The Structure Change and Development Trend of China's Investment in the District of the Belt and Road Initiative

Abstract：With increasingly significant status of the district of the Belt and Road Initiative in China's outbound investment， it is crucial whether investment returns can be guaranteed. The authors take the investment structure of China in the district of the B&R as the research object and analyze the current situation of investment structure from the aspects of quantity，region and industry. According to the investment-oriented differences，it can be divided into four types of investment：technology-seeking， energy- oriented，efficiency-oriented and market-demand-oriented. Against the weight changes of the four types of investment during 2011 to 2017 in the investment structure of B&R district in China，entropy method，descriptive statistics and scatter diagram are selected to assist the research. It is found that：first，under the influence of China's energy security strategy and supply- side structural reform，the weight of energy- oriented investment and demand- oriented of market investment keeps increasing，but China's investment structure in the B&R district has not changed fundamentally；second，technology- seeking investment is faced with the risk of low-quality development due to the general lack of advanced technology，intellectual property protection awareness and research results transformation capability in countries along the B&R；third，with the acceleration of the interconnection process，China's energy-oriented investment presents a trend of diversification，which is conducive to the better implementation of China's energy security strategy；and fourth，technology-oriented and demand-oriented of market investment has the conditions and trend of high-quality development. And technology-seeking investment is forming a pattern of "two rises and one fall" taking technology and cost advantages as the standard；but the proportion of high-efficiency investment which helps China improve its international competitiveness is small；demand-oriented investment in the form of general trade and industrial chain can give full play to role of economic structural complementary of China and countries along the B&R，and form a shared economy in the B&R district.

Key words：B&R；investment structure；technology- seeking；energy- oriented；efficiency- oriented；market- demandoriented