Abstract: An empirical analysis was given by adopting the spatial panel data of 2005-2013 in 39 countries along “One Belt and One Road”. It was found that there exist the third-country effects characterized by spatial agglomeration. The regional economic integration represented by the EU and China-ASEAN free trade areas promotes trade liberalization and produces varied investment transfer effects. Market size has a significant positive effect on the location choice of FDI， and there is home market effect as well. FDI tends to flow to the country with a large market scale， high degree of openness， excellent infrastructure， political stability and better legal environment， and FDI itself has a significant dynamic characteristics. FDI's location choice displays resource-seeking motivation， but the purpose of reducing production costs does not exist. The promotion of human capital level to FDI absorption is not obvious， and there is a time lag. Countries with rich resources and capital have a crowding out effect of FDI. The location choice model of FDI and its influential factors are quite different among countries and regions.

Key words: “One Belt and One Road” strategy, free trade agreement, institutional environment, FDI's location choice