Abstract: At present, the OFDI of China′s tourism industry is increasing constantly. It is of reference value for China to carry out corresponding macro management and formulate specific investment strategies for China′s tourism industry to understand its temporal and spatial characteristics and related factors. According to the flow and stock data of OFDI in China′s tourism industry from 2004 to 2015，this paper analyzes its development characteristics and the related factors. The analysis of time series shows that the OFDI flow and the stock of China′s tourism industry show growth trend，and the two growth shows the “power” characteristic; the analysis of spatial distribution shows that foreign investment for major countries (regions) generally follow outbound tourism countries (regions),there being a good state of being between “money flow” and “stream of people”,which is related to the profit driven of the OFDI as well as the high consumption of outbound tourism; gray correlation analysis shows that the per capita GDP, the number of outbound tourism and the number of inbound tourists are the top three factors that affect the OFDI of China′s tourism industry: the per capita GDP is its solid backing and foundation, the number of outbound tourism is its carrier, and inbound tourism is an important guarantee.

Key words: OFDI, GRA, outbound tourism, tourism industry