China's outbound direct investment is expected to grow 10 percent annually over the next five years as demand for industrial products and infrastructure surges in developed and developing markets, senior officials said on Wednesday.

Assistant Minister of Commerce Zhang Xiangchen said that China will continue to increase the flexibility of ODI procedures to allow domestic companies to assume more control of their overseas business.

China's non-financial ODI totaled $74.96 billion in the first three quarters of this year, up 21.6 percent from the same period a year earlier, fresh evidence that China's "going global" strategy is still expanding.