China’s outbound investment doubled year-on-year in August to $12.62 billion

China's outbound investment more than doubled year-on-year in August to $12.62 billion, data showed, far outpacing foreign direct investment (FDI) into the country, which fell to a new multi-year low, AFP reported.

China had been actively acquiring foreign assets, especially energy and resources, to power its economy.

Beijing had encouraged companies to ''go out'' and make overseas acquisitions to gain market access and international experience, and officials had said overseas direct investment (ODI) could exceed FDI this year.

The 112.1 per cent increase in ODI announced by the commerce ministry comes as a dramatic contrast to the 14 per cent year-on-year fall in FDI, which was down to $7.20 billion.

Both sets of figures exclude financial sector investment. FDI was also less than July's $7.81 billion, which stood as the lowest since July 2012.

Commerce ministry spokesman Shen Danyang denied any link to Beijing's multiple probes into foreign companies.

Foreign firms have been targeted in a recent drive by authorities in China over alleged anti-monopoly, pricing and other malpractices in sectors ranging from auto manufacturing and pharmaceuticals to baby milk.

The investigations had raised concerns among investors.

However, Shen denied any link between the investigations and FDI decline. He said they were not related.