Mubasher: Official data showed that China’s non-financial outbound direct investment (ODI) grew by 3.8% year-on-year in the first three quarters of this year, according to Chinese news agency Xinhua.

Non-financial ODI in 164 countries and regions climbed year-on-year to 555.11 billion Chinese yuan (CNY) ($78.28 billion) in the period between January and September, the Ministry of Commerce said.

The ODI growth picked up steam, when compared with the 2.7% in the eight-month period ended last August.

In September alone, China’s ODI jumped by 14.2% year-on-year to CNY 62.01 billion.

Chinese companies boosted their cooperation with countries participating in its mega infrastructure project the Belt and Road Initiative over the first nine months of the year, adding $10 billion of new investment, making up 12.4% of the total.

No new ODI projects were reported in real estate, sports or entertainment sectors, the ministry said.

In the first three quarters of this year, Chinese firms sealed 247 cross-border mergers and acquisitions in 50 countries and regions, with the total transaction value amounting to $28.11 billion.