摘要
This paper studies the dynamics of China's outward FDI (OFDI) by examining the changing roles of host economy financial development and natural resources in the decision of OFDI destination choice. Using a country-level panel data set of China's OFDI during 2003–2015, we find that Chinese multinationals show a strong and growing incentive of seeking natural resources of host economies, especially after the 2008 financial crisis, regardless of whether the host economy is a developed or developing economy. On the other hand, financial development of host economy is less relevant.