Chinese investment in Europe and the US has reached a record high of $38 billion last year, reports the Financial Times, citing a report from law firm Baker & McKenzie and consultants Rhodium Group.

State-owned and private businesses invested an unprecedented $23 billion in Europe (including Norway and Switzerland as well as the EU). The US saw $15 billion in investments from China.

Of all the EU countries Italy attracted the most Chinese investment, mainly due to the $7.9 billion deal between Pirelli and ChemChina. New York, California and Texas received the most investment in the US.

This year Chinese investment in western economies could break the record again. Chinese groups have already announced $70 billion in potential deals.

However, the report showed the pace of Chinese investment in western economies might be slowing. Investment in Europe grew 28 percent last year, but growth had doubled in 2014 compared to the previous year.

Chinese investment comes amid concerns over the country’s economic slowdown. The growth of the world’s second-largest economy was down to 6.9 percent in 2015, the slowest pace in 25 years.