BEIJING, Jan. 16  -- China's outbound investment reached 102.9 billion U.S. dollars in 2014, an increase of 14.1 percent from a year earlier, Vice Commerce Minister Zhong Shan revealed Friday.

Growth was much faster than the 1.7 percent gain recorded in foreign direct investment, which was 119.6 billion dollars.

"Judging from the current speed, China will soon become a net outbound investor, which will be a historic turning point," Zhong said at a news briefing.

The government has been encouraging domestic companies to "go global" as the economy grows increasingly more integrated with the world. Overseas investment is predicted to grow by an annual rate of 17 percent during the 2011-2015 period, according to earlier projections from the ministry.