0d\u61c9\u7684\u5b58\u91cf\u6bd4\u91cd\u50c5\u70ba6.3%\u3002 \u5f15\u8cc7\u548c\u5916\u6295\u5f80\u9ad8\u8cea\u91cf\u65b9\u5411\u767c\u5c55 \u9451\u65bcFDI\u5468\u671f\u6027\u8abf\u6574\u548cODI\u6301\u7e8c\u589e\u9577\uff0c\u4e2d\u570b\u6b63\u5f9e\u653f\u7b56\u65b9\u9762\u7740\u624b\u512a\u5316\u5916\u5546\u6295\u8cc7\u74b0\u5883\uff0c\u800c\u4e2d\u8cc7\u4f01\u696d\u4e5f\u5728\u5168\u7403\u5316\u64f4\u5f35\u4e2d\uff0c\u6108\u4f86\u6108\u91cd\u8996\u6587\u5316\u5171\u878d\u548c\u5275\u9020\u5728\u5730\u5316\u50f9\u503c\u3002\u5728\u300c\u5341\u4e94\u4e94\u300d\u898f\u5283\u4e2d\uff0c\u653f\u5e9c\u660e\u78ba\u8981\u4ee5\u66f4\u5927\u529b\u5ea6\u5438\u5f15\u548c\u5229\u7528\u5916\u8cc7\uff0c\u5305\u62ec\u5168\u9762\u843d\u5be6\u5916\u8cc7\u4f01\u696d\u570b\u6c11\u5f85\u9047\uff1b\u5f15\u5c0e\u5916\u8cc7\u66f4\u591a\u6295\u5411\u5148\u9032\u88fd\u9020\u3001\u73fe\u4ee3\u670d\u52d9\u3001\u9ad8\u65b0\u6280\u8853\u3001\u7bc0\u80fd\u74b0\u4fdd\u7b49\u9818\u57df\uff1b\u5927\u529b\u5438\u5f15\u5916\u8cc7\u4f01\u696d\u5728\u83ef\u8a2d\u7acb\u5730\u5340\u7e3d\u90e8\u548c\u7814\u767c\u4e2d\u5fc3\uff1b\u4ee5\u53ca\u62d3\u5bec\u5916\u8cc7\u6295\u8cc7\u8b49\u5238\u5e02\u5834\u6e20\u9053\u7b49\u3002 \u6b64\u5916\uff0c\u4e0d\u5c11\u4e2d\u8cc7\u4f01\u696d\u767c\u63ee\u81ea\u8eab\u6280\u8853\u3001\u8cc7\u91d1\u53ca\u4f9b\u61c9\u93c8\u7b49\u512a\u52e2\uff0c\u7a4d\u6975\u63a2\u7d22\u4ee5\u6388\u6b0a\u3001\u5408\u8cc7\u3001\u516c\u79c1\u71df\u5408\u4f5c\u7b49\u591a\u6a23\u5316\u8def\u5f91\uff0c\u5728\u6295\u8cc7\u76ee\u7684\u5730\u7d93\u71df\u696d\u52d9\uff0c\u60e0\u53ca\u7576\u5730\u4f9b\u61c9\u5546\u3001\u5c31\u696d\u53ca\u7a05\u6536\uff0c\u5f9e\u800c\u5efa\u69cb\u5229\u76ca\u5171\u540c\u9ad4\uff0c\u5be6\u73fe\u4e92\u5229\u5171\u8d0f\u7684\u5168\u7403\u5316\u64f4\u5f35\u3002 \u9999\u6e2f\u589e\u503c\u7a7a\u9593\u66f4\u52a0\u5ee3\u95ca \u4e2d\u5916\u8cc7\u91d1\u5df2\u5728\u9999\u6e2f\u4ea4\u532f\u591a\u5e74\u30022024\u5e74\uff0c\u9999\u6e2f\u4f54\u5167\u5730FDI 63.5%\u7684\u6d41\u91cf\u548c56.8%\u7684\u7d2f\u8a08\u91d1\u984d\uff1b\u800c\u5728\u5167\u5730ODI \u4e2d\u5247\u4f5460.4%\u7684\u6d41\u91cf\u548c61.2%\u7684\u5b58\u91cf\u3002\u7121\u5eb8\u7f6e\u7591\uff0c\u9999\u6e2f\u5728\u570b\u5bb6\u300c\u5f15\u9032\u4f86\u300d\u8207\u300c\u8d70\u51fa\u53bb\u300d\u65b9\u9762\uff0c\u4e00\u76f4\u767c\u63ee\u81f3\u95dc\u91cd\u8981\u7684\u6a4b\u6a11\u4f5c\u7528\u3002 \u96a8\u7740\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u4e0d\u65b7\u767c\u5c55\uff0c\u9999\u6e2f\u7684\u529f\u80fd\u4ea6\u96a8\u4e4b\u6df1\u5316\u3002\u904e\u53bb\uff0c\u5916\u8cc7\u9032\u5165\u5167\u5730\u6216\u5167\u8cc7\u6295\u5411\u6d77\u5916\uff0c\u9999\u6e2f\u66f4\u591a\u662f\u626e\u6f14\u300c\u8cc7\u91d1\u4e2d\u8f49\u7ad9\u300d\u89d2\u8272\u3002\u73fe\u5728\uff0c\u5168\u7403\u8cc7\u672c\u5c0d\u4e2d\u570b\u5e02\u5834\u7684\u8a34\u6c42\uff0c\u5df2\u5f9e\u50b3\u7d71\u7684\u898f\u6a21\u64f4\u5f35\uff0c\u6f14\u8b8a\u70ba\u5c0d\u5275\u65b0\u7522\u696d\u7684\u7cbe\u6e96\u6295\u8cc7\u3002\u4e2d\u8cc7\u4f01\u696d\u7684\u5168\u7403\u5316\uff0c\u5247\u5f9e\u300c\u7522\u54c1\u5916\u92b7\u300d\u76841.0\u968e\u6bb5\uff0c\u8d70\u5411\u300c\u7522\u696d\u93c8\u8f38\u51fa\u3001\u6280\u8853\u6388\u6b0a\u8207\u5728\u5730\u5316\u7d93\u71df\u300d\u7684 2.0 \u968e\u6bb5\u3002\u6574\u689d\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u4e5f\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5728\u5916\u5730\u7684\u8cc7\u7522\u8b8a\u5f97\u66f4\u91cd\u3002\u91cd\u8cc7\u7522\u56fa\u7136\u53ef\u4ee5\u70ba\u4f01\u696d\u7bc9\u8d77\u7af6\u722d\u58c1\u58d8\uff0c\u4f46\u7f3a\u9ede\u662f\u4f4e\u6d41\u52d5\u6027\u548c\u9ad8\u6c89\u6c92\u6210\u672c\u3002\u9019\u4f7f\u4e2d\u8cc7\u51fa\u6d77\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u535a\u5f08\u3001\u4f9b\u61c9\u93c8\u91cd\u7d44\u3001\u570b\u969b\u7a05\u52d9\u5be9\u67e5\u3001\u570b\u969b\u6cd5\u898f\u5dee\u7570\u7b49\u65b9\u9762\uff0c\u9762\u81e8\u66f4\u591a\u98a8\u96aa\u3002 \u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u9999\u6e2f\u92b3\u610f\u767c\u5c55\u300c\u5341\u5927\u4e2d\u5fc3\u300d\uff0c\u6b63\u53ef\u6eff\u8db3\u4e2d\u5916\u8cc7\u91d1\u7684\u7a2e\u7a2e\u8981\u6c42\uff0c\u5305\u62ec\u50b3\u7d71\u7684\u91d1\u878d\u3001\u8cbf\u6613\u3001\u822a\u904b\uff0c\u4ea6\u5305\u62ec\u5275\u79d1\u3001\u98a8\u96aa\u7ba1\u7406\u3001\u77e5\u8b58\u7522\u6b0a\u8cbf\u6613\u3001\u6cd5\u5f8b\u53ca\u89e3\u6c7a\u722d\u8b70\u3001\u9ad8\u589e\u503c\u4f9b\u61c9\u93c8\u670d\u52d9\u3001\u8cc7\u7522\u53ca\u8ca1\u5bcc\u7ba1\u7406\uff0c\u4ee5\u81f3\u4e2d\u5916\u6587\u5316\u85dd\u8853\u4ea4\u6d41\u3002 \u7e3d\u8a00\u800c\u4e4b\uff0c\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u7684\u6f14\u8b8a\uff0c\u7d55\u975e\u55ae\u7d14\u7684\u7e3d\u91cf\u8d77\u4f0f\uff0c\u800c\u662f\u4e00\u5834\u6df1\u523b\u7684\u7d50\u69cb\u6027\u91cd\u5851\u3002\u9999\u6e2f\u52d9\u9808\u978f\u56fa\u73fe\u6709\u5f37\u9805\uff0c\u51f8\u986f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u300c\u8d85\u7d1a\u589e\u503c\u4eba\u300d\u7684\u89d2\u8272\uff0c\u4e0d\u55ae\u670d\u52d9\u5916\u8cc7\u6295\u8cc7\u5167\u5730\u9ad8\u6280\u8853\u7522\u696d\uff0c\u4ea6\u8981\u670d\u52d9\u5167\u8cc7\u5168\u50f9\u503c\u93c8\u5e03\u5c40\u5916\u5730\u3002\u5404\u8def\u8cc7\u91d1\u5c0d\u9999\u6e2f\u7684\u5b9a\u4f4d\u548c\u8981\u6c42\u7121\u7591\u8207\u65e5\u4ff1\u589e\uff0c\u4f46\u9999\u6e2f\u5275\u9020\u50f9\u503c\u7684\u7a7a\u9593\u4e5f\u540c\u6642\u8b8a\u5f97\u66f4\u52a0\u5ee3\u95ca\u3002 \u9127\u5e0c\u7152\u6559\u6388 \u9999\u6e2f\u5927\u5b78\u5354\u7406\u526f\u6821\u9577\u3001\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u526f\u9662\u9577\u3001\u99ae\u570b\u7d93\u99ae\u570b\u7db8\u57fa\u91d1\u7d93\u6fdf\u5b78\u6559\u6388 \u5f35\u8d85\u85dd\u5148\u751f \u9999\u6e2f\u5927\u5b78\u9999\u6e2f\u7d93\u6fdf\u53ca\u5546\u696d\u7b56\u7565\u7814\u7a76\u6240\u9ad8\u7d1a\u7814\u7a76\u52a9\u7406 \uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u516d\u5e74\u516d\u6708\u5341\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09","inLanguage":"zh-HK","isPartOf":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/#website"},"breadcrumb":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/#breadcrumblist"},"datePublished":"2026-06-10T09:28:26+08:00","dateModified":"2026-07-17T10:51:49+08:00"},{"@type":"WebSite","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#website","url":"https:\/\/www.hkubs.hku.hk\/tc\/","name":"HKU Business School","inLanguage":"zh-HK","publisher":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/#organization"}}]},"og:locale":"en_US","og:site_name":"HKU Business School -","og:type":"article","og:title":"\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u8b8a\u5c40 \u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347 - HKU Business School","og:description":"\u8fd1\u5e74\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u683c\u5c40\u7d93\u6b77\u986f\u8457\u8b8a\u5316\uff0c\u9999\u6e2f\u6a4b\u6a11\u89d2\u8272\u7684\u5167\u6db5\u4e5f\u96a8\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u8b8a\u8207\u767c\u5c55\u6a5f\u9047\uff0c\u5fc5\u9808\u6aa2\u8996\u4e2d\u570b\u5be6\u969b\u4f7f\u7528\u5916\u8cc7 (realized foreign direct investment\uff0c\u4ee5\u4e0b\u7c21\u7a31FDI) \u548c\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7 (outward foreign direct investment ; \u7c21\u7a31ODI) \u7684\u6578\u64da\u8da8\u52e2\u3002 \u5916\u5546\u52a0\u901f\u9032\u99d0\u9ad8\u7aef\u7522\u696d \u64da\u570b\u5bb6\u5546\u52d9\u90e8\u7684\u300a\u4e2d\u570b\u5916\u8cc7\u7d71\u8a08\u516c\u58312025\u300b\u53ca\u65b0\u805e\u8fa6\u516c\u5ba4\u7684\u516c\u5e03\uff0c\u4e2d\u570bFDI\u57282022\u5e74\u5275\u4e0b1,891.3\u5104\u7f8e\u5143\u7684\u6b77\u53f2\u9ad8\u4f4d\u5f8c\uff0c\u6301\u7e8c\u56de\u843d\u81f32025\u5e74\u76841,063.8\u5104\u7f8e\u5143\u5de6\u53f3 (7,476.9\u5104\u5143\u4eba\u6c11\u5e63) \u3002\u540c\u671f\uff0c\u65b0\u8a2d\u5916\u5546\u4f01\u696d\u5247\u5f9e\u4e00\u5e7438,497\u5bb6\u6301\u7e8c\u6fc0\u589e\u81f370,392\u5bb6\u3002\u6b64\u4e00\u8d70\u5411\u4ecd\u7136\u6301\u7e8c\uff0c2026\u5e741\u81f34\u6708\uff0cFDI\u70ba2,876.9\u5104\u5143\u4eba\u6c11\u5e63 (\u7d04419.2\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u4e0b\u964d10.3%\uff1b\u65b0\u8a2d\u5916\u5546\u4f01\u696d20,113\u5bb6\uff0c\u540c\u6bd4\u589e\u95776.8%\u3002 \u4e2d\u570b\u8fd1\u5e74FDI\u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u53cd\u6620\u51fa\u5916\u8cc7\u7684\u5be9\u614e\u614b\u5ea6\u3002\u4e00\u65b9\u9762\u6e90\u65bc\u570b\u969b\u9ad8\u5229\u7387\u74b0\u5883\u8207\u4e2d\u570b\u7269\u50f9\u589e\u9577\u4e4f\u529b\uff1b\u53e6\u4e00\u65b9\u9762\u6e90\u65bc\u8de8\u570b\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u58d3\u529b\u4e0b\u63a1\u53d6\u7684\u300c\u4e2d\u570b+1\u300d\u7b56\u7565\u3002\u5118\u7ba1\u5982\u6b64\uff0c\u57fa\u65bc\u6301\u7e8c\u5927\u589e\u7684\u65b0\u8a2d\u5916\u5546\u6295\u8cc7\u4f01\u696d\u6578\u91cf\uff0c\u5916\u8cc7\u300c\u6230\u7565\u5361\u4f4d\u300d\u90e8\u7f72\u6e05\u6670\uff0c\u8db3\u898b\u5176\u672a\u6709\u64a4\u51fa\u4e2d\u570b\u5e02\u5834\uff0c\u800c\u662f\u7a4d\u6975\u70ba\u672a\u4f86\u52a0\u5927\u6295\u8cc7\u4f5c\u51fa\u6e96\u5099\u3002 \u4e8b\u5be6\u4e0a\uff0c\u5916\u8cc7\u5c0d\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u5c55\u73fe\u51fa\u6fc3\u539a\u8208\u8da3\u30022024\u5e74\uff0c\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba402.6\u5104\u7f8e\u5143\uff0c\u4f54\u7e3d\u984d\u768434.6%\u3002\u5176\u4e2d\uff0c\u9ad8\u6280\u8853\u88fd\u9020\u696d\u548c\u9ad8\u6280\u8853\u670d\u52d9\u696d\u7684FDI\uff0c\u5206\u5225\u70ba135.1\u5104\u7f8e\u5143\u548c267.6\u5104\u7f8e\u5143\u30022026\u5e741\u81f34\u6708\uff0c\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba1,163.3\u5143\u5104\u4eba\u6c11\u5e63 (169.5\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u5927\u589e20.3%\uff0c\u5df2\u4f54\u7e3d\u984d\u768440.4%\u3002\u5176\u4e2d\uff0c\u7814\u767c\u8207\u8a2d\u8a08\u670d\u52d9\u3001\u8a08\u7b97\u6a5f\u53ca\u8fa6\u516c\u8a2d\u5099\u88fd\u9020\u696d\u3001\u96fb\u5b50\u53ca\u901a\u8a0a\u8a2d\u5099\u88fd\u9020\u696d\u7684FDI\u5206\u5225\u5927\u589e108.4%\u300122.9%\u300120.2%\u3002\u96a8\u7740\u5916\u8cc7\u5c0d\u4e2d\u570b\u6280\u8853\u5be6\u529b\u6108\u8da8\u8a8d\u53ef\uff0c\u9810\u6599\u9ad8\u6280\u8853\u7522\u696d\u5c07\u6703\u7e7c\u7e8c\u5f15\u9818\u4e2d\u570bFDI\u7684\u589e\u9577\u3002 \u5f9e2024\u5e74\u4e2d\u570bFDI\u7684\u4f86\u6e90\u5730\u4f86\u770b\uff0c\u524d\u4e94\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(63.5%)\u3001\u65b0\u52a0\u5761(9.2%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.7%)\u3001\u82f1\u5c6c\u7dad\u723e\u4eac\u7fa4\u5cf6(3.3%)\uff0c\u4ee5\u53ca\u7f8e\u570b(2.4%)\u3002\u9019\u53cd\u6620\u5916\u8cc7\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u9032\u5165\u5167\u5730\uff0c\u800c\u975e\u5f9e\u672c\u570b\u76f4\u6295\u3002\u9999\u6e2f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u6a4b\u6a11\u7684\u89d2\u8272\u4ecd\u7136\u5c64\u65b7\u9818\u5148\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u8b8a\u5f97\u986f\u8457\u91cd\u8981\u3002\u6b64\u5916\uff0c\u90e8\u5206\u4e2d\u8cc7\u4f01\u696d\u5728\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8a3b\u518a\u516c\u53f8\uff0c\u4ee5\u5916\u8cc7\u540d\u7fa9\u8fd4\u7a0b\u6295\u8cc7\u5167\u5730\u3002 ODI\u5347\u52e2\u6301\u7e8c \u50f9\u503c\u93c8\u5168\u8986\u84cb \u6709\u5225\u65bcFDI \u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u4e2d\u570bODI\u5247\u4e00\u76f4\u5c55\u73fe\u589e\u9577\u8da8\u52e2\u3002\u64da\u570b\u5bb6\u5546\u52d9\u90e8\u65b0\u805e\u8fa6\u516c\u5ba4\u516c\u5e03\u7684\u7c21\u660e\u7d71\u8a08\u6578\u5b57\uff0c2025\u5e74\u7684ODI\u70ba1,743.8\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u95777.1%\uff1b2026\u5e741\u81f34\u6708\u7684ODI\u70ba619.9\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u9577\u5347\u81f37.7%\u3002 \u570b\u5bb6\u5546\u52d9\u90e8\u3001\u7d71\u8a08\u5c40\u3001\u5916\u532f\u7ba1\u7406\u5c40\u7de8\u5236\u7684\u300a2024\u5e74\u5ea6\u4e2d\u570b\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7\u7d71\u8a08\u516c\u5831\u300b\uff0c\u63d0\u4f9b\u4e86\u8a73\u76e1\u7684ODI\u8cc7\u6599\u30022024\u5e74\uff0c\u4e2d\u570b83.8%\u7684ODI\u4e3b\u8981\u6d41\u5411\u4e94\u5927\u884c\u696d\u2014\u2014\u63a1\u7926\u696d (11.1%)\u3001\u88fd\u9020\u696d (19.5%)\u3001\u79df\u8cc3\u548c\u5546\u52d9\u670d\u52d9\u696d (19.8%)\u3001\u6279\u767c\u548c\u96f6\u552e\u696d (21%)\u3001\u91d1\u878d\u696d (12.4%)\uff0c\u6a6b\u8de8\u50f9\u503c\u93c8\u4e0a\u3001\u4e2d\u3001\u4e0b\u6e38\u3002\u5176\u4e2d\uff0c\u63a1\u7926\u696d\u3001\u88fd\u9020\u696d\u53ca\u91d1\u878d\u696d\u7684\u666f\u6c23\u5ea6\u8f03\u9ad8\uff0cODI\u6d41\u91cf\u5206\u5225\u540c\u6bd4\u5927\u589e115.2%\u300137.3%\u53ca30.5%\u3002 \u4e2d\u570bODI\u7684\u6301\u7e8c\u589e\u9577\u8207\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5f9e\u5916\u5730\u7372\u5f97\u6295\u8cc7\u56de\u5831\u4e4b\u9918\uff0c\u540c\u6642\u5c07\u81ea\u8eab\u6210\u719f\u7684\u6280\u8853\u548c\u5546\u696d\u6a21\u5f0f\u5e36\u5230\u6295\u8cc7\u76ee\u7684\u5730\uff0c\u4e26\u8f49\u5316\u6210\u7576\u5730\u7d93\u6fdf\u7684\u9a45\u52d5\u529b\u3002\u5f9e\u5efa\u8a2d\u63a1\u7926\u5834\u3001\u5de5\u5ee0\u3001\u5009\u5eab\u3001\u6578\u64da\u4e2d\u5fc3\u3001\u5546\u5ec8\u3001\u5546\u5834\u7b49\u57fa\u790e\u8a2d\u65bd\uff0c\u5230\u958b\u8a2d\u5927\u91cf\u96f6\u552e\u5e97\u8216\u548c\u8fa6\u516c\u5ba4\uff0c\u90fd\u70ba\u6295\u8cc7\u76ee\u7684\u5730\u5275\u9020\u51fa\u5927\u91cf\u7d93\u6fdf\u6d3b\u52d5\u3001\u7a05\u6536\u548c\u5c31\u696d\u8077\u4f4d\u3002 \u5f9e2024\u5e74\u4e2d\u570bODI\u7684\u76ee\u7684\u5730\u4f86\u770b\uff0c\u524d\u56db\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(60.4%)\u3001\u65b0\u52a0\u5761(9.3%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.6%)\u3001\u7f8e\u570b(3.5%)\uff0c\u986f\u793a\u4e2d\u570bODI\u4e5f\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8d70\u51fa\u53bb\uff0c\u800c\u975e\u76f4\u63a5\u6295\u5411\u6700\u7d42\u76ee\u7684\u5730\u3002\u8207\u4e2d\u570bFDI\u7684\u60c5\u6cc1\u985e\u4f3c\uff0c\u9999\u6e2f\u89d2\u8272\u4e00\u679d\u7368\u79c0\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u986f\u5f97\u76f8\u7576\u91cd\u8981\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u9023\u540c\u4e0a\u8ff0\u65b0\u52a0\u5761\u7684\u4f54\u6bd4\u8a08\u7b97\u5728\u5167\uff0c2024\u5e74\u517117.9%\u7684\u4e2d\u570bODI\u76f4\u63a5\u6d41\u5411\u6771\u76df\u5730\u5340\uff0c\u800c\u76f8\u5c0d\u61c9\u7684\u5b58\u91cf\u6bd4\u91cd\u50c5\u70ba6.3%\u3002 \u5f15\u8cc7\u548c\u5916\u6295\u5f80\u9ad8\u8cea\u91cf\u65b9\u5411\u767c\u5c55 \u9451\u65bcFDI\u5468\u671f\u6027\u8abf\u6574\u548cODI\u6301\u7e8c\u589e\u9577\uff0c\u4e2d\u570b\u6b63\u5f9e\u653f\u7b56\u65b9\u9762\u7740\u624b\u512a\u5316\u5916\u5546\u6295\u8cc7\u74b0\u5883\uff0c\u800c\u4e2d\u8cc7\u4f01\u696d\u4e5f\u5728\u5168\u7403\u5316\u64f4\u5f35\u4e2d\uff0c\u6108\u4f86\u6108\u91cd\u8996\u6587\u5316\u5171\u878d\u548c\u5275\u9020\u5728\u5730\u5316\u50f9\u503c\u3002\u5728\u300c\u5341\u4e94\u4e94\u300d\u898f\u5283\u4e2d\uff0c\u653f\u5e9c\u660e\u78ba\u8981\u4ee5\u66f4\u5927\u529b\u5ea6\u5438\u5f15\u548c\u5229\u7528\u5916\u8cc7\uff0c\u5305\u62ec\u5168\u9762\u843d\u5be6\u5916\u8cc7\u4f01\u696d\u570b\u6c11\u5f85\u9047\uff1b\u5f15\u5c0e\u5916\u8cc7\u66f4\u591a\u6295\u5411\u5148\u9032\u88fd\u9020\u3001\u73fe\u4ee3\u670d\u52d9\u3001\u9ad8\u65b0\u6280\u8853\u3001\u7bc0\u80fd\u74b0\u4fdd\u7b49\u9818\u57df\uff1b\u5927\u529b\u5438\u5f15\u5916\u8cc7\u4f01\u696d\u5728\u83ef\u8a2d\u7acb\u5730\u5340\u7e3d\u90e8\u548c\u7814\u767c\u4e2d\u5fc3\uff1b\u4ee5\u53ca\u62d3\u5bec\u5916\u8cc7\u6295\u8cc7\u8b49\u5238\u5e02\u5834\u6e20\u9053\u7b49\u3002 \u6b64\u5916\uff0c\u4e0d\u5c11\u4e2d\u8cc7\u4f01\u696d\u767c\u63ee\u81ea\u8eab\u6280\u8853\u3001\u8cc7\u91d1\u53ca\u4f9b\u61c9\u93c8\u7b49\u512a\u52e2\uff0c\u7a4d\u6975\u63a2\u7d22\u4ee5\u6388\u6b0a\u3001\u5408\u8cc7\u3001\u516c\u79c1\u71df\u5408\u4f5c\u7b49\u591a\u6a23\u5316\u8def\u5f91\uff0c\u5728\u6295\u8cc7\u76ee\u7684\u5730\u7d93\u71df\u696d\u52d9\uff0c\u60e0\u53ca\u7576\u5730\u4f9b\u61c9\u5546\u3001\u5c31\u696d\u53ca\u7a05\u6536\uff0c\u5f9e\u800c\u5efa\u69cb\u5229\u76ca\u5171\u540c\u9ad4\uff0c\u5be6\u73fe\u4e92\u5229\u5171\u8d0f\u7684\u5168\u7403\u5316\u64f4\u5f35\u3002 \u9999\u6e2f\u589e\u503c\u7a7a\u9593\u66f4\u52a0\u5ee3\u95ca \u4e2d\u5916\u8cc7\u91d1\u5df2\u5728\u9999\u6e2f\u4ea4\u532f\u591a\u5e74\u30022024\u5e74\uff0c\u9999\u6e2f\u4f54\u5167\u5730FDI 63.5%\u7684\u6d41\u91cf\u548c56.8%\u7684\u7d2f\u8a08\u91d1\u984d\uff1b\u800c\u5728\u5167\u5730ODI \u4e2d\u5247\u4f5460.4%\u7684\u6d41\u91cf\u548c61.2%\u7684\u5b58\u91cf\u3002\u7121\u5eb8\u7f6e\u7591\uff0c\u9999\u6e2f\u5728\u570b\u5bb6\u300c\u5f15\u9032\u4f86\u300d\u8207\u300c\u8d70\u51fa\u53bb\u300d\u65b9\u9762\uff0c\u4e00\u76f4\u767c\u63ee\u81f3\u95dc\u91cd\u8981\u7684\u6a4b\u6a11\u4f5c\u7528\u3002 \u96a8\u7740\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u4e0d\u65b7\u767c\u5c55\uff0c\u9999\u6e2f\u7684\u529f\u80fd\u4ea6\u96a8\u4e4b\u6df1\u5316\u3002\u904e\u53bb\uff0c\u5916\u8cc7\u9032\u5165\u5167\u5730\u6216\u5167\u8cc7\u6295\u5411\u6d77\u5916\uff0c\u9999\u6e2f\u66f4\u591a\u662f\u626e\u6f14\u300c\u8cc7\u91d1\u4e2d\u8f49\u7ad9\u300d\u89d2\u8272\u3002\u73fe\u5728\uff0c\u5168\u7403\u8cc7\u672c\u5c0d\u4e2d\u570b\u5e02\u5834\u7684\u8a34\u6c42\uff0c\u5df2\u5f9e\u50b3\u7d71\u7684\u898f\u6a21\u64f4\u5f35\uff0c\u6f14\u8b8a\u70ba\u5c0d\u5275\u65b0\u7522\u696d\u7684\u7cbe\u6e96\u6295\u8cc7\u3002\u4e2d\u8cc7\u4f01\u696d\u7684\u5168\u7403\u5316\uff0c\u5247\u5f9e\u300c\u7522\u54c1\u5916\u92b7\u300d\u76841.0\u968e\u6bb5\uff0c\u8d70\u5411\u300c\u7522\u696d\u93c8\u8f38\u51fa\u3001\u6280\u8853\u6388\u6b0a\u8207\u5728\u5730\u5316\u7d93\u71df\u300d\u7684 2.0 \u968e\u6bb5\u3002\u6574\u689d\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u4e5f\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5728\u5916\u5730\u7684\u8cc7\u7522\u8b8a\u5f97\u66f4\u91cd\u3002\u91cd\u8cc7\u7522\u56fa\u7136\u53ef\u4ee5\u70ba\u4f01\u696d\u7bc9\u8d77\u7af6\u722d\u58c1\u58d8\uff0c\u4f46\u7f3a\u9ede\u662f\u4f4e\u6d41\u52d5\u6027\u548c\u9ad8\u6c89\u6c92\u6210\u672c\u3002\u9019\u4f7f\u4e2d\u8cc7\u51fa\u6d77\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u535a\u5f08\u3001\u4f9b\u61c9\u93c8\u91cd\u7d44\u3001\u570b\u969b\u7a05\u52d9\u5be9\u67e5\u3001\u570b\u969b\u6cd5\u898f\u5dee\u7570\u7b49\u65b9\u9762\uff0c\u9762\u81e8\u66f4\u591a\u98a8\u96aa\u3002 \u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u9999\u6e2f\u92b3\u610f\u767c\u5c55\u300c\u5341\u5927\u4e2d\u5fc3\u300d\uff0c\u6b63\u53ef\u6eff\u8db3\u4e2d\u5916\u8cc7\u91d1\u7684\u7a2e\u7a2e\u8981\u6c42\uff0c\u5305\u62ec\u50b3\u7d71\u7684\u91d1\u878d\u3001\u8cbf\u6613\u3001\u822a\u904b\uff0c\u4ea6\u5305\u62ec\u5275\u79d1\u3001\u98a8\u96aa\u7ba1\u7406\u3001\u77e5\u8b58\u7522\u6b0a\u8cbf\u6613\u3001\u6cd5\u5f8b\u53ca\u89e3\u6c7a\u722d\u8b70\u3001\u9ad8\u589e\u503c\u4f9b\u61c9\u93c8\u670d\u52d9\u3001\u8cc7\u7522\u53ca\u8ca1\u5bcc\u7ba1\u7406\uff0c\u4ee5\u81f3\u4e2d\u5916\u6587\u5316\u85dd\u8853\u4ea4\u6d41\u3002 \u7e3d\u8a00\u800c\u4e4b\uff0c\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u7684\u6f14\u8b8a\uff0c\u7d55\u975e\u55ae\u7d14\u7684\u7e3d\u91cf\u8d77\u4f0f\uff0c\u800c\u662f\u4e00\u5834\u6df1\u523b\u7684\u7d50\u69cb\u6027\u91cd\u5851\u3002\u9999\u6e2f\u52d9\u9808\u978f\u56fa\u73fe\u6709\u5f37\u9805\uff0c\u51f8\u986f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u300c\u8d85\u7d1a\u589e\u503c\u4eba\u300d\u7684\u89d2\u8272\uff0c\u4e0d\u55ae\u670d\u52d9\u5916\u8cc7\u6295\u8cc7\u5167\u5730\u9ad8\u6280\u8853\u7522\u696d\uff0c\u4ea6\u8981\u670d\u52d9\u5167\u8cc7\u5168\u50f9\u503c\u93c8\u5e03\u5c40\u5916\u5730\u3002\u5404\u8def\u8cc7\u91d1\u5c0d\u9999\u6e2f\u7684\u5b9a\u4f4d\u548c\u8981\u6c42\u7121\u7591\u8207\u65e5\u4ff1\u589e\uff0c\u4f46\u9999\u6e2f\u5275\u9020\u50f9\u503c\u7684\u7a7a\u9593\u4e5f\u540c\u6642\u8b8a\u5f97\u66f4\u52a0\u5ee3\u95ca\u3002 \u9127\u5e0c\u7152\u6559\u6388 \u9999\u6e2f\u5927\u5b78\u5354\u7406\u526f\u6821\u9577\u3001\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u526f\u9662\u9577\u3001\u99ae\u570b\u7d93\u99ae\u570b\u7db8\u57fa\u91d1\u7d93\u6fdf\u5b78\u6559\u6388 \u5f35\u8d85\u85dd\u5148\u751f \u9999\u6e2f\u5927\u5b78\u9999\u6e2f\u7d93\u6fdf\u53ca\u5546\u696d\u7b56\u7565\u7814\u7a76\u6240\u9ad8\u7d1a\u7814\u7a76\u52a9\u7406 \uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u516d\u5e74\u516d\u6708\u5341\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09","og:url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/","article:published_time":"2026-06-10T01:28:26+00:00","article:modified_time":"2026-07-17T02:51:49+00:00","twitter:card":"summary_large_image","twitter:title":"\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u8b8a\u5c40 \u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347 - HKU Business School","twitter:description":"\u8fd1\u5e74\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u683c\u5c40\u7d93\u6b77\u986f\u8457\u8b8a\u5316\uff0c\u9999\u6e2f\u6a4b\u6a11\u89d2\u8272\u7684\u5167\u6db5\u4e5f\u96a8\u4e4b\u5ef6\u4f38\u3002\u82e5\u8981\u5206\u6790\u5176\u4e2d\u6f14\u8b8a\u8207\u767c\u5c55\u6a5f\u9047\uff0c\u5fc5\u9808\u6aa2\u8996\u4e2d\u570b\u5be6\u969b\u4f7f\u7528\u5916\u8cc7 (realized foreign direct investment\uff0c\u4ee5\u4e0b\u7c21\u7a31FDI) \u548c\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7 (outward foreign direct investment ; \u7c21\u7a31ODI) \u7684\u6578\u64da\u8da8\u52e2\u3002 \u5916\u5546\u52a0\u901f\u9032\u99d0\u9ad8\u7aef\u7522\u696d \u64da\u570b\u5bb6\u5546\u52d9\u90e8\u7684\u300a\u4e2d\u570b\u5916\u8cc7\u7d71\u8a08\u516c\u58312025\u300b\u53ca\u65b0\u805e\u8fa6\u516c\u5ba4\u7684\u516c\u5e03\uff0c\u4e2d\u570bFDI\u57282022\u5e74\u5275\u4e0b1,891.3\u5104\u7f8e\u5143\u7684\u6b77\u53f2\u9ad8\u4f4d\u5f8c\uff0c\u6301\u7e8c\u56de\u843d\u81f32025\u5e74\u76841,063.8\u5104\u7f8e\u5143\u5de6\u53f3 (7,476.9\u5104\u5143\u4eba\u6c11\u5e63) \u3002\u540c\u671f\uff0c\u65b0\u8a2d\u5916\u5546\u4f01\u696d\u5247\u5f9e\u4e00\u5e7438,497\u5bb6\u6301\u7e8c\u6fc0\u589e\u81f370,392\u5bb6\u3002\u6b64\u4e00\u8d70\u5411\u4ecd\u7136\u6301\u7e8c\uff0c2026\u5e741\u81f34\u6708\uff0cFDI\u70ba2,876.9\u5104\u5143\u4eba\u6c11\u5e63 (\u7d04419.2\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u4e0b\u964d10.3%\uff1b\u65b0\u8a2d\u5916\u5546\u4f01\u696d20,113\u5bb6\uff0c\u540c\u6bd4\u589e\u95776.8%\u3002 \u4e2d\u570b\u8fd1\u5e74FDI\u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u53cd\u6620\u51fa\u5916\u8cc7\u7684\u5be9\u614e\u614b\u5ea6\u3002\u4e00\u65b9\u9762\u6e90\u65bc\u570b\u969b\u9ad8\u5229\u7387\u74b0\u5883\u8207\u4e2d\u570b\u7269\u50f9\u589e\u9577\u4e4f\u529b\uff1b\u53e6\u4e00\u65b9\u9762\u6e90\u65bc\u8de8\u570b\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u58d3\u529b\u4e0b\u63a1\u53d6\u7684\u300c\u4e2d\u570b+1\u300d\u7b56\u7565\u3002\u5118\u7ba1\u5982\u6b64\uff0c\u57fa\u65bc\u6301\u7e8c\u5927\u589e\u7684\u65b0\u8a2d\u5916\u5546\u6295\u8cc7\u4f01\u696d\u6578\u91cf\uff0c\u5916\u8cc7\u300c\u6230\u7565\u5361\u4f4d\u300d\u90e8\u7f72\u6e05\u6670\uff0c\u8db3\u898b\u5176\u672a\u6709\u64a4\u51fa\u4e2d\u570b\u5e02\u5834\uff0c\u800c\u662f\u7a4d\u6975\u70ba\u672a\u4f86\u52a0\u5927\u6295\u8cc7\u4f5c\u51fa\u6e96\u5099\u3002 \u4e8b\u5be6\u4e0a\uff0c\u5916\u8cc7\u5c0d\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u5c55\u73fe\u51fa\u6fc3\u539a\u8208\u8da3\u30022024\u5e74\uff0c\u4e2d\u570b\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba402.6\u5104\u7f8e\u5143\uff0c\u4f54\u7e3d\u984d\u768434.6%\u3002\u5176\u4e2d\uff0c\u9ad8\u6280\u8853\u88fd\u9020\u696d\u548c\u9ad8\u6280\u8853\u670d\u52d9\u696d\u7684FDI\uff0c\u5206\u5225\u70ba135.1\u5104\u7f8e\u5143\u548c267.6\u5104\u7f8e\u5143\u30022026\u5e741\u81f34\u6708\uff0c\u9ad8\u6280\u8853\u7522\u696d\u7684FDI\u70ba1,163.3\u5143\u5104\u4eba\u6c11\u5e63 (169.5\u5104\u7f8e\u5143)\uff0c\u540c\u6bd4\u5927\u589e20.3%\uff0c\u5df2\u4f54\u7e3d\u984d\u768440.4%\u3002\u5176\u4e2d\uff0c\u7814\u767c\u8207\u8a2d\u8a08\u670d\u52d9\u3001\u8a08\u7b97\u6a5f\u53ca\u8fa6\u516c\u8a2d\u5099\u88fd\u9020\u696d\u3001\u96fb\u5b50\u53ca\u901a\u8a0a\u8a2d\u5099\u88fd\u9020\u696d\u7684FDI\u5206\u5225\u5927\u589e108.4%\u300122.9%\u300120.2%\u3002\u96a8\u7740\u5916\u8cc7\u5c0d\u4e2d\u570b\u6280\u8853\u5be6\u529b\u6108\u8da8\u8a8d\u53ef\uff0c\u9810\u6599\u9ad8\u6280\u8853\u7522\u696d\u5c07\u6703\u7e7c\u7e8c\u5f15\u9818\u4e2d\u570bFDI\u7684\u589e\u9577\u3002 \u5f9e2024\u5e74\u4e2d\u570bFDI\u7684\u4f86\u6e90\u5730\u4f86\u770b\uff0c\u524d\u4e94\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(63.5%)\u3001\u65b0\u52a0\u5761(9.2%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.7%)\u3001\u82f1\u5c6c\u7dad\u723e\u4eac\u7fa4\u5cf6(3.3%)\uff0c\u4ee5\u53ca\u7f8e\u570b(2.4%)\u3002\u9019\u53cd\u6620\u5916\u8cc7\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u9032\u5165\u5167\u5730\uff0c\u800c\u975e\u5f9e\u672c\u570b\u76f4\u6295\u3002\u9999\u6e2f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u6a4b\u6a11\u7684\u89d2\u8272\u4ecd\u7136\u5c64\u65b7\u9818\u5148\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u8b8a\u5f97\u986f\u8457\u91cd\u8981\u3002\u6b64\u5916\uff0c\u90e8\u5206\u4e2d\u8cc7\u4f01\u696d\u5728\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8a3b\u518a\u516c\u53f8\uff0c\u4ee5\u5916\u8cc7\u540d\u7fa9\u8fd4\u7a0b\u6295\u8cc7\u5167\u5730\u3002 ODI\u5347\u52e2\u6301\u7e8c \u50f9\u503c\u93c8\u5168\u8986\u84cb \u6709\u5225\u65bcFDI \u7684\u5468\u671f\u6027\u8abf\u6574\uff0c\u4e2d\u570bODI\u5247\u4e00\u76f4\u5c55\u73fe\u589e\u9577\u8da8\u52e2\u3002\u64da\u570b\u5bb6\u5546\u52d9\u90e8\u65b0\u805e\u8fa6\u516c\u5ba4\u516c\u5e03\u7684\u7c21\u660e\u7d71\u8a08\u6578\u5b57\uff0c2025\u5e74\u7684ODI\u70ba1,743.8\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u95777.1%\uff1b2026\u5e741\u81f34\u6708\u7684ODI\u70ba619.9\u5104\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u9577\u5347\u81f37.7%\u3002 \u570b\u5bb6\u5546\u52d9\u90e8\u3001\u7d71\u8a08\u5c40\u3001\u5916\u532f\u7ba1\u7406\u5c40\u7de8\u5236\u7684\u300a2024\u5e74\u5ea6\u4e2d\u570b\u5c0d\u5916\u76f4\u63a5\u6295\u8cc7\u7d71\u8a08\u516c\u5831\u300b\uff0c\u63d0\u4f9b\u4e86\u8a73\u76e1\u7684ODI\u8cc7\u6599\u30022024\u5e74\uff0c\u4e2d\u570b83.8%\u7684ODI\u4e3b\u8981\u6d41\u5411\u4e94\u5927\u884c\u696d\u2014\u2014\u63a1\u7926\u696d (11.1%)\u3001\u88fd\u9020\u696d (19.5%)\u3001\u79df\u8cc3\u548c\u5546\u52d9\u670d\u52d9\u696d (19.8%)\u3001\u6279\u767c\u548c\u96f6\u552e\u696d (21%)\u3001\u91d1\u878d\u696d (12.4%)\uff0c\u6a6b\u8de8\u50f9\u503c\u93c8\u4e0a\u3001\u4e2d\u3001\u4e0b\u6e38\u3002\u5176\u4e2d\uff0c\u63a1\u7926\u696d\u3001\u88fd\u9020\u696d\u53ca\u91d1\u878d\u696d\u7684\u666f\u6c23\u5ea6\u8f03\u9ad8\uff0cODI\u6d41\u91cf\u5206\u5225\u540c\u6bd4\u5927\u589e115.2%\u300137.3%\u53ca30.5%\u3002 \u4e2d\u570bODI\u7684\u6301\u7e8c\u589e\u9577\u8207\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5f9e\u5916\u5730\u7372\u5f97\u6295\u8cc7\u56de\u5831\u4e4b\u9918\uff0c\u540c\u6642\u5c07\u81ea\u8eab\u6210\u719f\u7684\u6280\u8853\u548c\u5546\u696d\u6a21\u5f0f\u5e36\u5230\u6295\u8cc7\u76ee\u7684\u5730\uff0c\u4e26\u8f49\u5316\u6210\u7576\u5730\u7d93\u6fdf\u7684\u9a45\u52d5\u529b\u3002\u5f9e\u5efa\u8a2d\u63a1\u7926\u5834\u3001\u5de5\u5ee0\u3001\u5009\u5eab\u3001\u6578\u64da\u4e2d\u5fc3\u3001\u5546\u5ec8\u3001\u5546\u5834\u7b49\u57fa\u790e\u8a2d\u65bd\uff0c\u5230\u958b\u8a2d\u5927\u91cf\u96f6\u552e\u5e97\u8216\u548c\u8fa6\u516c\u5ba4\uff0c\u90fd\u70ba\u6295\u8cc7\u76ee\u7684\u5730\u5275\u9020\u51fa\u5927\u91cf\u7d93\u6fdf\u6d3b\u52d5\u3001\u7a05\u6536\u548c\u5c31\u696d\u8077\u4f4d\u3002 \u5f9e2024\u5e74\u4e2d\u570bODI\u7684\u76ee\u7684\u5730\u4f86\u770b\uff0c\u524d\u56db\u5927\u5730\u5340\u4f9d\u6b21\u70ba\u9999\u6e2f(60.4%)\u3001\u65b0\u52a0\u5761(9.3%)\u3001\u958b\u66fc\u7fa4\u5cf6(4.6%)\u3001\u7f8e\u570b(3.5%)\uff0c\u986f\u793a\u4e2d\u570bODI\u4e5f\u5927\u591a\u9078\u64c7\u901a\u904e\u96e2\u5cb8\u91d1\u878d\u4e2d\u5fc3\u8d70\u51fa\u53bb\uff0c\u800c\u975e\u76f4\u63a5\u6295\u5411\u6700\u7d42\u76ee\u7684\u5730\u3002\u8207\u4e2d\u570bFDI\u7684\u60c5\u6cc1\u985e\u4f3c\uff0c\u9999\u6e2f\u89d2\u8272\u4e00\u679d\u7368\u79c0\uff0c\u4f46\u65b0\u52a0\u5761\u4e5f\u986f\u5f97\u76f8\u7576\u91cd\u8981\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u9023\u540c\u4e0a\u8ff0\u65b0\u52a0\u5761\u7684\u4f54\u6bd4\u8a08\u7b97\u5728\u5167\uff0c2024\u5e74\u517117.9%\u7684\u4e2d\u570bODI\u76f4\u63a5\u6d41\u5411\u6771\u76df\u5730\u5340\uff0c\u800c\u76f8\u5c0d\u61c9\u7684\u5b58\u91cf\u6bd4\u91cd\u50c5\u70ba6.3%\u3002 \u5f15\u8cc7\u548c\u5916\u6295\u5f80\u9ad8\u8cea\u91cf\u65b9\u5411\u767c\u5c55 \u9451\u65bcFDI\u5468\u671f\u6027\u8abf\u6574\u548cODI\u6301\u7e8c\u589e\u9577\uff0c\u4e2d\u570b\u6b63\u5f9e\u653f\u7b56\u65b9\u9762\u7740\u624b\u512a\u5316\u5916\u5546\u6295\u8cc7\u74b0\u5883\uff0c\u800c\u4e2d\u8cc7\u4f01\u696d\u4e5f\u5728\u5168\u7403\u5316\u64f4\u5f35\u4e2d\uff0c\u6108\u4f86\u6108\u91cd\u8996\u6587\u5316\u5171\u878d\u548c\u5275\u9020\u5728\u5730\u5316\u50f9\u503c\u3002\u5728\u300c\u5341\u4e94\u4e94\u300d\u898f\u5283\u4e2d\uff0c\u653f\u5e9c\u660e\u78ba\u8981\u4ee5\u66f4\u5927\u529b\u5ea6\u5438\u5f15\u548c\u5229\u7528\u5916\u8cc7\uff0c\u5305\u62ec\u5168\u9762\u843d\u5be6\u5916\u8cc7\u4f01\u696d\u570b\u6c11\u5f85\u9047\uff1b\u5f15\u5c0e\u5916\u8cc7\u66f4\u591a\u6295\u5411\u5148\u9032\u88fd\u9020\u3001\u73fe\u4ee3\u670d\u52d9\u3001\u9ad8\u65b0\u6280\u8853\u3001\u7bc0\u80fd\u74b0\u4fdd\u7b49\u9818\u57df\uff1b\u5927\u529b\u5438\u5f15\u5916\u8cc7\u4f01\u696d\u5728\u83ef\u8a2d\u7acb\u5730\u5340\u7e3d\u90e8\u548c\u7814\u767c\u4e2d\u5fc3\uff1b\u4ee5\u53ca\u62d3\u5bec\u5916\u8cc7\u6295\u8cc7\u8b49\u5238\u5e02\u5834\u6e20\u9053\u7b49\u3002 \u6b64\u5916\uff0c\u4e0d\u5c11\u4e2d\u8cc7\u4f01\u696d\u767c\u63ee\u81ea\u8eab\u6280\u8853\u3001\u8cc7\u91d1\u53ca\u4f9b\u61c9\u93c8\u7b49\u512a\u52e2\uff0c\u7a4d\u6975\u63a2\u7d22\u4ee5\u6388\u6b0a\u3001\u5408\u8cc7\u3001\u516c\u79c1\u71df\u5408\u4f5c\u7b49\u591a\u6a23\u5316\u8def\u5f91\uff0c\u5728\u6295\u8cc7\u76ee\u7684\u5730\u7d93\u71df\u696d\u52d9\uff0c\u60e0\u53ca\u7576\u5730\u4f9b\u61c9\u5546\u3001\u5c31\u696d\u53ca\u7a05\u6536\uff0c\u5f9e\u800c\u5efa\u69cb\u5229\u76ca\u5171\u540c\u9ad4\uff0c\u5be6\u73fe\u4e92\u5229\u5171\u8d0f\u7684\u5168\u7403\u5316\u64f4\u5f35\u3002 \u9999\u6e2f\u589e\u503c\u7a7a\u9593\u66f4\u52a0\u5ee3\u95ca \u4e2d\u5916\u8cc7\u91d1\u5df2\u5728\u9999\u6e2f\u4ea4\u532f\u591a\u5e74\u30022024\u5e74\uff0c\u9999\u6e2f\u4f54\u5167\u5730FDI 63.5%\u7684\u6d41\u91cf\u548c56.8%\u7684\u7d2f\u8a08\u91d1\u984d\uff1b\u800c\u5728\u5167\u5730ODI \u4e2d\u5247\u4f5460.4%\u7684\u6d41\u91cf\u548c61.2%\u7684\u5b58\u91cf\u3002\u7121\u5eb8\u7f6e\u7591\uff0c\u9999\u6e2f\u5728\u570b\u5bb6\u300c\u5f15\u9032\u4f86\u300d\u8207\u300c\u8d70\u51fa\u53bb\u300d\u65b9\u9762\uff0c\u4e00\u76f4\u767c\u63ee\u81f3\u95dc\u91cd\u8981\u7684\u6a4b\u6a11\u4f5c\u7528\u3002 \u96a8\u7740\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u4e0d\u65b7\u767c\u5c55\uff0c\u9999\u6e2f\u7684\u529f\u80fd\u4ea6\u96a8\u4e4b\u6df1\u5316\u3002\u904e\u53bb\uff0c\u5916\u8cc7\u9032\u5165\u5167\u5730\u6216\u5167\u8cc7\u6295\u5411\u6d77\u5916\uff0c\u9999\u6e2f\u66f4\u591a\u662f\u626e\u6f14\u300c\u8cc7\u91d1\u4e2d\u8f49\u7ad9\u300d\u89d2\u8272\u3002\u73fe\u5728\uff0c\u5168\u7403\u8cc7\u672c\u5c0d\u4e2d\u570b\u5e02\u5834\u7684\u8a34\u6c42\uff0c\u5df2\u5f9e\u50b3\u7d71\u7684\u898f\u6a21\u64f4\u5f35\uff0c\u6f14\u8b8a\u70ba\u5c0d\u5275\u65b0\u7522\u696d\u7684\u7cbe\u6e96\u6295\u8cc7\u3002\u4e2d\u8cc7\u4f01\u696d\u7684\u5168\u7403\u5316\uff0c\u5247\u5f9e\u300c\u7522\u54c1\u5916\u92b7\u300d\u76841.0\u968e\u6bb5\uff0c\u8d70\u5411\u300c\u7522\u696d\u93c8\u8f38\u51fa\u3001\u6280\u8853\u6388\u6b0a\u8207\u5728\u5730\u5316\u7d93\u71df\u300d\u7684 2.0 \u968e\u6bb5\u3002\u6574\u689d\u50f9\u503c\u93c8\u5168\u8986\u84cb\uff0c\u4e5f\u610f\u5473\u7740\u4e2d\u8cc7\u4f01\u696d\u5728\u5916\u5730\u7684\u8cc7\u7522\u8b8a\u5f97\u66f4\u91cd\u3002\u91cd\u8cc7\u7522\u56fa\u7136\u53ef\u4ee5\u70ba\u4f01\u696d\u7bc9\u8d77\u7af6\u722d\u58c1\u58d8\uff0c\u4f46\u7f3a\u9ede\u662f\u4f4e\u6d41\u52d5\u6027\u548c\u9ad8\u6c89\u6c92\u6210\u672c\u3002\u9019\u4f7f\u4e2d\u8cc7\u51fa\u6d77\u4f01\u696d\u5728\u5730\u7de3\u653f\u6cbb\u535a\u5f08\u3001\u4f9b\u61c9\u93c8\u91cd\u7d44\u3001\u570b\u969b\u7a05\u52d9\u5be9\u67e5\u3001\u570b\u969b\u6cd5\u898f\u5dee\u7570\u7b49\u65b9\u9762\uff0c\u9762\u81e8\u66f4\u591a\u98a8\u96aa\u3002 \u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u9999\u6e2f\u92b3\u610f\u767c\u5c55\u300c\u5341\u5927\u4e2d\u5fc3\u300d\uff0c\u6b63\u53ef\u6eff\u8db3\u4e2d\u5916\u8cc7\u91d1\u7684\u7a2e\u7a2e\u8981\u6c42\uff0c\u5305\u62ec\u50b3\u7d71\u7684\u91d1\u878d\u3001\u8cbf\u6613\u3001\u822a\u904b\uff0c\u4ea6\u5305\u62ec\u5275\u79d1\u3001\u98a8\u96aa\u7ba1\u7406\u3001\u77e5\u8b58\u7522\u6b0a\u8cbf\u6613\u3001\u6cd5\u5f8b\u53ca\u89e3\u6c7a\u722d\u8b70\u3001\u9ad8\u589e\u503c\u4f9b\u61c9\u93c8\u670d\u52d9\u3001\u8cc7\u7522\u53ca\u8ca1\u5bcc\u7ba1\u7406\uff0c\u4ee5\u81f3\u4e2d\u5916\u6587\u5316\u85dd\u8853\u4ea4\u6d41\u3002 \u7e3d\u8a00\u800c\u4e4b\uff0c\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u7684\u6f14\u8b8a\uff0c\u7d55\u975e\u55ae\u7d14\u7684\u7e3d\u91cf\u8d77\u4f0f\uff0c\u800c\u662f\u4e00\u5834\u6df1\u523b\u7684\u7d50\u69cb\u6027\u91cd\u5851\u3002\u9999\u6e2f\u52d9\u9808\u978f\u56fa\u73fe\u6709\u5f37\u9805\uff0c\u51f8\u986f\u4f5c\u70ba\u4e2d\u5916\u8cc7\u91d1\u300c\u8d85\u7d1a\u589e\u503c\u4eba\u300d\u7684\u89d2\u8272\uff0c\u4e0d\u55ae\u670d\u52d9\u5916\u8cc7\u6295\u8cc7\u5167\u5730\u9ad8\u6280\u8853\u7522\u696d\uff0c\u4ea6\u8981\u670d\u52d9\u5167\u8cc7\u5168\u50f9\u503c\u93c8\u5e03\u5c40\u5916\u5730\u3002\u5404\u8def\u8cc7\u91d1\u5c0d\u9999\u6e2f\u7684\u5b9a\u4f4d\u548c\u8981\u6c42\u7121\u7591\u8207\u65e5\u4ff1\u589e\uff0c\u4f46\u9999\u6e2f\u5275\u9020\u50f9\u503c\u7684\u7a7a\u9593\u4e5f\u540c\u6642\u8b8a\u5f97\u66f4\u52a0\u5ee3\u95ca\u3002 \u9127\u5e0c\u7152\u6559\u6388 \u9999\u6e2f\u5927\u5b78\u5354\u7406\u526f\u6821\u9577\u3001\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u526f\u9662\u9577\u3001\u99ae\u570b\u7d93\u99ae\u570b\u7db8\u57fa\u91d1\u7d93\u6fdf\u5b78\u6559\u6388 \u5f35\u8d85\u85dd\u5148\u751f \u9999\u6e2f\u5927\u5b78\u9999\u6e2f\u7d93\u6fdf\u53ca\u5546\u696d\u7b56\u7565\u7814\u7a76\u6240\u9ad8\u7d1a\u7814\u7a76\u52a9\u7406 \uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u516d\u5e74\u516d\u6708\u5341\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09"},"aioseo_meta_data":{"post_id":"261885","title":null,"description":null,"keywords":null,"keyphrases":{"focus":{"keyphrase":"","score":0,"analysis":{"keyphraseInTitle":{"score":0,"maxScore":9,"error":1}}},"additional":[]},"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":"","og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"WebPage","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":"-1","robots_max_videopreview":"-1","robots_max_imagepreview":"large","priority":null,"frequency":"default","local_seo":null,"breadcrumb_settings":null,"limit_modified_date":0,"ai":{"faqs":[],"keyPoints":[],"schemas":[],"titles":[],"descriptions":[],"socialPosts":{"email":{"subject":"","preview":"","content":""},"linkedin":[],"twitter":[],"facebook":[],"instagram":[]}},"created":"2026-06-10 01:29:25","updated":"2026-07-17 02:51:51","seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/tc\/\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/\" title=\"\u9f8d\u864e\u5c71\u4e0b\">\u9f8d\u864e\u5c71\u4e0b<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u8b8a\u5c40    \u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/www.hkubs.hku.hk\/tc\/"},{"label":"\u9f8d\u864e\u5c71\u4e0b","link":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/"},{"label":"\u4e2d\u5916\u96d9\u5411\u6295\u8cc7\u8b8a\u5c40\u00a0 \u00a0\u00a0\u9999\u6e2f\u589e\u503c\u4f5c\u7528\u63d0\u5347","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role\/"}],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/261885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/types\/thought-leadership"}],"version-history":[{"count":3,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/261885\/revisions"}],"predecessor-version":[{"id":264223,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/261885\/revisions\/264223"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/media?parent=261885"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/tags?post=261885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}