Chinese overseas mergers and acquisitions reached a new high in the first half of the year, with deals getting bigger in size and higher up on the value chain, global accounting firm Deloitte Touche Tohmatsu said in a report released on Tuesday.

Chinese M&A activity will likely stay buoyant, though economic improvements in Europe and the United States are expected to push up valuations, the report said. The two regions will be the main targets for Chinese buyers due to the rising demand from Chinese consumers for better products.

Chinese companies closed 98 deals worth $35.3 billion in the January-June period, compared with 97 transactions totaling $22.9 billion in the same period last year. Mega deals worth more than $1 billion accounted for a record high of 13 percent of total deals this year, as Chinese investors are more confident about overseas activity. Deals under $100 million accounted for 48.1 percent, the lowest level since 2005.