BEIJING — China's non-financial outbound direct investment (ODI) edged down 1.6 percent year-on-year in the first five months of 2020, according to the Ministry of Commerce.

The ODI in 157 countries and regions stood at 296.27 billion yuan (about $42.2 billion) during the period, said ministry spokesperson Gao Feng at a press conference on June 18. 

Chinese companies increased investment in countries along the Belt and Road during the first five months, with new investment up 16 percent year-on-year to reach $6.53 billion.

The country's ODI mainly went to sectors including leasing and business services, wholesale and retail as well as manufacturing, according to the ministry.

The value of new contracted projects overseas reached 601.88 billion yuan, up 14.4 percent year-on-year.

During the period, the number of newly signed overseas projects each with a contract value exceeding $50 million came in at 319, up 32 from the same period a year earlier. The total contract value of those projects amounted to $70.57 billion, accounting for 82.3 percent of the total of the newly signed contracts.