Since the signing of ASEAN China Free Trade Agreement in 2003. China has been evolving into a significant economic partner for Indonesia and had become a major trade partner for Indonesia. However, China’s non oil and gas FDI flows are less likely to experience significant development in Indonesia, whereas investment agreement on ACFTA framework has been agreed since 2009. This paper will investigate why China’s non oil and gas FDI flows to Indonesia still has not evolved significantly after ACFTA investment agreement was agreed. Economic regionalism approach will be used to see the lack of China’s non oil and gas FDI in Indonesia. This study discovers that in the context of Southeast Asia, China’s non oil and gas FDI interest is not focused in Indonesia. China puts more focus in Singapore, and three countries in Indochina, consist of Myanmar, Cambodia, and Laos. In addition, Indonesia’s domestic investment climate has bad level of quality comparing with another countries in Southeast Asia, therefore it possibly hampers Indonesia effort to get more China’ FDI flows.

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Semenjak disepakatinya kesepakatan perdagangan bebas ASEAN China Free Trade Agreement pada tahun 2003 China berkembang menjadi mitra ekonomi yang sangat penting bagi Indonesia. China menjadi mitra utama perdagangan Indonesia. Akan tetapi, arus Foreign Direct Investment (FDI) non migas China cenderung tidak mengalami perkembangan yang signifikan di Indonesia, padahal kesepakatan investasi dalam kerangka ACFTA sudah disepakati semenjak tahun 2009. Penelitian ini akan melihat mengapa FDI non migas China di Indonesia tetap tidak berkembang secara signifikan setelah perjanjian investasi ACFTA disepakati. Pendekatan regionalisme ekonomi digunakan dalam melihat minimnya FDI non migas China di Indonesia. Hasil penelitian menunjukkan bahwa kepentingan China dalam konteks FDI non migas di Asia Tenggara cenderung lebih terfokus di negara selain Indonesia, yakni Singapura, serta tiga negara Indochina, yang terdiri dari Myanmar, Kamboja, Laos. Selain itu, kualitas iklim investasi domestik Indonesia memiliki tingkat kualitas yang rendah diantara negara Asia Tenggara, sehingga hal ini menghambat upaya Indonesia untuk memperoleh lebih banyak arus FDI China.