2018 marked the 40th anniversary of China's reform and opening-up and saw tremendous progress on socialism with Chinese characteristics in the new era. The attraction of foreign direct investment （FDI） serves as a pillar of China's opening-up. Over the past 40 years， China has stayed the course of opening-up as basic state policy， driven reform and progress through opening-up， seized the historic opportunities of the global manufacturing shift and actively and effectively attracted FDI. These actions have in turn spurred the robust and rapid development of China's economy and have laid a solid foundation for achieving China's ambitious development agenda.
Over the past 40 years， China has remained committed to further improving the investment climate while actively and effectively attracting FDI in accordance with its development strategies and objectives at different stages. Inbound FDI has grown， with the annual realized FDI increasing from USD920 million in 1983 to USD138.31 billion by 2018; this represents a nearly 150-fold increase or a 15.4% annual growth rate， 5.7 percentage points higher than the average growth rate of worldwide cross-border FDI in the same period. As such， China has been an inspiring success story in terms of both the size and growth of FDI that the country has attracted. It has remained the number one developing-country recipient of FDI for 27 consecutive years since 1992 and is the second-highest recipient globally over the past 13 years. In 2018， China accounted for
10.7% of the world's total FDI in flows. By the end of 2018， a total of 961，000 foreign invested enterprises （FIEs） had been established in China with USD2.1 trillion in paid in FDI. The mix of FDI in China is increasingly optimized and now covers virtually all sectors and regions across eastern， central and western China.
目录
Chapter One： China's 40-year Journey of FDI Attraction
Section 1： Initialization by opening the mind （1979-1985）
I．Focus on institution building
II．Promote law-based administration
III．Extend opening to more areas
IV．Integrate with the international market
V．Improve the investment climate
VI．Achieve initial success in FDI attraction
Section 2： Steady growth by reinventing the conditions （1986-1991）
I．Establish an efficient administration for FDI
II．Formulate the right policies for FDI attraction
III．Improve the legal system for FDI attraction
IV．Intensify the opening efforts
V．Strengthen investment promotion
VI．Multiply inward FDI
Section 3： Rapid growth by promoting consensus （1992-2001）
I．Further reform the FDI system
II．Develop robust FDI policies and regulations
III．Improve the dynamics of opening-up
IV．Broaden the avenues of FDI attraction
V．Intensify investment promotion efforts
VI．Become a top recipient of FDI
Section 4： Leap-frog growth through accelerated opening （2002-2012）
I．Deepen institutional reforms
II．Review and revise laws and regulations
III．Promote comprehensive opening-up
IV．Build an investment promotion network
V．Significantly improve the scale and quality of FDI
Section 5： Structural rebalancing by addressing critical challenges （Since 2013）
I．Reinvent the FDI administration system
II．Overcome challenges and reshape the legal system for foreign investment
III．Provide unprecedented policy support
IV．Explore pilot platforms and vehicles
V．Create a best-in-class business environment
VI．Further optimize the FDI mix
……
Chapter Two： Evolution of China's FDI Attraction in the Last 40 Years
Chapter Three： Performance of FIEs in China
Chapter Four： FDI's Positive Roles in China's Economic and Social Development
Chapter Five： New Trends in Global Cross-Border Investment
Chapter Six： Policies to Raise the Quality and Ambition of FDI Attraction in the New Era
ex Tables
Appendix
Acknowledgements
