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According to statistics from China's Ministry of Commerce and the National Bureau of Statistics, China's direct investment in other countries and regions was $57.2 billion by the end of 2005 while the figure from the State Administration of Foreign Exchange was $64.5 billion.

Considering the fact that many investments are not officially registered, the actual overseas investment from China could well be larger than the government figures.

Within the official figure, Chinese direct investment in the US was a modest $823 million at the end of 2005.

For Chinese investors, the US is an attractive destination, not only for its huge market, but also for diversified resources like cotton, timber and grain. Yet, Chinese investors have experienced numerous obstacles when they try to invest in the US.

When CNOOC, China's largest offshore oil and gas producer, tried to acquire the US energy company Unocal in 2005, and Lenovo, China's giant in computer technology, bought the PC line of IBM the same year, both Chinese companies felt huge pressure from the US public and interest groups as well as the government in CNOOC's case.

Chinese companies encounter more barriers when they try to penetrate the US financial sector. For more than a decade, Chinese banks have repeatedly been denied permission to set up branches in the US. In contrast, more than 100 business outlets and offices of US banks now operate in China.

The US insurance market is also closed to Chinese investors. Many US states stipulate that only foreign insurance companies with existing operations in other states can open businesses or set up branches. Such stipulation makes it mission impossible for foreign insurance companies to gain a foothold in the US market.

With China's huge potential for overseas direct investment, many countries and regions are trying to lure Chinese investors. At the same time, the US needs foreign capital for sound economic development.

Therefore, it is high time for Chinese investors to get fair treatment on the US market.

Before the first China-US strategic economic dialogue last December, US Treasury Secretary Henry Paulson pointed out that one of the three key areas in the dialogue was encouraging both countries' markets to be more open to trade, competition and investment. Since investment and transparency were concerns in last week's dialogue, Chinese investors may soon experience a friendlier environment in the US.