China's outbound direct investment in the non-financial sector hit 59 billion U.S. dollars last year, up 36.3 percent year on year, the Ministry of Commerce (MOC) announced Tuesday.

Total outbound direct investment in the non-financial sector had amounted to 258.8 billion U.S. dollars by the end of 2010.

Though China's outbound direct investment grew rapidly last year, most of it went to the Hong Kong Special Administrative Region, as well as countries in Asia and Latin America, with a very small amount to Europe, the United States and Japan, said MOC spokesman Yao Jian.

Many factors contributed to the phenomenon, Yao said.

Chinese entrepreneurs were more familiar with the markets in Asia, Latin America and Africa, Yao said.

Meanwhile, "market openness" had contributed to the smaller proportion of Chinese investment in developed markets, Yao said.

Not long ago, China's steel makers and telecommunications producers had faced obstacles when investing in the United States, Yao said.

With growing relations between China and the United States, the two countries would promote full cooperation in trade, investment, technology and intellectual property protection, Yao said.

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