Chinese businesses are set to spend more than US$1 trillion on overseas assets by 2020 as they work to secure resources and productively deploy huge cash reserves, according to a report published by the Asia Society, the Financial Times reports. Chinese firms had invested around US$230 billion offshore by the end of 2009, roughly the same level as Denmark and slightly more than Taiwan. The authors, Daniel Rosen and Thilo Hanemann, say Chinese direct investment in the US is already doubling every year, but that political opposition will continue to restrict inflows. The Chinese already have a business presence in 35 of the 50 US states, with most of the growth in investment since 2008 in manufacturing. However, direct investment is far exceeded by Chinese purchases of short-term US financial assets like treasury bonds, which have already reached US$1 trillion. US officials say that while Chinese firms have complaints about barriers to investment, Beijing recognizes that raising this argument would draw attention to its own restrictions on foreign companies entering the Chinese market.