Abstract: The paper selects 63 policy texts promulgated by the Chinese government from 2012 to 2019, uses Beijing, Shanghai, and Shenzhen as the samples to focus on innovation activities, and construct a four dimensional research framework of policy subjects, policy objectives, policy objects, and policy tools. The paper takes policy collection-policy analysis-policy evaluation-policy optimization as a research context for policy evaluation, and quantitative analysis and text mining of China ’s policies to attract foreign investment in R&D institutions. The research results show that the policy support is more precise and comprehensive, the relationship between policy subjects is strengthened, and institutional cooperation is more extensive and deeper; the policy objectives are multidimensional, with emphasis on obtaining innovation resources and enhancing innovation capabilities; and the policy target attaches importance to attracting independent companies R&D entities and non-independent enterprise R&D entities have become important attractions; policy tools use the most environmental tools, supply tools are the second most and demand tools are the least. Although there are differences in policy subjects, policy objectives, policy objects, and policy tools, they gradually become standardized and comprehensive as the policy evolves. In view of the current policy weaknesses, the author puts forward suggestions such as improving policy implementation and improving micro-policy.