China's non-financial outbound direct investment increased 44.1% year on year to US$170.11 billion in 2016, official data showed. 
Chinese companies invested in 7,961 overseas enterprises in 164 countries and regions last year, according to the Chinese Ministry of Commerce. 
The Belt and Road initiative, reviving the Silk Road on land and at sea, was a strong boost to cooperation between Chinese and foreign firms. 
Outbound investment to countries involved in the initiative totaled US$14.53 billion last year, said Han Yong, an official with the commerce ministry. 
Chinese companies have especially paid attention to the real economy and emerging industries for outbound investment, said Han. 
Up to 18.3 % of the ODI went to manufacturing in 2016, up from 12.1% in 2015. Meanwhile, Chinese companies carried out 197 overseas mergers and acquisitions in the manufacturing sector last year, accounting for 26.6% of the total. 
In the same period, 12% of China's total ODI was invested in information transmission, software and information technology services, and 109 overseas M&A deals related to the sector were announced. 
Han said overseas M&A had facilitated China's economic restructuring and industrial upgrading. 
In December alone, the country's ODI declined 39.4% from the same period of 2015 to US$8.41 billion, according to the ministry. 
Regulators are also looking out for risks brought by "irrational tendencies" amid rapid outbound investment growth and are examining irregularities in such investments.