China’s outbound direct investment (ODI) — in non-financial areas — surged more than 150 percent year-on-year in February to US$17.9 billion, said the Chinese Ministry of Commerce on Tuesday.

In the first two months of 2016, China’s ODI amounted to 195.97 billion yuan (US$29.92 billion), representing a 71.8 percent growth from the previous year, Chinese state-run news agency quoted the Ministry as saying.

The Ministry said the rise was due to China diversifying its portfolio of overseas investments. In the January to February period, nine industries each accounted for more than US$1 billion-worth of China’s ODI, compared to only four industries that made such a contribution to ODI in the year-prior period reported Xinhua.

The Ministry analyses 20 industries for its ODI calculations.

The “Belt and Road” initiative — proposed by China better to connect Asia, Europe, Middle East and Africa via improved infrastructure —also helped to improve business co-operation between Chinese firms and their foreign counterparts, the Ministry added.

China’s ODI in countries covered by “Belt and Road” reached US$2.23 billion in the first two months of 2016, an increase of 41.1 percent from a year earlier.