A Belt and Road Forum sign in Beijing Photo: IC

Countries and regions along the Belt and Road Initiative (BRI) absorbed rising Chinese overseas direct investment (ODI) during the first five months of the year, data from China's Ministry of Commerce (MOFCOM) showed on Thursday.

Non-financial Chinese ODI to BRI markets from January to May increased 16 percent year-on-year to reach $6.53 billion, accounting for 15.5 percent of total Chinese ODI during the period and a 2.9 percentage point rise from the same period last year, said Gao Feng, a MOFCOM spokesperson.

Newly signed foreign project contracts in BRI markets totaled $46.98 billion, increasing 0.1 percent year-on-year but accounting for 54.8 percent of the value of all overseas contracts signed by Chinese firms during the period, according to MOFCOM.

The turnover of overseas project contracts dropped in more traditional markets, with those in Asia falling 9.7 percent and those in Africa 17.7 percent from the same period last year. 

Turnover in Europe rose 33.8 percent year-on-year to $4.19 billion, while Oceania saw a drop of 16 percent.

China's total non-financial ODI over the period declined 1.6 percent year-on-year to 296.27 billion yuan ($41.86 billion), according to MOFCOM.

Non-financial FDI dropped 3.8 percent year-on-year to 355.18 billion yuan in the first five months.