In the next five years, Chinese companies will invest $120 billion to $130 billion annually on overseas projects, Ning Jizhe, vice chairman of National Development and Reform Commission (NDRC), predicted on Friday.

A majority of the investment will be allotted to countries and regions along the Belt and Road, Ning said at a press conference held in Beijing.

In the four years since the initiative was proposed by China in 2013, China has invested more than $60 billion in the Belt and Road regions.

Ning said he dose not think China's current control over capital outflows will impact the projects under the initiative.

"The regulation will ensure a healthier development," he said.

In the first quarter of this year, Chinese companies have signed nearly 1,000 new contracts for overseas projects as part of the Belt and Road initiative, creating $14.4 billion in total revenue, which is a 4.7 percent increase from a year earlier, according to NDRC.

Promoting international cooperation and the construction of the Belt and Road initiative are perceived as the priority of NDRC, China's top economic watchdog.

China has signed international cooperation agreements with more than 30 countries and regions along the Belt and Road initiative.

Still, there are market concerns about the return of investment under the initiative.

In response, Ning said China has given a lot of attention to this matter and has issued several measures to ensure the projects along the Belt and Road regions can generate economic and social benefits.

The feasibility of an overseas project will be thoroughly assessed before an investment is made. And the construction and operating phases of projects will be strictly supervised under the guidance of market principles and international rules.