中資涌向巴西尋覓投資回報
Every year, Brazilian venture capital firm Monashees takes entrepreneurs from its portfolio companies on an overseas discovery tour.
巴西風投公司Monashees每年都會帶領其投資組合公司的企業家們開展一次海外發現之旅。
This year, instead of Silicon Valley, the firm headed to the Yangtze Valley, in a clear sign of a new front opening for Chinese investment in Latin America.
今年，這家公司沒有去硅谷，而是來到了長江流域，這表明，在拉美，一個新的前沿正向中國投資開放。
China is seeking to expand lending and investment in Brazil and elsewhere on the continent, as it shifts from its traditional resource focus to manufacturing, logistics and even technology.
中國正試圖擴大在巴西和拉美其他國家的貸款和投資，同時從傳統的資源焦點轉向製造業、物流甚至科技。
The switch comes amid a prolonged slump in energy prices and an economic meltdown in Venezuela, which had dominated China’s push into the region.
發生這一轉向的背景是能源價格長期低迷，委內瑞拉經濟出現滑坡，而該國曾是中國進軍拉美的主功方向。
With its own economic growth slowing, China is turning into an international financial investor, looking elsewhere for returns on investment as profit margins at home turn thin.
隨着國內經濟增速放緩，中國正變成一個國際金融投資者，在國內利潤率下滑之際尋求在海外獲得投資回報。
That means considering a broader range of industries than it has been targeting.
這意味着比過去考慮更多的行業。
Mergers and acquisitions tell part of the story.
併購交易在一定程度上講述這一故事。
So far in 2016, Chinese companies have spent $11.9bn acquiring Brazilian counterparts, the highest since 2010, when Brazil was at the height of its commodity-driven economic boom, according to figures from Dealogic, the data company.
數據提供商Dealogic的數據顯示，今年迄今，中國企業已斥資119億美元收購巴西企業，爲自2010年以來最高，當時巴西處於由大宗商品推動的經濟熱潮的頂峯。
Deals this year have been concentrated in utilities but span sectors ranging from food and beverage to transport.
今年的併購交易集中在公用事業機構，但也涉及從食品、飲料到交通的多個行業。
Monashees put Brazilian tech on Beijing’s map when it sold a local daily deal site, Peixe Urbano, to Chinese internet giant Baidu in 2014 for an undisclosed amount.
2014年，Monashees將其巴西團購網站Peixe Urbano出售給中國互聯網巨頭百度(Baidu)，收購金額未披露，此舉讓巴西科技企業進入中資的視線。
In leading a group of 60 entrepreneurs to China, Monashees is hoping to replicate that success.
今年Monashees率領60名企業家來到中國，希望複製這一成功。
The Brazilian group met all the biggest Chinese tech companies, from Baidu to Alibaba and Tencent, focusing on areas such as software as a service, fintech, e-health and education, said co-founder Eric Acher.
Monashees聯合創始人埃裏克.阿謝(Eric Acher)表示，巴西代表團訪問了中國各大科技公司，包括百度、阿里巴巴(Alibaba)和騰訊(Tencent)，關注的領域涵蓋軟件即服務（software as a service，簡稱SaaS）、金融科技、電子醫療和教育等領域。
The group started 10 years ago and invests in Argentina, Colombia and Silicon Valley, in addition to its main focus, Brazil.
這家風險投資集團創建於10年前，主要投資於巴西，在阿根廷、哥倫比亞和硅谷也有投資。
China’s recent advances in innovation and technology were more tangible for Brazilian entrepreneurs, Mr Acher said: We can learn a lot from what happened in the last 15 years in China as an emerging market, the second-largest tech ecosystem in the world today.
阿謝表示，對於巴西企業家而言，中國近年在創新和科技方面的進步更爲實實在在，他說：作爲一個新興市場以及全球第二大科技生態系統，中國在過去15年的發展可以讓我們學到很多。
Beijing’s shift away from pure resources is important to maintaining investment flows into Latin America.
北京方面把投資焦點從純資源轉向其他領域，對於保持中國對拉美的投資流動相當重要。
In the downturn since 2012, World Bank lending to the region halved, Inter-American Development Bank lending stayed roughly even but Chinese lending soared, according to data from the OECD.
經合組織(OECD)的數據顯示，在自2012年以來的經濟低迷期間，世界銀行(World Bank)對拉美的貸款減半，美洲開發銀行(Inter-American Development Bank)的貸款基本保持不變，但來自中國的貸款出現飆升。
China is acting as the countercyclical lender, the stabiliser, says Angel Melguizo, head of the Latin American and Caribbean development centre under the OECD.
經合組織拉美和加勒比海發展中心負責人安吉爾.梅爾吉索(Angel Melguizo)表示：中國正在起到逆週期貸款機構的作用，成爲一個穩定因素。
Much of that money has flowed into Brazilian energy and infrastructure.
很大一部分貸款流向巴西能源和基礎設施領域。
But while earlier investment was into state-controlled infrastructure, replicating the Chinese model, new flows are basically market investments, said Marcos Caramuru de Paiva, Brazil’s ambassador in Beijing.
巴西駐華大使馬尚(Marcos Caramuru de Paiva)表示，儘管之前的投資流向國家控股的基礎設施，效仿中國的模式，但新的投資基本上屬於市場投資。
It’s very much a demonstration of how dynamic the relations are.
這在很大程度上表明兩國的經貿合作關係多麼有活力。
China and Brazil are finalising details of a $20bn Sino-Brazilian bilateral investment fund, first announced last year, to which China will contribute $15bn.
中國和巴西正在敲定一個規模爲200億美元的中巴雙邊投資基金的細節，該基金最初於去年宣佈，中國將出資150億美元。
The new fund falls under the umbrella of the China-Latin America Industrial Cooperation Investment Fund, adding to its existing $30bn investment mandate.
新基金隸屬於中國拉美產能合作投資基金(China-Latin America Industrial Cooperation Investment Fund)，將爲目前300億美元的投資規模再添一份力。
Han Deping, president of the CLAI fund, said future targets include renewable energy such as solar power; logistics and high-end manufacturing.
中拉產能合作投資基金總經理韓德平表示，未來的目標包括太陽能發電等可再生能源；物流以及高端製造業。
Latin America wants to move away from commodity exports, get into value-added processing, he said.
他表示：拉美希望減輕對大宗商品出口的依賴，轉向增值加工產業。
Brazilian companies have had far less success in China, with mining giant Vale repeatedly rebuffed in attempts to invest on the Chinese mainland even at the height of China’s hunger for iron ore.
巴西企業在中國取得的成功要少得多，礦業巨頭淡水河谷(Vale)曾試圖在中國內地投資，但多次遭到拒絕，即使在中國對鐵礦石的需求達到高峯時也不例外。
Monashees hopes to overcome that with an investment of its own into China, even as it seeks to attract Chinese money to its Latin American portfolio.
Monashees希望通過自己在中國的投資來克服這種阻礙，即使該公司也希望吸引中資投入其拉美投資組合。
Another Brazilian firm to target China’s relatively closed market is BRF Global, the world’s largest poultry supplier, which is setting up poultry operations in Southeast Asia with an eye to ultimately bringing its integrated supply chain into the mainland.
另一家瞄準相對封閉的中國市場的巴西企業是全球最大禽肉供應商BRF Global，該公司正在東南亞建立禽肉業務，希望最終將其集成供應鏈延伸至中國內地。
It already exports chicken parts, pork and beef to China.
該公司已向中國出口雞肉、豬肉和牛肉。
That’s why we are interesting.
BRF Global亞洲業務發展副總裁馬科斯.薩瓦亞.揚卡(Marcos Sawaya Jank)表示：這就是我們有意思的原因。
We’re trying to go in the opposite direction, says Marcos Sawaya Jank, BRF Global’s vice-president of business development for Asia.
我們正努力朝着相反的方向前進。
