China’s outbound direct investment (ODI) into countries involved in the ambitious Belt and Road Initiative (BRI) has continued to increase, expanding 13.8 percent year-on-year in the first five months of 2021 to $7.43 billion. According to official data, outbound investment into manufacturing and information transmission sectors continued to grow. The manufacturing sector attracted $7.2 billion in the first five months, up 11.8 percent year-on-year. Investment by China’s local enterprises reached $32.75 billion, up 3.8 percent from a year earlier and accounting for over 75 percent of the total ODI in the period, said the Chinese Ministry of Commerce. The ambitious multi-trillion-dollar Belt and Road Initiative (also known as the ‘New Silk Road’), announced by Chinese President Xi Jinping in 2013, aims to boost connectivity and cooperation between East Asia, Europe and East Africa. It is expected to significantly expand global trade, cutting trading costs in half for the countries involved.