The Ministry of Commerce says Chinese companies have been keen on making overseas investments in 2016 and the services and manufacturing sectors have become top investment targets.

China's foreign direct investment hit 139.74 billion US dollars in the first ten months of this year, up 53.3 percent from the same period last year. In October alone, China's outbound investment climbed 48.4 percent to 11.74 billion dollars.

More than seven thousand companies in 162 countries have become recipients of Chinese investments. Major destinations include the ASEAN countries, the European Union, Australia, the USA, Russia and Japan.

Chinese companies have added up their stakes in investing in the United States as the US undergoes a transition to the Trump government and the dollar gains strength on a robust economic picture.

Chinese investments to the US increased 173.9 percent from the same period last year, driven by Chinese companies' zest for investing in the US property market.

Cooperation with the Belt and Road nations also expanded from January to October. Total contract value hit 84.39 billion US dollars, up 30.7 percent year-on-year.

Sector-wise, the services sector remains the largest Chinese investment recipient, taking up 25.8 percent of the total. The manufacturing sector was second with a proportion of 18 percent.

China has simplified procedures for making outbound investments. The ease in foreign exchange limitations also has prompted Chinese companies to invest in foreign countries. Analysts expect more Chinese companies will invest overseas on worries over the yuan's depreciation and a US Fed interest rate hike.