Since the economic crisis sweeps across the world in 2008, the foreign direct investment of various countries has been greatly impacted. Therefore, this paper regards China as an example to analyze China’s outward foreign direct investment patterns in terms of Asian financial markets with a panel data over the period 2003-2017. We mainly focus on the money market oriented outward foreign direct investment and foreign exchange market oriented outward foreign direct investment. Using the individual fixed effect model to conduct empirical analyses, the empirical findings indicate that China will reduce its foreign direct investment amount to a country with large money supply and China will increase its foreign direct investment amount to a country with large foreign exchange reserves. Furthermore, when a country has signed Free Trade Agreement with China, China will increase more foreign direct investment amount to these countries than that of a country who has not signed Free Trade Agreement with China. Moreover, the empirical findings indicate that no matter what the money market oriented outward foreign direct investment or foreign market oriented outward foreign direct investment, China will reduce its foreign direct investment amount to these Asian countries due to the global economic crisis.

Abstract
1. Introduction
2. Literature Review
3. Theoretical Framework
    3.1. Model Specification
    3.2. Variable Description
4. Results
    4.1. Data Description and Target Countries
    4.2. Money Market Oriented Outward ForeignDirect Investment
    4.3. Foreign Exchange Market OrientedOutward Foreign Direct Investment
    4.4. Robustness Test
    4.5. Effect of Global Economic Crisis onOutward Foreign Direct Investment
5. Conclusions and Limitations
References

• Yugang HE(Doctoral Student, Department of International Trade, Jeonbuk National University)
• Baek-Ryul CHOI(Department of International Trade, Jeonbuk National University) Corresponding Author