China's Ministry of Commerce said that the country's outward foreign direct investment (FDI) will reach US$150 billion by 2015, representing an annual increase of 17% for each year in its 12th five-year plan (2011-2015).

The country's overseas projects and businesses volume will reach US$180 billion and US$120 billion, respectively, in 2015, annual increases of 6% for both figures, the ministry said. An expected 1 million Chinese will be working abroad by the end of the 12th five-year plan, the ministry said.

The ministry also plans to optimize outward FDI and promote industry modernization by, among other things, instructing leading processing manufacturers to explore international markets; expanding global cooperation in agriculture; supporting Chinese companies investing in overseas R&D cooperation; and enlarging the service sector.

Projects will also include cooperation on investments in Africa and Latin America and infrastructure investments abroad for manufacturing companies. Beijing will step up cooperative investment in Europe and the United States to cultivate needed skills in research, branding and marketing. The government will also encourage Chinese companies to seek opportunities with companies in Taiwan, Hong Kong and Australia to develop their global markets.

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