ODI to increase despite turbulence, says EY

Chinese companies are expected to accelerate overseas investment this year, despite the recent turbulence in foreign exchange and stock markets, a new report said on Tuesday.

The report, published by the Chinese unit of global consultancy firm EY, said the country's outbound direct investment growth rate is likely to exceed its 10 percent target this year. The firm also estimated a higher annual growth rate for the next five years.

One of the most attractive overseas markets for Chinese investors is North America, and the firm expects China's investment to surpass $10 billion this year.