Beijing will encourage Chinese businesses to expand globally over the next five years while working to attract more foreign investment, Chen told business leaders at the China Development Forum, the Xinhua News agency said.

"In 2010, China's outbound direct investment hit $59 billion, which equals to 60 percent of the foreign direct investment in China. In the next five to 10 years, China will gradually strike a balance on the capital flow," he said.

China's investment abroad in non-financial sectors hit a record in 2010, rising 36.3 percent on year, as the country pumped more money into overseas energy, mining and agricultural projects.

However, recent obstacles encountered by Chinese firms when trying to invest in the US steel, manufacturing and telecom sectors has prompted calls from Beijing for even greater access to foreign markets.

Chen also promised transparency and fairness in its policies toward foreign companies, Xinhua said.

"China always welcomes foreign investment to play a constructive role in its development and share its prosperity," he said.

However, Chen said some incentives, such as tax breaks for foreign companies, were recently eliminated to create a level playing field for all companies.

Foreign direct investment in China also hit a full-year record of $105.7 billion in 2010, up 17.4 percent year-on-year, with more than a fifth of the money flowing into the booming real estate sector.

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