The value of capital projects and M&A deals in seven core infrastructure sectors across the 66 economies in the Belt and Road Initiative reached nearly $494 billion in 2016 and China contributed one-third of the total value in the period, according to PricewaterhouseCoopers.

The global auditing firm may be bullish about the long-term prospects for M&A activity involving infrastructure investment in Belt and Road economies.

In its first report regarding investment across seven core infrastructure sectors in Belt and Road countries, PwC said the total capital project value had increased by 2.1 percent to $401.3 billion last year while the total M&A deal value plunged by 48.7 percent to $92.5 billion in the same period.