FORTUNE -- For all the flak China gets over its exchange rate and other economic policies, it's hard not to wonder if the Asian giant might be doing more good for the U.S. economy than most people realize.
According to a new study by the Asia Society in partnership with the Rhodium Group, China invested $5 billion in the U.S. in 2010. If the country follows the financial path taken by other emerging nations, more than $1 trillion in Chinese investments could flow worldwide by 2020 with, a sizeable amount going to advanced markets such as the U.S.
Between 2003 to 2010, as the chart prepared by the Rhodium Group shows, 35 states have been the recipients of China's largesse. Among the big winners: Texas, New York, Virginia and California. In fact, California received the largest number of Chinese investments and the broadest array of projects, including information technology, logistics, manufacturing, services and retail.
All States / All Industries / 2003-2010
Sources and methodology available here.
China has long been known as the so-called factory of the world, manufacturing everything from toys and shoes to melamine-laced baby formula. But in recent years its economy has been trying to grow in sophistication, and move beyond manufacturing. China's U.S. investments reflect that desire. Between 2003 and 2010, the country invested nearly $12 billion in the U.S. economy-$668 million of which went into aerospace, automobiles and transportation.
The country is also investing big in U.S. energy companies. During the same period, it spent $3.6 billion, mostly in fossil fuels like natural gas and coal power plants. One of the biggest deals has been China Investment Corporation's approximately 15% stake of Virginia-based power producer AES (). And while China's investments in information technology, at $2.8 billion, has been smaller than other sectors, the figure reflects 58 deals -- far more than any of the 11 industries that the Asia Society study examined.