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Chinese enterprises with global ambitions scrambled to purchase overseas businesses and assets last year Andrelton Simmons Angels Jersey , as momentum in the domestic real economy continued to be sluggish.


Latest figures in a report issued Thursday by PricewaterhouseCoopers (PwC) show that overseas mergers and acquisitions (M&A) by Chinese enterprises surged by 246 percent in 2016.


The year of 2016 saw record levels of activity for China mergers and acquisitions, in terms of both the number of transactions and value. The growth in the number of transactions was largely driven by financial buyer activity and a jump in outbound M&A, said the report.


In value terms, China's outbound M&A grew by an astounding 246 percent - nearly 3.5 times the number of 2015. There were 51 outbound transactions valued at over $1 billion - more than double the previous record.


The trend highlights a transformation in the country's development model from export-driven to investment-driven, Dong Dengxin, director of the Finance and Securities Institute at Wuhan University of Science and Technology Albert Pujols Angels Jersey , told the Global Times.


One of the reasons behind the surging numbers of outbound M&A deals is the absence of domestic projects with a great potential for growth, experts said.


"China's real economy was plagued by overcapacity in almost every sector in 2016, showing signs of an investment opportunity crunch. Yet on the other side, there is an oversupply of domestic capital," Dong said.


In 2016, China's overheating property market might have been a good investment option Yunel Escobar Jersey , but it also raised concerns over asset bubbles, Dong noted.


According to the PwC report, in terms of deal value by industry