Leader_Resistance to China’s acquisition spree stiffens
FT社评：化解贸易阻力需中西方共同努力
广州贸易翻译公司：中资企业海外收购所面对的审查日渐增多，这种抵触情绪的背后，也突显出中西方之间不断加剧的贸易不对等状态。
Chinese companies scouring the world to buy technology, brands and multinational corporations have sparked a significant trend this year. The scale is impressive.
中国企业踏遍世界各地收购技术、品牌和跨国公司，在今年形成一个显著趋势。其规模令人印象深刻。广州贸易翻译公司。
The value of Chinese overseas acquisitions announced in the first nine months totalled about $191bn, almost double the inflows of foreign investment into China over the same period.
今年头九个月宣布的中国海外收购的总价值约为1910亿美元，几乎是同期外商对华投资的两倍。
The acquisitions are generally welcomed by recipient countries. They help create jobs and economic growth. Signs of resistance are mounting in the US, Australia and recently in Europe too. Nearly $40bn in planned Chinese deals have been scuppered since mid-2015, mostly because of tightened scrutiny over competition and national security concerns.
这些收购一般受到目的地国家欢迎。它们帮助创造就业机会和促进经济增长。在美国、澳大利亚以及最近在欧洲，也出现了一些抵触迹象。自2015年年中以来，总计近400亿美元的中资收购计划受挫，多数是因为出于竞争和国家安全顾虑的更严格的审查。
The list of deals inviting examination is lengthening, with the proposed $44bn Chinese takeover of Swiss agribusiness Syngenta one of the latest to face delays. Amid signs of a protectionist backlash in Germany, Berlin has withdrawn approval for the €670m acquisition of chip equipment maker Aixtron by Chinese interests citing “previously unknown security-related information”.
招致审查的交易的名单越来越长，拟议中的中资440亿美元收购瑞士农业综合企业先正达(Syngenta)是最新一笔面临延误的交易。在德国国内出现保护主义反弹迹象的背景下，柏林方面撤回了对中资6.7亿欧元收购芯片设备制造商爱思强(Aixtron)的批准，理由是“先前未知的安全相关信息”。广州贸易翻译公司。
Such repercussions were entirely predictable. The deal bonanza highlights stark asymmetries between China and the west, raising questions not only of corporate governance but also of whether there can be reciprocal treatment between a highly restrictive authoritarian state and open industrialised democracies.
这种冲击波是完全可以预见的。这波交易热潮突显了中国和西方之间的鲜明不对称，还引发了种种疑问，不仅包括公司治理，还包括在高度限制性的威权国家和开放的工业化民主国家之间有没有可能存在互惠对等待遇。
The plain fact is that western companies would stand little chance of securing Beijing’s approval to buy an important state-owned Chinese corporation — or even a privately owned one in a restricted industry.
明显的事实是，西方公司如果要收购一家重要的国有中国企业，或者哪怕是一家在限制性行业经营的私营企业，都是几乎没有机会争取到北京方面批准的。
The OECD, a grouping of industrialised countries, places China last but one for restrictiveness towards foreign direct investment out of 59 countries ranked. The World Bank put the country in 84th place, behind Saudi Arabia and Ukraine, in a ranking for ease of doing business.
由工业化国家组成的经合组织(OECD)在其编制的对外商直接投资的限制程度排名中，把中国列在59个国家中的倒数第二位。世界银行(World Bank)在其营商环境报告中把中国排在第84位，还不如沙特阿拉伯和乌克兰。广州贸易翻译公司。
At the sector level, the mismatch between China and the west becomes even clearer. Media, telecoms, legal and financial services are either completely closed to foreign investment in China or highly restricted, according to OECD data. By contrast, such industries are almost entirely open to acquisitions in the west.
在行业层面，中国与西方之间的不对称变得更加鲜明。根据经合组织的数据，中国的媒体、电信、法律和金融服务等行业要么完全不让外资涉足，要么实行严格限制。与此形成反差的是，西方的这些行业对收购几乎完全开放。
This means that companies such as Dalian Wanda, a Chinese company with strong government connections, has been able to snap up iconic Hollywood film studios but foreigners are barred from buying equivalent Chinese firms. Similarly, Chinese company Midea has bought Kuka, a robotics maker and one of Germany’s most advanced companies. But when Carlyle, a US private equity firm, tried to buy XCMG, a Chinese machine tool maker, it was blocked by Beijing.
这意味着中国企业——比如大连万达这样一家具有深厚政府人脉的企业——能够买下标志性的好莱坞电影制片公司，而外国人被禁止收购相等的中国公司。同样，中国公司美的(Midea)收购了德国机器人制造商、德国最先进的企业之一库卡(Kuka)。但是，美国私募股权公司凯雷(Carlyle)收购中国工程机械制造商徐工(XCMG)的企图被北京方面封杀。
Such a lack of balance is neither sustainable nor desirable. If China wants to continue to benefit from virtually free access to the best technology and brands the west has to offer, it needs to take reciprocity more seriously.
这种不平衡的状态既不可持续，也不可取。如果中国希望继续获益于能够基本上自由地获取西方最好的技术和品牌，它就需要更加认真地对待互惠对等。广州贸易翻译公司。
With Chinese gross domestic product growth slowing, Beijing should recognise that it needs the US and Europe as much as they need China. It should also redouble its energies to negotiate a bilateral investment agreement with the EU.
随着中国国内生产总值(GDP)增长放缓，北京方面应该认识到，它需要美国和欧洲，就像美欧也需要中国一样。它还应加倍努力，与欧盟谈判达成双边投资协定。
The upsurge in foreign investment and engagement that would follow a liberalisation of China’s highly restrictive investment regime would provide impetus to flagging growth. It would also help neutralise the growing wave of protectionism in the west that is threatening to thwart some of corporate China’s biggest overseas deals.
在中国放开高度限制性的投资制度后，外商投资和参与的激增将提振中国正在放缓的增长。这还将有助于化解西方日益高涨的保护主义浪潮，这股浪潮正在威胁一些最大的中资海外交易。
