新馬歇爾計劃:華爲成爲意大利最大的外國投資者之一

Italy’s business elite – senior executives from blue-chip companies such as Telecom Italia and Vodafone plus high-ranking government officials – filled a renaissance palazzo across from Milan’s gothic cathedral this summer to court one of the country’s biggest foreign investors.

今年夏季，意大利商界精英——來自意大利電信(Telecom Italia)、沃達豐(Vodafone)等藍籌公司的高管們——以及政府高官在哥特式的米蘭大教堂對面一座文藝復興時期的建築匯聚一堂，出席中國電信設備製造商華爲(Huawei)舉辦的活動。華爲是意大利最大的外國投資者之一。

Huawei, the Chinese telecoms equipment maker, opened its only microwave research and development centre outside China in Milan in 2008. The company, whose name means “splendid achievement” in Chinese, had brought people together to announce plans to double the size of its R&D staff in Europe to 1,700 by 2017.

2008年，華爲在米蘭開設了一家微波技術研發中心，這是該公司在中國以外地區建立的唯一一家微波研發中心。“華爲”在中文中是“輝煌成就”的意思，該公司邀請人們齊聚一堂，宣佈了到2017年將歐洲研發人員增加一倍至1700人的計劃。

The company, which is effectively excluded from doing business in many sectors in the US because of lawmakers’ concerns over its technology and potential national security implications, has invested 500m in Europe and there is a hunger for more, says William Xu, a Huawei board member in charge of marketing and strategy. Prime minister Matteo Renzi’s Italian government is particularly “open and collaborative”, he says. For China, the country offered an evocative base.

由於美國議員們對華爲技術及其對國家安全的潛在影響感到擔憂，華爲實際上被排斥在美國的許多領域之外。華爲負責市場營銷和戰略的董事徐文偉(William Xu)表示，華爲已在歐洲投資了5億歐元，並且渴望加大投資。他說，馬泰奧•倫齊(Matteo Renzi)總理領導下的意大利政府尤其“開放、富有合作精神”。對中國來說，意大利是一個讓人想起昔日中歐友誼的國家。

“Six hundred years ago it was Marco Polo who built the bridge [between Europe and China],” Mr Xu says. “Two thousand years ago it was the Silk Road. Now the road is paved with telecoms. We are building the Silicon Road to bring the west and east closer together.”

徐文偉表示：“600年前，正是馬可•波羅(Marco Polo)搭建起了(歐中之間的)橋樑。2000年前，歐中的橋樑是絲綢之路。現在這條路以電信鋪就。我們正在建設讓東西方更緊密聯繫在一起的絲綢之路。”

In recent months – to follow Mr Xu’s metaphor – the road from China to Europe has become swollen with cash.

近幾個月來，這條從中國通往歐洲的道路——借用徐文偉的隱喻來說——“鋪上了厚厚的現金”。

Chinese investors have snapped up assets across the continent, from a concession to build and operate container terminals at Greece’s port of Piraeus, to the Three Gorges Corporation’s acquisition of a fifth of Portugal’s national energy company Energias de Portugal and China Investment Corp, the country’s sovereign wealth fund, purchasing a 9 per cent stake in Thames Water.

中國投資者在歐洲大陸各地大肆收購資產，從獲批在希臘比雷埃夫斯(Piraeus)港口建造並運營集裝箱碼頭，到中國長江三峽集團公司(Three Gorges Corporation)收購葡萄牙國有能源集團——葡萄牙電力公司(EDP) 20%的股權，以及中國主權財富基金中國投資公司(CIC)收購泰晤士水務(Thames Water) 9%的股份。

For 15 years the Chinese state has sought to expand its markets and labour opportunities.

15年來，中國一直尋求擴大海外市場和勞務機會。

But with the 2010 debt crisis, China adjusted its focus from mostly natural resource-related deals in Asia, Africa and Latin America. It trained its sights instead on struggling Europe to realise a once-in-a-century opportunity to buy world-class brands and shares in pivotal national infrastructure assets.

但隨着2010年歐洲債務危機爆發，中國調整了海外投資重點，不再像以往那樣着重在亞洲、非洲和拉美簽署主要與自然資源有關的協議，而是將目光瞄準陷入困境中的歐洲，利用這種百年一遇的機遇，收購世界級的品牌，入股關鍵性的國家基礎設施資產。

This week, the Financial Times is exploring Chinese expansion and ambition in Europe and its interest in the most vulnerable economies. The eurozone’s periphery is benefiting from some deals, with Italy this year reaping the most in large-scale contracts: almost 3.5bn worth, according to the Heritage Foundation, a conservative think-tank.

英國《金融時報》最近推出了“中歐新絲綢之路”（Silk Road Redux）專題，着力探討中國資本在歐洲的擴張和抱負以及對最脆弱經濟體的興趣。保守派智庫美國傳統基金會(Heritage Foundation)表示，歐元區外圍國家正在受益於部分交易，意大利今年在重大合同方面收穫最大：總共簽署了價值近35億歐元的合同。

The phenomenon has been described as the dawn of a second Marshall Plan. Luigi de Vecchi, chairman of continental Europe for Citigroup, says the historic shift in investment is severing some relationships formed in postwar Europe.

這種現象被稱爲第二個“馬歇爾計劃”(Marshall Plan)的開端。花旗集團(Citigroup)歐洲大陸主席路易吉•德韋基(Luigi de Vecchi)表示，中國投資的歷史性轉變正在切斷戰後歐洲形成的某些關係。

Government officials and diplomats explain the change in approach as partly driven by necessity but say it also reflects Europe’s response to changes in the balance of global economic power.

政府官員和外交官們認爲，這種方法上的轉變一定程度上是必要之舉，但他們表示，這也反映出歐洲對全球經濟實力平衡變化做出的迴應。

The Marshall Plan supported investment in Europe – and especially Italy – after the second world war. That balance has changed with the eurozone crisis, says Mr de Vecchi, and the flight of US capital. “It destabilised the historic links of European governments, especially in Italy, with the US. So they looked east and have opened up to China as a way of diversifying their risk.”

“馬歇爾計劃”在二戰後支持了對歐洲（尤其是意大利）的投資。德韋基表示，這種平衡隨着歐元區危機和美國資本逃離而發生了改變。“它擾亂了歐洲各國政府（尤其是意大利）和美國的歷史聯繫。因此他們將目光投向東方，並向中國開放以便分散風險。”

The buying spree has allowed the Chinese to adjust their horizons.

這場收購盛宴使得中國人調整了他們的視野。

“Chinese companies used to be only interested in buying European-listed resource companies with assets elsewhere like Latin America or Africa but now they are much more interested in buying things that are actually based in Europe,” says Derek Scissors, compiler of an independent database on Chinese outbound investment at the American Enterprise Institute, the think-tank.

美國智庫——美國企業研究所(American Enterprise Institute)的中國對外投資獨立數據庫編撰人史劍道(Derek Scissors)表示：“中國公司過去僅僅有意收購在歐洲上市、擁有拉美或非洲等地資產的資源公司，但現在它們很有興趣收購那些位於歐洲的資產。”

“An extended period of economic stress in Europe combined with the fact that Chinese companies have tons of money mean there are a lot more opportunities for Chinese purchases than before.”

“歐洲經濟長期低迷，再加上中國公司持有大量資金，這意味着中國收購機遇比過去多得多。”

But the attention of the Chinese investors is provoking some anxiety. “Is China nibbling at Europe’s soft underbelly?” asks Francesco Galietti, founder of the Rome-based think-tank Policy Sonar, hinting that some believe Europe is giving up too much.

但中國投資者的關注點讓一些人感到不安。羅馬智庫Policy Sonar創始人弗朗西斯科•加列蒂(Francesco Galietti)問道：“中國正在蠶食歐洲的軟肋？”暗示一些人認爲歐洲放手太多。

The answer is unclear. But investment in the country has spiralled over the past two years and appears to be part of a deliberate Chinese strategy, say bankers and government officials.

實際情況是否如此不得而知。但銀行家和政府官員們表示，中國對意大利的投資在過去兩年急劇上升，似乎是精心制定的戰略的一部分。

Investors have swooped on symbols of Italian elegance – acquiring majority stakes in luxury yachtmaker Ferretti, a company that defaulted on its debt in 2009 – as well as buying into the country’s vast power grid.

中國投資者大肆收購象徵着意大利高雅風格的資產——他們收購了曾於2009年債務違約的豪華遊艇製造商法拉帝集團(Ferretti)的多數股權，併入股該國龐大的電力網絡。

In July China’s State Grid, the world’s largest utility with 2m employees, bought a 35 per cent stake in CDP Reti, a subsidiary of Italy’s state financing agency that controls the country’s electricity grid operator and gas distribution. It also picked up a 25 per cent stake in Portugal’s grid operator REN and is looking to buy into the Greek grid operator ADMIE, bankers familiar with the deal told the FT.

今年7月，中國國家電網(State Grid)收購了CDP Reti 35%的股權。中國國家電網是全球最大的公用事業企業，擁有200萬名僱員，而CDP Reti是意大利控制着該國電網運營商和天然氣分銷的國有融資機構的子公司。熟悉相關交易的銀行家向英國《金融時報》表示，中國國家電網還收購了葡萄牙電網運營商REN的25%股份，並尋求入股希臘電網運營商ADMIE。

European utilities offer Chinese state-owned investors safe, long-term investments that provide steady, predictable returns and strong legal protections. But the infrastructure deal with Italy is one that officials admit would have been unthinkable before the crisis since they would have balked at selling shares in a strategic asset to a foreign investor.

歐洲公用事業企業爲中國國有投資者提供了安全的長期投資，讓後者獲得穩定而可預測的回報以及有力的法律保護。但官員們承認，與意大利簽署的基礎設施協議在危機爆發之前是不可想象的，因爲他們不願將戰略資產的股份出售給外國投資者。

“The CDP Reti deal is but the latest episode of China’s ‘charm offensive’ in the Italian energy sector,” wrote Policy Sonar in September, “and arguably gives State Grid unprecedented access to Italy’s energy technology and networks, as well as a chance to gain first-hand knowledge of how [partly] deregulated power markets function.”

Policy Sonar在9月份的報告中寫道：“CDP Reti交易只不過是中國對意大利能源領域發動‘魅力攻勢’的最新篇章，可以說讓中國國家電網史無前例地接觸意大利的能源技術和網絡，而且還讓其有機會獲得有關（部分）去監管化的電力市場如何運作的一手知識。”

The consultancy went on to say that: “Italy represents a gateway to the pan-European electricity grid.”

這家諮詢機構繼續寫道：“意大利代表着泛歐電網的門戶。”

A statement on State Grid’s website described the Italian purchases as good deals, saying: “When we make overseas investment, we are not doing charity.”

中國國家電網在其網站上發文稱，收購意大利資產是一項很好的交易：“我們到國外投資，不是做公益事業。”

China’s interest shows no sign of waning. The State Administration of Foreign Exchange, which manages the country’s $4tn in reserves, snapped up 2 per cent stakes in Italian blue-chip companies Fiat Chrysler Automobiles, Telecom Italia and Prysmian, worth a total of about 670m in July.

中國對意大利資產的興趣沒有呈現出任何減弱的跡象。今年7月，管理着4萬億美元外匯儲備的中國國家外匯管理局(Safe)分別買進了菲亞特克萊斯勒汽車公司(Fiat Chrysler Automobiles)、意大利電信(Telecom Italia)以及普睿司曼(Prysmian)等意大利藍籌公司的2%股份，總價值約爲6.7億歐元。

Those deals came after Safe had invested an estimated 2bn to buy stakes in state-controlled energy groups Eni and Enel earlier this year.

今年早些時候，中國外管局斥資約20億歐元收購了意大利國有能源集團埃尼(Eni)和意大利國家電力公司(Enel)的股份。

Pier Carlo Padoan, Italy’s finance minister, says the country is well placed to act as a link in the process of “the internationalisation” of the communist country’s economy. The relationship will be on full display next week when Li Keqiang, China’s premier, attends the Asia-Europe summit in Milan.

意大利經濟部長皮耶•卡洛•帕多安(Pier Carlo Padoan)表示，在中國這個社會主義國家推動經濟“國際化”的過程中，意大利很適合充當一條紐帶。這種關係將在本週得到充分展現——中國總理李克強將出席在米蘭舉辦的亞歐首腦會議。

The US and resource-rich countries in Africa and South America remain the primary recipients of Chinese investment. By the middle of this year, total Chinese investment in sub-Saharan Africa was worth $150.4bn, investment into North America totalled $124bn while Europe received $104bn, according to the Heritage Foundation.

美國以及資源豐富的非洲和南美國家依然是中國投資的主要接受國。美國傳統基金會的數據顯示，到今年年中，中國對撒哈拉以南非洲地區的投資總額爲1504億美元，對北美的投資總額爲1240億美元，對歐洲的投資爲1040億美元。

But European bankers who have negotiated deals say Chinese investors are keen to reassure that theirs is a collaborative approach, seeking large minority stakes – such as the 35 per cent in Italy’s grid network – rather than controlling ones. Or, as with private companies such as Huawei hiring Italians at a time when the jobless rate among young people hovers at 40 per cent, to emphasise that they are contributing rather than just “buying” in to the country.

但參與交易談判的歐洲銀行家們表示，中國投資者迫切希望讓意大利相信，他們採取的是合作的方式，是爲了尋求獲得大筆少數股權（比如意大利電網35%的股份），而不是控股權。或者，在意大利青年失業率高達40%的時期僱傭當地勞動力——就像華爲等私營企業——以強調他們也在爲意大利做貢獻，而不僅僅是“收購”意大利。

Individual Chinese businessmen, interviewed by FT reporters across Italy, Spain and Portugal, say they are heading to Europe armed with better skills and intent on buying companies.

在意大利、西班牙和葡萄牙各地接受英國《金融時報》記者採訪的中國商人表示，他們帶着更好的技能來到歐洲，並有意收購公司。

At the end of 2012, 195 small and midsized Italian companies, with combined total revenues of 6bn and 10,000 employees, had been wholly or partly taken over by Chinese or Hong Kong investors, according to Fondazione Italia-Cina, a not-for-profit group that promotes relations between the two countries.

意中基金會(Fondazione Italia-Cina)的數據顯示，截至2012年年末，意大利有195家中小企業（這些企業的年收入總計爲60億歐元，擁有1萬名僱員）被中國內地或香港的投資者全部或部分收購。意中基金會是一家旨在促進兩國關係的非營利性組織。

Such enterprises are predominantly in the classic “Made in Italy” manufacturing sectors of clothing, furnishings, motorcycles and yachts. Hong Kong Chinese investors largely acquired telephone and perfumery businesses, according to data from the organisation.

這些中小企業主要屬於製衣、傢俱、摩托車和遊艇這些典型的“意大利製造”行業。意中基金會的數據顯示，香港的華人投資者大多收購電話和香水企業。

The Chinese move into Europe has not just involved money and acquisitions. An EU Commission-funded report in 2013 suggested that Chinese low-income and illegal migration may have slowed after the eurozone crisis as entry-level opportunities dried up. But national statistics from individual countries show that legal Chinese migration, especially in the periphery, appears to be on the upswing, if at a slower pace.

中國人進入歐洲不僅僅與資金和收購有關。2013年，一份由歐盟委員會(EU commission)出資編寫的報告顯示，隨着低等級的機遇枯竭，低收入中國人在歐元區危機之後向歐洲的非法移民步伐出現放緩。但個別國家的官方統計數據表明，合法的中國移民數量（尤其是在歐元區外圍國家）呈上升趨勢，不過增速較慢。

Official data from Italy’s national statistics agency shows the Chinese population tripled to more than 200,000 between 2003 and 2013. The interior ministry puts the figure higher at over 300,000. Spain and Portugal have seen similar increases.

意大利國家統計局發佈的官方數據顯示，從2003年到2013年期間，該國華人人口增長兩倍至逾20萬人。內務部的估計數字更高，爲超過30萬人。西班牙和葡萄牙的華人人口出現了類似的增長。

Alfonso Giordano, an expert in migration at the University of LUISS in Rome, says that Chinese workers are still finding opportunities in Italy because they are “young and work hard”. They took up the slack from an ageing population and, he says, they are willing to do what some Italians have refused to do: accept lower pay and fewer benefits during the downturn.

羅馬路易斯大學(University of LUISS)的移民專家阿方索•喬達諾(Alfonso Giordano)表示，中國工人仍然在意大利尋找機遇，因爲他們“年輕而勤奮”。他說，這些工人彌補了意大利人口老齡化帶來的勞動力缺口，而且願意幹一些意大利人不願乾的工作：在經濟衰退期間接受較低的工資和福利。

“Italians need to lower their expectations about the labour market. And they have not done this. The Chinese have therefore come in to take their place, particularly in the lower wage market,” says Mr Giordano.

喬達諾表示：“意大利人需要降低對勞動力市場的預期，但他們還沒有這樣做。中國人因此進來取代了他們，尤其是在薪酬較低的崗位方面。”

Carlo Calenda, Italy’s vice-minister for economic development, describes the Chinese as “serious investors” who did not flinch at the economic woes spilling across Europe. “I don’t have any problem with the Chinese coming in to buy,” he says. “We have had many industrial crises and the solution has come from outside of Italy”.

意大利經濟發展部副部長卡洛•卡倫達(Carlo Calenda)形容中國人是“嚴肅的投資者”，對波及歐洲各地的經濟危機毫不退縮。他說：“我對中國人前來收購沒有什麼意見。我們遇到過多次工業危機，解決辦法來自意大利以外。”

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Nonetheless, China’s push into Europe is causing tension. Lorenzo Stanca, managing partner for Mandarin Capital, which advises Italian and German companies on entry to China, says Chinese companies have found it difficult to make European acquisitions.

然而，中國企業進軍歐洲正引起不安。曼達林基金(Mandarin Capital)的管理合夥人洛倫佐•斯坦察(Lorenzo Stanca)表示，中國公司已經發現在歐洲進行收購很困難。曼達林基金爲意大利和德國公司進入中國市場提供諮詢服務。

“The culture gap means there are problems with handling human resources, and also in dealing with banks,” he says. “It is not easy for Chinese companies to have success in Europe.”

他說：“文化差異意味着在處理人力資源以及與銀行打交道方面存在困難。中國企業在歐洲取得成功不容易。”

Furthermore, bankers and business leaders complain that a lack of governance and transparency in Chinese actions causes tensions in deal making. But their main concern is that the new Silk Road is going just one way.

此外，銀行家和企業領導人抱怨稱，中國企業治理不善，缺乏透明度，這一點在交易達成的過程中會讓人感到不安。但他們最擔憂的是新絲綢之路僅僅是單向的。

Safe is now the second-largest shareholder after the Italian state, which owns 30 per cent, in Enel.

中國國家外匯管理局現在是意大利國家電力公司的第二大股東，僅次於持股30%的意大利政府。

Patrizia Grieco, Enel’s chairman, says Chinese investors are welcome – “benvenuti”, she says – with a caveat, widely shared in Europe: “They are welcome, but . . . they should improve their transparency and governance in order for Europeans to invest in China, too.”

意大利國家電力公司董事長帕特里齊亞•格里艾克(Patrizia Grieco)表示，中國投資者受到歡迎——“benvenuti”。她說：“他們受到歡迎，但……要讓歐洲人也到中國投資，他們應該提高透明度和治理水平。”這樣的告誡在歐洲得到普遍認可。

Additional reporting by Jamil Anderlini in Beijing, Peter Wise in Lisbon, Kerin Hope in Athens, Tobias Buck in Madrid, and Gavin Jackson and Robin Kwong in London

吉密歐(Jamil Anderlini)北京、彼得•懷斯(Peter Wise)里斯本、克林•霍普(Kerin Hope)雅典、託拜厄斯•巴克(Tobias Buck)馬德里、加文•傑克遜(Gavin Jackson)和鄺彥暉(Robin Kwong)倫敦補充報道