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Julien Chaisse and Frances Wang

Since China adopted its open-door policy in 1978, China has been changing its strategy to attract foreign direct investment (FDI) in order to readjust its economy, realize full modernization, and improve people’s lives. In 1997, China launched its “Going Global” strategy, regarding outward direct investment (ODI) as a means to circumvent trade barriers and improve the competitiveness of Chinese firms. Since then, especially since China’s entry into the World Trade Organization, China has been progressively embracing globalization and has internally and externally liberalized trade and FDI administration. The Chinese government welcomes companies from all countries to invest in China, and encourages Chinese enterprises to participate in infrastructure construction in other countries along the Belt and Road, and to invest in industrial projects overseas. China is now one of the world’s largest investment recipients and also the second-largest investor. Because of this, it must keep this dual role balanced. To achieve such a goal not only requires strategic planning to draw a fine line between protecting its offensive interests as an ODI supplier and safeguarding its defensive interests as a recipient of FDI, but also demands the authority to initiate international talks that serve national interests, advance regional integration, and contribute to the evolution of global investment.