Abstract: Opening-up to the outside world is becoming more and more obvious to promote the development of Chinas OFDI. Reviewing and sorting out the relevant policies and management mechanisms on OFDI fully reflects its evolutionary process from “discretion” to “encourage”, “strict” to “simplification” and “starting” to “perfecting”. Practice and empirical evidence demonstrate that Chinas outward foreign direct investment policy has experienced and is undergoing a process of self-improvement, which policy effects are constantly being tested, especially the Belt and Road Initiative provides policy guidelines for Chinese enterprises. The regression results show that it has significantly promoted OFDI of Chinese enterprises to deregulate the foreign exchange management system and foreign investment approval system, to develop and improve the support service system and to guideenvironmental protection policies. The overall policy effect also clearly shows that the policy effect of encouraging enterprises to “go global” is consistent with the original intention of policy formulation and improvement.

Key words: outward foreign direct investment policy, foreign exchange management policy, investment management system