中國大陸資本市場外商直接投資大幅下降

Foreign direct investment to China has fallen at the sharpest rate since the height of the financial crisis, as Beijing targets a widening array of global companies in the country for alleged price-fixing and monopolistic behaviour.

中國的外商直接投資(FDI)出現金融危機最嚴重時期以來的最大幅度下降。近期北京方面將越來越多在華經營的跨國企業列爲調查對象，指控它們存在價格操縱和壟斷行爲。

Investment to China from abroad reached $7.2bn in August, the lowest monthly total since July 2010, according to Chinese Ministry of Commerce figures released on Tuesday and FT calculations based on data from the National Bureau of Statistics.

根據中國商務部週二發佈的數據，以及英國《金融時報》依據中國國家統計局數據進行的計算，8月境外對中國的投資達到72億美元，是自2010年7月以來最低的月度FDI總額。

That was 14 per cent lower than a year earlier, following a 17 per cent drop in July from the same month a year earlier.

這比去年同期低14%，而7月份的同比跌幅達到17%。

That marked the first time that FDI has dropped by more than 10 per cent in two consecutive months since 2009, in the midst of the global financial crisis.

這標誌着自2009年全球金融危機以來外商直接投資首次連續兩個月下降10%以上。

Declining interest in China comes as the world’s second-largest economy continues to show signs of a sharp slowdown, particularly in its enormous real estate sector, the main driver of growth in the country for years.

外商對中國投資興趣下降之際，世界第二大經濟體繼續呈現大幅放緩跡象，尤其是在其龐大的房地產行業；多年來，該行業一直是中國經濟增長的主要推動力來源。

It also coincides with growing anger and resentment from multinational companies that have seen their operations targeted by state media exposés and opaque regulatory investigations, which have sometimes levied large fines.

FDI下降也適逢跨國公司的憤怒和反感情緒不斷上升，這些企業看到自己的在華業務成爲官媒揭露和不透明監管調查的對象，有時還會接到鉅額罰單。

Companies including many of the world’s largest carmakers, technology giants like Microsoft and Qualcomm and a host of others from sectors as varied as pharmaceuticals and baby formula makers have been investigated for alleged price fixing and monopolistic activity.

多家大型汽車製造商，科技巨頭如微軟(Microsoft)和高通(Qualcomm)，以及從藥企到嬰幼兒配方奶粉生產商的其它許多行業的企業，都受到調查，被指操縱價格和從事壟斷行爲。

Last month, the EU Chamber of Commerce in China heavily criticised what it described as intimidation tactics used by anti-monopoly investigators and in a report last week, the US Chamber of Commerce said discriminatory use of anti-monopoly laws could violate the commitments China made when it joined the World Trade Organisation.

上個月，中國歐盟商會(EU Chamber of Commerce in China)嚴厲批評它描述的反壟斷調查人員所用的恫嚇手段，美國商會(US Chamber of Commerce)在上週的一份報告中表示，歧視性地使用反壟斷法律可能違反中國在加入世界貿易組織(WTO)時作出的承諾。

In recent days, US Treasury Secretary Jack Lew sent a letter to Chinese vice-premier Wang Yang arguing that the investigations against foreign companies could have serious implications for Sino-US relations, according to US media reports.

據美國媒體報道，美國財政部長傑克•盧(Jack Lew)近日致函中國副總理汪洋，指出針對外國公司的調查可能對中美關係產生嚴重影響。

A spokesman for the US embassy in Beijing declined to comment on the letter.

北京美國駐華大使館的一名發言人拒絕就這封信發表評論。

Chinese officials responded to the criticism last week by saying that foreign companies have been involved in only 10 per cent of anti-monopoly cases in the current campaign.

中國官員上週對此類批評作出迴應，稱在當前的反壟斷案件中，涉及外企的案件僅佔10%。

But western executives point out that none of the country’s largest state-owned monopolies in everything from finance to transport have been targeted in a major anti-monopoly case so far.

但西方高管指出，從金融到交通，中國各大國有壟斷企業至今沒有一家成爲重大反壟斷調查的對象。

On Tuesday, a spokesman for China’s commerce ministry said declines in FDI have “no relationship” with China’s anti-monopoly push.

中國商務部發言人週二表示，外商直接投資下降與中國的反壟斷努力沒有關係。

Apart from a drop during the global financial crisis, FDI inflows to China have grown steadily since the country joined the WTO in 2001 and reached a record $118bn last year, according to the Commerce Ministry.

根據商務部數據，除了全球金融危機期間的一次下降外，自2001年中國入世以來，流入中國的外商直接投資穩步增長，去年達到創紀錄的1180億美元。

This year, investment has dropped most obviously from Japan, which has been locked in a bitter diplomatic battle with China over historical interpretations and sovereignty over uninhabited islands in the East China Sea.

今年以來，對華投資下降最明顯的是日本。圍繞歷史解讀和東中國海一些無人居住島嶼的主權，日本和中國陷入一場尖銳的外交對峙。

Investment from Japan fell 43.3 per cent from a year earlier in the first eight months of the year, while FDI from the US and EU also fell between 17 and 18 per cent each.

今年頭8個月，日本對華投資同比下降43.3%，而美國和歐盟對華投資同比也分別下降17%和18%。

In contrast, investment from South Korea jumped 31.3 per cent while investment from the UK rose 18.9 per cent in the first eight months of the year from a year earlier.

相比之下，同期韓國對華投資同比躍升31.3%，而英國對華投資同比增長18.9%。