The All-China Federation of Industry & Commerce — the country's largest chamber of commerce comprising companies and individuals from the private sector — said it will support the efforts by private companies to go abroad.

Huang Mengfu, chairman of the ACFIC, said at the organization's 11th membership convention that the chamber supports the moves by companies with international competence and global resources to go abroad through investments and acquisition.

Huang said expansion abroad is important to acquire technology, intellectual property, talent and distribution channels, in order to achieve a global network of research and development, production and sales.

The chairman said the chamber will play an active role in guiding Chinese companies and urged them to follow the laws and regulations of the countries where they set up operations.

He said the chamber will also promote the development of the private sector through innovation and science development, carbon reduction and energy conservation strategies, and encourage the development of strategic new industries in sectors such as modern agriculture, services and culture.

The chamber will provide more services to the companies and foster a group of competitive medium and large sized companies, while also supporting small and micro-sized companies.

China has 10.25 million private companies, two times more than five years ago, while individual industrial households and merchants stand at 38.96 million.

The ACFIC has 2.94 million members.