The global integrated production networks are undergoing extensive and profound restructuring.This article forecasts the future direction of international direct investment development through examining the historical evolution and status quo of the global investment flow.Based on the analysis of four pivotal driving forces--global governance reform,new technological revolution,industrial policy dominance,and sustainable development imperatives,the article anticipates the forthcoming transformation of international investment and production systems,which are centered on three regional hubs:East Asia,North America,and West Europe.The article predicts ten possible directions of change,including regionalization of global industrial chains,shortening of global industrial chains,asset-light investment,growing share of services added value,rising market-oriented FDI,declining intermediate goods trade,production customization,FDI growth in infrastructure and public services,and a focus on green,blue,and circular economy investments.The article concludes by highlighting several policy implications,emphasizing a renewed focus on facilitating both inward and outward investment,promoting a dynamic balance of investment and financing,reshaping the international production network,pursuing sustainable investment,and enhancing the service industries.
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