BEIJING - Chinese companies have seen steady growth in cross-border mergers and acquisitions (M&As) while expanding overseas, according to statistics issued by the Ministry of Commerce (MOC) on Friday.

From 2008 to 2011, Chinese companies' outward foreign direct investment (OFDI) in the form of M&As totalled $106.3 billion, representing an annualized growth of 44 percent, Chen Runyun, an official from the MOC's department of outward investment and economic cooperation, said at a news briefing in Beijing.

In 2011 alone, OFDI in the form of M&As amounted to $27.2 billion, accounting for 37 percent of the total OFDI that year, Chen said.

Mining, manufacturing and power generation are among the most favored sectors for Chinese investors, according to Chen.

In a recent case, the China National Offshore Oil Corporation (CNOOC) was given approval by the Canadian government earlier this month to buy Calgary-based oil and gas producer Nexen Inc. for $15.1 billion.

Once completed, the takeover will be China's largest overseas acquisition.

Despite robust activity overseas, Chen said Chinese companies' overseas investment, which accounts for just 2 percent of the global flow, has encountered a string of obstacles, including a lack of operation experience, weak risk controls and frequent safety accidents.

Chen said the ministry will work to improve policy support to facilitate Chinese companies' overseas expansion.