China's non-financial outbound direct investment (ODI) rose 22.7 percent year-on-year to 431.61 billion yuan in the first half of 2023, according to data from the Ministry of Commerce published on Thursday.

In US dollar terms, the ODI stood at $62.29 billion in the period, up 14.8 percent from a year earlier.

The non-financial ODI in countries and regions participating in the Belt and Road Initiative reached 80.17 billion yuan during the six-month period, up 23.3 percent on a yearly basis.

In the meantime, the turnover of contracted projects overseas grew by 7 percent year-on-year to 490.1 billion yuan, while the contract value of newly-signed projects amounted to 655.98 billion yuan, declining 2.3 percent on a yearly basis.