China will limit overseas investments by domestic companies in fields including real estate and sports clubs, while encouraging them to invest in infrastructure and new technology.

Overseas investments in areas including real estate, hotels, cinemas, entertainment industry, and sports clubs will be limited, while investments in sectors such as gambling will be banned, according to a document released Friday by the State Council.

In the meantime, investments in line with the Belt and Road Initiative and those conducive to the country's industrial upgrade will be encouraged, according to the document.