Higher View Business - Issue 2 by Citrus Media

HIGHERVIEWBUSINESS.COM.AU

I S S UE TWO. JU LY 20 15

HIGHER VIEW 商道 BU S I N ES S

WIN-WIN SITUATION Free Trade Agreement offers big benefits to China and Australia

互利双赢共迎未来自贸协定的签署将给中澳两国带来巨大收益

GROWTH STRATEGY CULTURE AFFAIRS

澳大利亚第一外汇券商* 一流交易者的信心首选我们诚挚为您提供优质交易工具，产品包括美元/欧元在内的超过 90 支外汇货币对，尊享低保证金率和低至 0.8 点的交易点差。更可交易黄金和二进制期权。损失可能超出保证金。详情请见 IG.com/zh 欢迎拨打免费服务热线：中国: 400 998 5010 澳大利亚: 1800 601 818

即刻获取

*按主要账户计算 (Investment Trends 2014 年 6 月差价合约报告及 2013 年 12 月外汇报告) 您并非实际拥有或持有任何相关基础资产。在与IG进行交易前，请向我们索取并仔细阅读我们的产品披露声明。其他费用也可能适用，详细请参阅产品披露声明。以上信息并非旨在向美国或者澳大利亚以外任何国家或司法管辖范围的任何人士发布或供其使用，如若此等发布或使用将违反当地法律或规例。来自 IG Markets Limited ABN 84 099 019 85，澳大利亚金融服务执照号 220440。新西兰经授权期货交易商，公司号2249573。

WELCOME

欢迎

东方航空公司欢迎您在去年九月推出的《商道》创刊号上，中国东方航空公司宣布，这本杂志的发行，体现了我们所肩负的促进中澳两国商业、文化和教育联系的使命。因此，当去年十一月的两个重大国际事件印证了《商道》必能成为加强两国联系的有力平台时，我们倍感欣喜。这两大事件指的是中澳自由贸易协定（FTA）的签署，以及东航与澳洲航空公司（Qantas）宣布成立合资企业以深化双方商业合作。本期《商道》对习近平主席访澳期间签署的自由贸易协定及其将为两国带来的潜在利益，展开了全面探讨。我们与澳航的合资企业协议在习主席访澳时亲自见证签署，乘客将是潜在的赢家，在本期刊中也有所体现。敬请阅览，尽享航程。

澳大利亚中国总商会（CCCA）欢迎您《商道》杂志创立于2006年4月的澳大利亚中国总商会是一个非盈利的全国性机构，由代表在澳各地中国投资者的各产业协会共同成立。澳大利亚中国总商会欣然地推出本期专刊，庆贺中澳两国签署的自由贸易协定。在贸易和投资方面，中澳两国的许多经济部门、文化及社会等领域都将极大受益于这项协定。本期专刊力图通过各类文章，探讨未来几年内协定将产生的一些潜在效益和影响。第二期的《商道》将向您呈现澳中两国42年邦交历程中的一系列重大事件。两国关系在近期的一系列重大进展再次证明本刊的推出恰逢其时，并能成为中澳两地商界沟通的重要工具。澳大利亚中国总商会谨代表新南威尔士州、维多利亚州、西澳大利亚州和昆士兰州的266位成员，感谢您阅览本期专刊的文章，并祝中澳两国人民的友谊天长地久。祝您阅读愉快！

Welcome from China Eastern Airlines

Welcome from the CCCA

In the inaugural edition of Higher View Business, published in September last year, we at China Eastern Airlines announced that the magazine was launched as part of our mission to strengthen business, cultural and educational links between Australia and China. We are delighted, therefore, that two international events have occurred in November that have demonstrated the ability of Higher View Business to serve as a platform to strengthen these links. These two events were the signing of the Free Trade Agreement (FTA) between China and Australia and the announcement by Qantas and China Eastern Airlines of a Joint Venture (JV) to deepen their commercial co-operation. The signing of the FTA during a visit to Australia by China’s Premier Xi Jinping – and the potential benefits that it offers to both countries – is covered extensively in this edition of Higher View Business. Potential passenger benefits of the JV – which was also signed in the presence of Premier Xi in Australia – are also covered in this edition. Enjoy your read and your flight.

Welcome to this second edition of Higher View Business, brought to you in association with the China Chamber of Commerce in Australia (CCCA). Founded in April 2006, the China Chamber of Commerce in Australia is a non-profit national organisation jointly formed by trade associations representing Chinese investors across Australia. The CCCA is naturally delighted this edition is dedicated to the conclusion of the Free Trade Agreement (FTA) negotiation between China and Australia, and the beginning of what looks to be a good year for business. Both countries stand to benefit enormously from the FTA in terms of trade and investment across many economic sectors as well as culturally and socially. The mix of articles in this edition is an attempt to provide a snapshot of the impact of these potential benefits in the years ahead. The second edition of Higher View Business seeks to cover momentous events in Australia and China’s 42-year old diplomatic relationship. Recent developments in that history provide ample evidence of the publication’s timeliness and usefulness as a communication tool for the Chinese and Australian business communities. The CCCA, on behalf of its 266 members across a wide range of economic sectors in New South Wales, Victoria, Western Australia and Queensland, hopes you will enjoy the articles in this edition in the spirit of enduring friendship between the people of China and Australia. Thank you for reading.

6 | HI GHER VIEW BUSINE S S

商道

CONTENTS

内容概要

CONTENTS 内容概要 IN THIS ISSUE

COVER STORY 封面故事

FROM COAL TO CABERNET 对华出口：腾飞之路在何方

China’s share of Australia’s exports is expected to rise to 40% by 2020 with the help of the new China-Australia Free Trade Agreement. Now there are fresh opportunities for Australian businesses as China’s wealthy and middle-class consumers eye Australian luxury goods. There are huge gains to be made in high-quality food, tourism, education and business services as the partnership between the two nations deepens. And there is still plenty of puff left in mining.

随着自由贸易协定的签订，在2020年前，澳大利亚对华出口占其总出口额的比重有望达到40%。中国富有阶层及中产阶级对澳大利亚高端优质产品的需求将给澳商界带来许多新商机。两国合作关系的深化将为优质食品、旅游、教育及商业服务等领域创造巨大收益。而采矿业也还有不少潜力。

商道

H I G H E R V I EW BUSINE SS | 7

CONTENTS

内容概要

74 E-COMMERCE: XIAOMI’S RAPID RISE 电子商务：小米的迅速崛起之道

62 SCIENCE & TECHNOLOGY: INNOVATION HOTHOUSE

科学与技术：创新发动机

The planned launch of the world’s first major electric car network is part of China’s rise as a technology and innovation hothouse, writes Kelly Mills. Other signs are advances in medicine, high-speed rail, renewable energy and super-computers.

Kelly Mills报道：即将推出的全球首个大型电动汽车网络是中国崛起成为科技创新发动机的众多标志之一。其它的标志则凸显于中国在医学、高铁、可再生能源和超级计算机等领域的发展与进步。

REGULARS 固定栏目

OPINION 洞见

FEATURES 专题报道

10 CONTRIBUTORS 撰稿人

35 DEEPER AGRIBUSINESS RELATIONS ISN’T SELLING OUT

42 FREE TRADE DOESN’T MEAN FREE OF RISK 自由贸易

当澳大利亚不仅视中国为客户，更欣然接受中国为伙伴之时，真正的合作盛宴才开场。

中澳自贸协定或许消除了诸多障碍，但两国商界仍面临在不熟悉的环境中开展经营的风险。本文提醒您在哪些方面应加强风险意识。

13 NEWS 新闻

深化农业经济合作并不意味着“卖农场”

18 EVENTS 活动安排 20 CHINA IN NUMBERS

从数字看中国

87 HIGHER LIFE 优雅生活

并不意味着高枕无忧

The real banquet will begin when Australia sees China as more than just a customer and embraces it as a partner.

42 WHAT FREE TRADE MEANS FOR AUSTRALIAN SERVICES

自贸协定为澳服务业创造的巨大商机自贸协定的签订必将给澳大利亚的服务业，尤其是教育及金融服务的出口带来巨大收益。

The Australian services sector stands to make significant gains from free trade with China, in particular education and financial services exports.

92 96

50 LANGUAGE & CULTURE: A HOME OR JUST A HOUSE?

知言达礼：家和万事兴

安居方能乐业，中华文化中，家永远是中国人心中最温暖的角落，无可替代。

自贸协定的签署必将令中澳关系更上一层楼。

8 | HIGH ER VIEW BUSINES S

55 LEGAL: LAW FIRMS A BIG WINNER UNDER THE FTA

法律：各律所成为自贸协定的大赢家自贸协定签署之后，中澳两国律师及各大律所的工作与投资机遇将风生水起。

Work and investment opportunities for lawyers and law firms from both China and Australia could surge under the terms of the FTA .

58 INFRASTRUCTURE: OPPORTUNITIES ABOUND IN AUSTRALIA FOR CHINA

基础设施：中资在澳大利亚商机无限

52 BUILDING TRADE AND TRUST 增进贸易和信任 What the FTA really means for Australia-China relations.

The Australia-China FTA may have cleared a lot of obstacles, but hazards remain for both sides doing business in an unfamiliar environment. Here are some to watch out for.

澳大利亚正面临着基础设施匮乏的严重局面，而新签署的自贸协定无疑为拥有丰富建设经验与资金雄厚的中国投资者提供了无限良机。

Australia is experiencing a critical 商道

infrastructure deficit while China has the skills, experience and investment capital required to get involved.

70 SELLING IN A NEW LAND 新环境：机遇与挑战并存

对开拓新市场的商家而言，中澳两国经济的互补性既带来机遇，也带来挑战。澳新起家的Ａ２品公司和长城汽车的澳大利亚进口商分享他们的成功经验和教训。

The complementary economies of China and Australia bring both opportunities and challenges for newcomers. Australia-New Zealand company A2 Milk and the Australian importer of China’s Great Wall Motors share their successes and hard lessons.

80 PRODUCTIVITY: AVOIDING THE DREADED MIDDLE-INCOME TRAP

生产力：避开令人生畏的中等收入陷阱持续进行的经济和社会改革有助于确保中国从中等收入国家逐步过渡到全球高收入国家之一。

Ongoing economic and social reforms underway in China will help to ensure the country gradually progresses from a middle-income country to becoming one of the high-income economies of the world.

More ‘yes’ for Australian business.

悉尼

墨尔本

Judy Hendricks 吉京霞

Shine Wang 王一帆

企业金融 0404 884 066 Judy.J.Hendricks@nab.com.au

企业金融 0414 944 768 Shine.Wang@nab.com.au

CONTRIBUTORS

第二期 Issue 02 致力推动中澳友好关系的重要人物，也跟我们一起创建这一期的《商道》。

Meet the minds helping to shape China-Australia relations – and who also helped shape this issue of Higher View Business

投稿人

1. PAUL BLOXHAM

知名同行评审期刊上发表过大量文章。

保罗·布洛克斯汉姆

澳中关系研究院的目标是阐释两国在政

Paul Bloxham joined HSBC in 2010 as Chief Economist for Australia and New Zealand. In this role he is chief spokesperson for HSBC on forecasts and trends for the Australian and New Zealand economies and their interaction with global financial markets and international economies. Previously he spent almost 12 years as an economist at the Reserve Bank of Australia. 保罗·布洛克斯汉姆于2010年出任汇丰银行澳大利亚分行与新西兰分行的首席经济学家。在任期间，他担纲了汇丰银行有关澳大利亚和新西兰经济预测/趋势及其与全球金融市场及各大国际经济体之间相互影响等方面内容的首席发言人。在此之前，他曾以经济学家的身份为澳大利亚储备银行效力近12 年之久，并在经济部先后出任过各种不同的职位。

治、经济、文化和其它方面的双边关系。

3. JIM HARROWELL 吉姆·哈若文 Jim is a partner of National law firm Hunt & Hunt, the President of the Australia China Business Council (NSW) and the Chief Legal Representative for the Shanghai office of Hunt & Hunt, opened in 1998. Jim is one of six Australians on the foreign arbitrators’ panel of China International Economic & Trade Arbitration Commission (‘CIETAC’), and a member of the Shanghai International Economic and Trade Arbitration Commission (“SHIAC). In 2006 Jim was appointed a Member of the Order of Australia for service to international relations, particularly the development of legal and business links with China.

2. JAMES LAURENCESON

If you’d like to contribute an article to Higher View Business, please get in touch with us via: jim@citrusmedia.com.au

《商道》欢迎投稿，感兴趣者请发邮件至 jim@citrusmedia.com.au

与我们联系。

吉姆是Hunt & Hunt律师事务所的合伙人、澳大利亚中国工商业委员会

詹姆斯·罗文森

James Laurenceson is currently Deputy （新南威尔士州）的会长以及 H u n t & Hunt上海办事处（1998年设立）的 Director and Professor at the 首席法定代表人。吉姆是中国国际经济 Australia-China Relations Institute, 贸易仲裁委员会（CIETAC）外藉仲裁 University of Technology, Sydney (UTS). His research focuses exclusively 员中的六位澳大利亚人之一，同时也是上海国际经济贸易仲裁委员会 on the Chinese economy and has been （SHIAC）的成员。2006年，为表彰其 published in a range of acclaimed, 在国际关系方面所做的卓越贡献，尤其 peer-reviewed journals. The aim of the 是促进与中国之间的法律和商务联系， ACRI at UTS is to illuminate the bilateral 吉姆被授予为澳大利亚功勋人士奖。 relationship across political, economic, cultural and other dimensions. 詹姆斯·罗文森当前是悉尼科技大 4. ANDREW LUMSDEN & 学澳中关系研究院的副院长和教授。 LIZZIE KNIGHT 他专注于研究中国经济，并曾在一系列

10 | HIGH ER VIEW BUSIN E S S

10.

安德鲁·拉姆斯登与利齐·耐特

11.

12.

商道

Andrew Lumsden and Lizzie Knight are partners at Australian legal firm Corrs Chambers Westgarth, specialising in foreign investment and cross-borders mergers and acquisitions. They co-authored the publication Foreign Investment in Australia and are Co-Chairs of the Corrs’ China Business Group. 安德鲁·拉斯姆登与利齐·耐特均是澳大利亚阔思律师事务所的合伙人，专注于外国投资以及跨境并购业务。他们共同著作了《澳大利亚的外国投资》一书，并是阔思中国业务部的共同负责人。

5. JINGMIN QIAN 钱京珉 Jingmin Qian, the Director of advisory firm Jing Meridian, is a director and advisor with over 20 years’ experience in Australia China investment and management. Jingmin is also a director of listed and private companies, Australia China Business Council NSW, Macquarie University and the CFA Society of Sydney and a Fellow of the Australian Institute of Company Directors. Previously she was an executive in a strategy consulting firm and two Australian corporates in Sydney, and a project officer in Ministry of Commerce in Beijing. 京纬投资管理顾问公司的总监钱京珉是资深公司董事和顾问，有二十多年的中澳投资和管理经验。京珉目前是澳上市和非上市公司的董事和顾问，澳中工商委员会悉尼分会、麦考瑞大学和特许金融分析师悉尼分会的董事，澳公司董事研究院的资深会员。在此之前，

13.

CONTRIBUTORS

投稿人

Higher View Business 商道 Issue 02 Editor-in-Chief 总编辑 Jim Flynn +61 2 9186 9196 jim@citrusmedia.com.au

Strategic Advisor 战略顾问 Jingmin Qian

京珉在北京任中国商务部的项目官员，在悉尼任国际战略咨询公司和澳两家大型上市公司中负责战略和投资的高管。

6. LAURIE PEARCEY 劳瑞·帕斯 Director – China strategy & development at UNSW Australia. Described by the China Daily as ‘being at the forefront of almost all business, personal and political relations between Australia and its key trading partner’, Laurie Pearcey’s China career spans more than a decade in industry, government and academia. He currently leads UNSW Australia’s China strategy and is the former CEO of the Australia China Business Council. 澳大利亚新南威尔士大学中国战略与发展部的总监。《中国日报》形容她“处于澳大利亚与其主要贸易伙伴之间几乎所有商业、个人及政治关系的最前沿”。劳瑞十多年的中国职业生涯跨

completed advanced studies at London School of Economics and Political Science. He has served various posts to the United Nations and countries including the United Kingdom and Belgium. 马朝旭是中国人民共和国澳大利亚大使。出生于黑龙江省，曾在伦敦经济及政治学院深造。马大使曾先后在联合

11. KELLY MILLS 凯利·米尔斯 Kelly mills is a professional journalist with over 15 years’ experience focusing on technology and business. Kelly was a senior journalist with the Australian newspaper and for the last six years she has written for high profile business publications such as BRW and other industry magazines.

国、英国及比利时等国出任要职。

凯利·米尔斯是一位专长科技及商业报道的专业记者，拥有１５年以上经

9. ANDREW ROBB 安德鲁·罗布 Andrew Robb, AO, is Minister for Trade and Investment. He has qualifications in Agricultural Science and a first class Honours Degree in Economics. Formerly Executive Director for the Australian Farmers Federation, he advised major companies in Australia and abroad before being elected to the federal seat of Goldstein in October 2004.

验。她曾任《澳大利亚人》报的高级记者，过去六年为《商业评论周刊》及其他行业杂志的撰稿人。

12. BEN HURLEY 白杰明 Ben Hurley is a journalist specialising in international business, emerging companies, technology and travel. He has been regularly travelling to Asia for almost 15 years, speaks Mandarin and says that he eats almost anything. He has worked for leading publications including the Australian Financial Review and Business Review Weekly.

越诸多行业，政府和学术界。目前，他

安德鲁·罗布，是澳大利亚联邦

领导澳大利亚新南威尔士大学的中国战

贸易及投资部部长，拥有农业科学及

略部，是澳大利亚中国工商业委员会的

经济学资历。在2004年10月当选为联

前任CEO。

邦议员之前，曾任澳大利亚农民联合会

白杰明是一名专长报道国际业务、

执行总裁，为澳大利亚及海外公司提供

新兴企业、科技及旅游的记者。近15年

咨询。

他一直定期前往亚洲，精通普通话，

7. RUSSELL WIESE & LYNNE GRANT 罗素·维泽与林恩·格立 Russell Wiese is Partner, and Lynne Grant, special counsel, from national law firm Hunt & Hunt. Russell is a customs and global trade specialist with a strong focus on helping clients proactively manage customs risks and opportunities. Lynne provides legal services to all parties involved with industry, including importers, exporters and customs brokers. 罗素·维泽是Hunt & Hunt律师事务所的合伙人，林恩·格兰特是特别顾问。罗素和林恩是海关和全球贸易的专家就一系列涉及全球贸易环境中的合规性商业问题提供咨询意见。

8. MA ZHAOXU 马朝旭 Ma Zhaoxu is Ambassador of the People’s Republic of China to Australia. Born in Heilongjiang Province, he has

而且几乎任何东西都吃。他曾在包括

10. JACK CHEN 陈晓杰 Jack Chen is a renowned translator, cross-cultural advisor and columnist based in Sydney. He is well regarded in business and diplomatic circles in Australia for bridging the communication gap and facilitating clients’ China market endeavours. Jack has an Australian MBA degree with solid training in law and international marketing. He currently runs a boutique translation agency and cultural consultancy.

《澳洲金融时报》（Australian Financial Review）在内的知名出版机构工作。

13. ASHLEIGH HOLCZ 阿什利·霍斯

Ashleigh is a projects lawyer in the Western Australian mining industry and a publications contributor for the Australia-China Youth Association. In 2012, Ashleigh was awarded a Chinese Government Scholarship to attend the Beijing Language and Culture University, where she subsequently 陈小杰是悉尼知名翻译家、跨文化 completed an 18-month Chinese 顾问及专栏作家,曾为中澳包括总理、 language program.

州长等许多政要、商界领袖及媒体等提

阿什利是活跃于西澳大利亚采矿业项目

供文化沟通及拓展中国市场的服务。陈

的律师，曾为澳中国青年协会的出版物

小杰拥有澳洲MBA，熟谙法律及国际

的撰稿人。在2012年，阿什利获得中

营销，并经营一家同声翻译及商务文化

国政府奖学金在北京语言文化大学就

咨询公司。

读，顺利完成了18个月中文学习。

商道

Editor

Ben Hurley

Staff Writers 特约撰稿人

Crystal Wong, Constantina Pilatos

Design 设计

Paul Cook, Millie Jia, Simon Campbell

Illustrations 插图

The Design Surgery, The Project Twins, Paolo Lim

Sub Editor 副编辑 Adam Scroggy

Editorial Director 编务总监 Richard Ryan

Advertising 广告

Max La-Brooy +61 2 9186 9138 max@citrusmedia.com.au Crystal Wong +61 2 9186 9126 crystal@citrusmedia.com.au

Production Manager 生产经理

Ian Scott

Financial Controller 财务总监 Stuart Harle

Translation by Nihao Global Limited and Jack Chen (陈晓杰). Printed by Lindsay Yates. Distributed by Network Services Company. Higher View Business is produced for business class passengers on China Eastern Airlines flights between Australia and China. It can also be found in select newsagents, premium hotels and is distributed directly to key people involved in contributing to the China-Australia relationship. Citrus Media wishes to acknowledge the valuable contribution of the Australia China Business Council and its staff and members in making this issue of Higher View Business. We invite contributions from experts in their respective fields – please get in touch with the Editor-in-Chief to discuss. © 2014 Citrus Media. All rights reserved. No article or images may be reproduced wholly or in part without prior written permission from the publisher. While every care was taken during the preparation of this magazine, Citrus Media cannot be held responsible for the accuracy of the information or any consequence arising from it. All views and opinions expressed herein are the personal views of the writer/photographer/illustrator and do not necessarily reflect the views or opinions of China Eastern Airlines or CCCA. Higher View Business is an independent publication and is in no way endorsed by China Eastern Airlines.

H I G H E R V I EW B USINESS | 11

MGSM MBA in Top 50 NEWS AND TRENDS

新闻与动态

The Economist - ‘Which MBA? 2014’ ranked MGSM MBA #49 globally, #5 in Asia.

“ I chose MGSM because of its strong international reputation and its emphasis on teaching the best global business practices.” MGSM Alumnus James Osmund, Director – Digital Products Fox International Channels

For more information visit mgsm.edu.au CRICOS 12 | HIGHER VIEW BUSIN E S S PROVIDER 00002J

MGSM1551

商道

SYDNEY . AUSTRALIA HONG KONG

NEWS AND TRENDS

新闻与动态

VIEWPOINT 视点 NEWS, INSIGHT, GLOBAL THINKING

NEWS 新闻

OZ-BOUND TOURISM TAKING OFF 赴澳旅游方兴未艾

Chinese travellers are set to replace Kiwis as Sydney’s largest inbound market, following a new air services deal. – Australian Financial Review 《澳大利亚金融时报》报道：在一项新的航空运输协定签署之后，中国有望取代新西兰成为悉尼最大的入境客源国。 Sydney Airport expects to attract more services from second-tier and third-tier Chinese cities after the federal government in January agreed to a new air services agreement with China that will almost triple air capacity between the two nations by 2016. Sydney Airport chief executive Kerrie Mather said China was expected to overtake New Zealand as the airport’s largest inbound market by 2016 based on current growth rates. “Some of our largest unserved markets are outside of the primary hubs of Beijing, Shanghai and Guangzhou and our strategy is to attract more visitors from these cities,” Ms Mather said. “This new bilateral agreement is great news for our tourism industry and extremely timely with Chinese New Year – a peak time for travel...” “We will now work closely with our partner, Destination NSW, to ensure we can capture as many new services as possible.” The previous air services agreement had reached capacity in peak periods, meaning there wasn’t room for new Chinese carriers to enter the market. Four mainland Chinese airlines (Air China, China Eastern, China Southern and Sichuan Airlines) already fly to Sydney Airport with direct services to five mainland cities (Beijing, Shanghai, Guangzhou, Chongqing and Nanjing). Qantas Airways also offers daily flights from Sydney to

Shanghai. Qantas and China Eastern signed a joint venture agreement in Canberra in November after the G20.

在一月份联邦政府同意与中国签署一项全新的航空运输协定之后，悉尼机场预计将迎来更多来自中国二级和三级城市的航班。到2016年，两国之间的航空运力将增加近三倍。悉尼机场总裁Kerrie Mather表示：按照当前的增长速度，预计到2016年，中国将全面赶超新西兰，成为悉尼机场最大的入境客源国。 Mather女士指出：“我们未覆盖到的一些最大市场均位于北京、上海和广州这三大枢纽之外，而我们的策略是吸引来自这些城市的更多旅客。” “这项新的双边协定对旅游业是一项重大利好，尤其眼下的中国春节正是出行高峰期。我们将与合作伙伴新南威尔士州旅游局紧密合作，以确保能够赢得更多新业务。” 而先前签订的航空运输协议许可的承运力在高峰期内已达到饱和，这意味旧协议已没有多少空间让中国新的航空公司进入这个市场。中国大陆四家航空公司（中国国际航空公司、中国东方航空公司、中国南方航空公司以及四川航空公司）均已开通了悉尼机场直飞五座大陆城市的航班（北京、上海、广州、重庆和南京）。澳大利亚航空公司也提供从悉尼飞往上海的每日航班，并在去年G20峰会结束之后，于11月份在堪培拉与中国东方航空公司签署了一份合资协议。

商道

H I G H E R V I EW B U SINE SS | 13

NEWS AND TRENDS

新闻与动态

NEWS 新闻

THEME PARK TO BRING CHINESE CULTURE TO SYDNEY

悉尼计划兴建价值5亿澳元中国文化主题公园 A $500 million Chinese cultural theme park is to be constructed at Wyong in Sydney’s northern outskirts, beginning this year. 悉尼北部怀昂市计划今年起兴建一座价值5亿澳元的中国文化主题公园。 A 15-hectare theme park, which is to be called Chappypie China Time, is expected to become a major Australian national tourism attraction upon completion in 2020. It is anticipated that it will employ 1,000 people when fully open. It will feature a full-size replica of the gates of the Forbidden City, Beijing’s Imperial Palace, complete with red walls and golden roof, as well as a nine-storey temple, complete with giant statues of the ‘White-robed Guanyin’ and ‘Thousand-hand Guanyin’. Due to open in stages from 2016, the theme park will have 12 main sections, including the Thanksgiving Temple, Meridian Gate, Zheng He’s Treasure Ship, Spring Festival Square and Panda Paradise, and an arts-and-crafts workshop. It will also feature a giant standing Buddha at its centre. Visitors will enter the Theme Park via The Red Gate and through to the Forbidden City, with a flying golden dragon winding its way through the park. A river will flow around the park with traditional dragon boats passing under bridges and willow trees. A giant ship will be both a ride and a celebration of shared maritime history between Australia and China. Small laneways will lead off the main square to various arts and handicrafts displays, Chinese food and teahouses. A variety of entertainment, cultural, accommodation and retail areas are to be offered, including a history of calligraphy, a theatre for traditional drama and musical performances, Chinese landscape gardens, and a panorama of Chinese history. The theme park will target a large anticipated increase in

14 | HIGH ER VIEW BUSIN E S S

商道

in-bound Chinese tourism to Australia over the next decade, and will also target other tourists and Australian visitors, according to Doug Eaton, Mayor of Wyong, which is situated 80km north of Sydney’s CBD. Chinese tourism has been increasing by 20 per cent annually in the past few years, with 700,000 tourists spending over $4 billion in 2012, according to Tourism Australia. The value of Chinese inbound tourism to NSW is expected to almost double by 2020, becoming NSW’s largest international market in terms of visitor arrivals, visitor nights and expenditure, according to Australian regional tourism body Destination NSW. Eaton said the theme park represented an “incredible boost” for Wyong and Sydney’s tourism and economic development by creating jobs on-site as well as having a flow-on effect to local retailers and businesses in the hospitality sector. “It’s incredibly exciting to see the sheer scale of the theme park, and what it can do in terms of tourism for our area of Wyong and Sydney,” he said. “The developers have long been telling us that this theme park will be up there with the Opera House and Sydney Harbour Bridge in terms of tourist attractions and I’ve got to hand it to them – it’s absolutely in that category.” Bruce Zhong, CEO of Australia-China Theme Park, praised Eaton as having been instrumental by giving his full support to the project. “He understands the global interest there is in Chinese culture and also the need for local government involvement in terms of attracting Chinese investment,” he said.

NEWS AND TRENDS

新闻与动态

NEWS 新闻

这座面积15公顷的迪斯尼游乐园型的主题游乐园将命名为“中国欢乐时光”，待2020年完工时将成为澳大利亚一大主要国家旅游景点。预计主题公园在完全开放时将要雇用 1000人。园内将建与原物同样大小的北京皇城故宫的大门仿造物，包括红墙和金顶，以及一座九层的庙，内有巨大的 “白袍观音”和“千手观音”雕像。园区开放预计将从2016年起分阶段进行。主题公园将分为12个主要部分——包括报恩寺、午门、郑和宝船、春节广场和熊猫乐园，还有一间工艺品工坊。公园中心还将建造一尊巨大的立佛。来客进入主题公园要穿过红门直达故宫，一条金色飞龙蜿蜒贯穿公园。一条河流围绕公园，传统的龙舟穿越在桥梁垂柳之间。有一艘大船，既可以乘坐，也是为纪念澳大利亚和中国所共有的海洋交流史。从主广场分出很多小巷道，通往各种工艺品展示点、中国食品和茶室等。园内将提供各种娱乐、文化、食宿和零售区域，包括书法艺术史、传统戏剧和音乐演奏剧场、中国风景园以及中国史概论。距悉尼中央商务区80公里外怀昂市的市长道格·伊顿认为，未来十年主题公园将增加中国对澳大利亚的旅游来访，同时吸引其它地区和澳大利亚的游客。根据澳大利亚旅游局的数据，中国的旅游出访在过去几年每年都以20%的速度在增长，2012年70万游客的消费金额超过了40亿澳元。据澳大利亚区域旅游机构新洲旅游局的数据，到2020年中国人在新南威尔士的入境旅游将近乎翻倍，成为新南威尔士州最大的游客来访、游客夜宿和消费市场。伊顿说，通过创造现场的工作机会以及对当地零售商和酒店部门企业的流动效应，主题公园将为怀昂和悉尼的旅游业和经济发展带来一次“难以置信的促进”。 “看看主题公园的规模，以及能为怀昂和悉尼的旅游业能带来什么，就足以让人兴奋不已。”伊顿说道，“开发商一直在告诉我们，这个主题公园将像歌剧院和悉尼海港大桥那样吸引游客，我也在这么认为——它绝对可以归入那一类别。” 澳中主题公园执行总裁Bruce Zhong称赞伊顿对项目提供了很大的帮助。“他了解全世界对中国文化的兴趣所在，也了解要吸引中国投资就需要地方政府的参与。”他说。

BAIDU LAUNCHES IN AUSTRALIA 百度进军澳大利亚

Baidu, China’s largest internet search-engine company, launched in Australia in September. It has more than 512 million regular users in China, which is equivalent to all of Google’s users in Europe and Asia combined. Baidu covers 83% of the search engine market in China, comprising six billion search requests per day. Sales revenue reached US$5.12 billion in 2013. It has a Research and Development team of 10,000 people. The launch in Australia is part of Baidu’s stated goal to become the world’s ‘top new-media platform’ by 2019, with 50 per cent of the world’s population using Baidu products by then. Digital marketing company Belimark has been appointed as official agent of Baidu in Australia and New Zealand, after signing a strategic partnership agreement with the company earlier this year. Sydney-based Belimark will focus its efforts on promoting Australian and NZ businesses in China via Baidu, according to Belimark General Manager Juliet Chen. “The launch of Baidu comes at a time when trade between the three countries is at a record high and when more and more Chinese are coming to Australia and New Zealand for study and sightseeing,” Chen says. She estimates Belimark will invest about $2.5 million in Australia over the next three years to expand its operations and create at least 20 full-time jobs. 商道

中国最大的互联网搜索引擎公司百度于去年九月进军澳大利亚。百度在中国拥有超过5.12亿固定用户，相当于谷歌在欧洲和亚洲的用户总数。百度拥有的中国搜索引擎市场83%的份额,意味着每天60 亿次搜索请求。该公司仅2013 年的销售收入就已经达到了 51.2亿美元。公司的研发团队达 1万人。进军澳大利亚是为了实现百度宣称的要在2019年成为全球 “第一大新媒体平台”的目标，这意味着届时全球50%的人将使用百度产品。百度与数字推广商Belimark于今年早期签订了战略伙伴协议，指定其为百度在澳大利亚和新西兰的官方代理。 Belimark总部位于悉尼，据 Belimark总经理陈竹英（Juliet Chen）的介绍，Belimark的主要业务是通过百度在中国推广澳大利亚和新西兰的企业。陈总说：“百度进军的时机很好，正是三国之间贸易达到历史最高的时候，越来越多的中国人来澳大利亚和新西兰学习、游览。” 她预计Belimark将在未来三年时期在澳大利亚投资大约250万澳元，用于扩大其业务，并创造至少20个全职工作机会。 H I G H E R V I EW B U SINE SS | 15

NEWS AND TRENDS

新闻与动态

INSIGHT 洞察

CHINA LEADING THE GLOBAL BIKE-SHARE PACK 中国领导全球自行车共享族 China is the now world’s largest bike-share market, having overtaken Italy this year as the country with the most bike-share programs, as well as the most bikes within these programs. The country boasts 16 of the world’s 20 largest city bicycle-sharing programs, with Hangzhou and Wuhan leading the pack, according to the US based Earth Policy Institute. The only non-Chinese cities are Paris, London, Barcelona, and New York – with the latter two cities tying in 20th place. Paris is in fifth place and London in 16th place. This achievement by China is all the more remarkable considering the Chinese government has re-embraced cycling only within the past decade, after shunning it as ‘backward’ in the 1980s. The government actively encouraged the replacement of bikes with cars as it focused on a rapid expansion of its economy. However growing toxic smog and traffic jams resulted in a reversal of this policy in the early 2000s. The concept of bike-sharing was introduced in 1998 in the northern French town of Rennes, where its 200,000 residents got to try the first computerised bike-share system for a nominal fee. The French capital, Paris, then adopted bike-sharing in 2007, which then served as a model for London, New York and beyond. A year after the Paris launch, China introduced bike-sharing it in the port city of Hangzhou with 2,800 bikes (there are now 65,000 bikes in the city). Within seven years, the world’s most populous nation went from having no public bikes to having 650,000, dwarfing France’s fleet of 47,000, and in the process earning itself the title as the largest bike-share country in the world. Part of the attraction of bike-share schemes in all countries, including China, is its simplicity of use. A customer is given a set of codes to unlock a bike from one of many bike-share stations in the city. At their destination station they simply park the bike at a self-locking dock and pay for their journey. The first 30 minutes to an hour of usage are typically free. There is usually also a levy to participate in a city bike share scheme – London charges £2 for 24 hours. However, other cities, including Buenos Aires and Taipei, charge no fee. 16 | HIGH ER VIEW BUSIN E S S

商道

中国现在是世界上最大的自行车共享市场，今年，中国因其拥有最多的自行车共享项目以及这些项目下最多的自行车数量，而超过意大利。根据美国地球政策研究所的数据，全球20个最大的城市自行车共享项目中有16个都在中国，其中杭州和武汉为佼佼者。例外的是巴黎、伦敦、巴塞罗那和纽约，而且巴塞罗那和纽约并列排在第20位。巴黎排在第5位，伦敦第16位。如果考虑到中国政府仅仅是在过去十年才又一次提倡自行车运动——上个世纪八十年代这被认为是一种“落后”——中国取得的这一成绩就显得更为卓越。政府在集中精力快速发展经济的同时积极地鼓励用小汽车代替自行车。然而，越来越多的有毒烟雾和交通阻塞导致该政策在本世纪初产生了逆转。自行车共享的概念于1998年在法国北部小镇雷恩提出，那里的20万居民开始尝试了第一套象征性收费的自行车共享系统。然后法国首都巴黎于2007年采用了自行车共享，随后成为伦敦、纽约和更多城市仿效的模式。在巴黎启动这个系统一年之后，中国的港口城市杭州引入了自行车共享，自行车数量为 2800辆（现在城市里的自行车数量达到6.5万辆）。仅仅七年时间，这个全球人口最稠密的国家从最初一辆公共自行车都没有，一举发展到65万辆，让法国4.7万辆的总数相形见绌，并为中国赢得了世界上最大的自行车共享国的称号。所有国家（包括中国）的自行车共享计划的魅力之一是使用简便。顾客得到一组密码就可以开启城市里任何一个自行车共享站里的自行车。到了目的站，他们只需把自行车停在一个自锁码头上支付这段路程的旅费。最初的30至 60分钟可以免费使用。通常加入城市自行车共享计划也需要缴纳一笔费用，伦敦收取的费用是每24小时2英镑。但是，包括布宜诺斯艾利斯和台北在内的其他城市，均不收费。

Service Centre: + 61 2 8215 5520

- Manhattan, New York Piaget Altiplano 1205P, The worldâ&#x20AC;&#x2122;s thinnest automatic watch and manufacture movement with small seconds and date indications. Piaget, the master of ultra-thin.

piaget.com

从数字看经济 DIGITAL ECONOMY Australia and China’s economies compared SNAPSHOT SOURCE: INTERNET LIVE STATS (WWW.INTERNETLIVESTATS.COM)

INTERNET USERS BY COUNTRY 各国网络用户调查 (2014) China 中国|641,601,070

19.24%

4.45%

17.50%

1.75% 21.97%

9.58% 8.33%

4 Japan 日本

United States 美国

1 3 India 印度

Brazil 巴西|107,822,831

2.79%

3.69% Australia 澳大利亚|21,176,595

India 印度|279,834,232

China 中国

Japan 日本|109,252,912

United States 美国|279,834,232

3.74%

0.33%

Brazil 巴西

0.73%

Rank Country 国家排名

Country’s share of World Population

Australia 澳大利亚

国家所占世界人口比重

Country’s share of World Internet Users

国家所占世界网络用户比重

No. of Internet users

网络用户数目

INTERNET USERS BY COUNTRY - % OF POPULATION WITH INTERNET

SOURCE: INTERNET LIVE STATS (WWW.INTERNETLIVESTATS.COM)

各国网络用户调查 —— 网络使用人口所占比重 (2014) 6

Australia 澳大利亚|89.62%

United States 美国|86.75%

Japan 日本|86.03%

Brazil 巴西|53.37%

MOBILES 手机

CONNECTION SPEEDS 连接速度

MB/S 兆/秒

B/S 8M

DESKTOPS 台式机电脑

Average Internet speed in China 中国平均网速 Average Internet speed in Australia 澳大利亚平均网速 Average Internet speed in South Korea 南韩平均网速

NOTEBOOKS 笔记本电脑 18 | HIGH ER VIEW BUSIN E S S

SOURCE: CHINACACHE

/S MB .9 21

83% 70% 44%

SOURCE: CHINA INTERNET NETWORK INFORMATION CENTRE

DEVICES CHINESE NETIZENS USE TO GO ONLINE 中国网民所使用的上网设备

China 中国|46.03% India 印度|19.19%

3.4 5M B

商道

网络购物 (JUNE 2014) ONLINE SHOPPING ONLINE SHOPPING

Source: China Internet Network Information Centre

Source: CNNIC

332,000,000 300,000,000 12,000,000 9.8 PER CENT Numbershoppers of onlineinshoppers Online China in China中国网购消费者数目

Online shoppers in Australia Semi-annual growth rate 半年度增长率

SMARTPHONE USERS WHO HAVE MADE A PURCHASE VIA

MOBILE INTERNET USERS & GROUP PURCHASE USERS 移动互联网用户与团购用户 ALIPAY VERSUS PAYPAL

Source: Alipay.com

SMARTPHONE USERS WHO HAVE MADE Source: Google’s 通过手机购物的智能手机用户 THEIR PHONEVIA A PURCHASE THEIR PHONE “Our Mobile Planet” Report

63.4%

Growth in mobile Internet users, China, during first 6 months of 2014

Alipay, the top chinese third-party payment platform, had nearly 2014年上半年，中国移动互联网用户的增长人数

300,000,000 26,990,000 XX,000,000 148,000,000

Growth in number of mobile payment application users first half of 2014 2014年上半年移动支付应用程序用户数量的增长

83.4% 41% 69%

verified users at the end of 2013. Group more purchase in China 中国团购用户数量 That’s than users twice the number of globally active paypal accounts at

Proportion of Internet users who Online shoppers use mobile phone to access Online shoppers in Australia in China Internet 使用手机上网用户的比例

MOST IMPORTANT SOCIAL MEDIAREASON TO DO BUSINESS IN CHINA 在中国做生意最重要的原因

Source: Australia’s International Business Survey

FACEBOOK VERSUS QZONE AUSTRALIA

Source: Alipay.com

CHINA

37%

强劲的增长前景

在中国有关系网或人脉

57% 17%m 12.8 Facebook penetration

Familiar customer/consumer characteristics

Active熟悉客户或消费者的特点 Facebook users

Source: Tencent, Facebook

Average number of hours per day spent by social media users on all social channels

69%

Strong growth prospects

TIME SPENT ON SOCIAL MEDIA

Personal networks/contacts in country

47% 12% 645m

Qzone penetration

Favourable regulatory/business environment

Active Qzone users 有利的监管或商业环境商商道道

CHINA

1.5 5% 2.1 AUSTRALIA

Ease of accessing third markets 便于进入第三方市场

H I GHHIEGRH EVRI EVW B UBSUISINE N E SSS S || 21 I EW 19

全球万花筒

GLOBAL SNAPSHOT Markets, demographics, investment and economies compared 市场、人口、投资和经济体的比较。

BARRIERS TO DOING BUSINESS IN CHINA 在中国开展业务的障碍

NUMBER OF YEARS IN RECESSION

SOURCE: AUSTRALIA’S INTERNATIONAL BUSINESS SURVEY: 2014 REPORT

经济衰退年的数量 (2006-2013) SOURCE: AUSTRADE

LOCAL CULTURE 当地文化

62%

REGULATIONS 法规

YEARS

51%

CUSTOMER PAYMENT 客户付款问题

42%

31% 31%

政府净债务占国内生产总值的百分比

YEARS

中国

82.3% USA

美国

SOURCE: AUSTRADE

84.4% UK

73.2% EURO AREA

英国

欧洲

137.1%

52.9%

8.9%

3.2%

INDIA

JAPAN

GERMANY

DENMARK

PERU

日本

20 | HIGHER VIEW BUSIN E S S

德国

欧洲

丹麦

商道

YEARS

BROADBAND DEPLOYMENT READINESS BY COUNTRY RANKING

NO FIGURES

印度

YEARS

EURO AREA JAPAN

宽带分布国家排名

NO.

CHINA

27%

GENERAL GOVERNMENT NET DEBT AS A PERCENTAGE OF GDP

澳大利亚

USA

美国

日本

ENFORCEMENT OF PROPERTY & CONTRACTS 产权及合同的执行

AUSTRALIA

YEARS

英国

DISCRIMINATORY REGULATIONS 歧视性法规

16.1%

中国

40%

CUSTOMS COSTS/DELAYS 海关的费用或延误

NO FIGURES

澳大利亚

CHINA

YEARS

TARIFFS & QUOTAS 关税和配额

AUSTRALIA

秘鲁

SOURCE: AUSTRADE

NO.

SINGAPORE

USA

新加坡

美国

NO.

SOUTH KOREA

AUSTRALIA

南韩

澳大利亚

NO.

MALAYSIA

CHINA

马来西亚

中国

CHARTS

图表

EASE OF DOING BUSINESS IN CHINA COMPARED TO AUSTRALIA 在中国开展业务与在澳大利亚难易程度的对比

SOURCE: AUSTRALIA’S INTERNATIONAL BUSINESS SURVEY: 2014 REPORT

10%

14% SAME

MORE DIFFICULT

MUCH MORE DIFFICULT

非常容易

容易

相同

困难

非常困难

MUCH EASIER

EASIER

52%

21%

AVERAGE ANNUAL PERCENTAGE GROWTH RATE 年均增长率 (2010-2014)

SOURCE: AUSTRADE

8.5%

CHINA 中国

6.5%

INDIA 印度

5.5%

ASEAN-5 东盟

3.9%

WORLD 全球

2.7%

AUSTRALIA 澳大利亚

2.2%

USA 美国

1.6% 1.6%

UK 英国 JAPAN 日本 EURO AREA 欧洲

0.7%

PROJECTED AVERAGE ANNUAL PERCENTAGE GROWTH RATE 预计年均增长率 (2015-2019) 6.7% 6.6%

CHINA 中国 INDIA 印度

5.5%

ASEAN-5 东盟

4.0%

WORLD 全球

3.0% 2.9% 2.5%

AUSTRALIA 澳大利亚 USA 美国 UK 英国

1.6%

EURO AREA 欧洲 JAPAN

SOURCE: AUSTRADE

0.9%

日本

GROSS DOMESTIC EXPENDITURE ON R&D AS A PERCENTAGE OF THE COMPOUND ANNUAL GROWTH RATE 国内研发经费支出占国内生产年均增长率比重

SOURCE: AUSTRADE

20.6%

12.1%

9.9%

5.3%

CHINA

RUSSIA

AUSTRALIA

EURO AREA

中国

俄罗斯

澳大利亚

欧洲

商道

4.3%

3.6%

USA

JAPAN

美国

日本

3.2%

英国

H I G H E R V I EW B USINE SS | 21

unchanged (25%).

by NAB Group Economics

Quarterly Residential QuarterlyAustralian Australian Residential Property Survey: 2014 Property Survey: Q3 Q3 2014

NAB Residential Property Index unchanged with stronger house price expectations offset by weaker rental CHARTS Sentiment continues to soften in WA (an all time low). Big pick-up in foreign buying activity图表 prospects. in new property (especially VIC) and tipped to rise further. Foreign buyers account for 1 in 6 new properties nationally (1 in 4 in VIC). First home buyers less active, local investors unchanged.

Quarterly Australian Residential Property Survey: Q3 2014 by NAB Group Economics by NAB Group Economics

NAB Residential Property Index unchangedwith with stronger price expectations offset by weaker NAB Residential Property Index unchanged strongerhouse house price expectations offset byrental weaker rental prospects. Sentiment continues to soften in WA (an all time low). Big pick-up in foreign buying activity in prospects. Sentiment continues to soften in WA (an all time low). Big pick-up in foreign buying activity in new property (especially VIC) and tipped to rise further. Foreign buyers account for 1 in 6 new properties new property (especially VIC)First andhome tipped to rise further. Foreign buyers account for 1 in 6 new properties nationally (1 in 4 in VIC). buyers less active, local investors unchanged. NAB Residential Index unchanged at +19 points in nationally (1 in 4 in VIC). First home buyers less active, local investorsProperty unchanged.

Property Index

Q3. Picture mixed across country. QLD overtakes VIC as strongest state; biggest gains in SA/NT; sentiment weakest and still falling in WA.

Property Index

NAB Residential Property Index unchanged at +19 points in Q3. Picture mixed across country. QLD overtakes VIC as strongest state; biggest gains in SA/NT; sentiment weakest and stillResidential falling in WA.Property Index unchanged at +19 points in NAB

Outlook

Q3. Picture mixed across country. QLD overtakes VIC as strongest state; biggest gains in SA/NT; sentiment weakest and still falling in WA.

Outlook for national house prices for next 1-2 years improves. Outlook stronger in all states. Rental expectations wound back in all states except SA/NT.

Outlook

Outlook for national house prices for next 1-2 years improves. Outlook stronger in all states. Rental expectations wound back in all states except SA/NT.

Outlook

Outlook for national house prices for next 1-2 years improves. Outlook stronger in all states. Rental expectations wound back in all states except SA/NT.

by NAB Group Economics First home buyers First home

New Housing Market

buyers

First home buyers less active in established markets (16.4%). Local investors broadly First home buyers less active in established unchanged (25%). markets (16.4%).

New Housing Market

Housing affordability biggest constraint in new housing market (nationally). Construction costs and sustainability of house price Housing biggest constraint in housing market gainsaffordability replace credit availability asnew next biggest concerns. (nationally). Construction costs and sustainability of house price Employment security identified biggest impediment to buying gains replace credit availability as next biggest concerns. existing security property nationally and in most states. Foreign buyers Employment identified biggest impediment to buying accounted 16.8% of total demand and this is expected to rise existing propertyfor nationally and in most states. Foreign buyers accounted 16.8% of total demand this is expected rise furtherfor next year (17.3%). Onand existing property,toforeigners further next year for (17.3%). On existing accounting a record high property, of 11.5%foreigners of total demand.

Local investors broadly unchanged (25%).

First home buyers

NAB Residential Property Index unchanged with stronger housNew e price expecHousing tations offset byMarket weaker rental prospects. Sentiment continues to soften in WA (an all time low). Big pick-up in foreign buying activity in new property (especial y VIC) and tipped to rise further. Foreign buyers account for 1 in 6 new properties First home buyers less active in established markets (16.4%). Local investors broadly House House price expectations strengthen price expectations strengthen unchanged (25%).

accounting for a record high of 11.5% of total demand.

Foreign buyers much more active in the market Housing affordability biggest constraint in new housing market Foreign buyers much more active in the market

Australia

Victoria

NSW

Qld

SA/NT

-2.0

商道

16 14 12 10 8

Q1’14

Q1’13

Q1’12

Q1’11

Share of Demand for New & Existing Properties New Properties from Overseas Buyers Established Properties

Q1’14

Q1’13

Q1’12

Established Properties Q1’12

Q1’12

Q1’11

Foreign buyers much more active in the market

New Properties

Q1’11

Q1’10

2.0

22 | HIGH ER0.0VIEW BUSIN E S S

4 2

Q1’11

SA/NT

NAB Property Survey - House Price Expectations (%)

8 6

Q1’11

Qld

Expectations...

Q1’10

NSW

4 2

Next 2 years Next 2 years

House price expectations strengthen

12 months Next 12Next months

Q1’14

Q1’13

Q1’14

Q1’13 Q1’13

Q1’13

Q1’13 Q1’13

Q1’12

Q1’13

Q1’12

Q1’13

Q1’12

Q1’12 Q1’12

Q1’12 Q1’11

Q1’11

Q1’12 Q1’11

Q1’11

Estimated price growth in relevant survey period...

Victoria

8 10 6

Expectations...

Next Qtr Next Qtr

Estimated price growth in relevant survey period...

-4.0

Q1’11

12 14 10 12

Australia

% 4.0

(nationally). costs and sustainability of house price ShareShare of Demand for New for & Existing Properties of Construction Demand New & Existing Properties fromcredit Overseas Buyers gains replace as next biggest concerns. fromavailability Overseas Buyers Employment security identified biggest impediment to buying existing property nationally and in most states. Foreign buyers accounted for 16.8% of total demand and this is expected to rise further next year (17.3%). On existing property, foreigners accounting for a record high of 11.5% of total demand. Q1’10

0.0

-2.0

-4.0

16 16 14

0.0

-2.0

Q1’10

2.0

Q1’10

% 4.0

Q1’10

NAB Property - House Price Expectations(%) (%) NAB Property SurveySurvey - House Price Expectations

% 4.0

Residential property - Market performance Residential Residential property property -- Market Market performance performance Residential property - Market performance House price expectations CHARTS 图表

(nationally). Co gains replace c Employment s existing prope accounted for further next ye accounting for

House price expectations strengthened in Q3. National house prices now expected to grow 2.1% in the next year (1.7% in Q2). Outlook for house prices

stronger in all states, led by QLD (2.9%), VIC (2.4%) and NSW (2.3%). WA (0.3%) clearly lagging. Average national house prices to grow 2.4% in 2 years House price expectations time, with QLD (3.2%) and VIC (2.4%) to lead the country for capital gains. Biggest improvement expected in SA/NT (2.3%), while capital gains slowest House pricestrengthened expectations House price expectations in Q3. National house prices now expected to grow 2.1% in the next year (1.7% in Q2). Outlook for house prices in WA (1.2%). stronger in all states, led by QLD (2.9%),in VIC (2.4%) and NSW WA clearly Average national grow 2.4% in 2 years House price expectations strengthened Q3. National house(2.3%). pricesEDUCATION now(0.3%) expected to lagging. grow 2.1% in the yearhouse (1.7% prices in Q2).to Outlook for house prices House price expectations DISTRIBUTION OF FOREIGN STUDENTS IN TERTIARY BY COUNTRY OF next DESTINATION time, with (3.2%) andby VIC (2.4%) to lead the country for capital Biggest improvement expected in SA/NT (2.3%), while capital gains stronger inQLD all states, led QLD (2.9%), VIC (2.4%) and NSW (2.3%).gains. WA (0.3%) clearly lagging. Average national house prices to grow 2.4% in slowest 2 years

% House Price Expectations (%) 12 months forecast in WA (1.2%). House priceQLD expectations strengthened in Q3. National house prices now expected to grow 2.1% in the next year (1.7% in Q2). Outlook for house prices SOURCE: AUSTRADE 各国接受高等教育的海外学生比例 time, with 6.0(3.2%) and VIC (2.4%) to lead the country for capital gains. Biggest improvement expected in SA/NT (2.3%), while capital gains slowest stronger in all states, led by QLD (2.9%), VIC (2.4%) and NSW (2.3%). WA (0.3%) clearly lagging. Average national house prices to grow 2.4% in 2 years Next 12 months Next 2 years in WA (1.2%). 5.0(3.2%) and VIC (2.4%) to lead the country for capital gains. Biggest improvement expected in SA/NT (2.3%), while capital gains slowest time, with QLD % House Price Expectations (%) 12 months forecast in WA (1.2%). 6.0 2.9% 4.0 20.0% NORTHERN forecast % 12 months 0.3% Next 12House months Price Expectations (%) Next 2 years

(20012-13)

21.1%

Next 12 months

4.0 3.0 5.0 1.0

WESTERN

AUSTRALIA 0.3%

Next 2 years

WESTERN AUSTRALIA

2.3%

0.3% WESTERN

NSW

SA/NT

Australia Australia Australia Australia

Vic

Qld

SA/NT

Australia Australia Australia Australia

2.0 1.0 3.0

2.9% 2.9% 2.9% 2.3%

美国

NORTHERN TERRITORY SOUTH AUSTRALIA NORTHERN TERRITORY QUEENSLAND NEW SOUTH WALES QUEENSLAND NORTHERN SOUTH TERRITORY AUSTRALIA

0.3%

3.0 2.0 4.0 0.0 NSW

12.5%

Next 2 years House Price Expectations (%)

Vic

15.0%

USA

QUEENSLAND 12 months forecast

Next 12 months

Qld

17.5%

TERRITORY

6.0 5.0 3.0 % 5.0 4.0 6.0 2.0

AUSTRALIA

GERMANY

Q3'14

WA WA

中国

NSW NSW NSW

CHINA

VICTORIA

WESTERN AUSTRALIA

7.7%

JAPAN 日本

FRANCE

SOUTH QUEENSLAND NEW SOUTH AUSTRALIA WALES

德国 2.3% 2.4% NEW SOUTH WALES 2.3% 2.3%

SOUTH AUSTRALIA

5.9% 2.3%

VICTORIA

NEW SOUTH

VICTORIA

WALES 2.3% 2.4% 2.4%

4.3%

法国

Q3'14

SA/NT SA/NT SA/NT

Vic Vic Vic

Qld Qld

WA WA

5.0% Q2'14

Qld

Vic

澳大利亚

俄罗斯 WA

AUSTRALIA Q3'13

0.0

RUSSIAQ2'14

SA/NT SA/NT SA/NT

Vic Vic

7.1%Q3'13 Qld Qld

5.0%

0.0 1.0

Qld

7.5%

1.0 0.0 2.0

NSW NSW NSW

Quart 10%

2.3%

Rental expectations 2.4% In contrast, expectations for rents continue to be wound back. Average national rents now expected to grow just 0.7% next year (1.1% in Q2). 0% Expectations softer in all states, except SA/NT (1.2%) which joins NSW (1.4%) and VIC (1.2%) as the best states for income returns, while WA (-1.2%) Rental expectations remains the weakest. LowerECONOMIES income returnsBY forecast in all states SHARE in next 2OF years, bar SA/NT (1.9%), joins NSW (2%) as the best state for income WORLD’S LARGEST PERCENTAGE TOTAL OFwhich NOMINAL GDP Rental expectations In contrast, expectations rents continue to be wound back. Average national rents SHARE now expected to grow just 0.7% next year (1.1% in Q2). growth. Negative returnsfor to persist in WA (-0.7%). Expectations softer in all for states, except SA/NT which joins NSW(6/2014) (1.4%) andrents VIC (1.2%) as the best for income returns, whileinWA (-1.2%) 根据名义国内生产总值比率的世界最大经济体 In contrast, expectations rents continue to (1.2%) be wound back. Average national now expected to states grow just 0.7% next year (1.1% Q2). Rental expectations remains the weakest. income returns forecast all states next 2 years, joinsfor NSW (2%) as the best state for(-1.2%) income Expectations softer in Lower all states, except SA/NT (1.2%) in which joins in NSW (1.4%) andbar VICSA/NT (1.2%)(1.9%), as the which best states income returns, while WA Q3'13

2.5%

Q2'14

Q3'13

2.5%

Q3'14

Q2'14

VICTORIA

Q3'14

SOURCE: AUSTRADE

growth. Negative returns to persist inreturns WA (-0.7%). In contrast, for rents continue to be wound Average rents now expected to grow just 0.7% next yearbest (1.1% in Q2). remains theexpectations weakest. Lower income forecast in(%) allback. states in nextnational 2 years, bar SA/NT (1.9%), which joins NSW (2%) as the state for income 12 months forecast % Rental Expectations Expectations softer in all states, except SA/NT (1.2%) which joins NSW (1.4%) and VIC (1.2%) as the best states for income returns, while WA (-1.2%) 22.5% Negative growth. returns to persist in WA (-0.7%). 5.0 remains the weakest. Lower income returns forecast in all Next states in next 2 years, bar SA/NT (1.9%), which joins NSW (2%) as the best state for income Next 12 months 2 years 4.0 returns to persist in WA (-0.7%). 20.0% Negative growth. 12 months forecast USA % Rental Expectations (%)

22.8%

Australia Australia Australia Australia

AUSTRALIA

GERMANY

德国

WESTERN AUSTRALIA

3.7%

1.4% AUSTRALIA 澳大利亚

NEW SOUTH

VICTORIA

WALES 1.2% 1.2% 2.9% 1.4% 1.2%

Q3'14

NAB Residential Property BY-COUNTRY SHARE OF AUSTRALIA’S EXPORTSindex & IMPORTS OF GOODS & SERVICES With stronger house price expectations offset by weaker rents, 按留学地点定出的高等教育海外留学生分布the NAB Residential Property Index was unchanged at +19 points in Q3 and remained above of its long-term average (+14 points). QLD (+37 points) overtook VIC (+36 points) NAB Residential Property index as the strongest state, but the biggest improvement was seen in SA/NT (+29 points). Sentiment continues weaken in NAB Residential Property index With stronger house price expectations offset by weaker rents, theProperty NAB Residential Property Index unchanged WA, with the state index falling to -39 points - a new all time low. professionals in QLD andwas SA/NT are nowat bn of $150.9 +19 points in Q3 andover remained above its Sentiment long-term average (+14 points). QLD (+37 points) broadly overtook VIC (+36 points) 160 With stronger house price expectations offset by weaker rents, the NAB Residential Property Index was unchanged the most confident the next 1-2 years. in VIC and NSW is expected to remain unchanged at at NAB Residential Property index as strongest butbut theremain biggest improvement seen in SA/NT points). continues in +19the points in Q3 state, and remained abovewell of itsbelow long-term average (+14 points). QLD (+37Sentiment points) overtook VIC weaken (+36 points) relatively elevated levels, the was national average in(+29 WA.

1.2%

-39pts

12 months forecast

12 months forecast SOURCE: AUSTRADE NORTHERN 12 months forecast TERRITORY

2014 QUEENSLAND 37pts 12 months2008 forecast WESTERN NORTHERN TERRITORY SOUTH AUSTRALIA NORTHERN TERRITORY QUEENSLAND NEW SOUTH WALES QUEENSLAND NORTHERN 29pts SOUTH TERRITORY 30pts AUSTRALIA VICTORIA SOUTH QUEENSLAND NEW SOUTH AUSTRALIA WALES 29pts NEW SOUTH SOUTH WALES 30pts AUSTRALIA VICTORIA

AUSTRALIA -39pts

-39pts

WA, with the state index to -39 points all time low. Property professionals in QLD andwas SA/NT are now With stronger house price expectations offset- a bynew weaker rents, NAB(+29 Residential Index unchanged as 140 the strongest state, butfalling the biggest improvement was seen inthe SA/NT points).Property Sentiment continues weaken inat WESTERN the over the next intime VIC and NSW is expected to remain broadly unchanged at +19 points in Q3 and remained above of its Sentiment long-term average (+14 points). QLD (+37 points) overtook VIC (+36 AUSTRALIA WA,most with confident the state index falling to1-2 -39years. points - a new all low. Property professionals in QLD and SA/NT are points) now -39pts WESTERN relatively elevated levels, but remain well below the was national average WA. as 120 the strongest state, but the biggest improvement seen in SA/NT points). continues weakenatin the most confident over the next 1-2 years. Sentiment in VIC and NSW in is(+29 expected to Sentiment remain broadly unchanged AUSTRALIA NAB Residential Property Index WA, the state index falling to -39 points a new all time low. Property professionals in QLD and SA/NT are now Indexwith elevated Index NAB Residential Property Index relatively levels, but remain well below the national average in WA. bn WESTERN 60100 80 the most confident over the next 1-2 years. Sentiment in VIC and NSW is expected to remain broadly unchanged at AUSTRALIA bnthe national average 50 60 relatively elevated levels, but remain well below in WA. bn 4080 NAB Residential Property Index Index Index NAB Residential Property Index 40 30 60 80 bn bn Residential Property Index NAB Residential Property Index 20 Index Index NAB

Q3'13 Queensland

$55.1

60 0 80 40 Index -20 60 20 80 -40 40

Victoria

NSW

Q2'14

Australia

Q3'14

Australia

Victoria

NSW

Qld

Q3'14

Qld

Q2'14

NSW

Q3'14 Q3'14 Q3'14

Victoria

Q1'14

南韩

Victoria NSW Qld Index value in relevant survey period...

29pts

SA/NT

30pts NEW SOUTH WALES

VICTORIA

29pts

36pts 30pts 36pts VICTORIA

$27.1bn

Index value in...

Q2'14 Q2'14 Q2'14

Q4'13

Q3'13

Q2'13

Q4'12

Q1'13

Q3'12

Q2'12

Q1'12

Index value in relevant survey period...

37pts

36pts

$31.2 bn

Q1'14 Q1'14 Q1'14

Q4'13 Q4'13 Q4'13

Q3'13 Q3'13 Q3'13

Australia 商道

Q2'13 Q2'13 Q2'13

Australia Q3'14 WA

-60

Q1'13 Q1'13 Q1'13

SA/NT SA/NT

SOUTH KOREA

Q4'12 Q4'12 Q4'12

Australia

Q3'12 Q3'12 Q3'12

SA/NT

USA

美国

Australia

Index value in relevant survey period... Q2'12 Q2'12 Q2'12

NSW Q2'14

-40

Q4'11

Victoria

-60 0 -40 -20 -60

Q3'11

NSW

Q3'14 日本

Q2'14

Victoria

JAPAN

Australia

Q4'11 Q4'11 Q4'11

中国

SA/NT

Q2'11

CHINA

NSW

Q3'11 Q3'11 Q3'11

-40 20 -20

$32.1

Index value in relevant survey period... Q1'11

0 60 -60 20 -20 40 0

$37.3

bn Property Index NAB Residential bn

Q2'11 Q2'11 Q2'11

NAB Residential Property Index

Victoria

$54.7

37pts 37pts

Next Qtr Next Next Qtr Qtr Next Qtr

-50

$70.8

Q1'11 Q1'11 Q1'11

20 50 6060 10 40 50 Index 0 30 40 6040 -10 20 30 50 -20 10 20 4020 -30 0 10 30 -40 -10 0 20 -50 -20AUS$ BN -10 10 -30 Queensland -20 0 -40 Q3'13 -30 -10 -50 -40 -20 Queensland -50 -30 Q3'13 -40 Queensland

$76.1

Q1'12 Q1'12 Q1'12

$73.8

1.9%

VICTORIA

Q3'14

Next 2 Next yearsNext 2 years 2 years Next 2 years

Qld

Q3'14

1.4%

1.2% 1.2% BRAZIL 1.4% 巴西 1.2%

英国

5.0%

0.8%

ext 12Next months Next 12 months 12 months Next 12 months

Qld

Victoria

Q2'14

1.2%

-1.2% WESTERN

Q3'14

Qld Qld

6.3% VictoriaVictoria Victoria

Q2'14

SA/NT

NSW

Q2'14

NSW NSW NSW

WA WA WA

Qld Qld Qld

Q3'13

Q2'14

日本

TERRITORY QUEENSLAND NEW SOUTH WALES QUEENSLAND NORTHERN SOUTH TERRITORY AUSTRALIA VICTORIA SOUTH QUEENSLAND NEW SOUTH AUSTRALIA WALES NEW SOUTH SOUTH WALES AUSTRALIA VICTORIA

WESTERN AUSTRALIA

JAPAN

SA/NT SA/NT SA/NT

中国

Q3'13

SA/NT

Vic

Q3'13

Australia Australia Australia Australia

2.5%

-2.0

Qld

5.0%

Q3'13

SA/NT SA/NT SA/NT

7.5%

Next 2 years

CHINA

TERRITORY

QUEENSLAND 12 months forecast WESTERN 0.8% NORTHERN AUSTRALIA -1.2% TERRITORY SOUTH 0.8% AUSTRALIA NORTHERN -1.2%

Next 2 years

13.1%

0.8% NORTHERN forecast 12 months

-1.2%

Next 2 years

Next 12 months

Vic Vic

10%

Expectations (%)

Rental Expectations (%)

% 1.0 3.0 4.0 5.0 0.0 2.0 3.0 4.0 -1.0 1.0 2.0 3.0 -2.0 0.0 1.0 2.0 -1.0 0.0 1.0 -2.0 -1.0 0.0 -2.0 -1.0

Vic

12.5%

Rental Next 12 months Next 12 months

NSW

15.0%

美国

3.0 5.0 % 2.0 4.0 5.0

NSW NSW NSW

17.5%

36pts

Index value in...

SINGAPORE

Index value in...

新加坡

WA Index value in...

WA B USINE SS | 23 HSA/NT I G H E R V I EW SA/NT

AUSTRALIA’S EXPORTS

24 | HIGH ER VIEW BUSIN E S S

澳洲出口

商道

AUSTRALIA’S EXPORTS

澳洲出口

By Paul Bloxham, Chief Economist, Australia and New Zealand, HSBC Bank Australia Limited

作者：保罗·布洛克瑟姆，澳洲汇丰银行有限公司澳大利亚及新西兰首席经济师

对华出口：腾飞之路在何方

FROM COAL TO CABERNET There are fresh opportunities for Australian businesses as China’s wealthy and middle-class consumers eye Australian luxury goods

中国富有阶层及中产阶级对澳大利亚高端优质产品的需求将给澳商界带来许多新商机。

hina’s rise to become Australia’s largest export market has been rapid. As recently as 2000, China was just a small player, taking only 5% of Australia’s exports. By 2010, China had overtaken Japan to be Australia’s largest export market and now, as of 2014, it accounts for 32% of goods and services exports. China is expected to remain Australia’s single largest trading partner for the foreseeable future, a position that will be cemented by the signing of a Free Trade Agreement (FTA). Trade between the two nations has reached around $120 billion in 2014, a figure that could grow exponentially with further liberalisation of the current complex web of trade regulations between the countries under an FTA. (see ‘Enabling Australia’ box, page 30) And although the resources export ramp-up is far from over, other opportunities are available. Middle-class incomes are expanding rapidly in China and other Asian countries. HSBC expects that the global middle classes will increase by 1.3 billion people by 2030, with most of this growth expected in emerging Asia, especially China. This wave of new consumers on Australia’s doorstep should present trading opportunities beyond the mining sector.

中

国腾飞并成为澳大利亚最大的出口市场的过程很迅速。早在2000年，中国还只是澳洲市场无足轻重的小角色之一，仅占澳大利亚出口额的5%。到2010年，中国已超过日本一跃成为澳大利亚最大的出口市场；而2014年，中国已经占到澳洲商品和服务出口额的32%。在可预见的将来，中国将继续保持其作为澳大利亚最大单一贸易伙伴的地位，而这一地位还将随着中澳自由贸易协定的签署而进一步巩固。中澳两国的贸易额在2014年已达1200亿澳元左右，按照自由贸易协定，目前两国之间复

32% 商道

As of 2014, China accounts for 32% of Australia’s goods and services exports. 对华出口已占澳商品和服务出口总额的32%。

H I G H E R V I EW B USINE SS | 25

AUSTRALIA’S EXPORTS

澳洲出口

We expect increasing middle-class income earners in China and other Asian countries to increase demand for high-quality food, tourism, education and business services, presenting Australia with further trading opportunities. Although commodity exports are important for Australia, around 40% of Australia’s exports are outside of hard commodities and energy. Of this, rural exports account for 12%, manufactured goods for 10%, education services for 5%, tourism for 4%, and other services for the remaining 8%. The rise of China’s share of Australia’s exports has been far more rapid than Japan’s. Australian goods exports to Japan rose from 5% of its total exports in 1950 to a peak of 34% of its exports in 1977, as Japan industrialised and its demand for hard commodities are natural resources commodities grew. China has achieved the same feat in less than half the time. Australia’s exports to Asia currently account for 73% of total goods exports. This is expected to rise to 80% of goods exports by 2020, with China expected to account for 40% of Australia’s exports by then.

PLENTY OF PUFF LEFT IN RESOURCES

China’s share of Australia’s exports is also set to rise further, as the recent mining investment boom delivers a further ramp-up in iron ore, coal and liquefied natural gas exports to China in coming years. Australia’s strong ties to Asia as well as China’s economic rise have been a key reason for Australia’s relative outperformance since the global financial crisis (GFC). Australia was one of the few nations to continue to grow in 2009, despite the onset of the GFC. Indeed, Australia’s economy is now 16% larger than it was six years ago, while the US economy is only 6% larger and Europe is 2% smaller. By comparison, China has grown by a substantial 65% over the past six years. China’s strong demand for commodities drove Australia’s success, having boosted incomes through higher commodity prices in the early 2000s, then through mining project investment in recent years, and now through resources export volumes, as new capacity comes online. It has helped a great deal to have strong trade ties to the fastest growing economies in the world. Over the past five years, growth in Australia’s major trading partners has averaged 4.4% a year, while growth in the advanced economies averaged only 0.8% a year. Although growth in the advanced economies is expected to pick up in the coming five years, Australia’s major trading partners are still expected to grow more quickly. The increased reliance on China has prompted some observers to suggest that Australia’s future is overly reliant on that economy. But without strong ties to China, Australia would not have fared as well as it did through the GFC. It seems likely that the benefits of strong links to one of the 26 | H IGH ER VIEW BUSIN E S S

120b 亿 1200

Trade between China and Australia has reached around $120 billion in 2014, a figure that could grow exponentially with further liberalisation of the current complex web of trade regulations between the countries under an FTA. 中澳两国的贸易额在2014年已达1200亿澳元左右，按照自由贸易协定，目前两国之间复杂的贸易法规体系将进一步放宽，这一数字有望呈指数化迅捷增长。

杂的贸易法规体系将进一步放宽，这一数字有望呈指数化迅捷增长（请参阅30页的短文：“推动澳大利亚”）。虽然资源类的出口增长还远未停歇，其它领域充满机遇。中国和亚洲其它国家中产阶级的收入增长迅速。根据汇丰银行预计，到2030年全球中产阶级将增加13亿人，其中大多数预计将发生在亚洲，尤其是中国。澳大利亚大门口的这一波新生消费者将催生采矿业之外的贸易机会。我们预计，中国及其它亚洲国家中等收入人群的增加将推动优质食品、旅游、教育与商业服务的需求增加，从而为澳大利亚带来进一步的贸易机会。虽然澳大利亚的大宗商品出口非常重要，但是大宗商品和能源之外的出口仍然占出口总额的大约40%。其中，农产品出口约为12%，制成品10%，教育服务5%，旅游 4%，其它服务则为余下的8%。澳大利亚对华出口的比重不断攀升，其增速远超对日出口。1950年澳洲对日商品出口占其总出口额的5%，到1977 年因为日本的工业化及其对矿产资源大宗商品的需求增加，澳洲对日商品出口达到占总出口额34%的最高峰。而中国实现同样增长所花的时间仅为日本的一半。目前，澳大利亚对亚洲的商品出口占其商品出口总额的73%。到2020年，这一比例有望上升至80%，而对中国的出口则有望占到澳洲出口总额的40%。采矿业还大有潜力近年来随着矿业投资的蓬勃发展，澳大利亚铁矿石、煤炭和液化天然气对华出口量在未来几年也将进一步增加，澳洲对华出口占总出口额的比重也将进一步上升。澳大利亚与亚洲的紧密联系以及中国的经济增长都是全球金融危机之后澳大利亚“异军突起”的主要原因。澳大利亚是2009年全球金融危机开始以来继续保持经济增长的少数几个国家之一。事实上，在美国经济相比六年前仅增长6%而欧洲下滑2%的情况下，澳大利亚经济却增长了 16%。而中国，在过去的六年里则取得了65%的长足发展。中国强劲的大宗商品需求随着新产能的投产推动了澳大利亚的成功发展，本世纪初的大宗商品价格提升、近几年

商道

AUSTRALIA’S EXPORTS

澳洲出口

world’s fastest growing economies outweigh the costs of the risk of increased reliance on a single economy. Australia is also a significant partner for China. Of the countries from which China imports, Australia is the fifth largest source of imports, which is a significant achievement for a small nation. Only the large economies of the US and Japan and neighbours Hong Kong and Korea have larger export exposures to China than Australia. Australia exports more to China than is exported by giant economies like Germany, Brazil, Russia, Indonesia and India. No other OECD economy has a larger export exposure to Asia than Australia, and Australia’s recent resources boom is just entering the production stage. Exports are expected to continue to ramp up for a number of years as new capacity comes on line.

BETTER FOOD: FROM MINING TO DINING

While agriculture only accounts for 2% of Australia’s GDP, these products account for 12% of exports. Australia’s small population and large land mass make it a large global exporter of agricultural products. Australia’s largest rural exports are wheat, beef, wool, cotton and dairy products. Australia is the world’s largest exporter of wool, the third largest exporter of beef, cotton and sugar, and the fourth largest exporter of wheat and dairy. Many of Australia’s agricultural exports already go to Asia, including China. Three-quarters of Australian-produced wool and two-fifths of cotton is exported to China. The largest markets for Australian wheat are Indonesia, Korea and China. The leading destinations for Australia’s dairy exports are Japan, Singapore and China. We expect further growth in demand for agricultural exports and for the greatest opportunities to be in exporting finer foods, such as meat, dairy, sugar and edible oils. Historical patterns show that as countries get richer, demand is strongest for these finer foods. In particular,

1.8m 万 180

HSBC forecasts that China will account for 1.8 million visitors to Australia by 2020, up from 720,000 last year. 汇丰银行预测，到2020年中国赴澳游客数将从去年的72万增加到180万。

Education is an important source of export earnings for Australia. 的矿业项目投资和目前的资源出口都增加了澳洲人民的收入；在与世界上发展最快的经济体形成密切的贸易联系方面，澳洲获益良多。过去五年，澳大利亚主要贸易伙伴经济年均增长4.4%，而发达经济体年均增长0.8%。虽然未来五年发达经济体的增长有望恢复，但是，澳大利亚主要贸易伙伴的发展预计仍将更胜一筹。对中国的依赖不断增加使得一些观察家提出澳洲的未来太过于依赖中国这一经济体。但是，倘若没有与中国的紧密联系，澳大利亚如何度过全球金融危机？它的发展又从何谈起呢？这样看来，与世界上发展最快的经济体之一联系紧密，相对于对单一经济体依赖增加的风险而言，其效益远大于成本、利远大于弊。澳大利亚也是中国重要的合作伙伴国。中国众多进口伙伴国之中，澳大利亚是第五大进口来源国；对于澳大利亚这样一个小型经济体而言，可谓是一项重要的成就。仅有美国、日本和邻近的香港、韩国等大型经济体对华出口超过澳大利亚。澳大利亚对华出口高于其对德国、巴西、俄罗斯、印尼和印度等其它庞大经济体的出口。联合国经合组织中也没有哪个经济体对亚洲出口能超过澳大利亚；澳大利亚近些年最大的资源繁荣正在向其生产阶段进发。随着新产能的投产，预计其出口攀升还将延续若干年。更好的食品：从采矿业到食品业虽然农产品仅占澳大利亚国内生产总值的2%，但其出口却占到澳大利亚总出口额的12%。澳大利亚人口少而陆地面积大，使其成为全球农产品输出大国。该国出口量最大的农产品包括：小麦、牛肉、羊毛、棉花和乳制品。澳大利亚是世界最大的羊毛出口国，第三大牛肉、棉花和糖料出口国，以及第四大小麦和奶类出口国。澳大利亚农产品大多向亚洲出口，包括中国。其四分之三的羊毛和五分之二的棉花都向中国出口。澳大利亚小麦最大的市场是印尼、韩国和中国。澳大利亚奶类出口的主要目的国是日本、新加坡和中国。我们预计，澳洲农产品出口的需求还将进一步增加，肉类、奶类、糖料及食用油等更优质食品输出的最佳机会也将增加。历史模式表明，随着国家日益富裕，人们对更优质食品的需求也日益加强。尤其是，随着国家的发展，人们对畜产品的需求也大幅上升。对澳大利亚的肉类和奶类出口而言，其需求也将继续增长。

商道

H I G H E R V I EW B U SINESS | 27

AUSTRALIA’S EXPORTS

澳洲出口

By 2014, China had overtaken Japan to be Australia’s largest export market.

Enabling Australia: the 7 pillars of trade Despite Australia having concluded an FTA with a number of countries, most recently China, and currently negotiating several others, there remains room for improvement by policymakers in facilitating Australia’s access to foreign markets. The World Economic Forums’ Global Enabling Trade Report 2014, for example, ranks Australia between 15th and 24th of 138 countries on most of the seven ‘pillars’ of trade enablement in the report. However, it ranks poorly on ‘foreign market access’, with a ranking of 134th for this ‘pillar’. The country also ranks poorly in the ‘pillar’ sub-categories of ‘ease of compliance with government regulation’ (118th) and ‘ease of hiring foreign labour’ (125th). Across the ‘seven’ pillars, Australia ranks as follows: * Domestic market access (18) * Foreign market access (134) * Efficiency/transparency of border admin (22) * Availability/quality of transport infrastructure (24) * Availability/quality of transport services (20) * Availability/use of ICTs (15) * Operating environment (19)

demand for animal products rises substantially as countries develop, which should see demand for Australia’s meat and dairy exports continue to rise.

TOURISM: CHINESE ARRIVALS RISING

Tourist arrivals from Asia have ramped up in recent years, with particularly strong growth in arrivals from China. Chinese arrivals have increased by 110% over the past four years, despite the high Australian dollar through that period. Chinese total outbound tourist numbers have risen from 10 million in 2000 to almost 100 million last year. Using Japan and Korea as historical templates, HSBC projects that outbound Chinese tourist numbers will increase to 202 million over the next 10 years. HSBC forecasts that China will account for 1.8 million visitors to Australia by 2020, up from 720,000 last year. This would see China become the single largest source of tourists and account for 21% of the total.

推动澳大利亚：贸易的七大支柱

EDUCATION: THE CLEVER COUNTRY

尽管澳大利亚已与一系列国家签署了自由贸易协定（最近期的对象是中国），并且当前还在与多个其它国家开展谈判，政策制订者们在推动澳大利亚进军各大海外市场还大有潜力可挖。以世界经济论坛发布的《2014年全球促进贸易报告》为例：全球138个国家中，就促进贸易的 “七大要素”排名，澳大利亚大多位于第15至24之间；但是，就“国外市场准入度”排名，澳大利亚却屈居第134位。在“政府规管宽松度”和“外国劳工雇用便捷度”的子排名上，澳大利亚也排位较低，分别为第 118位和第125位。澳大利亚“七大要素”具体排名如下： * 国内市场准入度（18） * 国外市场准入度（134） * 边境管理的效率/透明度（22） * 交通运输基础设施的可用性/质量（24） * 交通运输服务的可用性/质量（20） * 信息和通信技术的可用性/使用（15） * 运营环境（19）

As with tourism, education is an important source of export earnings for Australia, being Australia’s third largest export earner (5% of total), behind iron ore and coal and slightly ahead of LNG and gold exports. Around four-fifths of foreign students come from Asia, with China and India being the two largest export markets. Student numbers had declined between 2009 and 2012, reflecting a range of factors, including the high Australian dollar, but picked up in 2013, and are expected to grow further in coming years.

BUSINESS SERVICES: ASIA NEEDS THEM

Australia’s business services sector should also get a boost from China’s ongoing development. As China and other emerging Asian countries demand more services such as finance, accounting, health, marketing and consulting services, there should be opportunities for Australia. Professional, technical, financial and other business services already account for 3% of Australia’s exports. Business travel services account for 1% of Australia’s exports. 2 8 | H IGH ER VIEW BUSIN E S S

» 商道

SOURCE: WORLD TRADE ORGANISATION.

AUSTRALIA’S EXPORTS

澳洲出口

倾力推出顶级团队倾力呈献大型地标公寓项目奢华外在典雅内涵价格极具竞争力位于政府规划核心位置坐享投资高回报

澳世

兰庭

Gr o t n 投资集 e 团 A us ta ndin g Inv estm

最可信赖的澳洲置业顾问

寻梦澳洲

澳洲商业物业

“一站式”服务

项目开发专家

我们为您量身打造最佳的投资置业方案。在全澳范围内为您选择高增值房地产投资项目，项目范围涵盖各大首府城市。

澳洲商业物业、地块与地产项目开发正越来越多地为中国的投资者所青睐。我们的商业物业专家为您在澳洲的大额投资保驾护航。

无论您是自住还是投资，我们的专业顾问都能助您推荐物超所值的心属物业。

无论是农场、酒庄或是地产项目开发地块，我们以多年从业经验为您详细评估，确保您的投资获得最稳定的回报。托管式地产开发团队，帮助投资者以最稳妥的项目进军澳洲房地产业。

我们拥有大量合作机构，服务范围囊括您来澳所需的方方面面。无论是留学移民、购房贷款、法律服务或是会计金融，我们都有丰富经验的行业精英为您提供服务。只需选择澳世兰庭，您寻梦澳洲的方案即可高枕无忧。

Austanding Investment Group 澳世兰庭是集房地产销售、管理、开发规划于一体的专业地产公司。联系我们，将为您开启澳洲置业的完美旅程。

扫描二维码即可加入澳世兰庭投资集团官方微信空间

WWW.AUSTANDING.COM.AU INFO@AUSTANDING.COM.AU +86-2-9633 商道 2933 Ground Floor, Jessie Street Centre 2-12 Macquarie Street, Parramatta NSW 2145

H I G H E R V I EW B USINE SS | 2 9

AUSTRALIA’S EXPORTS

澳洲出口

73%

旅游业：中国游客增加近几年来澳亚洲游客增加，尤其是中国游客量大幅攀升。过去四年，虽然澳元上升处于高位，中国游客增幅仍然达到110%。中国出境游客总数在2000年为1000万，到去年增加到近 1亿。以日本和韩国为历史范本，汇丰银行预计：未来10年中国的出境游客数将增加到2.02亿人。汇丰银行预测，到2020年中国赴澳游客数将从去年的72 万增加到180万。这就意味着，中国将成为澳洲唯一最大的游客来源国，约占澳洲入境游客总数的21%。

Australia’s exports to Asia currently account for 73% of total goods exports. 澳大利亚对亚洲的商品出口占其商品出口总额的73%。

Growing population and financial linkages with Asia should help to facilitate opportunities for greater exports of business and financial services. Australia is well placed to benefit from the opening up of the Asian financial system, including China’s. Further liberalisation of the Chinese financial system should give Australian businesses opportunities to attract offshore investment for expansion as well as giving local investors options to diversify offshore.

MANUFACTURING: CHALLENGING SPACE

It seems likely Australia’s exports of manufactured goods will fall in coming years, although it’s worth keeping in mind they only account for 10% of total exports. Manufactured exports

教育：“聪明国家” 与旅游业一样，教育也是澳大利亚重要的出口收益来源，是澳洲第三大出口创汇行业，仅次于铁矿石和煤炭，稍领先于液化天然气和黄金出口。澳大利亚外国留学生约有五分之四来自亚洲，中国和印度是澳洲最大的两个教育出口市场。2009至2012年期间，因为澳元高位等一系列因素的影响，留学生数目有所下降；但是到2013年又开始回升，预计未来几年还将继续增长。商业服务：亚洲之需澳大利亚的商业服务也受益于中国当前的发展。随着中国以及亚洲其它新兴国家对金融、会计、健康、营销和咨询等服务的需求增加，澳大利亚的商业服务也迎来了发展的大好时机。专业、技术、金融及其它商业服务已经达到澳大利亚出口总额的3%。商务旅游服务约占澳大利亚出口额的1%。

ASIAN FOREIGN INVESTMENT IN AUSTRALIA 亚洲人在澳大利亚的投资 CHINA

Source: ABS

JAPAN

OTHER ASIA

HONGKONG*

140

120

100

20 Billions AUD

2003

2005

2007

2009

2011

2013

*some investment from mainland China comes via business entities in Hong Kong

30 | HIGH ER VIEW BUSIN E S S

商道

AUSTRALIA’S EXPORTS

澳洲出口

AUSTRALIA’S MERCHANDISE EXPORTS TO ASIA 出口到亚洲的澳洲商品 OTHER ASIA (INLLUDING CHINA)

Source: ABS, RBA, HSBC estimates

OTHER ASIA (EXCLUDING CHINA)

JAPAN

CHINA

40%

30%

20%

10%

1950

1955

1960

1965

1970

1975

1980

have been a declining share of total exports since the early 2000s, when they accounted for 20%. Transport equipment currently accounts for 16% of manufactured exports and the recent announcement of plans for Holden, Toyota and Mitsubishi to cease local production by 2017 will likely see a fall in these exports. Other areas of manufacturing, such as wine production (0.7% of total exports) and higher valued-added goods are expected to see continued medium-term demand, particularly from Asia, including China. These high-value added areas of manufacturing are where Australia is likely to see expansion, although policymakers and businesses need to focus on improving productivity and competitiveness to make the best of these opportunities.

IMPORTS ARE ASIA-DOMINATED

Australian imports have also been dominated by Asia, as manufacturing has increasingly shifted to Asia and Australia’s main import needs are manufactured goods. Falling manufactured goods prices, particularly from Asia, also benefited Australia substantially. Imports from Asia have risen from 43% of the total in 2000 to 54% of total imports in 2010, and this is expected to rise to 60% by 2020. China is the single largest provider of imports into Australia with manufactured goods dominating that trade. Australia’s largest imports from China are telecommunications and computer equipment, which account for 20% of imports, while clothing accounts for 9% and furniture for 4%.

1985

1990

1995

2000

2005

2010

2015

2020

人口的增长以及与亚洲的金融联系将进一步促进澳大利亚商业和金融服务输出的大发展。澳大利亚可以很好地利用其有利条件从亚洲（包括中国）的金融体系开放中受益。中国金融体系的进一步放开将为澳大利亚带来商机，吸引海外投资以期进一步发展并向当地投资者提供多样化的海外投资选择。制造业：充满挑战的空间虽然澳大利亚制成品出口仅占该国出口总额的10%，但是未来几年这一行业似乎还将继续面临衰退的风潮。早在世纪初期，澳大利亚制成品出口在其出口总额中所占的比重就开始下降；其时，这一比重约为20%。目前，交通运输设施约占制成品出口的16%。霍顿、丰田及三菱汽车近期计划公布到2017年将停止本土生产。如此，这些产品的出口又将进一步下滑。制造业的其它领域（如葡萄酒生产，约占出口总额的0.7%）以及高附加值商品，则有望迎来来自亚洲（包括中国）的持续中期需求。制造业的这些高附加值领域仍然是澳大利亚可能进一步大力发展的行业，但是决策者和企业界需要着力提高生产力和竞争力以期充分把握各种机遇。亚洲主导进口澳大利亚的主要进口需求在于制成品，随着制造业逐渐向亚洲转移，澳大利亚的进口也由亚洲主导。制成品（尤其是亚洲的制成品）价格下滑也对澳大利亚颇为有利。亚洲进口占澳大利亚进口总额的比重从2000年的43%增加到2010年的54%，预计到2020年还将上升到 60%。中国是澳大利亚最大的进口来源国，以制成品进口为主导。澳大利亚从中国进口最多的是无线电通讯和计算机设备，约占进口总额的20%，服装和家具分别占9%和4%。商道

H I G H E R V I EW B U SINE SS | 31

AUSTRALIA’S EXPORTS WELCOME

澳洲出口欢迎

澳大利亚中国总商会简介澳大利亚中国总商会是中国驻澳大利亚的中资企业的联合组织，为非盈利性的社团，成立于2006年。目前共有266家会员单位，分布在新南威尔士州、维多利亚州、西澳大利亚州和昆士兰州。会员业务涉及能源、矿产、贸易、金融、运输、房地产、制造、旅游农牧业等多个领域。总部设在悉尼，并分别在悉尼、墨尔本、珀斯和布里斯班建有四个分会。总商会目前有29名理事，其中设有一位会长和4位副会长。各分会会长由总商会会长或副会长兼任。悉尼分会共128家会员单位，业务范围包括能

源、矿产、贸易、金融、运输、旅游、制造、科技等多个行业。珀斯分会共54家会员单位，主要由国内大型的矿产、钢铁、油气等资源类企业组成；墨尔本分会共41 家会员单位，主要以科技、制造、能源类企业为主；布里斯班分会目前共43家会员单位，主要以能矿企业为主。总商会的宗旨是为会员服务，维护会员的合法权益，促进中澳经济贸易关系的发展和企业间的交流，为会员在澳大利亚和中国的业务发展发挥桥梁和纽带作用。

Brief Introduction of China Chamber of Commerce in Australia (CCCA) Founded in April 2006, the China Chamber of Commerce in Australia is a non-profit national organization jointly formed by trade associations representing Chinese investors across Australia. The CCCA has 266 members across New South Wales, Victoria, Western Australia and Queensland. The business scope of its members covers a wide range of industries including resources, mining, trading, finance, transport, real estate, manufacturing, tourism, agriculture and animal husbandry. The CCCA is headquartered in Sydney, and has 4 branches in Sydney, Melbourne, Perth and Brisbane. The CCCA has 29 directors, including one chairman and four vice chairmen. The chairman or vice chairmen also serve as chairmen of branches respectively. The Sydney Branch has 128 members

whose business ranges from energy, mining, trading, finance, transport, tourism, manufacturing, technology and so on; the Perth Branch has 54 members which are mainly resource companies from china, especially the large-scaled mining, steel as well as oil and gas companies; the Melbourne Branch has 41 members which are primarily technology, manufacturing and energy companies; the Brisbane Branch has 43 members with major business in mining. The Purpose of the CCCA is to provide services to its members; to protect their lawful rights; to promote the development of China-Australia economic and trade relations and exchanges between companies in both countries; and to function as a bridge between the two countries.

www.chinachamber.org.au

1 2 | H I G H E R V I EW B U S I N E S S

商道

32 | HIGHER VIEW BUSIN E S S

商道

AUSTRALIA’S EXPORTS

澳洲出口

Deeper agribusiness relations doesn’t mean ‘selling the farm’

The challenge for Australia is to understand this and meet China half-way. We need to see China as more than just a customer and embrace it as a partner. This article first appeared on theconversation.com

By James Laurenceson, Deputy Director and Professor, AustraliaChina Relations Institute (ACRI), University of Technology, Sydney

After hitting a record high of A$100 billion in April last year, our goods exports to China are beginning to sag. There is a simple explanation: new iron ore supply capacity has come to the market, causing prices to tank. At the same time, China’s economic growth has moderated in line with the government’s plans to pursue a more balanced development strategy. Yet with Australia’s exports to China now under more strain than at any other time over the past decade, an FTA offers much-needed relief. It will broaden the trade relationship - beef producers in Kilcoy, dairy farmers in Gippsland and services providers across the country will all be celebrating. That said, an FTA should be seen as an entrée to what could be an eightcourse Chinese banquet. The big story in the coming decades will be the rise of China’s middle class - conceivably growing by 850 million by 2030. That is more than six times the population of our second-largest export customer, Japan. A FTA with China is crucial to reaping the full dividend this event offers, but more is needed. Consider agribusiness, a national strength identified in the Industry Innovation and Competitiveness Agenda released by the Abbott government in October. Average tariffs of around 17.5% are one barrier Australian agricultural producers face when seeking to sell their products in China. A FTA takes care of this one. Yet another problem is looming. A 2012 report found that while Australia has the land and skills to profit from Asia’s booming demand for high-quality food, we are short of capital. It is estimated an annual investment gap of A$9 billion exists today. In theory, there is an easy fix: partner with a country that has excess capital and would welcome our agricultural products on its supermarket shelves. It is not hard to guess which country that might be – last year our food exports to China rose by 60%. However, Chinese investment in Australia’s agricultural sector has all too often been seen as “selling the farm”. The experience on the ground has been very different. When Chinese company COFCO took an equity stake in Tully Sugar in 2011 the fear was that locals would lose their jobs to imported Chinese workers and all output would be shipped back to China. What actually happened was that the existing workforce was kept, the mill received a A$14 million facelift and North Queensland sugar continues to be sold globally. We have seen the same model successfully at work in other sectors of the economy. For China it is all about profiting from a growing pie. This can only happen if its companies bring deep pockets, employ local workers and adhere to Australia’s labour, environmental and taxation laws.

更加深入的农业经济合作并不意味着 “卖农场” 作者：悉尼科技大学澳中关系研究院副院长詹姆斯 · 罗文森教授。澳大利亚商品的对华出口总额自去年4月份达到创纪录的1000亿澳元之后就开始走下坡路。其中一个浅显的原因在于：大批新供应的铁矿石已经入市，从而导致了价格暴跌。与此同时，随着中国政府开始实施更为均衡的发展战略，中国经济增长也呈现出温和态势。尽管当前澳大利亚的对华出口正承受着比过去十年内任何时候都要大得多的压力，《自由贸易协定》的签署将在很大程度上缓解这种情况。这项协定将有力拓展贸易关系，从Kilcoy的牛肉供应商，Gippsland的奶农到遍布全澳的各类服务提供商都该庆祝一番。话虽如此，《自由贸易协定》的签订，其实只是八道大菜的中国盛宴的开胃菜。真正的前景在于，未来十年内中国的中产阶级队伍将发展壮大，预计在2030年之前达到8.5亿人。这个数字是澳大利亚第二大出口市场日本之总人口的六倍以上。与中国签订的《自由贸易协定》将是我们收获此项红利的关键所在，但澳大利亚需要更多的远见和行动。阿博特政府在今年十月份发布的《产业创新与竞争力议程》中将农业经济视为国家实力之一，但17.5%的平均税率构成了澳大利亚农业生产者在寻求对华出口过程中的一项巨大障碍。《自由贸易协定》的签署将消除这项障碍。但是，另一个问题正在逼近。一份于2012年发布的报告指出：虽然澳大利亚拥有能从亚洲对优质食品需求飙升过程中获利所需的土地和技能，但澳大利亚资金短缺。到目前为止，澳大利亚每年的投资缺口已达到90亿澳元。理论上，我们有一个简单易行的解决方案：与某个拥有过剩资金并乐于在超市货架上摆上我国农产品的国家开展合作。我们不难猜出哪个国家是最理想的合作伙伴——去年澳大利亚对中国的食品出口总额上升了60%。但是，中国对澳大利亚农业部门的投资经常被澳大利亚本地人视为“卖农场”，而实际的情况却绝非如此。 2011年当中粮集团有限公司（COFCO）收购塔利糖业公司之时，各界担心当地工人将需要把工作拱手让给所引进的中国工人，并且所有的产品将会被运回中国。实际情况是：中粮集团保留了现有的工人，并投资1400万澳元对工厂进行改造；北昆士兰出产的糖类产品继续售往全世界。其它的经济部门也利用相同的模式不断取得成功。对于中国投资者而言，这一切都与如何扩大市场份额并从中获益相关。要实现这一目标，企业必须拥有雄厚财力、聘请当地工人并遵守澳大利亚与劳工、环境和税收相关的法规。澳大利亚当前所面临的挑战是了解这个道理，并与中国进行磨合。我们不仅要把中国视为一位大客户，更应欣然把它当作一位合作伙伴。

本文首次发表于theconversation.com。

商道

H I G H E R V I EW B U SINE SS | 33

Ballernoo

AUSTRALIA’S EXPORTS

澳洲出口

顶级奢华馈赠·臻品名宅居优越之上 www.ballernoo.com.au

Ballernoo无疑是悉尼最奢华别致的房产之一，堪称北区 (North Shore)）豪华经典之作，为该区的高端奢华生活树立了新标杆。这栋具有联邦风格的豪宅建于1906年，拥有9间卧室和7间浴室，经全面翻新及改造，成为一处享受现代生活的最佳之所。别墅内设有正式休息室、宴会餐厅、音乐室、台球室、影院、健身房、办公室、儿童娱乐室和舞蹈室，为您绨造一流极致的品质生活。

Ballernoo - 26 Wattle Street, Killara

For your exclusive private viewing, please contact Glenn Curran

Expressions of Interest 34 | HIGH ER VIEW BUSIN E S S

商道

AUSTRALIA’S EXPORTS

澳洲出口

这块土地共有两个产权，占地面积为4,050平方米，豪华设施一应俱全，包括用以招待访客的独栋屋、花园、网球场、游泳池及高尔夫练习场，设计灵感来源于凡尔赛宫，华丽宽敞，让您尽享完美的家庭娱乐生活。北面朝向的Ballernoo独具时代意义，设计精致大气，拥有一流的内饰及工艺。坐落于绿树成荫的街区，徒步可至Killara Oval板球场、Killara火车站以及北区顶尖学府。 Price Guide of $15mn+ 售价：1,500万澳元起

Glenn Curran 0418 437 896 Glenn@curranproperty.com.au curranproperty.com.au Head Office 1300 665 688 商道

H I G H E R V I EW B USINESS | 3 5

AUSTRALIA’S EXPORTS

澳洲出口

By Russell Wiese and Lynne Grant

作者：罗素 · 维泽和林恩 · 格兰

自由贸易并不意味着高枕无忧

FREE TRADE DOESN’T MEAN FREE OF RISK

The Australia China FTA may have cleared a lot of obstacles, but hazards remain for both sides doing business in an unfamiliar environment 《中澳自由贸易协定》或许已经清除了诸多障碍，但两国商界仍面临着在一个不熟悉环境中开展经营的风险。

rade with each of China and Australia has its own unique risks which will increase with the implementation of the China Australia Free Trade Agreement. The below risks are not a reason to forego the benefits expected from the China Australia FTA. However, the businesses that proactively manage these risks are likely to get the most benefit from the FTA. The FTA is unlikely to be implemented until mid-late 2015 so businesses have time now to prepare.

RISKS TO BOTH COUNTRIES KNOW WHO YOU’RE DEALING WITH It might sound simple, but it is critical that you undertake appropriate due diligence on the party you are dealing with, whether that be a customer, supplier, joint venture partner or investor. Site visits along with legal and financial due diligence are all part of this process. Critically, due diligence should continue through the life of your business venture. 36 | HIGH ER VIEW BUSIN E S S

无

论与中国开展贸易，还是与澳大利亚进行贸易，这个过程当中存在自身特有的风险，而这些风险将随着《中澳自由贸易协定》的实施而增大。以下所述的风险并不足以让我们放弃从《中澳自由贸易协定》中有望获得的诸多好处。但是，只有那些能主动积极管控风险的企业才能成为《中澳自由贸易协定》的最大赢家。《自由贸易协定》可能在2015年中后期才会开始实施，因此企业现在还有时间做好准备。

两国均面临的风险了解你的对手虽然听上去可能很简单，但对您的对手开展适当的审慎调查却至关重要。无论您的对手是一位客户、供应商、合资伙伴还是投资者。这个过程包括实地考察以及法律和财务等方面的审慎调查。还有一点很关键：这种审慎调查在您企业的存续期间应一如既往地保持下去。合同条款：您需要它们，但它们有局限性您应该准备好一份书面协议或贸易条款。如果您需要采购商品并希望从《自由贸易协定》中受益，那么这份协议商道

AUSTRALIA’S EXPORTS

澳洲出口

Simply because you are buying from China, doesn’t mean you can claim Chinese origin under the FTA. Unexpected duties may apply.

CONTRACTUAL TERMS – YOU NEED THEM BUT THEY HAVE LIMITATIONS You should have a written agreement or terms of trade in place. If you are purchasing goods and wish to claim the benefit of the FTA, the agreement should include appropriate warranties that the goods are of Chinese/ Australian origin and indemnities to support those promises. Suppliers should also be required to provide supporting origin documentation. Your current contracts may not address this and you should update these once the FTA is in force.

RISKS FOR AUSTRALIAN BUSINESSES CHINESE LEGAL SYSTEM The Chinese legal system is very different to the Australian legal system. There is less consistency and certainty of process. The judiciary is not independent of government as in Australia. Even with the best contractual protections, enforcement of your rights can be a practical and real issue. You may wish to consider agreeing to arbitration as the means to resolve disputes. While in the end the arbitral award will need to be recognised by a Chinese court to be enforceable, it may be a preferred position when compared to litigation in a Chinese court.

应当包含适当的关于该商品原产地为中国/澳大利亚的保证条款，以及与这些承诺相关的赔偿条款。您也必须要求供应商提供相应的原产地证明文件。您的现有合同格式可能没有包含这些方面，因此您应该在《自由贸易协定》生效之后立即更新相关条款。

澳大利亚企业所面临的风险

ANTI BRIBERY AND CORRUPTION RISKS Doing business in China raises some significant anti-bribery and corruption risks. In 2014, Transparency International ranked China 100 out of 175 countries, meaning it carries a relatively high corruption risk. Given the current political-economic model of China and the significant presence of government and state owned enterprises, you will be more likely to come into contact with government officials. The Chinese government is driving a serious anti-corruption campaign. Given this, it is crucial that you have in place clear anti-bribery and corruption policies and procedures and monitor compliance with those policies. MANAGING IP RISK WHEN EXPANDING TO CHINA Despite stronger statutory protections, counterfeiting and piracy continue to be prevalent in China. When combined with relatively poor enforcement levels, protecting intellectual property rights is a significant challenge for companies to overcome when entering the Chinese market. Due diligence is an important starting point, along with supply chain security. The more parties involved in the supply chain, the greater the risk of an intellectual property “leak”. While you should take steps, where possible, to register your intellectual property rights such as trademarks, for other intellectual property such as knowhow, prevention is better than cure.

中国的法律体系中澳两国的法律体系大相径庭。相比之下，中国法律程序的一致性和确定性程度不如澳大利亚；司法部门也并非像澳大利亚那样独立于政府。即便有最完善的合同提供保护，行使您的相关权利仍可能会有现实问题。您或许会考虑同意以仲裁作为解决争议的途径。虽然仲裁裁决最终仍需要获得中国法院认可之后方能执行，但与在中国法院提起诉讼相比，仲裁可能是一个更佳的选择。反贿赂与反腐败风险在中国经商可能会涉及一些重大的反贿赂与反腐败风险。2014年，在总计175个国家当中，“透明国际”组织将中国排在第100位，意味着中国的腐败风险相对较高。鉴于中国当前的政治经济模式以及国有企业的重要地位，您很可能需要与政府官员打交道。中国政府正在发起一场严厉的反腐败运动。有鉴于此，您很有必要制订一套明晰的反贿赂与反腐败政策和工作程序，并监督这些政策程序是否得到遵循。进军中国市场时，知识产权的风险管理尽管提供了更强有力的法规保护，但中国的假冒和盗版现象仍很常见。由于中国的执法力度相对较弱，故如何保护知识产权是所有企业进军中国市场时需应对的一项重大挑战。做好审慎调查及保证供应链安全应成为企业的重要出发点。供应链所涉及的对象越多，则知识产权“泄漏”的风

商道

H I G H E R V I EW B U SINE SS | 37

AUSTRALIA’S EXPORTS

ARE THE GOODS REALLY ‘MADE IN CHINA’? As China moves increasingly from developing to developed, much manufacturing work is being undertaken in lower cost countries, such as Bangladesh. Simply because you are buying from China, doesn’t mean you can claim Chinese origin under the FTA. There are significant risks to claiming origin under an FTA incorrectly, and Australian Customs will look to the importer for payment of duty where origin has been incorrectly claimed.

澳洲出口

Australia’s quarantine laws have been accused of being trade protectionist.

RISKS FOR CHINESE BUSINESSES SOURCE OF LAW Australia places a lot of legislative power in the parliaments of its six states and two territories. This can make difficult both identifying the applicable laws and determining which law applies. A common example is stamp duty where the determination of which assets and transactions will be taxed, and the level of tax, differs from state to state. ENTRY OF GOODS Although Australia is a low duty country, managing some of the operational requirements of Australia’s Customs and Quarantine authorities can be challenging. A particular issue arising over recent years has been the reporting of shipments sent from Chinese consolidation centres. Australian Customs has started requiring details of each original supplier rather than on a consolidated shipment basis. This is causing significant operational delays and administrative costs. Another major border issue is Australia’squarantine laws which have been accused of being trade protectionist policies. It is important that there be full compliance with Australia’s customs and quarantine laws as strict application of such laws often follows the lowering of tariffs. DUMPING DUTIES Even with the FTA, Australia will continue to impose dumping duties on Chinese imports. These duties apply where it is found that Chinese producers are dumping goods in Australia at a lower cost than they are sold to the Chinese domestic market. The dumping duties can be well over 50%. Chinese manufacturers need to ensure that they respond fully and early to dumping investigations. Suppliers in sensitive industries should also set out in their contracts which party is liable for dumping duties and that whether purchase orders can be cancelled on the basis that a dumping investigation has commenced. 3 8 | HIGHER VIEW BUSIN E S S

险将越大。虽然您应想方设法对您的知识产权（比如商标等等）进行注册，但对于专有技术等其它类型的知识产权而言，“预防”胜过“治疗”。所有商品都真的是“中国制造”吗？随着中国逐步从一个发展中国家向一个发达国家迈进，很多制造产业正在向一些更低成本的国家转移，比如孟加拉国。从中国采购并不意味着您可以基于《自由贸易协定》申报中国原产地。您仍可能面临着原产地申报错误的重大风险；而当原产地申报不正确之时，澳大利亚海关将会要求进口商缴纳关税。

中国企业所面临的风险法律渊源澳大利亚六个州及两个领地的议会有各自的立法权。这导致了在明确何处及哪些法律可以适用时会产生困难。印花税就是一个常见的例子，对于哪类资产和交易需要征税以及适用的税率，每个州均不相同。商品进口虽然澳大利亚是一个低关税国家，但管好运作程序来满足澳大利亚海关和检疫部门的进口要求却极具挑战性。近年来出现的一个具体问题就与中国各个集装中心发送的装运报告有关。澳大利亚海关已开始要求提供每个原始供应商的详细情况，而不是合并装运信息。这项新规导致了重大的操作延误并增加了管理成本。另一项涉及边境的问题是澳大利亚检疫法被指控属于贸易保护政策。很重要的是，企业应当全面遵循澳大利亚的海关和检疫法规，因为关税降低必定伴随相应法规的严格执行。倾销税即使签署了《自由贸易协定》，澳大利亚仍可以继续向中国进口商品征收倾销税。当发现中国生产商以低于中国国内市场的价格在澳大利亚倾销商品之时，政府将会对其征收倾销税，其税率可能远远超过50%。如面临此类调查，中国制造商需要确保做出全面及尽快的回应。一些敏感产业的供应商也应在合同中规定由哪一方负责缴纳倾销税，以及在倾销调查启动之时是否可以撤销采购订单。商道

AUSTRALIA’S EXPORTS

澳洲出口

Bank of China, Your first choice for RMB business.

“In the spirit forged by a hundred years of international experience and at the forefront of today’s global economy and finance, Bank of China provides a broad range of RMB products and services tailored to your needs offering new solutions to reinvigorate your global trade and investment activities through our global payments network, abundance of financial products and consummate professional expertise.” 中国银行传承百年国际业务精髓,把握全球经济金融脉搏,以遍布全球的清算网络、丰富的金融产品和精湛的专业技术,为您量身打造综合性人民币业务服务方案,为您的全球贸易和投资活动提供新的选择,注入新的活力。

商道

H I G H E R V I EW B USINESS | 39

AUSTRALIA’S EXPORTS

澳洲出口

AUSTRALIA’S INTERNATIONAL BUSINESS SURVEY 澳大利亚的国际商业调查 2014 50% – of surveyed companies derive offshore income from sale of services

73% – of companies considered China harder to do business in than Australia

50%接受调查的企业通过提供服务获得海外收入

73%的企业认为在中国经商要难于澳大利亚

COUNTRIES IDENTIFIED AT TOP 5 FUTURE TARGET MARKETS

TOP 5 EXPORT MARKET OF SURVEYED COMPANIES

国家确认AT TOP5未来的目标市场

19% CHINA 中国

15% U.S. 美国

Source: Austrade

调查公司TOP5的出口市场

U.S. 美国

CHINA 中国

6% INDIA 印度

NEW ZEALAND

5% U.K. 英国

U.K. 英国

5% INDONESIA 印度尼西亚

JAPAN 日本

Serving up Why China free trade means great things for Australian services By Laurie Pearcey, Director – China strategy & development at UNSW Australia

The Australian services sector is poised to reap significant gains from the China-Australia free trade deal. Preferential access will be granted across key areas such as education, financial services, legal services, tourism and hospitality. This sector represents almost 70% of Australia’s gross domestic product. It will be an enduring feature of the economy long after the Pilbara and the Bowen Basin deplete their limited reserves of iron ore and coal. This deal provides Australia with the best market access provided to a foreign country by China on services. It also allows Australia to build on an export market already worth A$7 billion. It comes as China says it will significantly invest in the services sector as it seeks to transform its growth base and support its rising middle class. While a free trade agreement will provide little short-term relief to the Abbott Government’s balance sheet, it is one of its biggest triumphs since coming to office. It has the potential to give the entire Australian economy a significant boost over decades to come. However, education and financial services are two industries which look set to gain significantly from an agreement.

40 | HIGH ER VIEW BUSIN E S S

新西兰

A-plus for education exports Under an agreement, Australian universities will at last be able to market degree offerings directly to Chinese students. China has one of the most closed international education systems in the world and the sector was missing in action from most of the bilateral negotiations. This agreement will give Australian providers direct access to the largest source of full-fee-paying international students. It will provide a welcome boost to universities dependent on international student revenue to offset Commonwealth funding shortfalls. The agreement comes when universities face an uncertain domestic political environment and fee deregulation. As the student market becomes increasingly competitive with aggressive marketing from North America and Europe, Australia will be the only country in the world to enjoy this special access. If this extends to front line student counselling and direct advertising, Australian institutions will enjoy an enormous competitive advantage. Assuming the Australian dollar continues its downward trend and Britain loses more market share, this may be the recipe for Australia to become the world’s second-most-popular destination for Chinese students. At the very least, a free trade agreement guarantees Australia maintains its position as the third-most-popular destination for Chinese students. Either way, it is not a bad outcome for an area identified as a so-called “super growth sector” earlier this year. Greater access for financial services Australia’s financial services sector is also high on the winners’ list. Approvals will be streamlined for Australian firms applying for financial services licences and those wanting to trade directly in Renminbi. However, there is no indication that ownership caps for Australian

商道

AUSTRALIA’S EXPORTS

澳洲出口

banks that want to invest in Chinese institutions will be lifted. Ownership levels are currently capped at 19.99%. This affects Australian banks such as the Commonwealth Bank, which has stakes in municipal institutions in the provincial capital cities of Hangzhou and Jinan. This area may need to be revisited if Australia is to capitalise on the growth of Chinese retail financial services – in particular, within China’s rapidly growing second and third-tier cities. However, it seems the outcome for financial services is overall very positive. The declaration of intent for a free trade agreement comes at a time when China is focused on reforming its financial system through private bank pilots and is experiencing an insurance boom. Sydney’s new RMB clearing house will also provide financial firms with a crucial platform to make the most of the changes under an agreement meaning Australia’s financial architecture is more ‘China ready’ than ever before. Still to come Australian governments of both political persuasions have invested political capital for many years in articulating the value proposition of doing business with China. How many companies choose to take advantage of an agreement remains to be seen, but the fanfare from Canberra should mobilise more Australian companies than ever before to be seriously engaged with China. The free trade agreement is slated for a bilateral review after three years. This will be a significant opportunity to assess the success of the agreement. Only time will tell whether this landmark agreement really does serve the people. This article first appeared on theconversation.com

整装待发为什么与中国的自由贸易将是澳大利亚服务产业的盛宴作者：澳大利亚新南威尔士大学中国战略与发展研究所主任劳瑞·帕斯澳大利亚的服务产业已做好准备，收获《中澳自由贸易协定》所带来的一系列重大收益。一些关键领域，比如教育、金融服务、法律服务、旅游和酒店等将获准优先进入中国市场。服务产业在澳大利亚国内生产总值中占到近70%的比重。即便皮尔布拉的铁矿石及博文盆地的煤炭储藏都采毕枯竭很久之后，它仍会是澳大利亚经济中的一棵常青树。自贸协定达成之后，中国的服务业市场将向澳大利亚提供中国提供给他国的最佳市场准入条件。同时澳大利亚也有机会进一步拓展这个已价值70亿澳元的出口市场。这个时机也恰逢中国表示将大力投资于服务产业，寻求转变当前的增长基础并满足日渐壮大的中产阶级队伍的需求。虽然《自由贸易协定》的签订在短期内还不会给阿博特政府的

“资产负债表”带来显著改善，但它却是阿博特履职以来取得的最大胜利。该协定有望在未来几十年有力推动澳大利亚经济的增长。教育和金融服务是两个最有可能通过该协定受益丰厚的产业。教育出口的天时地利根据协定，澳大利亚各所大学终于能够向中国学生们直接推介各类学位课程了。中国拥有全球最封闭的国际教育体系之一，并且大部分的双边谈判中都不涉及这个产业。自贸协定将便利澳大利亚各大学与全球最大的自费留学生群体直接对接。对于那些依赖留学生学费收入来弥补联邦政府拨款缺口的大学而言，本协定是一个重大利好，因为此前各所大学都面临着不太明朗的国内政治环境以及放开学费管制的相应问题。在北美和欧洲的步步紧逼之下，教育市场的竞争日益白热化。澳大利亚将是全球唯一享受中国此项特殊待遇的国家。如果特惠范围能进一步拓展到许可一线学生咨询以及直接广告投放，澳大利亚众多学府将坐拥巨大的竞争优势。如果澳元继续下跌，而且英国失去更多市场份额的话，则澳大利亚有望成为中国学子们的全球第二大热门留学目的地。至少《自由贸易协定》可以确保澳大利亚稳居全球第三大中国学生留学目的地的地位。无论如何，对于一个今年初被澳政府确定为“超级增长产业”的领域，这个结果都很不错。更宽松的金融服务准入澳大利亚的金融服务产业也高居大赢家榜首。对申请金融服务牌照或有意进行人民币直接交易的澳大利亚公司的审批手续将会大为简化。但是，尚没有迹象显示中国会解除对那些有意投资于中国金融机构的澳大利亚银行所实施的控股比例限制。当前的控股上限是19.99%。这个限制给一些澳大利亚银行带来了一定影响，比如在杭州和济南这两个省会的市级金融机构内持有股份的澳大利亚联邦银行。如果澳大利亚希望充分把握中国零售金融服务的增长机遇（尤其是在中国那些增长较快的二级和三级城市），则这个领域可能需要重新讨论和考虑。但是，似乎与金融服务相关的谈判结果总体上令人满意。在签订自由贸易协定意向书之时，中国正专注于通过私有银行试点对其金融体系进行改革，并且其保险业也在风生水起。悉尼新设立的人民币清算行也向各家金融企业提供了一个可充分利用本协定所带来的诸多变化的重要平台；与过去相比，澳大利亚的金融体系为中国市场做好了更加充分的准备。展望由两大政治派系组成的澳大利亚政府多年以来一直投入大量政治资本来阐述与中国做生意的价值主张。我们尚不知会有多少家企业将选择把握住本协定所带来的诸多机遇，但堪培拉大张旗鼓的宣传将会动员比以往更多的澳大利亚企业认真与中国打交道。《自由贸易协定》将在三年之后接受双边审查。这将是一次评估该协定所获成果的重大机遇。唯有时间才能告诉我们这项标志性的协定是否真正为两国人民做出了贡献。本文首次发表于theconversation.com。

商道

H I G H E R V I EW B USINE SS | 4 1

DIPLOMACY

外交

42 | HIGH ER VIEW BUSIN E S S

商道

DIPLOMACY

外交

商道

H I G H E R V I EW B U SINE SS | 4 3

DIPLOMACY

外交

合作共赢的中澳关系

OLD MATES

Since the China-Australia relationship was officially launched 42 years ago it has overcome many challenges and along the way has blossomed into an enduring friendship 中澳建交四十二年来，两国关系克服了许多挑战，收获了长久的友情和硕果。 As the old Chinese saying goes, “Bosom friends make distance disappear.” Despite the fact that, geographically, China and Australia are oceans apart, the friendship between us dates back to ancient times. Since the establishment of a diplomatic relationship 42 years ago, the China-Australia relationship has stood the test of international vicissitude. Indeed, it has come a long way with significant achievements. We have built a strategic partnership and important mechanisms including annual meetings between top leaders, diplomatic and strategic dialogue, and strategic economic dialogue. Our ties in areas such as trade, culture and defence are going from strength to strength. China has always taken a strategic and long-term approach when it comes to treating and growing its relationship with Australia. China regards Australia as a good friend and a good partner. China is always committed and willing to join hands with Australia in deepening the strategic partnership between our two nations. With our joint endeavours, China and Australia would be able to set a great example to the world showcasing how two countries with different social systems, history and cultures, and at different development

Author Ma Zhaoxu Ambassador of the People’s Republic of China to Australia 大使：马朝旭，中国人民共和国驻澳大利亚特命全权大使 44 | HIGH ER VIEW BUSIN E S S

stages, can live in harmony and work together to achieve a win-win outcome. We are two countries of different natural advantages. As the economies of China and Australia are highly complementary, we enjoy particularly favourable conditions for developing mutually beneficial cooperation. Recent years have witnessed the growing expansion of the size and range, as well as the diversity, of our economic and trade cooperation. While goods trade has been on the fast track of growth, and mutual investment keeps gaining momentum, the collaboration in energy and mining are also continuously strengthening, coupled with innovative ways of working together. In fact, these areas have become the key focus and highlights of China-Australia relations. Based on China’s statistics, in 2013, the value of China-Australia bilateral trade reached US$136.4 billion. China has been the largest trading partner, largest export market and largest source of import for Australia for five consecutive years. At present, Australia ranks No. 8 of China’s trading partners. Indeed, these days people in both countries live and breathe the real benefits that China-Australia economic and trade cooperation has brought us. In line with China’s acceleration of implementing the strategy of ‘going global’, a growing number of Chinese enterprises and individuals are investing in Australia, cementing a significant and integral part of our economic and trade relations. Presently, Australia is one of the countries that attracts most Chinese FDIs as well as a major investment destination for Chinese companies. According to China’s Ministry of Commerce statistics, by 2013, China had cumulatively invested over US$17 billion in non-finance sectors in Australia. Apart from the energy and mining sectors, Chinese companies have also made impressive in-roads by investing in 商道

fields such as agriculture, high-end manufacturing, finance, real estate, IT and tourism, giving some of the sectors a new lease of life. On the other hand, Chinese investment in Australia remains in its infancy. Some Chinese companies have had to grapple with certain barriers and difficulties with their investment due to the lack of understanding of local social conditions, investment environments, rules and regulations and in-depth sector knowledge. With this in mind, the Chinese Embassy in Australia has organised some well-versed experts, agencies and Chinese companies to compile a publication: How to Invest in Australia. It’s aimed at gathering their wisdom in various fields. By providing Chinese investors with comprehensive information in relation to the local legislation framework, industrial overview and potential risks, it is hoped they would have a more objective overall understanding of the investment environment when it comes to investing in Australia. My thanks go to all the participants and supporters involved in this project including our contributors, editors and publisher. Finally, I wish for the China-Australia economic and trade cooperative relationship to keep on reaping rich fruits for many years to come. “相知无远近，万里尚为邻”。中国和澳大利亚虽远隔重洋，但两国友好交往源远流长。建交42年来，中澳关系历经国际风云变幻的考验，取得长足进展和显著成就。两国建立了战略伙伴关系和领导人年度会晤以及外交与战略对话、战略经济对话等重要机制。双方在经贸、人文、防务等领域的合作纽带日益牢固。中方始终从战略高度和长远角度看待和发展中澳关系，将澳大利亚视为好朋友和好伙伴,愿同澳方一道，推动中澳战略伙伴关系不断深入发展，致力于将两国关系建设成为不同社会制度、不同历史文化、不同发展阶段国家和谐相处、合作共赢的典范。

DIPLOMACY

外交

中澳自然禀赋不同，经济互补性很强，开展互利合作条件特别优越。近年来，中澳经贸合作规模日益扩大、领域日益拓宽、方式日益多样，呈现出货物贸易高速增长、双向投资加速发展、能矿合作持续拓展、合作方式不断创新的显著特点，已成为中澳关系中的“重点” 和“亮点”。据中方统计，2013年中澳双边贸易额达1364亿美元，中国已连续5年成为澳第一大贸易伙伴、第一大出口市场和进口来源地。澳目前是中国第八大贸易合作伙伴。中澳经贸合作给两国带来了实实在在的利益。随着中国加快实施“走出去”战略，中国企业和个人对澳投资稳步增长，已成为两国经贸关系的重要组成部分。目前，澳大利亚是吸引中国海外投资最多的国家之一，也是中国企业主要投资目的地。据中国商务部统计，截止 2013年底，中国累计对澳非金融类投资达170 多亿美元。除能矿资源开发外，近年来，中国企业在农业、高端制造业、金融、房地产、信息通讯、旅游等领域投资增长迅速，为澳相关产业发展注入活力。另一方面，中国企业在澳投资总体仍处于初级阶段，一些企业对澳社会民情、投资环境、法律法规和产业状况还缺乏了解，在澳投资遇到了一些障碍和困难。有鉴于此，中国驻澳使馆组织具有丰富经验的专家学者、中介机构和中资企业编写《赴澳大利亚投资指南》一书，旨在汇集各方智慧，力求全面展示澳投资法律架构、产业概况和潜在风险，使投资者对澳投资环境有更加全面和客观的认识。我谨对参与、支持本书撰写、编辑、出版的人士表示感谢！祝愿中澳经贸合作关系不断取得新的丰硕成果！

Confucius Institute brings the best of Chinese culture By Xing Jin, General Manager, The University of Sydney Confucius Institute

This year brings a notable anniversary for the Confucius Institute: in November it will be 10 years since the world’s first Confucius Institute was founded in Seoul, South Korea. The University of Sydney Confucius Institute, now in its sixth year, is more recent, but in that time it has established itself as the leading Chinese language teaching centre in New South Wales. Our Chinese language and culture programs have continued to grow and we are anticipating enrolment to reach 600 by the end of the year. We remain committed to spreading our passion and understanding of Chinese culture to the people of Sydney. Since the University of Sydney Confucius Institute was established, we have been actively engaged in bringing high-calibre Chinese artists and performers to Sydney. In the past five years, we have partnered with organisations such as the City of Sydney, the Art Gallery of NSW, Sydney Festival and the Sydney Conservatorium of Music

商道

to host a variety of high-quality Chinese cultural events to bring the two cultures closer together and celebrate the friendship between Chinese and Australian people. The highlights included five performances of Chinese Peking opera and Kun Qu opera, where thousands of Australians had an opportunity to experience traditional Chinese opera. In February we partnered with the Sydney Festival to bring the Zhang Family Band from Shaanxi province for five performances of Lao Qiang at the Seymour Centre during the 2014 Sydney Festival. We look forward to fostering relations between our two great countries for many years to come.

孔子学院：引进中华文化的精华作者：金杏，悉尼大学孔子学院总经理今年的孔子学院迎来了一个很重大的周年纪念：11月将是世界上第一个孔子学院在韩国首尔成立十周年的日子。悉尼大学孔子学院的成立时间更短些，现在是第六个年头了。但当时它已经是新南威尔士州最领先的汉语教育中心之一。我们的汉语和中国文化课程一直在扩大，预期到今年底注册数将达到600人。我们仍然致力于将我们对中国文化的热爱和理解传播给悉尼人。自从悉尼大学孔子学院成立以来，我们积极地聘请高水准的中国艺术家和表演家来悉尼。在过去的五年间，我们与多个组织合作，如悉尼市、新南威尔士州美术馆、悉尼节以及悉尼音乐学院，邀请他们主持各种高质量的中国文化活动，让两种文化更加靠近，同时也庆祝中国和澳大利亚人民之间的友谊。期间的亮点就是五场京剧和昆曲表演，成千上万的澳大利亚人有幸体验到传统的中国戏剧。去年二月，我们和悉尼节与来自陕西的张氏家族乐队合作，2014悉尼节期间在西摩中心做了五场老腔表演。我们期待在未来为继续推动中澳两个伟大国家的友好关系作出贡献。

H I G H E R V I EW B U SINE SS | 4 5

DIPLOMACY

外交

OPEN FOR BUSINESS

开放迎商的澳大利亚澳大利亚是一方充满机遇的土地，能为敏锐的中国投资者提供绝佳商机。 Australia, the land of opportunity, offers golden prospects for astute Chinese investors

Author Andrew Robb, AO. MP, Minister for Trade and Investment 安德鲁·罗布，澳大利亚联邦贸易和投资部长 46 | HIGH ER VIEW BUSIN E S S

For more than 220 years Australia has relied on foreign trade to grow our economy. With a relatively small domestic market Australia has always been a trading nation. Hand-in-hand with foreign trade is an openness to foreign investment. Foreign capital has helped build our infrastructure, grow our businesses and ensure our prosperity. Australia welcomes foreign investment in all sectors of the economy. Chinese investment is integral to developing our capital-intensive resources and energy projects. It can also help us tap into the enormous unfulfilled potential in agriculture, particularly in Northern Australia, in this century of food and water security. We have a clear message to global investors – we unambiguously welcome investment from abroad. We are open for business and we want to create the most stable and conducive environment possible. Australia, the land of opportunity, offers golden prospects for astute Chinese investors. As an economy our fundamentals remain strong. We have seen 22 consecutive years of economic growth and have been one of the strongest performers in the OECD over the past decade. It is no wonder that Chinese investment in Australia has grown exponentially in recent years. 商道

220多年以来，澳大利亚一直依靠国际贸易发展本国经济。由于国内市场相对娇小，澳大利亚总是践行贸易立国的道路，并对外国投资持开放态度。海外资本帮助我们建设了基础设施，促进了我们的企业发展，确保了我们的繁荣昌盛。澳大利亚经济各领域均欢迎外国投资。中国投资对于开发澳大利亚资本密集型资源能源项目起着不可或缺的作用。在这个突出食品安全和水安全的世纪，来自中国的投资也能够帮助我们挖掘农业领域的潜力，尤其是在澳大利亚北部地区。我们想向全球投资者发出一个明确的信息：我们热诚欢迎海外投资，我们对商业敞开大门，愿为外资创造最稳定有利地投资环境。澳大利亚是一方充满机遇的土地，能为敏锐的中国投资者提供最佳前景。其经济基本依然强劲，已连续22年实现经济增长，澳大利亚过去10年是经合组织（OECD）中表现最好的国家之一。所以，近年来中国在澳大利亚的投资迅猛增长。

DIPLOMACY

外交

BOOST YOUR CAREER IN PROPERTY DEVELOPMENT WITH APDI

“APDI allows me to extend my study in Australia and gives me great choice and flexibility. Whether I choose to further my career in property development in China, Australia or other parts of Asia, I know that the skills and knowledge I gain from the Institute will give me the edge over other graduates.” Wang Xiu Ying, Masters Student

Whether you’re an established professional looking to further your career prospects, or a recent graduate seeking to gain a foothold in the property development industry, the Applied Property Development Institute (APDI) gives you the skills required to take your career to the next level. WHY CHOOSE APDI? • • • • • • •

Ready to take your property development career to the next level?

Australia’s premier education provider for the property development industry Real case-based courses Learn from highly experienced industry professionals Flexible study options to complement your existing work commitments Enjoy exclusive networking opportunities with industry peers Benefit from the latest property development analysis and management tools Covers key management topic areas such as development site acquisition, project investment analysis and development implementation

To learn more about APDI and register for an information pack simply visit www.APDInstitute.com or call 1300 306 856 from Australia

商道

H I G H E R V I EW B U SINESS | 47

LANGUAGE & CULTURE

语言和文化

家和万事兴

A HOME OR JUST A HOUSE

“Jia”, or “home”, is the basic unit of Chinese society, which makes “Jia” irreplaceable and extremely significant in Chinese culture 安居方能乐业，中华文化中，家永远是中国人心中最温暖的角落，无可替代。

少时学英文，有句英谚记得很牢: “East or West, home is best.”翻译出来，大意就是：“管他东方或西方，家是最好的地方。” 是呀，走遍海角天涯，世界上还有什么地方能比寒冷的冬夜里还亮着一盏明灯，而灯下有个人在等你的那扇小窗、那间小屋更能温暖你心的呢？所以还有一句There is no place like home（哪里也不如自己的家）。又有句话说，Men make houses, women make homes，这话虽然浅显易懂，实际上有点深刻, 也一语道破house和home的分别。男人可以一砖一瓦，平地起高楼，或是大撒金钱买下豪宅，可是也只有等到做妻子在其中用心思相夫教子，把它变得温暖、舒适后，那才算是一个真正的家。以《故乡之路》(Take me home, country road)走红的已故美国乡

Author Jack Chen, a translator, cross-cultural advisor and columnist based in Sydney. 陈晓杰，悉尼知名翻译家、跨文化顾问及专栏作家。 chen.xiao.jie@hotmail.com 48 | HIGH ER VIEW BUSIN E S S

村歌手约翰·丹佛(John Denver) 的另一首不朽名曲《重回家园》(Back home again)，曾细腻地描述了一个远行的游子期望见到妻儿的热切心情。其中他在归家途中，想象起家中 There is fire softly burning, supper on the stove, it is the light in your eyes that makes me warm (炉中火苗轻燃，炉上晚餐飘香，你眼中的光芒令我心暖) ，可谓于情景交融中，写出了他自己所唱的it is the little things that make a house a home的真谛。我们的古训有“家和万事兴”一说，不知英文中有没有相应的说法。倒是德國詩人歌德 (Geothe J. Wolfgang， 1749-1832) 有句大概是德文譯成英文的类似名言: He is the happiest, be he king or peasant, who finds peace in his home.(無論國王還是農夫, 家庭和睦便最幸福)。還记得有一句英谚云“Charity begins at home.” ，大意就是“仁爱始于家”的意思，即慈善先惠及家人，一个人的首要责任是帮助和照顾好自己的家庭。如果一个人对自己的家人都不关怀爱护，很难想象在外他会对他人好到哪里去。不过，如今这句话有时也被一些人作为不想向他人捐助的借口。说我不捐时加上这么一句，意思就是，我自家都顾不好呢，哪能顾得上你！夫妻吵架有时会因金钱问题，如女人嫌弃男人赚钱不如王五马六多，唠唠叨叨，男人一急之下，也会冷冷甩出这么一句：“Go and find another man to bring the money house.”(再去另找一个拿钱回家的男人好了！)。的确，A man’s best fortune or his worst is a wife，大致就是“妻可兴家，也可败家”的意思。你喝多的时候，就会脱口把这句译成“我这个家，成也老婆，败也老婆了！”。总之，你老爸老妈总归交代过你的，夫妻之间还是相敬如宾最好。家家有本难念商道

的经，有什幺过节，彼此退一步海阔天空，犯不着wash your dirty linen in public (家丑外扬)。英文中有不少与house 和home有关的词组。比如酒店的广告语You will find our hotel a true home from home!, 就是“本酒店将让你感到宾至如归！”。若有些土豪大款的朋友忽觉感同身受，把这个字译成 “家外有家”，贴切之余，个中奥妙，尽在不言中，且让你的中外友人同斟酌好了。还有一个西方人常用之字a home truth, 大致是指只有自家人才会跟你说的，听上去不舒服，却是有关你的大实话。所以，如果我老爸英文好，他可能会时不时冲我大喝一声，Jack, it’s time you listened to a few home truths!, 还好我明白这就是我该听些“逆耳之言”的意思了。另外，如果你说Last night’s performance was nothing （much） to write home about就是说昨晚那演出不咋的，很一般（ordinary, not outstanding）, 当然不会 “写信回家”向老爸老妈细说一番。说起演出，有个有点意思的英语成语是 bring the house down, 这个意思就与上面这句大相径庭了，比如说 Last night his brilliant performance brought the house down，意思是make an audience laugh or applaud loudly, 就是由于演出精彩，观众席上掌声雷动，震得“屋子都快掀塌了”。你看看，house和home大不同，千万别搞混。不过，说起“house”, 最近大批中资扎堆涌入悉尼，房价飞涨。幸哉，幸哉，当年我和我老婆刚一认识，就get on like an old house on fire (口语中指人“老屋子着火般”地很快就打得火热或关系融洽)，我们早早买了一间小屋住下，如今就坐拥升值吧！嗨，不是一开篇就告诉过你了嘛，家和万事兴呀！

DIPLOMACY

外交

yyy tt

Tel: 02 9373 8600

rrnn wywll au.ceair.com

商道

H I G H E R V I EW B U SINE SS | 4 9

OPINION

快谈

增进贸易和信任

BUILDING TRADE AND TRUST Ten years in making, the key terms of the China-Australia Free Trade Agreement have been concluded. This landmark agreement brings significant value to the Australian economy: 95% of Australian exports to China tariff free on full implementation; best access to China’s services sector by a foreign country; an ongoing advantage with most favourite nation clause in the agreement. It will also see the elimination of import taxes for most Chinese exports to Australia. To many observers in Australia, achieving this outcome is a pleasant surprise. The scale and extent of opening up by China is unprecedented. Hence the first important message from the agreement is that China is determined to open up and to deepen reform under President Xi

Author Jingmin Qian, Director of consultancy Jing Meridian, and the Australia China Business Council NSW 作者：钱京珉，京纬投资管理顾问公司的总监，澳中工商委员会新洲分会董事 50 | HIGH ER VIEW BUSIN E S S

Jinping’s government. This is not just about volume-driven GDP growth, it is increasing competition in the domestic market. It is driving efficiency and sustainability. Another important message is that Australia is the first developed country to benefit from these changes. This choice is supported by good reasons. Some are obvious: complimentary economic structures in goods, services and capital, as well as Australia’s established legal and governance systems. There are also less advocated reasons. Firstly, Australia’s creativity and innovation. In President Xi’s speech given to the Australian Parliament, he talked about 14 Australian Nobel Prize winners and Australian inventions like Wi-Fi and ultrasound. This is a significant contribution, considering the size of Australia’s population and its relatively short modern history. Secondly, Australia’s cultural diversity and engagement in Asia. According to the Australian Bureau of Statistics, 28% of Australian residents were born overseas – the second highest globally after Singapore, a city state. Over 650,000 people in Australia speak a Chinese language. Really delivering the full benefits of this agreement will require leadership in engagement, communication and fundamentally building trust. The agreement has a second stage for review in three years, possibly to address the outstanding issues: Australian rice and sugar exports and Chinese SOE investments in Australia. By then we will have already harvested many tangible benefits in bilateral trade and investment. More importantly, I hope there is an increased level of trust built by business communities, policy makers and observers. As the old saying goes: “If you want to walk fast, walk alone; if you want to walk far, walk together.” 商道

10年磨一剑，中国澳大利亚自贸协定实质性谈判完成了。这一里程碑式的协定将为澳大利亚经济带来显著的价值：协定完全实施后，95%的澳大利亚对中国出口产品将实现零关税；澳大利亚服务业公司将获得外国公司在中国市场的最佳准入待遇；协定中的最惠国待遇条款将确保澳大利亚在中国始终享受最佳待遇。协定也意味着大多数中国产品出口到澳大利亚实现零关税。对于许多在澳大利亚的观察家来说，这一协定结果令人惊喜。中国在此协定中承诺的对外开放规模和程度是前所未有的。因此，协定表达的第一个重要的信息是，习近平主席领导下的中国政府，锐意开放，并深化改革。这不仅仅是量驱GDP增长，这是增加国内市场竞争，推动效率和可持续性。另一个重要的信息是，澳大利亚是第一个发达国家从这些变化中受益。这一选择背后有充分的理由。有些是显而易见的：中澳货物，服务和资本市场经济结构互补，以及澳大利亚良好的法律和监管制度。还有一些不太为人注意的原因。首先，澳大利亚的创造和创新能力。习主席在澳大利亚议会的讲话中谈到了澳大利亚的14位诺贝尔奖得主和澳大利亚的发明，如Wi-Fi、超声波。这是卓越的贡献，特别是考虑到澳大利亚的人口较少和现代历史相对较短。其次，澳大利亚文化多元化，并积极参与亚洲事务。据澳大利亚统计局数据，28％的澳大利亚居民出生在海外，居全球第二位，仅次于新加坡，一个城市国之后。在澳大利亚，有超过65万居民讲一种中国语言。要实行中澳自由贸易协定中的全部益处，还需要双方在参与和沟通中展现领导力，并从根本上建立信任。自贸协定在三年后将进行第二阶段评审，可能会解决第一阶段未决问题：澳大利亚大米和食糖出口中国的关税，及中国的国有企业投资澳大利亚的审批问题。届时，我们将已经从双边贸易和投资中得到了许多实实在在的好处。更重要的是，我希望企业界，政策制定者和观察员之间建立了更高程度的信任。如老话所述：“如果你想走得快，一个人走; 如果你要走得远，和别人一起走。”

DIPLOMACY

外交

商道

H I G H E R V I EW B USINESS | 51

PROPERTY INVESTMENT IN AUSTRALIA

52 | HIGH ER VIEW BUSIN E S S

法律

商道

LEGAL

法律

By Jim Harrowell, a partner of National law firm Hunt & Hunt, and President of the Australia China Business Council (NSW). 作者：吉姆·哈若文，澳大利亚Hunt &Hunt律师事务所合伙人，澳大利亚中国工商业委员会新南威尔士州分会会长

法律领域的机遇

LEGAL OPPORTUNITIES

The Free Trade Agreement between Australia and China could open up a new world of business for law firms in both countries. 澳大利亚与中国签署的自由贸易协定有望为两国律师事务所创造众多新的业务机遇。

he newly signed Free Trade 大利亚与中国新签署的自由贸易协定将 Agreement (FTA) between Australia 及时地为两国律师所带来更多的业务机 and China will potentially provide a 遇。作为提升两国经济关系的重要组成部分， timely opportunity for new work for 自由贸易协定将推动法律费用总体支出的增 private legal firms in both countries. As part of 长，并进而为各律所带来更多的机遇。 facilitating an expanded economic relationship, 自2008年全球金融危机爆发以来，澳大利亚 an FTA will help to grow the general spend on 的各家律师事务所就面临巨大的压力, 他们不 legal costs and in so doing expand the 得不想方设法削减, 或至少控制法律服务的成 opportunities for law firms. 本，以求赢取新业务。此外，在危机蔓延期 Since the onset of the Global Financial Crisis 间，源于企业活动的业务量，比如并购活动 in 2008-09 Australian law firms have been （亦即律师事务所传统意义上的创收颇丰的 under considerable pressure to reduce or at “高端”业务）等等，均出现明显下滑。 least contain the cost of legal services to be able 当前，澳大利亚本土的律师们正面对着一个 to win new commercial business. In addition, 僧多粥少的市场，而与之形成鲜明对比的是中 the amount of available business from 国国内的法律服务市场迫切需要更多的律师为 corporate activities by companies, such as 中国的经济发展出谋划策。归根结底，现代西 mergers and acquisitions – traditionally the 式风格的律师事务所在中国还是相对较新的事 ‘big ticket’ income items for law firms – has 物；其最早的历史仅可上溯至九十年代初期政 fallen considerably in the period. 府决定重建私人律师圈子的时候。 Currently Australian domestic lawyers are 虽然自由贸易协定有望带来众多的机遇， operating in a market that is oversupplied with 但这些机遇的利用也将伴随着各种各样的挑 lawyers, in contrast to China’s domestic legal 战。其中的一项挑战当属两国律师对于外国同 services market, which needs more lawyers to 行将进入自己的国家, 并在自家门前与己争夺 assist in the country’s economic development. 客户的担忧。 After all, modern Western-style law firms are 在过去的十年里，一些外国律师事务所纷纷 relatively new in China, being able to trace 在澳大利亚国内打开了知名度，令澳大利亚本 their roots back only as far as the early 1990s 土律所在竞争新业务的过程中压力倍增，虽然 when the government decided to re-establish a 他们原本就需承受我上述原因导致的种种 private legal profession. 压力。 While the potential opportunities of an FTA 而中国的律师界实际上一直在限制外国律 are considerable, so too are the potential 所进入中国，以试图构建一个稳固、独立的本 challenges in trying to avail of these 土律师圈。他们害怕被外国律师占了上风， opportunities. Among these is growing 并引用其它国家本土律师们的遭遇为这种做法 concerns in the legal professions of both 开脱。

澳

商道

比如，在新加坡，大部分的“高端”国际业务现在已被在这座城邦扎根运营的“外来和尚”所蚕食殆尽。新加坡本土的律所苦苦挣扎方能在一些重要的并购和融资项目中谋得一席之地。香港的情况亦是如此，拿下大买卖的往往都是大型外国律所。在德国（注：中国的法律体系主要以德国为参考），最大的律师事务所都是英国律所，而非德国律所。中国律师界深为关注的另一个问题是, 虽然一些外国律师事务所当前在华亏本经营，但其主要目标在于争抢客户资源，以便在其母国市场上提供有利可图的服务项目。另一个担心在于, 这些亏损经营的外国律所还以高薪吸引那些最优秀的年轻中国律师，从而扭曲了中国律师界的薪酬等级体系。但是，澳中两国的律师事务所均须与时俱进，认识到他们自身以及他们的客户均身处于全球经济的大浪潮之中，并且今天的法律服务市场已是一个全球化的市场。实际上，数十年来, 澳大利亚的律师界一向以一种灵活而开放的姿态允许外国律师事务所在澳大利亚设立办事处，即便某些本土律所可能对此颇有怨言。从过去来看，中国的情况并非如此。但是，预计在自由贸易协定的大背景之下，中国必将提供一个公平的竞技平台，为入华的澳大利亚律所以及国内律所提供均等的机会。自由贸易协定有望催生更多以中国的金杜律师事务所（King & Wood）和澳大利亚的万盛律师事务所（Mallesons）之开创性合作为榜样的其它律所。两家公司于2012年合并，而此前市场上长期盛行的观点认为澳大利亚律所会与之合并的首家外国律所应当是一家英国或北美律所。 H I G H E R V I EW B U SINE SS | 53

LEGAL

21bn 210亿

法律

Amount spent on legal fees (Source: IBIS World, May 2014) 法律费用支出 (来源：宜必思世界，2014年5月)

countries over foreign firms entering their jurisdiction and competing for their clients. In the past 10 years in particular a number of foreign law firms have established a presence in Australia, putting added competitive pressure on local firms to win new business, even as they are already under pressure for the reasons mentioned above. In China the legal profession has actually sought to restrict the entry of foreign law firms as it seeks to build a robust and independent domestic legal profession. It fears being overwhelmed by foreign lawyers, and justifies this by pointing to the experience of the domestic profession in other jurisdictions. In Singapore, for example, much of the ‘big ticket’ international work is now done by foreign firms based in the city-state. Home-grown Singaporean firms struggle to get a role in major M&A and finance work. The same applies in Hong Kong where it is mostly the large foreign firms doing the big deals, and in Germany (noting the Chinese legal structure is based largely on the German system) the biggest law firms are British firms, not German. The Chinese legal profession is also concerned that a number of foreign law firms that currently operate in China do so at a loss, with their primary objective being to capture clients so as to be able to do profitable work in their home jurisdiction. Another concern is that the loss-making foreign law firms attract the best and brightest young Chinese lawyers at high salaries, distorting salary scales within the profession in China. However law firms in Australia and China must move with the tide and be flexible in recognising that they as entities – along with their clients – now live and work in a global 54 | HIGH ER VIEW BUSIN E S S

economy, and that the market for legal services 当前，只有六家澳大利亚律所取得了 is now a global market. 在华执业的执照，包括我自己的律所 In fact, the Australian legal profession has （Hunt & Hunt）；我们是在1998年拿到执照并 for many decades had a flexible and open 在中国设立了一家办事处。此外，中国当前的 approach in allowing foreign law firms to 《外国律师法》禁止澳大利亚律所和中国律所 establish offices in Australia, even if domestic 共享办公场地、员工和利润；此举“有效”地 law firms might sometimes grumble about it. 阻止了双方以合资或合伙的形式开展合作。 Historically this has not been the case in China, 作为自贸协定的一部分，外界希望中国能批 however, and it is to be anticipated that a level 准关于设立澳大利亚和中国律所商业协会的试 playing field will be created in China under an 点计划，这样当前在中国持有执照的律所可以 FTA, opening up equal opportunities for 与中国律所合资经营并分享利润。我要补充的 Australian law firms in the country as for 一点是：我曾是原澳中商会协会起草委员会的 domestic firms. 一位成员。 An FTA should ideally see other firms 澳大利亚律所通过自由贸易协定与中国律所 following the ground-breaking lead of Chinese 合资及合伙的可能性有望部分缓解中国律师界 law firm King & Wood and major Australian 对于“外来和尚”的一些顾虑。这是因为合资 law firm Mallesons. The two companies 经营可促进合资或合作律所之间在业务专长和 merged in 2012, bucking long-held market 技术上的交流，从而帮助中国律所提高自身竞 assumptions that the first foreign merger of 争力。 an Australian firm would be with a British or 对于尚未取得中国执照的澳大利亚律所而 North American firm. 言，虽然这种协定或许看上去有失公平，但从 There are currently only six Australian law 实用主义的观点来看，只要能把大门打开哪怕 firms with licences to practise as foreign 一条缝，那么试点计划将会长期实施下去。 lawyers in China, including my own law firm 通常情况下，当中国开放某个领域之时，虽然 Hunt & Hunt, which was granted a licence and 中国不会修订现有的法规，但会提供豁免机 opened an office in the country in 1998. In 制，并以对待一项可行性研究的方式来监测相 addition, Australian law firms and Chinese law 应的产业部门。经验告诉我们：只要中国启动 firms are prohibited under the current Foreign 了这样一项进程，政府往往极少会退回到先前 Lawyers Law in China from sharing premises, 的状态。 staff and profits - effectively preventing them 对于那些有意入华执业的澳大利亚律所而 from working together in a joint venture 言，自贸协定所提供的更大灵活性也有助于确 or partnership. 保澳大利亚律师可以正常取得执照。这将终结 It is hoped that China will agree as part of an 有资质的外国律师只能以商业顾问的形式在华 FTA to a pilot scheme for commercial association 执业的困局；这种局面往往将外国律师们排除 between Australian and Chinese law firms, which 在法规框架之外，并且在出了问题之时客户往 would allow those law firms currently licensed 往得不到专业的赔偿保障。 in China to form joint ventures with Chinese 在自由贸易协定的背景下，有意将业务拓展 firms, and to share profits. I should add that I 至中国的澳大利亚律所并非一定得在中国设立 was a member of the original Australia-China 一个实体办事处，而反之亦然。这令澳大利亚 drafting committee for commercial association. 的国内律所可以从自由贸易协定中获益匪浅。 The capacity to be able to create joint ventures and partnerships in China with Chinese law firms under an FTA should in part address some of the concerns of the Chinese legal profession over foreign entrants. This is There are six Australian because joint ventures will enable skills and legal firms currently operating in China technology to be exchanged among the 当前在华执业的澳大利亚 participant firms in the JV or partnership, 律所共有六家 thereby helping Chinese law firms to be • Hunt & Hunt • Allens Linklaters more competitive. • Ashurst • Minters For Australian law firms that are not already • Norton Rose licensed in China such an agreement might • King & Wood Mallesons appear unfair, but a pragmatic view also prevails that if you can just get the door open a 商道

LEGAL

法律

NUMBER OF LAWYERS IN CHINA 在中国的律师数量 (2005-2012)

Source: Statista 2014

300,000 250,000 200,000 150,000

153,846

164,516

143,967

156,710

173,327

195,170

214,968

232,384

100,000 50,000 0

2005

2006

2007

2008

fraction the pilot scheme will become permanent. Quite often when China is opening an area up it will not change the existing rules, but will instead grant exemptions and then monitor the sector as a feasibility study. Experience tells us that once such a process has begun in China the authorities rarely go back to the previous status quo. Greater flexibility under an FTA for Australian law firms seeking to operate in China will also have the benefit of ensuring that Australian lawyers are properly licenced. This will end the situation where foreign qualified lawyers operate in China as business consultants, thereby sitting outside the regulatory framework for lawyers and often without proper professional indemnity insurance to protect clients when things go wrong. Under an FTA, Australian law firms seeking to expand into China will not necessarily have to open a physical office in China, and vice versa. This represents an expanded opportunity for domestic Australian law firms to benefit from the FTA. Another potential opportunity for law firms in Australia from an FTA lies in its potential to diversify Australia’s economic engagement with China, which is currently heavily focused on trading in resources. These trades do not generally require much in the way of legal services, including acquisitions, governance, employment law and banking and finance law. However, an increase in foreign direct

2009

2010

2011

2012

investment from China under an FTA will significantly increase the prospect of business sales, mergers and acquisitions and the inflow of Chinese finance. Potentially there will be a range of new Chinese clients who will need the assistance of Australian law firms, and, in turn, Chinese firms will have the opportunity to secure new Australian clients. One of the current challenges for the very large Australian law firms is the relatively limited number of major clients currently in the domestic Australian market, and how to build a practice under these circumstances without encountering conflicts of interest. Indeed the potential for conflicts of interest in a limited client pool already limits the capacity of large Australian firms to merge with other Australian firms. An FTA should create opportunities particularly for those national law firms below the size of the very large firms to pick up new work domestically because the mega firms will be generally acting for the Australian vendor, target or joint venture partner involved with the Chinese deal. An obvious question is whether law firms will be “China ready” to take advantage of these new opportunities for law firms both here and with offices in China? In my opinion Australian law firms are well-placed to grasp these opportunities, with world-best legal skills and law-firm management practices and technologies. 商道

自由贸易协定为澳大利亚律所提供的另一项潜在机遇在于此协定有望推动澳大利亚与中国之间经济合作结构的多元化。当前的经济合作严重依赖于资源贸易，而此类贸易普遍不需要太多的法律服务，包括收购、管理、就业法以及银行和金融法。但是，在签署自由贸易协定之后，来自中国直接投资的增长将显著提振澳大利亚企业的出售、兼并和收购业务的前景以及中国资金的流入。届时将有大量来自中国的新客户将需要澳大利亚律所的协助，而中国企业也同样将有更多机会吸收来自澳大利亚的新客户。超大型澳大利亚律所当前面临的挑战之一是澳大利亚国内市场上相对有限的大客户，以及如何在这种情况下成立律师事务所而不会受到利益冲突的困扰。实际上，服务有限的客户群体势必会导致某些利益冲突，从而限制了大型澳大利亚律所与其它本土律所合并的可能性。一个自由贸易协定尤其将为本国还未达超大型律师事务所规模的律所创造在国内拿到新业务的机会，这是因为，那些超大型律所往往将更忙于代理涉及中国交易的澳大利亚供应商、投资目标或合资伙伴的法律业务。一个显而易见的问题是：面对这波中国新浪潮，在本土及中国设有办事处的各律所是否已做好充分准备，好好利用这些全新商机？依我来看，拥有全球顶级法律人才及律所管理实务和技术的澳大利亚律所完全有能力把握好这些机遇。

NUMBER OF LAWYERS IN AUSTRALIA 澳大利亚律师总数

60,000

practising solicitors (Source: SMH, February 2014) 6万名执业律师（来源：悉尼先驱晨报， 2014年2月）

99,696

people employed in the legal sector (Source: Law Council of Australia, September 2009; ABS, June 2009 99,696人从事法律行业的工作（来源：澳大利亚法律委员会，2009年9月；澳大利亚统计局，2009年6月）

H I G H E R V I EW B U SINE SS | 55

INFRASTRUCTURE

基础设施

By Andrew Lumsden & Lizzie Knight, partners at Corrs Chambers Westgarth lawyers in Sydney 作者：安德鲁·拉姆斯登与利齐·耐特，悉尼阔思律师事务所合伙人

基础建设的红利

ROADS AND RAILS TO RICHES Australia’s infrastructure wish-list and China’s massive foreign exchange reserves could be a match made in engineer heaven. 澳大利亚基础建设行业的缺口，为实力雄厚的中资带来无限商机。

ustralia’s lack of infrastructure is a growing risk to its prosperity. The so-called ‘infrastructure deficit’ is real and well documented. Higher domestic saving, surging investment at the macro level and healthy federal balance sheets have not been translated into infrastructure investment needed to position Australia for the next phase of economic growth. Infrastructure Partnerships Australia, the country’s peak infrastructure body, estimates that an additional A$770 billion, or about half of Australia’s current GDP, is needed to close the gap over the next decade to 2024. It’s an ocean of money that’s needed and it simply cannot come from higher taxes. While Australia has been chronically failing to invest in infrastructure, China has been engaged in unprecedented infrastructure construction. Since 1992 the nation has ploughed over 8.5% of its annual GDP into nation-building projects – far exceeding any other country’s expenditure. Meanwhile, China has a war chest of foreign exchange reserves – about US$4 trillion – that it finds difficult to invest in the global lowinterest yielding environment. The Chinese 56 | HIGH ER VIEW BUSIN E S S

government is looking to invest its reserves away from US Treasury debt and into higher returning investments. With its appetite for investment and deep experience in infrastructure construction projects, China can and should be an important investor in Australian infrastructure.

A TASTE FOR CITY BUILDING

China already has a track record of investing in overseas infrastructure including in the US and UK. For example, China Investment Corporation (CIC) holds a 10% stake in London’s Heathrow Airport and a 9% stake in the company that controls the UK’s largest water-and-sewage company. In the US, CIC has a minority stake in EIG Global Energy Partners, an asset manager that invests in energy and resources related infrastructure, and a 17% stake in the American power company AES. Part of the Australia-China model could be a Government sponsored proposal for coinvestment by CIC and the Future Fund, a fund that assists future Australian governments to meet the cost of public sector superannuation 商道

澳

大利亚基础设施的匮乏是其繁荣道路上一项与日俱增的风险。所谓的“基础设施匮乏”是真真切切并且有据可查的。较高的国内储蓄率、方兴未艾的宏观投资以及联邦政府健康的财政状况并未有效转化为澳大利亚迎接下一个经济增长阶段所需的基础设施投资。作为澳大利亚最顶级的基础设施建设机构，澳大利亚基建合作协会估测：欲填补未来十年内（亦即2024年之前）的基础设施缺口，澳大利亚还需要7700亿澳元的投资，相当于澳大利亚当前GDP的一半左右。这是很大的一笔钱，但无法单纯通过提高税收的方式来取得。在澳大利亚长期以来疏于投资基础设施的同时，中国的基础设施建设却史无前例, 如火如荼。自1992年以来，中国将其每年GDP中的 8.5%投入到各种国家建设项目之中；这一比例远远超过任何其它国家的同项支出。与此同时，中国拥有约4万亿澳元的外汇储备，但在全球低利率的大背景下寻找合适投资绝非易事。中国政府正寻求将其外汇储备从美国国债转向其它回报更高的投资项目中去。既有这种投资欲望，又在各种基建项目中积累了丰富经验的中国有能力、并且理应成为澳大利亚基础设施的重要投资者。参与城建，初尝战果中国在海外基础设施投资领域成绩斐然，包

INFRASTRUCTURE

基础设施

Sydney train 澳大利亚悉尼火车服务

liabilities by delivering investment returns on contributions to the Fund. Pre-qualified infrastructure assets in Australia and China might be tipped into a CIC-Future Fund co-owned fund. The model could leverage current Australian Treasurer Joe Hockey’s proposal to treat as “special” new infrastructure projects that will increase

AU$770b 7700亿澳币

The current size of Australia’s infrastructure deficit 澳大利亚还需7700亿澳元的投资欲填补其基础设施的缺口。

productive capacity in the Australian economy. Under the model, Infrastructure Australia , a statutory body, could be appointed the entity responsible for identifying pre-qualified assets. These are likely to be projects where the Australian states and the Federal Government of Australia agree that a project is productive infrastructure. As a sign of the Government’s commitment to the model, pre-qualified investments could also be backed by usage guarantees from government where relevant, for example toll roads and rail projects. In 2013 the Future Fund formed a $US300m co-investment company with Boston-based Berkshire Property. This company invests alongside a fund launched by the Berkshire group. A similar model could be used for a CIC-Future Fund partnership. The overall sentiment around the FTA has also been enhanced by Australia and China agreeing to boost offshore market development of the Renminbi (RMB). Australia is at the forefront of countries working with China to support international use of the RMB. We have only recently seen the announcement of the ASX-Bank of China Renminbi Settlement Service. 商道

With its appetite for investment ... China will be an important investor in Australian infrastructure. 括在美国和英国的基础设施投资。例如，中投公司（CIC）持有伦敦希思罗机场10%的股份，同时也在一家控制着英国最大供水和污水处理企业的公司中持有9%的股份。在美国，中投公司在EIG Global Energy Partners（一家投资于能源和资源相关基础设施的资产管理机构）中持有少数股份，并在美国电力公司 AES中持有17%的股份。 H I G H E R V I EW B U SINE SS | 57

INFRASTRUCTURE

基础设施

RECENT CHINESE ASSET ACQUISITIONS 一些近期的资产收购交易： WHO 收购方

WHAT 收购对象

SECTOR 产业部门

PRICE 收购价格

State Grid Corp. of China 中国国家电网公司

ElectraNet

Energy distribution & transmission 输配电

$500 Millions 5亿澳元

State Grid Corp. of China 中国国家电网公司

Jemena

Energy distribution & transmission 输配电

$2.9 Billions 29亿澳元

State Grid Corp. of China 中国国家电网公司

SP Ausnet

Energy distribution & transmission 输配电

$824 Millions 8.24亿澳元

Guohua 国华能清洁能源电力股份有限公司

Woolnorth / Musselroe

Renewable Energy 可再生能源

$88.6 Millions 8860万澳元

Beijing Jingneng Clean Energy 北京京能清洁能源电力股份有限公司

Gullen Range Windfarm 风电场

Renewable Energy 可再生能源

$320 Millions 3.2亿澳元

China Merchants Group 招商局集团

Newcastle Port 纽卡斯尔港口

Port 港口

$1.7 Billions (including investment of Hasting Funds Management) 17.5亿澳元（包括对Hasting基金管理公司的投资）

China Investment Corporation 中国投资有限责任公司

ConnectEast

Toll Road 收费公路

$2.2 Billions 22亿澳元

At the time, just 4% of settlements in China were in RMB (and 1% of those involving an Australian counterpart); the Chinese government plans to increasethis proportion to 15% this year. This will encourage capable and credible Chinese enterprises to invest in Australia and participate in infrastructure construction. In January last year, the Chairman and CEO of CIC, Mr Ding Xuedong, stated that CIC was shifting its focus away from the energy sector towards investments in infrastructure in both developed and emerging markets. CIC is actively being courted by a number of countries to invest in infrastructure. Australia is not alone in its need for infrastructure investment and needs to reinvent itself as being open to Chinese investment in spaces other than energy and resources.

FTA A MAJOR BOOST

The China-Australia free trade agreement (FTA) will be a major boost for Chinese 58 | HIGH ER VIEW BUSIN E S S

provincial and Australian state governments in attracting infrastructure investment, according to Bob Carr, director of the Australia China Relations Institute at UTS Unversity in Sydney and a former Australian foreign minister and New South Wales state premier. The relationship between the two Asia Pacific nations has now been elevated to the level of a “comprehensive strategic partnership,” the Australian political veteran said, immediately following the signing of the FTA in Sydney in November. Carr said China had always attached a lot of importance to regional cooperation, between its provinces and Australian states. “Provincial government provides national leadership so the Chinese put a lot of credence to dealings with state governments in Australia and for that matter city governments,” Carr said. “Bear in mind that the states in the Australian federal system are sovereign entities. They give development approval, for example. 商道

澳中模式的一部分可以是由政府主导的、中投公司和未来基金共同投资的项目；未来基金通过为基金投资创造投资回报的方式来帮助未来几届澳大利亚政府满足公共单位的养老金支出。符合条件的澳大利亚和中国基础设施资产均可纳入中投公司和未来基金共创基金的麾下。该模式还可迎合澳大利亚现任财政部长 Joe Hockey关于对一些有望提振澳大利亚经

8.5%

The percentage of annual GDP China has ploughed into nation-building projects since 1992 自1992年以来，中国将其每年GDP中的8.5% 投入到各种国家建设项目之中。

INFRASTRUCTURE

基础设施

“Chinese investment in infrastructure and and their skills in delivering infrastructure projects is significant, and the states are very keen for infrastructure investment. The states are responsible for building roads, railways, ports, and providing a safe and secure electricity network, and there are many areas where the Chinese are looking for partnership.” Carr also said Australian farmers will be big winners in the FTA deal, and they could also benefit from an increase in investment in infrastructure in rural areas. “There is also the area of agriculture and President Xi Jinping nominated animal husbandry as an example of the relationship being deepened,” Carr said. “When you have Australian farmers doing well out of the access to the Chinese market as well as what they are going to be doing in the next few years, there will be even more Australians attaching great importance to the relationship with China.” Carr highlighted the FTA as Chinese President Xi’s most significant achievement of his recent Australian visit, and said the landmark trade deal will help develop even deeper and closer ties. “The FTA is the most important part of it. That’s closely followed by the commitment to describing the relationship with Australia as a comprehensive strategic partnership and that is an elevation of the relationship,” Carr said. “I think the Chinese have shown in all this they see Australia respecting core Chinese interests and they have been important in Chinese diplomacy over the years. “The FTA makes the China and Australia relationship stronger and deeper and a lot will ride on the success of the FTA.” Carr said Xi’s visit also revealed the president’s personal attraction and connection with Australia. “President Xi is someone who is fond of Australia and very knowledgeable about Australia. He’s been here four times before and he’s now visiting all the states, and now he’s seen Tasmania,” Carr said. “Clearly the time he has taken here – and what he said about comprehensive strategic partnership and the signing of a free trade agreement – all this confirms he is a supremely confident, authoritative political leader and attaches importance to this relationship between China and Australia.

济生产力的新建基础设施“特殊”对待的提议。在该模式下，政府可指派澳大利亚基础设施委员会（一家法定团体）来负责明确那些符合条件的资产。这些资产多为澳大利亚各州以及联邦政府认为会有丰厚回报的基础设施项目。为了彰显政府对该模式的支持，可利用政府提供相关的“使用担保”（比如收费公路和铁路项目）为这些符合条件的投资项目背书。 2013年，未来基金与位于波士顿的 Berkshire Property出资3亿美元成立了一家共同投资公司。该公司与Berkshire集团去年成立的一项基金共同开展投资。中投公司和未来基金之间的合作也可以采取类似的模式。在澳大利亚和中国同意推动人民币（RMB）海外市场开发之后，整体状况已大有改观。在与中国合作推动人民币国际化的国家当中，澳大利亚走在了最前列。我们最近就看到了澳大利亚证交所与中国银行共同发布的人民币结算服务通知。中国目前只有4%的跨境贸易使用人民币结算（其中1%属于与澳方进行的结算）；中国政府计划到2015年之前将这一比例增加至 15%。此举将鼓励有一些能力并且可靠的中国企业投资于澳大利亚，并参与基础设施建设。去年一月份，中投公司董事长兼首席执行官丁学东先生表示中投公司正在将重心从能源产业转向发达和新兴市场上的基础设施投资。当前已有众多国家邀请中投公司投资于它们的基础设施。澳大利亚并非唯一需要基础设施投资的国家。因此，澳大利亚亟需根除沉痼，以开放的姿态欢迎中国投资者在能源和资源以外领域的投资。（参见：《金融时报》：澳大利亚向更多中国投资“敞开怀抱”）自贸协定，重大推动力悉尼科技大学澳中关系研究院院长、澳大利亚前外交部部长及新南威尔士州州长鲍勃·卡尔（Bob Carr）指出，中澳自由贸易协定将成为中国省级政府和澳大利亚州政府吸引基础设施投资的重要力量。目前，这两个亚太国家之间的关系已经上升到了“全面战略伙伴关系” 的高度——这位澳大利亚资深政治人物在11月自由贸易协定于悉尼签署之后随即发表上述看法。卡尔说，中国一直高度重视各省与澳大利亚各州之间的区域合作。卡尔说，“省级政府是国家领导的根基，因此中国致力于推动与澳大利亚各州政府以及相关市政府之间的合作。” “要知道澳大利亚联邦体制下的各州是主权实体，比如拥有审批开发项目的权利等。” “中国的基础设施投资以及其完成基础设施项目的技术值得期待，我们各州对基础设施领

商道

Chinese investment in established infrastructure accounts for only about 5% of total current Chinese direct investment in Australia 中资在澳大利亚现有基建项目中的投资额仅占目前中国对澳投资总额的5%左右。

域的投资翘首以盼。而各州政府具体负责公路、铁路和港口的修建，负责提供安全稳定的电力网络，中国企业可在澳大利亚的许多领域找到合作机会。” 卡尔还说，澳洲农民将成为自由贸易协定的最大赢家，农村地区基础设施投资的增加也能使他们受益。 “农业地区以及习近平总书记提到的畜牧业也是两国有待进一步加深的合作领域，”卡尔说。“如果澳洲农民能够从中国市场的开放以及他们今后几年的营生中受益，那么，更多的普通澳洲人将会更加重视与中国的关系。” 卡尔将自由贸易协定视为习主席此次访澳最重要的成果，并强调这一具有里程碑意义的贸易协定将有助于两国关系的进一步深入和紧密发展。 “自由贸易协定是习主席访澳最为重要的部分。紧随其后是中澳关系升级为全面战略伙伴关系的承诺，这是双方关系的一个提升，” 卡尔说。 “我认为所有这些已经表明中国看到了澳大利亚尊重其核心利益的态度，而这些核心利益多年来在中国的外交政策中一直居于颇为重要的位置。” “自由贸易协定使中澳两国的关系更稳固、更深入，许多领域的合作都取决于自由贸易协定的成功签署和实施。” 卡尔还说，习主席此次访澳还展现出主席的个人魅力及其与澳大利亚的联系。 “习主席喜欢澳大利亚，对澳大利亚也非常了解。此前他曾四次出访澳洲。目前，习主席正在访问澳大利亚各州，现已对塔斯马尼亚州进行参观访问，”卡尔说。“显然，习主席此次访澳以及他所提出的全面战略伙伴关系和自由贸易协定的签署，都显示出他是一位极为自信、极富权威的政治领导，他对中澳两国之间的关系也非常重视。”

H I G H E R V I EW B U SINESS | 59

INFRASTRUCTURE

基础设施

Resource-hungry investors missing the benefits of infrastructure

中国投资者的澳大利亚基础设施投资机遇

By Mofei Xiong, Director and Deputy General Manager at China United Assets Appraisal Group (Australia).

作者：熊莫菲，中联资产评估集团（澳大利亚）董事兼副总经理

Strong demand for new infrastructure projects in Australia as well as advantageous investing conditions for international investors is making the Australian market look increasingly attractive for Chinese investors. However, an overwhelming bias for mining and resources by Chinese investors highlights the need for Australian companies to educate potential investors on the benefits of investing in Australian infrastructure in the future. Currently Chinese investment in established infrastructure accounts for only about 5% of total current Chinese direct investment in Australia. By comparison, up to 90% was spent proportionally on mining, resources, oil and gas for the period between 2006 and 2012. Chinese investment in Australia’s infrastructure sector will undoubtedly be assisted by the implementation of a China/Australia Free Trade Agreement (FTA), with the resulting reduction of the various layers of existing regulation governing Foreign Direct Investment (FDI) for private enterprises in Australia. This regulation currently plays a significant role in determining the destination for Chinese Overseas Direct Investment (ODI) in Australia. The State-owned Assets Supervision and Administration Commission (SASAC) is the major body governing Chinese State Owned Enterprises’ ODI, and is playing a very important role to mitigate the risks associated with investing abroad, including appointing valuation companies to assist with their final approval. A trend toward asset privatisation in Australia is already beginning to open the door for greater Chinese infrastructure investment, particularly in the areas of transport, energy distribution and transmission and energy generation. A number of potential privatisations or partial sell-downs are expected in the coming years, including some regional airports. For example, assets such as Sunshine Coast Airport, Newcastle Airport and Ballina Byron Airport could present attractive opportunities for Chinese investors, if a reasonable price can be achieved. Our team has regularly valued many of the major airports in Australia - which have witnessed significant valuation growth over the past five years. Most infrastructure assets in Australia are still owned by various state governments and superannuation funds. However, there are several examples in recent years of Chinese institutions successfully outbidding domestic fund managers for infrastructure assets in Australia.

澳大利亚对新建基础设施项目的强劲需求及向国际投资者提供的优厚投资条件令澳大利亚市场对中国投资者的吸引力与日俱增。但是，中国投资者对矿产和资源“一边倒” 的偏好令澳大利亚企业亟需向潜在投资者宣传投资于澳大利亚基础设施的各种未来好处。目前，现有基础设施中来自中国的投资仅占到中国在澳全部直接投资的5%。与之成鲜明对比的是，从2006年到2012年期间，90% 的投资都投向了矿产、资源、石油和天然气等领域。中国对澳大利亚基础设施部门的投资无疑将因中澳自由贸易协定的实施，并由此导致澳洲减少对中资在澳私营企业现有层层管辖规定而受益。此种监管决定了当前中国在澳海外直接投资的目标。国有资产监督管理委员会是负责管理中国国有企业海外直接投资的一家主要机构，在降低与海外投资相关风险的过程中发挥着至关重要的作用，包括聘请评估公司在项目最终审批阶段提供相应协助。在澳大利亚，资产私有化的大趋势令中国投资者可以涉足基础设施投资，尤其是运输、配电、输电以及发电等领域。未来几年内澳大利亚可能会涌现出一系列的私有化或分拆出售项目，包括某些区域机场。例如，如果价格合理的话，阳光海岸机场、纽卡斯尔机场以及巴利纳拜伦机场等资产均是颇具吸引力的投资机会。我们的团队经常对澳大利亚的多座主要机场进行评估，并在过去五年里见证了机场估值的重大增长。澳大利亚绝大部分的基础设施资产仍由各个州政府和养老基金持有。但是，近几年来曾有多家中国机构击败澳大利亚本土基金管理机构, 成功竞得相关的基础设施资产。

4万亿

15%

人民币结算

10%

90%

目前，中国拥有约4万亿澳元的外汇储备。

中国政府计划到2015年之前将跨境贸易使用人民币结算比例增加至15%。

中投公司(CIC)持有伦敦希思罗机场 10%的股份。

资源业在中资直接投资澳大利亚各行业中的比例。

China’s war chest of foreign exchange reserves, that it finds difficult to invest

Chinese government plans to increase renminbi settlements to 15% this year

China Investment Corporation (CIC) stake in London’s Heathrow Airport

Proportion of Chinese direct investment in Australia put into resources

$4tr

60 | HIGH ER VIEW BUSIN E S S

股份

商道

投资

INFRASTRUCTURE

基础设施

商道

H I G H E R V I EW B U SINE SS | 61

科技创新

By Kelly Mills, freelance journalist 自由撰稿记者凯利·米尔斯

INNOVATION HOTHOUSE 创新领域的发动机

The launch of an electric car network is just one part of China’s rise as a technology and innovation hothouse 电动车网络的推出是中国一跃成为科技和创新领域发动机的诸多标志之一。 62 | H IGH ER VIEW BUSIN E S S

商道

TECHNOLOGY INNOVATION

科技创新

ales of electric cars are on the rise as anticipation mounts the Chinese Government will inject millions into a network of electric-vehicle chargers across the country, sending a clear signal that innovation is top of its agenda. Whether it be the rollout of an electric car network, advances in the field of medicine, exporting high-speed rail technologies to Europe, investments in renewable energy or advances in supercomputers, China has become a hothouse of technology innovation. According to Dr Marina Yue Zhang, lecturer at the School of Business at The University of New South Wales (UNSW), China has made great progress in its innovation capability.

“China has been recognised as a source of research and development for multinational enterprises,” Zhang says. The government itself has also been aggressively pushing innovative publicly funded initiatives. China plans to secure 2.5% of its GDP for R&D by 2020, international research group Gartner says. At this point it will likely surpass R&D spend in the United States of America. According to Gartner, the vertical industries with the highest spend on IT for the five years from 2012 to 2017 are transportation at 9.5% compound annual growth rate, healthcare at 9.4% and insurance at 9.3%. 商道

由

于预期中国政府将在全国投入几百万用于建设电动交通工具充电网络，电动汽车的销量不断上涨。这也清楚表明，推动创新已成为中国政府的工作重点。从电动汽车网络的建设，医药领域的进步，对欧洲的高铁技术出口，到对可再生能源领域的投资，以及在超级计算机技术领域取得的长足进步，都显示中国俨然已成为科技创新的热门地。新南威尔士大学商学院讲师Marina Yue Zhang博士认为：中国在创新能力方面已实现了重大飞跃。他指出，“人们意识到，中国已成为跨国企业的研发基地。” 中国政府正积极推进一系列的创新补助计划。据国际研究机构高德纳（Gartner）透露，中国计划到2020年之时将研发费用在GDP中 H I G H E R V I EW B U SINESS | 6 3

TECHNOLOGY INNOVATION

In 2012 China invested 2012年，中国在可再生能源领域的投资为

US$49.8b 498亿美元

in developing renewable-energy sources.

ELECTRIC VEHICLE ADOPTION

China’s enthusiasm for electric cars has been recognised with the inaugural FIA Formula E Championship kicking off in Beijing last September. The launch of the world’s first fully electric racing series coincides with new data that Chinese carmakers produced 11 times as many new-energy vehicles in August 2014 as they did in August 2013. According to China’s Ministry of Industry and Information Technology, for the first eight months of the year, total production by

科技创新

the likes of local companies BYD Auto and 所占的比例提升至2.5%。如果实现这一目标， Kandi Technologies more than quadrupled to 中国的研发支出很可能将赶超美国。 31,137 units. 据高德纳推断，2012-2017年期间在IT领域 Besides private vehicles, China has also 支出最多的产业将分别是运输业（9.5%的年均 been updating its taxi and bus fleets with 复合增长率）、医疗业（9.4%）及保险业 electric and hybrid motors, Frost and Sullivan （9.3%）。 Global Partner & China Managing Director Dr Neil Wang says. 电动汽车的流行 The entry of Tesla Motors into China 去年九月北京举办的国际汽联电动方程式 in February last year was an important 锦标赛上，中国对于电动汽车的热情显而 milestone for electric vehicle adoption. 易见。 Gartner believes the deluxe design and “cool 全球首届纯电动汽车赛事的启动日期， experience” offered will win over the rich, 恰逢新数据发布，显示中国汽车制造商2014年 young generation to electric vehicles. 8月份新能源汽车的产量是2013年8月份产量的11倍。 TAKING SUPER TRAINS TO 根据中国工业和信息化部的统计，在去年头 THE WORLD 八个月，比亚迪汽车和开迪康迪科技公司这类 Today China operates the longest high-speed 本土企业的电动汽车总产量翻了四倍以上， trains in the world and is moving its high高达31,137辆。 speed rail technologies to the European 弗若斯特沙利全球合伙人兼中国董事总经理 market. Chinese innovations have produced Neil Wang博士表示：除了私家车以外，中国 trains that have registered record-breaking 也一直致力将出租车和公交车升级为电动汽车 average speeds of more than 300 km/h, with 及混合动力汽车。 top speeds of nearly 500 km/h. 去年二月份泰斯拉汽车登陆中国，被视为人 In January 2014, the China Railway 们接纳电动汽车的一个重要里程碑。高德纳认 Construction Corporation completed a 为：奢华的设计以及“炫酷体验”将吸引富人 30km section of the Ankara-Istanbul 以及年轻人尝试电动汽车。

Dr. Friedrich Eichiner and Harald Krüger of BMW at the launch of the electric i3 in Beijing Friedrich Eichiner博士和来自宝马公司的Harald Krüger在北京推出了宝马电动汽车i3

64 | HIGH ER VIEW BUSIN E S S

商道

TECHNOLOGY INNOVATION

科技创新

China’s edge in innovation China has launched a number of administrative and market reforms “to boost creativity and innovation,” Premier Li Keqiang said on a visit to Germany in October. The reforms are aimed at motivating China’s 1.3 billion people, including 800900 million workers, to “mobilise their innovation capability and creativity so that everyone will have an opportunity to make great accomplishments,” Premier Li said. Li was speaking at a business forum in Germany a day after Berlin and Beijing signed a range of business deals and pledged to deepen links and boost trade that 2013 topped €140 billion. The premier delivered his speech in the northern port of Hamburg, which hosts 500 Chinese companies and represents an entry point for half of Germany’s annual trade with China – equating to 2.7 million shipping containers last year. As well as the reforms, Li said that China must integrate further with its economic partners, protect intellectual property rights, and enforce fair business rules. “China must rely on innovative development, and we cannot do this without the rest of the world. The world also needs China to achieve prosperity.” “China needs to learn from other countries as well as the fine achievements of human civilisation, and must combine these with China’s own national conditions so that China will become a centre for creativity and innovation and will be a huge market for the world,” he added. The unspecified reforms announced by Li are just the latest in a long line of efforts by the Chinese government over the past 40 years to stimulate creativity and innovation in the economy. In the 1980s and 1990s, for example, China created the National Natural Science Foundation and the State Key Laboratory program, and revamped its Soviet-style Chinese Academy of Sciences to fund pre-commercial university research on a peer-review basis – as is done by the

National Science Foundation in the United States. At the same time, the government – with the support of regional Chinese governments – financed the development of high-tech zones to further promote innovation in the economy. Since 1985,when the first such zone was developed, in Shenzhen, these zones have proliferated to the point where they are now a common stop on official tours of any major Chinese city. And, in 2006, the government launched its ‘Medium- to Long-Term Plan for the Development of Science and Technology’ (MLP). With the launch of this plan, the government declared its intention to set policies and incentives to transform China into an “innovative society” by 2020 and become a world leader in science and technology. There are a number of factors – or ‘supply and demand enablers’, as a recent Forbes article, entitled ‘China’s Innovation Advantage’ puts it – that give China’s MLP plan every chance of success. Among these ‘supply enablers’ are a very large number of relatively low-cost engineers and scientists among its workforce, as well as the famed entrepreneurial spirit of Chinese businesspeople. This entrepreneurial spirit is well documented for many decades outside mainland China and within the country since the post-1978 reforms. Yet another supply enabler is the rapidly evolving internet-related industry in China. Alibaba, for one, has rapidly become the world’s largest B2B Internet portal. In addition, Alibaba’s B2C platform Taobao enables thousands of small entrepreneurs to sell the products of their own businesses. The number of registered small business users on Taobao was reported to be more than 800,000 in 2010. Similarly, Tencent has established a strong position in online multiplayer games, complemented by its voice-messaging service WeChat. Among the demand enablers mentioned in the Forbes article is China’s very large and rapidly growing marketplace. Rapid growth

商道

makes it easy to introduce new products and services without having to displace incumbents. It is also much more forgiving of innovation failures, so companies can take more risks and try out new ideas. Chinese consumers are also relatively forgiving, so experimentation is less risky. Another demand enabler lies in the many empty or ‘greenfield’ market spaces in China, and another is in China’s need for simpler, cheaper products than those offered by companies from developed countries. Chinese companies’ superior understanding of these niches in Chinese markets enables them to successfully address this domestic market forcheaper simpler products through a range of innovations. By comparison, companies from developed countries have the same theoretical opportunities to do this but are often hampered by the organisational pressure to protect an existing global portfolio and global standards of quality. The many large-scale government projects are another demand enabler in China. Despite the increasing rise of a market economy, China’s government is active in many sectors of the economy, with the ability to quickly undertake large-scale projects that in other countries might take years to implement. This means that the national government, and sometimes provincial governments, can rapidly implement large-scale projects, such as high-speed rail or new airports, which in turn drive many opportunities for innovation. As a reflection of these supply and demand enablers, there are now more than 1500 research and development (R&D) firms that have been established in China by foreign companies. In addition, Chinese companies are investing more and more in R&D. Both foreign and Chinese companies are also moving up the ladder in terms of the types and complexity of the R&D projects that they conduct in China. They are moving from simple process and product adaptations to product inventions and even knowledge creation.

H I G H E R V I EW B U SINESS | 6 5

TECHNOLOGY INNOVATION

科技创新

CHINA, IT SPENDING BY VERTICAL INDUSTRY 中国的IT支出垂直行业商 (2012-2017) WHOLESALE TRADE 批发贸易业

$1,723m

RETAILS 零售业

$2,222m

EDUCATION 教育

$2,236m

HEALTHCARE PROVIDERS 医疗服务供应商

$2,357m

INSURANCE 保险业

$2,478m

TRANSPORTATION 交通运输业

$2,657m

UTILITIES 公用事业

$2,821m

GOVERNMENT 政府

$8,564m

MANUFACTURING AND NATURAL RESOURCES 制造业和自然资源

$11,300m

BANKING AND SECURITIES 银行和证券

$11,674m

CM&S 内容管理系统

$11,965m

high-speed railway between Eskişehir and İnönü in western Turkey. Projects like these that lie outside of China’s borders are becoming more commonplace as Chinese companies are recognised as leaders in this field.

SUPERCOMPUTERS

China recently built the world’s fastest supercomputer. The newest supercomputer, Tianhe-2, has more than 3 million CPU cores and is more than twice as fast as its

nearest US competitor. The computer has Intel processors, but everything from the design to the operating system was developed in China. Meanwhile, local company Huawei has become the largest communications technology provider in the world. It has developed the world’s first ‘100G’ technology, which can deliver large amounts of data wirelessly over long distances. It also owns the Optical Transport Network standard and created the first single radio access network.

RENEWABLE ENERGY

2.5%

SOURCE: GARTNER (APRIL 2014)

China plans to secure 2.5% of its GDP for R&D by 2020, international research group Gartner says. 中国计划到2020年之时将研发活动在GDP中所占的比例提升至2.5%。

66 | HIGH ER VIEW BUSIN E S S

To sustain current economic growth, China is committed to developing green technologies, Gartner Research Director Jie Zhang and Principal Research Analyst Jimmie Chang says.According to the United Nations, in 2012 China invested US$49.8 billion in developing renewable-energy sources, such as wind farms in Inner Mongolia. Gartner’s Zhang and Chang says in 2013, China increased its installed generating capacity by 90 million kW, of which 60% 商道

超级列车开往世界目前，中国拥有全球高速列车的车厢总长全球第一。中国正致力将其高铁技术推向欧洲市场。科技创新使中国有能力制造平均时速超过300公里、最高时速接近500公里的列车。 2014年1月，中国铁建股份有限公司兴建了安卡拉-伊斯坦布尔高速铁路项目从埃斯基谢希尔到伊诺努（土耳其西部）的30公里标段。随着中国企业被视为这个领域的佼佼者，会有更多机会赢得此类境外项目。超级计算机中国近期推出了全球最快的超级计算机。这款名为“天河二号”的最新超级计算机拥有逾300万个CPU核心，运算速度是美国竞争对手同类产品的一倍以上。该超级计算机使用了英特尔处理器，但从设计到操作系统均由中国自主开发。中国的华为公司已发展成为全球最大的通信技术供应商。华为公司开发出全球领先的100G技术；这项技术支持远距离无线传送海量数据。中国还制订了光传送网络技术标准，并推出了第一个单射频接入网络。

TECHNOLOGY INNOVATION

科技创新

China recently built the world’s fastest super computer.

中国在创新领域的优势

可再生能源高德纳研究总监Jie Zhang以及首席研究分析师Jimmie Chang指出：为了保持经济的可持续增长，中国正致力发展环保技术。根据联合国的数据，仅在2012年，中国就在诸如内蒙古的风电场这类可再生能源领域投资了498亿美元。 Zhang和Chang还指出：2013年，中国的发电装机容量达到90,000兆瓦（MW），其中可再生能源占60%。目前，太阳能发电、风电和水电占中国装机发电总量的30%以上。全国1600多个政府扶持的研究孵化器和科技园区中，有许多涉足各类清洁能源的项目。一些小型清洁能源企业被丰厚的政府补贴吸引，也纷纷登陆中国。医疗领域的进步高德纳的Zhang和Chang表示：伴随外国和私人投资以及自由化等进程。中国的医疗产业正经历更为现代化的改革。新南威尔士大学的Zhang表示：这个市场巨大，增长快捷，但总体还比较分散。 Zhang指出：“在中国的生物医药企业中，只有约11%为大型医药公司；而排名前60的生物医药公司仅占35%左右的市场份额。” “大部分的中国生物医药公司参与生产生物仿制药物，或西方国家的一些商品化药物，因为中国仍具备多种优势，比如相对较低的临床前开发以及早期临床开发成本。” 例如，在去年十月份，中国企业生产的一种乙脑疫苗首次获得了世界卫生组织的认可。这个进步值得赞扬。来自弗若斯特沙利文的 Wang表示：“随着中国持续从改革中受益，中国人民的创新精神将不断迸发，为人类进步作出更大的贡献。”

李克强总理在去年十月份对德访问时指出，中国已施行一系列行政与市场改革以 “提升创造力和创新”。总理说：改革的目的在于调动13亿中国人（包括8-9亿劳动者）的创新能力和创造力，让人人都拥有取得伟大成就的机会。改革将使得“我们的人口红利转化为人才红利”。在柏林和北京两地达成一系列商业交易，并承诺深化往来，力争让双方于2013年高达1400亿欧元贸易额更上一层楼后，总理在德国的一个商业论坛发表了上述讲话。演讲地址位于汉堡港北部。约500家中国企业在此设有分部，每年德国对华贸易有一半通过汉堡完成——去年经汉堡到中国的发货量相当于270万个标准集装箱。总理说，与改革一样，中国必须进一步加强与经济合作伙伴之间的整合，保护知识产权，实施公平的商业规则。“中国的发展必须依靠改革创新，中国经济发展离不开世界，世界经济的繁荣也需要中国。” 总理还说：“中国需要向其他国家学习，也需要向人类文明的成果学习；并将其与中国的国情相结合，从而使中国成为创造力和创新的中心，为世界带来巨大市场”。李克强总理所称但未加详述的改革，正是中国政府在过去40年促进经济创造力和创新的一长串努力中的最新举措。例如，上世纪80至90年代，中国建立了国家自然科学基金和国家重点实验室计划，并改革了苏联式的中国科学院来为未实现商业化的大学研究提供资金支持，审批的基础是同行鉴定——这与美国的国家科学基金会的运作方式如出一辙。同时，中国政府还在地方政府的支持下，资助科技园区的发展以进一步促进经济创新。自1985年在深圳建立第一个科技园以来，各地园区蓬勃发展，到目前已成为去中国各大城市官方考察的必经一站。此外，2006年，政府推出“中长期科技发展规划”。随着规划的实施，政府宣布将确定政策和激励措施，力争到2020年将中国转为“创新型社会”并使中国成为科技领域的世界领导者。正如最近《福布斯》杂志中“中国的创新优势”一文所言，许多因素，或所谓的“供求驱动力量”可以让中国的中长期科技发展规划取得成功，胜算在握。

商道

“供应驱动力量”包括其劳动力大军中众多相对廉价的工程师和科学家以及中国商业人士广为人知的开拓进取精神。1978年之后的改革以来，这种开拓进取精神在海外和国内都留下了许多良好例证。另一个供应驱动力是中国互联网相关产业的迅猛发展。其中之一的阿里巴巴，已经一跃而成为全球最大的B2B互联网门户。此外，阿里巴巴旗下B2C平台的淘宝也使得成千上万的卖家可以在线销售其经营的产品。据报道，2010年淘宝注册卖家用户数已经超过800,000人。同样，腾讯以其语音消息发送服务 “微信”为补充，也在网络多人游戏领域获得重要的一席之地。《福布斯》一文中提到的“需求驱动力量”包括中国迅速发展的庞大市场。发展迅速则易于引进新的产品和服务，而无需对现有产品或服务予以替换。而且，创新变革失败也更容易被宽恕，所以，企业可以承受更多的风险，试验新的想法。中国消费者也更为宽容，所以，试验的风险也较小。需求驱动力量还在于中国许多空白或 “未开发”的市场空间，以及，中国对更简单、更便宜产品的需要高于对发达国家企业所提供的成熟产品的需要。中国企业对中国市场特定需求的充分了解使其可以通过一系列创新变革，来成功应对国内市场更便宜、更简单产品的需求。比较而言，从理论上讲，发达国家企业对此拥有同样机会，但是更有可能受到公司自身基于保护现有全球布局及维持全球质量规范的约束。中国有许多大规模政府项目，这是另一个需求驱动力量。尽管市场经济蓬勃发展，中国政府在许多经济领域仍然非常活跃，在其他国家可能需若干年才能实现的大规模项目，中国政府则有能力很快进行。这就意味着国家政府（有时是省政府）可以迅速实施高铁或新机场等大规模项目，而这些大规模项目反过来又会推动更多的变革创新机会。正因为这些供求驱动力量，目前外国企业在中国设立的研发公司已经超过1500家。此外，中国企业在研发领域的投资也越来越多。就中国境内研发项目的类型和复杂程度来看，中外企业都已步入发展正轨。他们正由简单流程和产品改良的阶段向产品创造乃至知识创造的阶段过渡。

H I G H E R V I EW B U SINE SS | 67

TECHNOLOGY INNOVATION

科技创新

CRH380 The China Railway High-speed Harmony bullet train 中国和谐号子弹头高速列车

leverages renewable energy. Currently solar energy, wind power and hydropower accounts for over 30% of the total installed generating capacity. China has more than 1600 government-supported research incubators and science parks, many of which involve clean-technology projects. Small clean-energy companies are attracted to China because they can get lucrative government subsidies, Gartner adds.

ADVANCES IN HEALTHCARE

The healthcare industry within China is undergoing reform, modernisation, foreign and private investment and liberalisation, according to Gartner’s Zhang and Chang. According to UNSW’s Zhang this is a very large, rapidly growing, yet widely fragmented market. “In China large pharmaceutical firms account for about 11% of the total bio-pharm firms and the top 60 largest bio-pharm firms contribute about 35% of the total sales,” Zhang says. “Most Chinese bio-pharm firms are engaged in manufacturing bio-similar products or commercialising drugs from the West, as China still offers several advantages – for example, relatively lower costs in pre-clinical and early-stage clinical development of drugs.” The progress is to be lauded. “As China continues to realise more benefits from its reform, the innovative spirit of the Chinese people will continue to flourish, which will contribute even more to the progress of mankind,” Frost and Sullivan’s Wang says. 6 8 | H IGH ER VIEW BUSIN E S S

China’s global innovation footprint With expanding international technology cooperation, Chinese innovation has helped boost economic and social development in other countries. According to research firm Frost and Sullivan, recent advances are cementing how China’s technological progress is increasingly benefiting the world. An epidemic encephalitis B vaccine produced by a Chinese company was accredited for the first time by the World Health Organisation (WHO) late last year. “This demonstrates China’s capacity to innovate at the highest level in the vaccine field,” Frost and Sullivan Global Partner & China Managing Director Dr Neil Wang says. China CNR Corporation Ltd, one of the country’s biggest train makers, supplied trains to Brazil for the 2014 World Cup. It has received further orders for rail cars for the 2016 Olympic Games that will be held in Rio de Janeiro. Chinese technology giant Huawei has assisted in the European Organisation for Nuclear Research’s ‘God particle’ project, by providing a cloud-based Universal Distributed Storage (UDS) system to meet the challenges of data storage and analysis. In Africa, Chinese agricultural technology centres in the Democratic Republic of Congo have changed barren land into fertile farmland in less than two years and taught local farmers advanced techniques. In recent years, China has also taken part in a series of international research cooperation projects, such as the

商道

International Thermonuclear Experimental Reactor project, the Integrated Ocean Drilling Program, the Earth Observing System and the Alpha Magnetic Spectrometer.

遍布全球的中国创新足迹 MY

随着国际科技合作的不断拓展，中国的创新成果也促进了其他国家的经济与社会发展。弗若斯特沙利文机构开展的研究显示，最近几年的发展无一不印证了中国的科技进步正日益惠及全球的事实。中国企业生产的一种乙脑疫苗在去年年底首次获得了世界卫生组织的认可。弗若斯特沙利全球合伙人兼中国董事总经理Neil Wang博士表示：“这充分证明了中国在高质量疫苗领域的创新能力。” 中国北车股份有限公司——中国最大的列车制造商——向巴西供应了其为举办 2014年世界杯足球赛而订购的列车。北车还收到了巴西为将在里约热内卢举办的 2016届奥运会所下的列车订单。中国科技巨头华为公司协助并参与欧洲核子研究中心的“上帝粒子”项目，为其提供了一个云端通用分布式存储（UDS）系统，以应对数据存储和分析方面的挑战。在非洲，位于刚果民主共和国的中国农业技术中心在不到两年的时间里将昔日的荒地变成了良田，并向当地农民传授先进技术。近年来,中国还参与了国际热核聚变实验堆计划、大洋综合钻探计划、全球对地观测系统、阿尔法磁谱仪等一系列国际科研合作项目。

CMY

TECHNOLOGY INNOVATION

科技创新

2013 2009

商道

H I G H E R V I EW B U SINESS | 69

ECONOMIC

经济

By Ben Hurley, freelance journalist 自由撰稿记者:白杰明

新环境：机遇与挑战并存

NEW LAND, NEW CHALLENGES

The FTA will open up opportunities for both Australian and Chinese businesspeople. But setting up in a new country has its own set of challenges. We speak to two businesses about their successes and hard lessons. 《自由贸易协定》将为中澳两国商界开创众多机遇。但是，到新的国家开拓市场必将面临一系列的挑战。两家企业分享他们的成功经验和教训。 A2 MILK

The a2 Milk Company has demonstrated the power of a differentiated product. It is one of the top-selling supermarket items in Australia and has been largely insulated from the ongoing price war for cheaper milk. Now the company is finding Chinese consumers are just as keen, but the road into China has not been an easy ride. Listed on the New Zealand sharemarket and backed by Sydney’s wealthy Perich family, a2 milk is produced at the company’s Smeaton Grange processing facility outside of Sydney. The company signed off on its China strategy around three years ago and began with infant formula powdered products. After developing the product, the first step was finding a good local distributor. “I think it’s essential for any company [looking to China] to start with having some good talent on the ground in China who can hook them up,” Phil Wohlsen, a2 general manager for Asia, tells Higher View Business. The journey into China has been challenging. A major roadblock came up last year when the Chinese government introduced new rules that vastly reduced the number of infant formula brands going into China. A2’s partners were in the process of building an extension to their production facility when the news came through, and the facility could not be registered 70 | HIGH ER VIEW BUSIN E S S

under the new system for five months until it was completed. “We were allowed to sell product already manufactured and brought into China, and we had brought enough in, but it created a confidence issue,” Wohlsen says. “Instead of being full steam ahead people were cautious about our brand in the market.” The regulatory situation in China is “always a challenge,” Wohlsen says. “It’s something that every company must pay a lot of attention to. Sometimes the changes are not fully clear or not fully clear in advance.” Marketing and branding are also different in China compared to Australia. A2 milk is sold at specialised mother and baby stores where dedicated staff stand by the shelves to educate consumers about the product. And Chinese consumers, deeply concerned about food safety, are very active on social media in sharing experiences with brands. The company has since sold “several hundred thousand” cans of infant nutrition formula into China, with each tin retailing for RMB460 – almost $100. Wohlsen expects this to double in 2015 and grow by double-digit figures thereafter. Since November 2014 the company has also been air freighting fresh milk out of Sydney into China, selling each litre for 59RMB or more than $10. The company is 商道

A2 MILK A2 Milk公司在产品差异化方面的不俗实力有目共睹。该公司的产品是全澳各大超市最畅销的品牌之一，并且极少参与低端牛奶品牌之间的价格战。如今，该公司发现中国的消费者们对其产品的热情并不逊色于澳大利亚消费者，但进军中国市场之路并非一帆风顺。 A2 Milk已在新西兰证券市场上市，其背后是悉尼财力雄厚的佩里克家族。公司的产品系由悉尼郊外的Smeaton Grange工厂生产。该公司早在三年前就批准了进军中国的战略，并以婴儿配方奶粉产品作起点。在产品开发之后，该公司的第一步就是寻找优秀的本土代理商。 A2亚洲区总经理Phil Wohlsen向《商道》杂志表示：“我认为，任何一家（关注中国）的公司首先着眼于寻找中国当地的优秀人才为它们开门引路至关重要”。进军中国的道路上充满各种挑战。去年公司所遇到的一个重要路障就是中国政府所颁布的一项新规；此项新规导致了入华婴儿配方奶粉品牌数量的急剧下降。当时A2的合作伙伴正在对双方合资的生产设施进行扩建，而根据这项新规，工厂只能在五个月后竣工之时方能申请注册。 Wohlsen表示：“政府准许我们销售已生产并已进口到中国的产品，并且我们已进口了足够的数量。但这种情况带来了一个市场信心问题。消费者对我们的品牌不再趋之若鹜，而是开始变得小心谨慎。”

ECONOMIC

经济

The profits will come when you do everything right. now looking into UHT or long-life milk. It’s not as profitable as it sounds. Wohlsen says the layers of freight, duties and distribution mean there is no additional margin compared to the product sold in Australia. It’s just a bigger market. “It’s very easy for people to say the China market is huge and if we just get a small share let’s do it,” Wohlsen says. “But I don’t think you should think about making immediate profits. You should look at this as making a significant investment, and the profits will come later when you do everything right.”

GREAT WALL MOTORS

When it comes to playing a long game, it doesn’t get much longer in business than manufacturing cars and convincing consumers to buy them. It took decades for Japanese cars to shake their cheap-and-cheerful reputation in Australia, and the journey of Korean cars hasn’t been any easier. So when Australia-New Zealand car importer Ateco Automotive decided to introduce Chinese cars to the Australian market, they knew they were in for a hard slog. Ateco, owned by businessman Neville Crichton, launched Great Wall in Australia in 2009. Ateco held discussions with the car maker’s Chinese executives and decided to embrace the product’s Chinese origin in its advertising campaign. In the absence of an established reputation, they decided to compete on price and later build a reputation for quality and high-end features. “That strategy went very well for several years,” Ateco spokesman Daniel Cotterill says. “Feature-packed vehicles at a competitive price tempted people to give them a try even if the brand was unfamiliar.”

“We were quick to point out that while China Wohlsen表示，中国的法律环境“历来充满 wasn’t traditionally associated with the 挑战”。“每家公司都必须高度重视这个问题。 production of motor cars for Australia, they did 有时一些变革并不十分明晰，或是一开始时并 manage to turn out many millions of them each 非那么清晰明了。” year for their own market. 与澳大利亚相比，中国的营销和品牌塑造过 “We also pointed to the massive amount of 程也截然不同。A2产品主要在一些母婴专门店 Chinese-made consumer goods Australians 内出售；这些商店在货架边都有专人向消费者 were already buying – things like computers, 介绍相关产品。中国的消费者十分重视食品安 TVs, smartphones and so on. We found that 全，并热衷于在社交媒体上分享各种品牌的使 really made people stop and think.” 用体验。 By mid 2012 the Great Wall business was 到目前为止，该公司已在中国市场上售出了 “really humming” with just over 90 dealers 几十万罐的婴儿营养配方奶粉，每罐售价460 nationwide selling over 10,000 cars per year. 元人民币（约为100澳元）。Wohlsen预计 But mirroring the experience of Australians 2015年这个数字将会翻番，此后还将保持两位 doing business in China, Great Wall ran up 数的增长势头。 against some regulatory issues with Australian 该公司亦于2014年11月起开始将新鲜牛奶从 authorities. In 2012, tiny amounts of asbestos 悉尼空运到中国，每升售价59元人民币（相当 were found in some Great Wall engine gaskets. 于10澳元以上）。公司目前有意开发超高温消 Australia’s zero-tolerance policy for asbestos, 毒牛奶或保久奶的市场。不过这类业务并不像 and negative media coverage, delivered a big hit 乍看上去那么赚钱。Wohlsen表示，经过运费、 to business. 关税以及转销等诸多环节后的成本核算，与在 “These gaskets would have been legal in the 澳大利亚本土销售相比，并无多少额外利润， United States or New Zealand, but they caused 只不过这个市场更大。 no end of trouble here,” Cotterill says. Wohlsen指出：“大家都喜欢说中国市场很 Other factors hampered Great Wall’s 大，即使只能占据一丁点市场份额，我们就应 comeback. The Japanese yen fell in value, 该采取行动。但我认为，您不应该太过于急功 making Japanese cars more competitively 近利。您应当将它视为一笔重要的投资，当您 priced. Great Wall was also slow to deliver an 每件事都做好之后，利润自然会滚滚而来。” updated model range and re-design right-handdrive models for use outside of China. Business 长城汽车 since has been relatively weak. 说起打持久战，不会有其它生意会比制造汽 “I think the [Chinese executives] were 车并说服消费者购买耗费更长的时间。日本汽 surprised by the focus on vehicle safety and 车品牌花了整整数十年时间才在澳大利亚树立 crash testing by authorities, the strictness and 了价廉物美的声誉，而韩国汽车品牌所走过的 reach of Western consumer law, and doing 路也绝不比日本轻松。 business under the gaze of a genuinely free 因此，当澳大利亚与新西兰合资的汽车进口 press,” Cotterill says. 商阿泰克公司决定向澳大利亚市场引进中国汽 Ateco hasn’t given up on Chinese cars, and 车品牌之时，它们早就做好要走漫长艰辛之路 Cotterill says it is inevitable Chinese vehicles 的准备。 will sooner or later be a major part of the global 商人Neville Crichton名下的阿泰克公司于 automotive industry. Australia may be a 2009年向澳大利亚引进了“长城汽车”。阿泰 relatively small market, but it is a good market 克与长城汽车的中方管理层进行了多次协商， for Chinese companies to test export products 并最终决定在广告宣传中直言其原产中国。在 and refine their strategy before investing the 长城汽车尚未多少知名度的情况下，它们决定 capital required to take on the United States or 先展开价格战，以后再谋求在质量及高端功能 Europe, Cotterill says. 上积攒口碑。 “We are big enough and have the same 阿泰克公司发言人Daniel Cotterill表示： Western consumer culture and demands to “这项策略数年来进展顺利。消费者虽然对长城 make it worthwhile doing it here, but are not so 汽车这个品牌一无所知，但它价格低廉，又集 big that any mistakes or blind alleys become too 众多功能于一身，所以还是吸引了人们尝鲜。” expensive,” Cotterill says. “我们强调，虽然中国以前并没有为澳大利亚 “When the time comes that the Chinese 生产过汽车，但中国每年都为本土市场上生产 really focus on export markets, including right 数百万辆的汽车。” hand drive, there will be no stopping them.” “我们也指出，澳大利亚早已购买了大量中国商道

H I G H E R V I EW B USINE SS | 71

ECONOMIC

经济

$10

Cost per litre of fresh a2 milk in Cbina 每升新鲜A2牛奶在中国的价格。

CHINA TURNS TO CONSUMERS FOR ECONOMIC GROWTH Economists and analysts are putting their hopes in higher domestic demand, cheaper oil, improved welfare and a wave of privatisations to spur a boost for China’s economy. The Australian Financial Review, with Bloomberg

制造的消费品，比如计算机、电视机、智能手机等等。我们注意到，这个事实的确能能让消费者停下来琢磨一番。” 截止2012年中期，长城汽车的业务都还 “有声有色”，全国90家经销商每年能卖出1万多辆汽车。但是，与在华经营的澳大利亚企业如出一辙的是，长城汽车也遇到了澳大利亚监管部门的一些法规难题。2012年，一些长城汽车的发动机垫片中被发现存有少量石棉。澳大利亚对石棉的零容忍政策以及媒体的负面报道给长城汽车带来了沉重打击。 Cotterill指出：“这些垫片在美国或新西兰均可合法使用，但在澳大利亚却给长城汽车带来无休止的麻烦。” 其它一些因素也影响到长城汽车的东山再起。日元贬值令日本汽车在更具价格竞争力。长城汽车自身在交付新车型，以及重新设计面向海外市场的右座驾驶车型的行动上也动作过慢。此后，长城汽车的业务就大不如前。 Cotterill表示：“我估计，这里主管部门对汽车安全和碰撞试验的重视，西方消费者法规的严格程度和范围之广，以及商家始终处于真正自由的媒体监督，这些都让中方管理层惊讶。” 但阿泰克并未放弃中国产汽车，并且 Cotterill认为中国汽车品牌迟早会在全球汽车制造业中占据重要的一席之地：“澳大利亚或许是个相对较小的市场，但它却是中国企业在向美欧洲市场做出重大投资之前，测试出口产品并完善自身战略的一个理想之地”。 Cotterill表示：“澳大利亚市场拥有足够的规模，消费文化和需求与西方相同，因而值得中国企业在此一试。同时我们的市场又并非大到任何失误或困境都会令企业付出昂贵的代价。” “当中国企业真正开始关注出口市场之时，包括右座驾驶汽车市场，没有什么可以阻止他们前进的步伐。” 72 | HIGHER VIEW BUSIN E S S

China’s leaders aim to shift the economy from a reliance on investment and exports for growth to one where consumption and markets play a bigger role. Economists and analysts are watching several areas for quickening policy change that could bolster economic restructuring in 2015. They include a pickup in domestic demand, cheaper oil, energy pricing reforms, improved welfare cover and a wave of privatisations. China premier Li Keqiang told global leaders at the World Economic Forum in Davos in January that China would avoid a hard landing and was focused on ensuring long-term medium-to-fast growth. China reported 7.4% growth for 2014 – the slowest in 24 years. But it also showed signs of rebalancing its economy, with the rise in incomes exceeding the bump in GDP and helping to propel consumer spending and services. “China has much room for urban, suburban and regional development, and domestic demand has huge potential,” Mr Li said. “China’s condition will continue to improve and China will bring more opportunities to the world if China’s economy keeps growing at medium to fast speed for 10 to 20 years.” China’s shift to consumption-led growth was part of a dramatic change that would offer “fantastic opportunity” to the developed world, said Stephen Roach, former chief economist at Morgan Stanley. The nation’s economic engine was shifting gears from being a producer of exports to being a consumer providing demand for the rest of the world, said Mr Roach, a senior fellow at Yale University’s Jackson Institute

商道

for Global Affairs. “2015 could well be the year when China demonstrates that it is very much in control of its destiny, that it can contain the downside of a carefully engineered slowdown without succumbing to the dreaded hard landing that so many believe is inevitable,” said Mr Roach. “The domestic demand story is about to come alive in a way we have never seen.” The tumbling price of oil and other commodities made China the “grand winner” of recent turmoil in world markets, enabling it to save on its bills for oil, coal and gas and to add to its strategic energy reserves on the cheap, said Kenneth Courtis, former Asia vice-chairman at Goldman Sachs. The drop in energy prices would keep inflation low and producer prices negative, leaving lots of space to trim interest rates, said Mr Courtis, chairman of Starfort Holdings. “In the wildest dream of great news for the Chinese economy, no one could have dreamed of such a positive scenario,” he said. The oil price shock also provided the “perfect opportunity” for market-driven change in energy, said Derek Scissors, a scholar at the American Enterprise Institute in Washington who focuses on Asia economic issues. China could take steps to have a more efficient energy sector by cutting or eliminating subsidies, according to Mr Scissors. “The conventional wisdom is that China faces a choice between supporting economic growth with stimulus and implementing reform for long-term efficiency,” he said. “Low oil prices, however, are natural stimulus for a large energy importer. In 2015, China has the opportunity to cut or eliminate energy subsidies – thus bringing demand, supply, and price closer to their market levels – without inflicting higher costs on households or firms.” Liberalisation of the hukou household registration system in small and mediumsized cities coupled with welfare reform could help cut precautionary savings and spur consumption, said Louis Kuijs, Royal Bank of Scotland’s chief greater China economist.

ECONOMIC

经济

“The hukou reforms should help China move towards more full urbanisation, with migrants better able to live like proper urban citizens, thus facilitating the rebalancing of the pattern of growth,” said Mr Kuijs, who formerly worked at the International Monetary Fund and World Bank. A wave of privatisations could be coming as local governments sought to offload assets, Deutsche Bank said. “This should help to promote productivity in the economy and boost the growth outlook,” Hong Kong-based economists Zhang Zhiwei and Audrey Shi wrote in a note in December. More than 10 million new businesses were registered from March to November, the State Administration for Industry and Commerce said. Privatisations may increase momentum for the “new” economy, including private output, which is already outperforming the “old” China. China’s attempts to introduce market-driven change would have a more hospitable backdrop in 2015 as exports got a lift from a broadening economic recovery in developed markets, monetary policy remaining easy globally and low commodity prices, Goldman Sachs said. There would be further progress in the liberalisation of interest rates with the removal of the deposit-rate ceiling looking possible, economists led by Beijing-based Yu Song said in a note in December. Key to upside potential would be benign outcomes for debt and the labour market as economic growth moderated. Given inflows to the trust industry and a heavy debt repayment schedule for property developers, a few defaults were likely, said Dong Tao, chief regional economist for Asia excluding Japan at Credit Suisse Group in Hong Kong. “But whether these defaults are isolated cases or something that would trigger a kind of chain reaction at a national level is a big question mark,” he said. “It looks like the government and the central bank is playing some tricks to circulate liquidity to the system so cases of default do not create a big splash.”

中国经济重心转向以消费促增长经济学家和分析家们寄望通过内需的提升、油价的下调、更完善的福利以及新一轮的私有化来刺激中国经济的增长。《澳大利亚金融时报》及彭博社中国领导人正力图将经济增长从对投资和出口的依赖，转向由消费和市场主导的模式。经济学家和分析家们正关注几个可加快政策改革的领域；这些领域的改革有望促进中国在 2015年的经济转型。这些领域包括提振内需、下调油价、能源价格改革、扩大社会福利制度的覆盖面以及新一轮的私有化浪潮。中国总理李克强一月份在达沃斯召开的世界经济论坛上向各国领导人表示：中国经济不会硬着陆，并且中国将专注于确保长期的中高速发展。 2014年中国的经济增速达到7.4%，是24年以来最低的一年，但它也显露中国经济重新平衡的迹象，收入增速超过了GDP增速，并进而推动了消费支出以及服务业的发展。李克强表示：“中国城乡和区域发展空间广阔，国内需求潜力巨大。以中高速再发展一、二十年，中国的面貌就会持续改善，也会给世界带来更多发展机遇。” 摩根士丹利前首席经济学家Stephen Roach表示：中国向消费主导型增长模式的转型属于中国巨大变革的一部分，它将为发达国家带来“绝佳的机遇”。身为耶鲁大学杰克逊全球事务研究所高级研究员的Roach先生还表示：中国正从出口商品生产大国，转向为全球提供需求的消费大国。 Roach先生指出：“2015年，中国完全可能向全球展示其控制自身命运的强大能力，证实其通过精心布局可以有效控制住经济的下滑，并避免不少人认为不可避免的硬着陆。中国的内需将以我们前所未见的方式不断扩大。” 高盛集团前亚洲区副总裁Kenneth Courtis 亦指出，油价以及其它大宗商品价格的暴跌令中国成为近期全球市场乱局中的“大赢家”，从而节省了巨额的石油、煤炭和天然气支出，并得以用低廉的价格扩充战略能源储备。 “能源价格下跌将使通膨率保持在低位，生产者价格下降，为降息留出充足空间，” 现任Starfort Holdings董事长的Courtis说。 “即使在对中国经济各种好消息的最疯狂梦想中，也不曾有人会梦想过如此乐观的情形。”

商道

华盛顿美国企业学会专门研究亚洲经济问题的学者Derek Scissors指出油价震荡也为能源行业的市场化变革提供了一个“完美的机遇”。 Scissors先生表示：“中国可以通过减少或取消补贴来打造更加高效的能源产业。按照传统思维，中国需要在通过刺激来保持经济增长或通过改革谋求长期效率之间作出抉择。” “不过，对于一个能源进口大国而言，低油价是一剂天然的刺激良方。在2015年，中国将有机会削减或取消能源补贴，从而让需求、供应和价格更接近市场水平，同时又不会增加家庭或企业的成本。” 苏格兰皇家银行首席大中华经济学家Louis Kuijs表示：放开中小城市户籍限制以及社保改革可能有助于家庭减少未雨绸缪的储蓄，并刺激消费。曾供职于国际货币基金组织和世界银行的Kuijs先生还指出：“户籍制度改革有望推动并提高中国的城镇化水平，让许多农民工生活得更像城镇居民，进而促进增长模式的再平衡。” 德意志银行认为，随着地方政府开始设法处置各种资产，有可能产生一波私有化浪潮。德意志银行驻香港经济学家张智威与Audrey Shi在12月份的一份研究报告中写道：“这种情况有助于提高生产力，并提振增长前景。” 国家工商总局的数据显示，去年3-11月新登记注册的企业超过1000万家。中国“新”经济的表现已经超越了“旧” 经济，而私有化浪潮可能会进一步增强新经济的增长势头，包括提高私营部门的产出。高盛表示：2015年，中国的市场化变革将面临更为友好的全球环境——出口受到发达市场更广泛经济复苏的提振，全球货币政策继续保持宽松，大宗商品价格维持在低位。高盛驻北京经济学家宋宇等人在12月份的研究报告中表示：中国的利率市场化将取得更大进展，并可能会取消存款利率上限。经济增速放缓给债务和劳动力市场带来的良性结果将是中国上行潜力的关键。瑞信集团驻香港的日本以外亚洲区首席经济学家陶冬表示：鉴于信托行业的资金流入以及房地产开发商沉重的债务偿还日程，出现少量破产是有可能的。他指出：“但这些破产只是孤立个案，还是会成为在全国引发连锁反应的大事件，还不确定。” “政府和央行似乎正想方设法推动系统内的流动性，这些破产事件就不会掀起太大的风浪。”

H I G H E R V I EW B U SINESS | 73

E-COMMERCE

电子商务

By Ben Hurley, freelance journalist 自由撰稿记者:白杰明

小小米，大传奇

THE XIAOMI STORY Founded less than five years ago, Xiaomi is now the world’s third-biggest smartphone maker 五年前刚创办的小米公司今天已是中国智能手机业的大哥大。

74 | HIGH ER VIEW BUSIN E S S

商道

E-COMMERCE

电子商务

he crowd cheers wildly as a man in blue jeans and a black T-shirt walks onto the stage. Pacing and gesticulating before a big screen, he introduces the groundbreaking new features of the sleek smartphone in his hand. No, we’re not harkening back to the glory days of Steve Jobs. This is Lei Jun, founder of Xiaomi – the third-biggest smartphone maker in the world, and the most valuable tech startup on the planet. Lei Jun founded Xiaomi (Literally “little rice”) less than five years ago in 2010, having already clocked up an impressive set of wins as a tech entrepreneur and angel investor. He founded Joyo.com, which Amazon bought for $75 million in 2004, and chairs highly successful social site YY along with online gaming company Kingsoft. But Xiaomi’s sudden rise has brought his success to a new level, and simultaneously taken the world’s leading technology companies by surprise. The company shipped 61.1 million smartphones in China in 2014 – a monumental 227% increase in phones shipped compared to 2013. This figure topped Apple and came a narrow second to Samsung according to research firm Canalys. Forbes now puts Jun’s wealth at $9.1 billion. Jun has told fans he sourced inspiration for Xiaomi from a 340-year-old Chinese medicine company called Tongrentang, and hot pot chain Hai Di Lao. They taught him never to sacrifice quality in lowering product cost, and to place high importance on customer service. Founded with eight partners, investors include Shanghai-based Morningside Group

$45b

The value of Xiaomi after a $1.1billion funding round in December 2014 2014年12月，小米融资11亿后的市值。

and QiMing Venture Partners, and the VC arm of Qualcomm. At the end of December, the company confirmed it had completed a new $1.1 billion round of funding, valuing the company at US$45 billion.

50,000

WHY THE HYPE?

So what’s got everyone so excited about Xiaomi? More than anything, it’s because the company sells well-built, high-spec phones for very low prices. Its Xiaomi Mi4 contains top-shelf parts including a quad-core 2.5GHz Number of Redmi Notes sold in 8 seconds in Snapdragon 801, 16 or 64GB of storage, a 5-inch a December flash sale in India 1080p LCD display and a 13-megapixel Sony 12月在印度８秒内闪售的红米 camera. It has a bigger battery and more RAM Notes销量。 than Samsung’s Galaxy S5, and sells for less than half the price. At a Beijing launch event in January, the company revealed the Mi Note and Mi Note Pro with a 5.7-inch display – its latest 人群的欢呼声中，一位身着蓝色牛仔裤 flagship smartphone that will challenge Apple’s 和黑色T恤的男人走上了讲台。在一块大 popular iPhone 6. 屏幕前，他来回踱步，不断打着手势，介绍手 (Apple made a comeback to be China’s top 中那台智能手机各种极具创意的新功能。 smartphone seller in the final quarter 2014, 等一下，我们绝不是要回顾史蒂夫·乔布斯 according to Canalys, but this wasn’t enough to 的峥嵘岁月。这个男人叫雷军，“小米”的创 rank it in the full year’s top five.) 始人；小米现在是中国这个全球最大智能手机 Xiaomi’s operating system – a version of 市场上最畅销的智能手机。 Android adapted for Chinese users called MIUI 雷军于2010年创办了小米公司；身为科技 (pronounced “me-you-I”) – has also been 创业者和天使投资人的他在短短四年时间 widely lauded as fast, smooth and no-nonsense. 里就收获了一系列的成功。他曾创办过Joyo. More than 50 million people now use MIUI, the com（卓越网），并于2004年被亚马逊以 company says. 7500万美元的价格收购；他同时也是知名社交 But while the company is sometimes 网站YY（欢聚时代）以及网游公司金山软件 referred to as the Apple of China, Xiaomi heads （Kingsoft）的董事长。 say this comparison isn’t accurate. While Apple 但小米的迅速崛起将他的成功推向了一个全 makes most of its money off hardware, Xiaomi 新的高度，同时也令一些全球领先的科技公司 sells its hardware at close to cost. Minataka 惊诧不已。2014年小米智能手机的出货量为 Kashio, director of Fomalhaut Techno 6110万部，比2013年增长了227%，令人惊 Solutions, estimates while Apple and Samsung 叹。根据研究机构易观国际（Canalys）的统计，这个数据一举击败苹果，仅略逊三星。根据《福布斯》的估算，雷军的身家已达到91亿美元。雷军向他的粉丝们表示：小米的灵感来源于具有340年悠久历史的中医老字号“同仁堂”，以及火锅连锁品牌“海底捞”。两者教会他永远不要以牺牲质量为代价来降低产品成本，并要高度重视客户服务。小米由八位合作伙伴联合创立；投资者包括位于上海的晨兴集团及启明创投，以及高通的创业投资部。去年十二月份，公司确认完成了新一轮11亿美元的融资，令公司的市值达到 450亿美元。 Xiaomi founder Lei Jun’s personal wealth, according to Forbes 福布斯估计小米创始人雷军的个人财富已达到91亿美元。为什么这么火？那么是什么让所有人为小米而疯狂？最根本

在

$9.1b

商道

H I G H E R V I EW B USINESS | 75

E-COMMERCE

电子商务

More than 小米公司称MIUI的用户目前已突破

50m 5000 万 people now use MIUI, the company says.

phones retail for approximately three times the bill of materials, Xiaomi phones sell for only 1.5 times this figure. Instead, Xiaomi calls itself an internet platform company which, like Google or Amazon, makes its money off the services and accessories it sells into the ecosystem it has created. This explains why Xiaomi’s products are so much cheaper than those of its competitors. Hugo Barra, former head of product management at Google’s Android unit and whom Xiaomi poached last year, says the business model has “a bit of Google, a bit of Apple, a bit of Amazon.” “You could say that we were an internet platform company before we were a smartphone vendor,” he told CNN’s Money program in September. “We built an internetconnected operating system, we call it MIUI. “We made the phones because it was the best way to get that software into the hands of as many people as possible.” Xiaomi’s sales figures are impressive, with 61.1 million phones sold during 2014 – a 227% year-on-year growth in shipments – bringing in revenue of 74.3 billion yuan. Jun hopes to sell 100 million smartphones globally this year. But doubts remain about the company’s ability to profit from its consumer ecosystem, in the absence of substantial profits from its hardware. In this space, it will face extreme competition at home from the likes of Alibaba and Tencent. Canalys research analyst Lydia Bi says there are still questions over the company’s long-term future. “So far it still has to prove it has a strategy to move up the value chain, whether that’s monetising its software and services or incremental pricing,” Bi says. “But these strategies all assume that Xiaomi’s 76 | HIGH ER VIEW BUSIN E S S

ecosystem has enough user stickiness and brand attractiveness.”

US, AUSTRALIA ON THE BACKBURNER

It could be some time before we see Xiaomi phones selling in Australia. Australian resellers of Xiaomi products closed down in August 2014 after the global company issued a mandate to stop selling its products. No reason was given for the move, but some speculated launching in Australia, Europe or the United States could bring intellectual property headaches to the company. Xiaomi’s products and advertisements are often uncannily similar to those of Apple, which has never been shy to take competitors to court over intellectual property breaches. Critics have said a low spend on original R&D could be one of the factors that enables Xiaomi to keep its costs down. For now, Xiaomi is moving into emerging markets where consumers are more pricesensitive and it can enjoy a higher brand status for the superior specs it offers. Xiaomi sells in mainland China, Hong Kong, Taiwan, Singapore, Malaysia, Philippines and India, with expansion plans to countries including Brazil, Russia, Indonesia, Mexico, Turkey and Vietnam. The company also sells set-top boxes, tablets, smart TVs, Wi-Fi routers and wearable fitness trackers. A series of flash sales in India have showed strong demand for Xiaomi’s products. In December, 50,000 Redmi Note units were put up for sale, and sold within 8 seconds. “We do plan to enter the US, Western Europe, those types of tier-one markets, but we’ve got to work up to that. It’s not quite the time to do that yet,” Barra told CNN. “Also, the opportunity in [those markets] is not as significant as the opportunity in India or Brazil… so we will get there eventually.” Xiaomi didn’t actually need the US market, he said, although it was important to be there. And on the issue of intellectual property, Barra said a lot of criticisms of Xiaomi had come from people who had yet to even use its products. “The majority of these stories and posts that have come out there, they are coming, many of them, from Silicon Valley. And we haven’t had our products in the hands of these journalists, of these users, of these bloggers. 商道

2014 TOP 5 SMARTPHONE SELLERS IN CHINA 2014年中国五大智能手机品牌

NO.1 NO.2 NO.3 NO.4 NO.5

SOURCE: CANALYS

SAMSUNG 三星

XIAOMI 小米

LENOVO 联想

HUAWEI 华威

YULONG 宇龙

的原因是小米公司以极低的价格销售精心打造的高规格手机。小米公司的旗舰版Mi4智能手机拥有顶级配置，包括四核的2.5GHz骁龙801 处理器、16G或64G闪存、5英寸1080P显示屏以及一个1300万像素的索尼摄像头。该款手机的电池及内存容量均超越了三星Galaxy S5，而其价格不到S5的一半。今年一月北京的新产品发布会上，公司推出小米Note和Note Pro 两个配备5.7英寸的最新大屏旗舰智能手机，与苹果公司的iPhone 6一争高下。（根据研究机构易观国际（Canalys）的统计，苹果公司虽然在2014年最后一个季度重夺智能手机销售冠军，但这仍不足以使其进入全年销量的头五大）小米公司使用的MIUI操作系统——一种专门为中国用户而修改的安卓系统版本——也被广为称颂为一款响应快、流畅、精简的操作系统。“MIUI的用户目前已突破5000万人”—— 小米公司如是说。虽然小米公司有些时候被称为中国的苹果公司，但小米的高管们却不以为然。苹果公司的大部分收入来自于硬件销售，而小米则是按接近成本的价格来销售硬件。根据Fomalhaut Techno Solutions总监Minataka Kashio的估算：苹果和三星智能手机的售价大约为材料成本的三倍，而小米智能手机的售价仅为1.5倍。小米宣称自己是一家互联网平台公司（类似于谷歌和亚马逊），通过在其所打造的生态系统中销售产品和配件来创造利润。这也很好地

E-COMMERCE

电子商务

“They don’t understand the interaction models that we have developed, which are in fact very innovative.”

CLEVER MARKETING

The company’s real innovations, however, are in the ways it sells and markets its products, says Bi. The company has succeeded in making owners of its products feel special despite a low marketing spend. It still predominantly sells through the Xiaomi website, and Xiaomi fans are highly engaged on social media. At the company’s Mi Fan Festival held in April 2014 to celebrate the company’s fourth anniversary, a flash sale saw over 1.3 million handsets sold in mainland China, Hong Kong, Taiwan and Singapore in the space of 12 hours. Xiaomi also sold 170,000 Mi Rabbits – the company’s mascot – to frothing-at-the-mouth fans during the festival. Hardcore fans check over new releases and provide feedback, some of which is adopted. Others contribute creative projects like comics and origami figures that help the company’s marketing efforts. Some are rewarded with free hardware. Time will tell whether this level of engagement can be replicated overseas, or even ultimately converted into profits at home. For now, Bi says it’s still too early for giants like Apple and Samsung to fear Xiaomi, despite Xiaomi delivering a hit to their China sales. “To say they fear Xiaomi would be still early, as Xiaomi’s shipment still concentrates in the Greater China region,” Bi says. “But they definitely can learn things from Xiaomi – for example, that innovative sales and channels strategy, and localisation of software and services, can play a very important role in a vendor’s success.”

74.3bn 743亿

Xiaomi’s 2014 sales brought in a revenue of 74.3 billion yuan. 小米2014年的销售收入为743亿元人民币。

解释了为什么小米的产品比它的竞争对手低出不少。去年被小米挖角的前谷歌安卓团队产品管理总裁Hugo Barra表示：小米的商业模式“有点像谷歌，有点像苹果，又有点像亚马逊”。他于去年九月份在CNN的“财富”节目上表示：“相较于智能手机供应商，我们更像是一家互联网平台公司。我们打造了一个与互联网连接的操作系统，它就是MIUI。” “我们制造手机，是因为这是一个可以让尽可能多的人使用这个软件的最佳办法。” 小米的销售数据令人印象深刻，2014年卖出了6110万部手机，出货量比2013同期增长了 227%，并为小米公司带来了743亿元人民币的收入。雷军希望今年在全球范围内售出1亿部手机。但是，如果没有来自硬件销售的大部分利润，小米还能从其“消费者生态系统”中赚到钱吗？在这片领域，小米将需要面对来自本土的阿里巴巴和腾讯两大劲敌的白热化竞争。易观国际（Canalys）研究分析师Lydia Bi表示：小米公司的未来长远发展仍然面临着各种问题。 “到目前为止，小米仍需要证明其拥有一个能提升价值链的策略，无论是对软件和服务收费，还是递增式定价，”Bi表示，“但实施这些策略的前提条件是小米的生态系统拥有足够的用户忠诚度以及品牌号召力。”

Xiaomi sold 61.1m phones in 2014. 手机在短短8秒时间内售罄。 “我们确实有计划进军美国、西欧等一线市场，但我们必须循序渐进，现在还不是时候，”Barra对CNN记者如是说。 “同样，这些市场的机遇并不像印度或巴西那么大，所以这些市场将是我们最后的选择。” 他表示：小米实际上并不需要美国市场，虽然进军美国很重要。在知识产权问题方面，Barra指出大部分对小米横加批判的人往往从未使用过小米的产品。 “大部分的这些故事和帖子都源自那里，尤其是硅谷。这些记者、用户以及博主却从未真正使用过我们的产品。” “他们并不了解我们所开发的互动模式，而这种模式实际上极具创新精神。”

巧妙的营销 Bi指出：小米公司实际意义上的创新在于它美国、澳大利亚靠边站的产品营销手段。小米公司成功地以较低的营要在澳大利亚买到小米手机还需时日。继小销费用让其产品的用户有了高大上的感觉。小米全球公司发函要求停止销售其产品之后，小米主要通过自身网站来销售产品，而小米的粉米产品的澳大利亚经销商已于去年8月份关门丝们多为社交媒体的拥趸。歇业。在小米公司去年4月份为庆祝成立四周年而小米并没有为此举给出任何解释，但某些人推出的“米粉节”期间，小米在短短12小时内揣测在澳大利亚、欧洲或美国发布产品可能会就在中国大陆、香港、台湾和新加坡“闪售” 给小米公司带来知识产权方面的麻烦。了130万部手机。此外，小米还在米粉节期间小米的产品和广告通常与苹果有着惊人的相向其狂热的粉丝们售出了17万只“米免”（小似之处，而苹果则从来不会羞于将侵犯其知识米公司的吉祥物）。产权的竞争对手诉至法院。一些评论家指出：铁杆粉丝会认真查验新发布的版本，并提供较低的研发支出或许是小米公司得以降低其产反馈意见，而某些意见也得到了采纳。其它人品成本的因素之一。则会参与一些创作项目，比如帮助小米公司开现在，小米正在进军消费者对价格更敏感的展营销活动的漫画和折纸人物。某些人会获得新兴市场，而其所提供的出众产品规格有望为免费硬件的奖励。其赢得更高的品牌知名度。唯有时间能说明这种热度能否被复制到海外小米目前在中国大陆、香港、台湾、新加市场，乃至最终转化为国内的利润。坡、马来西亚、菲律宾以及印度均有产品销 Bi指出眼下苹果和三星这样的巨头惧怕小米售。今年小米计划进军的十个国家包括巴西、还为时尚早，尽管小米冲击了二者在中国市场俄罗斯、印度尼西亚、墨西哥、土耳其以及越的销售额。南等等。小米公司还销售机顶盒、平板电脑、 “现在说它们害怕小米还为时尚早，因为小米智能电视、无线路由器以及可穿戴健身追踪器的出货量仍然集中在大陆地区，”Bi强调“但等等。它们无疑可以向小米学习诸如创新的销售和渠一系列的热销印证了印度市场对小米产品的道策略以及软件和服务的本土化，这些对于一强劲需求。去年12月份，整整5万部红米Note 家手机供应商的成功将起到至关重要的作用。” 商道

H I G H E R V I EW B USINE SS | 77

ADVERTISING FEATURE

jack of all trades CMC Markets trading client, Duncan Lin, may be young, but that hasn’t stopped him from succeeding

uncan Lin may not be a household name throughout Australia, but in the country’s financial product trading circles people would know who he is at the mention of his name. At only 31 years of age Duncan has managed to do what many have spent a lifetime trying to achieve: become a successful Foreign Currency (FX) and Contracts for Difference (CFD) trader and turn a five-figure account into a seven-figure one within a six-month period. Starting out in an unconventional way, Duncan never studied finance at university. Instead, he spent his four years as a student of telecommunications engineering. Although he knew he would never work as an engineer Duncan decided he wanted to explore his passion for mathematics and physics. Duncan had his first taste of entrepreneurship in his first summer break at university. The baking beaches of Sydney were packed with people, but to get a drink you had to cross the hot sands to the shops. It was a painful process many avoided. Regulations do not allow stalls on Australian beaches. However, Duncan came up with the idea to carry a backpack filled with litre bottles containing homemade lemonade. He would walk up and down the beach, going to several different beaches every day to increase sales. By the end of the summer he had a taste of the potential rewards of trading success – and sun-kissed skin to match. Being the type of person who likes to go against the mainstream, he became a regular CFD trader in CMC markets platforms in his last year of university. One of the features of the CMC Markets platform that fascinated Duncan in particular was the Client Sentiment feature, the first in the market. “I am a contrarian trader that goes against trends,” says Duncan. “The

Client Sentiment Tool lets me see clearly the choices most people are making in the market, which gives me the advantage of having a more intuitive awareness of the market’s sentiments.” While it may seem like success has followed Duncan, he has had falls. “A good trader must have a bad memory,” he says. Learning from his mistakes, he chooses not to dwell on them. “I have a selective memory. If you remember successful or failed trading incidents, they will affect your decisions down the road. It may deter you from placing an order out of fear, or it makes you feel so good that you underestimate the risks.” Duncan pins all his successful trades as the combination of science and art. As a golf player, Duncan knows the feeling of an effortless swing that only comes after endless practices. Similar to golf, there is also that moment of instinct in trading. “With the right time and market, trades will happen,” believes Duncan. “You need to develop that instinct from analysis and practices, but also with the help of an advanced and sophisticated trading platform, such as CMC markets’ Next Generation trading platform.” No matter whether it’s golf, trading, or any other aspect of life, Duncan values the “effortless moment” that comes after hard work – and he doesn’t plan on changing that any time soon. ◆

在澳大利亚的金融交易圈，很多人都知道 Duncan。澳大利亚的《金融评论报》说“如果有一个人是天生的交易员，那这个人就是 Duncan”。年仅31岁的他，是外汇(FX)和差价合约(CFD)交易员，曾在短短的六个月之内，将账户上的五位数字变成七位数字。

Duncan的脸比他的实际年龄还要显得年轻几岁。但当你开始和他谈话时，他就会越来越 “语出惊人”。他太知道自己想要什么了，他清晰明确的思路就像一把利刃，不拖泥带水，不模棱两可。对于很多年轻人来说，可能从进入大学的第一天起就会隐隐担心毕业之后能不能找到工作，但Duncan的担心却恰恰相反。大学的第一天，Duncan对自己说：“最坏的人生结果就是找到一份工作”。大学的第一个暑假，Duncan就尝到了创业的滋味。由于澳大利亚政府不允许在海滩上摆摊，要在人潮涌动又酷热的悉尼海滩上想要得到一杯饮料，还需要去马路对面的商店购买，不少人对此望而却步。于是Duncan灵机一动，背着一桶自制的柠檬水，在海滩上来回走动售卖，甚至每天跑几个海滩以增加销量。暑假过后，除了首次创业的成功，他收获的还有一身古铜色的肌肤。作为一个不随波逐流的人，Duncan在毕业后没有顺理成章的继续所学的专业，成为一名通信工程师，而是在CMC Markets的平台上开始进行差价合约交易，一个在当时极为新兴的行业。 CMC Markets的交易平台之所以能够吸引 Duncan，他分享道：“CMC Markets是市场上第一个提供客户情绪指标的平台。我是一个逆势交易者，我喜欢选择和市场和大众逆向而行，客户情绪指标能够让我很清楚的看到市场上的大多数人做的是什么样的选择，对市场情绪有更为直观的认知。” Duncan常喜欢用高尔夫来比喻交易，“高尔夫和交易一样，都要心态要非常成熟。心浮气躁的人是不可能喜欢高尔夫的。它们讲究的都是那种“水到渠成，浑然天成”的状态。” 这个浑然天成的一瞬间，并不是靠每天交杯换盏声色犬马等来的。“前期需要大量的调查，整个过程你会很痛苦，市场要看很久，有时候你也会非常困惑，觉得无法理解这个市场。但当你突然到达这一“点”时，你会大悟，哦，原来是这样的！那一天，你所做的交易都将是水到渠成的。”

你需要的是一个和你一样不同凡响的交易平台交易, 不只是一个工作交易, 是你沸腾的血液你, 需要真正了解你需求的平台提供商你, 需要24小时的服务支持保障我们的专业, 让您可以安心

CMC Markets 交易员的社区差价合约 | 外汇 | 股票现在开户 cmcmarkets.com.au/中文致电1300 858 688了解更多详情

One of a kind NON-CONFORMITY IS A DUNCAN LIN差价合约 TRAIT THAT 风险警告: (CFD) 投资的风险可能会很高, 并不适用于所有投资者, 您应当慎重考虑CFD是否适合您. 亏损可能会大幅超过您最初投入的资金. 您并不拥有相关资产及任何相关权益. CMC Markets建议您征询独立顾问的意见, 并确保您在交易前完全了解所涉及的风险. CMC Markets有关CFD的产品披露说明书可cmcmarkets.com. MAKES HIM STAND OUT

au. 下载. 您也可以联络CMC Markets (1300 668 268) 索取产品披露说明书. 同时, 您可以下载或索取我们的金融服务指南, 内容包括我们所提供的服务, 费用及其他收费. 在决定是否购入或继续持有 CFD之前, 务请细阅产品披露说明书. 此信息是有CMC Markets Asia Pacific Pty Ltd CMC Markets Pty Ltd (ACN 100 058 106, AFS Licence No 279437) CMC Markets Asia Pacific Pty Ltd CFD (ABN 11 100 058 213 AFS Licence No 238054.

PRODUCTIVITY

生产力

By the Organisation for Economic Co-operation and Development (OECD) 经济合作与发展组织

中等收入陷阱

MIDDLE INCOME TRAP

Reforming China is on course to avoid the dreaded ‘middle-income trap’ 中国致力改革，避免陷入令人担忧的“中等收入陷阱”。

hina’s GDP growth has averaged just below 10% per year since reforms were launched in 1998 to overcome the marked slowing in the economy in the late 1990s. However, in the past five years growth has declined to around 8% per year and OECD projections suggest that over the medium-term this slowdown is set to continue, partly because the working age population will soon start to fall. Against this backdrop, concerns have been voiced that China’s economy may fail to catch up with the leading world economies, and get stuck in the middle-income trap (MIT). In general all growing economies face the MIT, as growth is bound to slow once they have reaped the lower-hanging fruits of technology imports and urbanisation. The number of economies that have moved from middle to high income status (defined as having GDP per capita of US$12,500 at 2011 prices) is limited but almost one quarter of the current OECD membership has nevertheless successfully made that transition, including a number of neighbours of China. The factors that differentiate those countries that have made the transition from the others are mostly linked to the quality of their economic policies. There are a number of economic and social areas where reform is required to ensure growth in China is maintained over the next decade, and it doesn’t get stuck in an MIT. Financial, land and labour markets, for example, all need 8 0 | HIGH ER VIEW BUSIN E S S

further significant reform. Helping pay for the 1998年中国为了应对上世纪九十年代后 cost of some of these reforms will require 期经济明显放缓的局面开始一系列改革 reform of taxation and fiscal relations between 以来，中国国民生产总值（GDP）年增速均 different levels of government. In addition, 接近10%。然而，在过去的五年里，增长率 better price signals are needed to keep 下降至8%左右，而且经济合作与发展组织 pollution in check and lessen the depletion of （经合组织）的预测显示，从中期来看，这种 natural resources. 减速还将继续，部分原因是劳动年龄的人口数 Success in implementing such reforms 量将很快开始下滑。 would help China achieve the economic growth 在这种情形下，有人担心中国经济可能无法 rates projected in the OECD’s most recent 赶上世界经济发达国际的步伐，而落入中等收 long-term scenario, which show the Chinese 入陷阱之中。通常，所有经济增长体都会面临 economy becoming the world’s largest on any 这个问题，因为一旦他们收获完了技术进步和 measure of GDP. 城市化这两类最容易采摘的果实后，增长必定 China is, of course, a large and diverse 缓慢下来。 country and the pace of development has 从中等收入进入高收入（即按2011年价格计 varied considerably from one province to 算，人均GDP达到12500美元）的国家数量非 another. By 2012, three municipalities had 常有限，但目前经合组织中的近四分之一成员 already crossed the high-income level. If the 都成功实现了这种转变，包括中国的一些 targeted growth rate of the government’s 邻国。 12th five-year plan is achieved, as is likely, 经济政策的有效性，往往是这些国家区别于 260 million Chinese people will be living in 其他国家，实现成功转型的重要因素。中国要 high-income provinces by 2015. If the same 确保在未来十年时期里维持增长水平，避免落 growth rate can be maintained until 2020 入中等收入陷阱，许多经济及社会领域的改革 then one billion people would be living in 势在必行。例如，金融市场、土地市场和劳动 high-income areas by that time. 力市场都需要更进一步的重大改革。推动这类 Keeping up annual trend growth at close to 改革还需要对税收和各级政府之间的财政关系 the current 8% will require a new round of 进行变革。此外，也需要更好的价格体系来抑 reform in various areas. Nurturing innovation 制污染，减缓自然资源的枯竭。 becomes increasingly important as the 如果这些改革取得成功，将帮助中国实现经 technologies used in China catch up with global 合组织的最新长期展望中所预测的经济增长速 frontiers. Financial, land, labour market and 度，表明不论从任何一项GDP的标准衡量， fiscal reforms are needed to improve resource 中国都将成为世界最大的经济体。 allocation and make growth ‘greener’ and also 当然，中国是一个幅员辽阔、经济多样化的 more inclusive. 国家，各省的发展速度有很大差异。截至2012

自

商道

PRODUCTIVITY

生产力

GDP VALUED AT CURRENT AND PPP EXCHANGE RATE 国民生产总值市值和购买力平价汇率值 GDP AT CURRENT PPP IN 2030

GDP AT MARKET EXCHANGE RATES IN 2030

17% 12%

USA 美国

4% 5%

JAPAN 日本

12% 14% 17% 19%

OTHER G7

其他七大工业国

OTHER OECD 其他经合组织

26% 23%

CHINA 中国

11% 7% 13% 12%

INDIA 印度 OTHER NON-OECD

其他非经合组织国家

Maintaining 8% growth will also require overcoming current weaknesses in the country’s economic structure. In some areas, such as processing and assembly, China’s exports embody little value-add generated in China (for example, in the case of some emblematic high-tech electronic handheld devices). In the long run, with growing competition from lower-cost economies China may see its comparative advantage in such activities eroded. Other segments of the value chain will also have to be improved, including upstream activities such as R&D, design and manufacturing components, as well as downstream activities such as marketing, branding and customer service. This will complement China’s strong manufacturing capabilities, boost productivity and add value. In addition, innovation efforts will have to be stepped up. Research and development more than doubled between 2005 and 2012, reaching US$164 billion (2% of GDP), with businesses accounting for almost threequarters of total outlays. By 2010 China was second only to the US and had the world’s largest pool of researchers. The number of both patent applications and grants exceeded those in the US in 2011. Moreover, they are concentrated in high-tech areas such as digital communications. There are some doubts, though, about the quality of the outputs of the innovation system. Across the world, companies tend to register higher-value patents abroad to maximise the

value of their intellectual property. American companies, for instance, register more than 85% of their patents abroad. On the other hand, Chinese companies register only 5% of their patents abroad. While considerable progress has been made in reforming the banking system and putting in place capital markets, China’s financial system is at a difficult juncture. Being partly deregulated, it offers opportunities for arbitrage by exploiting differences in regulations between different sectors. This allows for artificial returns that would not exist if there were a level playing field between all sectors and sub-sectors of the economy. Such regulatory arbitrage in the banking sector led to concerns about the liquidity and capital adequacy of banks in mid-2013. In addition, there are other examples of regulatory arbitrage that can undermine stability. Creditworthy State-Owned Enterprises (SOEs) can borrow from banks and make entrusted loans, through trust companies, which carry a higher interest rate. Similarly, depositors are able to invest in so-called wealth management funds and trust products that carry a higher rate of interest than is available in the banking system. Often, the institutions that offer these products are less well capitalised than the banks and not as closely regulated. As a result, they are more vulnerable to adverse shocks. So far only the lowest regulated bank lending-rate has been abolished. 商道

年，有三个市已经跨越了高收入水平线。如果政府的十二五规划中的增长率目标可以如愿得以实现，那么到2015年将有2.6亿中国人在高收入省份中生活。如果到2020年还能维持相同的增长率，那么届时高收入地区将覆盖十亿中国人。保持年趋势增长接近当前8%的水平要求在各个领域开始新一轮的改革。培育创新变得日益重要，因为中国所采用的技术已经赶上了世界前沿的水平。也有必要进行金融、土地、劳动力市场以及财政领域的改革，以改善资源分配，使增长更为环保，范围更广。要维持8%的增长还需克服当前在经济结构方面的一些弱点。在某些领域，例如加工和组装，中国的出口产品在中国境内产生的附加值非常少（如一些最具代表性的高科技手持电子设备）。从长期来看，由于来自低成本经济体的竞争更为激烈，中国可能在上述领域逐渐丧失相对优势。价值链的其它环节也有待改善，包括上游活动，如研发、设计和制造；以及下游活动，

Research and development more than doubled between 2005 and 2012, reaching 2005年至2012年，研发投入几乎翻了一倍，达到

US$164bn 1640亿美元

H I G H E R V I EW B U SINESS | 81

PRODUCTIVITY

生产力

The solution to these problems is to complete the deregulation of banks’ interest rates. Coupled with similar capital adequacy ratios for all financial institutions, this would enhance financial stability and allow capital to be allocated more efficiently. For financial reform to be fully effective, capital markets need to be made more transparent. This is particularly the case for borrowers linked to local authorities. A clear public register of borrowing by these institutions is needed to guard against excessive public sector investment financed by borrowing. It should be frequently and regularly updated. Full efficiency of capital markets will also require progressive removal of the stillconsiderable restrictions on the transfer of capital into and out of China. Equally, if the renminbi is to become a world currency in line with the size and strength of the Chinese economy, it will be necessary to allow more inflow of capital into China. The market for land, or at least the rules governing land use, requires significant reform. Although China is a vast country only a small proportion of land is suitable for housing and agriculture. Indeed, the amount of agricultural land per person is amongst the lowest in the world. Thus land for urbanisation must be used efficiently. At present, there is over-use of land for industrial purposes, notably because local authorities tend to under-price land in such cases. Reforms of the land rights of farmers are also needed: a further lengthening of agricultural leases where land is still farmed. Finally, sustainable urban expansion requires an equitable division of the gains from land development between government, developers

1/4

Almost one quarter of the current OECD membership has successfully moved from middle to high income status. 目前经济合作与发展组织中近四分之一成员成功实现了从中等收入进入高等收入的转变。

82 | HIGHER VIEW BUSIN E S S

For financial reform to be fully effective, capital markets need to be made more transparent.

如市场推广、商标确立和客户服务等。这对中国强大的制造能力是一种补充，可以提高生产率，增加附加值。此外，创新投入应当加速。在2005年至 2012年这段时期里，研发投入几乎翻了一倍，达到1640亿美元（占GDP的2%），其中商业领域投入几乎占支出总额的四分之三。到2010 年，中国的研发投入仅次于美国，拥有全世界最大的研究人员储备，2011年的专利申请及专利授予量均超过了美国。而且，这些专利都集中在高科技领域，如数字通信。但对于创新制度产出成果的质量，人们还有一些疑虑。从全世界范围看，企业都趋向于在海外注册其高价值专利，以实现知识产权价值的最大化。例如，美国公司85%的专利都在海外进行了注册。而中国公司的专利仅有5%在海外注册。尽管中国在银行制度改革和资本市场到位方面已有很大进展，但金融体系目前仍处于艰难关口。由于部分解除管制为利用不同领域的制度差异提供了监管套利的机会，并使得某些人 and existing users of the land. Various pilot 为性的回报成为可能，而这种情形在所有经济 projects have been run across the country, 部门及其子部门共处一个公平竞技场时就不可 with a greater share of the gains paid as 能存在。 compensation to farmers around large cities. 2013年中期，银行部门的这类监管套利导 Labour markets in China have changed 致人们开始担忧银行的变现能力和资本充足 markedly in the past two decades with over 度。此外，其他一些监管套利的行为也可能破 260 million people now living and working 坏金融稳定性，比如，资信可靠的国有企业 in places that differ from where they are （SOEs）能从银行借款，然后通过信托公司， registered. Changes in the regulations that 委托其以更高的利率放贷。 govern their lives are needed for efficiency as 同样的，存款人可以投资于收益高于银行利 well as equity reasons. Efficiency requires a 率的所谓的财富管理基金、信托产品等。提供 change in order to increase the labour supply to 这些产品的机构往往比银行的资本化程度更 modern industries and services in the face of a 差、监管也没有那么密切。因此，他们也更易 declining working age population. 于遭受负面冲击。而迄今为止，只有最低的、 Internal migration in China is, to a large 受到监管的银行贷款利率被废止。 extent, circular with people staying in cities for 这些问题的解决方案就是完全放开对银行利 limited periods of time before returning to the 率的管制，并要求所有金融机构均须维持类似 countryside. With falling inflows of new 的资本保证金比率，这会加强财政稳定性， migrants, it will be necessary to reduce 使资本分配更为有效。 outflows so that the labour force in the 要让金融改革完全有效，就要让资本市场更 non-agricultural sector continues to increase. 加透明。对于与地方当局有关系的借贷者来 To that end, the regulations governing the 说，这一条尤其重要。这些机构需要进行明晰 life of migrants need to be progressively eased. 的借贷公开登记，预防公共部门通过借贷资本 In particular, the provision of a number of 进行过渡投资，而且相关信息应该频繁地定期 public services needs to be separated from 更新。 registration status. Specifically, education at all 资本市场的高效率也将要求逐步去除资本出 levels, public health services and minimum 入中国时依然存在的诸多限制。同样地，如果 livelihood benefits should be available by 人民币要与中国经济的规模和实力保持同步成 means of an identity document based on a 为一种世界货币，它就必需允许更多的资本流 period of residence in a city. Thus, migrants can 入中国。 be encouraged to stay longer in cities, while 土地市场，或者至少是有关土地使用的规 putting people first in the development of 定，应进行重大改革。尽管中国是一个大国， the economy. 但只有少量有限的土地适于居住和农耕。事实商道

PRODUCTIVITY

生产力

More balanced growth needed

260m

2.6 亿

If the targeted growth rate of the Government’s 12th five-year plan is achieved, 260 million Chinese people will be living in high-income provinces by 2015. If the same growth rate can be maintained until 2020 then one billion people would be living in high-income areas by that time. 如果政府的十二五规划中的增长率目标可以如愿得以实现，那么到2015年将有2.6 亿中国人在高收入省份中生活。如果到 2020年还能维持相同的增长率，那么届时高收入地区将覆盖十亿中国人。

上，人均农业用地的数量是全球最低的。因此，城市化所需用地必须加以高效利用。目前，工业用地存在过度利用的现象，主要是因为地方当局在这种情况下往往趋于给土地偏低的定价。还有必要进行农民土地权改革，进一步延长仍在耕种地区的农用租期。最后，可持续的城市扩张要求政府、开发商和土地现有用户之间公正地分配土地开发所得。全国各地已开展了各种试点项目，其中土地开发所得中的作为补偿支付给大城市周边的农民的比例有所提高。中国的劳动力市场在过去二十年间发生了巨大的变化，有2.6亿人生活、工作在户口所在地以外的城市。有必要调整那些对他们的生活有影响的规章，以提升效率和公正。面对劳动年龄人口下滑的态势，提高效率就要求有所改变，以增加现代工业和服务业的劳动力供给。中国内部的人口迁移在相当大程度上是个循环，一些人口在城市停留一段时期后就返回农村。随着新移民流入的减少，就有必要减少人口的流出，这样非农业部门的劳动力供给才能保持增长。因此，影响到流动人口日常生活的规章制度需要逐步放宽。尤其是一些公共服务的提供，需要与户口所在地脱钩。具体来讲，各级教育、公共卫生服务以及最低生活福利都应该按照在一个城市居住的时期凭身份证件来提供。从而鼓励流动人口在城市停留更长时期，同时在经济发展中始终强调以人为本。

By Liam Egan, staff writer Higher View Business

China is on course to joining the highincome countries of the world in about a decade, according to Professor Yanrui Wu, economics professor at the University of Western Australia’s Business School. Wu predicts the country is likely to maintain its current high-growth trajectory over the next decade and thereby avoid the so-called middle-income trap (MIT) – which refers to countries that reach middleincome status and then fail to grow into the high-income stage due to a sharp growth slowdown or prolonged stagnation. Historical data shows that productivity has played an important role in sustaining economic growth in high-income nations, and in this respect China’s economy appears to be well-positioned to avoid an MIT, he says, writing in a UWA report entitled ‘Economic Growth and Middle Income Traps: Implications for China’. Productivity has made significant contributions to China’s economic growth during the past two decades, he says. For example, China’s coastal regional economies resemble the performance pattern of the world’s high-income economies in having “benefitted greatly from both technological progress and efficiency improvements.” These two measures of productivity could “underlie” a rapid increase in per capita income in the coastal economies – which on average was approaching US$10,000 by late 2013. Growth in China’s interior regions has also been impressive, although, unlike in the coastal economies, the driving force has been technological progress, with very little efficiency improvement. While its productivity level provides a positive outlook for China’s economy, Wu cautions that Chinese policy makers should “not take it for granted” that it can make a successful transition to a high-income status. A more balanced growth pattern is needed, in particular among the less developed regions of the country. Wu suggests it will take at least 10 years

商道

to double the level of China’s overall current income-per-capita level of US$7,000 – which qualifies the country as an uppermiddle-income nation, according to current World Bank classifications. Other countries, including Belgium, Portugal, Puerto Rico and Ireland, have taken more than two decades. Some countries have yet to reach that target, including Malaysia, Turkey, Mexico and Argentina. 实现更为均衡的增长作者：利亚姆·伊根，《翼境商界》编辑西澳大利亚大学商学院吴教授指出，中国将在未来十年步入高收入国家的行列。吴教授预测，中国可能在未来十年继续维持目前的高增长，因此将避免所谓的中等收入陷阱（MIT）——即达到中等收入的国家因急剧的增长减速或长久的停滞而无法进入高收入阶段。他在一篇题为“经济增长与中等收入陷阱：中国往何方去”的西澳大利亚大学研究报告中提到，从历史资料看，生产力在高收入国家的可持续增长上起了重要的作用，而在这方面，中国经济在避免中等收入陷阱方面的形势似乎较为有利。他说，在过去的二十年间，生产力的提高对中国的经济增长做出了巨大的贡献。例如，中国的沿海区域经济在“极大受益于技术进步和效率提高”方面，与世界高收入经济体非常相似。这两大生产力措施是沿海地区经济体人均收入飞涨的 “根基”，2013年底沿海经济体的人均收入达到了平均接近一万美元的水平。中国内陆地区的增长也非常“可观”，但是，和沿海地区不同的是，技术进步是主要驱动力，而效率提高非常有限。虽然生产力水平“为中国经济提供了乐观的前景”，吴教授告诫说，中国的政策制定者“不应该想当然地认为能够成功加入高收入经济体。中国还需要更为均衡的增长模式，尤其在那些不发达地区”。吴教授建议，要想让中国整体的人均经常收入水平7000美元翻一倍——也就是按照世界银行目前的分级标准，使其成为中高等收入国家的水平，至少还需要十年。其他国家则用了二十年以上，包括比利时、葡萄牙、波多黎各和爱尔兰。一些国家还没有达到这个水平，比如马来西亚、土耳其、墨西哥和阿根廷。

H I G H E R V I EW B USINESS | 8 3

ECONOMIC

经济

By Ashleigh Holcz, lawyer and a contributor for the Australia-China Youth Association 作者：阿什利·霍斯（律师兼澳中青年联合会撰稿人）

把“澳大利亚”作为品牌推广

PROMOTING BRAND AUSTRALIA

The challenges are as big as the opportunities for Australia’s dairy industry under the China-Australia Free Trade Agreement. 中澳自由贸易协定签订以后，澳大利亚乳品加工业既充满众多机遇，也面临不少挑战。

he long awaited in-principle agreement for a China-Australia Free Trade Agreement promises significant advantages for Australia’s agricultural industry, including the abolition of substantial import tariffs and improved access to China’s 1.3 billion strong consumer market. With China’s consumption set to equal US$16 trillion by 2020, and its consumer demographic marked by rising disposable incomes and an affinity for high end, quality-assured western brands, many commentators have forecast a future of unparalleled gains for Australia’s agricultural industry. China currently possesses the largest dairy import market in the world. From January to October 2014, China imported 1.76 million tonnes of dairy products. By 2020, it is projected that China will need to import the equivalent of 20 billion litres of milk per year, to compensate for shortages in domestic supply. While staggering, these figures are an unsurprising consequence of rising demand, and the myriad of safety and supply constraints that continue to harbour China’s domestic market. Prior to 2008, China’s dairy market was dominated by domestic companies and

8 4 | HIGH ER VIEW BUSIN E S S

presented little opportunity for foreign producers. Following the well-publicised melamine adulteration incident and a continuous string of food safety scandals, Chinese consumers have become distrustful of domestic products, especially infant formula, leading to an increased demand for foreign products. Government-led reform of China’s dairy industry, while necessary, has significantly constrained the growth of the domestic market and done little to overcome consumer preference for quality-assured foreign brands. Government efforts to reignite China’s dairy industry hit a roadblock in 2013. Following the Ukraine crisis and the imposition of EU trade sanctions against Russia, a surplus of European milk powder previously supplied to Russia found its way to China at heavily reduced prices. Given the size and influence of the Chinese market, the resulting jump in milk powder imports caused a devastating crash in dairy prices worldwide.

AN OPPORTUNITY FOR AUSTRALIA

While rising Chinese demand and the reduction of import tariffs represent a great opportunity for the Australian dairy industry, 商道

随

着期盼已久的《中澳自由贸易协定》达成原则性协议，澳大利亚的农业部门将获得巨大优势，包括高额进口关税的取消，并能更便捷地进入中国13亿人口的消费市场。中国的消费市场将在2020年达到16万亿美元。鉴于中国消费者可支配收入的稳步增长以及对高端、优质西方品牌的推崇，众多评论员预测澳大利亚农业部门未来有望迎来前所未来的发展。中国当前是全球最大的乳品进口市场。从2014年1月-10月期间，中国共进口了176万吨的乳制品；到2020年之时，预计中国每年将需要进口相当于2亿升的牛奶方能填补国内的供应缺口。这些数据虽然令人吃惊，但鉴于中国国内需求的快速上升及国内市场存在的各种安全和供应局限，出现这种结果并不意外。 2008年以前，国内企业主导中国乳品市场，外国厂商并无太多机会。在三聚氰胺事件广为流传以及各种食品安全丑闻持续发酵之后，中国消费者开始质疑本土产品，尤其是婴儿配方奶粉，这导致了对外国产品需求的急剧增长。政府主导的中国乳业改革虽然实属必要之举，却制约了国内市场的增长，同时对于改变消费者偏好优质外国品牌的态度也收效甚微。政府重振中国乳业的努力在2013年受挫。在乌克兰危机爆发以及欧盟对俄罗斯实施贸易制裁之后，先前向俄罗斯市场供应的欧洲奶粉开始以超低的价格输入中国。由于中国市场的规模和影响，中国奶粉进口量的暴涨给全球乳品价格带来了毁灭性的冲击。

Dairy cattle in foggy morning on Australian farm 澳大利亚农场的牛群

the road ahead will still be challenging. China is by far the largest recipient of Australian farm exports, and although our agricultural exports to China doubled between 2008 and 2013, we have conclusively lost share in the Chinese market. In 2014, Australian produce accounted for just 3.3% of China’s total food imports. A high Australian dollar, high labour costs and slowing agricultural productivity

20b litres China is projected to need to import 20 billion litres of milk per year by 2020. 到2020年，预计中国每年需进口200亿升牛奶。

rates have all contributed to the decline. China has also been busy cultivating and diversifying its trade and investment relationships, with countries such as Canada, Brazil, India and Argentina. Although Australia does not have the capacity or volume of production to compete on the same terms as international bulk suppliers, it does have an attractive point of difference – the ability to produce consistently high quality products, compliant with stringent food safety and biosecurity standards, and delivered via efficient logistics and transport systems. In order to capitalise on these strengths, it is critical for the Australian dairy industry to position itself at the premium end of the market, and to market itself to a Chinese consumer demographic that is willing to pay a premium price. As it currently stands, the “made in Australia” sticker is simply not enough. The dairy industry and state and federal governments must work together, and pool their resources to develop an effective, national brand strategy. Only then will Australia be in a position to emerge from a global marketplace that is crowded with suppliers seeking to take advantage of the same opportunities. 商道

澳大利亚所面临的机遇中国消费者需求的增长以及进口关税的下降为澳大利亚乳品加工业带来了绝佳良机，但前方的道路仍将充满挑战。当前中国是澳大利亚出口农产品的最大市场；虽然我们农产品的对华出口总额在2008-2013年期间翻了一倍，但我们实际上却丢失在中国市场的份额。2014年，澳大利亚农产品仅占到中国食品进口总量的3.3%。高企的澳元、居高不下的劳动力成本以及日渐下滑的农业生产率等一系列因素导致了这种市场份额倒退。而中国也一直在忙于培植与加拿大、巴西、印度和阿根廷等国家之间的关系，以实现贸易和投资关系的多元化发展。在同等条件下，虽然澳大利亚并不具备与国际大规模商品供应商分庭抗礼的能力或产量，但澳大利亚拥有一个极具吸引力的优势——澳大利亚能够生产出品质始终如一、符合各种严格食品安全和生物安全标准的优质产品，并能通过高效的物流和运输体系交付这些产品。要充分利用这些优势，澳大利亚乳品加工业应将自身定位于高端市场，面向那些愿以较高价格购买产品的中国消费者。仅仅依靠“澳大利亚制造”的标签还远远不够。乳品加工业以及各州政府和联邦政府必须同心协力，汇集各方资源并制订一项有效的以国家作为品牌的战略。唯有如此，在各国供应商扎堆试图利用同等机遇的全球市场，澳大利亚方能脱颖而出。 H I G H E R V I EW B U SINESS | 8 5

HIGHER LIFE 优雅生活

LIFESTYLE, SHOPPING, FASHION, LUXURY 时尚生活、奢华购物、品味时尚、奢侈单品

HUBLOT

美丽时光 BEST OF TIMES 如果您是汽车和腕表的爱好者，那么宇舶表与法拉利的合作定会让您兴奋不已。它们再度联手推出“BIG BANG法拉利黄金”腕表，限量典藏500只，成为收藏家的必备表款。

If cars and watches gets your engine going, you’ll be happy to know that Hublot and Ferrari have collaborated , again, to create the Hublot Big Bang Ferrari King Gold. The timepiece is limited to 500 pieces, a must-have for collectors. $47,200, hublot.com

商道

H I G H E R V I EW B USINE SS | 87

奢侈品天地

MOST WANTED

Everything luxury — from one-off designer pieces to lavish cars 从设计名家的限量版精品到新款豪华车。

SWINGING SIXTIES

VALENTINO全新THE MASKAVIATOR墨镜系列新鲜出炉，从60年代的时尚风潮中汲取灵感，整个系列均散发着高贵迷人的魅力。 Fresh from the runway, Valentino’s The Maskaviator sunglass collection exudes glamour and sophistication, and is inspired by the fashion explosion of the sixties. From $364, valentino.com

WRITE ON POINT 万宝龙为大文豪系列注入全新书写工具。丹尼尔· 笛福（DANIEL DEFOE）限量版书写工具旨在向这位现实主义小说之父致敬，从书写工具的精致细节中流露出笛福有名的小说著作《鲁滨逊漂流记》中各个故事情节。 Montblanc adds a new tool to its Writers Edition writing instruments. Inspired by the father of realistic fiction, the details of the Limited Edition Daniel Defoe recall the story of Robinson Crusoe, as narrated by Defoe in his novel. From $1,040, montblanc.com.au

AROUND THE BENZ 明年准备好到经销商那里添置新汽车吧。梅赛德斯·奔驰最新发布的新款运动桥车AMG-GT的最大动力输出与峰值扭矩输出分别是456 HP与443磅-英尺。动力更强劲的GT S,其动力与扭矩输出分别为503 HP与479磅-英尺。 Ready to hit dealerships next year, Mercedes all-new range of sportscar AMGGT will produce 456 hp and 443 ft lbs of torque, while an upgraded AMG GT S version will put out 503 hp and 479 ft lbs of torque. mercedes-benz.com.au

CITY SLICKER

意大利名鞋品牌TOD’S为其标志性 GOMMINO豆豆鞋系列注入新元素，CITY GOMMINO系列的鞋履以全新橡胶材质打造鞋底，即使下雨天也能轻松应对自如。 Tod’s iconic Gommino shoe gets an update. The City Gommino has a modified sole, where a rubber base has been added to improve performance in wet weather. From $565, tods.com.au

8 8 | HIGHER VIEW BUSIN E S S

商道

Q&A 问答

BACK TO BASICS

金柏瑞酒庄的总经理彼得·柏瑞（PETER BARRY）分享他对酿制佳酿的热情以及新手品酒的最佳方法。

汤姆福特全新巴克利皮质双肩包实用又时尚。以小牛皮而成的背包有专为笔记本电脑而设的口袋，配以他家标志性的独家经典金属拉链。 Tom Ford’s latest offering in practical fashion is the Buckley Backpack. The grainy calfskin bag features a laptop holder pocket and signature exclusive heavy metal zipper. $3,220, harrolds.com.au

BEHIND THE SCENES... 幕后制作酿酒师相当谦逊，虽然葡萄是酒主要的味道来源，可是当您在喝酒时除了品尝酒本身的味道之外，其实还在品尝酿酒师独有的风格。 Winemakers are quite humble and modest in saying that the vines are what produce the great flavour, but really when drinking a wine you’re tasting the winemaker’s vision for the style and flavour of the wine.

RACE AGAINST TIME 来自瑞士的高级制表品牌帕玛强尼联手超跑品牌布加迪打造三款限量版腕表。首款腕表是BUGATTI MYTHE，展现了富有传奇色彩的BUGATTI TYPE 57车型的艺术美感。腕表售价为$500,000，另外两款将于未来几月内推出市场。 Swiss watchmaker Parmigiani Fleurier has teamed up with super-car manufacturer Bugatti to create three limited-edition watches. The first, Bugatti Mythe, takes styling cues from the legendary Bugatti Type 57. It is priced at $500,000 and will be followed by two pieces released in coming months. parmigiani.ch

DARK HORSE 从冲浪板到领带；耳机到雨伞，知名汽车品牌法拉利的旗舰店内应有尽有，各种商品琳琅满目。品牌最近推出的其中一款“非汽车”单品是一套价值$2,200，以碳纤维打造的麻将牌。 From surfboards to ties, headphones to umbrellas, there seems to be nothing Ferrari won’t proudly offer through its stores. One of the company’s recent forays into the non-automotive is this $2,200 Ferrari carbon-fibre Mahjong set. ferrari.com

商道

MATCH MAKER...配对技巧根据经验我一般都会根据气候而定。如果是非常酷热的天气我会选择鱼类或是比较清淡的菜色配搭雷司令；如果是冬天或是在寒冷的气候，我会喜欢味道较重的菜色比如红肉，那么我就会配搭红酒享用。 As a rule of thumb I always go by the weather. If it’s terribly hot I’m going to go for fish and lighter dishes and match with riesling. If it’s winter or I’m in a cold climate my body is after something more substantial like red meat dishes that I would pair with red wine. FIRST TASTE...初次品鉴品酒时必须使用干净的玻璃杯子，因为您不希望有别的味道来影响佳酿本身的味道。然后确保温度是对的，红酒应该在摄氏18度时享用。再来就是专注，当新手在闻香以及品尝时，我建议他们闭上眼睛，避免分心。要集中，把所闻到及尝到的味道配对到您认识的东西上。最后当然就是好好享受了。 You have to start off with a clean glass. You don’t want any smells to interrupt those of the wine. Also, make sure it’s the right temperature. A red should be served at 18 degrees Celsius. Then it’s about concentrating. When smelling and tasting I recommend new tasters close their eyes so they don’t have any distractions. Focus, and then try to match it to something you know the taste and smell of. And, of course, enjoy. jimbarry.com

H I G H E R V I EW B U SINESS | 89

STYLE 时尚单品 The latest in fashion from the world’s biggest designer brands 来自一些世界最大的设计师品牌最新的时尚单品。

Cufflinks, Lanvin, $261, lanvin.com

Shirt, Gucci, $299, gucci.com/au

Shoes, John Lobb, $2,208, johnlobb.com Pocket square, Lanvin, $77, lanvin.com Knit, Polo Ralph Lauren, $660, ralphlauren. com.au Tie, Turnball & Asser, $161, turnbullandasser.com

Shirt, Hackett, $222,hackett.com Shirt, Canali, $215, canali.com

Bag, Loewe, $4,089, loewe.com Belt, Loro Piana, $551, loropiana.com

Cufflinks, Montblanc, $624, montblanc.com

90 | HIGH ER VIEW BUSIN E S S

商道

Developing The future of Australia China Business

â&#x20AC;&#x153;When you become an ACBC member you are welcomed into a diverse network of influential and dynamic businesses, large and small.â&#x20AC;?

Become a member today www.acbc.com.au NSW

QLD

VIC

TAS

WINE 佳酿 A tour of some of Australia’s finest wine regions 澳大利亚一些最好的葡萄酒产区之旅。

澳大利亚出产世界上一些最优秀的红葡萄酒，而汤姆(Tom)和萨姆·柏瑞 (Sam Barry)是澳大利亚顶级酿酒师。已故金·柏瑞在酿酒的过程中 The late Jim Barry in the process of making wine

柏瑞一家，摄于他们位于南澳的酒庄 Barry family on one of their South Australian vineyards

澳大利亚人特别钟情西拉（Shiraz）。虽然世界各地都有出产这款红酒，可是澳大利亚的西拉却独特另类，能捕捉所有饮酒者的芳心。坊间有形形色色的西拉，主要以地区之分，正好适用于澳大利亚面积庞大且多样化的地貌。2013年柏瑞兄弟西拉赤霞珠成为一年一度墨尔本葡萄酒展澳大利亚最佳西拉／赤霞珠混合奖的得奖酒款，每瓶的零售价仅 $20，其酿酒师是来自金柏瑞酒庄（Jim Barry Wines）的汤姆（Tom）和萨姆·柏瑞（Sam Barry），他们也因此而成为了最年轻的得奖者。汤姆和萨姆拥有非常优秀且悠长的酿酒家族背景。他们是金柏瑞酒庄现任总经理彼得· 柏瑞（Peter Barry）的儿子、于二十世纪50 年代创建这个葡萄酒企业并且是嘉利谷（Clare Valley）的传奇人物金·柏瑞（Jim Barry）的孙子。虽然金辞世已超过十年，可是他的酿酒哲学仍然延续至今——拥有能栽种 92 | HIGH ER VIEW BUSIN E S S

被压碎的葡萄 Grapes being crushed

出带有最佳味道水果的果园，然后在酿酒的过 BEST OF THE BARREL... 程中保留这些味道。金柏瑞酒庄在嘉利谷拥有 “嘉利红”西拉赤霞珠干红葡萄酒外观：深邃的李子红色庞大的葡萄园，另有少数葡萄园位于库纳瓦拉香气：紫罗兰、香料、麝香、波森莓，底层带有雪松、（Coonawarra），它们都位处南澳，柏瑞家甘草及烤茴香的香味族所出产的葡萄酒总是让人意犹未尽。口感：果香味重，蓝莓、薄荷和树莓的味道均勻每瓶$15.99 西拉并不是热爱葡萄酒人士唯一感兴趣的类别。金柏瑞酒庄每年出产1.5万打雷司令 “亚曼”西拉2008年份酒（Riesling）以满足市场需求，通常上架没多外观：墨水般的绯红色香气：非常复杂，混合小红莓、桑椹、波森莓和薄荷，久就全部售罄。金柏瑞酒庄的酒更被选入对底层带有迷迭香、鼠尾草、肉桂、雪松木及黑胡椒的香味酒款极度挑剔的高端餐厅Spice Temple的酒口感：单宁结构扎实，以支撑酒体的多重味道，入口是黑樱桃和蓝莓并且带有松露的味道，继而转为土香味单中。每瓶$299.99 萨姆说这些酒反映出他们两兄弟的性格以及他们的亲密关系。“我们也会有让对方难 “弗瑞塔”雷司令2013干白年份葡萄酒外观：淡黄色过的时候，就像其他兄弟一样，可是最终的香气：浓郁的柠檬、青柠、凤梨鼠尾草。底层的香味复杂，目的是协助大家保持诚实以及推动对方不断带有柑橘、橘柚和荔枝香味的进步。我们希望创造出平易近人的佳酿，口感：经典演绎了葡萄酒的酒体和持久性——醇厚浓郁、质感丰实以及结构紧密。入口带有淡淡的天然酸味，并不限于拥有专业品酒知识的人，而是让那继而有草莓和番石榴的味道些只想跟家人和朋友喝一杯优质葡萄酒的人每瓶$42.99 也能得到满足。” 商道

Australia produces some of the world’s finest red wines, and Tom and Sam Barry are at the top of the Australian red winemakers list Australians have a love affair with Shiraz. It’s a red that is made all over the world, but Aussies have truly embraced it as their own, making wines that have captured the hearts and minds of drinkers everywhere. There is a large range of styles, driven mostly be regional difference, and so suited to Australia’s vast and varying landscape. So when the Melbourne Wine Show awards comes around once a year, it’s a true testament to those winemakers who take out the Australian Best Shiraz/Cabernet Blend Trophy skills. In 2014 the award went to young twentysomething winemakers Tom and Sam Barry of Jim Barry Wine for their 2013 Barry Brothers Shiraz Cabernet – retailing for just $20 a bottle – setting the record as the youngest to ever take out the classic. Tom and Sam come from a long winemaking pedigree, and a good one at that. They are the sons of Jim Barry Wine Managing Director, Peter Barry, and grandsons to Clare Valley legend and patriarch who started the wine company in the 1950s, Jim Barry. Although passing away just over a decade ago, Jim’s philosophy for winemaking – to own

vineyards that develop the best fruit flavour possible and retain these flavours during winemaking – is still upheld by the family. Acquiring a mosaic of vineyards across the Clare Valley and small holdings in Coonawarra, both in South Australia, the Barrys are producing wines that people just can’t get enough of. Shiraz isn’t the only drop that is gaining interest from wine enthusiasts. To keep up with the demand of its Riesling, Jim Barry Wine produce 15,000 dozen bottles of the stuff annually, often leaving store shelves as soon as they make it on. It has also made its way onto Melbourne’s Spice Temple’s tight wine list. Sam said the wine reflects the brothers’ own personalities and their close relationship. “It’s fair to say we do sometimes give each other a hard time, like many brothers do, but ultimately we help keep each other honest and push each other to constantly improve,” Sam says.“We want to create a wines that are approachable for people who don’t want to sniff and swish, but who just want to share a good drop with family and friends.” 商道

BEST OF THE BARREL ‘Clare Red’ Shiraz Cabernet Colour: Dark red plum Aroma: Violets and spice, musk and boysenberry with underlying characters of cedar, liquorice and roasted fennel Palate: Juicy, balanced flavours of blueberry, spearmint and raspberries $15.99 per bottle

‘The Armagh’ Shiraz 2008 Vintage Colour: Inky crimson Aroma: Highly complex, mixture of cranberries and mulberry, boysenberry and mint, with underlying rosemary and sage, cinnamon, cedar and black pepper Palate: Firm tannin structure in support of red current flavours, black cherries and blueberry over a background of truffles and turned earth $299.99 per bottle

‘The Florita’ Riesling 2013 Vintage Colour: Pale straw yellow Aroma: Intensely aromatic nose of lemon, lime and pineapple sage and complex undertones of mandarin, tangelo and lychee Palate: Classic expression of both line and length – full, textural and structured. Soft natural acidity is an introduction into the flavours of strawberry and guava. $42.99 per bottle

H I G H E R V I EW B USINE SS | 93

RESTAURANTS 餐厅 Fine dining in Sydney, Melbourne, Shanghai and Beijing 悉尼、墨尔本、上海及北京的高端餐厅。

ROUNDUP: UP: ROUND NEW ON THE BLOCK 墨尔本最新、最棒的用餐热点…… Here are the best of Melbourne’s newest spots to dine at...

LUCY LIU 厨师迈克尔·兰比(Michael Lambie)亲自到访北京和上海品尝当地正宗的美食后，在其位于墨尔本的餐厅Lucy Liu提供一流的泛亚洲美食。招牌菜有烤鸭饺子及烧烤牛肉包配黄瓜、辣椒和黑醋。 Having spent time in Beijing and Shanghai sampling local eats, chef Michael Lambie has created a menu that offers the best pan-Asian cuisine in Melbourne. Highlights include Peking duck dumplings, BBQ and sticky beef buns with cucumber, hot chilli and black vinegar. lucylius.com.au

SAINT CRISPIN 两位大厨斯科特·皮克特(Scott Pickett)和 Jor Grbac之前都是在名厨菲尔·霍华德（Phil Howard）位于伦敦、荣获米其林两星的The Square餐厅工作，这次因新餐厅 Saint Crispin他们再次合作。菜单根据季节而变动，主要是运用当地本土的食材。 It’s a culinary reunion as chefs Scott Pickett and Jor Grbac, both former employees of Phil Howard at the two Michelin-starred restaurant The Square in London, join forces for their brainchild Saint Crispin. The menu has a strong focus on seasonal and mainly local produce. saintcrispin.com.au

SYDNEY 悉尼

PEI MODERN

悉尼的饕客一直以来只有在位于萨利山区（Surry Hills）的Marque餐厅才能品尝到马克·贝斯特（Mark Best）的美食，现在悉尼终于有自己的Pei Modern，餐厅运用新鲜的季节性食材制造出各种美味的佳肴。悉尼的Pei Modern位于四季酒店最近空置的一个位置，这位置非常受商家欢迎。最受欢迎的菜色包括甜酒烤布丁以及洋姜配鸭蛋和松露，让我们拭目以待吧。

94 | H IGH ER VIEW BUSIN E S S

Finally Sydney gets a taste of Mark Best’s diffusion label Pei Modern. While Sydneysiders have been spoilt with Marque, his Surry Hills offering, Melbourne has had first choice for his produceoriented bistro that features a menu built on market-fresh, seasonal ingredients. But alas, Sydney has its own. Opening in the recently vacated and much-sought-after Four Seasons spot, Best, along with Matt Germanchis, founding chef of Pei Modern Melbourne, has relocated to Sydney for the opening. We’re told to keep an eye out for favourite dishes including Sauternes custard, or Jerusalem artichoke with duck egg and truffle. peimodern.com.au 商道

PRIX FIXE 厌倦了排队才能吃到晚餐？企业家贾森· 琼斯（Jason M Jones）和厨师菲利帕·西布利（Phillippa Sibley）也跟您一样厌倦了排队，所以他们合作开设了需要购票入场的餐厅Prix Fixe。透过餐厅网站购买四道菜套餐：每位$79（另加$50搭配佳酿），不需要排队便能享用一顿美味的晚餐。 Sick of lining up for dinner? Jason M Jones and chef Phillippa Sibley were too, so they came together to unveil their ticketed dinner offering Prix Fixe. For $79 you’ll be assured a table and a fine meal. prixfrixe.com.au

DINNER WITH A VIEW

SHANGHAI 上海

北京这些吸引大众到访的北京餐厅并不是只有美食珍馐而已…… Delicious food isn’t the only thing attracting the masses to these Beijing restauarnts...

Vespertine Vespertine餐厅 XIao Wang FU pic 小王府图片

VESPERTINE, SHANGHAI

Vespertine is the newest addition to the Shanghai dining scene. Backed by an American and Shanghainese who own the largest Aston Martin dealership in the world, and with American chef Christopher Hora on the stoves, the menu showcases unique dishes such as smoked octopus with avocado brulee and tzatziki ice cream – sure to drag the hip crowd out to its Cool Docks location. 505 Zhongshan Nan Lu, near Maojiayuan Lu, Huangpu district.

XIAO WANG FU

Located in Ritan Park, Xiao Wang Fu is the standard for foreign friendly Chinese food with versions of classics like Peking duck and Kung Pao chicken on the menu. After dinner, take a moonlit stroll in the park. xiaowanghome.com

Vespertine是最新加入上海美食行列的高端餐厅，由来自上海和美国、拥有世界最大的奥斯顿·马丁经销商的人创办。美国厨师克里斯托弗·霍拉（Christopher Hora）掌勺，打造独特的菜色如熏章鱼配鳄梨布丁和青瓜酸乳酪冰淇淋。必定要到这家位于老码头的餐厅来尝尝。黄浦区中山南路505 号 (近毛家园路)。

坐落在日坛公园的小王府餐厅，提供迎合外国人味蕾的中国菜，经典的菜式有北京烤鸭及宫保鸡丁等，饭后还能在月光下漫步于公园内。 Capital M View 前门M餐厅室外美景

CAPITAL M

With an unparalleled view of Beijing’s front gate, Capital M ranks highly for both modern European food and spectacular views thanks to Melbourne-born restaurateur Michelle Garnaut. m-restaurantgroup.com 前门M餐厅坐落于北京前门大街，坐享北京前门宏伟景色。出生于墨尔本的餐厅老板米歇尔·加诺特（Michelle Garnaut）以现代摩登的欧洲菜配合一流美景使餐厅享负盛名。

商道

H I G H E R V I EW B U SINE SS | 95

HOTELS 酒店

Majestic castle’s, harbour views and six-star stays – we’ve picked out some of the most luxurious hotels Australia and China have to offer 雄伟壮观的城堡、海港胜景及六星级的至尊享受——我们精心细选澳中两地最能为您带来奢华体验的酒店。

FIT FOR A KING 设在枝叶繁茂的莲花山山脉的大连一方城堡豪华精选酒店就像迪士尼电影里的酒店一样梦幻。极其豪华的巴伐利亚风格城堡建筑拥有292间客房，房间内配备皇帝级的装潢与享受，包括各种精致豪华的墙面装饰、饰品、镀金装潢以及最近推出的一系列奢华系列睡床，酒店内外恢宏大气，是大连的首家豪华酒店。几乎每间客房均能俯瞰著名的星海湾和波光粼粼的黄海胜景，而其他的客房则拥有星海广场的城市景观。

Looking like something straight from a Disney movie, set amid lush foliage on Lotus Mountain, is The Castle Hotel, Dalian’s first luxury hotel. Its regal Bavarian-style castle architecture resonates throughout the 292 guest rooms with décor fit for a king, including wall decorations, ornaments, gold finishings and its newly released range of Luxury Collection beds. Overlooking Xinghai Bay and the luminous Yellow Sea, ocean views are promised in most rooms, with city views of Xinghai Square from others. From $255, starwoodhotels.com

UP AND COMING 即将来袭 CHINA 中国墨尔本胡椒度假酒店 Peppers Melbourne

PEPPERS MELBOURNE 在维多利亚州已经有四家度假酒店的胡椒度假酒店集团，将在墨尔本的中央商务区建设拥有68间公寓的物业，于2015年年底开业。 Having conquered regional Victoria with four properties, Peppers is taking on Melbourne’ s CBD with a 68-apartment development set to open at the tail end of 2015. peppers.com.au

悉尼索菲特酒店 Sofitel Sydney

SOFITEL SYDNEY 35层楼高、拥有600间客房的法国奢华酒店品牌索菲特将被建于悉尼情人港（Darling Harbour），预计于2017年年底完工。 French elegance comes to Sydney’s Darling Harbour in the form of a 600-room Sofitel which is to completed by late 2017. sofitel.com

布里斯班W酒店 W Brisbane

W BRISBANE 首家W酒店将于2018年进驻澳大利亚布里斯班。拥有305间客房，斥资8亿澳元的六星级酒店选址在布里斯班的乔治街（George Street）上。 Australia will welcome its first W Hotel in 2018. Brisbane’s George Street will play host to the $800 million, six-star hotel. starwoodhotels.com

96 | HIGH ER VIEW BUSIN E S S

商道

洛伊斯达酒庄

南澳红酒出口到中国洛伊斯达酒庄介绍：澳洲洛伊斯达酒业是一家以出口和销售高品质的澳洲原装红酒为主要业务的公司，我们的酒庄采用传统木桶酿造工艺和现代化技术相结合，而且具有3500万升的红酒原浆储存,78种不同种类,并有多年的红酒出口经验，一贯致力于澳大利亚红酒和红酒文化在国内的宣传和推广，与多家知名澳洲酒庄保持着长期友好的合作关系。洛伊斯达酒业秉持专业的服务精神和严谨的工作态度，精挑细选多款带有鲜明澳大利亚地域风格的葡萄酒.我们是澳洲政府批准的注册出口商，每批出口的红酒都会经过澳洲政府审核，每款酒都是经过酿酒师精心调制，符合中国人的口感。入口柔顺，回香长久。

我们的优势： • 多样化的选择

• 灵活的付款方式

种类多样: 兼具高端的窖藏系列和最高性价比的大众酒单。也可度身定做自己的品牌（OEM）。

可选择中国或澳洲账户结算，承诺国内货到付款。

• 专业的门到门服务一站式服务: 客户可提供国内收货地址,我们可冲澳洲酒厂直接运送到中国收货地点,绝无中间商。

• 全方位的广告支持全面的品牌扶持和市场推广；不定期参加各式品酒会，展会，促进品牌推广。欢迎咨询，澳洲红酒我们更专业。

联系方式： Alex Xu（徐先生）澳大利亚：+61（0）425 796 889 悉尼办公室电话：+61 （02）98581033 QQ: 1571267687 威信号 : alexxu18 邮箱:ahmalexxu18@gmail.com support@royalstarestate.com 网址：www.royalstarestate.com www.rs099.com 澳洲地址：304/160 Rowe St Eastwood NSW 2122 Australia 中国办事处：北京市丰台区紫芳园六区2号楼2层3单元216

CHINA EASTERN AIRLINES CO. LTD

中国东方航空股份有限公司

让我们齐飞高远

TOGETHER WE ALL PROSPER

Passengers the big winner in new joint venture deal between China Eastern Airlines and Qantas

乘客将会是东方航空公司与澳洲航空公司（QANTAS）新的合资企业的大赢家。 Qantas and China Eastern Airlines last year announced a new joint venture (JV) to deepen their level of commercial cooperation on air routes between Australia and China – with significant benefits for customers. The JV was signed by China Eastern Chairman Liu Shaoyong and Qantas Group CEO Alan Joyce on 17th November in a ceremony at Parliament House, Australia, witnessed by Australian Prime Minister Tony Abbott and China’s President Xi Jinping. The JV, which is still subject to regulatory approval in China and Australia, is scheduled to commence in mid-2015. It will expand the airlines’ existing code-share arrangement into a broader formal alliance that allows them to coordinate scheduling and pricing to support and grow their market share on the fast-growing routes as well as helping to grow overall trade,

tourism and corporate travel links between Australia and China. To achieve these twin goals under the JV, the airlines plan to deliver substantial benefits for customers. These include more convenient transit in Shanghai, more competitive pricing structure and more routes between the two countries. China Eastern Chairman Liu Shaoyong said at the signing that the JV would strengthen the airline’s cooperation with Qantas for the benefit of both airlines while at the same time providing better and more convenient travel products for passengers between the two countries. Chairman Liu said China Eastern had entered into the JV in the understanding that Australia is one of the “most important” tourist destinations and trade markets for China, while describing Qantas as the “key partner” for China Eastern in Australia.

“Coordination means the opportunity to improve schedules and connection times, and to deliver improved products” 98 | HIGH ER VIEW BUSIN E S S

商道

Qantas CEO Alan Joyce said at the signing that the JV would allow Qantas to build further on its existing codeshare relationship with China Eastern, which has been “so successful with Qantas customers since 2008”. “Coordination means the opportunity to improve schedules and connection times, and to deliver improved products, such as a joint lounge and streamlined check-in facilities in Shanghai, Mr Joyce added. “The JV will be a win for our customers and – by making it easier for Chinese travellers to visit Australia and for Qantas customers travelling to Shanghai and beyond – also a win for trade and tourism in both countries.” The JV will work to bring together two complementary networks and business models – all the while retaining brand, product and pricing differences – and will thereby not only preserve but also enhance, existing consumer choice. Also the airline’s intention is for both carriers to review costs associated with domestic feeder services, with the objective of reducing those costs to support more competitive pricing for customers. Currently between December 2014 and March this year, China Eastern Airlines has increased frequencies to 30 flights per week from Sydney, Melbourne and Cairns to Shanghai and beyond. Qantas Airways still keep its daily flight between Sydney and Shanghai.

CHINA EASTERN AIRLINES CO. LTD

中国东方航空股份有限公司

商道

H I G H E R V I EW B U SINESS | 99

CHINA EASTERN AIRLINES CO. LTD

100 | H IGH ER VIEW BUSI N E S S

中国东方航空股份有限公司

商道