BEIJING — Chinese companies continued to invest big in the overseas market during the first eight months of the year, the Ministry of Commerce said on Sept 14.

China’s non-financial outbound direct investment (ODI) surged 53.3 percent from a year ago to 775.12 billion yuan ($118.06 billion) in the January-August period, according to a statement posted on the ministry’s website.

In August alone, China’s ODI rose 13.4 percent year on year to $15.31 billion.

Developed countries and regions remained popular destinations for ODI. Hong Kong, ASEAN, the EU, the United States, Russia and Japan received investment totaling $87.66 billion during the first eight months, accounting for 74.2 percent of all ODI.

Some $21.11 billion was invested in overseas manufacturing, more than double the amount a year earlier.

The ministry said the Belt and Road Initiative had boosted business cooperation between Chinese and foreign firms. During the first eight months, nearly 4,000 engineering contracts were signed by Chinese companies in 61 countries along the routes, with combined contract value of $69.82 billion.

The ministry also noted that provinces and municipalities in the Yangtze River Economic Zone were active investors. Zhejiang province invested $7.69 billion overseas in the January-August period, more than double from one year earlier. Shanghai Municipality invested $17.62 billion abroad, up 70.3 percent year on year.