Abstract：This paper focuses on the uncertain relationship between China's aid and foreign direct investment to Africa by constructing an analytical model, in which the aid is divided into four types:social infrastructure, physical, economic infrastructure, and governmental & civil assistance. Based on the numbers of projects of China's aid and direct investment to 52 African countries, a quantile regression method is used to evaluate the roles played by total aid and various aid types respectively in China's investment activities at Africa. The results are as follows:1) China's aid to Africa is mainly concentrated in East Africa and South Africa; And there exist high degrees of similarity between the spatial distribution of total aid, various aid, and foreign direct investment to Arica. 2)The structure of China's aid to Africa is relatively balanced, and the aid plays a vanguard promoting role in China's direct investment in Africa; Furthermore, different types of aid programs have different effects. 3) Friendly inter-city relations, export relations and bilateral political relationships have a significant effect on China's direct investment when the numbers of investment projects from China are small, medium and large in sequence,respectively. However, the impact of the spatial relationships between China and African countries are not significant. 4) The promotion effect is the clearest and most robust in terms of population of recipient countries, while the effect of cost-avoidance, resource seeking, the conditions of the investment environment and governmental corruption is unclear.
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