Chinese outbound investment has fallen sharply in the first half of the year, reversing nearly a decade of rising spending as overseas dealmaking becomes the latest casualty of the country’s strident anti-corruption campaign.

By the end of June, Chinese companies had spent a combined total of $39bn on overseas mergers, acquisitions and greenfield projects, down from $46bn in the same period a year earlier, according to figures from the Heritage Foundation, which closely monitors Chinese investment flows.

Analysts believe the main reason for the disappointing performance is a lack of major Chinese offshore energy investments this year, which they say is largely due to President Xi Jinping’s anti-corruption campaign, which has particularly targeted the Chinese energy sector.