化解貿易阻力需中西方共同努力
Chinese companies scouring the world to buy technology, brands and multinational corporations have sparked a significant trend this year.
中國企業踏遍世界各地收購技術、品牌和跨國公司，在今年形成一個顯著趨勢。
The scale is impressive.
其規模令人印象深刻。
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.
今年頭九個月宣佈的中國海外收購的總價值約爲1910億美元，幾乎是同期外商對華投資的兩倍。
The acquisitions are generally welcomed by recipient countries.
這些收購一般受到目的地國家歡迎。
They help create jobs and economic growth.
它們幫助創造就業機會和促進經濟增長。
Signs of resistance are mounting in the US, Australia and recently in Europe too.
在美國、澳大利亞以及最近在歐洲，也出現了一些牴觸跡象。
Nearly $40bn in planned Chinese deals have been scuppered since mid-2015, mostly because of tightened scrutiny over competition and national security concerns.
自2015年年中以來，總計近400億美元的中資收購計劃受挫，多數是因爲出於競爭和國家安全顧慮的更嚴格的審查。
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.
招致審查的交易的名單越來越長，擬議中的中資440億美元收購瑞士農業綜合企業先正達(Syngenta)是最新一筆面臨延誤的交易。
Amid signs of a protectionist backlash in Germany, Berlin has withdrawn approval for the EURO670m acquisition of chip equipment maker Aixtron by Chinese interests citing previously unknown security-related information.
在德國國內出現保護主義反彈跡象的背景下，柏林方面撤回了對中資6.7億歐元收購芯片設備製造商愛思強(Aixtron)的批准，理由是先前未知的安全相關信息。
Such repercussions were entirely predictable.
這種衝擊波是完全可以預見的。
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.
這波交易熱潮突顯了中國和西方之間的鮮明不對稱，還引發了種種疑問，不僅包括公司治理，還包括在高度限制性的威權國家和開放的工業化民主國家之間有沒有可能存在互惠對等待遇。
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.
明顯的事實是，西方公司如果要收購一家重要的國有中國企業，或者哪怕是一家在限制性行業經營的私營企業，都是幾乎沒有機會爭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.
由工業化國家組成的經合組織(OECD)在其編制的對外商直接投資的限制程度排名中，把中國列在59個國家中的倒數第二位。
The World Bank put the country in 84th place, behind Saudi Arabia and Ukraine, in a ranking for ease of doing business.
世界銀行(World Bank)在其營商環境報告中把中國排在第84位，還不如沙特阿拉伯和烏克蘭。
At the sector level, the mismatch between China and the west becomes even clearer.
在行業層面，中國與西方之間的不對稱變得更加鮮明。
Media, telecoms, legal and financial services are either completely closed to foreign investment in China or highly restricted, according to OECD data.
根據經合組織的數據，中國的媒體、電信、法律和金融服務等行業要麼完全不讓外資涉足，要麼實行嚴格限制。
By contrast, such industries are almost entirely open to acquisitions in the west.
與此形成反差的是，西方的這些行業對收購幾乎完全開放。
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.
這意味着中國企業——比如大連萬達這樣一傢俱有深厚政府人脈的企業——能夠買下標誌性的好萊塢電影製片公司，而外國人被禁止收購相等的中國公司。
Similarly, Chinese company Midea has bought Kuka, a robotics maker and one of Germany’s most advanced companies.
同樣，中國公司美的(Midea)收購了德國機器人制造商、德國最先進的企業之一庫卡(Kuka)。
But when Carlyle, a US private equity firm, tried to buy XCMG, a Chinese machine tool maker, it was blocked by Beijing.
但是，美國私募股權公司凱雷(Carlyle)收購中國工程機械製造商徐工(XCMG)的企圖被北京方面封殺。
Such a lack of balance is neither sustainable nor desirable.
這種不平衡的狀態既不可持續，也不可取。
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.
如果中國希望繼續獲益於能夠基本上自由地獲取西方最好的技術和品牌，它就需要更加認真地對待互惠對等。
With Chinese gross domestic product growth slowing, Beijing should recognise that it needs the US and Europe as much as they need China.
隨着中國國內生產總值(GDP)增長放緩，北京方面應該認識到，它需要美國和歐洲，就像美歐也需要中國一樣。
It should also redouble its energies to negotiate a bilateral investment agreement with the EU.
它還應加倍努力，與歐盟談判達成雙邊投資協定。
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.
在中國放開高度限制性的投資制度後，外商投資和參與的激增將提振中國正在放緩的增長。
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.
這還將有助於化解西方日益高漲的保護主義浪潮，這股浪潮正在威脅一些最大的中資海外交易。
