关键词: 日本对华投资, 中国对日投资, 投资失衡

Abstract: Though both China and Japan are big exporters of capital, their direct mutual investmentsdiffer greatly in size, industry distributionand investment methods. The formation of these features has a close relation with the ChinaJapan comparative advantages, economic development stage and policy of import capital. As these factors change, Japan's direct investmentstowards China will adjust structurally and transfer from lowend manufacturing industry to medium and highend manufacturing industry and nonmanufacturing industry under the background of steady growth. Meanwhile, China's direct investmentstowards Japan will unlock the growth potential, and not only increase the investment on tourism, real estate and other nonmanufacturing industries, but also the manufacturing industry. There will be some improvement and a new situation of benign interaction for the severe longterm imbalance of ChinaJapan direct mutual investment.

Key words: Japan’s investment towards China, China’s investment towards Japan, investment imbalance