Fujian outbound investment registered $530 million in contract value in the first quarter of this year, up by 150 percent year-on-year, local media reported Wednesday, citing the statistics from Fujian Provincial Department of Commerce.

The figure represents that the province has reversed the declining trend in its levels of overseas investment from the previous year.

Statistics show that, in 2017, Fujian's overseas investment tumbled by 68.5 percent over the previous year to stand at $3.51 billion.

As of March, Fujian launched a total of 48 investment projects overseas and among them eight topped $10 million in value.

Regionally, the province witnessed nearly a twelve-fold increase in the investment in the countries involved the Belt and Road Initiative in Q1. Data show that its investment in the countries reached $60.64 million over the period.

The Belt and Road Initiative, proposed by Chinese President Xi Jinping in 2013, aims to create greater trade, infrastructure and people-to-people links between Asia, Europe, Africa and beyond by reviving and expanding the ancient Silk Road routes. The modern version comprises of an overland Silk Road Economic Belt and a 21st Century Maritime Silk Road.