Silk Road revival drives Chinese investment push
一带一路：好故事能否有好结局？
广州科技翻译公司：中国的丝路外交是个引人入胜的故事，对于沿线国家也是巨大机会。但能否实现最终双赢，投资利润仍是关键。
Beijing’s ambition of reviving trade along the ancient Silk Road is rapidly opening up new markets to Chinese investors looking for opportunities away from their slowing domestic economy.
对于在国内不断放缓的经济以外寻觅机会的中国投资者，中国政府复兴古代丝绸之路贸易的雄心为他们迅速开辟新的市场。广州科技翻译公司。
Chinese outbound direct investment in the dozens of countries in Asia and eastern Europe that joined the “One Belt, One Road” initiative has soared since President Xi Jinping first hinted at the Silk Road narrative in 2013.
自中国国家主席习近平在2013年首次提到丝绸之路后，中国对几十个加入“一带一路”(One Belt, One Road)计划的亚洲及东欧国家的对外直接投资出现飙升。
Chinese investors announced 315 greenfield investments with a combined value of $75.9bn across Belt and Road countries in the 18 months to June 2016, twice as much as in the previous 18 months, according to figures from greenfield investment monitor fDi Markets.
据绿地投资监测机构fDi Markets的数据，在截至2016年6月的一年半时间里，中国投资者宣布了315项一带一路沿线国家绿地投资，总价值达759亿美元，比此前一年半高出一倍。
In the same period, Chinese investment in other countries fell by nearly 29 per cent to $36.5bn. Overall, 56 per cent of Chinese ODI has ended up in Belt and Road countries since Mr Xi’s speech at Nazarbayev University in Astana, Kazakhstan in September 2013.
同期中国对其他国家投资下降近29%，至3650亿美元。总体而言，自2013年9月习近平在哈萨克斯坦首都阿斯塔纳市纳扎尔巴耶夫大学(Nazarbayev University)发表讲话以来，中国56%的对外投资流向了一带一路国家。广州科技翻译公司。
The numerous Beijing-sponsored bilateral agreements that are shaping the modern Silk Road narrative are giving Chinese companies, particularly those in the construction, energy and resources sectors, privileged access to Belt and Road countries. This represents a big opportunity to utilise some of the massive overcapacity built at home over the past 20 years.
中国政府支持的大量双边协定正在编写现代丝路故事，它们正使中国企业（尤其是建筑、能源和资源领域的企业）获得一带一路国家的优先准入。这意味着一个巨大的机会，可以利用一部分国内在过去20年里积累的庞大过剩产能。
In the construction sector alone, Chinese developers have pledged to invest $25.6bn in infrastructure, property and logistics developments since September 2013. The Shenzhen Yantian Port Group hit the headlines in May when it teamed up with Indonesia’s Lippo Cikarang to development a 190tn rupiah ($14.5bn) industrial zone in West Java, a key outpost along the maritime leg of the Belt and Road initiative looping around Southeast Asia and on to the Indian Ocean all the way to Europe through the Suez Canal.
自2013年9月以来，仅在建筑领域，中国开发商就承诺投入256亿美元开发基础设施、房地产和物流项目。今年5月，深圳市盐田港集团(Yantian Port Group)登上头条新闻，该集团将与印尼的Lippo Cikarang在西爪哇合作开发一个耗资190万亿卢比（合145亿美元）的工业园区。这里是海上丝绸之路的重要前哨站，海上丝绸之路绕过东南亚，经印度洋、苏伊士运河直抵欧洲。
At the same time, “made in China” thermal power plants are springing up all over the Eurasian continent, from Indonesia to the Middle East. In Pakistan alone Chinese investors have announced new power plants worth some $8.5bn, potentially adding 5,260MW of installed capacity to the domestic grid, as the $46bn China-Pakistan corridor has emerged as a key piece in the Belt and Road jigsaw.
与此同时，从印尼到中东，“中国制造”的热电厂在欧亚大陆各地拔地而起。仅在巴基斯坦一国，中国投资者已宣布价值约85亿美元的新电厂，潜在为巴基斯坦电网新增5260兆瓦装机容量。投资额达460亿美元的中巴经济走廊已成为一带一路拼图上的关键一块。广州科技翻译公司。
China’s Silk Road foreign policy creates room for companies in construction and heavy industries to export their overcapacity, but it also accommodates the international ambitions of domestic heavyweights in other sectors.
中国的丝路外交政策为建筑和重工业企业“出口”过剩产能创造了空间，也迎合了国内其他行业重量级企业的国际抱负。
Beyond Huawei, a technology company, and Bank of China, traditionally the country’s largest outbound investors, Alibaba, the ecommerce group, and Haier, the consumer electronic specialist, are also emerging as big foreign investors as they shift production out of China and gear up to serve huge consumer markets like India.
除了科技企业华为(Huawei)和中国银行(Bank of China)等中国传统上最大的对外投资者以外，电商集团阿里巴巴(Alibaba)、消费电子品牌海尔(Haier)也在成为对外投资大户，它们将生产业务迁往海外，准备服务印度这类大型消费市场。
As China raises the stakes along Belt and Road countries, the authorities in Beijing are reportedly becoming frustrated with the slow progress in a number of these countries, something that is pushing them to take on a more active role in the governance of the initiative.
随着中国对一带一路国家加大投资，有消息称中国政府对其中多个国家的缓慢进展感到沮丧，这种局面正推动他们在一带一路计划的治理中扮演更积极角色。广州科技翻译公司。
In Pakistan, where many of the planned projects along the economic corridor have stalled because of a general lack of initiative on the Pakistani side, Chinese officials are reportedly urging the local army to take on a leadership role.
在巴基斯坦，由于巴方普遍缺乏主动性，中巴经济走廊上的许多规划项目已陷入停滞，据报道中国官员敦促让巴基斯坦军方发挥领导作用。
In Kazakhstan, where Chinese companies control about a quarter of the country’s oil production, China Investment Corporation, a sovereign wealth fund, led a group of minority investors in KMG EP, the exploration arm of state oil company KazMunaiGas, to boycott a proposed buyout that would have resulted in large capital losses for the Chinese fund.
在哈萨克斯坦——中国企业控制了该国约四分之一的石油产量——主权财富基金中投公司(China Investment Corporation)带领KMG EP的一批少数股投资者抵制一项收购提议，该收购将造成中投公司亏损大量资本。KMG EP为国有的哈萨克斯坦国家石油和天然气公司（KazMunaiGas，KMG）旗下勘探企业。
The Silk Road narrative may be a fascinating one, and a huge opportunity for the countries involved. However, to become the “win-win situation” often depicted by its enthusiasts, the investment it channels has to generate profits, or Chinese capital will eventually move elsewhere.
丝绸之路也许是个引人入胜的故事，对于沿线参与国家也是个巨大机会。但是，要想实现倡导者经常描述的“双赢模式”，其引来的投资必须产生利润，否则中国资本最终将流向别处。广州科技翻译公司。
Jacopo Dettoni is deputy editor of fDi Magazine, an FT publication
雅各布•德托尼(Jacopo Dettoni)是英国《金融时报》旗下杂志fDi Magazine的副主编
