Wang Lezhi, president of Beijing New Century Academy on Transnational Corporations, agreed that China's non-financial ODI will continue to accelerate.

"After years of development, Chinese companies have the motivation to build up their global industrial chains and gain a competitive edge internationally.

"China's economic growth, although slowed in 2012, still outperformed many major economies and provided favorable support for this global expansion."

In late November, Commerce Minister Chen Deming said China's outbound investment will keep rising and equal foreign direct investment being made in China - 111.72 billion in 2012 - within the next five to 10 years.

The country's $3 trillion worth of foreign exchange reserves help support the outbound investment activities of Chinese enterprises.

"The increasing ODI reflects China's active integration globally.

"Balancing the levels of FDI and ODI, the ideal scenario would illustrate China's great progress in establishing itself in the world economy," Wang said.

Zhang said the surging ODI, which reduces pressure on the huge foreign exchange reserves, also shows there are fewer investment opportunities at home, where industrial overcapacity continues.

Chinese investment in Russia, a country abundant in energy products and resources, jumped 117.8 percent year-on-year in 2012, while spending in the United States increased by 66.4 percent year-on-year and 47.8 percent year-on-year in Japan, the new figures showed.

Chinese non-financial ODI in the Association of Southeast Asian Nations rose 52 percent year-on-year in 2012.

"China's overseas investments mainly concentrate on acquiring natural resources, energy products and advanced technology, as well as building up its overseas sales network," said Zhang.

Provincial investment overseas was valued at $28.19 billion in 2012, or 36.5 percent of China's total non-financial ODI in 2012, an increase of 38.9 percent year-on-year.

Guangdong, Shandong, Jiangsu, Liaoning and Zhejiang provinces were the top investors.

"This is a good sign, and shows that many private businesses have grown up and are starting to embrace international investment, which improves the country's mix of overseas interests," added Zhang.

lijiabao@chinadaily.com.cn