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1、China’sOutwardDirectInvestmentandItsOilQuest*XingwangQianSUNY,BuffaloStateCollegeThisVersion:January2011*QianacknowledgesthefinancialsupportfromtheDeanofSchoolofNaturalandSocialScienceatBuffaloState.WethankLaurenMalone,ShuYu,andparticipantsofthe2010CESifoVeniceSummerInstit
2、utionWorkshopfortheirhelpfulcommentsandsuggestions.XingwangQian,EconomicsandFinanceDepartment,SUNYBuffaloState,Buffalo,NY14222,USA.Phone:(716)8786031.Fax:(716)8786907,Email:qianx@buffalostate.eduChina’sOutwardDirectInvestmentandItsOilQuestABSTRACTWeinvestigatetheempiricald
3、eterminantsofChina’soutwarddirectinvestment(ODI)inconventionaloilproducingcountries.UsingChina’sapprovedODIdataandanewODIdatasetintheOECD-IMFstandard,wefindthatChina’sODIseeksforeignmarketsandisaversetopoliticalrisks.Interestingly,corruptionattractsinvestmentsfromChina.Wea
4、lsofindthatChina’srelianceonimportedoilpushesandthe“goingglobal”policypromotesChina’sODItoquestformoreforeignoil.Ahostcountry’senergyoutputdoesnotaffectitsprobabilityofreceivingChina’sinvestment.However,afterChinadecidestoinvest,ittendstoinvestmoreinoilcountrieswitharelati
5、velyhighlevelofenergyoutput.SubjecttothedifferentinvestmentstrategiesthatChinaimplements,thebehaviorofChina’sODIintheMiddleEast,Africa,andotheroilproducingcountriesisdifferent.WhileChina’sODIhasputmoreweightonAfricaandotheroilnations,ithasreduceditsdegreeofrelianceontheMid
6、dleEastarea.Nevertheless,theMiddleEastremainsChina’smainsourceofimportedoil.JELClassification:F21,F36,O53Keywords:China’soutwarddirectinvestment,oilquest,goingglobal,corruption,diversifyoilsupply11.IntroductionThePeople’sRepublicofChina(henceforth,China)hasexperiencedamira
7、cleofeconomicdevelopmentsinceit“openeditsdoor”in1978.ThreedecadesofastonishinggrowthhavepropelledChinatobecomethesecondlargesteconomyintheworld.However,behindsuchamiracle,therearenumerouschallengesandissuesthatChinahastoconfrontandresolve.Suchissuesincludetheshortageofdome
8、sticnaturalresources,awideningincomeinequality,theglobalpaymentsimbalance,andthevaluation
