BEIJING, Feb. 20 (Xinhua) -- China's overall corporate mergers and acquisitions (M&A) deal volume will remain steady in 2019, according to a private report.

PwC, a global accounting and consultancy firm, predicted in the report a moderate retreat in the number of M&A in the first half due to global economic uncertainties, but a rebound will take place during the rest of the year, backed by warming outbound deals and private equity investment.

"Meanwhile, foreign investment will hopefully increase thanks to China's further opening-up in automobile, finance and high-tech sectors," said Wai Kay Eik, a PwC partner.

The report said the total M&A value came in at 678 billion U.S. dollars in 2018. Companies in high-tech and consumer product industries became the most popular M&A targets, and the European market and some Asian economies were favored by Chinese investors.

Private companies were more vigorous in making overseas deals than their state-owned peers and private equity deals notched a record high last year.