In an open and integrated market economy, one country's OFDI is bound to have an impact on the OFDI of other countries. In the process of the Belt and Road Initiative, there are few studies on the influence of China's OFDI in the countries and regions along the Belt and Road on the OFDI of other countries. The studies mainly focus on the analysis of effects and heterogeneity, and the mechanism and path of influence need to be further explored in depth. This paper argues that China's OFDI in countries and regions along the “Belt and Road” has effectively promoted the economic growth of host countries. The scale economy effect, market expansion effect, technology spillover effect, and industrial agglomeration effect generated by the economic growth of the host country will increase its demand and attraction for foreign investment, which will lead to the OFDI growth of other countries. In this process, promoting the host country's infrastructure improvement, industrial structure upgrading, and financial development is an important path for China's OFDI to lead to the OFDI of other countries. At the same time, due to the heterogeneity of host countries that affects the location choice of OFDI in investing countries, the inducing effect of China's OFDI on OFDI in other countries is differently manifested in different host countries. The unbalanced panel data of China, 64 Belt and Road countries, and 36 OECD countries from 2008 to 2020 were used for analysis by the instrumental variable method. It is found that: (1) China's OFDI of countries along the Belt and Road will not crowd out the OFDI of OECD countries, but also lead to the OFDI of OECD countries; (2) China's OFDI can lead to the OFDI of OECD countries by promoting the infrastructure improvement and industrial structure upgrading of host countries. However, during the sample period, OFDI of OECD countries could not be induced by promoting the financial development of sample host countries; (3) enterprises in China and sample OECD countries have a strong motivation to seek resources and market, and they tend to choose countries with rich natural resources and high income level to conduct OFDI. Therefore, the inducing effect of China's OFDI on OECD countries' OFDI is more significant in the sample host countries with richer natural resources and higher income level; (4) Chinese enterprises tend to invest in countries with low government efficiency, while enterprises in OECD countries tend to invest in countries with high government efficiency. This paper discusses the path of infrastructure, industrial structure, and financial development of OFDI of OECD countries from China's OFDI of countries along the “Belt and Road”. The heterogeneity of host countries is analyzed based on the motivation of OFDI of enterprises, and the research on the relationship between China's OFDI and other countries' OFDI is enriched and expanded. This study shows that China's OFDI is not only beneficial to its structural adjustment and production capacity release, but also promotes the economic development of host countries and leads to the OFDI of other countries, thus achieving a win-win situation for all parties. Therefore, China should continue to promote the construction of the “Belt and Road” in a deeper and more practical way, increase direct investment, especially expand the scale of financial direct investment, actively support major infrastructure construction and economic development of countries that are relatively lagging behind in development, and then attract more countries to participate in the construction of the Belt and Road.