Plans by businesses to boost cross-border acquisitions saw a sharp rise, according to a major survey.

China businesses planning cross-border acquisitions stood at 47 percent, the Grant Thornton International Business Report 2013 revealed.

This marked the highest level since the IBR first conducted an acquisition survey in 2008.

According to the survey, 61 percent of businesses believe establishing a presence in new geographical markets is the primary motivation to participate in M&A for China businesses.

Businesses planning acquisitions also want to acquire new technology or established brands (58 percent) and create efficiencies of scale (54 percent). But businesses are relying less on M&A to lower operation costs, with just 40 percent citing that as a reason.

Retained earnings (36 percent) and bank finance (28 percent) are still the two mostly used financing channels for China businesses, according to the report.

There is also a growing appetite for listing as evidenced by the willingness for initial public offerings (22 percent), four points higher than last year.

But firms planning to raise money from private equity dropped from 17 percent in last year to 13 percent.

China businesses still prefer traditional financing channels, although the financial reform implemented in Wenzhou and Guangzhou, are helping boost small and medium businesses.

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