ABSTRACT
China now is the second-largest economy, the largest industrial manufacturer, merchandise trader, and holder of foreign exchange reserves. It is playing a much more important role in the global economy than it was four decades ago. China enjoyed surging growth at an average annual GDP growth rate of 9.4% from 2000 to 2016. China has experienced slower economic growth since 2014 and has transitioned from resource- and labour-intensive economic growth into a new normal of slower but more stable and sustainable development. Along China’s outbound investment is China’s gradual transformation of its economic growth model switching from an investment-driven one to a consumption-based one. The success of this transformation depends on a deepening economic linkage between China and overseas market and an increased commercial presence. China’s outbound foreign direct investment has been increasing significantly since the announcement of the Go Globally strategy, which aimed at relaxing outward capital flow control and encouraging Chinese entities to become global champions.
