中國政府或放開保險公司境外投資

Chinese insurers, hard hit by a sweeping crackdown this year, are anticipating an opening in the market for overseas investments in 2018.

受到今年全面打壓嚴重打擊的中國保險公司，正預期2018年中國會開放境外投資市場。

China’s insurance sector has been the target of regulatory tightening over the past year, aimed at curtailing companies’ access to foreign investments.

過去一年裏，中國保險部門一直是加強監管的目標。這些監管措施，旨在降低保險公司向境外投資的訪問權。

Several groups have been banned from selling high-risk, high-return products that have helped fuel extravagant overseas investments. The leaders of some companies have been investigated or, in the case of Anbang Insurance chairman Wu Xiaohui, detained.

多家集團被禁止銷售曾助推對外瘋狂投資的高風險高回報產品。部分企業的領導人遭調查，或是像安邦保險(Anbang Insurance)董事長吳小暉那樣，被帶走。

However, as China’s foreign exchange reserves stabilise after falling below $3tn early this year, the top investment managers at some of China’s largest insurance groups say they are planning more overseas investments in 2018.

不過，隨着中國外匯儲備今年初跌破3萬億美元後趨於穩定，中國部分最大保險集團的頂級投資經理人表示，他們正計劃在2018年開展更多境外投資。

“Regulators have signalled to insurers that they will relax restrictions on overseas investment next year,” said the chief financial officer of a large Chinese insurance group. “We plan to increase allocation into alternative investments overseas, with a focus on healthcare and industrial assets.”

一家大型中國保險集團的首席財務官表示：“監管機構已向保險公司放出信號，稱他們明年將放寬對境外投資的限制。我們計劃增加對境外替代性投資的配置，主要關注醫療和工業資產。”

The talk of relaxation comes even as the China Banking Regulatory Commission reviews the systemic risk presented by the offshore dealmaking of some of China’s most aggressive acquirers, including Anbang Insurance.

這些有關放鬆監管的說法出現之際，中國銀監會(CBRC)甚至還在審覈中國部分最激進收購方在境外開展交易所帶來的系統性風險，這些最激進收購方包括安邦保險在內。

The drainage of more than $1tn in Chinese foreign reserves starting in August 2015 pushed the State Administration of Foreign Exchange to tighten capital controls — including a requirement that government agencies sign off on foreign acquisitions valued above $10bn — starting late last year.

始於2015年8月的這輪中國外匯儲備流失規模超過1萬億美元，迫使中國國家外匯管理局(State Administration of Foreign Exchange)從去年底開始收緊了對資金的管控——其手段包括要求政府機構簽字取消估值超過100億美元的境外收購。

Reserves have since recovered to $3.05tn in May, the fourth consecutive month of growth. There are also recent signs that curbs on foreign investments are lightening.

自那以來中國外匯儲備不斷回升，5月份達到3.05萬億美元，是連續第四個月上升。另外，近期還有跡象表明，政府對境外投資的限制正在放寬。

“It has been very hard for us to get quota to invest overseas during the past year,” said Chen Yijiang, head of investments at New China Life Insurance, one of China’s largest life insurance groups. “But the pressure on foreign exchange has eased this year. [Because of that] we believe the regulators will make it easier for insurance companies to allocate overseas next year.”

中國最大人壽保險集團之一新華人壽保險公司(New China Life Insurance Company)投資部門主管陳一江表示：“過去一年裏我們一直很難拿到境外投資的配額。不過，今年外匯壓力已經減輕。（出於這個原因，）我們認爲監管機構將降低保險公司明年配置境外資產的難度。”

The China Insurance Regulatory Commission allows insurers to allocate up to 15 per cent of total assets to foreign investments, although that figure remained low at just 2 per cent at the end of 2016.

中國保監會(CIRC)允許保險公司將佔總資產最高15%的比例用於境外投資——儘管2016年底這一比例低至只有2%。

As the sector grows, companies have become more desperate to diversify into other markets and asset classes, and away from China-based investments in equities and bonds.

隨着保險產業的增長，保險公司已愈發迫切地要開展對其他市場和資產類別的多元化配置，並避免對股權和債券的、基於中國的投資。

A new survey of China’s largest insurers by Standard Life Investments reveals a continued strong interest to invest offshore.

標準人壽投資(Standard Life Investments)對中國最大保險公司的新一輪調查顯示，它們對投資境外的興趣依然十分濃厚。

About 64 per cent of the companies said they planned to increase allocation to international markets over the next three to five years. All of the insurers polled said they would boost allocation to private equity and infrastructure investment domestically and overseas.

約64%的被調查公司表示，它們計劃在今後三到五年內加大對國際市場的配置。所有被調查保險公司都表示，它們會增加對私募股權和國內外基礎設施投資的配置。

Meanwhile, 33 per cent said they would reduce allocation to Chinese sovereign and corporate bonds in the coming years.

與此同時，33%的被調查公司表示，它們會在隨後幾年減少對中國國債和企業債的配置。

“We see this trend because insurers are hoping Safe will rescind the limitations on quotas for overseas investments,” said David Peng, investment director and head of Asia at Standard Life Investments, noting that there were early signs that Safe could relax some cross-border investment controls in late 2018.

標準人壽投資亞洲區負責人、投資總監彭宏逖(David Peng)表示：“我們會認定存在這一趨勢，是因爲保險公司預計國家外匯管理局會取消對境外投資的配額限制”他還指出，初步跡象顯示，中國國家外匯管理局或在2018年底放寬部分跨境投資管控。