With ambitions to make global names for themselves, Chinese companies are looking to expand their footprints beyond China's borders.

China's outbound direct investment (ODI) in non-financial sectors hit $59 billion last year, up 36.3 percent from 2009, said the MOFCOM.

The commercial service sector has been the most coveted area for Chinese investment, followed by the mining and manufacturing industry.

The investing spree comes amid the unprecedented global recession that has forced multinationals to ease back on expansions. Global flows of foreign direct investment grew a minuscule 0.7 percent to around $1.12 trillion in 2010, said the United Nations Conference on Trade and Development.

Meanwhile, mergers and acquisitions became a convenient route for China to step onto the world stage. The MOFCOM said Chinese companies were responsible for $23.8 billion worth of overseas merger and acquisition deals last year, accounting for 40.3 percent of the total ODI.

Apart from strong interest in natural resources, Chinese buyers are increasingly looking to purchase technological know-how and learn cross-cultural experiences, said Xing Houyuan, Director of the Research Center for Overseas Investments under the Chinese Academy of International Trade and Economic Cooperation, a think-tank affiliated to the MOFCOM.