中國進一步收緊國企海外投資規定

China’s financial regulators have further tightened oversight of foreign investments by the country’s struggling state-owned enterprises, in a bid both to stem capital outflows and rein in risk.

中國金融監管機構進一步收緊了對掙扎中的國有企業實施境外投資的監督，以便限制資本外流，遏制風險。

Starting this week, China’s finance ministry will require state groups at both national and provincial level to defend the financial viability of overseas investments and assess their political risks before proceeding, while also mandating stricter auditing mechanisms.

從本週開始，中國財政部將要求中央和地方國有集團說明其海外投資項目的財務可行性，並在事前評估其中的政治風險，同時也要執行更嚴格的審計機制。

The regulations also require all state groups to better document foreign currency transactions to assuage concerns that overseas infrastructure investment could mask capital outflows.

財政部管理辦法也要求所有國有集團完善外幣交易的書面紀要，以減輕境外基礎設施投資可能會掩蓋資本外流的擔憂。

China’s leaders have encouraged the country’s SOEs to “go out” and fund overseas telecommunications, railroad and construction projects as part of $900bn in planned investments for the country’s signature Belt and Road infrastructure initiative.

中國領導人鼓勵國企“走出去”，拿出資金實施海外通信、鐵路和建築項目。中國打算總共投資9000億美元，實施標誌性的一帶一路基礎設施計劃。

However, that has exposed the groups to greater credit and political risk as they sink resources into central Asia, Southeast Asia and Africa. Analysts also worry that the Belt and Road frenzy has incentivised groups to approve financially risky projects.

然而，在國有集團把資源投向中亞、東南亞和非洲時，它們也面臨着更大的信用與政治風險。分析人士也擔心，一帶一路狂熱刺激國有集團批准了存在財務風險的項目。

“It’s clear Chinese regulators decided that this sort of free-for-all shopping spree that has been happening over the past few years is not acceptable, and they want to reassert the government gatekeeper role in to the outbound flow of investments,” said Yanmei Xie, an analyst at Beijing-based consultancy Gavekal Dragonomics.

“中國監管機構顯然認爲，過去幾年裏發生的這類誰可以自由參與的瘋狂收購，是不可接受的，他們想重申政府在企業對外投資中的看門人角色，”北京諮詢機構龍洲經訊(GaveKal-Dragonomics)的分析師謝豔梅說。

Weighed down by debt and overcapacity, China’s unwieldy SOEs have struggled to catch up with private groups in terms of profitability. In response, authorities have merged underperforming SOEs with stronger ones and warned them to cut back on non-strategic investments.

在債務和產能過剩的重壓下，中國笨拙的國企在盈利能力方面很難趕上民企。作爲迴應，當局已把表現不佳的國企與更強的國企合併，並警告國企減少非戰略性的投資項目。

“Some investments do not meet our industrial policy requirements for outward investment?.?.?.?they are not of great benefit to China and have led to complaints abroad,” Zhou Xiaochuan, central bank governor, said in March. “Therefore we think a certain degree of policy guidance is necessary and effective.”

“有一部分投資實際上跟我國對外投資的產業政策要求不符合……對中國也沒有太大的好處，同時在外面還引起了一些抱怨，”中國央行行長周小川在3月份說，“因此，進行一定程度的政策指導，我們認爲是有必要的，也是有成效的。”

Regulators have long sought a greater role in directing SOE investments. In January, the State-owned Assets Supervision and Administration Commission set out a “negative list” that outlined sectors off-limits to SOE investment. This week’s regulations subject overseas investments to greater scrutiny.

長期以來，中國監管機構一直尋求在指導國企投資方面發揮更大作用。今年1月，國務院國資委(Sasac)制定了一份“負面清單”，規定了禁止國企投資的行業。本週的管理辦法使企業海外投資接受更嚴格審查。

However, that kind of heavy-handed enforcement may not cure SOEs of their financial woes, analysts say.

但分析人士表示，這種高壓執行也許無法讓國企擺脫財務困境。

“SOEs have not been very capable of investing in commercially profitable projects but it’s doubtful that bureaucrats will be better equipped to make those decisions ether,” said Ms Xie.

“國企不太擅長於投資能帶來商業利潤的項目，但官員們將在這類投資決策中做得更好的想法，是讓人懷疑的，”謝豔梅說。

One of several requirements in Sasac’s January regulations mandates that SOEs attract third-party investors when investing abroad as part of a push to integrate public and private capital and form “public private partnerships”.

國資委1月份所推管理辦法的要求之一是，國企在投資海外時要吸引第三方投資者加入，這是爲了推進國有與民營資本融合，形成政府和社會資本合作(PPP)。

However, China’s finance ministry declared this week that it had found several of these partnerships for domestic infrastructure investment to be “disguised borrowing” by local governments.

然而，中國財政部本週宣佈，已發現多個面向基礎設施投資的PPP項目其實是地方政府的“變相舉債”。