The tidal wave of Chinese investment around the world predicted by some and feared by others has not materialized and is unlikely to. Various obstacles to overseas spending by the People's Republic of China (PRC) kept growth moderate in the first half of 2013. Energy was again the focus, but the dominance of state-owned enterprises has begun to ease.Chinese investment in the U.S. was substantial in the first half of the year, continuing the performance in 2012. This trend indicates that certain American policy choices should be clarified. The U.S. benefits from Chinese investment, but there is little reason to heed Chinese demands for a more welcoming environment until there is progress on American investment interests in China.