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Abstract：China’s outward investments in Indonesia are becoming more important in the cooperation process between China and Indonesia. Indonesia is become one of the major target country of China’s outward investment and the amount investment in Indonesia increase year by year. China’s outward investment in Indonesia flow mostly into such as mining and manufacture. This paper will analysis about the China’s outward investment in Indonesia as well as comparative analysis by using data from credible organizations in Indonesia and worldwide.
Keywords： FDI， Indonesia， China
文章编号：1674-3520（2015）-02-00-03
摘 要：中国对印度尼西亚直接投资变得越来越重要，在是在中国和印度尼西亚之间的合作过程中。印度尼西亚正在成为中国对外投资的主要目标国家，每年中国投资额增加。中国对印度尼西亚直接投资主要为如采矿和制造。本文分析了中国在印度尼西亚的投资，以及通过使用印度尼西亞数据的比较分析。
关键词：外国直接投资；中国；印尼；
Introduction
As a developing country， Indonesia needs substantial funds to implement national development. The great need of funds is due to the effort to catch up with the development of the developed countries， both regionally and globally region. Indonesia is still not able to provide that development funding. In addition to efforts to find domestic sources of financing， the government has also invited foreign financing， which is Foreign Direct Investment.
China and Indonesia are developing countries， the rapid development of economic relations between the two countries. China is the world’s second largest economy， while Indonesia is ASEAN’s largest economy. With the rapid growth of China’s economy， China’s direct investment in Indonesia is increasing. In 2014 Chinese investment in Indonesia is about US$ 800 million. Chinese investment in Indonesia， mainly in infrastructure， mining， construction， and the manufacturing sector. Based on the background to the development of investment relations between China and Indonesia to conduct systematic research is very necessary.
The Growth of Foreign Direct Investments （FDI） in Indonesia
Indonesia has opened for FDI since 1967 and has benefited its economic growth. Government of Indonesia stated that FDI inflows in 2014 about US$28.5 million. The opened economic policy for both FDI and domestic investment was started in 1967. At that time， the economic policy was encourage by deficit finance implemented by the New Order government to fill the gap between saving and investment
The increase in capital inflows to Indonesia is still relatively limited. Figure 1 explains that total FDI from 1996 to 1997 decreased significantly compared to those in 1995. Increased FDI in Indonesia mainly occurs after the third quarter in 2000. Total investment in Indonesia increased compared with outward investment. In the period prior to 2000， investment in Indonesia is relatively not too big， even tend to be negative. This is probably caused by the political situation in Indonesia is likely not stable. However， total FDI decreased again significantly in the period 2001 - 2004. When it is compared with the total FDI in 2000， FDI after four years dropped to -69% in 2001， -75% in 2002， -54% in 2003 and -66% in 2004. Furthermore， although in 2005 the total FDI increased by 48.7%， in 2006 it dropped again around the same percentage. Likewise， total FDI increased respectively in 2007 and 2008 that reached 75% and 42%. However， it went down by 28% in 2009 compared to one in 2008. From 2010 until 2014 total FDI increased significantly.
Indonesian Attractiveness for FDI
Indonesian has comparative advantages compared to other countries. The comparative advantages include abundant natural resources， political stability and security， low labour wages， larger market and macroeconomic stability. Besides， Indonesia is also located in a strategic location which is located between two great continents， Asia and Australia， and between two oceans， the Indian and Pacific Ocean make Indonesia become a strategic point of international trade. Moreover， Indonesian government has also implemented some FDI incentives to invite FDI from other countries.
China’s Direct Investment to Indonesia
China’s economic progress over the past few years is presumably have a significant impact on investment in Indonesia. Since the late 1990s， when the two countries restored diplomatic ties， Chinese investments started to flow into Indonesia and have grown rapidly in Indonesia， and they run the gamut from hydropower to transport， financing to manufacturing. The majority of Chinese FDI is performed by state owned enterprises.
Source： Indonesia Investment Coordinating Board/ BKPM
As can be seen in Figure 2 that the total value of Chinese investment is relatively small， only about 2% of the total inward investment in Indonesia， but the general trend was increasing from US$ 136.3 million in 2008 to US$ 800 million in 2014. However， in 2009 the realization of the investment was decreased about 60%. Impact of the global financial crisis is thought to be the main cause of decline in investment performance.
By regional distribution， the highest value of investment took place in South Sumatera with US$ 318.8 million， although it was only for 4 projects. Next came Jakarta Capital Territory with US$ 132 million， West Java with US$ 122 million， Banten with US$ 68 million， Central Sulawesi with US$ 46.8 million， South East Sulawesi with US$ 41.5 million， and North Sulawesi with US$ 33.3 million. Other provinces absorbed only small value of investments. The first and only Chinese FDI that came to Indonesia was in 1995 with an investment value of US$ 1.4 million in the chemical and pharmaceutical industry in East Java. Until the year 2000 the number of investment project was less than 10 projects yearly， but the number started to increase and reached its peak in 2014 with 501 projects. Based the statistics data from the Indonesia Investment Coordinating Board （BKPM）， total realized Chinese FDI from 2010 to 2014 amounted to 1243 projects with a value of US$ 1539 million. The value of investments increased rapidly and reached its peak in 2014 amounting to US$ 800 million.
Note：
Exculding of Oil & Gas， Banking， Non Bank Financial Institution， Insurance， Leasing， Mining in Terms of Contract of Work， Coal Mining in Terms of Agreement of Work， Investment which licenses issued by Technical / sectoral agency， Porto Folio as well as Household.
P： Total of Issued Permanent Licenses.
I： Value of Direct Investment Realization in Thousand US$
Tentative data， inculding Permament Licenses issued by regions received by BPKM until December 31， 2014
For most of the years the majority of Chinese FDIs in Indonesia is in the manufacturing sector. However， in 2014 the highest investment value was in the tertiary sector or service sector. The most investment in tertiary sector is the electricity， gas and water supply about 40% of total FDI which is number 7 projects with a value of US$ 319 million. Next followed by the metal， machinery， and electronic industry with US$ 99 million， the real estate， industry estate and business activities with US$ 72 million， the rubber and plastic industry with US$ 71 million， and the mining with US$ 63 million. The absorption in the other industries was relatively small.
Conclusion
Foreign direct investment from China to Indonesia has grown rapidly to make China the tenth largest investor in 2014. Not only have investment flows grown in size， they have also become more diversified， sectorally and in motives and operating modes.
Chinese investment is predominantly market seeking and resource seeking. Even though increasing labor costs have begun to induce Chinese companies to invest in countries such as Laos and Vietnam， efficiency seeking is not a prominent investment motive for Chinese investors in Indonesia. Chinese companies do not invest in Indonesia for strategic assets. Rather than invest， market seeking companies may also be present through a representative office or an agent. While investors from Japan， US and other advanced economies are often attracted by low production costs and producing for exports， Chinese companies are not producing for exports in Indonesia but attracted by the market provided by Indonesia’s 230 million citizens. Most of the projects in the manufacturing sector are highly concentrated on the island of Java while investments in extractive activities are located in the provinces home to the deposits. Unlike FDI from other developing countries， due to the past economic system many Chinese multinationals are big state or regional owned enterprises. The emergence of private enterprises is relatively recent， though some manage to become big enterprises also. China?s foreign investments in Indonesia are by mixed entities， some are state or regional government-owned enterprises and also some are private firms. In case of joint ventures， their local partners are mostly local Chinese， except in the infrastructure， mining and energy sector where their local partners are exclusively Indonesian state-owned enterprises.
Reference：
[1] 段媚媚.中國企业在印度尼西亚的投资机遇探讨. 经济研究导刊. 2009（1）
[2] 林梅.中国企业在印尼投资的现状与前景.南洋问题研究.2007（4）
[3] 唐香丽.印尼的外国直接投资研究分析.对外经济贸易大学.2013
[4] 吴婷.苏西洛执政以来印尼外国直接投资（FDI）流入结构变化及其原因分析.东南亚纵横.2011（11）
[5]叶中坚. 中国·印尼经贸合作区发展对策研究. 广西大学. 2013
[6]Ragimun. “Analysis of China’s Investment to Indonesia-Before and After ACFTA”.2010
[7]Tulus Tambunan， “Growth of Foreign Investment in Indonesia and Encountering Problems”， Kadin Indonesia and Centre for Industry and SME Studies， Universitas Trisakti， 2006.
[8]Parijono， “FDI and Growth in Indonesia”.2003
[9] Indonesia Investment Coordinating Board / BKPM http：//www7.bkpm.go.id/
Keywords： FDI， Indonesia， China
文章编号：1674-3520（2015）-02-00-03
摘 要：中国对印度尼西亚直接投资变得越来越重要，在是在中国和印度尼西亚之间的合作过程中。印度尼西亚正在成为中国对外投资的主要目标国家，每年中国投资额增加。中国对印度尼西亚直接投资主要为如采矿和制造。本文分析了中国在印度尼西亚的投资，以及通过使用印度尼西亞数据的比较分析。
关键词：外国直接投资；中国；印尼；
Introduction
As a developing country， Indonesia needs substantial funds to implement national development. The great need of funds is due to the effort to catch up with the development of the developed countries， both regionally and globally region. Indonesia is still not able to provide that development funding. In addition to efforts to find domestic sources of financing， the government has also invited foreign financing， which is Foreign Direct Investment.
China and Indonesia are developing countries， the rapid development of economic relations between the two countries. China is the world’s second largest economy， while Indonesia is ASEAN’s largest economy. With the rapid growth of China’s economy， China’s direct investment in Indonesia is increasing. In 2014 Chinese investment in Indonesia is about US$ 800 million. Chinese investment in Indonesia， mainly in infrastructure， mining， construction， and the manufacturing sector. Based on the background to the development of investment relations between China and Indonesia to conduct systematic research is very necessary.
The Growth of Foreign Direct Investments （FDI） in Indonesia
Indonesia has opened for FDI since 1967 and has benefited its economic growth. Government of Indonesia stated that FDI inflows in 2014 about US$28.5 million. The opened economic policy for both FDI and domestic investment was started in 1967. At that time， the economic policy was encourage by deficit finance implemented by the New Order government to fill the gap between saving and investment
The increase in capital inflows to Indonesia is still relatively limited. Figure 1 explains that total FDI from 1996 to 1997 decreased significantly compared to those in 1995. Increased FDI in Indonesia mainly occurs after the third quarter in 2000. Total investment in Indonesia increased compared with outward investment. In the period prior to 2000， investment in Indonesia is relatively not too big， even tend to be negative. This is probably caused by the political situation in Indonesia is likely not stable. However， total FDI decreased again significantly in the period 2001 - 2004. When it is compared with the total FDI in 2000， FDI after four years dropped to -69% in 2001， -75% in 2002， -54% in 2003 and -66% in 2004. Furthermore， although in 2005 the total FDI increased by 48.7%， in 2006 it dropped again around the same percentage. Likewise， total FDI increased respectively in 2007 and 2008 that reached 75% and 42%. However， it went down by 28% in 2009 compared to one in 2008. From 2010 until 2014 total FDI increased significantly.
Indonesian Attractiveness for FDI
Indonesian has comparative advantages compared to other countries. The comparative advantages include abundant natural resources， political stability and security， low labour wages， larger market and macroeconomic stability. Besides， Indonesia is also located in a strategic location which is located between two great continents， Asia and Australia， and between two oceans， the Indian and Pacific Ocean make Indonesia become a strategic point of international trade. Moreover， Indonesian government has also implemented some FDI incentives to invite FDI from other countries.
China’s Direct Investment to Indonesia
China’s economic progress over the past few years is presumably have a significant impact on investment in Indonesia. Since the late 1990s， when the two countries restored diplomatic ties， Chinese investments started to flow into Indonesia and have grown rapidly in Indonesia， and they run the gamut from hydropower to transport， financing to manufacturing. The majority of Chinese FDI is performed by state owned enterprises.
Source： Indonesia Investment Coordinating Board/ BKPM
As can be seen in Figure 2 that the total value of Chinese investment is relatively small， only about 2% of the total inward investment in Indonesia， but the general trend was increasing from US$ 136.3 million in 2008 to US$ 800 million in 2014. However， in 2009 the realization of the investment was decreased about 60%. Impact of the global financial crisis is thought to be the main cause of decline in investment performance.
By regional distribution， the highest value of investment took place in South Sumatera with US$ 318.8 million， although it was only for 4 projects. Next came Jakarta Capital Territory with US$ 132 million， West Java with US$ 122 million， Banten with US$ 68 million， Central Sulawesi with US$ 46.8 million， South East Sulawesi with US$ 41.5 million， and North Sulawesi with US$ 33.3 million. Other provinces absorbed only small value of investments. The first and only Chinese FDI that came to Indonesia was in 1995 with an investment value of US$ 1.4 million in the chemical and pharmaceutical industry in East Java. Until the year 2000 the number of investment project was less than 10 projects yearly， but the number started to increase and reached its peak in 2014 with 501 projects. Based the statistics data from the Indonesia Investment Coordinating Board （BKPM）， total realized Chinese FDI from 2010 to 2014 amounted to 1243 projects with a value of US$ 1539 million. The value of investments increased rapidly and reached its peak in 2014 amounting to US$ 800 million.
Note：
Exculding of Oil & Gas， Banking， Non Bank Financial Institution， Insurance， Leasing， Mining in Terms of Contract of Work， Coal Mining in Terms of Agreement of Work， Investment which licenses issued by Technical / sectoral agency， Porto Folio as well as Household.
P： Total of Issued Permanent Licenses.
I： Value of Direct Investment Realization in Thousand US$
Tentative data， inculding Permament Licenses issued by regions received by BPKM until December 31， 2014
For most of the years the majority of Chinese FDIs in Indonesia is in the manufacturing sector. However， in 2014 the highest investment value was in the tertiary sector or service sector. The most investment in tertiary sector is the electricity， gas and water supply about 40% of total FDI which is number 7 projects with a value of US$ 319 million. Next followed by the metal， machinery， and electronic industry with US$ 99 million， the real estate， industry estate and business activities with US$ 72 million， the rubber and plastic industry with US$ 71 million， and the mining with US$ 63 million. The absorption in the other industries was relatively small.
Conclusion
Foreign direct investment from China to Indonesia has grown rapidly to make China the tenth largest investor in 2014. Not only have investment flows grown in size， they have also become more diversified， sectorally and in motives and operating modes.
Chinese investment is predominantly market seeking and resource seeking. Even though increasing labor costs have begun to induce Chinese companies to invest in countries such as Laos and Vietnam， efficiency seeking is not a prominent investment motive for Chinese investors in Indonesia. Chinese companies do not invest in Indonesia for strategic assets. Rather than invest， market seeking companies may also be present through a representative office or an agent. While investors from Japan， US and other advanced economies are often attracted by low production costs and producing for exports， Chinese companies are not producing for exports in Indonesia but attracted by the market provided by Indonesia’s 230 million citizens. Most of the projects in the manufacturing sector are highly concentrated on the island of Java while investments in extractive activities are located in the provinces home to the deposits. Unlike FDI from other developing countries， due to the past economic system many Chinese multinationals are big state or regional owned enterprises. The emergence of private enterprises is relatively recent， though some manage to become big enterprises also. China?s foreign investments in Indonesia are by mixed entities， some are state or regional government-owned enterprises and also some are private firms. In case of joint ventures， their local partners are mostly local Chinese， except in the infrastructure， mining and energy sector where their local partners are exclusively Indonesian state-owned enterprises.
Reference：
[1] 段媚媚.中國企业在印度尼西亚的投资机遇探讨. 经济研究导刊. 2009（1）
[2] 林梅.中国企业在印尼投资的现状与前景.南洋问题研究.2007（4）
[3] 唐香丽.印尼的外国直接投资研究分析.对外经济贸易大学.2013
[4] 吴婷.苏西洛执政以来印尼外国直接投资（FDI）流入结构变化及其原因分析.东南亚纵横.2011（11）
[5]叶中坚. 中国·印尼经贸合作区发展对策研究. 广西大学. 2013
[6]Ragimun. “Analysis of China’s Investment to Indonesia-Before and After ACFTA”.2010
[7]Tulus Tambunan， “Growth of Foreign Investment in Indonesia and Encountering Problems”， Kadin Indonesia and Centre for Industry and SME Studies， Universitas Trisakti， 2006.
[8]Parijono， “FDI and Growth in Indonesia”.2003
[9] Indonesia Investment Coordinating Board / BKPM http：//www7.bkpm.go.id/