China is building a new version of China-ASEAN Free Trade Area in welcome to the ten-year anniversary of Sino-ASEAN relations. However, ANBOUND think tank scholars state that the wonderful vision has somehow been casting a shadow, due to the resurgence of South China Sea disputes and the turbulence in ASEAN geopolitical situations since 2014. Therefore, at present, China requires urgent adjustment for its investment strategy with ASEAN countries. Greater importance should be attached to systematic investment strategies, besides maintaining the scale of investment.