China abroad 中國的海外投資

　　IN EUROPE, the red carpet. In America, a red mist.This weeks tour of European capitals by Wen Jiabao,Chinas prime minister, underlined the starktransatlantic difference in responses to Chinas economic clout. European leaders, caught up inthe euro areas crisis, want China to buy more of their debt; American politicians worry that itowns too much of theirs. For European politicians the value of the yuan is one worry amongmany; it sometimes feels like Americans can think of little else. In Europe, Chinese firms arebroadly welcome; in America, they are often viewed with suspicion.

　　在歐洲，是紅地毯，在美國，是蒙蒙的紅霧。中國國務院總理溫家寶在這周的歐洲首都之行上，凸顯了大西洋彼岸的國家對中國經濟實力增強的不同反應。歐洲各國的領導人，被歐元區危機弄得焦頭爛額，迫切希望中國購買他們的債券，美國的政客則擔心中國蠶食他們的利益;對于歐洲的政客，人民幣的價值只是他們擔心的一個方面，而在美國卻盯著此不放;在歐洲，中國的公司受到廣泛的歡迎，在美國，他們卻經常被視作動機不純。

　　Europes receptiveness to China is born partly of weakness. Delegations from peripheraleuro-zone countries have been flying into Beijing to seek buyers of their debt. Fixers workingfor Chinese companies report a steady stream of inquiries from cash-strapped European firms.But even among Europes stronger economies, the political bias is to promote investment fromChina, not deter it.

　　歐洲對中國的接納部分是因為歐洲經濟的疲軟。歐元區的小國代表團已經飛往北京去尋找債券購買人了，為中國公司工作的調停者已經從那些現金流不足的歐洲公司那里整理出一份詳細的咨詢報告。甚至是那些強大的經濟體，政治的偏見都沒能夠抑制從中國來的投資。

　　That stance will have big consequences. Chinasforeign direct investment to date has focused onsecuring the energy and resources that itsindustrialising economy craves. Chinese money hasbeen visible in Asia, Africa and Latin America, buyingup everything from copper mines in Peru andfarmland in Tanzania to aluminium smelters inAustralia. But the next stage in Chinas emergenceis under way and it will centre on Europe.

　　這種立場將會產生巨大的影響。中國至今的對外直接投資都是集中在牢牢把握能源資源方面，那些可以滿足工業化經濟的資源。中國的投資可以在亞洲，非洲，拉丁美洲都可被看到，從秘魯的銅礦，坦桑尼亞的農田到澳大利亞的鋁礦熔爐，他們統統全部買下。中國下一階段的計劃顯然就是當下正在做的并把中心移至歐洲。

　　To understand why, consider each of the worlds three largest economic powers in turn. Chinawants to climb the development ladder. Its burgeoning domestic markets are fiercelycontested, so its firms want new sources of advantage like Western brands and marketingexpertise. Its export-oriented firms want to lock in closer ties with end-customers.

　　想知道為什么嗎?以此考慮一下世界三個大經濟體的力量吧。中國想要搭上這次發展的快車。它自己國內快速發展的市場競爭激烈，所以中國的公司想要一些新的優勢資源，比如像歐洲的品牌和市場經驗，出口導向的公司希望和終端消費者靠的更近一些。

　　America is the natural place for China to turn to but the economic relationship between thesuperpower and the dragon breathing down its neck is fraught. Ever since CNOOC, a state-controlled Chinese oil firm, was forced out of the bidding for Californias Unocal in 2005 bycongressional and media critics, many big Chinese companies have regarded America asfundamentally hostile to their investments.

　　美國最自然是中國企業轉移的最佳地方，但是這個超級大國和他鼻子下呼吸的中國龍的經濟關系并不是那么的令人愉快。自從2005年中海油中國國有控制的石油公司被國會和媒體批評家從加州優尼科公司的競價中強制哄走后，好多中國公司都認為美國對他們投資存在根本敵意。

　　This perception is not entirely fair. The process for screening inward investments into Americaon security grounds does not appear to discriminate against China. But Chinese companieswanting to buy American assets must be prepared to risk public attacks by wealthy lobbygroups and frothing congressmen. Many choose to avoid America instead. A report by the AsiaSociety in Washington, DC, says that scaremongering about China could lead America to forfeita share of $1 trillion-worth of outward Chinese direct investment by 2023.

　　這種認識并不是公平的。對進入美國的對內投資進行程序的審查并不能表示是對中國的歧視。中國公司想要購買美國資產必須做好應對來自富人游說團體和國會議員攻擊的風險。但是很多都選擇避開美國。一份來自華盛頓的亞洲社會顯示，到2023年，對中國散布的謠言將會是使美國喪失一份價值1萬億美元的中國直接對外投資。

　　More of that cash is instead heading to Europe. Investment bankers there are now sure to dialChinese clients if they hear that a firm is a possible bid target. Chinese banks are rapidlyincreasing their presence in Europe. Mainlanders are snapping up central London residences.Chinese direct investment abroad has increased faster in Europe than in any other region.

　　更甚的是，現金轉而都流向了歐洲，現在，投資銀行聽到一公司可能會有競標的投資目標，就一定會給中國的客戶打電話咨詢。中國的銀行在歐洲出現的次數也快速的增多起來。中國人正在搶購倫敦市中心的豪宅。中國在歐洲的直接投資增長速度超過了其他任何地方。

　　The Europeans get more than just money. A Chinesepartner is a good way for a European brand to gainaccess to the worlds soon-to-be-biggest economy.Ask Frances Club Med, which now has a big Chineseshareholder and recently opened its first holidayresort in the country. Or CIFA, an Italianconstruction-equipment maker whose products arenow marketed as a premium brand by its Chineseowner. Or Swedens Volvo, which was bought byGeely, a Chinese carmaker, in 2010 and now callsChina its second home market.

　　歐洲得到的不僅僅是金錢。一個中國搭檔就是一條可以使歐洲品牌通往世界快速增長經濟體的捷徑。問一下法國麥德俱樂部，現在有一個中國大股東，最近在中國建立了他的第一個度假村。還有CIFA，一家意大利施工設備制造廠，現在在中國新東家的管理下，他的產品已經成為市場上的頂級品牌。還有瑞典的沃爾沃，已經被一家中國汽車制造商吉利在2010購買，現在稱中國為第二本土市場。

　　European voters are less happy about all this than their leaders: polls show that they viewChinese investments nearly as negatively as Americans do. Three worries predominate. Thefirst is that China will strip Europe of technology and jobs. It is true that Chinese firms areoften interested in buying European companies to use their know-how in China . But Chinese firms want to conquer markets abroad as well as at home, and to do thatin Europe, they must create jobs there. The second fear is that the Chinese are buyingEuropean jewels on the cheap. But theres no evidence for that. Indeed, they are more likely tooverpay: countries and firms with excess savings nearly always do. The third concern is thatinvestments in assets like utilities and mobile technology threaten Europes security. Butprocesses exist to screen foreign investments on those grounds. Theres no reason to thinkthat they are wanting, and no reason to tighten them until that changes.

　　歐洲的選民可不像他們的領導那么開心：民意調查顯示他們對中國投資看法幾乎和美國人差不多消極。有三個明顯的擔心。第一就是中國奪走了歐洲的技術和工作。中國企業購買歐洲公司并利用歐洲的技術在中國生產，他們經常只對此感興趣這是真的。但是中國企業想要像在國內一樣在歐洲征服海外市場。他們必須在那里創造就業崗位。第二個擔心就是中國人低階購買歐洲珠寶，但是這還沒有什么證據證明。事實上，他們更喜歡高價購買：那些有著過多存款國家和企業經常如此做。第三個就是對公用工程和交通技術的投資會威脅到歐洲的安全。但是在這方面現有對國外投資的審查程序。現在沒有理由認為那就是他們要的，也沒有理由在那改變之前來縛束他們。

　　Chinas outward march certainly argues for vigilance, for it is the consequence of a huge shiftin the balance of power, and change always involves risk. But the opportunities are greater thanthe dangers. In welcoming China, Europe is swimming with the tide of history; America isstruggling against it.

　　中國的對外投資大軍當然是謹慎的辯解，因為這對力量平衡的巨大轉移有著重大意義，并且改變經常伴隨著風險。但是機遇是大于風險的。在對中國的歡迎中，歐洲順應了歷史的潮流，而美國正在極力的反對這種趨勢。

　　China abroad 中國的海外投資

　　IN EUROPE, the red carpet. In America, a red mist.This weeks tour of European capitals by Wen Jiabao,Chinas prime minister, underlined the starktransatlantic difference in responses to Chinas economic clout. European leaders, caught up inthe euro areas crisis, want China to buy more of their debt; American politicians worry that itowns too much of theirs. For European politicians the value of the yuan is one worry amongmany; it sometimes feels like Americans can think of little else. In Europe, Chinese firms arebroadly welcome; in America, they are often viewed with suspicion.

　　在歐洲，是紅地毯，在美國，是蒙蒙的紅霧。中國國務院總理溫家寶在這周的歐洲首都之行上，凸顯了大西洋彼岸的國家對中國經濟實力增強的不同反應。歐洲各國的領導人，被歐元區危機弄得焦頭爛額，迫切希望中國購買他們的債券，美國的政客則擔心中國蠶食他們的利益;對于歐洲的政客，人民幣的價值只是他們擔心的一個方面，而在美國卻盯著此不放;在歐洲，中國的公司受到廣泛的歡迎，在美國，他們卻經常被視作動機不純。

　　Europes receptiveness to China is born partly of weakness. Delegations from peripheraleuro-zone countries have been flying into Beijing to seek buyers of their debt. Fixers workingfor Chinese companies report a steady stream of inquiries from cash-strapped European firms.But even among Europes stronger economies, the political bias is to promote investment fromChina, not deter it.

　　歐洲對中國的接納部分是因為歐洲經濟的疲軟。歐元區的小國代表團已經飛往北京去尋找債券購買人了，為中國公司工作的調停者已經從那些現金流不足的歐洲公司那里整理出一份詳細的咨詢報告。甚至是那些強大的經濟體，政治的偏見都沒能夠抑制從中國來的投資。

　　That stance will have big consequences. Chinasforeign direct investment to date has focused onsecuring the energy and resources that itsindustrialising economy craves. Chinese money hasbeen visible in Asia, Africa and Latin America, buyingup everything from copper mines in Peru andfarmland in Tanzania to aluminium smelters inAustralia. But the next stage in Chinas emergenceis under way and it will centre on Europe.

　　這種立場將會產生巨大的影響。中國至今的對外直接投資都是集中在牢牢把握能源資源方面，那些可以滿足工業化經濟的資源。中國的投資可以在亞洲，非洲，拉丁美洲都可被看到，從秘魯的銅礦，坦桑尼亞的農田到澳大利亞的鋁礦熔爐，他們統統全部買下。中國下一階段的計劃顯然就是當下正在做的并把中心移至歐洲。

　　To understand why, consider each of the worlds three largest economic powers in turn. Chinawants to climb the development ladder. Its burgeoning domestic markets are fiercelycontested, so its firms want new sources of advantage like Western brands and marketingexpertise. Its export-oriented firms want to lock in closer ties with end-customers.

　　想知道為什么嗎?以此考慮一下世界三個大經濟體的力量吧。中國想要搭上這次發展的快車。它自己國內快速發展的市場競爭激烈，所以中國的公司想要一些新的優勢資源，比如像歐洲的品牌和市場經驗，出口導向的公司希望和終端消費者靠的更近一些。

　　America is the natural place for China to turn to but the economic relationship between thesuperpower and the dragon breathing down its neck is fraught. Ever since CNOOC, a state-controlled Chinese oil firm, was forced out of the bidding for Californias Unocal in 2005 bycongressional and media critics, many big Chinese companies have regarded America asfundamentally hostile to their investments.

　　美國最自然是中國企業轉移的最佳地方，但是這個超級大國和他鼻子下呼吸的中國龍的經濟關系并不是那么的令人愉快。自從2005年中海油中國國有控制的石油公司被國會和媒體批評家從加州優尼科公司的競價中強制哄走后，好多中國公司都認為美國對他們投資存在根本敵意。

　　This perception is not entirely fair. The process for screening inward investments into Americaon security grounds does not appear to discriminate against China. But Chinese companieswanting to buy American assets must be prepared to risk public attacks by wealthy lobbygroups and frothing congressmen. Many choose to avoid America instead. A report by the AsiaSociety in Washington, DC, says that scaremongering about China could lead America to forfeita share of $1 trillion-worth of outward Chinese direct investment by 2023.

　　這種認識并不是公平的。對進入美國的對內投資進行程序的審查并不能表示是對中國的歧視。中國公司想要購買美國資產必須做好應對來自富人游說團體和國會議員攻擊的風險。但是很多都選擇避開美國。一份來自華盛頓的亞洲社會顯示，到2023年，對中國散布的謠言將會是使美國喪失一份價值1萬億美元的中國直接對外投資。

　　More of that cash is instead heading to Europe. Investment bankers there are now sure to dialChinese clients if they hear that a firm is a possible bid target. Chinese banks are rapidlyincreasing their presence in Europe. Mainlanders are snapping up central London residences.Chinese direct investment abroad has increased faster in Europe than in any other region.

　　更甚的是，現金轉而都流向了歐洲，現在，投資銀行聽到一公司可能會有競標的投資目標，就一定會給中國的客戶打電話咨詢。中國的銀行在歐洲出現的次數也快速的增多起來。中國人正在搶購倫敦市中心的豪宅。中國在歐洲的直接投資增長速度超過了其他任何地方。

　　The Europeans get more than just money. A Chinesepartner is a good way for a European brand to gainaccess to the worlds soon-to-be-biggest economy.Ask Frances Club Med, which now has a big Chineseshareholder and recently opened its first holidayresort in the country. Or CIFA, an Italianconstruction-equipment maker whose products arenow marketed as a premium brand by its Chineseowner. Or Swedens Volvo, which was bought byGeely, a Chinese carmaker, in 2010 and now callsChina its second home market.

　　歐洲得到的不僅僅是金錢。一個中國搭檔就是一條可以使歐洲品牌通往世界快速增長經濟體的捷徑。問一下法國麥德俱樂部，現在有一個中國大股東，最近在中國建立了他的第一個度假村。還有CIFA，一家意大利施工設備制造廠，現在在中國新東家的管理下，他的產品已經成為市場上的頂級品牌。還有瑞典的沃爾沃，已經被一家中國汽車制造商吉利在2010購買，現在稱中國為第二本土市場。

　　European voters are less happy about all this than their leaders: polls show that they viewChinese investments nearly as negatively as Americans do. Three worries predominate. Thefirst is that China will strip Europe of technology and jobs. It is true that Chinese firms areoften interested in buying European companies to use their know-how in China . But Chinese firms want to conquer markets abroad as well as at home, and to do thatin Europe, they must create jobs there. The second fear is that the Chinese are buyingEuropean jewels on the cheap. But theres no evidence for that. Indeed, they are more likely tooverpay: countries and firms with excess savings nearly always do. The third concern is thatinvestments in assets like utilities and mobile technology threaten Europes security. Butprocesses exist to screen foreign investments on those grounds. Theres no reason to thinkthat they are wanting, and no reason to tighten them until that changes.

　　歐洲的選民可不像他們的領導那么開心：民意調查顯示他們對中國投資看法幾乎和美國人差不多消極。有三個明顯的擔心。第一就是中國奪走了歐洲的技術和工作。中國企業購買歐洲公司并利用歐洲的技術在中國生產，他們經常只對此感興趣這是真的。但是中國企業想要像在國內一樣在歐洲征服海外市場。他們必須在那里創造就業崗位。第二個擔心就是中國人低階購買歐洲珠寶，但是這還沒有什么證據證明。事實上，他們更喜歡高價購買：那些有著過多存款國家和企業經常如此做。第三個就是對公用工程和交通技術的投資會威脅到歐洲的安全。但是在這方面現有對國外投資的審查程序。現在沒有理由認為那就是他們要的，也沒有理由在那改變之前來縛束他們。

　　Chinas outward march certainly argues for vigilance, for it is the consequence of a huge shiftin the balance of power, and change always involves risk. But the opportunities are greater thanthe dangers. In welcoming China, Europe is swimming with the tide of history; America isstruggling against it.

　　中國的對外投資大軍當然是謹慎的辯解，因為這對力量平衡的巨大轉移有著重大意義，并且改變經常伴隨著風險。但是機遇是大于風險的。在對中國的歡迎中，歐洲順應了歷史的潮流，而美國正在極力的反對這種趨勢。