????Chinese businesses, their coffers overflowing with state money, have been doing progressively bigger and bolder deals.

????By Maha Atal

????Money machine

????Thanks to the export of cheap products, like these Limited t-shirts being made in this factory in Lesotho, China has amassed some $2 trillion in foreign reserves.

????To rebalance its economy and to fuel growth beyond light manufacturing, China plans to invest some of that cash abroad in industries ranging from finance to autos to semiconductors.

????Going high tech

????China is moving up the value chain. One of the best examples: In 2004, the country's largest PC maker, Lenovo, bought IBM's PC division, making it the sector's third largest player.

????Chinese executives hope overseas acquisitions like this one will help them move quickly up the learning curve when it comes to issues such as foreign regulatory law and consumer safety standards.

????The hunt for oil

????China needs natural resources to power its economy, which grew 7.9% in the latest quarter. One example: China's National Offshore Oil Corporation (CNOOC) has invested heavily in Nigeria's oil sector, including this rig near Port Harcourt.

????Now, CNOOC is in talks with the Nigerian government about access to some six billion barrels of oil in a deal that could be worth as much as $30 billion.

????Buying Brazil's black gold

????China's demand for oil has also taken it to Brazil: Earlier this summer, the China Development Bank loaned Petrobras, Brazil's national oil company, $10 billion for a deep-water, offshore-exploration project.

????The Iran connection

????Oil isn't all that's on China's shopping list. In June, China National Petroleum forked over $5 billion to develop a section of the South Pars gas fields in Iran.

????CNP joins international firms such as Total and Gazprom, which developed this facility near Assouleh in 2002 and 2003.

????Left at the altar

????Late last year, Chinese aluminum and steelmaker Chinalco tried to acquire a 20% stake in Anglo-Australian Rio Tinto, which supplies it with iron ore from mines like this one in Queensland, Australia. But when commodity prices surged this past spring, Rio Tinto decided not to sell and let the deal collapse.

????In what some see as an apparent act of revenge, an incensed Chinese government detained four Rio Tinto executives, accusing them of stealing secrets.

????Building the world

????Chinese construction firms are spreading throughout the world, erecting roads, dams, bridges, and airports.

????In Angola, China is building football stadiums for next year's African Nations Cup as well as rail and road projects.

????Start your engines

????The Chinese domestic auto industry is booming, tempting companies to look for foreign acquisitions that would help feed the local market.

????This week, China's Tengzhong announced it would buy Hummer from General Motors for a reported $150 million. At first, at least, Tengzhong will produce the cars in what were GM's U.S. plants.