According to Ernst & Young, overseas direct investment hit a record high in the first half of 2016, as the country looks outward in its drive to transform its growth model.

Outbound direct investment, or ODI, reached $99 billion in the first six months of this year. That’s more than a 50 percent increase from a year earlier. It’s expected to achieve another historical high - exceeding $170 billion, for the whole year.

China’s ODI covered almost all sectors. Business services and manufacturing topped the list and accounted for over 44 percent of the total ODI volume. Wholesale and retail came second, followed by mining sectors. Investment in the manufacturing sector, in particular, increased nearly 250 percent year on year.

Europe and North America remained the most attractive merger-and-acquisition destinations. Over three-quarters of the investment went to Switzerland, the US, Germany, Finland and the UK.

Technology, media and telecommunications, diversified industrial products, consumer products and automotive sectors continue to be the popular M&A targets.

Also noteworthy is that Chinese enterprises signed over 3,000 contracting projects with 61 countries along the Belt and Road, with a contractual value of $51.5 billion.