NEW YORK – 2010 marked the 10th year when China adopted its "going out" policy. 2010 also saw Chinese companies' overseas investments hit $56.53 billion, over 59 times that of 2000.

Chinese companies are no new name in the game. With the growing domestic market and government support as well as the zeal of the Chinese entrepreneurs, Chinese companies are expanding in many industries globally, with US a most popular destination.

What's next?

Chinese and American business executives should work on how to enhance communications to better understand both countries' situations and create more solid, win-win investment opportunities, says Tian Yuan, founder of China International Futures Co. Ltd. – one of the largest futures firms in China.

Tian is the founder of From Yabuli (a ski resort in Harbin, Northeast China) to New York business leaders' forum – a platform which he brings together top Chinese and American CEOs to discuss issues of mutual concerns.

"We hope the results of the discussions – including real issues that these business leaders concern in their daily practice of doing business – will be brought to attention to governments and policy makers (from both countries)," said Tian.

The second forum took place in April when more than 60 US business leaders and over 50 Chinese ones gathered in a series of round table discussions, most of which were closed to the public.

Tian calls these participants "first-class CEOs" in China and the US in industries ranging from technology, retail, real estate, to insurance.

American companies entered the Chinese market a long time ago. Major brands, include Coca-Cola which entered China in the 1970s, have set up their presence in China.

But now with more Chinese companies going global, the business model of how China and US worked before has been changed, suggested the group of Chinese CEOs at the discussion.

"Now we are seeing 'a two-way' model in doing businesses between China and the US," explained Tian, adding that most American business people are still used to the "one way model" which refers to American companies expanding in China, bringing in new brands and products.

"With the growing Chinese investments going overseas, it is different now and this is a new phenomenon that should be recognized," Tian said.

The view is backed by Chen Dongsheng, member of the forum and CEO of Taikang Life Insurance Co. Ltd., from which Goldman Sachs Group recently acquired a 12 percent stake worth more than $900 million.

Around the same time, Prudential Financial and Shanghai-based Fosun Group launched a $600 million private equity fund called the Pramerica-Fosun China Opportunity Fund which will be run by Fosun. Prudential and Fosun invested $500 million and $100 million respectively.

Tian's advice for American businessmen in their investment in China – cooperation is key.

"For US companies who are interested in investing in China, they should try to cooperate with Chinese companies."

"The Chinese market is growing but investors from the US – a more mature market (than China) – still don't know China well enough to establish a business on their own."

"It's time to build up partnerships with China (for US companies), especially with privately-owned companies and the Chinese entrepreneurs – it is these people they will benefit from working with," Tian said.

China's entrepreneurship is expanding rapidly. "They (Chinese entrepreneurs) work so hard and are so eager to learn," Tian added.

Clarence Kwan, national partner of the Chinese Services Group of Deloitte, echoes this point.

"If you team up with a Chinese company, it can actually help the US company in the Chinese market. If a US company becomes a partial subsidiary to a Chinese company, that company will export a lot more to China than one that has no affiliation with any Chinese company," Kwan said.

Although Chinese overseas investments are growing by numbers, the Chinese executives at the discussion argue that they see a shift in the growing domestic market.

But American experts believe otherwise – they think the US attracts Chinese investors for many reasons including its innovative technology and its well-established market.

Daniel Rosen, a principal at the Rhodium Group, a New York-based research firm and the co-author of a newly-released report on Chinese investment in the US – an American Open Door? – said direct investment by Chinese firms in the US is already taking off.

"These deals are minor today in the context of aggregate US investment, but they are already important to the hundreds of local communities that are hosting them in at least 35 states. The potential for a major impact is growing quickly," Rosen said.

Julian Chang, executive director of Asia Programs of the Ash Center of the Harvard Kennedy School believes that there will be growing interest in investments in the US by Chinese companies.

"After all, the US is still the largest consumer market and many of the top brands and technologies are sourced out of the US. The US is still the most innovative economy in the world, university and post-university education opportunities are unparalleled, and chances for individual growth and exploration are unbounded," Chang said.

At one of the discussions at the forum, an informal survey done by participants from Zagat showed that more Chinese executives know the US (cultural and history) or English than those American ones know China or Chinese.

"Many American business people still don't know China well (to do business there)," Tian said.