BEIJING, Feb. 15 (Xinhua) -- The value of announced infrastructure projects surged by 47 percent in 66 countries and regions that fall under the China-proposed Belt and Road Initiative in 2016, according to accounting firm PricewaterhouseCoopers (PwC).

According to a PwC review released Wednesday, the Belt and Road region identified 494 billion U.S. dollars of infrastructure projects and deals in value in 2016, a third of which were in China.

The review found a positive picture in 2016, with an increase in the volume and the average dollar value of infrastructure projects.

In China, the average project size increased by 14 percent -- largely driven by public expenditure on infrastructure as a central pillar of economic policy.

Across the region, the value of invested projects has been growing at a compound annual growth rate of 33 percent since 2017, it said.

The review also pointed to a dip in M&A activity in volume and dollar value in 2016.

"This reflects a flight to quality and renewed focus on project economics," commented Christopher Tan, PwC China corporate finance capital projects & infrastructure partner.

PwC conducts the review across seven core infrastructure sectors: utilities, transport, telecoms, social, construction, energy and environment.

Looking at specific sectors, PwC saw potential for significant growth in power utilities in a number of middle-income Belt and Road countries.

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