Chen Deming, cited in an interview with the official Xinhua news agency, said he expected China's trade and international payments to become more balanced over the next five years, adding that this time frame would be a crucial period for Chinese enterprises to invest overseas.
"The country encourages competitive enterprises to go global with efficient risk-control measures," Chen said, adding, "We will give them more public service and more effective legal protection in this regard."
China posted robust economic data in November with stronger than expected trade figures, clearing the way for authorities to tighten policy further to cool escalating inflationary pressures.
Outbound direct investments in non-financial sectors was likely to exceed $50 billion this year, or about half of foreign direct investment China receives this year, Chen said, adding that the proportion would be much higher in the future.
China's foreign direct investment is set to reach a record $100 billion this year, the commerce ministry said earlier this week, evidence that the mainland remains a hot destination for global companies despite concerns about market access and rising labour costs.
As part of the new five-year plan, focused on rebalancing the mainland's economy, Chen said the government may continue to implement consumption stimulus measures such as the rural home appliance subsidy program.
China's retail sales of consumer goods is set to top 15 trillion yuan ($2,254 billion), of which 450 billion yuan will be spent in online shopping, he said. (Reuters)
