Abstract: Although the academic community has made some research on investment facilitation, it is mostly qualitative analysis, and it is less analyzed for the investment facilitation of countries along the "Belt and Road". According to this topic, investment facilitation is constructed through principal component analysis. The indicator system measures the degree of investment facilitation and characteristics of countries along the "Belt and Road". Furthermore, the extended gravity model is used to empirically analyze the impact of host country investment facilitation on China's OFDI. It is concluded that the host country's GDP and the general indicators of investment facilitation have a significant positive role in attracting China's foreign direct investment. Based on this argument, the sub-regional and sub-indicator effects are examined. It is found that the effects of investment facilitation in different regions are different, and the promotion of technology is significant in all regions. In addition to the obvious technical factors, the Central and Eastern European countries have a significant role in promoting the OFDI of China. In addition to the technical effects, the establishment of bilateral industrial parks in Southeast Asian countries also has a significant positive effect, and accordingly proposes corresponding policy recommendations.

Key words: investment facilitation, the “One Belt and One Road” Initiative, OFDI