China's outbound direct investment will outstrip incoming foreign direct investment for the first time this year, a report on the globalization of Chinese enterprises forecast on Wednesday.

Fueled by demand for energy, construction projects and other assets to power its economy, ODI from the world's second-largest economy is likely to rise above $120 billion in 2014, according to the Center for China and Globalization, a top think tank.

China has been buying assets abroad, in particular in the energy and resources sector, but that investment model is changing as more money goes into high-technology, innovative and high added-value industries, according to the report.