美國公司日子不那麼好過了,但不能撤出中國

President Obama told Reuters Monday he has "raised directly with President Xi [Jinping]" concerns about pending Chinese legislation that requires technology companies provide the Chinese government "backdoor" access to encrypted files and store data on Chinese users in China.

奧巴馬總統週一告訴路透社，他直接向習主席提出，對中國即將立法要求科技公司向中國政府提供"後門"接口以監測中國用戶的加密文件和存儲文件，表示關注。

The law, which is expected to be adopted by China's parliament in the near term, "would essentially force all foreign companies, including U.S. companies, to turn over to the Chinese government mechanisms where they can snoop and keep track of all the users of those services," Obama said. "We have made it very clear to them that this is something they are going to have to change if they are to do business with the United States."

這部法律，被認爲將會在人大近期通過，"將實質上強迫所有外國公司，包括美國公司，向中國政府提供一個機制來窺探和追蹤他們所有的用戶"，奧巴馬說。"我們明確對中國人表示，如果他們想跟美國公司做生意，他們就必須改變這一點。"

President Obama's response to what China calls an anti-terrorism law is just the latest escalation in a series of policy disputes over cybersecurity and related issues initially triggered by Edward Snowden's 2013 leak of classified NSA surveillance programs. The Justice Department's indictment of five Chinese military officers in May 2014 for allegedly stealing trade secrets was another major event in what Reuters calls "a major irritant in U.S.-China relations."

奧巴馬總統對中國所謂反恐法的反應，正是2013年斯諾登泄密事件引爆的一系列對於互聯網安全相關事宜的政策糾紛的最新體現。2014年5月美國法律部門以涉嫌偷竊貿易機密起訴五名中國軍官是另一起重大事件，被路透社描述爲"嚴重刺激了美中關係"。

Starting last summer, Chinese government agencies were ordered to use home-grown technologies vs. those made by Microsoft (MSFT), IBM (IBM), Cisco (CSCO) and Oracle (ORCL).

自去年夏天起，中國政府部門被命令使用本土研發的產品以取代微軟、國際商用機器公司、思科以及甲骨文提供的產品。

"To resist the naked Internet hegemony, we will draw up international regulations, and strengthen techno logy safeguards, but we will also severely punish the pawns of the villain," China's The People's Daily s aid last June.

“爲了阻止赤裸裸的網絡霸權，我們將根據國際通行的規則加強技術安全措施，同時我們也將嚴懲惡意違規行爲”，人民日報去年6月報道。

In addition. Western automakers General Motors (GM), Mercedes, Audi and Volkswagen were targeted for egedly violating Chinese antitrust regulation while local offices of Microsoft and its China Accenture pa rtner were raided in August.

不止如此，西方汽車製造商通用、奔馳，奧迪和大衆也被中國反歪斷法列爲目標，同時微軟中國和它在中國合作伙伴埃森哲諮詢的辦公室去年8月被搜査。

Generally speaking, most investors have looked at these US-Sino cyber security issues -- if they're even paying attention -- as mainly a political sideshow for local Chinese consumption or, at worst, a mere rhetorical battle between the world's first- and second-largest economies. But China has both national security and economic interests behind its "Buy China" campaign and investors ought to start paying more attention to these developments, as I wrote here in August.

總體而言，大多數投資者把這些美中互聯網安全問題——如果他們關注這事的話——看作主要是一場中國國內的政治遊戲，最多也只是一場世界第一大和第二大經濟體之間的嘴仗。但是中國在"支持國貨"運動的背後有國家安全和經濟方面的利益，所以投資者應該更加註意這件事的發展，正如我去年8月份專欄文章裏所寫的那樣。

S&P 500 companies with highest percentage of sales in China, based on those firms that disclosed such information …

標普500公司裏中國銷售額佔比最高的公司，基於願意提供此類信息的公司的披露

U.S. companies aren't forced to break-out their revenue by any particular geographical segment; as such, many firms don't specifically mention China. According to S&P Capital IQ, only 40 S&P 500 companies disclosed specific figures on China sales in their fiscal 2014 annual reports, with the average proportion of full-year revenue at 16.3%. Based on that data, we compiled a list of the S&P 500 companies with the greatest share of sales in China, of those that disclosed such information, at left. Qualcomm, for example, which last month agreed to pay a $975 million fine to settle allegations it violated the country's antitrust regulations, generated nearly 50% of its fiscal 2014 revenue from China. (Qualcomm shares have risen since the settlement was announced since it removed "uncertainty" over its China legal issues.)

美國公司並未被強令必須分具體地區來提供收入報表，所以很多公司並沒有在財報裏提到中國的收入到底有多少。根據S&P Capital IQ（財經信息提供商）提供的資料，標普500公司裏面只有40家在其2014年年報中披露中國地區的具體銷售額，中國平均在整體銷售額中佔16.3%。根據這份數據，我們編輯了一份標普500中披露相關信息的公司裏面，中國銷售額佔比最大的公司列表。以高通爲例，其上個月同意支付9.75億美元的罰金以解決涉嫌違反中國反壟斷法的問題，這將近高通2014年中國收入的一半。（在與發改委和解的消息公佈後，高通股票大漲，因爲其在中國面臨的法律問題的不確定性消除了）

The bottom line is, naturally, the bottom line: Even as the pace of economic expansion slows, China is s till viewed as a huge "growth opportunity" for U.S. multinationals and there's real money at risk if Chin a closes its markets — or makes it cost prohibitive for foreign firms to enter (or stay) in the world's most-populous nation.

：即使經濟擴張減速,中國仍然被美國跨國公司看作一個巨大的増長機會。中國如果真的關上大門^或者 使得外國公司進入/留在這個世界上人口最多的國家的成本變得無法接受，目略是真金白銀時員失。

"Western firms know they've got to be in China because the market is expanding so rapidly but playing by Chinese rules is often difficult," says Wharton Dean Geoffrey Garrett. "It's not trivially easy to operate in the Chinese market but the upside is incredibly high."

"西方公司知道，中國市場增長如此之快，他們必須待在這裏,但照中國的玩法這並不容易",Wharton Dean Geoff rey Garrett說。“在中國市場運營不會一帆風順,但是回報難以置信的高”。

Garrett believes the Chinese market is simply too big for Western firms to ignore, even if it's becoming more challenging to operate in the Middle Kingdom. Five years ago, Apple was assemblying phones in China for exports, he notes; now sales in China account from 17% of its revenue. Still that's not to suggest there isn't plenty for U.S. firms and investors to worry about, especially as 2014 marked the first time China's investments abroad outstripped inward direct foreign investment.

Garrett相信中國市場太大以至於西方公司不可能無視她，即使在這個中央帝國運營變得越發有挑戰性的情況下。五年前蘋果在中國裝配手機出口，現在中國地區爲蘋果貢獻了17%的收入。這並不是說美國公司和投資者的沒有什麼可擔心的，尤其是2014年中國第一次對外投資超過引進外資。

"I don't want to be pollyanna-ish about when we see the protectionism of Internet in China it tends to take our eye off something: the scale and innovativeness of Chinese tech companies," says Garrett, who has extensively studied China's economic rise and was previously President of the Pacific Council on International Policy in Los Angeles. "For 10 years the Chinese strategy has been to grow companies that are not only Chinese champions but global champions and tech looks like a good place for the Chinese to focus."

"對中國我並不是過分樂觀...但是當我們關注中國在互聯網上體現出來的貿易保護主義時，往往忽略掉了中國科技企業的規模和創新能力"，Garrett說。他廣泛研究中國的經濟崛起，並且是洛杉磯太平洋國際政策委員會的前主席。"中國的10年策略是培育不僅在中國領先更在國際上領先的企業，而技術領域看上去正是中國可以集中精力的地方"。

It looks 'good' unless you're trying to compete with them on an uneven playing field, of course.

這看上去很不錯，除非你正好想與這些中國公司競爭，當然了，尤其是要在一塊不平坦的場地上競爭的話。