This paper uses the system GMM method and uses China’s foreign direct investment cross country panel data from 2003 to 2013 to study the relationship between the scale of foreign debt of developing countries and China’s OFDI. The study finds that the scale of foreign debt and China’s foreign direct investment are positively correlated in developing countries or regions. In addition, we also get the conclusion that the host country’s foreign debt scale will weaken the market size, natural resources, technical level on China’s OFDI positive role.