Identification of hot and cold countries.

This study establishes a risk index system to evaluate the financial risks of foreign agricultural investment in Belt and Road countries. Agricultural foreign investment risk prevention has emerged as a crucial concern across various sectors globally. We assess the four key dimensions such as political and military risk, economic market risk, social and cultural risk, and resource and environmental risk. We employ the Vertical and Horizontal Leveling Method and Entropy Weighting Method (VHSD-EM) for measuring and analyzing foreign agricultural investment risk levels in Belt and Road countries from 2014 to 2021. Moreover, we used spatial correlation analysis, the Getis-Ord Gi* statistic, to identify hot and cold spots of agricultural foreign investment risks. First political & military, and environmental risks are the main influencing factors of agricultural foreign investment risk. The average AFDI level exceeded in Southeast and South Asia, and certain spillover effects were found in Southeast Asia. Second, the Belt and Road" initiative effectively reduces the risk of AFDI and helps to weaken the spillover effect among fellow countries. A significant spillover effect in AFDI from neighboring countries can lead to high-risk areas for sustained AFDI formation. Third to address such challenges, the Chinese government has prerequisites to enhance foreign agricultural investments in Belt and Road countries and establish a measurement index for agricultural investment risks. Government needs to establish a public service system to enhance the development of large-scale multinational agricultural enterprises. Foreign cooperation is essential for multi and bilateral investment negotiation and optimizing the financial tools to mitigate agricultural foreign direct investment risk in Belt and Road countries.