中國成哈薩克FDI最大來源國

Strengthening political and commercial ties between Kazakhstan and China are finally materialising in the form of growing Chinese foreign direct investment, after Beijing-backed investors replaced traditional Russian and western partners as the central Asian country’s top source of FDI in 2015.

哈薩克與中國之間不斷加強的政治和商業聯絡，最終轉化為來自中國的外商直接投資(FDI)的增長——2015年，中國政府支援的投資者取代了傳統的俄羅斯和西方合作伙伴，成為這個中亞國家FDI的最大來源。

Chinese companies announced 12 greenfield investment projects into Kazakhstan in 2015, for total capital investment of an estimated $1.2bn — more than the commitments by investors in any other country, according to figures from fDi Markets, an FT data service. Germany and the US came next with five announced projects each.

英國《金融時報》旗下資料服務機構fDi Markets的資料顯示，2015年中國企業宣佈了12個對哈薩克的“綠地投資”專案，總投資額據估計達到12億美元，超過其他任何國家的投資者承諾的數額。德國和美國排名第二，它們分別宣佈了5個“綠地投資”專案。

The Chinese investments follow a long string of commercial agreements signed at the government level within the framework of China’s “One Belt, One Road” initiative, which makes Kazakhstan a key transit corridor for Chinese goods en route to Europe and the Middle East.

在上述投資展開之前，中哈兩國政府在“一帶一路”專案框架下籤署了一長串商業協議。中國的“一帶一路”專案讓哈薩克成為中國商品通往歐洲和中東的關鍵中轉通道。

Karim Massimov, the Kazakh prime minister, brought home a package of deals worth a total $4bn in sectors including oil and gas, petrochemicals, uranium mining and telecommunications after his last visit to Beijing in December.

哈薩克總理卡里姆•馬西莫夫（Karim Massimov，文首圖左）去年12月訪問北京後，帶回了總價值40億美元的協議，涉及石油和天然氣、石油化工、鈾礦開採和電信等多個行業。

A few months earlier, Astana gave its blessing to Chinese state oil firm Sinopec, closing a landmark $1.1bn acquisition of local assets owned by Russian oil company Lukoil, in a deal emblematic of the ongoing rebalancing of the Kazakh economy towards Beijing.

數月前，哈薩克政府批准中國國有石油公司——中國石化(Sinopec)收購俄羅斯盧克石油公司(Lukoil)在哈薩克持有的資產。這筆價值11億美元的里程碑式交易，象徵著哈薩克經濟正在調整重心、轉向中國。

New Asian partners such as China, but also India and even Iran, are replacing Kazakhstan’s traditional partners in the country’s FDI matrix, shoring up foreign investment into greenfield projects as a whole.

在哈薩克的FDI格局中，中國、還有印度乃至伊朗等新的亞洲合作伙伴正在取代其傳統的合作伙伴，這些新的亞洲合作伙伴作為一個整體支撐了流入綠地專案的外國投資。

Cross-border FDI into greenfield projects was worth $5.44bn in 2015, capping a three-year recovery from the lows touched in 2012, fDi Markets data show. Investment in the oil & gas and commodity sectors retained the majority of total FDI inflows, with the government pushing to add value to its commodity-based industries.

fDi Markets的資料顯示，流入綠地專案的跨境FDI在2015年達到54.4億美元，是從2012年低點復甦以來的最高水平。鑑於哈薩克政府正努力提升該國大宗商品相關行業的價值，流入石油天然氣和大宗商品領域的FDI投資依然佔據多數比例。

Projects include a $1.2bn hot briquetted iron plant to be developed by China’s MCC Baosteel in partnership with Eurasian Resources Group, a Kazakh mining group in which the state holds a 40 per cent stake, designed to ease the shipping of local iron ore output.

相關投資專案包括中國中冶寶鋼(MCC Baosteel)與歐亞資源集團(Eurasian Resources Group)合作建立的一座12億美元的熱壓鐵工廠，建立目的是方便當地鐵礦石產出的運輸。歐亞資源集團是哈薩克一家政府持有40%股份的礦業集團。

Kazakhstan’s new partners have not been able to fill the void left by Russian and western investors, many of which have been spooked by a weakening domestic and regional economic cycle.

哈薩克的新合作伙伴無法填補俄羅斯和西方投資者留下的空白——低迷的國內和地區經濟週期嚇跑了許多俄羅斯和西方投資者。

Beyond pure greenfield investment, figures for gross FDI, a broader measure that includes, among other things, mergers and acquisitions and reinvested earnings, shed more light on Kazakhstan’s weakening investment appeal.

除了純粹的綠地投資以外，FDI總額資料進一步表明了哈薩克的投資吸引力日益下降。FDI總額資料是一個更寬泛的指標，包含了併購和再投資收益等內容。

Gross inflows of FDI fell to $14.8bn in 2015, from $23.7bn a year earlier, reaching their lowest level of the past 10 years, according to the central bank. FDI into oil & gas and mining alone fell 58 per cent year-on-year to $3.5bn.

哈薩克央行的資料顯示，2015年，FDI流入總額從前一年的237億美元下降至148億美元，達到過去十年的最低水平。僅流入石油天然氣和採礦行業的FDI就同比下降58%，至35億美元。