BEIJING, Aug. 22 (Xinhua) -- China reported steady growth in overseas investment in the first seven months of 2024, official data showed on Thursday.

China's non-financial outbound direct investment (ODI) increased 16.2 percent year on year to 83.55 billion U.S. dollars in the first seven months of the year, data from the Ministry of Commerce showed.

That growth rate was lower than the 16.6 percent increase recorded in the first half of 2024.

During the first seven months, cooperation under the China-proposed Belt and Road Initiative (BRI) framework gained steam as ODI in countries participating in the BRI surged 7.7 percent year on year to 17.94 billion U.S. dollars.

The turnover of contracted overseas projects amounted to 86.28 billion U.S. dollars, an increase of 6.6 percent, and the value of new contracts surged 25 percent to 133.95 billion U.S. dollars.

To facilitate Chinese investment in foreign countries and regions, a regulation on the contracting of overseas projects was issued by the ministry and took effect on July 1 this year. It is expected to streamline procedures for relevant businesses.