避免竞相降价：解锁投资

The World Governments Summit is a global platform dedicated toshaping the future of governments worldwide. Each year, the Summitsets the agenda for the next generation of governments with a focus onhow they can harness innovation and technology to solve universalchallenges facing humanity.The World Governments Summit is a knowledge exchange center at theintersection of government, futurism, technology, and innovation. Itfunctions as a thought leadership platform and networking hub forpolicymakers, experts and pioneers in human development.The Summit is a gateway to the future as it functions as the stage foranalysis of future trends, concerns, and opportunities facing humanity.It is also an arena to showcase innovations, best practice, and smartsolutions to inspire creativity to tackle these future challenges.To InspireandEnableTheNext Generationof Governments McKinsey & Company is a global managementconsulting firm committed to helping organizationsrealize sustainable, inclusive growth. We work withclients across the private, public, and social sectorsto solve complex problems and create positivechange for all their stakeholders. We combine boldstrategies and transformative technologies to helporganizations innovate more sustainably, achievelasting gains in performance, and build workforcesthat will thrive for this generation and the next.McKinsey &Company TopicsIntroductionHow incentives became critical investment enablersTaking a more balanced, comprehensive approachOptimize spending on incentivesMaximize and sustain economic impact 121620 IntroductionCompetition for investmentis intensifying. Here’s how tobalance the use of incentivesto attract investments whilemaximizing economicbenefits. Avoiding a race to the bottom1“World Bank” Data Bank - accessed January 9, 2024.2“UNCTAD” Global Investment Trends Monitor, No. 46 accessed January 20, 2024.3Alex Irwin-Hunt, “US’s incentives largesse remains no match for FDI rivals,” fDi Intelligence, March 29, 2023.4World investment report 2023, July 5, 2023.5“UNCTAD” Global Investment Trends Monitor, No. 46 accessed January 20, 2024.It is hard to overstate the importance ofinvestment to the prosperity of countries and theglobal economy. In 2022, gross fixed capitalformation totaled $26 trillion, or 26 percent ofworld GDP, and has increased by an average of 5percent annually since 2015.1The reason?Countries took advantage of low interest ratesfollowing the pandemic to invest ininfrastructure, sustainability, and technology,fueling investments ranging from infrastructureto the energy transition to net zero.Yet this headline growth masks a dramatic shift.While global FDI inflows totaled $1.4 trillion in2023, they have declined by an average of5 percent annually since 2015 as jurisdictions—countries, regions, states, provinces, andmunicipalities—pivot to domestic directinvestment (DDI).2The reasons for this shift arenumerous, from a desire to retain intellectualproperty closer to home to an effort to avoid thekind of global supply-chain disruption experiencedduring the pandemic, taking advantage ofautomation to make high-labor-cost countriesmore competitive, avoiding the environmentalimpact of cross-continent shipping, and managingthe changing global tax landscape.But jurisdictions remain aware of the uniquebenefits of FDI in facilitating knowledge sharingthrough technology transfer, human-capitaldevelopment, and collaborative R&D, whileultimately building competitive advantage to fulfileconomic goals such as diversification, jump-starting new industries, or promoting socialwelfare. As a result, efforts have been ramped uparound the world to attract greater foreign andretain domestic investment, with incentivessurging 77 percent to $45 billion in 2022.This eagerness to attract capital—particularly in acompetitive environment in which global FDI hasfallen4,5—risks creating a “race to the bottom”dynamic as jurisdictions offer escalatingincentives in the hope of attracting investors. Thisarticle examines the evolution of global incentivesaimed at attracting investments, highlighting twoapproaches for changing the current dynamic.While the article primarily addresses avoiding arace to the bottom through incentives,jurisdictions must concurrently prioritizeenablers of long-term competitiveness, fromdoing business within specific jurisdictions to theaccessibility of raw materials and productioncomponents at competitive prices, theavailability of qualified talent, preferential accessto export markets through free-tradeagreements, or export logistics infrastructure.By thoughtfully balancing investment incentiveprograms and enablers of competitiveness,jurisdictions can create exceptional environmentsthat sustainably attract and retain investors. 3 How incentivesbecame criticalinvestmentenablers 6“Inflation Reduction Act (IRA) summary: Energy and climate provisions,” Bipartisan Policy Center, August 4, 2022.7“The European Green Deal: Striving to be the first climate-neut