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Since the surge of the outbound direct investment (ODI) of the emerging economies, the limitations of the traditional Ownership-Location-Internalization (OLI) paradigm of foreign direct investment were exposed. The main puzzle is how to interpret emerging economy ODI when the fundamental buildingblock of OLI, firm specific ownership advantages, barely existed. Focusing on the case of China, an integrated theory based on the reversal of fortune of China and the reversal of the role of ownership advantages is proposed. The new framework adds home advantage and institutional support to OLI while reversing the role of the “O”, generalizing the “L”, and strategizing the “I”. Keywords-China, the eclectic theory, emerging economies, foreign direct investment, institutional support, outbound direct investment

Reversal of Fortune Solving the Puzzle of Emerging Economy ODI