AfteracomparativeanalysesofcommoditystructureofimportandexportofChinasince 1992，itisobviousthatChina 'simportationisinvestment-oriented. Takingimportationasakind of re-investmentandapartofgrossdomesticproduct(GDP)，whichhasbeentransformedthrough international market，a theoretic model of multiplier effects on economic growth has been estab-lished. Theeconomic-growtheffectofChina'sinvestment-orientedimportationhasbeensupported by empirical research based on time series data of import.