英國仍是外儲投資安全港 Britain set to remain haven for foreign exchange reserves
When George Osborne, the British chancellor, told a Beijing audience during a trade visit two years ago that there was “no country in the west more open to investment from China” than the UK, there was more than a grain of truth amid the bluster.
“對來自中國的投資，西方沒有一個國家比英國更加開放”——當英國財政大臣喬治攠斯本(George Osborne)在兩年前的一次貿易訪問期間對北京聽衆說出這番話時，他的豪言道出的不只是一個事實。
From airports to student accommodation, from water utilities to London skyscrapers, over the past decade China has quietly become one of the biggest foreign owners of British bricks-and-mortar assets. Between 2005 and 2013, China spent about 11.7bn acquiring stakes in UK businesses — dominated by infrastructure — largely through state-owned investment funds, while billions more have been spent on office space and prime real estate.
從機場到學生公寓，從水務企業到倫敦的摩天大樓，過去10年中國已悄然成爲英國實體資產最大的外國所有者之一。2005年至2013年間，中國主要通過國有的投資基金，斥資117億英鎊收購英國企業的股份——以基礎設施領域爲主，同時，還在寫字樓和高端地產領域投資數十億英鎊。
Since Chinese economic growth began to falter and its stock market was sent spinning — weeks of turmoil have seen the authorities burn through $200bn to support share prices — the spotlight has fallen on this strategy of funnelling some of the country’s vast $3.65tn foreign exchange reserves overseas.
由於中國經濟增長放緩以及股市大起大落（幾周的震盪已經讓當局燒掉了2000億美元用於支撐股價），此時人們關注的焦點落在了中國將其3.65萬億美元鉅額外匯儲備中的一部分部署到海外的戰略之上。
But experts in these sectors say the long-term nature of these investments, many of which are in unlisted companies that are well-established and vital to the functioning of the UK economy, means recent events are unlikely to herald a sudden retreat.
但此類領域的專家稱，這些投資——其中許多都投在一些老牌的、對英國經濟運行至關重要的非上市公司——的長期性，說明近期的形勢變化不大可能預示着投資突然回撤。
If anything, it could strengthen Britain’s allure as a haven in the financial storm.
如果有什麼影響的話，只會加強英國作爲金融風暴中安全港的吸引力。
“[The economic uncertainty] makes the case for more diversification by Chinese investors and they may therefore be more attracted by assets such as these,” said Michael Watson, of law firm Pinsent Masons. “The returns are perhaps not as stellar as promised by other riskier investments but they are steady and more predictable and long-term.”
“（經濟不確定性）有理由讓中國投資者將投資更加多元化，他們可能因此更被此類資產所吸引，”品誠梅森律師事務所(Pinsent Masons)的邁克爾茠森(Michael Watson)說，“回報或許不像其他風險較高的投資那麼豐厚，但它們很穩定、更可預見且具有長期性。”
Colin Smith, of the consultants PwC, said: “Recent circumstances are unlikely to deter their investment consensus and I think the pressure is on Chinese state-owned enterprises to deploy capital in overseas safe havens. I would be hugely surprised if this marked the end of major infrastructure investing.”
諮詢公司普華永道(PwC)的科林史密斯(Colin Smith)說：“最近的形勢不大可能影響他們的投資共識，我認爲中國國企有壓力將資本配置在海外安全港上。如果這標誌着大規模基礎設施投資的結束，我會感到非常震驚。”
A report by the London-based Centre for Economics and Business Research forecast that China would invest 105bn in the British energy, property and transport sectors by 2025.
位於倫敦的經濟和商業研究中心(Centre for Economics and Business Research)發佈的一份報告預測，到2025年，中國將在英國的能源、房地產和交通領域投資1050億英鎊。
Infrastructure is seen as particularly attractive because of the UK’s stable regulatory environment, inflation-linked returns and revenue streams that are often backed by the government. Some infrastructure companies are in effect monopolies.
由於英國穩定的監管環境、與通脹掛鉤的回報以及通常由政府支持的收入流，該國的基礎設施被視爲尤其具有吸引力。一些基礎設施公司實際上處於壟斷地位。
This has seen the likes of China Investment Corporation amass a 10 per cent stake in London’s Heathrow airport, Europe’s busiest air hub, for about 450m. It is expected to be involved in the financing and construction of a third runway, should that plan win the UK government’s approval, and also owns nearly 9 per cent of Thames Water, the UK’s biggest water and sewage utility.
被吸引來的外國投資機構很多，包括中國投資有限責任公司（CIC，簡稱中投），斥資約4.5億英鎊收購了歐洲最繁忙的航空樞紐——希思羅機場(Heathrow Airport)10%的股份。預計中投將參與第三條跑道的融資和建設，如果該計劃獲得英國政府批准的話。中投還擁有英國最大的水務和污水處理企業泰晤士水務(Thames Water)近9%的股份。
