Zhejiang, a coastal province in East China, has experienced a 40 percent increase in cross-border mergers and acquisitions, according to a recent overseas investment forum held in Hangzhou, the provincial capital, on June 5. 

The forum revealed that cross-border mergers and acquisitions have emerged as a major force in Zhejiang's overseas direct investment, trending against the current climate of international trade and investment and increasing from 10 percent to over 50 percent of the total value of ODI. 

Since 2008, ODI in Zhejiang has increased significantly thanks to the national "going out" strategy, which aims to encourage Chinese local firms to tap into the global market. 

Official data shows that from January to April, 173 overseas companies and institutions have got the green light to set up branches in the province, with that ODI amounting to $8.1 billion, a year-on-year increase of 2.92 percent. 

Meanwhile, actual foreign direct investment reached $2.6 billion, increasing 92.42 percent on a year-on-year basis.