The proportion of M&A activity in FDI rose to 18.2% in the January-July period, it added, up from 4.6% in the same seven months a year ago. China’s outbound overseas direct investment (ODI) last month was US$7.5 billion, a sharp decline of 18.6% versus a year earlier and the second consecutive monthly fall after one of 15.5% in June, the ministry said.