Why is there a Chinese capital account deficit?

We've seen recent news of Chinese trade surplus, reaching over 1 trillion USD last year. The counterpart of a trade surplus is the capital account deficit. That is, chinese people and companies keeping foreign currency investments (aka, dollars) in hand instead of exchanging it for domestic currecy.

Ok, but is there some understanding why that is? When a central bank does it we see an increase in foreign reserves and the country sometimes gets called out for currency manipulation, but while it was the case in the early 2000s, it doesn't seem to be the case now (at least by wikipedia numbers).

So, why are chinese nationals and companies keeping those dollars? Does the Chinese government have the ability to pressure its companies to not repatriate these dollars, without doing it directly by accumulating foreign reserves? Or is this just an increasing appetite for chinese companies to keep foreign investments?