This paper examined the location choices of Chinese outward FDI (OFDI) from 2005–2016 with a particular focus on the Association of Southeast Asian Nations (ASEAN) countries. It was found that Chinese OFDI in ASEAN countries was generally focused on areas that had large potential markets and low tax rates. Unlike previous studies, it was found that primary and secondary industry labor costs were the main motivators rather than resource-seeking. The business environment in the host countries was also found to have positive and significant effects on Chinese OFDI location choice for the agricultural, mining, construction, and information industries. The insights in this paper could provide useful suggestions for both governments and investors.

Innovation ability has become an important factor affecting the global competitiveness and sustainable development of state-owned enterprises (SOEs) in China, particularly during the COVID-19 period. This study examined the association between heterogeneous shareholders and SOE innovation, in addition to the moderating impact of corporate governance characteristics and the COVID-19 pandemic on this association. Using data from Chinese A-share listed mixed ownership enterprises (MOEs), we found that the mixed ownership reform of SOEs positively affected firm innovation compared to other MOEs by reducing agency costs, indicating that the manager view channel was proven. We also found that heterogeneous shareholders resulted in more innovation output in state-owned holding mixed ownership enterprises (SHMOEs) with affiliated managers, in those audited by lower reputation accounting firms or that had a lower external marketization, or during the COVID-19 period. The implications of this study are of importance for improving heterogeneous shareholders’ active participation in the mixed ownership reform of SOEs.

This paper focuses on investigating the cross-border financial contagion based on a fuzzy dynamical system scenario simulation from a perspective of analyzing the volatility of international capital flows for a panel of 50 countries in emerging markets and advanced economies from 1980 to 2011. Increasing evidence has shown that financial globalization has developed into a complex nonlinear dynamical system made up of economic subsystems with extensive financial connections and linkages. The contagion effects of the spread of bonanzas in the 50 countries are identified and analyzed. The Hodrick-Prescott filter is employed to address the long-term net capital inflow trend. The comovement of financial contagion between the source country of financial turbulence and the volatility-affected country is described as a fuzzy dynamical system in which the driving and response systems are coupled. A fuzzy dynamical system scenario simulation model under a liberal economy is established by employing nonlinear differential equations to describe the contagion mechanism and the international capital flow volatility effects. The model is then extended to a dynamical system model with macroeconomic control. The coupling strength uncertainty is addressed by employing an interval type-2 fuzzy theory method. The properties of the volatility equilibrium point for the two models are discussed, and the volatility contagion principles based on locally asymptotic stability analysis are derived to explain the different volatility transmission patterns. Policy suggestions are given in three situations for providing managerial insights for policymakers and the explorations of response strategies are also presented. The global financial crisis in 2008 is used as an experimental study to demonstrate the validity and effectiveness of the simulation and modeling method.