China is trying to build geopolitical ties overseas with large infrastructure projects that depend heavily on steel, cement and machinery. At home, it wants to develop domestic giants in areas like artificial intelligence and renewable energy to compete with Western stalwarts.

“It’s not like they are pulling back. ‘I can’t do what I wanted, so now I’m done.’ They are seeking out projects that are still of interest,” said Geoffrey Sant, a partner at the law firm Dorsey & Whitney who advises Chinese companies on acquisitions. Mr. Sant said his clients, some of whom had been looking at real estate and hotels, were now considering investing in mining and aviation.

“I think it takes a certain kind of person who would want to do cross-border deals, and those people don’t want to just give up,” he said.

China has to be more picky about its deals.

A flood of capital outflows has put pressure on the currency. And the economic outlook has been damped by the debt-fueled acquisition binge of some big conglomerates.

As such concerns have risen, China has aggressively sought to curb outbound investment.

In a statement on Tuesday, the National Development and Reform Commission, the Chinese government agency that oversees economic planning, said the country’s companies would have to report all foreign investment deals through a new online system. It said it would establish a mechanism to supervise overseas deals “so as to better safeguard national interests and national security.” In August, Beijing said it would forbid acquisitions in sectors ranging from entertainment and sports clubs to hotels, reiterating a warning issued late last year.