BEIJING — China’s non-financial outbound direct investment (ODI) from January to November fell 33.5 percent year on year as authorities curbed irrational investment overseas, data showed on Dec 14.

Chinese investors spent a total of $107.55 billion on 5,796 enterprises from 174 countries and regions during the period, the Ministry of Commerce (MOC) said in a statement.

The decline narrowed from the 40.9-percent drop for the first 10 months this year. MOC spokesman Gao Feng was cited by the statement as saying that “irrational outbound investment has been further curbed.”

China’s ODI has seen rapid growth in recent years. However, noting an “irrational tendency” in outbound investment, Chinese authorities have set stricter rules and advised companies to make investment decisions more carefully since last year.

In a document released in August, the State Council said overseas investment in areas including real estate, hotels, cinemas, and entertainment would be limited, while investment in sectors such as gambling would be banned.

In November, the National Development and Reform Commission, China’s economic planning body, released a new draft rule on outbound investment, including stipulations on the investment activities of firms established overseas by domestic companies.

Investment in the first 11 months mainly went to leasing and commercial services, manufacturing, wholesale and retail, and information technology sectors, said the statement.

No new projects were reported in property, sports or entertainment.

Meanwhile, ODI to countries involved in the Belt and Road Initiative has been encouraged.

From January to November, China’s non-financial ODI in countries involved in the Belt and Road Initiative continued to expand, totaling $12.37 billion, the MOC said.

Belt and Road deals accounted for 11.5 percent of total investments, up from 8.3 percent of all deals a year ago, it added.