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By using the smiling curve of Global Value Chain and China’s cases from Zephyr database during 1997-2017, this paper depicted the ongoing OFDI motives of emerging economies. Through the mapping analysis, the GVC reconstruction tested crucially in OFDI motives forming mechanism. Different GVC process paralleled diversified OFDI motives. The case of China embraced those new motives, promoting by national strategy, grasping the Global Value Chain, safeguarding strategy asset security, are ultimately complement to the traditional motives analysis system. Statistics also showed the complexity of OFDI motives. The stability and sustainability of OFDI increasing from Emerging economies still relied on the highly growth of those new motives OFDI.

OFDI Motives of Emerging Economies: A New Exploration Based on Global Value Chain