IMPACT OF CHINA'S OFDI BASED ON THE CONCEPT OF ENVIRONMENTAL PROTECTION AND SUSTAINABLE DEVELOPMENT ON THE UPGRADE OF GREEN VALUE CHAINS IN COUNTRIES ALONG THE BELT AND ROAD

Promoting the position of countries along the Belt and Road in the global green value chain is an important part of the construction of the Green Belt and Road. With the rapid growth of China's investment in countries along the Belt and Road, the "pollution paradise effect" of China's OFDI has also been exaggerated. In order to explore the relationship between China's OFDI and the rise of the global green value chain in the Belt and Road region, this paper constructs an indicator system and measures the position of 48 countries along the Belt and Road in the global green value chain. At the same time, the two-way fixed effects model and the panel threshold regression model are used to test the impact of China's OFDI on the rise of the green value chain of countries along the Belt and Road. The results show that China's rapidly growing number of green invention patent applications and OFDI based on the concept of environmentally sustainable development provide an important guarantee for China's OFDI's green technology spillover. China's OFDI has significantly promoted the rise of countries along the Belt and Road in the global green value chain, and China's OFDI has the threshold effect of institutional quality and human capital on the rise of the global green value chain of countries along the Belt and Road. When the quality of the host country's system crosses the threshold (6.7782) or the human capital index falls below the threshold (1.6615), the introduction of China's OFDI will be more conducive to the promotion of the global green value chain of the countries along the Belt and Road.