SHANGHAI - Chinese investment in Europe and the United States hit a record high in 2015, according to a report released by law firm Baker & McKenzie on Thursday.

Last year, Chinese investors poured $23 billion and $15 billion into Europe and America, respectively, according to the report.

Italy, France and the United Kingdom were the top three destinations in Europe, and the states of New York, California and Texas were the top US destinations for Chinese investment, it said.

Chinese investment was concentrated in the real estate, automobile, finance and information technology sectors, it said.

Chinese companies have entered hi-tech and high-end manufacturing through acquisition of well-known companies. They have aimed for long-term returns through investment in housing and infrastructure to cushion the risks of economic slowdown in China, it said.