
50
horizontal axis is the lag periods, the article selects
30 lag periods, and the vertical axis represents the
degree of the dependent variable in response to the
impulse of independent variables.
In Figure 3, the impulse-response value of Chi-
nese OFDI in the second phase of China’s govern-
ment regulation is negative before the ninth period,
and reaches its negative peak at the third period,
but after the ninth period, it turns positive and
moves towards 0 in the longer term.
In Figure 4, the impulse-response value of
Chinese OFDI in the third phase of China’s gov-
ernment regulation is negative before the fourth
period, and reaches its nega