中国对外投资面对内外挑战

 　　After recording¹ double-digit rates of growth over the past few years, Chinese outbound mergers² and acquisitions have been grabbing headlines around the world. However this remarkable³ trend faces a twofold challenge. First, US, German and Australian regulators, among others, are paying increased attention to Chinese investments. At the same time, the Chinese government has started to scrutinise outbound investment projects more closely, and has even reinstalled the approval process that was abolished in April 2014.

　　在过去几年接连录得两位数增速后，中国对外并购成为世界各地的头条新闻。然而，这种引人注目的趋势面临双重挑战。首先，美国、德国、澳大利亚等国家的监管机构日益关注中国投资。与此同时，中国政府开始更加密切地审查对外投资项目，甚至恢复了2014年4月废除的审批程序。

　　The new regulatory restrictions⁵ in China are being imposed partly to manage the high risks that Chinese investors⁶ are taking. For state-owned companies, the mere⁷ fact that they are investing in foreign countries can help their leaders secure promotion⁸ within the Chinese government apparatus⁹. For private entrepreneurs, outbound M&A can be a way to diversify¹⁰ an investment portfolio¹¹ or to transfer wealth abroad.

　　中国出台新的监管限制，在一定程度上是为了管理中国投资者正在承担的较高风险。对国有企业来说，在外国进行投资本身就有助于其领导者在中国政府体制内部获得提拔。对私人企业家来说，对外并购可以是多元化投资或者向海外转移财富的方式。

　　The other main reason for the new restrictions in China is to prevent further depreciation¹² of the renminbi. With capital outflows increasing, the Chinese government has begun to tighten¹³ foreign currency controls on outbound investments to stabilise the exchange rate, although the authorities have taken a soft approach towards implementing¹⁴ this restriction⁴, to minimise the shock for Chinese citizens.

　　中国推出新的限制措施的另一个主要原因是阻止人民币进一步贬值。随着资本外流加剧，中国政府开始收紧针对境外投资的外汇管制以稳定人民币汇率，尽管有关部门采取表面上温和的方式执行这方面的限制措施，以尽可能减少对中国居民的冲击。

　　The anti-corruption¹⁵ campaign against Chinese bureaucrats¹⁶ has occasionally uncovered bribes¹⁷ paid by Chinese entrepreneurs. In the past, corruption was typically a part of doing business. To escape from possible prosecution¹⁸ or confiscation¹⁹ of their wealth, individuals used various ways to transfer assets abroad and one of the quickest was an M&A transaction. As a result, the Chinese government started looking into the exodus²⁰ of capital.

　　针对中国官员的反腐败斗争时常会发现中国企业家曾有向官员行贿的行为。过去，贿赂往往是做生意的一部分。为了逃避可能的公诉或财富没收，人们想方设法向海外转移资产，其中最快的途径之一就是并购交易。其结果是，中国政府开始调查资本外流。

　　At the same time, growing Chinese investment has provoked a public outcry in certain countries and this has led to a review by regulatory authorities. A series of Chinese investments in the US have been scrutinised for security concerns by the Committee on Foreign Investment in the United States (Cfius), which examines potential national security risks from M&A deals.

　　与此同时，中国投资日益增多在某些国家引发公众不满，导致监管部门展开调查。在美国，负责评估并购协议潜在国家安全风险的美国外国投资委员会(CFIUS)，从安全角度从严审查了中国在美国的一系列投资。

　　The exponential growth of Chinese investments, and the apparent increase in hidden government support for those companies, have led to a rise in protectionism, a trend exemplified by Germany withdrawing approval for a Chinese company to acquire a chipmaker, Aixtron.

　　中国投资的指数式增长，以及政府显然加大对走出国门的中资公司的隐性支持，已导致保护主义情绪上升，德国撤回对中资企业收购芯片设备制造商爱思强(Aixtron)的批准就表明了这种趋势。

　　Chinese investments are still taking place in industries including semiconductors²¹ and other high-tech²² or sensitive sectors²³. Such acquisitions inevitably²⁴ invite a high degree of vigilance, especially when these deals are undertaken by Chinese state-owned enterprises.

　　中国投资仍发生在半导体和其他高科技或敏感行业。此类收购难免招来高度警惕，尤其是当这些交易是由中国国企发起的时候。

　　The Australian government last year banned the State Grid²⁵ Corporation of China from acquiring a controlling stake in the country’s biggest electricity distribution network. Such negative sentiment is set to grow stronger: the Chinese government has a plan to maximise the market share that Chinese state-owned companies enjoy within the domestic market to the detriment²⁶ of Chinese private companies.

　　澳大利亚政府去年禁止中国国家电网公司(State Grid Corporation of China)收购该国最大电网的控股权。此类负面情绪只会越来越强烈：中国政府有一个让国企在国内市场享有最大化市场份额的计划，这对中国私营企业不利。

　　Chinese companies will continue to seek cross-border deals in order to quickly obtain market share, technical expertise²⁷ and marketing²⁸ channels, with the objective of becoming global players. However, concerns in industrialised countries about Chinese investment, combined with the ever-tightening Chinese government control over the outflow of capital, will serve as an important brake on such investment.

　　中资企业将继续物色跨境交易以迅速获得市场份额、技术专长和营销渠道，目标是成为全球企业。然而，工业化国家对中国投资的担忧，加上中国政府日益收紧的对资本外流的管制，将对此类投资起到重要的遏制作用。

　　The number and the amount of Chinese outbound M&A will significantly reduce in 2017. For deals in the pipeline²⁹, meanwhile, contracting parties are well advised to be prepared for a range of political, financial and legal risks.

　　中国对外并购的数量和规模将在2017年大幅缩减。与此同时，对于在谈尚未完全交割的交易，交易各方最好准备应对一系列政治、金融和法律方面的风险。

1 recording   

n.录音，记录

参考例句：

• How long will the recording of the song take?录下这首歌得花多少时间？
• I want to play you a recording of the rehearsal.我想给你放一下彩排的录像。

2 mergers   

n.（两个公司的）合并( merger的名词复数 )

参考例句：

• Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种：横向合并，纵向合并和混合合并。 来自辞典例句
• Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务，在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件

3 remarkable   

adj.显著的，异常的，非凡的，值得注意的

参考例句：

• She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
• These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。

4 restriction   

n.限制，约束

参考例句：

• The park is open to the public without restriction.这个公园对公众开放，没有任何限制。
• The 30 mph speed restriction applies in all built-up areas.每小时限速30英里适用于所有建筑物聚集区。

5 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

6 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

7 mere   

adj.纯粹的；仅仅，只不过

参考例句：

• That is a mere repetition of what you said before.那不过是重复了你以前讲的话。
• It's a mere waste of time waiting any longer.再等下去纯粹是浪费时间。

8 promotion   

n.提升，晋级；促销，宣传

参考例句：

• The teacher conferred with the principal about Dick's promotion.教师与校长商谈了迪克的升级问题。
• The clerk was given a promotion and an increase in salary.那个职员升了级，加了薪。

9 apparatus   

n.装置，器械；器具，设备

参考例句：

• The school's audio apparatus includes films and records.学校的视听设备包括放映机和录音机。
• They had a very refined apparatus.他们有一套非常精良的设备。

10 diversify   

v.（使）不同，（使）变得多样化

参考例句：

• Our company is trying to diversify.我们公司正力图往多样化方面发展。
• Hills and woods diversify the landscape.山陵和树木点缀景色。

11 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

12 depreciation   

n.价值低落，贬值，蔑视，贬低

参考例句：

• She can't bear the depreciation of the enemy.她受不了敌人的蹂躏。
• They wrote off 500 for depreciation of machinery.他们注销了500镑作为机器折旧费。

13 tighten   

v.(使)变紧；(使)绷紧

参考例句：

• Turn the screw to the right to tighten it.向右转动螺钉把它拧紧。
• Some countries tighten monetary policy to avoid inflation.一些国家实行紧缩银根的货币政策，以避免通货膨胀。

14 implementing   

v.实现( implement的现在分词 )；执行；贯彻；使生效

参考例句：

• -- Implementing a comprehensive drug control strategy. ――实行综合治理的禁毒战略。 来自汉英非文学 - 白皮书
• He was in no hurry about implementing his unshakable principle. 他并不急于实行他那不可动摇的原则。 来自辞典例句

15 corruption   

n.腐败，堕落，贪污

参考例句：

• The people asked the government to hit out against corruption and theft.人民要求政府严惩贪污盗窃。
• The old man reviled against corruption.那老人痛斥了贪污舞弊。

16 bureaucrats   

n.官僚( bureaucrat的名词复数 )；官僚主义；官僚主义者；官僚语言

参考例句：

• That is the fate of the bureaucrats, not the inspiration of statesmen. 那是官僚主义者的命运，而不是政治家的灵感。 来自辞典例句
• Big business and dozens of anonymous bureaucrats have as much power as Japan's top elected leaders. 大企业和许多不知名的官僚同日本选举出来的最高层领导者们的权力一样大。 来自辞典例句

17 bribes   

n.贿赂( bribe的名词复数 )；向（某人）行贿，贿赂v.贿赂( bribe的第三人称单数 )；向（某人）行贿，贿赂

参考例句：

• It was alleged that he had taken bribes while in office. 他被指称在任时收受贿赂。
• corrupt officials accepting bribes 接受贿赂的贪官污吏

18 prosecution   

n.起诉，告发，检举，执行，经营

参考例句：

• The Smiths brought a prosecution against the organizers.史密斯家对组织者们提出起诉。
• He attempts to rebut the assertion made by the prosecution witness.他试图反驳原告方证人所作的断言。

19 confiscation   

n. 没收, 充公, 征收

参考例句：

• Confiscation of the property of all emigrants and rebels. 没收一切流亡分子和叛乱分子的财产。 来自英汉非文学 - 共产党宣言
• Confiscation of smuggled property is part of the penalty for certain offences. 没收走私财产是对某些犯罪予以惩罚的一部分。

20 exodus   

v.大批离去，成群外出

参考例句：

• The medical system is facing collapse because of an exodus of doctors.由于医生大批离去，医疗系统面临崩溃。
• Man's great challenge at this moment is to prevent his exodus from this planet.人在当前所遇到的最大挑战，就是要防止人从这个星球上消失。

21 semiconductors   

n.半导体( semiconductor的名词复数 )

参考例句：

• Crystals may be insulators, semiconductors, or conductors. 晶体可以是绝缘体，半导体，或导体。 来自辞典例句
• Semiconductors containing such impurities are called p-type semiconductors. 含有这类杂质的半导体叫做P型半导体。 来自辞典例句

22 high-tech   

adj.高科技的

参考例句：

• The economy is in the upswing which makes high-tech services in more demand too.经济在蓬勃发展，这就使对高科技服务的需求量也在加大。
• The quest of a cure for disease with high-tech has never ceased. 人们希望运用高科技治疗疾病的追求从未停止过。

23 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

24 inevitably   

adv.不可避免地；必然发生地

参考例句：

• In the way you go on,you are inevitably coming apart.照你们这样下去，毫无疑问是会散伙的。
• Technological changes will inevitably lead to unemployment.技术变革必然会导致失业。

25 grid   

n.高压输电线路网；地图坐标方格；格栅

参考例句：

• In this application,the carrier is used to encapsulate the grid.在这种情况下，要用载体把格栅密封起来。
• Modern gauges consist of metal foil in the form of a grid.现代应变仪则由网格形式的金属片组成。

26 detriment   

n.损害；损害物，造成损害的根源

参考例句：

• Smoking is a detriment to one's health.吸烟危害健康。
• His lack of education is a serious detriment to his career.他的未受教育对他的事业是一种严重的妨碍。

27 expertise   

n.专门知识(或技能等)，专长

参考例句：

• We were amazed at his expertise on the ski slopes.他斜坡滑雪的技能使我们赞叹不已。
• You really have the technical expertise in a new breakthrough.让你真正在专业技术上有一个全新的突破。

28 marketing   

n.行销，在市场的买卖，买东西

参考例句：

• They are developing marketing network.他们正在发展销售网络。
• He often goes marketing.他经常去市场做生意。

29 pipeline   

n.管道，管线

参考例句：

• The pipeline supplies Jordan with 15 per cent of its crude oil.该管道供给约旦15%的原油。
• A single pipeline serves all the houses with water.一条单管路给所有的房子供水。