Mayank Misra

Forbes.com:  "Tracking Where China Invests"

The People's Republic of China will be among the world's largest investors for a long time to come. Its official foreign exchange reserves are closing in on $2.5 trillion and its financial institutions hold hundreds of billions more. The bulk of this investment is in U.S. Treasuries and other U.S. government securities, but those bonds serve more as places to park the money than as valuable assets. To the extent it can, China over the next decade will increasingly seek to divert its horde of dollars and euros to nonbond investments at home and abroad.

ALSO:  (See "Ten Myths About China." ) The data are also not useful in evaluating where the money is going: Beijing's statisticians say that two-thirds of Chinese outward investment is into Hong Kong, but most of that money is merely routed through Hong Kong on its way elsewhere.