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In this paper, the use of a parallel panel data found that , since the reform and opening up , Hong Kong, Macao and Taiwan investment in China 's state-owned industrial sector has a positive and significant spillover effects of China 's state-owned industrial sector , investment in other countries has a negative and significant spillover effects . This is because the Hong Kong, Macao and Taiwan capital level of technology and management level is low , domestic-funded enterprises easy to imitate , thus facilitating the demonstration - mimic the effect of the generation , while multinational corporations with has the advantage in terms of technology , resources , markets and management , to enter the local market are more likely to establish the oligarchs market and crowding out domestic firms . Motivation , analysis , and investment in Hong Kong, Macao and Taiwan belong to elements seeking foreign direct investment , while the Western developed countries is a form of investment in the Chinese mainland market seeking investment for Hong Kong, Macao and Taiwan , and its role in promoting exports than on imports role in promoting foreign direct investment , the situation is just the opposite , and the role of its role in promoting exports less imports , and whether the export promotion effect or imported for effect , Hong Kong, Macao and Taiwan investments are greater than other countries promoting effects of foreign direct investment . Moreover , the two sources of FDI are significantly promote China's economic growth , especially when combined with the human capital effect is more significant . Finally, according to the results of empirical analysis , policy recommendations : FDI from different sources to make a more positive impact on the Chinese economy , more favorable or lenient policy in Hong Kong, Macao and Taiwan -invested enterprises , strengthening of human capital accumulation in the process of attracting FDI , strengthen digestion and absorption , and actively develop and improve the anti-monopoly policies and regulations to promote the formation of the national competitive market .
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