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Abstract.  We investigate the empirical determinants of China's outward direct investment (ODI). It is found that China's investments in developed and developing countries are driven by different sets of factors. Subject to the differences between developed and developing countries, there is evidence that: (i) both market‐seeking and resource‐seeking motives drive China's ODI; (ii) Chinese exports to developing countries induce China's ODI; (iii) China's international reserves promote its ODI; and (iv) Chinese capital tends to agglomerate among developed economies but diversify among developing economies. Similar results are obtained using alternative ODI data. We do not find substantial evidence that China invests in African and oil‐producing countries mainly for their natural resources.

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China has become a capital-surplus economy and its overseas investment has grown apace. Although its outward investment is still small in absolute terms, especially compared to the huge inward flow, China's overseas enterprises have been quietly gaining importance as new sources of international capital. They are now globally diversified and involved in a wide variety of sectors, including banking, manufacturing and natural resource exploitation. In the coming years, Chinese outward investment is expected to accelerate. The free trade agreement signed between ASEAN and China will no doubt intensify Chinese outward investment to the region.

The rapid international expansion of Chinese enterprises since the 1990s has attracted considerable attention in scholarly and policy circles. This book sheds fresh light on the phenomenon by explaining its determinants using the analytical lens of international business theory. -- The author focuses in particular on how Chinese firms interact with the institutional environment both at home and abroad. Drawing upon evidence and analysis from official statistics, Hinrich Voss concludes that the institutional change and market imperfections in China, combined with host country effects and the mediating role of trans-border social and business networks, are key facilitators of the rise of Chinese multinationals. -- This book provides the most up-to-date analysis of the determinants of Chinese outward foreign direct investments, and will appeal to academics with an interest in international business and management, as well as those researching China specifically and Asian business more broadly. Postgraduate students in international business, Asian business studies and international relations will find this book invaluable, as will practitioners dealing with Chinese multinational enterprises.

AbstractChina is currently the third largest country in terms of outward direct investment (ODI), with the investors mainly being state‐owned enterprises. This presents a question: What inhibits private enterprises from increasing ODI? Using a firm‐level panel data set for Zhejiang Province in China, we examine the impact of firm heterogeneity on private firm ODI. We have three main findings: first, a higher productivity level contributes to better access to ODI, and increases ODI value as well; second, lowering a firm's financial constraint level can increase both the probability and volume of ODI; third, productivity cannot offset the negative effect of financial constraint on private firm ODI.

peer-reviewed ; This article investigates the effects of China's outward direct investment (ODI) on the institutional quality of the Belt and Road (B&R) countries. Based on a panel data set of 63 B&R countries during the period 2003 to 2016, we find that China's ODI improves the institutional quality of B&R countries not only in the short run but also in the long run. Further, although China's ODI exerts no differential impacts on host country institutional dimensions of "control of corruption," "government effectiveness," and "political stability" in countries with different natural resource endowments, it improves their institutional dimensions of "regulatory quality" and "rule of law," implying that China's ODI may help the host B&R countries minimize the "resource curse". As one of the most important strategies for China's opening-up development in the current era, the B&R initiative serves as means to promote sustainable development of B&R countries. The article therefore contributes to existing scholarship on the institutional effects of China's ODI and sheds light on the mechanisms that drive sustainable development.

This article investigates the effects of China&rsquo ; s outward direct investment (ODI) on the institutional quality of the Belt and Road (B& ; R) countries. Based on a panel data set of 63 B& ; R countries during the period 2003 to 2016, we find that China&rsquo ; s ODI improves the institutional quality of B& ; R countries not only in the short run but also in the long run. Further, although China&rsquo ; s ODI exerts no differential impacts on host country institutional dimensions of &ldquo ; control of corruption,&rdquo ; &ldquo ; government effectiveness,&rdquo ; and &ldquo ; political stability&rdquo ; in countries with different natural resource endowments, it improves their institutional dimensions of &ldquo ; regulatory quality&rdquo ; and &ldquo ; rule of law,&rdquo ; implying that China&rsquo ; s ODI may help the host B& ; R countries minimize the &ldquo ; resource curse&rdquo ; . As one of the most important strategies for China&rsquo ; s opening-up development in the current era, the B& ; R initiative serves as means to promote sustainable development of B& ; R countries. The article therefore contributes to existing scholarship on the institutional effects of China&rsquo ; s ODI and sheds light on the mechanisms that drive sustainable development.