Chinese overseas investments are mainly focused on resource sector. That is why the top destinations are Australia, Canada, Africa.
BEIJING: Chinese investment overseas in January and February soared 147 percent year-on-year to $18.39 billion, official data showed Tuesday -- more than foreign direct investment into the country itself.
Incoming FDI, which excludes financial sectors, stood at $17.48 billion over the period, the commerce ministry said, down 1.35 percent year-on-year.
Beijing is keen to promote overseas investment in part of its efforts to reform China's growth model and acquire significant foreign assets in sectors such as energy, mining and high-tech industries, analysts said.
"It should be a trend in the long run -- it is highly likely that overseas direct investment will exceed foreign direct investment in the next few years," Ren Xianfang, a Beijing-based analyst with research firm IHS Global Insight, told AFP.
"It is a national strategy to transfer China to a big investor from a big exporter."
Chinese direct investment overseas increased almost 30 percent last year from 2011 as firms in the world's second-largest economy increasingly look to expand abroad.
The biggest rise in Chinese investment in a major market over January and February was in Australia, where it surged 282 percent, the ministry said.
It was followed by Hong Kong, up 156 percent, and the US with a 146 percent increase, while in south-east Asia it went up 114 percent and in the EU 81.9 percent.
However, in Japan, with whom Beijing has been involved in a territorial row, investment was down 31 percent. Overseas FDI to Russia also slipped 46 percent.
At the same time China's manufacturing competitiveness faces rising costs, while investor confidence is battered by weakness in the global economy.
Nonetheless incoming FDI in rose 6.3 percent to $8.21 billion in February, the first year-on-year increase in nine months, the commerce ministry said.
EU investment into China increased "quite rapidly" in the first two months of the year, the ministry said in a statement, rising 34.01 percent to $1.214 billion.
But FDI fell from the US and Asia, with Japanese investment down 6.7 percent over the period to $1.269 billion.
China's economy grew at its slowest pace in 13 years in 2012, expanding 7.8 percent from the year before.
But it has been showing renewed vigor, with GDP growth accelerating in the final quarter of 2012 to 7.9 percent, snapping seven straight quarters of weakening expansion.