BEIJING -- China's outbound investment rose steadily last year, according to the Ministry of Commerce.

China's non-financial outbound direct investment (ODI) increased 16.7 percent year-on-year to 916.99 billion yuan in 2023.

In US dollar terms, ODI totaled $130.13 billion in this period, up 11.4 percent from a year earlier.

Non-financial ODI in countries participating in the Belt and Road Initiative came in at 224.09 billion yuan last year, an increase of 28.4 percent year-on-year.

The turnover of contracted projects overseas grew 8.8 percent year-on-year to 1.13 trillion yuan in 2023, the ministry said.