China’s outbound direct investment (ODI) in non-financial fields reached US$104 billion in the first 11 months of this year, up by 16 percent from the same period in the previous year, the Chinese Ministry of Commerce said on Tuesday.

Chinese state-run news agency Xinhua quoted an official from the Ministry’s department of outward investment and economic co-operation as attributing the ODI growth in part to China’s “One Belt, One Road” initiative. The latter is based on proposals in 2013 by the Chinese President, Xi Jinping, aimed at boosting trade and investment between China and countries in Asia, the Middle East, Europe, and Africa via infrastructure development.

The improved outbound direct investment numbers were also due to a strengthening of international industrial co-operation, a greater competitiveness among companies and a more favourable business environment, added the Ministry’s official according to Xinhua.

Data provided by the person indicated a 95.4-percent year-on-year increase, to US$11.8 billion, in China’s ODI in the manufacturing sector in the January to November period.

Chinese companies are currently building 75 economic and trade co-operation zones in 34 countries. These projects have generated US$18 billion of ODI so far and involved work by 1,141 Chinese firms, Xinhua reported, quoting the Ministry’s official.