BEIJING, Sept. 26 (Xinhua) — China’s increasing appetite for international mergers and acquisitions (M&A) has become one of three major forces moving global markets, Boston Consulting Group said in a report Tuesday.

The value of overseas M&As by Chinese firms was 107.2 billion U.S. dollars last year, more than doubling deals worth more than 40 billion dollars in 2015, according to the Ministry of Commerce.

“Several factors are fueling deal activity, including rising consumption by the growing middle class and the execution of the latest five-year plan, which recognizes M&As as an important means of gaining access to strategic technologies and expanding the country’s commercial capabilities,” the report said.

The other two factors driving global M&A activity are private equity’s need to invest and the growing volume of deals involving tech targets, with the latter making up almost 30 percent of global completed transactions valued at 2.5 trillion U.S. dollars.

“Acquisitions of high-tech targets have become an instrument of choice for buyers in all sectors looking to boost innovation, streamline operations and processes, shape customer journeys, and personalize products, services, and experiences,” according to the report.

China is also a player in the rising number of tech deals, with approximately 20 percent of last year’s outbound acquisitions involved tech companies, the report said.

It cited home appliance producer Midea’s acquisition of Germany‘s KUKA and Shanghai Fosun Pharmaceutical (Group) Company’s purchase of a big stake in India’s Gland Pharma.