The Associated Press' Matthew Pennington says that "Chinese companies are investing more than ever in the U.S. and supporting thousands of American jobs."

Pennington cites purchases of a struggling chain of movie theaters and investments in shale oil and gas as examples of Chinese investment in the U.S.-- which is set to hit record levels in 2012.

Pennington recognizes that the jobs created "don't offset what American politicians and some economists see as the millions of jobs lost because of China's currency policies and the theft of intellectual property."

However, he deems the U.S.-China trade relationship as "more complicated than depicted on the campaign trail" and believes that "[c]heap Chinese products have benefited American consumers."

If one looks at the bottom line, though, low-cost t-shirts from China are of little consolation when Americans are losing skilled manufacturing and high-tech jobs to China.

On balance, the U.S. has lost more than 2.7 million jobs since 2001 due to a mushrooming trade deficit with China, according to a report released today by the Economic Policy Institute (EPI).

Not only are 2.1 million of those jobs in the manufacturing sector, but the trade deficit in the computer and electronic parts industry grew the most, displacing more than 1 million jobs in high-tech industries.

The U.S. trade relationship with China is proving to be a losing proposition for Americans.  What's needed is strong action to address China's predatory trade practices, like currency manipulation, that are hurting U.S. exporters.

Read more about U.S. jobs lost due to the growing trade deficit with China.