| variable | Variable name | Indicator description | Data Sources |
| Dependent variable: | Outward Foreign Direct Investment (OFDI) | China’s Investment Stock | China Statistical Report on Foreign Direct Investment |
| Independent variables: | Natural resource (na) | The proportion of ore metal in the host country to the export value | World Bank Development Indicators Database |
|
| Labor resource (la) | Per capita national income | World Bank Development Indicators Database |
|
| Technical element (tec) | High-tech exports account for the proportion of manufactured exports | World Bank Development Indicators Database |
|
| Market size (gdp) | The host country’s gdp calculated at the 2010 constant dollar price | World Bank Development Indicators Database |
|
| Normative System Distance (gd) | The weighted average of the democracy distance, corruption distance and the political stability distance | World Bank Global Governance Indicators Database |
|
| Regulatory System Distance (gud) | Weighted average of rule of law distance, regulatory distance and government efficiency distance | World Bank Global Governance Indicators Database |
| Control Variables: | Bilateral economic and trade tightness (tight) | Bilateral trade volume with the host country/International trade volume of the host country | China Statistical Yearbook, World Trade Organization |
|
| Inflation rate (ci) | Inflation measured by the consumer price index (annual inflation rate) | World Bank Development Indicators Database |
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| Trade distance (trdis) | Geographic distance* International oil price (annual crude oil price based on 2010) | CEPII, EIA |