BEIJING - Chinese companies' overseas investment will continue booming and is expected to total $500 billion in the five years till 2015, a senior official with the Ministry of Commerce (MOC) said Wednesday.

The combined volume of China's contracts abroad is expected to hit $250 billion during the period, Chen Runyun, an official with the MOC's department of outward investment and economic cooperation, said at a conference dedicated to the field.

"Chinese enterprises are marching forward as well as promoting a win-win situation by creating jobs and training local talented people," according to Chen.

Overseas investment by Chinese companies has registered significant growth in recent years, surging from $2.7 billion in 2002 to $60.07 billion in 2011.