本文主要解釋吳江作為經濟後發展者，如何相對成功的從計畫經濟時期本土「進口替代」工業化走向九○年代末期外資「出口導向」經濟轉型，並進而解釋外資在中國呈現的地域分布差異。透過對吳江、新密、安平地經濟開發區比較研究，本文強調吳江之所以在三地當中最具外資吸引力，在於吳江地理屈衛優勢帶來的外資群聚效應，使吳江扮演台資高科技車業生產網絡中不或缺的零組件供應商角色。此一區域優勢，不僅為吳江經濟開發區帶來相對充裕的建設經費，並使吳江相對容易建立與台商的人際關係，更易於引進出口導向經濟的制度建構，配合 外資企業出口需要。同時吳江開發區的財政自主與後發展優勢，使開發區軟硬體建設相對完整，提供較寬廣發展空間，採用較先進的出口導向制度設計，增強吳江外資吸引力。此外吳江享有長期絲綢出口傳統與政府主導的外貿出口壟斷，使吳江本土企業不僅習於產品外銷的商業文化，也爭取外貿出口自營權，與外資企業共同推動吳江經濟轉型。相較之下，河南新密與河北安平經濟開發區，或者因為缺乏地理區位優勢或財政自主或出口傳統，以致開發區建設經費不足，外資人際網絡淡薄，開發區制度創新不足，故而外資卻步。透過三地比較研究，本文顯示外資流入中國，不僅未減緩中國區域發展的貧富不均與收入差距，反而更加劇區域發展的失衡。

This article explains the relative success of economic transition of Wujiang from import substitution industrialization before the early 1990s to the export-led growth carried on by foreign capital in the late 1990s. Through a comparison of Wujiang with Xinmi and Xianghe in northern China, this article argues that the relative success of Wujiang in attracting FDI lies in its advantage of geographical location. latecomer's position, and the historical tradition of silk export. As a main sourcing of parts for the Taiwanese computer firms in great Shanghai area, Wujiang becomes a center for their suppliers to converge. The concentration of Taiwanese capital in Wujiang provides an easy access for Wujiang officials to Taiwanese business network, smooth the way for Wujiang to adopt innovated institutions of export­oriented economy, and gather sufficient funding for infrastructure construction. Moreover, as a latecomer, Wujiang provides an ample space for many high-tech supplier firms to growth, and makes it easier to imitate and adopt the more advanced institutional design for export-led growth. The fiscal autonomy of Wujiang development zone further ensures its ample supply of funding for infrastructure construction. Finally, the long-term historical tradition of silk export in Wujiang has immersed the local firms in an export-oriented culture and easier for them to pursue foreign market as export monopoly broke down in the trade reform in the late 1990s. All of these combined contribute to the relative success of Wujiang economic transition in the late of 1990s. In contrast, Xinmi and Xianghe in northern China either lack the urban linkage to the metropolitan city or fiscal autonomy. As a result, they fail to attract FDI for the insufficient supply of local infrastructure. Instead, they have to rely on domestic rather foreign capital for local economy to grow. This article illuminates a fact that the inflow of FDI into China has not improved but aggravated economic disparity across China.