Abstract: As an emerging large developing country, China has explored a unique way of foreign direct investment. In the context of the division of labor in the global value chain, China's foreign direct investment has shown many characteristics, such as the evolution from a single entity to a diversified entity, the evolution from a single center to a multi-regional center with optimized value chain layout, and the evolution from low-end manufacturing to R&D and other high-end links in the value chain. Facing the new situation of globalization, in order to adapt to the new trend of global value chain restructuring, investment policies of various countries are also making adjustments. The international investment rules have obvious block features, and investment disputes and trade frictions have increased. China should pay attention to the changes in the international investment environment and international investment rules, and take the "The Belt and Road Initiative" as an opportunity to reorganize the domestic value chain, build a regional value chain, and better integrate into the global value chain.
