Over the coming decade, the world's business landscape will be changed radically by massive outward flows of Chinese capital.
According to a report published in May by the Asia Society, China is likely to make more than US$1 trillion in foreign direct investments between now and 2020.
Such a huge recycling of money should be invigorating for the global economy. But US$1 trillion is a tonne of cash by anyone's standards, which means the investment process will often be disruptive and sometimes painful.
So it would help if everyone involved - including commentators in politics and the media - took a deep breath, calmed down, and adopted a level-headed approach to China's outward investments. There are too many misconceptions around as it is.
Consider an article in last week's edition of The Economist, which contrasted US aversion to inward investment from China to the openness of countries in Asia, Latin America and Europe.
According to The Economist, in 2009, China's stock of direct investment in Asia reached US$185 billion. Its investments in Latin America hit US$30 billion and reached US$9 billion in Europe. In contrast, its stock of investments in the whole of North America came to a relatively meagre US$5 billion. Because of 'public attacks by wealthy lobby groups and frothing congressmen', the magazine argued, the US is losing out.
