(Yicai Global) Jan. 17 -- Chinese investors made non-financial outbound direct investments worth USD120 billion in 6,236 companies in 174 countries and regions last year. It marks a 29.4 percent year-on-year drop following China's strict capital outflow control measures.

Irrational overseas investment has been effectively contained without new outbound direct investments in real estate, sports and entertainment sectors, said China's ministry of commerce on its website yesterday.

However, China's investments (USD14.3 billion) in countries along the Belt and Road Initiative rose steadily last year, accounting for 12 percent of total investments and up 3.5 percentage points from the same period of last year. New foreign contracted projects signed between China and 61 countries along the Belt and Road Initiative reached USD144.3 billion, accounting for 54.4 percent of the total and up 14.5 percent year-on-year.

The ministry will focus on the Belt and Road development through new incentives and regulations for foreign investors, which will aim to shift focus to quality from quantity.