China has achieved remarkable economic growth over the past four decades on the back of its integration into the global value chain. It has actively sought cooperation with developed nations and made the best of it.
But as China has marched into the rank of mid-income countries, it now needs to explore new territories for international cooperation to help its industries upgrade and economic structure transform.
For many years, inbound foreign direct investment (FDI) was important for an economy rich in labor but poor in capital. That has changed. Outbound direct investment now exceeds inbound FDI.
China's non-financial outbound investment jumped to 170 billion U.S. dollars in 2016. Investment found its way to 164 countries and regions.
Chinese companies now need to explore new overseas markets and the initiative will bring about many new opportunities. A new growth paradigm might emerge.
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