经济学人114:中国的海外投资

 　　China abroad 中国的海外投资

　　Welcome, bienvenue, willkommen

　　欢迎，欢迎，热烈欢迎

　　America needs to worry about the contrast between its attitude to China and Europe’s

　　美国需要考虑下他自己和欧洲对待中国的态度有何不同

　　Jun 30th 2011 | from the print edition

　　IN EUROPE, the red carpet. In America, a red mist. This week’s tour of European capitals by Wen Jiabao, China’s prime minister, underlined the stark¹ transatlantic difference in responses to China’s economic clout². European leaders, caught up in the euro area’s crisis, want China to buy more of their debt; American politicians worry that it owns too much of theirs. For European politicians the value of the yuan is one worry among many; it sometimes feels like Americans can think of little else. In Europe, Chinese firms are broadly welcome; in America, they are often viewed with suspicion.

　　在欧洲，是红地毯，在美国，是蒙蒙的红雾。中国国务院总理温家宝在这周的欧洲首都之行上，凸显了大西洋彼岸的国家对中国经济实力增强的不同反应。欧洲各国的领导人，被欧元区危机弄得焦头烂额，迫切希望中国购买他们的债券，美国的政客则担心中国蚕食他们的利益；对于欧洲的政客，人民币的价值只是他们担心的一个方面，而在美国却盯着此不放；在欧洲，中国的公司受到广泛的欢迎，在美国，他们却经常被视作动机不纯。

　　Europe’s receptiveness to China is born partly of weakness. Delegations³ from peripheral⁴ euro-zone countries have been flying into Beijing to seek buyers of their debt. Fixers working for Chinese companies report a steady stream of inquiries⁵ from cash-strapped European firms. But even among Europe’s stronger economies, the political bias⁶ is to promote investment from China, not deter⁷ it.

　　欧洲对中国的接纳部分是因为欧洲经济的疲软。欧元区的小国代表团已经飞往北京去寻找债券购买人了，为中国公司工作的调停者已经从那些现金流不足的欧洲公司那里整理出一份详细的咨询报告。甚至是那些强大的经济体，政治的偏见都没能够抑制从中国来的投资。

　　That stance will have big consequences. China’s foreign direct investment to date has focused on securing the energy and resources that its industrialising economy craves⁸. Chinese money has been visible in Asia, Africa and Latin America, buying up everything from copper⁹ mines in Peru and farmland in Tanzania to aluminium¹⁰ smelters in Australia. But the next stage in China’s emergence¹¹ is under way and it will centre on Europe.

　　这种立场将会产生巨大的影响。中国至今的对外直接投资都是集中在牢牢把握能源资源方面，那些可以满足工业化经济的资源。中国的投资可以在亚洲，非洲，拉丁美洲都可被看到，从秘鲁的铜矿，坦桑尼亚的农田到澳大利亚的铝矿熔炉，他们统统全部买下。中国下一阶段的计划显然就是当下正在做的并把中心移至欧洲。

　　To understand why, consider each of the world’s three largest economic powers in turn. China wants to climb the development ladder. Its burgeoning¹² domestic markets are fiercely contested, so its firms want new sources of advantage like Western brands and marketing¹³ expertise¹⁴. Its export-oriented firms want to lock in closer ties with end-customers.

　　想知道为什么吗？以此考虑一下世界三个大经济体的力量吧。中国想要搭上这次发展的快车。它自己国内快速发展的市场竞争激烈，所以中国的公司想要一些新的优势资源，比如像欧洲的品牌和市场经验，出口导向的公司希望和终端消费者靠的更近一些。

　　America is the natural place for China to turn to but the economic relationship between the superpower and the dragon breathing down its neck is fraught¹⁵. Ever since CNOOC, a state-controlled Chinese oil firm, was forced out of the bidding for California’s Unocal in 2005 by congressional and media critics, many big Chinese companies have regarded America as fundamentally hostile to their investments.

　　美国最自然是中国企业转移的最佳地方，但是这个超级大国和他鼻子下呼吸的中国龙的经济关系并不是那么的令人愉快。自从2005年中海油——中国国有控制的石油公司——被国会和媒体批评家从加州优尼科公司的竞价中强制哄走后，好多中国公司都认为美国对他们投资存在根本敌意。

　　This perception is not entirely¹⁶ fair. The process for screening inward investments into America on security grounds does not appear to discriminate¹⁷ against China. But Chinese companies wanting to buy American assets must be prepared to risk public attacks by wealthy lobby groups and frothing congressmen. Many choose to avoid America instead. A report by the Asia Society in Washington, DC, says that scaremongering about China could lead America to forfeit¹⁸ a share of $1 trillion-worth of outward Chinese direct investment by 2020.

　　这种认识并不是公平的。对进入美国的对内投资进行程序的审查并不能表示是对中国的歧视。中国公司想要购买美国资产必须做好应对来自富人游说团体和国会议员攻击的风险。但是很多都选择避开美国。一份来自华盛顿的亚洲社会显示，到2020年，对中国散布的谣言将会是使美国丧失一份价值1万亿美元的中国直接对外投资。

　　More of that cash is instead heading to Europe. Investment bankers there are now sure to dial Chinese clients if they hear that a firm is a possible bid target. Chinese banks are rapidly increasing 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，现金转而都流向了欧洲，现在，投资银行听到一公司可能会有竞标的投资目标，就一定会给中国的客户打电话咨询。中国的银行在欧洲出现的次数也快速的增多起来。中国人正在抢购伦敦市中心的豪宅。中国在欧洲的直接投资增长速度超过了其他任何地方。

　　The Europeans get more than just money. A Chinese partner is a good way for a European brand to gain access to the world’s soon-to-be-biggest economy. Ask France’s Club Med, which now has a big Chinese shareholder¹⁹ and recently opened its first holiday resort in the country. Or CIFA, an Italian construction-equipment maker²⁰ whose products are now marketed as a premium²¹ brand by its Chinese owner. Or Sweden’s Volvo, which was bought by Geely, a Chinese carmaker, in 2010 and now calls China its “second home market”.

　　欧洲得到的不仅仅是金钱。一个中国搭档就是一条可以使欧洲品牌通往世界快速增长经济体的捷径。问一下法国麦德俱乐部，现在有一个中国大股东，最近在中国建立了他的第一个度假村。还有CIFA，一家意大利施工设备制造厂，现在在中国新东家的管理下，他的产品已经成为市场上的顶级品牌。还有瑞典的沃尔沃，已经被一家中国汽车制造商吉利在2010购买，现在称中国为第二本土市场。

　　European voters are less happy about all this than their leaders: polls show that they view Chinese investments nearly as negatively as Americans do. Three worries predominate. The first is that China will strip Europe of technology and jobs. It is true that Chinese firms are often interested in buying European companies to use their know-how²² in China (or worse, to steal it). But Chinese firms want to conquer markets abroad as well as at home, and to do that in Europe, they must create jobs there. The second fear is that the Chinese are buying European jewels on the cheap. But there’s no evidence for that. Indeed, they are more likely to overpay: countries and firms with excess savings²³ nearly always do. The third concern is that investments in assets like utilities and mobile technology threaten Europe’s security. But processes exist to screen foreign investments on those grounds. There’s no reason to think that they are wanting, and no reason to tighten²⁴ them until that changes.

　　欧洲的选民可不像他们的领导那么开心：民意调查显示他们对中国投资看法几乎和美国人差不多消极。有三个明显的担心。第一就是中国夺走了欧洲的技术和工作。中国企业购买欧洲公司并利用欧洲的技术在中国生产（或者更糟，直接山寨），他们经常只对此感兴趣这是真的。但是中国企业想要像在国内一样在欧洲征服海外市场。他们必须在那里创造就业岗位。第二个担心就是中国人低阶购买欧洲珠宝，但是这还没有什么证据证明。事实上，他们更喜欢高价购买：那些有着过多存款国家和企业经常如此做。第三个就是对公用工程和交通技术的投资会威胁到欧洲的安全。但是在这方面现有对国外投资的审查程序。现在没有理由认为那就是他们要的，也没有理由在那改变之前来缚束他们。

　　China’s outward march certainly argues for vigilance, for it is the consequence of a huge shift in the balance of power, and change always involves risk. But the opportunities are greater than the dangers. In welcoming China, Europe is swimming with the tide of history; America is struggling against it.

　　中国的对外投资大军当然是谨慎的辩解，因为这对力量平衡的巨大转移有着重大意义，并且改变经常伴随着风险。但是机遇是大于风险的。在对中国的欢迎中，欧洲顺应了历史的潮流，而美国正在极力的反对这种趋势。

1 stark   

adj.荒凉的；严酷的；完全的；adv.完全地

参考例句：

• The young man is faced with a stark choice.这位年轻人面临严峻的抉择。
• He gave a stark denial to the rumor.他对谣言加以完全的否认。

2 clout   

n.用手猛击；权力，影响力

参考例句：

• The queen may have privilege but she has no real political clout.女王有特权，但无真正的政治影响力。
• He gave the little boy a clout on the head.他在那小男孩的头部打了一下。

3 delegations   

n.代表团( delegation的名词复数 )；委托，委派

参考例句：

• In the past 15 years, China has sent 280 women delegations abroad. 十五年来，中国共派280批妇女代表团出访。 来自汉英非文学 - 白皮书
• The Sun Ray decision follows the federal pattern of tolerating broad delegations but insisting on safeguards. “阳光”案的判决仿效联邦容许广泛授权的做法，但又坚持保护措施。 来自英汉非文学 - 行政法

4 peripheral   

adj.周边的，外围的

参考例句：

• We dealt with the peripheral aspects of a cost reduction program.我们谈到了降低成本计划的一些外围问题。
• The hotel provides the clerk the service and the peripheral traveling consultation.旅舍提供票务服务和周边旅游咨询。

5 inquiries   

n.调查( inquiry的名词复数 )；疑问；探究；打听

参考例句：

• He was released on bail pending further inquiries. 他获得保释，等候进一步调查。
• I have failed to reach them by postal inquiries. 我未能通过邮政查询与他们取得联系。 来自《现代汉英综合大词典》

6 bias   

n.偏见，偏心，偏袒；vt.使有偏见

参考例句：

• They are accusing the teacher of political bias in his marking.他们在指控那名教师打分数有政治偏见。
• He had a bias toward the plan.他对这项计划有偏见。

7 deter   

vt.阻止，使不敢，吓住

参考例句：

• Failure did not deter us from trying it again.失败并没有能阻挡我们再次进行试验。
• Dogs can deter unwelcome intruders.狗能够阻拦不受欢迎的闯入者。

8 craves   

渴望，热望( crave的第三人称单数 )； 恳求，请求

参考例句：

• The tree craves calm but the wind will not drop. 树欲静而风不止。
• Victory would give him a passport to the riches he craves. 胜利将使他有机会获得自己梦寐以求的财富。

9 copper   

n.铜；铜币；铜器；adj.铜(制)的；(紫)铜色的

参考例句：

• The students are asked to prove the purity of copper.要求学生们检验铜的纯度。
• Copper is a good medium for the conduction of heat and electricity.铜是热和电的良导体。

10 aluminium   

n.铝 (=aluminum)

参考例句：

• Aluminium looks heavy but actually it is very light.铝看起来很重，实际上却很轻。
• If necessary, we can use aluminium instead of steel.如果必要，我们可用铝代钢。

11 emergence   

n.浮现，显现，出现，（植物）突出体

参考例句：

• The last decade saw the emergence of a dynamic economy.最近10年见证了经济增长的姿态。
• Language emerges and develops with the emergence and development of society.语言是随着社会的产生而产生，随着社会的发展而发展的。

12 burgeoning   

adj.迅速成长的，迅速发展的v.发芽，抽枝( burgeon的现在分词 )；迅速发展；发（芽），抽（枝）

参考例句：

• Our company's business is burgeoning now. 我们公司的业务现在发展很迅速。 来自《简明英汉词典》
• These efforts were insufficient to contain the burgeoning crisis. 这些努力不足以抑制迅速扩散的危机。 来自辞典例句

13 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。

14 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。

15 fraught   

adj.充满…的，伴有(危险等)的；忧虑的

参考例句：

• The coming months will be fraught with fateful decisions.未来数月将充满重大的决定。
• There's no need to look so fraught!用不着那么愁眉苦脸的！

16 entirely   

ad.全部地，完整地；完全地，彻底地

参考例句：

• The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
• His life was entirely given up to the educational work. 他的一生统统献给了教育工作。

17 discriminate   

v.区别，辨别，区分；有区别地对待

参考例句：

• You must learn to discriminate between facts and opinions.你必须学会把事实和看法区分出来。
• They can discriminate hundreds of colours.他们能分辨上百种颜色。

18 forfeit   

vt.丧失；n.罚金，罚款，没收物

参考例句：

• If you continue to tell lies,you will forfeit the good opinion of everyone.你如果继续撒谎，就会失掉大家对你的好感。
• Please pay for the forfeit before you borrow book.在你借书之前请先付清罚款。

19 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。

20 maker   

n.制造者，制造商

参考例句：

• He is a trouble maker，You must be distant with him.他是个捣蛋鬼，你不要跟他在一起。
• A cabinet maker must be a master craftsman.家具木工必须是技艺高超的手艺人。

21 premium   

n.加付款；赠品；adj.高级的；售价高的

参考例句：

• You have to pay a premium for express delivery.寄快递你得付额外费用。
• Fresh water was at a premium after the reservoir was contaminated.在水库被污染之后，清水便因稀而贵了。

22 know-how   

n.知识；技术；诀窍

参考例句：

• He hasn't got the know-how to run a farm.他没有经营农场的专业知识。
• I don't have much know-how about engines.发动机方面的技术知识我知之甚少。

23 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

24 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。