Based On The Spatial Perspective, China's Research On The Factors Affecting Direct Investment In Countries Along The “Belt And Road”

"The Belt and Road" strategy proposed by Chinese President Xi Jinping in 2013 has greatly promoted the development of China’s Outward Foreign Direct Investment(OFDI).Meanwhile,increase investment to countries along the belt and road is also a key step to promote international capacity cooperation and achieve "one road,one belt" strategy.In consideration of the heterogeneity and spatial linkages of countries along the belt and road,this paper use the data of China’s OFDI to 48 countries along the belt and road from 2005 to 2015 to examine the "third country effects" and influencing factors of China’s OFDI in countries along the belt and road.Spatial Panel models were used to do the empirical test.Based on related theories and literatures,this paper introduce the current situation of China’s OFDI to countries along the belt and road.Then Moran’s Index is used to test the spatial autocorrelation of China’s OFDI.Spatial Autoregressive Model and Spatial Error Model are used to empirically test the "Third Country Effects" on China’s OFDI and other influencing factors.This paper finally divide countries along the belt and road into two group according to their income level to further study the difference of the influencing factors to China’s OFDI in different country groups.This paper finds that(1)China’s OFDI to countries along the belt and road is significantly influenced by the "Third Country Effects".The Agglomeration Effect of China’s OFDI is the main source of "Third Country Effects".Moreover,Surrounding Market potential and non-prophetical factor from third countries also have significantly influence on China’s OFDI;(2)Heterogeneous factors of host countries such as Natural Resource Availability,Infrastructure Level,Labor Cost and China’s export to host courntreis all have significant influence on China’s OFDI,but the influence of these factors on China’s OFDI can be different to host countries of different income level.