中国投资视线转向欧洲？
Europe becomes focus of Chinese spending
英国《金融时报》 吉密欧 北京报道
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In the wake of a handful of high-profile Chinese investments in companies such as Volvo and a constant barrage of headlines declaring the country’s economic rise, some Europeans might have the impression they are already being bought up by Beijing.
中国对沃尔沃(Volvo)等欧洲企业进行了一系列令人瞩目的投资，还有接连不断的新闻标题宣告中国经济崛起，有鉴于此，一些欧洲人可能产生这样的印象：他们已经在被北京方面收入囊中。

This impression will be reinforced by a proposal that would see China give a small chunk of its $3,200bn foreign exchange reserves to the International Monetary Fund to bail out
现在有一个提议将增强这种印象，按照这一提议，中国将从3.2万亿美元的外汇储备中拿出一小部分，交给国际货币基金组织(IMF)，用于纾困欧洲各银行，或者扶持欧元区国家的主权债务。

European banks or backstop sovereign debt in the eurozone.
但是，尽管庞大外汇储备使中国成为国际债务市场的一个重要参与者，但这些储备并不是“中国公司”为了大举收购欧洲实业而随时可以动用的小金库。

But while the country’s huge reserves make it an important participant in international debt markets, they do not represent a piggy bank that China Inc can raid to snap up big swaths of European industry.
事实上，根据美国荣鼎咨询(Rhodium Group)的一项新研究，中国在欧盟27个成员国的非金融直接投资总存量尽管增长迅速，仍微不足道，只有大约150亿美元。

In fact China’s total stock of direct non-financial investment in the 27 European Union member states, while growing quickly, is still minuscule at about $15bn, according to a new study from Rhodium Group, an economic consultancy.
那相当于欧洲所有外来投资总存量的不到0.2%。

That represents less than 0.2 per cent of all foreign investment stock in Europe.
用一个更直观的对比来说，近几十年里中国对欧洲有形资产的总投资，相当于2011年上半年中国外汇储备平均每周的增量。

To put it in perspective, total Chinese investment in hard assets in Europe in recent decades is equivalent to the average weekly increase of its foreign exchange reserves in the first half of 2011.
中国外汇储备的绝大部分受到严格管理，不得用于海外直接投资。不过，北京方面正鼓励现金充裕的国有企业跨出国门，预期中国的对外投资在未来几年将飙升。

The vast bulk of those reserves is managed under a strict mandate that does not allow it to be spent on direct investments abroad. However, Beijing is encouraging its cash-rich state enterprises to expand beyond China’s borders and the country’s outbound investment is expected to surge in coming years.
根据政府数据，截至6月底，中国的全球对外直接投资存量已达到3300亿美元，远高于2002年的不到300亿美元，但仍只占全球所有国家对外直接投资存量总数的大约1.6%。

According to government figures, China’s global stock of outbound direct investment reached $330bn at the end of June, up from less than $30bn in 2002. But that still only accounted for about 1.6 per cent of the global total from all countries.
鉴于北京方面的雄心和中国经济的规模，荣鼎咨询估计，中国企业从现在到2020年的海外投资总额有望达到1万亿美元，其中有相当大一部分将流向发达经济体。

Given Beijing’s ambitions and the size of China’s economy, the Rhodium Group estimates that Chinese companies could invest as much as $1,000bn abroad between now and 2020, with much of it going to developed economies.
“中国的投资兴趣正从自然资源转向发达经济体的资产，如品牌、技术和经销渠道，因此欧洲这样的地方将得到那1万亿美元中的绝大一部分，”荣鼎咨询公司研究部主任韩其洛(Thilo Hanemann)表示。

“China’s investment interest is moving from natural resources toward developed economy assets such as brands, technology and distribution channels, so places like Europe will receive a greater portion of that $1,000bn,” said Thilo Hanemann, research director at the Rhodium Group.
今年上半年，中国在欧洲的直接投资达到近33亿美元，超过去年全年的投资额。如果能源、天然气以及个人电脑(PC)行业一些拟议中的大额交易能够完成，今年中国在欧洲的直接投资总额有望达到80亿美元。

Chinese direct investment in Europe in the first half of this year hit almost $3.3bn, exceeding the total for all of last year. If some large proposed deals in the energy, gas and PC sectors are completed, the total for this year could be as high as $8bn.
欧盟和中国正考虑就一项投资条约展开谈判，该条约将为中国企业在欧洲投资提供便利，并将有助于抑制欧洲可能出现的保护主义情绪。

The EU and Beijing are considering opening negotiations on an investment treaty that would make it easier for Chinese companies to invest in Europe and would help counter possible protectionist sentiment in Europe.
尽管欧洲官员们坚称欧洲对所有外国投资开放，但中国官员们抱怨称，中国企业受到不公平对待，被视为一种威胁，而来自美国的投资者却受到欢迎。

While European officials insist the continent is open to all foreign investment, Chinese officials complain their companies are treated unfairly and regarded as a threat while investors from the US are welcomed.