China is an abnormal international creditor，with huge net overseas assets and persistent negative net investment income. The surface reason is the yields of China’s foreign assets were much lower than that of China’s foreign liabilities. The deeper reasons include：the asset mismatch between China’s foreign assets and foreign liabilities；the asymmetric distribution of foreign assets and liabilities across government sector and private sector；the weaker investment experience and capacity of Chinese investors against foreign investors. To change China into a normal international investor，Chinese government should accelerate the liberalization of RMB’s exchange rate and interest rate，promote the overseas direct investment of Chinese enterprises，cancel the preferential policies to attract FDI，loosen the restriction on Chinese households’ outward investment gradually，and speed up the development of domestic financial market.