[德国基尔]不情愿的美国与雄心勃勃的德国对华直接投资——两种策略的故事[2022]

1 The US as the worlds largest investor abroad so far shuns the most dynamic host region East Asia including China and instead continues to focus on investment in Europe.Germany follows a different path.Similar to trade,German companies have been very active as investors,especially in China.Discrepancies in the regional structure of FDI rely on(1)differences in the sectoral focus:US in services and Germany in manufacturing,(2)differences in the regulatory framework protecting national security in the two home countries:much stronger in the US than in Germany especially against China,and(3)differences in Chinese policy interventions:stronger in services than in manufacturing.It can be expected that rising tensions between China and the US will lead to stronger trends of technological self-reliance on both sides,a higher local content of production and more importance of protecting national security.US companies with their low presence in China might face less challenges than German companies which are more subject to path dependency given their high presence in China.N No o.1 16262 FebruaryFebruary 2022022 2 Rolf J.Langhammer KIEL POLICY BRIEF Reluctant US vs Ambitious German Direc