Higher View Business - Issue 1 by Citrus Media

HIGHERVIEWBUSINESS.COM.AU

I S S UE O NE . S EP TEM BE R 20 14

HIGHER VIEW 商道 BU S I NES S

#01

PREMIUM PROSPECTS

China’s appetite for Australian exports

澳中涉农企业合作的远大前景中国中产阶级队伍壮大，优质安全食品倍受青睐，机遇与挑战并存，如何放眼长思量

GROWTH STRATEGY CULTURE AFFAIRS

* 最大差价合约零售券商（按收入计算，但未包括外汇）。数据来源：截止 2013 年 8 月已公布的财务报表。 ** 按主要账户计算（Investment Trends 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 进行任何交易前，请阅读产品披露声明。其他费用可能适用，详情请参阅产品披露声明。以上信息并非旨在向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 84 099 019 851，澳洲金融服务牌照号 220440。

全球排名第一的差价合约券商* IG 让您坐享优势尖端技术、简单操作、24 小时无间断通过同一平台交易外汇、股票、指数、商品、期货等上万种差价合约产品。这只是 IG 成为全球近 14 万高端投资者交易首选的原因之一。IG 拥有 40 年外汇与差价合约交易服务经验，能为您提供贴心、完善、透明、专业的全中文交易服务 —— 英国上市之世界级企业，全方位照顾您的交易需要。 IG 获评澳洲第一的外汇券商**，更是实至名归。万事俱备，IG 让您坐享优势。请访问 IG.com 了解详情。只需几分钟即可线上开户，马上开始交易。差价合约交易的损失有可能超出您的初始保证金。

瞬息万变把握机遇外汇及差价合约交易

WELCOME

欢迎

东方航空欢迎您

澳大利亚中国总商会（CCCA）欢迎您

中国与澳大利亚之间的联系日益增强。这不仅体现在两国日益增多的商务联系和文化教育交流上，也体现在中国东方航空公司来往于两国的航班数量上。我们非常自豪能够推出这样一本中英双语杂志《商道》，为进一步加强中澳联系做出贡献。您手中的这本《商道》杂志，是东方航空公司创办的《翼境》（Higher View）杂志的“姊妹刊物”。我们的航班上也有《翼境》杂志供您阅览。《翼境》关注的是中澳之间的豪华高端旅行，而本刊物则聚焦不同的方面。翻开这本杂志，您将看到的是思想领袖们是如何依靠自己的智慧帮助塑造中澳关系，以及他们对中澳间商机的深度洞察，这些商机涉及的领域非常广泛，从农业到电子商务都包含在内。当然，稍加调剂也是非常重要的。尽管这本机上刊物主要关注商务，但我们也撰写了一些关于手表、豪车以及高尔夫的专题报道供您阅读，以便使您在旅途中保持身心和谐。希望您喜欢这本杂志。

欢迎参加和澳大利亚中国总商会联合举办的《商道》首发式。我们很高兴能够参与到这本杂志的创办中来。澳大利亚中国总商会成立于2006年，旨在致力于加强中澳商业关系。我们希望《商道》能够为推动中澳商业关系的发展作出应有的贡献。澳大利亚中国总商会目前共有258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。因此，将《商道》纳入沟通交流的媒介，我们感到十分自豪。我们相信，这本杂志推出的选材广泛、文章皆富有深入见解，能够为推进中澳两国间的沟通交流做出积极的贡献。感谢您的阅读。

Welcome from China Eastern Airlines Welcome from the CCCA Every year the links between China and Australia become stronger and stronger, whether it be through business connections, cultural and educational exchanges or the number of flights offered by China Eastern between the two countries. We’re proud to help strengthen those links further with the launch of this bilingual magazine: Higher View Business. The title in your hands is a sister publication to China Eastern’s Higher View – which you’ll also find on board. But whereas Higher View deals with the best in high-end travel between China and Australia, this magazine’s stated aim is different. Inside these pages you’ll find wisdom from the thought leaders who are helping to shape the Australia-China relationship, and insights into opportunities in a diverse range of industries, from agriculture to e-commerce. Of course, a little pampering is also important. We work hard to offer that on board, but you’ll also find features on timepieces, luxury motoring and golf to keep mind and body in harmony once you alight. Enjoy the magazine. 4 | HIGHER VIEW BUSINE S S

商道

Welcome to the inaugural edition of Higher View Business, brought to you in association with the China Chamber of Commerce in Australia . We are pleased to be involved in the creation of this magazine. As an organization established in 2006, we are committed to enhancing business relationship between China and Australia, and we hope that Higher View Business will become a valuable part of that process. The CCCA has 258 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. So it is with a great sense of pride that we are adding Higher View Business to our range of communication tools. We’re confident that the wide selection of insightful articles within will play their part in strengthening the bridge between China and Australia. Thank you for reading.

CONTENTS

内容概要

CONTENTS 内容概要 IN THIS ISSUE 26

COVER STORY 封面故事

AGRIBUSINESS: PREMIUM PROSPECTS 涉农企业：前景灿烂广阔

Australia exports enough food to feed 60 million people. That’s a substantial number, and about three times its national population. But it’s clearly not enough to make it a food bowl for China’s 1.3 billion. The idea that Australia could guarantee China’s food security is just one myth that former trade minister Craig Emerson dispels in this comprehensive review of the competitive strengths and weaknesses of Australian agribusiness and the needs and tastes of China’s urbanising population. Calling on his expertise as an economist and recent experience in government, Emerson gives an insightful assessment of the agribusiness sector. He describes the role foreign investors can play in boosting output, and explores the merits of novel investment vehicles. He finds that there is plenty of scope for Australia in helping to satisfy growing China’s appetite for top-quality food and wine, with Chinese investors playing a key role. 澳大利亚出口的粮食足以养活6000万人口。这个数字相当庞大，大约是其全国人口总数的三倍。但它显然不足以盛满中国十三亿人口的饭碗。澳大利亚能够保证中国粮食安全的说法只是谬传，前贸易部长克里斯·艾默森（Craig Emerson）在对澳大利亚涉农企业的竞争优劣势与中国城市化人口的需求和喜好进行综合评述时已予以否认。凭借他作为经济学家的专业知识和近期的政府工作经验，艾默生对涉农产业提出了深入的见解和预估。他介绍说外国投资者可以在提高产量方面发挥作用，并探索新型投资工具的优点。他认为澳大利亚还有很大的发挥空间，通过中国投资者在其中发挥关键作用，帮助中国满足其对优质食品和葡萄酒日渐增长的需求。

商道

H I G H E R V I EW B USINE SS | 7

CONTENTS

内容概要

56 PROPERTY INVESTMENT IN AUSTRALIA: GAME CHANGER

澳大利亚房地产投资：地产游戏新主角 Greenland Holdings’ purchase of a “绿地控股收购悉尼市中心的黄金地段， prime location in downtown Sydney 建造了这座城市的第一高楼，这只是 to build the city’s tallest tower is just 中国投资澳大利亚房地产大潮中的一个 one example of the surge of Chinese 例子。中国买家发现规范有序、高度 investment in property in Australia. 透明的澳大利亚房地产市场极具吸引 Chinese buyers find the well-regulated, 力。”——作者：白杰明 transparent Australian property market attractive, writes Ben Hurley.

68 E-COMMERCE: ALIBABA TRANSFORMS BUSINESS 电子商务：

阿里巴巴改变了商业

REGULARS

OPINION

FEATURES

10 CONTRIBUTORS 投稿人

45 OPINION: THE SPIRIT OF ENDURANCE 观点：忍耐精神

62 BANKING & FINANCE: ON COURSE FOR REFORM

13 NEWS 新闻 18 EVENTS 活动安排 20 CHINA AND AUSTRALIA, BY THE NUMBERS

46 FIRST TIME BUSINESS VISITOR BRIEFING: CULTURE MATTERS 初次商旅访澳须知：文化认知无小事

22 CHINA AND AUSTRALIA COMPARED

48 AUSTRALIA-CHINA YOUTH ASSOCIATION: SOW CONNECTIONS, REAP BENEFITS 中澳青年联合会：

中澳对比

建立沟通桥梁，获取共同利益

52 LANGUAGE & CULTURE: BRIDGING THE GAP

50 GOLF INVESTMENT: MAN ON A MISSION

语言文化：搭建沟通桥梁

高尔夫投资：观澜之机

87 HIGHER LIFE 气派生活

98 AVIATION: FROM FLEDGLING TO FRONTRUNNER

从数字看中国和澳大利亚

航空：从羽翼未丰的雏鸟到行业领先者

银行金融业：改革势在必行 “很显然中国的金融系统需要变革，而这些变革将会给世界其它地方带来深远的影响。”---- 摘自《澳新银行市场洞察》 (ANZ Insight) 系列报告之五《笼中之虎：亚洲金融系统转型》服务商。它改变了中国的营销模式。”——作者：白杰明

There’s a clear need for reform of China’s financial system, and the changes will have a significant impact on the rest of the world, according to this excerpt from ‘Caged Tiger, The Transformation of the Asian Financial System’, the fifth report in the ANZ Insight series.

68 E-COMMERCE: ALIBABA TRANSFORMS BUSINESS 电子商务：阿里巴巴改变了商业 “这家企业于1999年在杭州成立，如今已经发展成为拥有数十亿美元稳定交易量的电子商务门户网站和在线支付

A business set up in Hangzhou in 1999 has grown into a multi-billion dollar stable of e-commerce portals and online payment services – and transformed marketing in China, writes Ben Hurley.

72 SHANGHAI FREE TRADE ZONE: TEST GROUND FOR REFORM 上海自由贸易区：改革“试验田”

62 8 | HI GHER VIEW BUSINE S S

“上海自由贸易区的设立将证明，对中国而言它将是与设立浦东新区和中国加入世贸组织一样具有重大意义的事

商道

件。开创性的金融管制放松为第一批入驻自贸区的企业带来了利好。” ——作者：何灝勤 (James Hogan)

The setting up of Shanghai FTZ will prove to be as significant for China as the establishment of the Pudong New Area and China’s entry to the World Trade Organisation. And pioneering financial deregulation benefits are on offer for first mover companies that set up in the zone, writes James Hogan.

74 OUTBOUND CHINESE INVESTMENT: PAVING THE WAY 中国对外投资：铲除障碍，铺平道路 “中国买家已成为精明的澳大利亚资产投标人，中国也放宽了对外投资规定。”—— 作者：史若德、熊进

Chinese buyers have become sophisticated bidders for Australian assets and China has relaxed the rules for outbound investment, write Paul Schroder and Jin Xiong.

78 HIGHER EDUCATION: SEIZE THE DAY 高等教育：澳教育产业应与时俱进 “在帮助中国学生实现他们在高等教育的愿望和梦想方面，澳大利亚应努力提升竞争优势，方可取得最大效益。” ——作者：威尔逊

Australia must lift its game to reap the full benefits of helping the Chinese people achieve their hopes and aspirations in higher education, writes Jim Wilson.

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CONTRIBUTORS

投稿人

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

创刊号 Issue 01

1. KERRY BROWN 凯瑞·布朗 Prof. Kerry Brown is Executive Director of the China Studies Centre and Professor of Chinese Politics at the University of Sydney, and a member of the board of the Confucius Institute at the university. He was educated at Cambridge, London and Leeds universities. He served as First Secretary, Beijing, from 2000-03. Kerry is the author of Shanghai 2020, published by the Foreign Languages Press, Beijing, in English, Chinese and Russian. 凯瑞·布朗教授是中国研究中心（China Studies Centre）的执行董事、

Economics 的董事总经理。联系方式: craig.emerson@ craigemersoneconomics.com

事会成员。他曾就读于剑桥

If you’d like to contribute an article of your own to Higher View Business, please get in touch with us at 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。

10 | HIGHER VIEW BUSIN E S S

何灝勤是澳大利亚汇丰银行（HSBC）的商业银行业务主管。在汇丰拥有超过20年的经验，何先生曾在亚太

（Cambridge）、伦敦（London）和

区、中东、欧洲和美国担任不同的职

利兹（Leeds）大学。从2000年至2003

位。何先生是爱尔兰人，毕业于都柏林

年，他在北京曾担任一等秘书一职。

大学（University College Dublin），

凯瑞·布朗是《上海2020》一书的作

取得商业学士学位。他是伦敦商学院

者，由北京外文出版社出版，有英语、

(London Business School）的毕业生。

汉语和俄语三个语言版本。

几乎任何东西都吃。他曾在包括《澳洲 Review）在内的知名出版机构工作。在悉尼爱乐合唱团（Sydney Philharmonia Choir Symphony Chorus）中担任男高音是他的兴趣之一。

5. XING JIN 金杏 Xing Jin is the general manager of the Confucius Institute at the University of Sydney and a market and program development specialist with expertise in cross cultural communications. Xing regularly consults on China-related events. She has a BA in Chinese Language and Literature, an MA in Communication Management and a Diploma of Education. 金杏是悉尼大学（University of Sydney）孔子学院（Confucius Institute）的总经理和拥有跨文化沟通专业知识的市场和项目开发专家。金女

（Asian Century Policy）的部长。

4. 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. His interests include singing as a tenor with the Sydney Philharmonia Choir Symphony Chorus.

现任经济咨询公司Craig Emerson

白杰明是一名专长报道国际业务、新

2. CRAIG EMERSON 克雷格·埃默森 Dr Craig Emerson was formerly the Minister for Trade and Minister assisting the Prime Minister on Asian Century Policy. He is now Managing Director of Craig Emerson Economics and can be reached at craig.emerson@ craigemersoneconomics.com. 克雷格·埃默森博士曾担任贸易部长以及辅助总理执行亚洲世纪政策

兴企业、科技及旅游的记者。近15年他一直定期前往亚洲，精通普通话，而且金融时报》（Australian Financial

3. JAMES HOGAN 何灝勤 James Hogan is Head of Commercial Banking for HSBC in Australia. With more than 20 years of experience with HSBC, Mr Hogan has served in positions in Asia-Pacific, the Middle East, Europe and the US. Mr Hogan is Irish and he earned a Bachelor of Commerce from University College Dublin. He is a graduate of London Business School.

悉尼大学（University of Sydney）中国政治系教授，以及悉尼大学孔子学院董

11.

10.

商道

士定期就与中国相关的活动进行咨询。她拥有汉语言文学学士学位、传播管理硕士学位及教育文凭。

6. JULIE LAMBERG-BURNET 朱莉·兰伯格·伯内特

Julie Lamberg-Burnet, Director & Founder of the Sydney School of Protocol has over 20 years of experience in building brands and transforming individuals. Julie has played key roles with international airlines, in building global recognition for ‘best practice’ service delivery,

12.

CONTRIBUTORS

投稿人

Higher View Business 商道 Issue 01 Editor-in-Chief 总编辑 Jim Flynn +61 2 9186 9196 jim@citrusmedia.com.au

Managing Editor 执行总编辑

Rob Ryan

Staff Writers 特约撰稿人

learning and development, employee recognition, engagement and communication. She is a graduate of the prestigious Protocol School of Washington.

Australia and Africa. Prior to joining King & Wood Mallesons, Paul was a partner at a leading African law firm. 史若德是金杜律师事务所的合伙人，

Program），并拥有该计划的知识产权。

Design 设计

11. JIN XIONG 熊进 Jin Xiong is a partner with King & Wood Mallesons and specialises in corporate, cross-border M&A and foreign direct investment, with substantial experience in China outbound investment. Jin is a native speaker of Mandarin, with experience in bilingual negotiations. He joined King & Wood Mallesons in 2011. He has extensive commercial experience in Australia, China and Hong Kong.

Illustrations 插图

澳大利亚的项目。史若德在加入金杜律

司担任重要角色，指导提供服务的“最

师事务所之前，是一家非洲一流的律师

佳做法”，推动学习和发展，员工的认

事务所合伙人。

可、参与及沟通等业务。她毕业于著名

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20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、Macquarie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，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。

8. PAUL SCHRODER 史若德 Paul Schroder is a partner in the law firm King & Wood Mallesons. Paul specialises in cross-border mergers and acquisitions (public, private, and capital markets). In particular, he has acted on a number of recent Chinese investments into both

Institute）的首席顾问，他开发了中国企

Kerry Brown, Craig Emerson, James Hogan Hans Hendrischke, James Hudson, Ben Hurley, Xing Jin, Julie Lamberg-Burnet, Paul Schroder, Neil Thomas, Jim Wilson, Jin Xiong, Denise Zhou

业培训计划（China Business Training

本市场）。他近期参与了多项中资投资

7. JINGMIN QIAN 钱京珉 Jingmin Qian, the Principal of advisory firm Jing Meridian, is a company director and advisor with over twenty 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, Jingmin was a strategy and investment executive in an international strategy consulting firm and two large Australian corporates in Sydney, and a project officer in Ministry of Commerce in Beijing.

Contributors 投稿人

擅长跨境兼并和收购（公共、私有和资

拥有二十多年品牌建设及协助个人

of Washington）。

Crystal Wong, Constantina Pilatos

国顾问。作为阿德莱德大学（University of Adelaide）孔子学院（Confucius

转型的经验。朱莉曾在国际性航空公

的华盛顿礼仪学院（Protocol School

会（Asian Studies Council）课程的全

9. NEIL THOMAS 牛犇 Neil Thomas is National Publications Director of the Australia-China Youth Association (ACYA) and Editor of ACYA’s AustraliaBites and ChinaBites cultural newsletters and the ACYA Journal of Australia-China Affairs. Neil is an Arts/Law student at the University of Western Australia, and he is studying at Tsinghua University in Beijing on a Prime Minister’s Australia Asia Endeavour Award.

熊进是金杜律师事务所的合伙人，擅

牛犇是中澳青年联合会（ACYA）全国刊物编审主管以及ACYA的

Paul Butt, Nils-Petter Ekwall, 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

长企业、跨国并购和外商直接投资，在

Ian Scott

中国对外投资方面经验丰富。他的母语

Financial Controller 财务总监

是普通话，具有双语的谈判经验。他于

Stuart Harle

2011年加入金杜律师事务所，在澳大利

Strategic Advisor 策略顾问

亚、中国和香港拥有丰富的商业经验。

《AustraliaBites》、《ChinaBites》文化

12. DENISE ZHOU 周丹牛犇是西澳大利亚大学文学/法律系学生， Denise Zhou is senior vice president, 而且取得总理澳亚奋进奖学金（Prime RMB Internationalisation, HSBC Bank Minister’s Australia Asia Endeavour (China). Since starting in her role in Award），现正就读于北京清华大学。 2011, Ms Zhou has worked with customers on cross border RMB 10. JAMES WILSON 威尔逊 solutions for trade, capital transactions James A. Wilson, BA (Hons), MEd and treasury and funding. She has a (Adelaide), is a China scholar, teacher thorough knowledge of China’s and cross-cultural communication financial reforms. She has an MBA in authority. He studied Mandarin in the Finance from the National University 1950s and introduced Chinese into of Singapore and is an ACCAAustralian schools in the 1970s. As accredited accountant by training. Principal Consultant to the Confucius 周丹是汇丰银行（中国）高级副总 Institute at the University of Adelaide, 裁兼人民币国际化业务总监。自从 he developed, and owns the IP for, the 2011年开始担任这个职位，周女士与 China Business Training Program. 客户进行跨境人民币解决方案，包括贸刊物和《中澳青年联合会学报》的编辑。

威尔逊是一位中国学者、教师和跨文

Paul Cook, Millie Jia, Simon Campbell

Jingmin Qian

Translation by Nihao Global Limited. 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. 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.

易、资本交易及财资和基金。她对中国

化交际的权威人士，取得文学学士（荣

的金融改革有深入的了解。毕业于新加

誉）以及教育硕士（阿得莱德）的学

坡国立大学（National University of

位。1950年代他在英国学习普通话，于

Singapore），取得金融工商管理课程

1970年来到澳大利亚，并于1970年代把

硕士学位。她是经训练成为特许公认会

中文引进学校。他曾经是亚洲研究委员

计师公会（ACCA）认可的会计师。

商道

H I G H E R V I EW B U SINESS | 11

WELCOME NEWS AND TRENDS

欢迎新闻与动态

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258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122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51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43 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42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。澳大利亚中国总商会现任会长是中国银行澳大利亚地区行长兼总代表胡善君先生，胡先生同时兼任悉尼分会会长。

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 258 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 122 members whose business ranges from energy, mining, trading,

finance, transport, tourism, manufacturing, technology and so on; the Perth Branch has 51 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 43 members which are primarily technology, manufacturing and energy companies; the Brisbane Branch has 42 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. The CCCA’s Chairman is Mr. Shanjun Hu, who is General Manager & Country Head-Australia of Bank of China, and he also chairs CCCA Sydney Branch.

www.chinachamber.org.au

12 | HIGHER VIEW BUSIN E S S

商商道道

NEWS AND TRENDS

新闻与动态

VIEWPOINT 视点 OPINIONS, INSIGHT, GLOBAL THINKING

INSIGHT 洞察

FREE TRADE ZONE GIVES SHANGHAI A BOOST 自贸区助推上海发展

Shanghai, the crucible of Chinese modernity, is writing a new page in the history of global investment ties. The setting up of the Shanghai Free Trade Zone in China’s largest metropolis in September last year added service sector deregulation and easier cross-border RMB settlement to the port city’s geographic and market access advantages. Since the FTZ was set up, 8,770 enterprises have been registered there – including several hundred foreign companies. The FTZ is both a magnet for foreign investors and a learning ground for globalising Chinese enterprises planning to invest overseas. The setting up of the zone is a key step in expanding and diversifying Shanghai’s role as a source of outbound investment funds, and in China’s ongoing economic development. (For insights into the role of the FTZ, see ‘On course for reform’ on page 62 and ‘Testing ground’ on page 72). 上海，作为中国摩登时代的大熔炉，正在全球投资关系领域翻开历史的新篇章。去年九月，随着自由贸易区 “落户”中国最大的都市上海，服务业管制得到放松，跨境人民币结算更加便利，上海作为港口城市的地理优势和市场准入优势得到进一步加强。自上海自贸区成立以来，已有8,770家企业办理了注册登记——其中包括数百家外国公司。上海自贸区既是吸引外国投资的磁石，又为有志于海外投资、走向全球的中国企业提供了学习的平台。上海是中国向境外投资资金汇集处，在中国持续的经济发展中发挥着重要作用，自贸区的设立，将使这一作用变得更加广泛而多元。[上海自贸区的设立，将对中国当前的银行业和金融改革产生什么样的影响？有关这一问题的洞见，请参考第 62页的《改革之路》和第72页的《上海自贸区-可复制性试验田》。

商道

H I G H E R V I EW B USINESS | 13

NEWS AND TRENDS

新闻与动态

Speed up negotiations... LI KEQIANG China’s Premier Both sides stand to benefit from setting up a Free Trade Agreement, and China’s Premier has called for FTA talks to be accelerated. The talks began in 2004. 双方都将从自由贸易协定中受益。中国总理李克强呼吁加快中澳自贸协定谈判进程。双方的谈判起始于2004年。

Reap the benefits... JAMES LAURENCESON Chinese Economics Society of Australia The sectors “where trade distortions are highest, such as agriculture,” would gain most from an FTA, says CESA president Dr James Laurenceson. 澳大利亚中国经济学会会长詹姆斯·劳伦森博士表示，目前受贸易限制最严重的产业，比如农业将是有望从自由贸易协定中受益最大的产业。 This is the average trade-weighted duty on Australian agricultural exports to China, says Dr Laurenceson:

21.3% Tread warily... BRENT FINLAY National Farmers’ Federation An FTA would be a “potential boon” for agriculture says the NFF head, but he cautioned that the NFF would not support a deal “that is signed at any cost.” 全澳农产主联合会（NFF）会长布伦特·芬利表示，签订自由贸易协定将“给农业带来潜在裨益”，但他警告，“一份不惜一切代价而签”的协议，将不会得到NFF的支持。 14 | HIGHER VIEW BUSIN E S S

ANALYSIS

FTA MEANS A GREAT DEAL

自贸协定将给中澳两国带来重大裨益

Oliver said in an April 15 press release that “Australian Unions don’t support trade agreements that are negotiated at the expense of local workers”. Meanwhile the Nationals are averse to any deal that would increase foreign ownership of farming land. This may serve to limit the scope of the deal that is ultimately signed.

中澳两国领导人都热切希望在今年促成两国自由贸易协定（FTA）的签订。国务院总理李克强表示，中国将加快中澳自贸协定的谈判进 Beijing and Canberra are both keen on signing 程。 an Australia-China Free Trade Agreement 澳大利亚中国经济学会（Chinese (FTA) this year. Premier Li Keqiang said in Economics Society of Australia，以下简称 March that Beijing would speed up CESA）的会长詹姆斯·劳伦森（James negotiations over setting up the FTA. Laurenceson）博士表示，一旦双方达成协 Australian farmers and graziers would 定，澳大利亚的农牧民都将比现在富裕很多， be much better off if a deal is signed, says 而中国受益最多的产业将是增值产业。 Dr James Laurenceson, the president of the 自由贸易协定的达成，还将提振双边投资流 Chinese Economics Society of Australia 量。事实上，劳伦森博士表示，双边经济关系 (CESA). China stands to benefit most from 的主要偏差“在于投资，而不是贸易领域”。 value-added sectors. 在澳大利亚，自贸协定与其利益息息相关的 An FTA would give a boost to bilateral 部分人士则对签订协定持保留态度。全澳农产 investment flows. Indeed Dr Laurenceson says 主联合会（National Farmers’ Federation， the main distortions in the bilateral relationship 以下简称NFF）的会长布伦特·芬利（Brent “are with respect to investment, not trade”. Finlay）认为，协议的最终敲定，将给农民带 Some Australian stakeholders have 来“重大机遇”。但是他也警告，不应“不惜 reservations about an FTA. For instance, the 一切代价”来签订这份协议。 president of the National Farmers’ Federation, 中国正给澳大利亚施压，要求澳大利亚给参 Brent Finlay, sees “major opportunities” for 与中方投资项目的中国劳工发放签证。然而， farmers in finalising a deal, but he cautions 最高工会机构——澳大利亚工会理事会 against a deal “that is signed at any cost”. （Australian Council of Trade Unions，以下 Canberra is being pressured to grant work 简称ACTU）对此并不热衷。ACTU秘书长戴 visas for projects funded by Chinese investors. 夫·奥利弗（Dave Oliver）表示，“凡是牺 But the Australian Council of Trade Unions 牲当地劳工利益的贸易协议，澳大利亚工会一 isn’t keen on the idea. ACTU secretary Dave 概不予支持。” 商道

NEWS AND TRENDS

新闻与动态

INSIGHT 洞察

HOT AUSSIE START-UPS

澳大利亚炙手可热的初创公司 New companies are pushing the boundaries of innovation. Here are six to keep an eye on 澳大利亚初创公司不断在创新领域追求卓越。以下是六家值得密切关注的初创公司。

HotDoc Founded in Melbourne, 2012 HotDoc is dedicated to promoting equity and accessibility in Australian healthcare. Its aim is to empower patients and doctors by creating a simple and convenient way for them to make appointments by connecting online. Alexa rank: 24,124,739 hotdoc.com.au

Flirtey Flirtey is among the world’s first autonomous aerial delivery companies. Based in Sydney, there are still significant technical and regulatory hurdles to overcome. But if drone deliveries are the future, Flirtey will be among the first to market Alexa rank: 1,908,903 flirtey.com

Yellowfin Yellowfin’s catalyst was years spent working with, and being frustrated by, the cost and complexity of traditional business intelligence tools. As a result, the Melbournebased team created personalised dashboards to improve performance at all organisational levels. Alexa rank: 272,509 yellowfinbi.com

澳大利亚创业公司的发展势头快速迅猛，每年涌现出数百家初创企业和数个新的基金和孵化器。当然，这不只是澳大利亚独有的现象，中国也正在经历创新企业大规模增长的阶段。在最近几周，投资者已经对一大批应用程序和网站给予实质性的支持。其中一例就是北京的宝驾租车，一家点对点租车的初创公司，它刚刚获得未公开的天使投资人500万美元的投资。宝驾可以让车主在白天不用车的时候，比如上班的期间，将自己的车租出去。潜在租车人使用初创公司的iOS和安卓应用程序，搜索在其附近的空车（目前仅限于北京使用）。车辆出借人会获得至少100万人民币（16万美元）的责任险，并能决定将车辆租给谁，租金是多少。投资人还投入150万美元发展微漫（WeComics）——这款应用程序可以让所有用户使用漫画形象和对话气泡快速创作连环漫画并上传至社交媒体。这反映出加拿大Bitstrips的成功，Bitstrips本质上与微漫是相同的概念，它在今年初获得了 1500万美元的资金。或许更引人瞩目的是联盟营销平台巨头——米折网（Mizhe）。它在互联网上招商并给其会员折扣。米折网（Mizhe）拥有大量的产品，这些产品来自亚马逊中国（Amazon China）、淘宝和易趣（eBay）等网站。2012年 IDG资本在第一轮融资中为米折网（Mizhe.com）投资了超过160万美元。截至2013年，米折网（Mizhe）获得了1000 万美元的第一轮种子资金。

Ninja Blocks Invented in Sydney, Ninja Blocks are tiny cloud-enabled computers that sense their environment and control lights, power sockets, temperature and other actuators around the home. The computers can even send an SMS to your phone when someone is at your front door. Alexa rank: 133,000 ninjablocks.com

Shoes of Prey Shoes of Prey is already trading internationally. The company’s USP is that customers get to design their own shoes, choosing the shape, colour and height for something unique. Designs are handmade and delivered within six weeks. Alexa rank: 94,821 shoesofprey.com

Tanda Queenslanders Jake Phillpot and Josh Cameron have developed a time and attendance system for small to medium businesses. With built in rostering and data analytics, Tanda is giving SMEs a way to see their exact staffing costs and patterns at any given time. Alexa rank: 1,832,879 tanda.co

The Australian start-up ecosystem continues to grow rapidly, with hundreds of start-ups and several new funds and incubators emerging every year. Of course, this is not just an Australian phenomenon. China is experiencing massive growth in innovative companies too. Investors have given substantial backing to an array of apps and websites in recent weeks. One such example is the Beijing-based peer-to-peer car rental startup Baojia, which has just received US$5 million from undisclosed angel investors. Baojia lets car owners rent out their vehicles during those parts of the day when they might be otherwise sitting unused – for example, while the owner is in the office. Potential vehicle renters use the start-up’s iOS and Android apps to track down an empty car in their vicinity (currently limited to Beijing only). The lenders are given at least RMB1 million (US$160,000) of liability insurance and can decide who can and can’t rent their vehicles, along with being able to set their own rental price. Investors have also given US$1.5 million in funding to WeComics – an app that allows users to create quick comic strips using avatars and speech bubbles that can be uploaded to social media. This echoes the success of Canada’s Bitstrips, which is fundamentally the same concept and received US$15 million earlier this year. Perhaps more serious is Mizhe, an affiliate marketing platform giant that draws deals from around the internet and gives discounts to its members. It has a huge array of products from sites such as Amazon China, Taobao, eBay and more. IDG Capital Partners invested just over $1.6 million in a Series A funding round for Mizhe.com in 2012. As of 2013, Mizhe has received US$10 million in seed funding. 商道

H I G H E R V I EW B USINESS | 15

NEWS AND TRENDS

新闻与动态

ONLINE RESOURCES

ROBB LAUNCHES INVESTMENT SITE IN SHANGHAI 澳贸易与投资部部长罗伯在上海启动投资网站 An interactive online resource designed to dispel the myths surrounding Chinese investment in Australia and inform debate on the issue was launched in Shanghai on April 10 by the Minister for Trade and Investment, Andrew Robb. The Demystifying Chinese Investment in Australia website (demystifyingchina.com.au) was developed by KPMG, the University of Sydney Business School and the university’s China Studies Centre, with funding from the Australia-China Council. The platform is based on the partnership’s expanding business report series of the same name. “This online resource increases knowledge about Chinese investment in Australia and will help inform public debate,” Minister Robb said. The web-based infographic shows Chinese outbound direct investment in Australia, allowing analysis by year, industry, state, deal size and investor type. “The Australia-China Council is pleased to support this KPMG-University of Sydney initiative,” said Warwick Smith, chairman of the Australia-China Council. “We believe this resource contains the most up-to-date information on Chinese outbound direct investment in Australia,” added the University of Sydney Business School’s professor of Chinese business and management, Hans 4 月 1 0 日，澳大利亚贸易与投资部部长安德鲁·罗伯(Andrew Robb)在上海启动了一个互动网站，该网站旨在扫清围绕中国对澳投资疑云，为有关这一问题的辩论提供资讯。“解密中国对澳投资”网站（Demystifying Chinese Investment in Australia）（网址：www.demystifyingchina.com.au）由毕马威（KPMG）、悉尼大学商学院和悉尼大学中国研究中心（China Studies Centre）共同开发，资金来源于澳中理事会（Australia-China Council）。该平台的内容基于上述三家合作机构推出的同名商情报告系列，报告的范围正日趋广泛。 “这个网络资源有助于人们了解中国对澳投资的情况，为围绕这一问题展开的公众辩论提供资讯，”罗伯部长表示。网站提供的动态信息图展示了中国对澳大利亚直接投资的情况，使人们可以根据年份、行业、地理位置、交易规模和投资者类型来分析中国对澳投资的历史。 “澳中理事会很高兴能够支持毕马威、悉尼大学联合发起的这个项目，”澳中理事会主席史伟立（Warwick Smith）表示。杭智科（Hans Hendrischke）是悉尼大学商学院教授， 16 | HIGHER VIEW BUSIN E S S

商道

Hendrischke. “We use it as an analytical tool to forecast trends and identify incentives and obstacles for closer investment cooperation between Australia and China.”

Insightful reports on China The seventh and most recent Demystifying Chinese Investment in Australia report, which was published in March by KPMG and the University of Sydney, showed a total of 182 deals made by Chinese enterprises in Australia worth an accumulated US$58.8 billion, between September 2006 and December 2013. Doug Ferguson, head of KPMG’s Asia business practice, said that “2013 was a turning point. The Chinese investment profile in Australia is evolving and diversifying away from reliance on mining and gas.” Investment fell by 10% in 2013 compared to 2012, to US$9.1 billion, but Ferguson is positive about the future. “China’s Premier publicly stating that the FTA with Australia will be accelerated and that Chinese companies will invest over US$500 billion internationally over the next five years are very strong indicators of trade and investment growth provided Australians do what is necessary to attract it,” he concluded. 主攻中国商业与管理。他补充道：“我们相信，这个网络资源反映了有关中国对澳直接外向投资的最新情况，我们将它作为一个分析工具，用来预测投资趋势，找出促进或阻碍中澳两国开展进一步投资合作的因素。” 关于中国的深度报道今年3月，毕马威和悉尼大学出版了第七期——也就是最新一期《解密中国对澳投资》报告，报告中涵盖了中国企业从2006年9月到2013年12月的在澳投资，其中涉及182笔交易，累计投资额达588.25亿美元。负责毕马威亚洲业务的范信德（Doug Ferguson）表示，“2013年是个转折点。中国对澳投资呈现出新气象，投资范围更加多元化，不再仅仅局限于矿业和天然气，” 尽管2013年的投资额与2012年相比降低了10%，降到了91亿美元，但是范信德对未来持乐观态度。他总结道：“中国总理已经公开表示，要加快与澳大利亚达成自由贸易协定；而中国企业在未来五年里，将在海外投资 5000亿美元以上。这些都是强有力的信号，预示着贸易和投资额的增长。但前提是，澳大利亚人要做好分内的事情来吸引投资。”

无论是自住还是投资，您的新公寓已在静候等待皇冠集团呈献

SKYE 居于膏梁锦绣之中

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DATE, LOCATION

HIGHLIGHTS

日期ˎ地点

简介

CONTACT 联系方式

China Economics Society of Australia

July 7 to 8 Monash University, Melbourne

A detailed look at key issues and trends affecting the economic and financial relationship between Australia and China

ces-aus.org

Confucius Institute Student and Young Professionals Study Tour

July 12 to 25 Nanjing, China

A subsidised language and culture tour with briefings and visits in Beijing, Nanjing and Shanghai; a must for ambitious young executives keen on building China connections and knowledge. Arranged by Confucius Institute, University of Melbourne. Site visit to ANZ Shanghai office.

Confucius-institute@ unimelb.edu.au

Your China Strategy program

August 20 to 22 in Sydney October 22 to 26 in Shanghai

A challenging program run by the AGSM and the Confucius Institute at UNSW, and Antai College of Economics and Management, Shanghai, to give senior executives the tools and knowledge to build a China strategy and deal effectively with Chinese companies and government agencies.

agsm.edu.au enquiries@agsm.edu.au

China International Mining Expo 2014

September 16 to 18 New China International Exhibition Centre, Beijing

Annual expo on an industry at the heart of the Australia-China trade and investment relationship. The show attracts equipment vendors, engineering contractors and miners from more than 30 countries, including Australia, Brazil, China and India.

bjminexpo.com

Sydney China Business Forum

November 17 Four Seasons Hotel, Sydney

Explore the challenges and opportunities in financial services at this leading forum on the Australia-China relationship. Papers will cover the FTA, Shanghai Free Trade Zone, the globalisation of RMB and market access.

chinastudies.centre@ sydney.edu.au

China International Aviation and Aerospace Exhibition – Airshow China

November 11-16 Zhuhai, Guangdong

International biennial aerospace trade show. The Chinese-made Comac C919 aircraft, which rivals the Airbus A320, will be a highlight.

www.airshow.com.cn/en

18 | HIGH ER VIEW BUSIN E S S

商道

EVENTS

活动安排

商道

H I G H E R V I EW B USINESS | 19

2014中澳在数量上的关系 THE 2014 CHINA-AUSTRALIA RELATIONSHIP IN NUMBERS

SNAPSHOT

Australia and China’s economies compared

中国15大出口目的地

CHINA’S TOP 15 EXPORT DESTINATIONS

香港 HONG KONG $384,800M

德国 GERMANY $67,394M 俄国 RUSSIA $49,600M

英国 UK $50,957M

南韩 SOUTH KOREA $91,200M

7 6 5

越南 VIETNAM $48,594M

荷兰 NETHERLANDS $60,328M

印度 INDIA $48,400M 美国 US $368,400M

11 12

台湾 TAIWAN $40,600M

新加坡 SINGAPORE $45,879M 印度尼西亚 INDONESIA

$36,948M

澳大利亚 AUSTRALIA $37,563M

AUSTRALIA

13亿5440万 1,354,040,000

日本 JAPAN $150,300M

马来西亚 MALAYSIA $45,931M

CHINA

4 13

2268万 22,680,000

POPULATION 人口

=10M PEOPLE 1千万人

49.7%

URBAN POPULATION 城市人口

89.2%

HOUSEHOLD SPENDING 家庭支出 HOUSING 住房

8.9% 19.8%

FOOD 食物

36.2%

17.0%

CLOTHING 服装

TRANSPORT 交通

EDUCATION 教育

HEALTH 医疗

10.9% 3.5%

14.7% 10.4%

12.2% 4.0%

6.4% 5.8%

SOURCE: DFAT; NATIONAL BUREAU OF STATISTICS, CHINA; CHINA CUSTOMS; FAO, WORLD BANK.

20 ER RVIEW SS S 2 0| |HHIGH IGHE VIEWBUSIN BUS EI NES

商道展望

ONSHIP IN NUMBERS 中国到澳大利亚的主要出口商品

中国到澳大利亚的主要出口商品

CHINA’S TOP EXPORTS TO AUSTRALIA

CHINA’S TOP EXPORTS TO AUSTR $37,563M

香港 HONG KONG $384,800M

俄国 RUSSIA $49,600M 南韩 SOUTH KOREA $91,200M

6 5

中国对澳大利亚出口总金额

越南 VIETNAM $48,594M

9,327,489 Km 2

印度 INDIA $48,400M

马来西亚 MALAYSIA $45,931M

日本 JAPAN $150,300M

9,327,489 Km 2

$682M TYRES, TREAD, TUBES $707M TEXTILES

台湾 TAIWAN $1,576M $40,600M TOYS, PRAMS, SPORTING GOODS $1,852M FURNITURE

$4,329M COMPUTERS

印度尼西亚 INDONESIA

$36,948M

澳大利亚 AUSTRALIA $37,563M

$4,346M CLOTHING $4,675M TELECOM EQUIPMENT

AUSTRALIA

VS 2268万 22,680,000

POPULATION 人口

IRON ORE $42,070M

COAL $7,506M GOLD $5,974M EDUCATION $3,967M CRUDE PETROLEUM $1,957M

=10M PEOPLE 1千万人

羊毛 WOOL $1,863M

AN POPULATION 城市人口

COTTON $1,850M

89.2%

EHOLD SPENDING 家庭支出 TRANSPORT 交通

COPPER $1,287M BEEF $408M

$75,700M EDUCATION 教育

TOTAL AUSTRALIAN 4.0% EXPORTS 12.2% TO CHINA

$75,700M

WHEAT $357M 7,682,300 Km 2

HEALTH 医疗

澳大利亚对中国出口总金额

14.7% 10.4%

$1,005M FOOTWEAR

新加坡 SINGAPORE $45,879M

展望

$610M PAPER

9 11 12

$445M HEATING, COOLING EQUIPMENT

TOTAL CHINESE EXPORTS TO AUSTRALIA

澳大利亚对中国出口总金额

澳大利亚到中国的主要出口商品 TOTAL AUSTRALIAN

6.4% 5.8%

EXPORTS TO CHINA

AUSTRALIA’S TOP EXPORTS TO CHINA

SOURCE: DFAT; NATIONAL BUREAU OF STATISTICS, CHINA; CHINA CUSTOMS; FAO, WORLD BANK.

展望

商道

HIGH ER VIEW B U S INE S S | 2 1

H I G H E R V I EW B U SINE SS | 21

全球专递

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

HOUSEHOLDS COMPARED 居民家庭对比

INFLATION 通货膨胀, 2013 ($AU 澳元)

AUSTRALIA 澳大利亚

CHINA 中国

2.9

7.7 2.5

2.6

Persons per Household

CAR OWNERSHIP 汽车保有量 (PER 100 URBAN HOUSEHOLDS) CHINA

中国

9.7%

TRANSPORT 交通 14.7%

中国

CHINESE EXPORTS 中国出口

AUSTRALIAN EXPORTS 澳大利亚出口

AUSTRALIA 澳大利亚

CHINA

AUSTRALIA 澳大利亚

EXPORTS, VALUE-ADDED 出口中增值产品占GDP比重 (% OF GDP)

HOUSEHOLD SPENDING 家庭支出 (PERCENTAGE OF TOTAL 总百分比)

EDUCATION 教育 12.2%

CHINA 中国

HOUSEHOLD SAVING RATE 家庭储蓄率

HEALTH CARE 医疗 6.4%

AUSTRALIA 澳大利亚

CHINA 中国

AGRICULTURE, VALUE-ADDED 农业中增值产品占GDP比重 (% OF GDP)

89.20%

30.5%

5.2

澳大利亚

URBAN POPULATION 城市人口 (% OF TOTAL)

CHINA 中国

AUSTRALIA

167.0

49.68%

CHINA

澳大利亚

21.5

AUSTRALIA 澳大利亚

HEALTH SPENDING 健康消费 (% OF GDP)

AUSTRALIA

中国

CHINA 中国

Source: OECD, China Statistics Yearbook, Australian Bureau of Statistics, DFAT, The World Bank, The Economist

HOUSING 住房 8.9%

EDUCATION 教育 4.0%

FOOD 食物 36.2%

TRANSPORT 交通 10.4% CLOTHING 服装 3.5%

CLOTHING 服装 10.9%

HEALTH CARE 医疗 5.8%

AUSTRALIA 澳大利亚

HOUSING 住房 19.8% FOOD 食物 17.0%

Source: OECD, China Statistics Yearbook, Australian Bureau of Statistics, IMF, World Bank, DFAT Note: Chinese savings rate is for urban residents.

22 | HIGHER VIEW BUSIN E S S

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CHARTS

图表

POPULATION 人口

POPULATION UNDER 15 15岁以下人口

13亿5千4百万

2,268万

POPULATION UNDER 15 15岁以下人口

POPULATION OVER 65 人口超过65岁

LABOUR FORCE 劳动力人数 CHINA 中国

POPULATION UNDER 15 15岁以下人口

AUSTRALIA 澳大利亚

9.0 14.4

787,632,272

POPULATION OVER 65 人口超过65岁

12,006,997

POPULATION OVER 65 人口超过65岁

Source: OECD, China statistics yearbook, Australian bureau of statistics, DFAT, the world bank

BIG MAC PRICE, 2013 巨无霸汉堡价 ($US 美元) CHINA 中国

MEDIAN AGE 年龄中位数

37.3

35.2

AUSTRALIA 澳大利亚

$2.74 $4.47

YEARS 岁

Source: OECD, China statistics yearbook, Australian bureau of statistics, DFAT, the world bank

GDP PER HEAD 人均GDP ($AU 澳元)

GDP PER HEAD, PPP 人均GDP, 购买力平价

CHINA’S TOP 5 PROVINCES / CITIES FOR OUTWARD FDI 中国对外投资金额最多的头五大省份／城市 2005 - 2010 ($US MILLIONS 百万美元)

($INTL)

CHINA 中国

$6,740

$9,828

PER HEAD 人均

AUSTRALIA 澳大利亚

0.40

ZHEJIANG 浙江

$69,400 $43,042 PER HEAD 人均

3.18

0.92

0.67

LIAONING 辽宁

SHANDONG 山东

4.80

4.95

GUANGZHOU 广东

1.84

SHANGHAI 上海

PER HEAD 人均

5.84

6.09 11.62

Source: OECD, China Statistics Yearbook, Australian Bureau of Statistics, DFAT, The World Bank, The Economist

Source: MOFCOM. Shanghai 2020 by Kerry Brown.

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H I G H E R V I EW B U SINE SS | 23

CHARTS

图表

CHINA’S TOP 10 IMPORTS SOURCES 中国十大进口来源, 2013 ( $US MILLIONS 百万美元)

220,000

E.U. 欧洲 #1

199,600

ASEAN 东盟 #2

183,100

SOUTH KOREA 南韩 #3

162,300

JAPAN 日本 #4

156,600

TAIWAN 台湾 #5

152,500

U.S. 美国 #6

75,700

AUSTRALIA 澳大利亚 #7

39,600

RUSSIA 俄罗斯 #8 INDIA 印度 #9

17,000

HONG KONG 香港 #10

16,200

Source: DFAT; national bureau of statistics, China; China customs Note: Australian figures are for 2012-13

CHINA’S EXPORTS TO E.U. AND ASEAN 中国到欧盟及东盟的出口额, 2013

NO.1

NO.2

NO.3

NO.4

$394,800

$368,400

$339,000

$244,100

HONG KONG 香港

U.S 美国

MILL.百万美元

E.U. 欧盟

ASEAN 东盟

MILL.百万美元

FDI IN CHINA, NON-FINANCIAL SECTORS 外商在中国的直接投资，非金融部门, 2013 ( $US MILLIONS 百万美元)

MANUFACTURING 制造业

45,550

REAL ESTATE 房地产

28,800

WHOLESALE & RETAIL TRADE 批发及零售业

11,510

LEASING AND BUSINESS SERVICES 租赁及商务服务业

10,360

TRANSPORT, STORAGE & TELECOMMUNICATIONS 运输，仓储及邮电业

4,220

INFORMATION, COMPUTER SERVICES 信息，计算机服务业

2,880

ELECTRICITY, GAS & WATER 电力，燃气及水业

2,430

AGRICULTURE, FORESTRY & FISHING 农业，林业和渔业 HOUSEHOLD, OTHER SERVICES 家用，其他服务业

1,800 660 Source: National Bureau of Statistics

24 | HIGH ER VIEW BUSIN E S S

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CHARTS

图表 GDP PER CAPITA, PPP 人均国内生产总值，购买力平价 ($US 美元)

LIFE EXPECTANCY 预期寿命

CHINA 中国

AUSTRALIA 澳大利亚 CHINA 中国

40,000 35,000 30,000 31,939

32,525

33,024

33,756

34,425

34,359

34,620

35,052

35,668

MALE 男性

25,000

15,000 10,000 5,000 3,218

2005

4,114

4,611

2006

2007

5,238

5,712

6,206

2008

2009

2010

7,417

6,819

7,927

2011

2012

2013

FDI COMPARED, NET INFLOWS 外商投资比较，资金净流入 ($US BILLIONS 万亿美元) CHINA 中国

AUSTRALIA 澳大利亚

300

280

250

253

243

200 156 104

100

131

124

2004

2005

LABOUR PARTICIPATION RATE 就业人数比例

LABOUR PARTICIPATION RATE 劳动参与率

-24 -50

FEMALE 女性

LABOUR PARTICIPATION RATE 劳动参与率

171 150

80 84 MALE 男性

Source: World Bank, Tradingeconomics.com

FEMALE 女性

AUSTRALIA 澳大利亚

20,000

74 76

2006

2007

2008

2009

2010

2011

2012

Source: National Bureau of Statistics

SHAREMARKETS COMPARED, MARKET CAPITAL 股市场比较，市场资金 ($US BILLIONS 万亿美元) CHINA 中国

AUSTRALIA 澳大利亚

7,000 6226

6,000

5007

5,000

CITIES WITH 1M OR MORE PEOPLE 一百万以上人口的城市

171 CITIES WITH 1M OR MORE PEOPLE 一百万以上人口的城市

4762

4,000 3,000

1,000 0

776 639

2004

804 780

2005

1095

3697

1198

1286

2011

2012

2793

2226

2,000

3389

1298

1258

1454

CITIES WITH 1M OR MORE PEOPLE 一百万以上人口的城市

675

2006

2007

2008

2009

2010

Source: World Bank

商道

5 Source: OECD, China statistics yearbook, Australian bureau of statistics, DFAT, the world bank

H I G H E R V I EW B U SINE SS | 25

AGRIBUSINESS

农业产业经济

By Dr. Craig Emerson Illustration by Nils-Petter Ekwall

前景展望

PREMIUM PROSPECTS

Australia cannot be China’s food bowl, but it can help satisfy China’s growing appetite for top-quality food and wine

澳大利亚前贸易部长克雷格·埃默森表示，澳大利亚无法成为中国的粮仓，但它能帮助中国满足中国人对优质食品和葡萄酒不断增长的需求。

normous opportunities exist for commercial cooperation between Australian and Chinese businesses in the production, processing, distribution and sale of premium Australian food and wine. Yet that cooperation is still in its infancy and the number of successfully completed and implemented deals remains modest. Numerous conferences, seminars and private meetings have been held over the past few years confirming the size and scope of opportunities. But now the time has come to move from the conceptual to the practical by identifying and, wherever possible, removing the obstacles to successful transactions. A common misconception is that Australia has a vital role to play in meeting China’s food security needs. Another is that Australia can become the food bowl for Asia. Food security involves ensuring that the basic needs of a country’s population are met at affordable prices. In pursuing food security, China will concentrate its efforts on domestic production of staples such as rice and wheat for its 1.4 billion people. Imports of these grains are likely to constitute only a small proportion of domestic consumption. As to the food bowl claim, Australia’s present food exports are sufficient for the needs of around 60 million people. Even if they doubled over the next few decades, as seems feasible, Australia’s food exports would not be capable of

26 | H IGH ER VIEW BUSIN E S S

中

国和澳大利亚企业在生产、加工、分销和销售优质澳大利亚食品和葡萄酒方面存在巨大的商业合作机遇。然而，此类合作目前仍然处于萌芽阶段，成功达成并落实的交易尚不多。过去几年大量召开的会议、研讨会和非公开会议肯定了这类商机的规模和范围。而现在是时候从理论迈向实践，找出阻碍双方成功交易的障碍，并尽可能扫清这些障碍。澳大利亚前贸易部部长、经济咨询公司“克雷格埃莫森经济”的董事兼总经理、荣誉博士克雷格·埃莫森展望了中澳两国在农业产业经济领域深化合作的机遇。人们常有两种错误观念，一是认为澳大利亚在满足中国粮食安全需求中扮演着重要角色。二是认为澳大利亚有望成为亚洲的粮仓。粮食安全关系到确保一国人口的基本需求以合理的价格得到满足。在保证粮食安全问题上，中国将把精力集中在国内水稻、小麦等基本粮食作物的生产上，以解决14亿人的温饱问题。因此，这些谷物的进口总量可能只占国内消费总量的一小部分。至于“亚洲粮仓”的说法，澳大利亚目前的粮食出口量足以满足全球6千万人口的需求。即使澳大利亚粮食出口量在今后几十年里翻一倍，也不足以满足亚洲很大一部分人口的粮食需求。亚洲目前已有超过43亿人口，这一数字预计到2050年将超过51亿。然而，除区域人口增长外的另一大趋势也逐渐显现出来，那就是亚洲中产阶级的崛起。预计到2030年，亚洲的中产阶级消费者将超过31亿。其中随着中国经济发展和城市化进程的推进，消费者对乳制品、牛肉、海产品和羊肉等高

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农业产业经济

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H I G H E R V I EW B USINE SS | 27

AGRIBUSINESS

农业产业经济

China is not only Australia’s largest trading partner, but also the largest trading partner of approximately 123 economies, many of which are competitors for agricultural trade and investment, including New Zealand (KPMG and University of Sydney 2013)

meeting the dietary needs of a significant proportion of the population of Asia, which is already more than 4.3 billion people and is projected to exceed 5.1 billion by 2050. But a second trend beyond regional population growth has been emerging: the rise of the middle classes of Asia, which are expected to number more than 3.1 billion consumers by 2030. In particular, as China’s economic development and urbanisation continues, consumers will increasingly demand higher-protein food sources such as dairy products, beef, seafood and sheep meat. And as Chinese incomes continue to rise, so will demand for wines and other high-value beverages. Here is where Australia’s big opportunity lies: in the production, processing and distribution of premium food, wine and other beverages. But Australia faces stiff competition and its share of the premium produce market in China has been falling. Australia has competitive strengths in supplying China’s demand for premium produce, including an abundance of arable land, an unsurpassed reputation for producing safe, clean, green food, a record of farmer innovation and adaptability to changing climatic conditions, a strong economy and stable political system and a transparent legal system. However, Australia also has competitive weaknesses, including vulnerability to drought, a high cost structure, an ageing farming population and associated rural labour shortages, and fragmentation of prime agricultural landholdings. Remedying those weaknesses, including through farm consolidation, modernising and expanding food processing capacity and upgrading and expanding storage and transport infrastructure, will require large sums of foreign

60m 万

中国不仅是澳大利亚最大的贸易伙伴，还是全球大约123个经济体最大的贸易伙伴，其中有许多经济体是澳大利亚在农业贸易和投资领域的竞争对手，其中新西兰。[摘自毕马威（KPMG）和悉尼大学（University of Sydney）2013年发布的报告，第一页]

Australia faces stiff competition and its share of the premium produce market in China has been falling 2 8 | HIGHER VIEW BUSIN E S S

6000

Australia exports enough to feed about 60 million people. Even if Australia’s food exports double in coming decades, which is likely, they will still fall well short of meeting the needs of Asia’s 4.3 billion people. 澳大利亚目前的粮食出口量足以满足全球6千万人口的需求。

蛋白食物的需求将日益上涨。此外，随着中国居民收入的持续提高，人们对葡萄酒和其他高价值饮料的需求也将上升。这也就是澳大利亚重大机遇的所在：生产、加工和分销优质食品、葡萄酒和其他饮料。而在这些领域，澳大利亚面临的竞争形势严峻，澳在中国优质农产品市场的份额一直在下降。澳大利亚在满足中国市场优质农产品供应上是有竞争优势的，具体表现在：耕地广阔；食品安全、卫生、绿色环保的声誉无以伦比；农民勇于创新，能够适应不断变化的气候环境；国内经济强健，政治体制稳定，法律制度透明。但是澳大利亚也有竞争劣势，具体表现在：旱灾频发；农业成本结构高；农业人口老龄化以及由此引发的农村劳动力短缺；优质耕地分散。弥补这些劣势的方法包括：合并农场；提高食品加工产能和现代化程度；升级并扩建仓储和运输基础设施。这些都需要大量的外商投资。据估计，从现在到2050年，澳大利亚将需要1万亿澳元来开发其农业生产潜能，以实现其对亚洲对优质农产品需求的供应。然而外商投资澳大利亚农业用地还颇有争议，收购现有加工和分销企业的机会也已穷尽，农村基础设施潜在的本土合资人，如养老基金管理人等也很难游说。优质农产品价值链的不同环节，即食品生产、加工和分销需要考虑不同的投资方式。中国对澳大利亚农田的投资很少，对优质农业用地的投资更是微乎其微。中国投资有机会进入澳洲北部地区的租赁牧场，少数股权投资可以参与到农场合并的进程中来，南部地区已经展开了这样的合作。此外，与农场签订承购协议，在当地加工后出口到中国，这种方法也呈现出巨大的商业潜力。大多数澳大利亚的食品和饮料加工企业都是外商独资或外资控股，所以中国投资者买断收购的机会有限。但在对包括乳品企业在内的新建加工设施投资，尤其是通过那些已经在中国建立了分销网络的企业进行投资，中国拥有显著的商业潜能。中国资本还有潜力进入农村仓储和物流基础设施建设。参与投资农村基础设施升级改造是符合中国利益的，因为

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investment. It is estimated that Australia will require $1 trillion between now and 2050 to meet its potential to supply Asia’s rising demand for premium produce. Yet foreign investment in Australian farmlands is controversial, most of the opportunities to buy existing processing and distribution companies have been exhausted and potential local co-investors in rural infrastructure, such as superannuation fund managers, are difficult to persuade. Different investment vehicles will need to be considered for the different parts of the premium produce value chain: food production, processing and distribution. Chinese investment in Australian farmlands is minimal and in prime agricultural land it is negligible. Opportunities exist for Chinese investment in leasehold rangelands in northern Australia and for minority equity investment to assist in the farm consolidation process already underway in southern parts of Australia. Farm off-take agreements for local processing and export to China appear to have strong commercial potential. Most of the Australian-based food and beverage processing operations are already fully or substantially foreign-owned. Opportunities for outright purchase by Chinese investors appear limited. But there is clear commercial potential for Chinese investment in greenfield processing facilities, including in dairy, especially by those businesses with established distribution networks in China. Potential exists for Chinese equity participation in rural storage and transport infrastructure. It would be in the interests of China to assist in the funding of rural infrastructure upgrades, since some of the benefits of lower costs would be passed on in the form of lower delivered prices in China. On a grander scale, the Australian government is advancing thinking, through the preparation of a Northern Australia White Paper, on opening up arable but under-utilised land in northern Australia for premium food production. This would require major investments in water catchment and distribution infrastructure in order to retain for agricultural use a greater proportion of the very heavy seasonal rainfall in the north.

降低成本可以降低产品的成交价格从而使中国收益。宏观层面，澳大利亚政府高瞻远瞩，通过起草《澳大利亚北部白皮书》，将澳大利亚北部地区可耕种但未充分利用的土地开放用于优质食品生产。这就需要大量投资建设蓄水和供水基础设施，将北部雨季大量的降水储存起来，用于农业生产。中国的粮食供给和需求从20世纪90年代中期开始，中国的耕地总面积已经从1.3 亿公顷下降到了1.2亿公顷。与此同时，中国耕地的质量也有所下降，大约70%的耕地是低产农田。中国的人均可用淡水资源只有世界平均水平的四分之一，且总体水质也在下降。中国虽然在基础粮食（小麦、水稻和粗粮）自给自足方面达到了很高的水平，但其他农产品的可用土地减少，导致这些农产品更加依赖进口。根据中国实现粮食自给自足的政策，预计今后十年内中国将依旧保持很高的小麦自给率。中国的农村人口从1992年的峰值8.44亿跌落到了2012年的6.95亿，净减少1.5亿。联合国预测中国农村人口到2022 年还将持续减少1个亿。中国城市居民的平均收入是农村居民的三倍左右。中国城市居民人均消费的肉类、蔬菜和乳制品数量也远远大于农村居民。因此，中国未来的食品进口需求更多的是牛肉、羊肉、乳制品、糖和植物油。由于奶牛数量急剧增长，中国还将会寻找饲料来源。进口高粱和优质干草的需求，如紫花苜蓿都将迅速增长。中国的富人和日益壮大的中产阶级人群正在消费越来越多的中高档葡萄酒。2013年，中国成为世界上最大的红酒消费国，过去5年的葡萄酒消费量增长了 136%。中国进口商和投资商对澳大利亚农业的兴趣源于市场对优质食品的需求，而不是出于想要保障国内粮食安全。

CHINA’S FOOD SUPPLY AND DEMAND Since the mid-1990s China’s total land area under cultivation has declined from around 130 million hectares to just over 120 million hectares. At the same time, the quality of cultivated land has deteriorated, with an estimated 70% of China’s land under cultivation being low-yield farmland. China’s per capita fresh water resource availability is only one-quarter of the world’s average and overall water quality has also been declining. China has achieved a very high level of self-sufficiency in basic grains – wheat, rice and coarse grains – but in doing so has become more import-dependent for a range of other agricultural products that compete with basic grains for land. China is 商道

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expected to maintain very high levels of self-sufficiency in wheat over the next decade, in accordance with its policy of achieving self-sufficiency in grains. China’s rural population fell from 844 million at its peak in 1992 to 695 million in 2012, a net decline of 150 million people. UN population projections are for a further decline of 100 million by 2022. Average income of urban dwellers in China is around three times that of rural dwellers. China’s urban dwellers consume much larger quantities of meat, vegetables and dairy products per person than rural dwellers. China’s future food import demand therefore will increasingly be in beef, sheep meat, dairy products, sugar and vegetable oils. China will also be looking for sources of feed for its rapidly expanding dairy herds. Sorghum imports will rise rapidly, along with imports of high-quality hay such as alfalfa hay. Wealthy Chinese and China’s growing middle-class population are consuming increasing volumes of mid-range and high-quality wine. In 2013 China became the world’s biggest consumer of red wine, consumption having grown by 136% over the previous five years. Chinese importer and investor interest in Australian agriculture is being driven not by a desire to attain food security, but by market demand for premium-quality food. AUSTRALIA’S FARMING POSITION Australia’s primary food production industry comprises more than 135,000 farm businesses, of which 99% are Australian-owned. Agriculture employs more than 300,000 people. The majority of Australian farms are small, 55% of them with an estimated value of agricultural operations of less than $100,000 per annum, and just 7,700 farms, or 6%, having an estimated value of agricultural operations greater than $1 million per annum. Australia, however, has 100 massive farms each occupying more than half a million hectares.

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99%

Australia’s primary food-production industry comprises more than 135,000 farm businesses, of which 99% are Australian-owned. 食品加工业是澳大利亚规模最大的制造业，从业企业超过1.3万家，其中近99%是中小型企业。

澳大利亚能否满足中国日益增长的食品需求？食品和葡萄酒澳大利亚的主要粮食制造业有135千多家农场，其中99% 为澳大利亚人所有。农业就业人口超过30万。澳大利亚的大多数农场规模较小，据估计，其中55%的农场年产值不到10万澳元，只有6%，约7700家农场的年产值额超过了 100万澳元。但澳大利亚有100家占地面积超过50万公顷的大型农场。过去30年来，澳大利亚的农民数量减少了40%，剩余 15.7万左右，其原因是小农户纷纷把农田卖给了大规模农场，很少有年轻人接管家族的农场。农民的平均年龄为53 岁，而普通劳动力的平均年龄只有40岁。几乎四分之一的农民年龄超过了65岁，而在普通劳动力当中，这一比例只有3%。尽管农民周平均可支配收入比普通劳动力低了近 40%，但其平均净资产在130万澳元左右，比其他家庭的高出三倍以上。食品加工业是澳大利亚最大的制造业，有1.3万多家企业，其中几乎99%都是中小型企业。然而，澳大利亚最大的50家食品和饮料公司创造了将近四分之三的行业收入，而这些企业多数是跨国公司。澳大利亚有2000多家酒庄，60多个葡萄酒产区，是世界上第四大葡萄酒出口国。近年来，一些大型食品加工厂因为成本增加，澳元升值而停业。为了削减单位成本，很多现有食品加工厂升级加工设备和扩大生产规模的需求受到了货币升值和劳动力成本相对较高的阻碍，从而使得这些公司很难吸引到新投资。 2013年年初以来，澳元对美元贬值了13%左右，工资涨幅达到16年以来的最低水平。然而，澳元的持续贬值有助于食品加工业改善经营，从而吸引投资。澳大利亚的竞争优势中澳经济互补优势在中国经济发展以金属和能源密集型产业为主的时期就有所体现。随着中国经济过渡到“十二五规划”的下一个发展时期，经济发展将以日益增长的消费者需求为基础，发展成果将从沿海城市惠及内陆地区，中澳两国经济将继续发挥互补优势。对于澳大利亚来说，两个时期的区别在于，中国的开矿热潮持续了十年，而食品业的蓬勃发展可能持续几十年。德勤会计师事务所开发了一套严谨的研究方法，根据未来 20年的发展势头对全球20个产业进行排名，并将澳大利亚

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Australia’s foodprocessing industry is the country’s largest manufacturing industry

Over the last three decades the number of Australian farmers has declined by 40%, to around 157,000, as small farmers have sold up to large-scale farming businesses and fewer young people have taken over the family farm. The median age of farmers is 53 years, compared with 40 years for the general workforce. Almost one quarter of farmers are over the age of 65, compared with just 3% of the wider workforce. While the average weekly disposable income of farmers is almost 40% below that of the general workforce, their average net worth of around $1.3 million is more than three times the net worth of other households. Australia’s food-processing industry is the country’s largest manufacturing industry. It comprises more than 13,000 businesses, of which almost 99 per cent are small and medium sized businesses. However, Australia’s 50 largest 在这些产业中的竞争优势与其他国家进行比较后做了排序。 food and beverage companies, most of them multinational 综合评估产业的增长潜力和澳大利亚的竞争优势后，德勤 corporations, generate almost three-quarters of industry 的分析报告将农业产业认定为澳大利亚的最具发展潜力的 revenue. Australia has more than 2,000 wineries operating 行业：在20个全球产业中，这是澳大利亚未来发展前景数 in more than 60 wine producing regions. Australia is the 一数二的产业。 world’s fourth-largest exporter of wine. 尽管澳大利亚在农业产业具有竞争优势，但它并不是中 Faced with high costs and a strong currency, a number 国进口食品和葡萄酒的唯一潜在来源。巴西（牛肉和糖）、 of large food processing plants in Australia have closed in 美国（牛肉和葡萄酒）、新西兰（乳制品、羊肉和 recent years. To achieve reductions in unit costs, many 葡萄酒）、欧盟（牛肉、乳制品、糖和葡萄酒）、东欧 existing food processing facilities need to modernise their （乳制品）、泰国（糖）、智利和阿根廷（葡萄酒）都是澳 plants and increase scale, but have struggled under the 大利亚强劲的竞争对手。这些国家都在积极提高产能，以 weight of a strong currency and relatively high labour costs 供应迅速增长的中国市场。 to make a business case for this new capital investment. Since the beginning of 2013 the Australian dollar has 摘引 depreciated against the US dollar by around 13% and wage 中国不仅是澳大利亚最大的贸易伙伴，还是全球约123个 growth has slowed to its lowest rate in at least 16 years. 经济体最大的贸易伙伴。这些经济体中有许多是澳大利亚 However, further depreciation of the Australian dollar will 在农业贸易和投资领域的竞争对手，其中包括新西兰。 be necessary to improve the business case for new [毕马威和悉尼大学2013年报告，第一页] investment in food processing. 尽管澳大利亚生产的粮食有60%左右用于出口，但是它目前的总产量只能供应6000万人的需求，这还不到世界人 AUSTRALIA’S COMPETITIVE STRENGTHS 口的1%，亚洲人口的2%。澳大利亚的粮食出口仅占世界粮 Just as Australia and China have had complementary 食出口的 2%，在世界粮食出口国中位居16，也只是中国农 economies during China’s period of metals- and energy产品进口的第八大来源国。 intensive economic development, the two economies will be 在满足中国对优质食品，红酒和其他饮料日益增长 complementary as China makes the transition to its next 的需求上，澳大利亚的特质使得它与其他国家相比更 phase of development, based on rising consumer demand 有优势。澳大利亚和新西兰是全球领先的安全、卫生、 and spreading the benefits of growth from coastal cities to 绿色食品生产国。澳大利亚从来没有爆发过手足口病 inland regions, as set out in the 12th Five Year Plan. 和牛海绵状脑病（即疯牛病），也没有发生过肉类以次 The difference is that for Australia the China minerals 充好的丑闻。食品生产和加工设备都必须符合高规格且 boom lasted 10 years, whereas the food boom could last for 严格执行的卫生和安全标准。在世界经合组织2010年 decades. A rigorous methodology developed by Deloitte ranks 食品安全表现排名中，澳大利亚与丹麦和英国并列第一。 20 global industries according to their growth potential over the next two decades. It then ranks Australia’s competitive 摘引 strength in each of these industries compared with that of 在中国消费者的眼里，澳大利亚拥有“清洁绿色”的环 rival countries. By intersecting the two rankings of growth 境、优质的产品和品牌。[食品加工工业战略小组2012报 potential and Australian competitive strength, the Deloitte 告，第37页] analysis identifies agribusiness as the standout opportunity 澳大利亚政治环境稳定，主权风险低。其监管、法律和 for Australia: the number one future growth prospect for 司法体制公开透明。美国信用评级机构邓白氏在总共193个 Australia among 20 global industries. 国家中将澳大利亚列为一个安全可靠的投资目的地国，与 32 | HIGHER VIEW BUSIN E S S

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While Australia has competitive strength in agribusiness, it is not the only potential source of food and wine imports for China. Brazil (beef and sugar), the United States (beef and wine), New Zealand (dairy products, sheep meat and wine), the European Union (beef, dairy products, sugar and wine), Eastern Europe (dairy products), Thailand (sugar) and Chile and Argentina (wine) are strong competitors of Australia’s. These countries are aggressively increasing their capacity to supply the rapidly expanding Chinese market. AUSTRALIA’S COMPETITIVE WEAKNESSES Australia has a number of competitive disadvantages too. It is the driest inhabitable continent on earth. Most parts of rural Australia lack the water storage and distribution infrastructure to insulate them against drought, increasing the risk of supply shortages for Chinese importers. However, Tasmania and parts of Victoria and southern New South Wales have good access to irrigation water. Australia has a substantially higher wage structure than most of its rivals and can experience difficulty attracting skilled and semi-skilled workers to farming and food processing. While large sections of Australian farming are among the most efficient in the world, parts of the farming sector are unable to achieve economies of scale and lack the capital to modernise their production processes. Though generally better than developing competitor country infrastructure, Australia’s road, rail and port infrastructure is inadequate for transporting agricultural produce at low cost. These cost disadvantages are adversely affecting Australia’s competitiveness in higher-end food production, including against developed country competitors. While premium-quality Australian food can command premium prices, the relatively high cost of producing and transporting them to market affects the commercial

加拿大、挪威、瑞士并列第一。三大国际评级机构对澳大利亚的信用评级都是AAA且稳定。澳大利亚是世界上设立企业难度第二低的国家。在美国传统基金会和《华尔街日报》的经济自由度指数排名中，澳大利亚位居第三，仅跟香港和新加坡，领先于瑞士、新西兰和加拿大，远远超过美国、日本、以及德国等大多数欧洲其他国家。澳大利亚农民没有大量的政府补贴，因而被中国进口商和投资者视为效率高，创新意识强，能够适应在旱灾频发、气候变幻无常的地区进行农业作业。澳大利亚在地理位置上比南美洲和非洲更靠近中国，其基础设施总体比发展中国家先进，因此与许多竞争者相比，具有运输成本优势。澳大利亚的竞争劣势澳大利亚也有一系列竞争劣势。澳洲是地球上可居住大陆里最干旱的。大多数农村地区缺少蓄水和供水基础设施来抵御干旱，对中国进口商来说就增加了供应短缺的风险。不过，塔斯马尼亚地区、维多利亚部分地区和新南威尔士地区都拥有充足的灌溉水源。与大多数竞争对手国家相比，澳大利亚的薪资结构很高，可能难以吸引从事农业和食品加工业的熟练和半熟练技工。虽然澳大利亚农业产业大部分都是全球最高效的，但是部分农业产业依然无法实现规模经济，并且缺乏实现生产流程现代化的资金。尽管澳大利亚的基础设施总体领先于发展中国家，但澳大利亚的公路、铁路和港口基础设施都无法实现低成本运输农产品。这些成本劣势削弱了澳大利亚在高端食品生产领域的竞争力，也影响了澳大利亚与发达国家竞争对手的比较优势。尽管优质的澳大利亚食品广受赞誉，但相对较高的生产和运输成本也使得产品出口到中国的商业可行性受到影响。许多优质产品的价值在于新鲜，所以必须采用航空运输，这就进一步增加了产品运输到终端市场的总成本。澳大利亚农业领域的外国投资外国投资案例由于食品，特别是优质食品的成本和长期价格随着需求商道

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Australia is recognised by Chinese consumers as having a ‘clean and green’ environment with good-quality products and brands (Food Processing Industry Strategy Group 2012, p.3). 在中国消费者的眼里，澳大利亚拥有

viability of exporting them to China. Many of these premium products are valued for their freshness and therefore must be transported by air, adding to the overall cost of getting them to final markets.

的增长而不断上涨，开发新的 “清洁卫生的绿色环境”、优质的产品和顶级的品牌。[摘自食品加工业战略供应源将更具经济意义。农产集团 2012（Food Processing 品采购者们希望优质、安全和 Industry Strategy Group 2012）第3 可靠的供应能够得到保障。这页］第37页样一来，生产者就需要进行新的投资。澳大利亚一直依靠外国资本满足其投资需求。国民储蓄不足以满足整个国家的投资需求，这一情况依旧如此。

FOREIGN INVESTMENT As the real, long-term prices of food, especially premiumquality food, continue to rise in response to rising demand, new sources of supply will become economically viable. Purchasers of this produce will want the maintenance of 摘引 high quality, safety and reliable supply. New investment 如果没有外国资本，澳大利亚的投资来源将仅限于国民 will be needed to meet these requirements. 储蓄，这样的投资结构产生的结果是生产下降、就业人数 Australia has always relied on foreign capital for its 减少、收入和税收降低。[摘自农村产业研究发展公司 investment needs. Now is no different; national savings （RIRDC）和农业资源经济科学局（ABARES）2011年发布 are inadequate for the country’s total investment needs 的报告，第一页] Australia also has more than $1.7 trillion in 澳大利亚的养老金总额超过1.7亿澳元，但管理养老金的 superannuation funds under management. 经理人对投资澳大利亚的农业产业并不感冒。 However, superannuation fund managers have 中国主权财富基金经理指出，澳大利亚的养老基金经理 not favoured investing in Australian agribusiness. 倾向于加大基金的流动性，提高其竞争力，创造更高的短 Chinese sovereign wealth fund managers point out that 期收益。这将阻碍澳大利亚退休基金与中国投资有限责任 superannuation fund managers tend to shift funds around 公司（China Investment Corporation，简称中投）等中 in competition with other fund managers in an effort to 国主权财富基金的合作。中投正在计划收购澳大利亚农业 produce superior shorter-term returns. This militates 企业的少数股权，寻求长期的投资机会。 against cooperating with China’s sovereign wealth funds 澳大利亚的农业产业有一部分是非常高效的，采用的也 such as China Investment Corporation (CIC), which is 是最先进的设备和作业方法。但其余的部分，尤其是中小 seeking long-term investment opportunities as minority 型企业占主导地位的农业产业没有最先进的设备和技术。 shareholders in Australian agribusiness ventures. 但这些企业能够在满足全球对优质食品和饮料日益增长的 Parts of Australian agriculture are highly efficient 需求方面发挥重要作用。 and utilise the most modern equipment and practices. 据澳新银行（ANZ Bank）估计，到2050年，澳大利亚 However, other parts, especially where small and medium 将需要1亿澳元的投资，用于发展涉农产业。国内资本不会 sized enterprises dominate, do not have access to the most 成为如此巨额的投资的主要来源。因而澳大利亚需要吸引 modern equipment and techniques, but could play an 大量的外国投资。 important role in meeting the increasing global demand for premium-quality food and beverages. ANZ bank has estimated Australia will require $1 trillion in additional agribusiness funding to 2050. That massive amount of finance will not come primarily from domestic sources; large amounts of foreign investment will be needed. SEIZING OPPORTUNITIES Australia has been assessed as having a comparative advantage in the production of beef, sheep meat, dairy products, wine and wheat. New Zealand is an especially strong competitor in most of these products, though it faces land availability constraints in seeking to greatly expand output of some of these products. As China continues to pursue self-sufficiency in basic foods, it will be looking to other countries for imports of premium-quality foods. Under plausible assumptions, the real value of Australia’s food exports could be 140% greater in 2050 than in 2007, driven by increases in exports of beef, sheep meat, dairy products and sugar. Competition, however, will be intense. Australia has been losing market share to rivals 商道

$600b 6,000亿

Between now and 2050, about $600 billion in additional capital will be needed to generate growth and profitability in Australian agriculture. 从现在到2050年，由于老龄化农民要为下一代接班人奠基，将另需约6000亿澳元的资金以支持澳大利亚农业的增长和盈利。此外还需4,000亿澳元用来支持农场的营运。

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Indonesia, France and New Zealand have raised their share of China’s food imports. Australia’s has fallen in the quest to meet China’s rapidly growing demand for premium food and beverages. In recent years, France has more than trebled its share of China’s food imports from 2% to 7%, New Zealand has sharply increased its share from 2% to 8% and Indonesia has increased its share from 2% to more than 13%. In contrast, Australia’s share has halved from 6% to 3%. Based on market feedback, the greatest interest shown by Chinese food businesses is in Australian suppliers of: milk powder and dairy products; seafood such as live lobster and abalone; fresh fruit; frozen red meats; grains such as wheat, barley and rice; wine and beer; fruit juice; convenience and ‘instant’ foods and; confectionary and snack products. This list is by no means exhaustive. Chinese importers are seeking premium-quality chilled beef, such as Wagyu and Angus beef. Chinese dairy producers wish to import large quantities of alfalfa hay to mix with sorghum as feed for their herds. Chinese demand for dairy breeding cattle continues to grow strongly.

农业产业经济

摘引从现在起到2050年，澳大利亚农业的持续增长和盈利需要的资金支持约6000亿澳元。此外，由于农民老龄化，新老更替还需4000亿澳元促进农场营业额的增长。（澳新银行2012年报告，第三页）抓住机遇未来的商机评估显示，澳大利亚在牛肉、羊肉、乳制品、葡萄酒和小麦的生产领域拥有比较优势。尽管土地面积有限，无法大幅增加产量，新西兰仍是一个实力强大的竞争对手。中国在继续推进基本粮食自给政策的同时，必将放眼其他国家寻求优质食品的进口。据可靠推测，到2050年，受牛肉、羊肉、糖和乳制品出口增长的影响，澳大利亚的实际粮食出口额是2007年的 1.4。然而，竞争也会更加激烈。目前，中国对优质食品和饮料的需求正急剧增长，澳大利亚在这一竞争中的市场份额也在下降。近年来，法国食品在中国的市场份额从2%上升到了7%，增幅超过了三倍；新西兰食品的份额从2%飙升到了8%；印度尼西亚食品的份额从2%激增到了13%以上。与此形成鲜明对比的是，澳大利亚食品的市场份额骤降了一半，从6% 减少到了3%。根据市场的反馈，中国食品企业最感兴趣的澳大利亚农产品包括：奶粉和乳制品；海鲜，如活龙虾、鲍鱼；新鲜水果；冷冻红肉；谷物，如小麦、大麦和水稻；葡萄酒和啤酒；果汁；方便食品和“即食”食品以及糕饼和零食。这个清单是列举不完的。中国进口商正在寻购优质的鲜冻牛肉，比如和牛牛肉、安格斯牛肉。中国乳制品生产商希望进口大量的紫花苜蓿干草，与高粱混合作为牲畜饲料。中国对乳业奶牛的养殖需求仍强劲增长。其他投资方式为满足中国对优质食品和饮料的需求，中澳两国的企业之间可通过多种形式建立合作关系。在评估其他投资方式时，需要将澳大利亚农产品供应链的三个环节，即生产、加工和分销分开考虑。最具商业吸引力的投资方式会因投资阶段不同而有所不同。

FOOD PRODUCTION A variety of commercial arrangements are available for cooperation between Chinese and Australian businesses in meeting China’s demand for premium-quality food and beverages. When evaluating alternative investment vehicles, it is useful to look separately at three stages in the supply chain of Australian agricultural produce: production, processing and distribution. The most commercially attractive investment vehicles might vary according to the stage under consideration. Few sources of new equity capital are available to Australian farmers and Australian farm debt levels are already high. Domestic fund managers continue to underinvest in Australian agriculture for a combination of reasons including a lack of industry knowledge, 36 | HIGHER VIEW BUSIN E S S

40%

Over the past three decades, the number of Australian farmers has declined by 40%, to about 157,000, as small farmers have sold up to large-scale farming businesses and fewer young people have taken over the family farm. 过去30年来，澳大利亚的农民人数降低了40%，减少到了15.7 万左右，这是因为，小农户纷纷把农场卖给了大规模涉农企业，很少有年轻人继承家族的农场。

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perceived risks, long lead times and poor performance of listed companies. Full foreign ownership of agricultural land might appear to offer the greatest certainty to Chinese investors, providing complete control over decision making to the owner. However, it has drawbacks. Purchasing large tracts of prime agricultural land would inevitably create community and political controversy. Community perceptions about foreign businesses leasing agricultural land are much more benign than those of full foreign ownership. It is not widely appreciated that 50% of the entire land area of northern Australia is actually leasehold while only 6% is private freehold land. Leasehold is a very secure form of tenure, with lease terms of 99 years including assured rights of renewal. To illustrate, the awarding of the Ord River Stage 2 irrigation development in Western Australia to the property developer Shanghai Zhongfu in 2012 was based on a 50-year lease. Freehold, as a form of land tenure, is much more prevalent in southern Australia. Chinese businesses taking substantial minority or 50% equity positions in businesses acquiring prime agricultural land would generate considerably less public controversy than full ownership. These realities point to a consideration of less conventional investment vehicles for prospective Chinese investors. They could include partnering with major Australian-based agribusinesses and with regional landholders through a combination of equity participation and off-take agreements. Over the longer term, the process of farm consolidation, already well underway, will provide new opportunities for aggregation.

食品生产澳大利亚农民可获得的新权益资本并不多，而澳大利亚农场的债务水平已然很高。国内基金经理对澳大利亚农业的投资仍然不足，其原因包括缺乏行业知识，对风险的认识不足，投资周期长以及上市公司业绩不佳。对于中国投资者而言，全资拥有农业用地似乎是最有保障的投资方式，投资者有全权决策权。但全资投资也有不利的方面。大面积收购优质农业用地将不可避免地引起社区和政治争议。社区民众对外商租用农业用地比较认可，而对外商独资则比较反感。大多数投资人并不了解，澳洲北部50%的土地是租赁的，只有6%属私人所有。租赁是很有保障的土地所有形式，租约期最长可达99年，可续约。例如，地产开发商上海中福公司取得澳大利亚西部奥德河灌溉计划（Ord Irrigation Scheme）二期工程的开发项目，这一项目的土地租赁权就是50年。永久产权作为一种土地所有形式，在澳大利亚南部更普遍。中国企业在收购优质农业用地时，如果选择持有50% 或者低于50%的产权，可以避免全资收购产生的社会争议。也就是说，中国的潜在投资者可以考虑采用一些非传统的投资方式，比如将资本投资和承购协议结合起来，与澳大利亚大型农业企业和地区土地所有者合资。从长远的角度看，农场合并的推进将为集大成的合作带来新的机遇。一旦达成承购合约，中国食品采购商将与当地农民或者农民合作社形成长期合约协议，并根据双方商定的采购价格购买农产品。中方合伙人将提供资金来源，促进农场实现现代化，并根据具体需求参与推进农场的合并。中国投资者寻求的是优质农产品的长期供应，进口农产品并在中国国内销售。他们对农产品承购协议的可靠性表示担忧。产品供应必须有保障，从而确保投资人履行在中国的合同义务。在澳大利亚的部分地区，煤矿和天然气开采公司并不完

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Off-take agreements would involve Chinese food purchasers entering into long-term contractual arrangements with groups of local farmers, possibly including farmer cooperatives, to purchase produce on the basis of an agreed pricing formula. The Chinese partner could be a good source of finance for farm modernisation and, where desired, farm consolidation. Prospective Chinese investors seeking to secure long-term supplies of premium produce for importation and distribution in China have expressed anxiety about the reliability of off-take agreements. They would want security of supply to meet their contractual obligations in China. In some parts of Australia mining and coal seam gas companies have purchased large areas of rural property instead of relying solely on reaching access agreements with landowners, enabling them more readily to undertake their mining or gas development activities. Coal seam gas companies in Queensland already hold title to large areas of farmland, with further major acquisitions expected to come. Since these properties have been acquired for extractive purposes, and since they are interspersed with properties on which access agreements have been reached with existing landowners, the holdings are not necessarily contiguous. Consequently, a consolidation task is required if the efficiency of food-producing operations is to be optimised. Chinese investors in food production might consider entering into joint venture arrangements for farming or grazing on these properties and settle off-take agreements with coal seam gas companies. Produce might include beef and stock feed for importation into China.

Investors want security of supply, to meet contract obligations in China 全依赖和土地所有人达成的租赁协议，而是通过收购大片农业用地的方式保证煤矿和天然气的开采活动的正常进行。昆士兰的煤矿天然气公司已经取得大片农田的所有权，并且还在继续大面积收购农业用地。由于这些土地是因资源开采需要而被收购的，与部分已和现有土地所有者签署了土地使用租赁协议的土地混在一起，这就使得整片土地所有权并不连续。因此，要想最大限度地提高食品生产的效率，就需要将分散的土地合并起来。进军食品生产领域的中国投资者可以考虑建立合资企业，利用这些土地资源进行耕种和放牧，同时与煤矿天然气公司达成承购协议。进口到中国的农产品可能包括牛肉和牲畜饲料。食品加工近年来，越来越多的中国企业进入澳大利亚，在大规模食品加工领域寻求贸易和投资合作伙伴。牛肉、羊肉、乳制品、葡萄酒和糖是投资人所青睐的领域。澳大利亚大多数的大型食品加工企业都是外资企业。2013年下半年，国

TOP 8 AUSTRALIAN FOODS EXPORTS TO CHINA 澳大利亚出口到中国的8种主要食物 ( $AU MILLIONS 百万澳元)

2008-09 457

2009-10

2010-11

2011-12

2012-13

453

408 356

350

344

311 276 242

234

115 52 59

BEEF 牛肉

WHEAT 小麦

3 8 | H IGH ER VIEW BUSIN E S S

179

149

144

23 27

210

191

189

BARLEY 大麦

101 95

145 95

145

141 113 89

110 109

100

134 126

0.8

OIL SEEDS, FRUITS 油料种子及水果

MEAT

(EXCL BEEF)

肉类

(不包括牛肉)

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ALCOHOLIC BEVERAGES 酒类

MILK, CREAM 牛奶及奶油

LIVE ANIMALS 活动物 Source: DFAT

AGRIBUSINESS

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Without foreign capital inflows, investment in Australia would be limited only to that provided by domestic savings, resulting in lower production, employment, income and taxation payments (RIRDC and ABARES 2011, p. 1) 没有外国投资的流入，澳大利亚的投资来源际企业围绕乳制品生产商将仅限于国民储蓄，进而导致生产产量、就瓦伦堡干酪奶油公司业人数、国民收入和税收全面降低。[摘自农村产业研究发展公司（RIRDC）和农业资（Warrnambool Cheese 源经济科学局（ABARES）2011年发布的报 and Butter）展开了一场告，第一页] 激烈的竞购战。这说明投资者对于优质的食品加工企业有着浓厚的兴趣，也说明这样的企业资源稀缺。

$519m 5.19亿

Warrnambool Cheese and Butter sold for this tidy sum in 2013. International bidders are willing to pay a premium for high-quality food processing assets, and dairy is an attractive industry for Chinese investors. 2013年下半年，国际企业围绕乳制品生产商瓦伦堡干酪奶油公司展开了一场激烈的竞购战。这说明了投资者对于优质的待售食品加工资产抱有浓厚的兴趣，也说明这样的资产极其稀少。

FOOD PROCESSING In the last couple of years there has been a big increase in Chinese companies visiting Australia in search of attractive trade and investment partners in large-scale food processing. Their preference is in beef, sheep, dairy, wine and sugar. Most large food processing companies operating in Australia are already foreign owned. Fierce international bidding for the dairy processor Warrnambool Cheese and Butter in the second half of 2013 demonstrates both the high level of interest in and scarcity of premium food processing assets for sale. Smaller food processors, such as local dairies and fruit and vegetable producers, could benefit from equity injections to modernise their operations. However, it is unlikely that Chinese businesses would want to invest in very small operations, seeking instead to attain critical mass and improved efficiency of operations through a process of aggregation. Tasmania and Victoria have high-quality dairy potential and after a period of contraction dairy is expanding again in New South Wales. Tasmania has relatively high rainfall, together with a system of large and smaller water catchment structures and irrigation infrastructure. There might also be opportunities in Western Australia, which is closer to China than the eastern states. It is expected that Chinese investment will eventually seek to follow the lead set by Shanghai-based Bright Foods and move into the food company sub-sector where profit margins are attractive and stable. Australian partners are most likely to benefit from cooperation with Chinese companies that can provide access to the Chinese market through integrated value chain operations. An alternative to acquiring existing food processing operations is for Chinese businesses to invest in new

摘引中国新希望投资基金（New Hope Investment Fund）对基尔科伊肉类加工公司（Kilcoy Meat Processing）的投资是一个强有力的信号，这表明中国投资者对食品加工环节的兴趣浓厚，而对收购用于初级生产的农业用地和农业生产业务的兴趣则不然。（毕马威和悉尼大学2014年报告，第七页）规模较小的食品加工企业，比如当地的乳制品、水果和蔬菜生产商能从投资合作中受益，实现现代化经营。但中国企业不大可能投资小规模企业，而是会通过整合寻求临界点，提高运营效率。塔斯马尼亚和维多利亚地区的优质乳制品业发展潜力巨大。新南威尔士地区的乳制品业曾经一度不景气，但随后又重整旗鼓，迅速发展起来。塔斯马尼亚地区降雨量相对较大，且拥有一套大型和小型蓄水和灌溉基础设施。澳大利亚西部地区也有投资机会，且与东部各州相比，离中国更近。有预测表明，中国投资者会效仿上海光明食品集团，进军食品行业的子行业，寻求可观且稳定的利润。有中国企业能通过整合价值链为澳大利亚企业提供中国市场准入，如果能和这样的中国企业建立合作，对澳大利亚的企业是有利的。除了收购已有的食品加工业务以外，中国企业还可以投资新的食品加工产业。绿地投资的优势在于新的产能将整合应用最先进的技术和管理实践。并且，这种绿地投资不

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food processing capacity. The advantage of greenfield investment is that the new capacity would embody the latest technology and management practices. Further, it would not be seen to be diverting food from existing uses. Investing in greenfield processing capacity could be an ideal vehicle for dairy in particular. Australia’s beef processing and cold storage facilities accredited by China’s quarantine authorities enjoy a good reputation for food safety in China. Although labour costs are much higher in Australia, Chinese importers of high-quality beef have preferred that processing take place in Australia so that the safe, clean, green, seal of approval can be used as a marketing advantage. One future possibility is for early- stage processing to occur in Australia with the preparation of individual cuts being done in a new Australia-China processing facility within the Shanghai Free Trade Zone. Chinese investment in the Australian wine industry is already under way. Australia is already the world’s second largest bottled wine exporter to China and the largest exporter of higher-priced wine.

FOOD DISTRIBUTION If Australian food producers are to be competitive in supplying the Chinese and global markets, the distribution systems within Australia and the export facilities will need to be modern and efficient. Australia’s road and rail transport systems need upgrading and airport infrastructure may need expanding if large quantities of fresh and chilled produce are to be air freighted to China. In addition to prospective investment in farmland and agribusiness, Chinese investors are interested in partnering with strong Australian businesses to develop commercially viable infrastructure projects, from rural infrastructure through to domestic storage and transport to export facilities. It is important that Australian suppliers of premium food and beverages recognise the desire of Chinese importers to have significant influence on the supply chain, from production through to processing and distribution. Reliability of supply is essential, rather than using China as an opportunistic overflow market. Chinese investment in Australian food distribution infrastructure offers not only the prospect of commercial returns and greater reliability of supply, but it can also result in cost savings that are shared up the value chain and reflected in the delivered price of Australian produce.

农业产业经济

The China-New Zealand trade deal signed in 2008 leaves Australia at a disadvantage 会改变食品的本来用途。尤其对于乳制品企业，新建投资是一个理想的投资方式。澳大利亚的牛肉加工厂和冷藏厂通过了中国检疫部门的认证，在中国拥有良好的食品安全信誉。尽管澳大利亚的劳动力成本较高，中国优质牛肉的进口企业依然倾向于在澳大利亚完成加工流程，以保证产品的安全、卫生、绿色环保和密封合格，而这正是澳大利亚农产品的营销优势。未来可能的一种合作方式是，牛肉的早期加工在澳大利亚完成，然后运输到上海自由贸易区，在中澳合资的新建加工厂内切割。目前，中国资本已经进入澳大利亚葡萄酒业。澳大利亚已经成为中国第二大瓶装葡萄酒进口国，也是世界最大的高档葡萄酒出口国。食品分销澳大利亚的食品生产企业要想保持竞争力，成为中国乃至全球市场的供应商，就必须实现分销系统和出口设施的现代化和高效运转。澳大利亚的公路和铁路运输系统需要升级改造。要想将大量的新鲜和冰鲜食品空运到中国，机场的基础设施也需要扩建。除农田和农业产业外，中国投资者还有意与澳大利亚实力雄厚的企业合作开发具有商业

MORE ALTERNATIVE INVESTMENT VEHICLES Though it is still at its early stages, on-line purchases by Chinese consumers of premium Australian food and beverages appear to have great potential. One approach already being used is to import product into the Shanghai Free Trade Zone and distribute orders to customers from there. 40 | HIGHER VIEW BUSIN E S S

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农业产业经济

Meanwhile various proposals have been made for the large-scale development of northern Australia for food production. In 2012 the previous Australian government released the report of a study commissioned by Australia’s Trade Minister and China’s Commerce Minister. The report, Feeding the Future, has a strong focus on northern Australia, identifying the development of water and soil resources in northern Australia as having great potential. Australia’s Minister for Trade and Investment, Andrew Robb, has been advocating for some time the development of arable land in northern Australia for the production of premium food for export. Robb points out that 60% of Australia’s rain falls in the north, but only about 2% of this is captured and used, while the CSIRO has found that up to 17 million hectares across the north are potentially suitable for agriculture because of the region’s arable soil. Robb argues that “capitalising on these opportunities will require a strong policy platform across key areas including governance, population, land use and access as well as improved core infrastructure and water assets. Government leadership and private-sector initiative and investment are essential.” The previously mentioned successful bid by Shanghai Zhongfu in 2012 for the right to develop Ord River Stage 2 through a 50-year lease of farmland is an early indication of the potential for Australia-China cooperation in northern Australian agriculture. The Australian government is working with the governments of Western Australia, the Northern Territory and Queensland on a Northern Australia White Paper scheduled for release in the first half of 2015. AN AUSTRALIA-CHINA TRADE DEAL Australia and China appear to be within reach of finalising a free trade agreement. Negotiations began in 2005 but a comprehensive deal liberalising trade and investment in all sectors of the economy does not appear feasible at this time. In 2012 the parties turned to negotiating what has been described as a mini-package – essentially an agricultural and investment deal. Prime Minister Abbott and the Chinese leadership have expressed a determination to accelerate the negotiations. The Australian government has publicly indicated its willingness to show some flexibility on Foreign Investment Review Board screening thresholds, including for Chinese state-owned enterprises that have an established track record in Australia. Australia is at a competitive disadvantage against New Zealand in access to the Chinese market for agricultural goods and beverages. As a result of a free trade agreement concluded by New Zealand and China in 2008, New Zealand has enjoyed the elimination or phased reduction of tariffs on its food and beverage exports to China. 42 | HIGH ER VIEW BUSIN E S S

价值的基础设施项目，包括农村基础设施、国内仓储设施、运输和出口设施等。有一点对于澳大利亚的优质食品和饮料供应商来说非常重要，那就是，他们必须意识到中国进口商希望对产品供应链的每一个环节，包括生产、加工和分销，都能发挥积极重要的影响。稳定可靠的供应是关键，不能把中国当作一个投机市场。中国对澳大利亚食品分销基础设施的投资，不仅提高了行业的商业回报前景和供应的可靠性，还能节约成本，使得澳大利亚农产品的终端价格具有优势。网络营销目前已有中国消费者从网上订购澳大利亚的优质食品和饮料。虽然这一营销模式还处于初期阶段，但商业前景无限。已经成形的一种模式是将产品进口到上海自由贸易区，然后从自贸区分销给网上下单的顾客。开发澳大利亚北部地区的食品生产为了大规模开发澳大利亚北部的食品生产，澳政府相继出台了多项议案。2012年，上一届澳大利亚联邦政府发布了一份报告，该报告由澳大利亚贸易部部长和中国商务部部长共同完成。这篇标题为《哺育未来》的报告重点强调澳大利亚北部地区在水资源和土地资源开发领域存在巨大的潜力。澳大利亚贸易和投资部部长安德鲁·罗伯一直强调要开发澳北部地区的可耕种土地，用于生产优质食品以供出口。罗伯指出，澳大利亚60%的降雨量集中在北部地区，但其中只有约2%的降水被收集和利用。澳大利亚联邦科学与工业研究组织（Commonwealth Scientific and Industrial Research Organisation）经过调查发现，北部地区有将近1700万公顷的土地可用于农业生产，因为该地区的土壤

商道

AGRIBUSINESS

农业产业经济

Online purchases of premium food have great potential

适合耕种。罗伯强调“要想抓住这些机会，就必须建立强有力的政策平台，将政策落实到关键领域，包括管理、人口、土地使用和准入以及核心基础设施和水资源设施的升级改造等。政府的领导力和私营企业的积极性和投资是必不可少的。” 上海中福公司于2012年成功获得了澳西部地区奥德河灌溉计划二期工程的开发权，农田租期为50年。这是中澳两国在澳北部地区农业领域合作的开端。澳大利亚联邦政府目前正与西澳、北领地和昆士兰政府合作，共同起草《澳洲北部白皮书》，预计这一文件将在2015年上半年发布。

If Australia were to secure a deal comparable with that between New Zealand and China, the big beneficiaries would include the Australian dairy, beef, sheep meat, wine and seafood industries. PERSONAL RELATIONSHIPS If Australia and China are to take full advantage of the opportunities available in food cooperation it is essential that personal relationships be developed and nurtured. Chinese businesses will want to get to know the ways of doing business in Australia and will seek partners they can trust and with whom they can form rewarding, long-term relationships. Cooperation in agribusiness will require patience; there are no quick returns from a quick deal in the production and export of premium food and wine. The Australian side will need to be patient too; Chinese investors are likely to want to test the waters by proceeding cautiously. As interest in the idea of cooperating commercially in the production, processing and distribution of premium food and beverages continues to grow, more and more Chinese and Australian business interests will begin engaging with each other in order to explore the various commercial opportunities. As this occurs, it will be in the interests of both sides to conduct due diligence with a view to assessing the capacity of the parties to enter into deals and successfully implement them. Australian businesses seeking to cooperate with Chinese counterparts should be mindful of Chinese government policy and priorities. Australian businesses can generate goodwill and official support where their interests align with government priorities.

中澳两国的贸易协议中澳两国似乎有望在近期内达成自由贸易协定。这项谈判始于2005年，但覆盖所有经济领域的贸易和投资自由化的全面协定尚未进入可行性阶段。2012年来，双方已开始磋商一项小型协议——即农业和投资协议。澳大利亚总理阿博特（Abbot）和中国领导人已表明加速谈判进程的决心。澳大利亚政府已公开表示愿意放宽外国投资审查委员会（Foreign Investment Review Board）的准入门槛，包括允许曾经在澳大利亚有过经营记录的中国国有企业在澳大利亚进行投资。 2008年，新西兰和中国签订了自由贸易协定。中国对新西兰出口的食品和饮料已免征或逐步减征关税。相比之下澳大利亚的农产品和饮料在中国市场的竞争中处于弱势。如果澳大利亚与中国也能签署类似协定，澳大利亚的乳制品业、牛肉业、羊肉业、葡萄酒业和海鲜业都将收益。私人关系的重要性中澳两国的企业要想充分抓住食品行业的合作机遇，就要注重建立和培养私人关系。中国企业需要了解在澳经商的方式，寻求可信任的合作伙伴，并与这些合作伙伴建立长期有益的合作关系。与农业企业的合作需要耐心；优质食品及葡萄酒的生产和出口不是快速回报的一锤子买卖。澳大利亚方面也需要耐心，因为中国投资者可能会试探性的谨慎进入。随着企业日益热衷于在生产、加工和分销优质食品和饮料方面开展商业合作，中澳越来越多的企业将密切联系，共同探索商机。这种情况下，应当开展尽职调查，评估双方达成并成功落实合作的能力，这对双方都是有益的。寻求与中方合作的澳方企业要密切关注中国政府的政策和工作重心。只要澳方企业的商业利益与中国政府的工作重心相符，就能体现诚意，获得官方的支持。

CHINA BOUND

$408m

$357m

$242m

$144m

在2012-2013年度，澳大利亚牛肉出口到中国占总出口的首位。

澳大利亚小麦紧随其后占总出口的第二位。

酒精饮料，包括葡萄酒表现出了强劲的增长。

乳业是一个新宠，去年出口到中国的牛奶和奶油猛增。

Australian beef exports to China in 2012-13 – the top food category

When exports to China ran a close second in value

Alcholic beverage exports, including wine, showed strong growth

Dairy is a rising star; milk and cream exports to China soared last year

4.08亿

3.57亿

2.42亿

商道

1.44亿

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

OPINION

CULTURE

大利亚的

Header:

AUSTRALIA-CHINA BUSINESS RELATIONSHIP

A SHARED SPIRIT OF ENDURANCE

Spirit of endurance by Harold Cazneaux officto omnitatque incienis apis molorestia

Standfirst: Persevering in the face of adversity like a tree that has stood for generations is a common trait in Chinese and Australian culture, and a key motivation behind the business relations between the two nations, writes investment management advisor Jingmin Qian.

Author biography Officto omnitatque incienis apis molorstia dolore volum ullandi dolo et apit abo. Nem quate eum ent. Tem fugias sitium ad quo Further reading Torehen daniminum aut haruntus evero velessequi nienimo evel excerro comnite nulpa in con nulla que magnam facestiunt. Follow on Twitter Aque imosaped eturis et lat vendipsam lat etur, ut esectat intem. Ur autas modi sum dolliaes est, qui utem laceperum #fasttalk #higherviewbusiness 44 | HIGHER VIEW BUSIN E S S

商道

OPINION

快谈

坚韧意志

THE SPIRIT OF ENDURANCE It took me some time to decide what to write for this first edition of Higher View Business. There are many obvious choices: the state of the Australian and Chinese economies and relationships, prospective growth industries, the importance of strategic management, stakeholder management and corporate governance, the lessons from mergers and acquisitions, and cross-cultural management. All these topics are very important to creating successful Australia-China business ventures, and I will cover them in future editions. For this first edition, however, it is a tree that I saw in my recent trip in South Australia has inspired my topic: the spirit of endurance. In 1937, Australian photographer Harold Cazneaux took a picture of an old majestic gum tree in the Flinders Ranges and named the picture ‘The Spirit of Endurance’. He commented on his famous photo: “The passing of the years has left it scarred and marked by the elements – storm, fire, water – unconquered, it speaks to us from a Spirit of Endurance … this tree passed to me in understanding and friendliness expressing The Spirit of Australia.” For a very long time, I have searched for the essence of Australian values and spirit. This is a question that has been shared by many people doing business in Australia. It

Author Jingmin Qian 钱京珉

The gum tree that inspired Harold Cazneaux’s ‘Spirit of Endurance’ 启发摄影师Harold Cazneaux 拍下照片“坚韧意志”的老桉树

was not an easy question to answer. However, 化管理……所有这些主题对于建立成功的中澳 many people told me that it had to do with the 商业企业都非常重要。我将在未来的专栏中介 spirit in Outback Australia. 绍这些内容。 Nearly 80 years after Cazneaux 最终，我决定选择“坚韧意志”作为第一期 photographed the tree, I experienced the 专栏的主题，是受到最近在南澳之旅中见到的 same spirit of endurance when I saw it – 一棵树的启发。 a very important element in the spirit 1937年，澳大利亚摄影师Harold of Australia. It is a spirit of strength and Cazneaux为南澳弗林德斯山脉里的一棵 vigour, standing upright, and of overcoming 雄伟的老桉树拍了一张照片，并命名为 adversity, yet being tolerant, relaxed and “坚韧意志”。他对这张著名的照片做了如此 cheerful. This sense of endurance is also at 说明：“多年来，环境给这棵树留下很多 the core of Chinese culture. It is reflected in 伤痕和记号：风暴、山火、洪水。但它从未被 the traditional Chinese values of hard work, 征服，向我们展现了坚韧的意志…… tolerance and a commitment to creating a 这棵树安详地向我传达了澳大利亚的 better future. 精神。” Two years ago, economic consultant John 有很长一段时间，我在寻找澳大利亚的价值 Larum and I named our paper on Australia 观和精神的精髓。这也是很多在澳大利亚工作 China Investment Relationship as ‘A Long 的人常问的问题。回答好这个问题并不容易。 March’, reflecting the importance, 当地人告诉我，澳大利亚的精神与澳洲内陆的 opportunities, challenges, time and efforts 精神相关。 required in this relationship. Two years later, 在这张照片成名近80年后，看着这棵树，我 we see successful meetings taking place 体会了同样的坚韧意志——澳大利亚精神中很 between Australian Prime Minister Tony 重要的一部分。这是一种坚强、向上、克服困 Abbott and Chinese President Xi Jinping. We 境，同时宽容、放松和快乐的精神。这种坚韧 see better understanding and communication 意志恰恰也是中国文化的核心。它体现在中国 at all levels in the two business communities 传统价值观中的勤奋、宽容，以及为创造美好 thanks to all the people who have worked on 未来而做的不懈努力。 this relationship – many of them have 两年前，我和JohnLarum曾合著过一篇关 contributed to this magazine. 于中澳投资关系的论文。我们将论文定名为 With the shared spirit of endurance and “一次长征”，以反映中澳投资关系的战略意 committed progressiveness, we shall see a 义、机遇、挑战，以及形成一种良好的关系所 very bright and mutually beneficial future for 需的努力与时间。 this relationship. This magazine shall share 两年后，我们看到的是澳大利亚总理艾伯特 this journey with you. 和中国国家主席习近平之间成功的会晤，是中澳各类商业团体间日益增强的交流与理解。这些进步归功于所有为建立这样的成功关系而辛为《翼境》的商务杂志《商道》的首期专栏勤工作的人——其中包括这本杂志的许多供写点什么，让我颇花了些时间来思考。有很多稿人。秉承这种坚韧意志，践行不断进取的承诺，不错的内容可选：当前的经济政治关系、未来的高增长行业、战略管理的重要性、利益相关中澳商业关系应会走向互惠互利的光明未来。者管理与公司治理、并购中的经验教训、跨文本杂志将与大家分享这段精彩的旅程。商道

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

FIRST TIME BUSINESS VISITOR BRIEFING

给初次商务访问者的建议概述

CULTURE MATTERS

文化认知无小事初次访问一个国家时应注意文化差异。 It makes sense to pay attention to cultural differences when visiting a nation for the first time

初次商旅访澳须知

装或裙装。如气候潮湿，像昆士兰北部的气候，穿着可以更随意一些。商务晚餐：做好晚餐结束后继续洽谈业务的准备。在全球化的今天,人们采用的技术可能是相饮酒：谈判过程中通常伴有饮酒形式的社交同的，但文化差异却仍然存在。文化理解和交行为，包括当地的世界级葡萄酒。融的缺失，将成为长久业务关系建立的不利限用餐方式：遵循欧洲人的方式。避免啜食、制因素。发出噪音或者用餐时交谈。当你初次访问澳大利亚时，可以通过电话介时间：主人希望客人能准时到达用餐地点。绍自己，约见对方喝杯咖啡或饮料，这样做可在餐馆进餐付小费并非必要，不过如果给的以给对方留下很好的第一印象。比起在中国，话，对方将会感激。大的团体用餐应给小费。初次见面则需要给对方更多的私人空间。送礼：如果受邀到某人家里吃饭，应该带点澳大利亚人很珍视友谊、诚实和真诚。澳大小礼物，如鲜花或者巧克力，但是太昂贵的礼利亚接纳了许多移民，因此绝大多数澳大利亚物会让主人觉得尴尬。人都熟知如何在多元文化环境中与人相处。吸烟：必须先征得同意。在封闭的公共场所、工作场所、餐馆、电梯、机场、酒店房文化贴士间，和包括出租车在内的公共交通设施里都不初次到访澳大利亚，请注意以下几点。允许吸烟。即使是在等级分明的场合，也都比较随意。避免在大街上打嗝或吐痰、吃东西发出声音直呼对方名字很正常。或在人群中推挤。介绍与问候：稳健有力的握手，直接的眼神交流与微笑。安全第一交流方式直接且随意：如果你在会谈中或演澳大利亚环境清洁，阳光充足，空气污染讲时被打断，不要感到吃惊。极少。如果是夏季户外活动，有必要备用防 “ y e s”的意思： “yes” 通常指我们达成晒霜和帽子。如果去海边，一定要在标记范协议。围内游泳。会谈：开始几分钟通常会聊一些无关业务的初次访澳人士需在计划行程时考虑上述文化话题，旨在建立个人关系。贴士。准备的越好，业务成功的可能性将谈判方式：简明扼要。不要期待像在某些国越大。家一样讨价还价。决定由高层做出，但征询下级意见很重要。 In this age of globalisation, people may be 商务着装：男性着商务西装，女士着商务西 adopting the same technology worldwide, but differences persist in terms of culture. A lack of understanding of culture can restrict opportunities for forming enduring business relationships. When you first arrive in Australia, make a phone call to introduce yourself and extend an invitation to meet over coffee or a drink. This is an excellent way to form a positive first impression. When you meet people, give them a little more personal space than you would in China. Author biography Julie Lamberg-Burnet Australians also place a high value on from the Sydney School of Protocol 朱莉·兰伯格·伯内特，悉尼礼仪学校 relationships, authenticity and sincerity. 46 | HIGHER VIEW BUSIN E S S

商道

Culture tips Consider the following pointers when planning your first visit to Australia. • Informality is common, even in hierarchical settings. First names are used widely. • Introductions and greetings – expect firm handshakes with direct eye contact and a smile. • Communication style is direct, and informal. Don't be surprised if you are interrupted in meetings or when making a presentation. • The concept of yes – "yes" generally means we have a deal. • Meetings – the first few minutes are often spent in conversation unrelated to business, to establish personal connections. • Negotiation style – brief and concise. Don't expect to bargain as much as in some other countries. Decisions are concentrated at top levels, although consultation with subordinates is usually vital. • Business attire – business suits for men, and suits and dresses for women. In humid climates, such as far north Queensland, you can be more casual. • Business dinners – be prepared for business discussions to continue beyond dinner. • Drinking – negotiating is often mixed with socialising over drinks, including world-class local wines. • Eating style – this follows the European style. Avoid slurping food, making noises or talking while dining. • Time – your host will expect guests to arrive on time to dinner. • Tipping in restaurants is not necessary, but appreciated. Large groups should leave a tip. • Gift giving – if invited to someone's home for dinner, bring a small gift such as flowers or chocolates. A lavish gift may embarrass the host. • Smoking – Ask permission first. Smoking is not permitted in enclosed public places, workplaces, restaurants, lifts, airports, hotel rooms and on public transport, including taxis.

CMY

FIRST TIME BUSINESS VISITOR BRIEFING

给初次商务访问者的建议概述

文化琐事

CULTURE MATTERS

2013 2009

商道

H I G H E R V I EW B USINE SS | 47

AUSTRALIA-CHINA YOUTH ASSOCIATION

中澳青年联合会

建立沟通纽带，收获共同利益

SOW CONNECTIONS, REAP BENEFITS Education providers can boost Australia’s popularity as an attractive study and work destination through better marketing

教育机构能够通过更好的市场营销，吸引更多人士到澳大利亚学习和工作。

AUSTRALIA-CHINA YOUTH ASSOCIATION

Author biography ACYA publications director Neil Thomas 中澳青年联合会出版物总监牛犇 About the organisation ACYA is a vibrant community of 5,000 young Australians and Chinese interested in promoting cross-cultural understanding and developing lasting friendships, academic and business partnerships, and professional and educational opportunities. Follow on Twitter twitter.com/a_cya 48 | HIGH ER VIEW BUSIN E S S

China is the world’s largest source of international students. Overseas study offers Chinese improved employment prospects, emigration opportunities, and a high-quality alternative to the intensely competitive elite universities in China. An overseas education, preferably in English, is a valued qualification for China’s growing middle class, as shown by the destinations that Chinese choose. According to the Education International Cooperation Group, Australia attracted 14% of the 750,000 Chinese who headed overseas to study last year, making it the third-most popular destination behind the US (28%) and UK (18%), and just ahead of Canada. Top source Chinese are by far the largest national group among international students in Australia. They comprised 28.5% of the 526,932 international enrolments in 2013 on Australian Education International figures, or 150,000 enrolments (this exceeds student numbers, as some enrol in more than one course). Education is Australia’s fourth largest export to China and Chinese students contribute about $5 billion annually to the economy. Chinese enrolments in Australia grew at double-digit rates during the 2000s. However after peaking in 2010, Chinese enrolments began to decline. Fees and costs were major reasons: an August 2013 HSBC study found Australia to be the most 商道

expensive country for international students, with average annual costs of US$38,516. This is arguably an over-simplistic interpretation of the financial picture however as it compares the huge numbers of US and European universities with Australia’s relatively small number. It is certainly important that Australian universities focus not just on the headline, average fee but also their relative performance and pricing vis à vis comparable universities in the US and UK. Australia has a world-class education system and a high quality of life, so the education sector must focus on also promoting its other advantages to remain an attractive destination for foreign students. Meanwhile the outlook is encouraging given that the Chinese Ministry of Education has predicted 20% annual growth in outbound student numbers. Work advantage The implementation of the recommendations of Strategic Review of the Student Visa Program carried out by the former Olympics minister Michael Knight in 2011 was a welcome step for foreign students. This granted work rights to international students while they are studying and after graduating. Implementing the Knight review recommendations removed barriers to integration and gave Australia a competitive advantage over the US and UK. The opportunity to gain foreign work experience is a massive drawcard for Chinese students. Many Australian universities have been

AUSTRALIA-CHINA YOUTH ASSOCIATION

中澳青年联合会

proactive in accepting Chinese gaokao university entrance examination results for enrolments and tailoring foundational pathways. These benefits need to be promoted to prospective students and their families in China, through traditional and social media. A study conducted in 2013 by Cate Gribble from Deakin University found that Chinese graduates of Australian universities have poor English competency due to limited i with such cross-cultural communities as the ACYA in order to encourage Chinese students to develop strong bonds in Australia, strengthening their English fluency, professional networks and employment prospects. This would help to boost the reputation of Australian education on the study abroad forums of web portals such as Sina, Sohu, Tencent and NetEase. Adopting an attitude of adding value to the lives of Chinese students makes business as well as educational sense. Catering to the needs of Chinese students also opens up opportunities for Australian business. For instance, the recruitment website Hire Chinese and the Australia-China Business Council’s Work Placement Program enable businesses to access Australia’s China literacy skills by connecting them with Chinese students. International education is an important but underfulfilled part of the Australia-China relationship. The March 2014 Deloitte Access Economics report identified international education as a potential long-term high-growth sector for Australia. Business should encourage the Abbott government to set up a ministerial coordinating council on international education, as recommended in Australia – Educating Globally. Student experiences can have a very powerful impact on attitudes and future careers. Chinese students could play a key role in boosting goodwill towards Australia in China, as well as increasing China literacy in Australia. There is plenty of scope to build on the positive experience of Chinese who choose to study in Australia, to the benefit of both countries.

出国留学人数每年将有20%的增长，所以前景还是很鼓舞人心的。

中澳青年联合会

就业优势 2011年，前奥运会部长迈克尔·奈特（Michael Knight）提出了学生签证项目策略复审的建议。这些建议的实施受到了外国学生的欢迎。这一举措允许国际学生在求学期间和中国出国留学人数为世界之最。拥有海外学毕业之后都有在澳洲就业的权利。奈特建议的习经历对中国人来说意味着更好的就业前景和实施清除了一体化的障碍，使澳大利亚具有了更多的移民机会，还能取代竞争激烈的中国精比美国和英国更多的竞争优势。对中国留学生英学府，得到同样优质的教育机会。来说，可以在国外获得就业机会是个很重要的海外留学，尤其是留学英语国家，卖点。被视为中国日益增长的中产阶级的一个许多澳大利亚大学已经在采取积极措施，宝贵学历。启德教育集团（the Education 承认中国高考成绩，将其作为招生条件，并专 International Cooperation Group）给出的门为之设置入学澳大利亚大学的基本途径。数据显示，去年中国有75万人出国留学，其中我们需要通过传统和社会媒体向潜在的留学生 14%前往了澳大利亚，使澳大利亚成为仅次于及其家庭进一步宣传这些优势。美国（28%）和英国（18%）的第三受欢迎的澳大利亚迪肯大学（Deakin University）的留学目的国，紧随其后的是加拿大。凯特·格里布尔（CateGribble）博士在 2013年的一项研究中发现，由于与当地人来往最大生源国较少，从澳洲大学毕业的中国学生的英语能力目前中国在澳留学生人数占澳洲留学生总人不佳，这也成为他们找到专业工作的障碍。澳数的比例最大，远远超过其它的国家。大利亚教育机构应当与更多的跨文化群体，如澳大利亚国际教育协会（ A u s t r a l i a n 中澳青年联合会建立联系，鼓励中国学生在澳 Education International）提供的数据显示，大利亚拓展人际关系，熟练使用英语，扩大专澳大利亚2013年的52,6932名国际注册课程业网络，增加就业机会。这可以提高澳大利亚中，28.5%来自中国，也可以说中国注册入学教育在一些门户网站，如新浪、搜狐、腾讯和数达15万人（这个数字超过了学生人数，由于网易等的留学论坛的声誉。秉持提高中国学生有些学生不只进修一门课程）。生活价值的态度，不仅具有教育意义，同时具教育是澳大利亚对中国出口的第四大产业，有商业意义。中国学生每年给澳大利亚带来约50亿澳元的满足中国学生的需求也可为澳大利亚创造经济收入。21世纪前10年，中国学生在澳大利新的商机。例如，名为招聘华人（ H i r e 亚注册入学数的年增长率高达两位数。但是 Chinese）的招聘网站和澳大利亚中国工商业在2010年达到顶峰之后，来自中国的注册入委员会的实习工作项目（Work Placement 学数开始下降。主要原因是学费和生活成本 Program）通过帮助澳大利亚企业与中国学生偏高。2013年8月汇丰银行（HSBC）的一项建立联系，使得澳大利亚企业获得中文读写研究发现，澳大利亚是留学花费最高的国家，技能。每年花费约为3,8516美元（《澳大利亚— 国际教育是澳中关系中一个很重要的部分，全球化教育》报告中也得出相同结论）。但它却经常未能得到充分认识。2014年3月，如果各大学过分重视学费而忽视提供给学生德勤经济咨询公司（Deloitte）发布的报告认的利益，那么中国前往澳大利亚留学的人数为国际教育是澳大利亚潜在的长期高增长领还将进一步下降。域。澳大利亚商界应该听取《澳大利亚—全球尽管澳大利亚留学费用较高，在泰晤士报化教育》的建议，敦促阿博特政府成立一个部的“全球高等教育声誉排名”中，一些美国和长级的国际教育协调委员会。英国大学的排名在澳大利亚之前，这对计划送求学经历能够对一个人的人生态度和未来职孩子出国留学的中国家庭来说至关重要。然而业生涯产生重大影响。中国学生可以在中澳关澳大利亚拥有世界一流的教育体制和高质量的系中扮演关键角色，促进中国对澳友好，提高生活水平，因此，教育部门必须推广澳大利亚澳大利亚的中国认知水平。我们有广阔的空间在其它方面的优势，以保持其对外国学生的吸为来澳大利亚留学的中国学生构建积极的体验引力。与此同时，基于中国教育部的预计，其平台，实现两国共同利益。商道

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

GOLF INVESTMENT

高尔夫投资

观澜之机

MAN ON A MISSION

The business benefits of a round of golf were what initially drew the founder of the world’s largest golfing facility, Mission Hills, to southern China

一场高尔夫球赛的商业收益是吸引观澜湖创始人—— 全球最大的高尔夫球设施公司来到中国南方的最初动力。 Golf and China haven’t always been the most comfortable of bedfellows. Historically, the sport has been viewed as elitist and out of reach of most of the population. Moreover, the central government has discouraged investment in golf projects, due to its impact on the environment and the loss of agricultural land to courses. The founder of Mission Hills managed to overcome these hurdles and set up the world’s largest golfing complex. The figures astound. At three sites in southern China with a combined footprint of 40 sq km there are 22 golf courses; myriad restaurants, hotels and a conference centre; and 14,000 staff – for an investment to the tune of US$4.8bn. There are 3,000 tee-offs on a peak day and 4,000 caddies. It all started in Shenzhen, in Guangdong province, southern China. Until the 1970s, the area was a sleepy agricultural district best known for its railway station and border crossing into Hong Kong. Then, in 1979, Shenzhen was set aside as a special economic zone, marking the start of its transformation into a leading manufacturing hub and financial centre, and China’s fifth largest city. The preferential tax rates designed to draw investors from Hong Kong and overseas made Shenzhen attractive to the founder of

Author biography Alex Mead 亚历克斯·米德 Editor of Higher View, travel magazine and sister publication of Higher View Business 旅行杂志《翼境》和其姊妹刊《商道》编辑

50 | H IGH ER VIEW BUSIN E S S

Mission Hills. “Twenty years ago Shenzhen was heavily promoting its open door policy,” explains Dr Ken Chu, chairman of Mission Hills and son of its founder, Dr David Chu. “This meant that foreign investors would be taxed only 15% compared to 30% anywhere else in China.” According to Ken, his father saw that golf “provided a nice way in which business activities could be conducted – we never planned to build the world’s largest golfing facility.” But that they did. Construction started in 1992, and Mission Hills opened its first course the following year. Lobbying for golf’s World Cup to come to China proved successful, so the Mission Hills management decided they needed a five-star hotel for visitors. Soon, two courses became five. Then, in 2001, Tiger Woods was tempted across from America. Almost overnight, China’s golf playing population soared from 500,000 to one million. Further expansion followed, into nearby Dongguan. Together the two sites now have 12 courses – each designed by a famous golfer (Nick Faldo, Greg Norman and Zhang Lianwei are among the names). From humble beginnings, golf was on the steepest of upward curves in China, and it wasn’t just because of Woods. “The biggest help was the outbreak of SARS [in 2002], because everybody wanted to be outdoors,” says Ken. Hazards overcome To meet the need for more courses, a new location was found in Haikou, on Hainan Island. Another 10 courses with hotel and restaurant trimmings were mapped out. The volcanic nature of the site meant 6 metres of volcanic rock had to be dug up and replaced by sand and turf, but that didn’t pose too many problems for the Mission Hills machine. “Ten thousand years ago the volcano erupted. So everything is hot black rock, there’s 商道

no infrastructure, no habitat,” explains Ken. “That’s why we did it so quickly; we built Haikou’s 10 courses in 10 months. We used 8,000 machines to build the 10 courses; the dirt we had to bring in from elsewhere – enough to fill Beijing’s Bird’s Nest stadium.” The next logical step in the Mission Hills business plan is to ensure all the tee-off slots are full, all-year-round. The solution is two giant towns: Centreville in the Longhua new zone, Shenzhen; and Lan Kwai Fong in Haikou, named after a nightlife district in Hong Kong. “Centreville is about having something for everybody to do. We’ll be the only golf club in the world to have an IMAX theatre, bowling alley, karaoke, night clubs, bars, shops, restaurants, ice skating rinks – let’s have something for everyone to do. I want to promote family harmony,” says Ken. “The speculation is that by the time Centreville is built, the captive audience that will be coming to Mission Hills will be 15 million every year. That’s just on one site.” The cost of the two towns amounts to about US$1.9 billion. Such figures would worry some, but not Ken. He confidently predicts a 15% annual return on investment. He also points out how significant the local government support has been. Dream run “It’s quite evident that Hong Kong investing in China is still seen as a foreign investor,” Ken says. “That a foreign investor is able to create not just the province’s but the world’s largest golf course, shows how the government is supportive of foreign investments.” “Have you seen the movie with Kevin Costner when he said ‘if you build it, they will come’? Field of Dreams, remember that?” he asks. “That can only literally take place in China!”

10个绝佳理由告诉您投资紧邻悉尼机场的停车位高尔夫投资双车位仅售 $113,000 澳元或将成为您最出色的一笔物业投资

GOLF INVESTMENT

1. 极其罕见的永久产权双停车位将服务于悉尼机场 2. 低价进入悉尼日益繁荣增长的物业市场 3. 即刻享有6% 年净回报率，远远高于悉尼住宅物业的平均回报率 4. 年租金增长率达3% 5. 与Park & Fly 公司签订长期稳定租约 ( 租期远大于住宅物业)，确保这是一项长期发展的成功业务 6. 澳洲最繁忙的机场（年客流量达三千七百万，预计二十年内增长至七千四百万）对于停车位有着巨大的需求 7. 不可复制的机会 - 以如此低价购买到世界一流地段的停车位，其毗邻的悉尼机场更是作为澳洲通往全球经济走廊的门户中心 8. 整栋停车场的建筑设施以及维护措施极其完善 9. 业主随时可以无限制的转售停车位 10. 海外买家同样享受无限制购买及转售

年净收益率为

6% 且租金增长率为

MISSION HILLS BY NUMBERS

Golf courses across southern China

40 SQ KM

Footprint of courses and facilitiies

14,000

Staff, plus 4,000 caddies

US$4.8B Total investment

Growth drive Mission Hills is investing heavily in resort facilities to boost visitor numbers 观澜湖发展的动力在于大量投资度假村设施，增加游客量。

一场高尔夫球赛的商业收益是吸引观澜湖创五星酒店。观澜湖新城和位于海口的兰桂坊，后者以始人——全球最大的高尔夫球设施公司来到中球场的数量很快从2个变成了5个。紧接着香港的一个夜市命名。国南方的最初动力。在2001年，泰格·伍兹深受吸引，从美国来到观澜湖新城是为了让每个人都能找到休闲娱顶层露天停车场新安装的全新屋顶使Park & Fly 中国和高尔夫的渊源并不是一开始就一帆风观澜湖参加比赛。很快，中国的高尔夫爱好者乐的方式。我们会是世界上唯——个有IMAX 成为服务于悉尼机场的唯一一个全遮蔽式停车场。顺的。高尔夫球一直被视为大众玩儿不起的贵从50万激增到100万。影院、保龄球馆、卡拉OK、夜总会、族运动。不仅如此，由于修建高尔夫球场破坏而观澜湖扩张的步伐并未停止，它从深圳进酒吧、商场、饭店和滑冰场的高尔夫俱乐环境，占用农业用地，中央政府并不鼓励高尔入了东莞。两个场地现在共有12个球场，每一部——每个人在这里都不会感到乏味。“我想夫项目的投资。观澜湖的创始人突破了这重重个球场都由著名高尔夫球员设计，其中包括尼弘扬家庭和谐的理念，”朱鼎健博士说，“预障碍，在中国建造起全球最大的高尔夫综合度克·佛度，格雷格·诺曼和张连伟。计“观澜湖”新城建成后，每年将能吸引假中心，成就了惊人的数字。22个球场分布在虽然高尔夫运动在中国的发展起初 1,500万游客，而这仅仅是其中一座新城将吸悉尼市中心中国南方的三个城市，综合占地面积达40平方较为缓慢，却一直呈迅猛上升的势头。而如此引的游客量。” P&F 公里，配有无数的餐厅、酒店和一个会议中良好态势的发展并不仅仅因为停车场伍兹。这两座新城的修建耗资约190亿美元。这一国内航站楼心，共有员工14,000名，总投资接近48亿美朱鼎健博士说，“最大的助推力是（2002年）数字可能会令人堪忧，但朱鼎健却不担心。服务于悉尼机场元。高峰时段每天有3,000场比赛和4,000名非典的爆发，因为大家都想去户外活动活动。” 他十分自信地预测这一投资的年回报率将达到年客15%。朱博士同时指出当地政府一直以来都非球童工作。流量达三千七百万这一切都开始于中国南部的一座城市——广克服艰难险阻常支持“观澜湖”的发展。国际航站楼东省深圳市。20世纪70年代前，深圳都是一片为了满足修建更多球场的需要，观澜湖在海僻静的农村，人们只知道这里的火车站，知道南岛海口市开发了一块新场地，又规划出了10 梦想之旅从这里可以越境到香港。1979年被划分为经济块场地和配套的酒店及餐厅设施。这片场地属 “很明显香港对中国大陆的投资依旧被视为外特区之后，深圳从此开始转变成领先的制造中火山岩，修建时要挖出6米长的火山岩，用沙商投资”，朱鼎健博士说，“一个国外投资者心和金融中心，并成为中国的第五大城市。子和草皮填补，但这并没有给 “ 观澜湖 ” 能在中国建起不仅是全广东省最大，而且是深圳优惠税率政策的制定旨在吸引香港和海带来太多工程阻碍。全世界最大的高尔夫球场，这就能充分说明外的投资者，观澜湖的创始人朱树豪博士就成 “一万年前这里曾发生火山喷发，所以导致中国政府对外商投资有多么支持了。” 为了其中之一。观澜湖集团主席，创始人之子到处都是黑热的硬岩，没有基础设施， “你看过凯文·科斯特纳演的那部电影么？朱鼎健博士说：“20年前，深圳大力宣传它的也没有栖息地， ” 朱鼎健博士解释说，他在戏里说 ‘ 只要你能造出来，就有人来 ’ 开放政策，当时外商投资在深圳的税率只有 “这就是为什么我们当时修建的速度非常快。电影《梦幻之地》，记得吗？”朱鼎健博士 15%，而在中国其他地方是30%。” 我们在海口用了 1 0 个月建了 1 0 块场地。如是问。“这就真的只能在中国发生！” 朱鼎健博士说，他父亲对高尔夫的看法是整个过程中我们动用了8,000多台工程设备，即刻注册免费领取综合信息报告（可提供中文版本） “一种做生意的好路子，我们从未想过要建世界从外地运来的沙子多到能把北京鸟巢体育馆观澜湖数据库超过400 个车位已售，仅售$113,000澳元的双车位只剩100个上最大的高尔夫球场”。然而无心插柳柳成荫。填满。” 22个球场遍布中国的南部观澜湖始建于1992年，次年便落成了它的第一观澜湖下一步合理的计划就是确保全年都占地40平方公里的球场面积和综合设施销售火爆，欲购从速。欢迎海外买家咨询购买。座球场。同时成功让“高尔夫世界杯”进驻中排满赛。为了达到这个目标，观澜湖 14,000名员工和4,000名球童详情请致电彭子芮：+61 2 8302 1500 （手机 +61能 421 888比209）邮箱：ap@cramerproperty.com 国，于是观澜湖管理团队决定为游客兴建一个修建了两座大型新城：位于龙华新区的 48亿美元的总投资

或访问网站： WWW.STRATACARPARKS.COM

HAYSON SALES. GLOBAL PROPERTY GROUP. CRAMER PROPERTY. 商道

H I G H E R V I EW B U SINESS | 51

LANGUAGE & CULTURE

语言和文化

搭建沟通的桥梁

BRIDGING THE GAP

Confucius Institutes and university faculties can help prepare Australians for closer interaction with China, write Xing Jin and Kerry Brown from the University of Sydney

孔子学院及各大学教职员工可帮助促进澳大利亚人民与中国之间更好地互动。了解对方的语言是沟通的基础。在澳大利亚，华人背景之外的普通话水平比较低。2013 年的一项调查显示，相比较中文而言，更多的悉尼中学生在学习拉丁语。可是中国是澳大利亚最大的贸易伙伴，最大的国际留学生来源国以及增长最快的游客来源国。当然，沟通还包括更大程度上的文化理解。4月份刊登在《澳大利亚财经评论》（The Australian Financial Review）上的一篇报道指出，许多访问过中国的澳大利亚人对中国文化知之甚少。

提供在亚洲地区范围内实习、工作和语言培训的机会。在接下来的一年左右时间里，中国也很有可能被列入这个名单之中。《中澳自由贸易协议》（FreeTrade Agreement)预计将在今年签署，中澳两国的合作空间随之也会越来越大。各大学应当尽一切努力促进澳大利亚人民与中国之间进一步互动。这是我们正在进行的一项工作，也是我们未来将继续努力的方向。

认识和推广悉尼大学有两个机构侧重研究中国。中国研究中心是由悉尼大学超过150名研究中国的学者和专家组成的团体。该中心发挥其专长，向政府、企业和各团体提供建议，并开展推广活动，使人们进一步认识到中国对于澳大利亚的经济、安全和世界未来的重要性。悉尼大学孔子学院与中国研究中心合作，为更多人提供汉语语言培训。它每年还会组织演讲、研讨会、音乐会、演出和展览，展示中国博大精深的历史和文化。孔子学院还组织学生参加在中国开展的项目，使他们有机会练习汉语技巧，深入了解中国文化。另外，学院还提供培训与咨询，指导跨文化交流以及与中国商业伙伴接洽时需要注意的礼仪礼节。

Understanding another person’s language is fundamental to communication. Even so, the levels of Mandarin proficiency in Australia, at least outside ethnic Chinese communities, are low. A survey in 2013 showed more high school children in Sydney were studying Latin than the language of Australia’s largest trading partner, biggest source of international students and fastest rising source of tourists. Of course, communication also embraces broader cultural understanding. A report published in The Australian Financial Review in April showed that cultural literacy among many Australians visiting China is surprisingly poor.

亚洲文化决策者《2012年澳大利亚亚洲世纪白皮书》（The 2012 White Paper on Australia in the Asian Century）承诺将产生熟悉亚洲事务的政策决策人。作为亚洲地区的一员，澳大利亚将此作为其未来繁荣的重心。中国在当今世界扮演着举足轻重的角色。《新科伦坡计划》（The New Colombo Plan）将为澳大利亚的年轻人

Awareness and outreach The University of Sydney has two entities that focus on China. The China Studies Centre is a network of over 150 academics and experts across the university that deal with China. The Centre acts as a source of expertise and advice to government, businesses and organisations, and undertakes outreach, raising

52 | HIGHER VIEW BUSIN E S S

商道

the awareness of China’s importance to Australia’s economy, security and global future. The Confucius Institute of the University of Sydney works in collaboration with the China Studies Centre to provide Chinese language training for the wider community. Every year, it also organises lectures, workshops, concerts, performances and exhibitions that engage with China’s rich history and diverse cultures. The institute also organises an in-country program for students to practise their Chinese language skills and gain cultural insights in China, as well as training and consultation in cross-cultural communication and etiquette for dealing with Chinese business partners. Asia-literate policymakers The 2012 White Paper on Australia in the Asian Century promised the delivery of an Asian literate cadre of policymakers, and placed this at the heart of Australia’s future prosperity as a member of the Asian region. China figures hugely in this world. The New Colombo Plan will offer internships, work experience and language training for young Australians in the region. China is likely to be added to the list of included countries in the coming year or so. With the signing of a Free Trade Agreement expected this year, the common space between China and Australia is growing. It is only proper that universities should do all they can to prepare citizens for deeper interaction with China. That is the task we are working on, and are committed to delivering in the years ahead.

LANGUAGE & CULTURE

语言和文化

place年联合会

Wesley College The pathway to success

In 2013 our College achieved the best IB results in Victoria, and the best coeducational IB results in Australia – with ﬁve Year 12 students achieving the highest possible ATAR score of 99.95. Students ﬂourish in our Senior School (Years 10 –12), where they are equipped with the skills to achieve excellence across a range of rich and varied subjects. Our results in 2013: • A median VCE/IB Diploma ATAR result of 86.50

• 96.12% Wesley students offered First Round Tertiary places

• 38% of students achieved VCE/IB Diploma ATAR results above 90.00 • 50% of students achieved ATAR results above 95.50

• 148 perfect study scores achieved across 30 VCE/IB Diploma subjects

To ﬁnd out more about Wesley College, go to www.wesleycollege.net or contact Carolyn Roney, International Admissions Manager, carolyn.roney@wesleycollege.net or on + 61 3 8102 6617.

Celebrating 21 years of International Baccalaureate

Elsternwick • Glen Waverley • St Kilda商Road 道

H I G H E R V I EW B U SINE SS | 53

漂亮

酒庄

PROPERTY INVESTMENT IN AUSTRALIA

澳大利亚的地产投资

By Ben Hurley 驻台记者白杰明

GAME CHANGER 地产游戏新主角

Chinese buyers find the well-regulated, transparent Australian property market attractive, and their recent buying spree is just the beginning of a surge in investment in the sector 中国买家被规范有序、高度透明的澳大利亚房地产市场吸引，他们最近掀起的置业风潮还只是该领域投资热潮的开端。

here was nothing subtle about Greenland Holdings Group’s entry into the Australian commercial property market. The Chinese state-owned juggernaut in December 2012 made its first Australian purchase right in the heart of the Sydney CBD, picking up 115 Bathurst Street, Sydney from Brookfield Asset Management for around $110 million. Three months later, news emerged it planned to build a hotel and luxury apartments on the site to create Sydney’s tallest tower. Then at the end of 2013 the company sold around $275 million of apartments off-the-plan – 95 per cent of the available stock – within three hours of opening sales. This included a $3.7 million three-bedroom apartment on the 55th floor, purchased by a Chinese buyer living in Australia. Australia’s major landlords now know they are mad not to cast a wide net when selling their property. It’s becoming increasingly common to bring in a big fish nobody has seen locally before. And many of the biggest surprises are coming from China. Greenland is one of the largest Chinese investors in the US with global revenue last year of $55 billion. Now in the second year of its Australian operations, it has around $1.5 billion worth of Australian development projects in the pipeline, and that figure is growing fast. It is aggressively chasing big projects in Sydney, Melbourne and Brisbane, at times out-bidding 56 | H IGH ER VIEW BUSIN E S S

local heavy hitters like billionaire Harry Triguboff’s Meriton Group. Sherwood Luo, the managing director of Greenland’s Australian operations, says the company does not plan to stop at residential apartments and hotels. “Our China operations cover all sectors of property development,” Luo tells Higher View Business. “Greenland Australia has been majority focusing on residential for now, and hotels as well. Moving forward, it depends on the nature of the building and the nature of the project. We are not limited to only residential apartments.” The response to Greenland’s projects has been positive, if sales of its Sydney project Greenland Centre are anything to go by. Luo says he sees no reason to stop investing in Australia, and plenty of reasons to keep buying. “Generally, the market is improving in health, and we will continue to invest in Australia,” Luo says. “Firstly, Australia has a very healthy national economic performance, and Australia was not really in the global financial crisis. Secondly, China and Australia have a good relationship diplomatically. Thirdly, there is a lot of migration from Asian countries to Australia, and we think our brand can extend its service from China to the destination of this migration.” He also says the high level of regulation is an advantage. “For organisations like Greenland we are very pleased to have that environment.” 商道

绿

地控股集团有限公司进军澳大利亚商业地产市场的步伐向来高调。2012年12 月，这家财富500强公司首次登陆澳大利亚，交易目标直指悉尼中央商务区的心脏地带。该公司斥资约1.1亿澳元，从布鲁克菲尔德资产管理公司（Brookfield Asset Management）处购买了巴瑟斯特街（Bathurst-Street） 115号。三个月后，有消息称，绿地控股拟在巴瑟斯特街115号建设酒店和豪华公寓楼，力图打造悉尼的最高大厦。此后，到了2013年末，该公司预售了其在巴瑟斯特街楼盘95%的房源—— 销售金额约为2.75亿澳元。所有房源开售后三个小时内便抢购一空，其中包括第55层的一套三居室，其售价为370万澳元，买家是一名居住在澳大利亚的中国背景人。澳大利亚的地产巨子如今已经意识到，如果不能在销售旗下地产时广泛撒网，他们将追悔莫及。在房地产市场上，当地前所未见的大鱼巨鳄日渐增加。许多重磅消息都来自中国买家带来的。绿地是中国在美国最大的投资者之一，去年全球总运营收入高达550亿澳元。今年是绿地在澳大利亚运营的第二年，该公司拥有价值15 亿澳元左右的澳大利亚新开发项目，而且这一数额正在迅速增长。如今，绿地正在悉尼、墨尔本和布里斯班高调力争重大项目，也会在竞购战上击败当地的重量级对手，比如亿万富豪哈里·特里古波夫（Harry Triguboff）执掌的美利通集团（Meriton Group）。绿地集团澳大利亚分公司的常务总经理罗晓华表示，公司并不打算止步于住宅公寓和酒店的业务开发。

PROPERTY INVESTMENT IN AUSTRALIA

澳大利亚的地产投资

HIGH HOPES

The purchase of commercial property abroad is a relatively new chapter added to the China wealth story in Australia. In the years since the financial crisis in 2008, foreign direct investment from China to Australia has been climbing steeply. Chinese buyers are a rising force in the residential market. Chinese investment in Australian residential and commercial real estate leapt 42% to $5.9 billion during the financial year to June 30, 2013, according to the Foreign Investment Review Board, with Chinese buyers overtaking those from the United States and becoming the biggest investors in Australian property. Chinese buyers are now purchasing close to one-fifth of new properties in Sydney according to an analysis by the financial services firm Credit Suisse. Agricultural land and resourcerelated interests have also been hot targets for China’s big end of town. The purchase of smaller residential development sites by Chinese mainlanders is now common, but large flagship projects like Greenland Centre are a more recent development, and there have been relatively few incursions into industrial, logistics, office or retail property. But Australia’s biggest commercial property real estate agencies are putting a lot of time and resources into the belief that this will soon change. For them, the big prize will

be if Chinese institutions and pension funds follow the lead of the private Chinese companies now common in the residential development scene. Tougher restrictions on lending and property ownership in China are a significant push factor.

PLENTY OF POTENTIAL

The real estate company CBRE held its annual Market Outlook breakfast in Melbourne in March. The company’s executives were upbeat about Australia’s commercial property proposition at the breakfast meeting. Average prime office yields in Sydney and Melbourne were 6.7% and 6.1% respectively – much higher than cities like Tokyo, Hong Kong and Taipei where yields were below 3%. But while more than 50% of total cross-border investment in the Australian commercial property market in 2013 came from Asia, China – despite its size – was a relatively small part of that investment. China’s potential for growth is what gets the local industry so excited. “The market is going to move in the next two years and the game changer is likely to be the Chinese pension funds and major institutional investors,” Mark Wizel, CBRE’s Melbourne sales director, told the seated guests. “While the pioneers have been the privates, this is giving confidence to the institutional investors to follow suit and attention is shifting to core and value-add assets.” 商道

Greenland Holdings Group sold 241 of 250 apartments released in the first stage sale of the Greenland Centre in Sydney’s business district

“我们在中国的业务涵盖了地产开发的各个领域，”罗晓华向《商道》（Higher View Business）透露，“绿地澳大利亚公司目前的业务主要集中在住宅和酒店项目的开发。未来的发展取决于楼盘和项目的性质。我们的业务不仅仅局限于住宅公寓的开发。” 如果说悉尼绿地中心的销售情况可以作为参考的话，那么可以说绿地项目的市场反响处于乐观状态。罗晓华称，他看不出任何停止在澳投资的迹象，相反，公司有充分的理由继续在澳置业。罗晓华表示：“总体上讲，澳大利亚房地产市场呈现出健康发展的态势，我们会继续在澳大利亚投资。” “首先，澳大利亚的国民经济非常健康，澳大利亚在全球金融危机中并没有受到大的冲击。第二，中澳两国拥有良好的外交关系。第三，有许多亚洲人移民并定居澳大利亚，我们认为，我们的品牌也可以漂洋过海，定居至此。” 他还指出，监管完善也是澳大利亚房地产市场的一大优势。 “对于像绿地这样的企业来说，能够拥有这样的投资环境，是非常有利的。” 前景乐观在中国财富进军澳大利亚的商界故事中，购置海外商业地产是一个相对较新的篇章。自 2008年金融危机以来，中国在澳大利亚的直接投资一直稳步增长。 H I G H E R V I EW B USINESS | 57

PROPERTY INVESTMENT IN AUSTRALIA

Sherwood Luo, Managing Director of Greenland Holding Group’s Australian operations Colliers International – one of CBRE’s chief competitors – takes a similar view. According to Colliers’ 2013 Capital Markets Report, proposed foreign investment in Australia by China in the real estate sector grew by almost 75% in the past three years, while proposed foreign investment in mineral exploration and development declined. But only around $800 million of Chinese money had gone into commercial property between 2008 and 2013. Much of the growth was driven by foreign investment from state-owned enterprises like China Investment Corporation (CIC) and Greenland Group. But Colliers says direct competition from privately owned companies and private investors also rose over the course of last year. These private investor groups include HNA Group, Ridon Group, Dongrun Investment Group and most recently Maville Group. Bright Ruby Resources has also become a

75%

According to Collier’s 2013 Capital Markets Report, proposed foreign investment in Australia by China in the real estate sector grew by almost 75% in the past three years. 在过去三年里，中国在澳大利亚房地产领域的计划投资额增长了近75%。

58 | HIGHER VIEW BUSIN E S S

澳大利亚的地产投资

中国买家是住宅市场的一大崛起力量。根据划投资额增长了近75%，而矿产勘探和开发领外商投资审查委员会（Foreign Investment 域的计划投资额却有所下滑。但是，从2008年 Review Board）的调查数据，在2012年6月到2013年，只有8亿澳元左右的中国投资流向 30日至2013年6月30日的财政年度里，中国在了澳大利亚的商业地产。澳大利亚住宅和商业地产的投资飙升了42%，推动外商投资额增长的中坚力量是国企，达到了59亿澳元。中国已超过美国，成为了澳比如中国投资有限责任公司（以下简称中投）大利亚房地产业的第一大海外投资者。和绿地集团。不过，高力国际称，在去年全金融服务公司瑞士信贷（Credit Suisse）发年，来自私企和私人投资者的直接竞争也有所布的一项分析显示，悉尼有将近五分之一的新增加。这些私人投资集团包括：海航集团开发地产是由中国买家购买。此外，农业用地（HNA Group）、 Ridon集团（Ridon 和依托资源的项目也是中国大企业的热门投资 Group）、东润投资集团（DRIG）、以及最目标。近的Maville集团（Maville Group）。Bright 如今，中国大陆房企在澳购置小规模住宅开 Ruby Resources （一家新加坡公司，由一位发用地的现象已经稀松平常，但是相对而言，中国杜姓富商掌控，业务涉及船务、资源和房绿地中心这类大型旗舰项目还是近年才有的新地产。——译注）已成为澳大利亚房地产市场动向。与此同时，向工业、物流、办公或零售的一大买主，该公司斥资2010万澳元，抢购了地产发起攻势的中国大陆房地产商还相对悉尼伊丽莎白街（Elizabeth St）231号——一较少。座已租给电信巨头澳大利亚电信公司不过，澳大利亚的商业地产巨子正纷纷投入（Telstra）的15层办公大楼，此后又出资6250 大量的时间和资源，因为他们相信，上述状况万澳元，买下了悉尼巴拉克街（ B a r r a c k 很快就会发生改变。对于他们来说，关键的疑 Street）10号。问和期待在于，中国的国家公共机构和养老基金会是否会效仿中国私企，成为澳大利亚住房来自第三国的竞争开发市场的积极参与者。根据高力国际的调查数据，2013年，澳大中国房贷政策和购房政策的收紧，是推动在利亚外商直接投资（FDI）与国内生产总值澳投资很重要的因素。（GDP）的比值为25%——仅次于发展中国家的水平，反映了澳大利亚进一步吸引外商直接潜力巨大投资的潜力。今年3月，房地产公司世邦魏理仕（CBRE）但是，澳大利亚能否吸引更多的中国投资，在墨尔本召开了一年一度的“市场前景展望” 还取决于中国投资者对澳大利亚未来几年经济（Market Outlook）主题早餐会。在早餐会上，走势的看法。由消费和住房带动的经济复苏，公司的高管在谈到澳大利亚商业地产的议题能否平衡矿业投资热潮的消退？时，持乐观的态度。在悉尼和墨尔本，优质写作为金融危机后为数不多的强大经济国字楼的平均收益率分别是6.7%和6.1%——远之一，澳大利亚的地位正随着世界各国经济的远高于东京、香港、台北等城市的水平，这些复苏而受到威胁。在吸引中国资本的问题上，城市的优质写字楼收益率低于3%。来自其他国家的竞争日益激烈。如果国际投资 2013年，尽管澳大利亚商业地产市场有超按照当前的速度继续增长，澳大利亚的商业地过50%的跨境投资来自亚洲，但中国作为一个产收益率将面临缩水。如果澳元继续贬值，将经济大国，在这部分投资中所占比重却相对较阻碍国际投资的流入，直到投资者认为澳元的少。真正促使当地房地产从业者振奋的是中国币值已接近谷底。此外，投资者也担心澳大利对澳投资的增长潜力。亚房地产市场是否价格过高。 “在接下来的两年里，市场将步入新的发展阶尽管如此，高力国际认为，由于市场透明度段。改变游戏规则的市场参与者很可能是中国高，安全性强，经济增长较为强劲，澳大利亚的养老基金会和主要公共机构投资者，”世邦今年依然是国际资本的理想目的地，即便收益魏理仕墨尔本区的业务主管马克 · 维泽尔率竞争力不强。（Mark Wizel）告诉与会嘉宾，“虽然先行者一对此，房地产服务和研究公司戴德梁行直是私企，但是这也会给公共机构投资者树立（DTZ）持有不同的看法。去年末，该公司发布信心，做出表率。投资者的注意力正转向核心了《亚太地区投资市场动态》（Investment 资产和增值资产。” Market Update for the Asia Pacific）。作为世邦魏理仕的主要竞争对手之一，高力戴德梁行表示，尽管有相当数额的资本依然国际（Colliers International）也持类似观点。将目的地选在了澳大利亚的房地产市场，但是根据高力国际发布的《2013年资本市场报投资机会——尤其是核心资产的投资机会—— 告》（2013 Capital Markets Report），在已经很难成功获取。与此同时，由于缺少市场过去三年里，中国在澳大利亚房地产领域的计基本层面的支持，投资活动可能会减缓。商道

PROPERTY INVESTMENT IN AUSTRALIA

澳大利亚的地产投资

major buyer, snapping up 231 Elizabeth St, Sydney – a 15-storey office tower leased to the telecommunications giant Telstra – for $201 million, and also 10 Barrack Street, Sydney for $62.5 million.

THIRD COUNTRY COMPETITION

Australia’s ratio of foreign direct investment (FDI) to gross domestic product was 25% in 2013 according to Colliers – just under the level for developing economies and showing Australia’s potential to attract further FDI. But whether FDI this comes from China will come down to Chinese investor views of how the Australian economy will perform in the next few years. Will a consumer and housingled recovery be enough to compensate for the declining mining investment boom? As economies around the world improve, Australia is losing its status as one of the only strong economies worldwide, and competition from other countries for Chinese capital will increase. Australian commercial property yields could compress if international investment continues at its current pace. Meanwhile, if the Australian dollar continues to fall, this could hamper international investment until the currency is perceived as being near the bottom of its trough. And concerns remain over whether the Australian property market is over-priced. However, Colliers believes Australia’s transparency, safety and relatively strong economic growth will continue to make it a natural home for international capital this year, even without its competitive yields. The property services and research firm DTZ takes a different view in an Investment Market Update for the Asia Pacific, published at the end of last year. “Although a considerable amount of capital continues to target Australian property markets, opportunities, especially for core assets, are becoming harder to source and secure,” DTZ says. “Equally, the lack of support from market fundamentals may act as a brake to slow investment activity. As a result, we forecast Australian investment volumes to moderate slightly in 2014.”

FEW REGULATORY HURDLES

Foreign investors face a range of hurdles when buying homes in Australia due to foreign investment laws aimed at increasing housing

BUILDING UP: CHINESE INVESTMENT IN AUSTRALIA REAL ESTATE 中国在澳大利亚的房地产投资 $millions

5,332

6,000 5,000

4,093

4,000 3,000

2,421

2,000 1,000 0

4,187

1,451 121

181

271

712

2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13

Source: www.demystifyingchina.com.au (KPMG, Business School and the China Studies Centre, Sydney University) supply and protecting available homes for 因此，戴德梁行预计，2014年在澳投资额将趋 Australian residents to use. 于缓和。 But there are no such hurdles when investing in commercial property, and money 极少的监管障碍 basically does all the talking. “There’s nothing 外国投资者在澳大利亚购买住宅时，会面临 you can’t do,” says David Sinn, a partner at the 一系列障碍，这是因为，外商投资法的目的是 Sydney-based law firm Herbert Smith Freehills. 增加住房供应，保护澳大利亚居民，使其有房 “It’s that simple, really. If you’re a private 可住。 individual or wealthy company or state-owned 但是，投资商业地产就没有这些障碍了， enterprise, in the commercial space there’s 基本上只要有足够的资金，一切问题都将迎 really nothing to stop you.” 刃而解。 Sinn was part of the Australian Prime 悉尼史密夫 · 斐尔律师事务所 Minister’s delegation that visited China in （Herbert Smith Freehills）的合伙人戴维·辛 April to discuss development opportunities as 恩（David Sinn）说道：“没有什么事情是你 the two countries work towards a free trade 不能做的，就这么简单，真的。不管你是个 agreement. He helped draft information 人，还是财力雄厚的私企和国企，在商业地产 materials for the Chinese Embassy in 投资领域，你真的不会遇到什么阻碍。” Australia on how to buy Australian property, 今年4月，澳大利亚总理率领代表团访问中 and has extensive knowledge about the 国，推动两国达成自由贸易协议，讨论发展机 processes involved. 遇。辛恩是代表团的成员之一，他为中国驻澳 Yes, foreign buyers need to get approval 大利亚大使馆起草了关于如何在澳置业的文 from Australia’s Foreign Investment Review 件，对在澳置业的流程了如指掌。 Board (FIRB) when buying property, Sinn 辛恩称，外国买家在置业时，的确需要经过 says, but it’s now an accepted part of the 澳大利亚外商投资审查委员会（以下简称 process in the market, and it’s extremely FIRB）的批准，但是现在，这已经是人们广泛 rare for the FIRB to intervene. 接纳的市场流程，FIRB极少出手干预。一旦买 If the buyer gets FIRB approval during the 家在购置商业地产的尽职调查期得到了FIRB的 due diligence period of buying a commercial 批准，并且拿到了FIRB的批文，这个流程不会 property and has this approval in hand, this 成为买家与其他实体的竞购战中的阻碍。 process won’t get in the way in a competitive 辛恩表示，近年来大多数卖家对于FIRB都没 bidding war with another entity. 有负面看法，大都认为这个流程只不过是外国 “Most vendors these days are comfortable 买家在置业时必须经由的一道手续罢了。 with FIRB; it’s just seen as one of the steps a 在澳大利亚置业的买家，只要事先做好调 foreign buyer has to go through,” Sinn says. 查，就不会遇到什么意外情况，只不过据辛恩 There are few surprises in Australia if you 说，地方税的征收，还是让部分买家措手不 have done your research, although Sinn says 及，尤其是州政府和领地政府征收的物业转让商道

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

PROPERTY INVESTMENT IN AUSTRALIA

local taxes, in particular the property transfer tax levied by state and territory governments known as stamp duty, catches some by surprise. “Our Torrens land system is very secure,” Sinn says. “When you talk about things like sovereign risk, the sovereign risk here in Australia is fairly low.”

FOREIGN LENDING

In terms of getting finance, foreign banks are increasingly aggressive in the rates they are offering people wanting to buy Australian commercial property, Sinn says. “If you’re a Chinese person trying to borrow money to buy property in Australia, local banks want to know about your credit history and assets, which it has no history of. But a local [Chinese] bank like the Bank of China will have history on you and access to your assets in that jurisdiction as well. They have a greater understanding of their customer in that case.” Chinese investors often take a very long-term view on their property holdings, Sinn says, looking beyond the immediate return to other considerations like making investments for the future and spreading their asset base internationally. One of the reasons direct investment in

Featuring elegant living spaces and exceptional detailing, 115 Bathurst Street promises to offer new benchmarks in style and cosmopolitan comfort

60 | H IGH ER VIEW BUSIN E S S

澳大利亚的地产投资

Australian commercial real estate from China 税，也就是人们所说的印花税。 has been limited comes down to tax. 辛恩说：“我们的托伦斯土地登记制度 Companies earning rental income in Australia （Torrens land system）非常安全。至于主权 pay the relevant company tax rate, but if 风险这样的问题，澳大利亚这边的主权风险非 property is owned indirectly through a real 常低。” estate investment trust scheme, income is taxed at a much lower 15%, or as low as 10% if 对外贷款 structured properly, Sinn says. 辛恩表示，从获取融资的角度讲，外资银行 Chinese investors with deep pockets can 为企图在澳购置商业地产者提供了越来越大的 apply for a Significant Investor Visa (SIV). The 利率优惠。 SIV, also known as the 888 visa, is open to “如果你是中国人，想要在澳大利亚贷款买 wealthy foreign individuals with $5 million 房，澳当地银行需要了解你的信用记录和资 or more to invest in complying investments. 产，因为它们那里没有记录。但如果是像中国 This visa doesn’t allow direct investment 银行这样的当地（中国）银行，它们就有你的 through real estate, but recognises investment 记录，可以在中国司法管辖权的范围内查看你 in an unlisted managed fund with a mandate 的资产状况。这种情况下，它们对客户更加 for investing in Australian assets. Australian 了解。” banks have set up funds and advisory services 辛恩表示，中国投资者往往会从长远的角度 for foreigners wanting to pursue the SIV visa. 看待他们的房产。相比于短期回报，他们更注 Applicants have to spend a minimum of 160 重其他因素的考量，比如为将来投资，将资产 days in Australia over four years, and there is 分散投资到海外。 no age limit or English language requirement. 中国对澳大利亚商业地产的直接投资之所以 According to Collier, a lot of Chinese 有限，税率是原因之一。凡是在澳大利亚有租 investment takes the form of capital partnering 金收入的公司，须按照相关的企业所得税率缴 or joint venture structures. “To date, direct 税。但是，如果该企业是通过房地产信托计 investment in real estate has been limited; 划，间接拥有房产，则所得税率将显著降低， capital partnering has been the main source 低至15%。辛恩如是表示，如果投资结构安排 of entry for the majority of foreign investment.” 得当，税率还可以降至10%。 For example, China Investment Corporation 财力雄厚的中国投资者可以申请重要投资者 emerged as a significant investor in 2009 when 签证（Significant Investor Visa，以下简称 it bought a major stake in Goodman Group, one SIV）。SIV又称为“888签证”，凡是有意在 of Australia’s largest industrial property trusts. 澳大利亚投资（至少）500万澳元、且投资范 CIC sold a 6.9% stake for $519.2 million in 2012, 围符合要求的外国富豪均可申请。直接投资房 and retained a 9.9% stake. It was a good play for 地产不属于签证要求中规定的投资范围。但是 CIC – they bought the shares for $0.40 a share, 申请人可以投资未上市的管理基金，前提是必 and sold them for $4.25. 须投资澳大利亚的资产。澳大利亚的银行已为想要申请SIV签证的外国人设立基金，并提供 FOREIGN BUYING DEBATE 咨询服务。申请人必须在四年内在澳大利亚住 International investors generally share the 满160日，至于年龄和英语语言能力方面，则 view Australia has a transparent and open 没有限制。 system that welcomes foreign property 高力国际表示，许多中国投资采取了资本合 investment, particularly in the commercial 伙和合资的形式。 space. But among Australians, it’s still a 高力国际表示，到目前为止，房地产领域的 controversial area and at times the 直接投资比较有限；资本合伙是外商投资进入 conversation around foreign investment 澳大利亚的主要途径。 becomes heated. 举个例子，2009年，中投一跃成为了重要投 Chinese investors spent between $4 billion 资者，该公司收购了嘉民集团（Goodman and $6 billion on housing last year according Group）的大量股份。嘉民集团是澳大利亚最 to real estate analysis firm RP Data, which 大的工业地产信托基金之一。2012年，中投以 was only a small fraction of the $250 billion 5.192亿澳元的价格抛售了其在嘉民集团持有 of property that changed hands during the 的6.9%的股份，保留了9.9%的股份。这笔交 year. Local property investors (not owner易对于中投来说非常划算——当初的买价是每 occupiers) made up about 40% of the figure, 股0.40澳元，抛售时的卖价则达到了4.25 but Chinese investors are often at the centre of 澳元。商道

PROPERTY INVESTMENT IN AUSTRALIA

澳大利亚的地产投资

the conversation. Perceived cultural and political differences are probably among the reasons for this. Late last year, Macquarie banker Bill Moss told The Australian newspaper that foreign buyers were out-competing locals for housing and there should be an additional 5% stamp duty levied on them. In response to rising concern over foreign investment into residential real estate, a federal parliamentary inquiry was launched in March to investigate whether foreign investment is increasing housing supply and benefiting local industry, or rather pushing up prices. Liberal member of parliament Kelly O’Dwyer, who is chairing the House Economics Committee responsible for the inquiry, has been forced to deny that the probe is anti-Chinese.

关于外商投资的争论国际投资者普遍认为，澳大利亚的投资环境透明、开放，对于外商的置业活动——尤其是商业地产的投资活动——持欢迎的态度。但是在澳大利亚人看来，这依然是个有争议的话题。有时，人们对于外商投资的争论会变得异常激烈。根据房地产分析公司RP Data的数据，去年，中国投资者在澳的住房投资额在40亿到60 亿澳元之间，与同期2500亿澳元的房地产交易总额相比，只占一小部分。尽管当地房地产投资者（自住购房者除外）的投资额在其中占比高达40%左右，但是中国投资者往往会成为人们争论的焦点。部分原因或许在于，人们认为，中国人和澳大利亚人之间存在文化差异和政治分歧。去年，麦格理银行（Macquarie）高管比尔·莫斯（Bill Moss）在接受《澳大利亚人报》（The Australian）的采访时表示，外国买家正在住宅竞购战上击败当地人，应该向他 MOVING FORWARD 们额外征收5%的印花税。 Fortunately for foreign investors, the business 人们对于外商投资住宅地产的担忧日益加剧，作为回应，今年3月，联邦议会发起了一项调 world is generally supportive of foreign 查，以探明外商投资是否增加了住房供应、 investment and the broader Australian 是否有利于当地房地产业的发展、是否推高了 populace is more pre-occupied with 房价。众议院经济常设委员会（House ownership of housing than of office blocks Economics Committee）主席、自由党议员 and supermarkets. 凯利·奥德怀尔（Kelly O’Dwyer）不得不 Chris Johnson of developer lobby group 解释称，此次调查的目的并不在于反华。 Urban Taskforce says he believes the negative 对于外国投资者来说，有一点值得庆幸， aspects of foreign investment are largely a 那就是商业界普遍支持外商投资，而广大民众 media beat-up. In his view, Chinese investors 更关心的是住房，而不是办公大楼和超市。 help increase the supply of rental housing for 开发商游说集团Urban Taskforce的克里 younger Australians. “Getting interest from 斯·约翰逊（Chris Johnson）认为外商投资 China is a good thing to get the market going,” 的负面影响从很大程度上讲，是媒体的炒作。 Johnson says. 他声称，中国投资者为澳大利亚年轻人增加了 What this means for foreign investors, 出租住宅的供应。 particularly residential property developers, is 约翰逊表示，吸引中国的投资，对于市场的 it’s worth thinking about how to participate in 运转来说，是一件好事。 that conversation before making development 这也就意味着，外国投资者——尤其是住宅 plans public. Johnson says foreign developers 地产开发商——在公布开发计划以前，需要思 can get the community on-side by being 考如何应对这样的争议。约翰逊称，外国开发 consultative and including community 商可以采取征求意见的姿态，将社区设施和公 facilities and parkland in their plans. 共绿地纳入到开发计划当中，以争取社区民众 Sherwood Luo at Greenland, for one, 的支持。 has clearly thought about his position in 对于这场争论，绿地集团的罗晓华显然已经 the debate. “We believe Australia welcomes investment from offshore,” he says when 思考过自己的立场。 asked about some of the controversy over “我们认为，澳大利亚欢迎海外投资，”当被 foreign investment. “We bring the funds, 问及外商投资受到的部分争议时，他表示， we create employment opportunities here, “我们带来了资金，在这里创造了就业机会， we create business, and our assets – like hotels 成立了企业。我们的资产会留在澳大利亚， – will stay in Australia where they will keep 酒店就是一个例子，它们会保持运营，向政府 operating and paying tax.” 交税。” Not a bad argument. 他的话听起来很有道理。商道

$275m 百万 In early 2013, news emerged that Greenland planned to build a hotel and luxury apartments at 115 Bathurst Street to create Sydney’s tallest tower. Then, at the end of 2013, the company sold about $275 million of apartments off the plan – 95% of the available stock – within three hours of opening sales. 绿地控股拟在巴瑟斯特街115号建设酒店和豪华公寓楼，力图打造悉尼的最高大厦。此后，到了2013年末，该公司预售了其在巴瑟斯特街楼盘95%的房源——销售金额约为2.75亿澳元。

CHINESE PROPERTY INVESTMENT BY NUMBERS

$5.9 BILLION

Chinese investment in Australian residential and commercial real estate for the year to June 30, 2013

$1.5 BILLION

The value of development projects that Greenland Holding Group has in the pipeline in Australia

$5 MILLION

Minimum sum that wealthy foreign individuals must have to invest in complying investments to be eligible for an 888 significant investor visa

160 DAYS

The number of days that SIV applicants must stay in Australia over a four-year period

$3.7 MILLION

The sum paid by a Chinese buyer for a three-bedroom apartment in the Greenland Centre, which will be Sydney’s tallest tower

15%

Tax rate on income from property owned indirectly through a real estate investment trust scheme in Australia H I G H E R V I EW B USINESS | 61

BANKING & FINANCE

银行与金融

By Warren Hogan, chief economist, ANZ 澳新银行首席经济学家

Glenn Maguire, chief economist Asia Pacific, ANZ 澳新银行首亚太区席经济学家

Dr Liu Li-Gang, chief economist Greater China, ANZ 大中华区首席经济学家

Peter Munckton, consultant 澳新银行顾问

改革之路

ON COURSE FOR REFORM The scale and scope of changes to China’s financial system will have a significant impact on the rest of the world 中国金融体系变革的规模和范围将会对全球产生重大影响。

he Chinese economy is becoming increasingly sophisticated and more reliant upon domestic demand than previously. However the regulatory structure of the Chinese financial system is creating strains, including a growing shadow banking sector. There is a clear need for reform of the financial system. The Chinese government understands this, highlighted by its recent reaffirmation of the need for further financial liberalisation. Because of its sheer size, the scale and scope of changes to the Chinese financial system will have significant global impacts.

CHINA’S FINANCIAL REVOLUTION

Banking dominates the Chinese financial sector and is similar in size to many developed economies. By contrast, the size of both the institutional asset management sector (pension and mutual funds, as well as the insurance sector) and the capital markets is modest. The Chinese banking system has historically offered low returns to savers and has favoured lending to big firms and especially state-owned enterprises (SOEs). The close connection with large firms reflects a number of factors: many SOEs have strong business positions; large firms carry an implicit government guarantee (in our opinion); and they also carry significant government influence. However, the current system creates inefficiencies that are well recognised by the 62 | H IGH ER VIEW BUSIN E S S

国经济日益完善，比以前更加依赖内需。 Chinese government. These inefficiencies 但是，中国对金融体系（包括不断增长 include the following: 的影子银行）的监管却在收紧。这表明，中国 • The need for the economy to be more 的金融体系亟需改革。 reliant upon domestic demand. For domestic 中国政府明白这一点，而且在近期重申了中 demand to play a larger role, consumers and 国需要进一步推动金融自由化。但由于其规模 small to medium-size enterprises need greater 庞大，中国金融体系变革的规模和范围将会对 access to more sophisticated financial services, 全球产生重大影响。 enabling them to access credit or higher returns on savings. 中国的金融变革 • As economies move up the value chain, 目前，银行业主导着中国的金融行业，其银 companies will require more sophisticated financial instruments to help manage 行业的规模类似于许多发达经济体。但中国的 increasingly complex and internationalised 资产管理（养老基金，互惠基金保险业）和资 financial arrangements. 本市场的规模则比较适中。 • Financial innovation typically comes from 中国的银行系统一直以来向储户提供较低的 private markets. Private sector innovation and 利率，并优先向大型公司尤其是国有企业 improved technology will increase the （SOE）提供贷款。中国的银行与大型公司的 efficiency and availability of financial services. 密切关系反映了以下几个因素：多数国有企业 The 1997 Asian Financial Crisis highlighted 拥有强大的商业地位、我们认为大型国企拥有 the types of problems that arise if a financial 隐性的政府担保以及对政府有较大的影响力。 system is not structured correctly. Currency 不过，中国政府对目前效率不高的金融体系 and maturity mismatches were the major 已有清晰的认识，其中包括： causes of the crisis because of rigid exchange 中国经济更加需要依赖内需。随着内需在中 rate systems and shallow capital markets. 国经济中扮演着越来越重要的作用，金融体系 The Chinese banking system was spared 需要为消费者和中小型企业提供更完善的金融 much of the fallout from the Asian crisis thanks 服务，让他们获得贷款或更高的储蓄收益； to its closed capital account. But China swiftly 随着经济体的价值链的升级，公司将需要更 took steps to address its large non-performing 多复杂的金融工具来帮助管理日益复杂的国际 loan (NPL) problem. 化金融安排； However, the ongoing need for major 金融改革通常始于私人市场。私营部门创新 change has become obvious. Loan growth 以及不断改进的技术将会提高金融服务的效率 during the past several years has been a 和可获得性。1997年的亚洲金融危机突出了金 startling and unsustainable 25%, mostly due 融体系结构不合理所带来的问题。由于僵化的 to the effect of the 2007-08 global financial 汇率制度和影子资本市场，货币和期限的错配

中

商道

BANKING & FINANCE

银行与金融

Pilot zone pioneer ANZ Chief Executive Officer Mike Smith speaking at the opening of the bank’s sub-branch in Shanghai Free Trade Zone in April 贸易试验区先锋澳新银行总裁邵铭高，四月份在上海自由贸易试验区支行的开业礼上发言。

crisis, leaving the banking sector vulnerable to a cyclical economic downturn. As China’s banks are still majority-owned by the state, the government will have to shoulder the fiscal responsibility of any future NPL write-offs. While this should be manageable as the Chinese government has relatively low debt levels, it will require more privatisation, and highlights the need to develop a liquid and sophisticated capital market to help diversify the risks in the financial system.

SHADOW BANKING

A major concern resulting from the structure of the Chinese financial system has been the growth of a significant shadow banking sector. The size of the sector is around RMB15 trillion to RMB17 trillion (US$2.4 to US$2.8 trillion), which is about 12% to 13% of the formal banking system assets and one third of China’s GDP. China’s shadow banking largely consists of: • Underground banking. Private lending between individuals and enterprises that are not subject to the regulations of the formal banking system. • Trust products, which usually offer much better interest rates than bank deposits, but higher credit risks. • Wealth Management Products (WMPs) offered by banks and other financial institutions. WMPs offer higher interest rates but they have been devised primarily to

circumvent interest rate controls on deposits. A shadow banking system does provide some economically useful services, albeit with higher risks and rewards. A large amount of activity in the shadow banking sector could lead to a build-up of risks in the financial system, as well as reducing the effectiveness of government policy. Strong growth in shadow banking when the financial system is heavily regulated is not unusual. This was characteristic of Australia in the years following 1945, when an increasing amount of intermediation took place outside the banking sector. After the financial sector was deregulated in 1983, the banking sector increased its share.

LOCAL GOVERNMENT DEBT

Another risk to the financial system in China has been the growth in local government indebtedness. Local governments have had increasing spending responsibilities in recent years, which has not been matched by a commensurate increase in revenue. Higher borrowing requirements have been partly funded through the banking system. So-called Chengtou bonds, which are issued by local government financing vehicles, have also surged in recent years. These products are not fully accounted for as local government debt obligations and pose additional risks for investors. Local government debt has reached RMB17.9 trillion, including RMB7 trillion in 商道

造成了这次金融危机。尽管中国的银行体系因其封闭的资本账户避免了亚洲金融危机的负面影响，但中国仍迅速采取了行动，处理其大量的不良贷款（NPL）问题。不过，持续的推进重大变革近些年已变得越来越迫切。过去几年中国的贷款增长了 25%，这一数字令人震惊，且达到了难以为继的程度，这主要是受到了全球金融危机的影响，在这种情况下，银行业易受到周期性经济低迷的影响。因为中国的银行仍然主要为国家所有，因此政府必须承担未来不良贷款爆发的财政责任。尽管中国的债务水平相对较低，不良贷款在可控范围内，但是中国仍将需要推进更多的私营化，并亟需发展一个流动而成熟资本市场，以帮助分散金融体系的风险。影子银行影子银行业的迅速扩张是当前中国金融体系面临的主要问题。当前影子银行的规模约为 15-17 万亿元人民币（2.4-2.8 万亿美元），约占正规银行体系资产的 12-13%，占中国国内生产总值（GDP）的三分之一。中国的影子银行主要为三种形式： • 地下钱庄。未受正规银行系统监管的个人和企业的借贷活动； • 信托产品，通常提供远高于银行存款利率的利率，但具有更高的信贷风险； • 银行和其他金融机构提供的理财产品（WMP）。理财产品通常提供较高的利率，但旨在绕过存款利率监管。尽管影子银行系统具有更高的风险和收益，但它可以提供一些经济有效的服务。大量的影子银行活动可能会导致金融体系的风险增加， H I G H E R V I EW B U SINESS | 6 3

BANKING & FINANCE

银行与金融

PROJECTIONS FOR EQUITY MARKETS 股市预测 Equity market capitalisation, US$ trillion, nominal 股票市价，万亿美元 2000

40.8

2010

2020

2030

26.6 25.1

17.0

16.6 16.8

12.2 11.3 9.8 8.5

7.6

6.4 6.2

6.4

5.0

4.3

1.4

4.0

CHINA 中国

UNITED STATES 美国

EUROZONE 欧洲

0.4

0.2

JAPAN 日本

UNITED KINGDOM 英国

3.6

2.4

3.8 0.5

4.1

3.4

2.7 3.0

INDIA 印度

1.0

AUSTRALIA 澳大利亚

0.3

1.0

1.9

SOUTH KOREA 南韩

0.6

1.0 1.3 1.3

HONG KONG 香港

Source: CEIC and ANZ projections. contingent liabilities, according to the National Audit Office. We believe that policy options are available to address the local government fiscal risks. Local government debt is largely associated with infrastructure financing, privatisation of which would allow debt to be lowered substantially. Further, local governments own SOE and commercial bank assets that could be privatised to reduce debt obligations. Local government financing arrangements could also be improved by allowing them to tap into the bond market directly.

STRENGTHENING THE SYSTEM

China’s financial system remains at an early stage of development in many critical sectors. A report produced for the 2013 World Economic Forum ranked China 23rd (out of 62) on its Financial Development Index. China did well on the provision of financial services in the report. However it deemed China relatively weak on institutional and business environment grounds. 64 | HIGHER VIEW BUSIN E S S

These findings were consistent with the World Bank in its Ease of Doing Business Report, which rated China low overall, but noted it has made substantial improvements in recent years. China will require further improvements in areas of institutional development and corporate governance in order to develop a world-class financial system. As China’s per capita income increases, improvements in governance and quality of institutions can be expected (and are starting) to take place. Appropriate legal, governance and infrastructure arrangements are vital in developing a world-class financial system.

BOND MARKETS

Work also needs to be done in particular segments of the financial sector. For example, some of the biggest issues affecting the development of a liquid Chinese bond market are supply-side ones. Relatively limited and infrequent government borrowing across the yield curve means there is a lack of benchmark rates, 商道

并降低政府政策的有效性。影子银行系统在金融体系受到严格监管时通常会出现强劲增长，这也是澳大利亚银行体系在1945年之后的许多年里的一个特点。当时，金融中介的数量在银行业之外不断增长。1983年金融业解除管制之后，银行业才获得市场份额的增长。地方政府债务地方政府债务不断增长是中国金融体系所面临的另一个风险。地方政府近年来一直在增加支出，不过，不断增长的支出并没有与相应的收入增长相匹配。更高的借贷需求部分是通过银行系统满足的。另外，由地方政府融资机构发行的所谓城投债券在近些年也出现了飙升。这些产品并没有完全计入地方政府的债务，并且给投资者带来了额外风险。国家审计署的数据显示，地方政府债务规模达到了17.9万亿元人民币，其中包括 7 万亿元的或有债务。我们认为，政府可以采取一些政策手段来应对地方政府的财政风险。中国地方政府的债务大部分与基础设施融资有关，基础设施的私有化将能够大大降低债务水平。另外，地方政府

BANKING & FINANCE

银行与金融

加速改革中国政府意识到对金融体系和更广阔经济领域进行改革的需要。在最近的第十八届三中全会上，中国政府宣布了 3 个重大改革方向： • 进一步推进市场化改革。这可能意味着能源、水资源、土地价格和工资的开放。另外，多个领域也将加快金融改革； • 政府宣布，私营和国有企业将成为中国经济发展的基础。这表明私营企业主将有更大机会寻求发展空间；上述原则将渗透到经济体多个领域的改革，并会对金融体系的成长和发展方向产生重大的影响。在银行业和金融方面，

12 20

债券市场我们还需要在金融行业的特定领域开展工作。例如，影响中国债券市场流动性的若干最重大的问题都是供给方面的问题。在收益曲线上，尤其是收益曲线上的长期利率，我们看到的多是相对有限且不太频繁的政府借贷的利率，这一现象表明了缺失基准利率，这进一步阻碍了通常根据国债收益曲线来定价的企业债券市场的发展。监管分割和法律禁止也限制了中国企业和地方政府债券市场的发展。阻碍固定收益市场发展的其他因素包括法律和监管障碍、债券期货市场的缺失和不成熟的央行回购市场。我们还需要解决缺少具有公信力的评级机构的问题，同样还需要解决发行人不愿意披露太多金融信息的问题。最后，大型国内机构投资者群体的匮乏阻碍了市场流动性和相关基础设施的发展。

强化金融系统中国的金融体系在多个关键方面仍处于发展的初期阶段。2013年世界经济论坛的一份报告将中国的金融发展指数排在第23位（共计62 个国家）。报告认为中国在提供金融服务方面做得不错，但在体制和商业环境基础方面相对较弱。上述结果与世界银行的经商便利度报告（Ease of Doing Business Report）相一致。尽管中国近些年在此方面已取得了巨大的进步，但世界银行报告在整体上仍将中国排在低位。中国需要在机构发展和企业管治领域进一步改进，以发展出一个世界一流的金融体系。随着中国人均收入的增长，金融机构在管治和品质方面将（某种程度上已经）得到改善。相应的法律、管治和基础设施建设对建立世界一流的金融体系至关重要。

WORLD - CENTRAL BANK FX RESERVES 世界－中央银行外汇储蓄 US$ trillion 万亿美元

还拥有国有企业和商业银行的资产，也可以对它们进行私有化，以降低债务。地方政府的融资安排还可以通过让它们直接发债来改善。

10 DEVELOPED 已发展的 OTHER EMERGING MARKETS 其他新兴市场 INDIA 印度 ASEAN-5 东盟五国 NEWLY INDUSTRIALISED ECONOMIES 新兴工业化经济体 CHINA 中国

8 6 4 2 0

Source: CEIC and ANZ projections.

Decisive reform reaps success At the end of 1990s, China’s banking system had a non-performing loan ratio of around 30% to 40% of total bank assets. Some banks were technically insolvent, supported by a government deposit guarantee. Prompted by the Asian financial crisis in 1997, the government under then Premier Zhu Rongji implemented radical reforms. He allowed a sell-off of small and medium non-performing SOEs, and set up four asset management companies affiliated with the four largest state-owned banks – the Agriculture Bank of China, Bank of China, the Construction Bank of China and the Industrial and Commercial Bank of China. Once NPLs were carved out and the four banks recapitalised using the bonds injected by the Ministry of Finance, the four largest banks in China were then listed on both the Shanghai and Hong Kong stock exchanges. The funds raised were used to pay off the state capital injection. The policy was a huge success. Many global banks became equity owners of the Chinese big four banks and their ownership has helped enhance corporate governance.

商道

The healthy state of the banking system helped finance the RMB4 trillion (US$575 billion) of fiscal stimulus, allowing China to ride through the worst of the GFC. 决定性改革取得成功 20 世纪 90 年代末，中国银行系统的不良贷款率约为银行总资产的30－40％。在政府对银行存款担保的支持下，中国某些银行已技术性破产。之后，受1997年亚洲金融危机的影响，朱镕基总理当政时期的政府实施了根本性的改革。他允许出售中小型亏损国企，还设立了附属于中国农业银行、中国银行、中国建设银行和中国工商银行这四大国有商业银行的四家资产管理公司。不良贷款被划分出来后，四大商业银行利用财政部注入的资金进行了再融资。之后，中国四大商业银行在上海和香港股票交易所进行了上市。此外，从投资者处筹集的资金被用于对国有资产进行资本注入。上述政策取得了巨大的成功。多家全球性银行成为了中国四大国有商业银行的股权持有人，他们的入股强化了企业管治。健康的国有银行系统提供了4万亿元人民币（5,750 亿美元）的财政刺激资金，帮助中国度过了全球金融危机最糟糕的一段时期。

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

BANKING & FINANCE

银行与金融

wider economy. At the important Third Plenum of the Party central committee held in November last year, three major directions for reform were announced: • Further market-based reforms, which may mean liberalisation of energy, water and land prices, as well as wages. There will also be an acceleration of financial reforms in a wide range of areas. • The government has announced that both private and state-owned enterprises will be foundations of economic developments. This suggests private entrepreneurs will be given greater scope to pursue opportunities. • A continued strengthening of the legal system. These principles will underpin reforms in many areas of the economy, significantly influencing the direction and growth of the financial system. In banking and finance, reform will be in the following directions: • Acceleration of the market-based exchange rate determination mechanism, interest rate liberalisation and improved treasury yield

especially at the longer end of the yield curve. This further impedes the development of corporate debt markets, which are generally priced off government yield curves. Regulatory segmentation and legal prohibitions have also limited the development of China’s corporate and local government bond markets. Other factors inhibiting the development of the fixed income market include legal and regulatory hurdles, the lack of a bond futures market and under-developed central bank repurchase markets. The lack of reputable ratings agencies coverage will need to be addressed, as will the reluctance on the part of issuers to disclose too much financial information. Finally, the lack of a large domestic institutional investor base impedes the development of market liquidity and associated infrastructure.

REFORM TO ACCELERATE

The Chinese government has recognised the need to reform the financial system and the

CHINA’S OUTBOUND INVESTMENT 中国的对外投资 CHANGING INTERNATIONAL PORTFOLIO ALLOCATIONS 不断变化的国际资产配置

EQUITY 产权

DEBT 债务 60%

30%

28%

22%

20% 14%

2.0%

5.0%

2010

2030

U.S. 美国

2010

8.0%

5.0%

2030

EUROPE 欧洲

9.0% 0.5%

2030

2010

OTHER 其他国家

Source: CEIC and ANZ projections. 66 | HIGHER VIEW BUSIN E S S

商道

Farm and food exports hit a record high of RMB 农产品和食品的出口额创下历史新高

17T 万亿人民币

将有以下几方面的改革： • 市场化汇率决定机制加速发展、利率开放及反映市场供需的国债收益曲线获得改善； • 允许有够资格的私人资本设立中小型私人银行； • 加快自由贸易区以及内陆和边境区的发展，重点发展上海自贸区。资本市场是改革的关键中国资本市场的开放是国内所有改革议程中最重要的议程。中国的储蓄相当于GDP 的一半。其贸易顺差使得中国成为单个最大的世界经济资本提供者之一。现在，这一资本主要为央行购买美国国债。随着中国金融体系的开放，这一顺差将会越来越多地由个人和私人机构而非由官方机构来进行配置。从规模上来看，因为中国在该地区金融市场上的权重最终应与其GDP和贸易权重相匹配，所以中国的资本账户开放将成为该区域金融一体化的中心任务。资本账户不能在孤立的状态下开放，还必须改变有关资本流动、国内货币政策目标和外汇的机制，并让其互相协调。如果政策机制不能协调，资本大量流动的风险将增加。资本激增可能会突然减少，从而对经济尤其是银行业造成严重干扰。在资本账户开放顺序方面，一般认为，中国会追求最佳实践方法，即在资本流出之前允许资本流入，在使用短期资本工具之前允许使用长期资本工具，在间接投资之前允许直接投资以及在零售资本流动之前允许机构资本流动。中国是“亚洲世纪”这一故事的中心，但是其本身也是一个故事。中国经济机器上运行的零件的数量令人生畏。尽管政府的最终的目标越来越明朗，但是其通向这一目标的道路仍有待商榷。

BANKING & FINANCE

银行与金融

GLOBAL ECONOMY BY REGION: 1980 - 2050 全球经济地区 100%

GLOBAL ECONOMY BY REGION: 1980 - 2050 全球经济地区

80%

30.3%

2050 SHARE

100%

REST OF WORLD 世界其他地区

30.3%

9.0%

REST OF WORLD 世界其他地区

80%

60%

2050 SHARE

UNITED STATES 美国

9.0%

UNITED STATES 美国

60%

5.7%

17.3%

official sector. Given its size, China’s capital account opening will be central to the financial integration of the region as its weight in the region’s financial markets should eventually match its weight in GDP and trade. The capital account cannot be liberalised in isolation. There must also be change to policy regimes covering capital flows, domestic monetary policy objectives and the exchange rate regime to maintain compatibility. If compatibility is not maintained there is a risk of surges in capital flows. Capital surges can suddenly reverse, causing severe disruption to the economy, particularly the banking sector.

The Shanghai Free Trade Zone initiative is aimed at developing an open geographical zone that allows a freer flow of goods, capital and human resources. The zone will play a leading role in financial reform and capital account liberalisation. One key plank of the FTZ program will be the opening up of the services sector to foreign capital, which could act as a bridge for China’s services sector to integrate with international standards. Meanwhile, the FTZ will also require further opening up of the capital account and may pose new challenges to the current capital account regime, foreign exchange and interest rate control mechanism. Banking regulations will also require a new financial regulation model. The Shanghai FTZ will act as an onshore testing ground for China’s interest rate and exchange rate liberalisation, RMB convertibility and management of domestic financial institutions’ offshore business. The pilot will be gradually expanded to more areas if successful.

BEST PRACTICE

决定性改革取得成功

40%

17.3%

EMERGING AISA 新兴亚洲

20%

4.6%

EMERGING AISA 新兴亚洲

33.3% CHINA 中国

JAPAN 日本

40%

33.3%

JAPAN 日本

20% 50 20

40 20

30 20

20 20

10 20

00 20

90 19

4.6%

50 20

30 20

20 20

10 20

00 20

90 19

CHINA 中国

Source: CEIC and ANZ projections. curves to reflect market demand and supply. • Allowing qualified private capital to set up small and medium-sized private banks. • Speeding up of the development of free trade zones and inland and border areas, with the Shanghai FTZ highlighted.

CAPITAL MARKETS KEY

Of all the items on the domestic reform agenda, the liberalisation of capital markets is the most important. China saves around half of its GDP. Its external surplus is the single biggest provider of capital to the world economy. At present this capital outflow is dominated by central bank purchases of US Treasury securities. As China’s financial system is opened up, this surplus will increasingly be allocated by private individuals and institutions rather than the

China is central to the story of the Asian century

FTZ to play leading role

EUROPE 欧洲

In terms of the sequence of capital account liberalisation, it is generally accepted that China will aim to pursue a best-practice approach to liberalisation – namely allowing capital inflows before outflows, long-term capital instruments before short-term ones, direct investment before indirect investment and institutional capital flows before retail capital flows. China is central to the story of the Asian Century but it is a story in its own right. The number of moving parts in the Chinese economic machine is daunting. While the ultimate destination of the government is becoming clearer, the way it will reach this destination is open to question. 商道

上海自由贸易区引领金融改革和资本账户开放。上海自由贸易区计划建立一个开放的地理区域，该区域不仅允许商品的自由流动，还允许资本和人力资源的自由流动。上海自由贸易区项目的关键是向外资开放服务业，它将中国服务业与国际接轨。同时，上海自由贸易区还要求进一步开发资本账户，它将给当前的资本账户体制、外汇和利率管制机制带来新的挑战。银行管理制度还将要求新的金融监管模式。上海自由贸易区将扮演中国利率和汇率开放、人民币自由兑换和国内金融机构海外业务管理的试验场。若获得成功，试点将逐步扩大至更多区域。

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

E-COMMERCE

6 8 | HIGH ER VIEW BUSIN E S S

电子商务

商道

E-COMMERCE

电子商务

By Ben Hurley 驻台记者白杰明

从中国走向世界

FIRST CHINA, THEN THE WORLD Alibaba has risen from a low-cost goods portal to a global e-commerce powerhouse 阿里巴巴：从廉价商品的门户网站到全球著名的电商巨头。

ight years ago, Australian alpaca wool bedding manufacturer Kelly & Windsor decided to list its products on online marketplace Alibaba.com. Managing director Trevor Beuth remembers it seemed counter-intuitive at the time. Could a forum mostly used to source low-cost Chinese goods really be a tool for selling high-end Australian products? “It was a free listing, so I thought there would be no harm in it,” Beuth tells Higher View Business. Enquiries began as a slow trickle, and then grew. Before long, Beuth’s revenue was growing year on year on the back of Chinese demand through Alibaba, sometimes by as much as 50%. And while his quilts sell for $700 to $900 in Australia, they go for around RMB10,000 in China – which converts to more than double the Australian price despite the high Australian dollar.

TOP ONLINE RETAILER

“We have had some small trade through it, and some large,” Beuth says. “Some started out as low-key innocuous enquiries, and then, gee whiz, they had put some serious dollars on the table.” For those living on another planet, Alibaba is the biggest online retailer in the world, with sales volumes across its various platforms surpassing that of eBay and Amazon combined. Outside of China it was, until recently, mostly only known to retailers as a place to buy wholesale goods. But since it filed in May for a public share sale in the United States and opened up its books for investors to see, the world is taking a lot more notice.

Estimates of its post-IPO value vary from $130 billion to as much as $250 billion. Last year it sold a staggering $248 billion in goods – more than the total size of some European economies – and its profit margin was 45%. Some believe it will be the largest IPO in US history. Investors and businessmen like Beuth are taking a fresh look at the company and seeing its potential not just as a place to buy things from China, but also as a place to sell to China’s growing middle class and maybe even the rest of the world. For instance, a few weeks ago, Beuth got an enquiry about his products from Norway through Alibaba. For Australia’s scarce remaining manufacturers who were once squeezed by China’s rise as a manufacturing powerhouse, Alibaba’s marketplaces are an under-utilised resource, according to Beuth. “It is an opportunity, there’s no doubt about it,” Beuth says. “I think that people’s perception of Alibaba is as a means for Australian importers to make contact with Chinese exporters. That may have been the original model, but now if you are looking at exporting to China, or anywhere else in the world, Alibaba is a very good and smart part of your marketing plan.”

BIG DREAMS

The public listing opens up a new chapter in the Alibaba story, which began in 1999 in the Hangzhou apartment of former English teacher and now billionaire Jack Ma. He and Joseph C. Tsai, a Taiwan-born former lawyer working for a private equity business 商道

八

年前，澳大利亚羊驼绒床上用品制造商 K&W决定将其旗下产品入驻阿里巴巴网上商城 alibaba.com。“这一决定在当时看来似乎与直觉相悖。一个买卖中国本地廉价商品的地方，真的可以为澳大利亚高端产品打开销路吗？”公司总经理特雷弗·贝茨（Trevor Beuth）对《展望》说：“入驻阿里巴巴商城是免费的，所以，我觉得尝试一下也无妨。” 最初，询价的客户不多，渐渐地，人多了起来。不久之后，贝茨的公司的收入实现了连年增长，有时甚至达到了50%。羊驼绒棉被在澳洲本地的售价是700-900澳元，而在中国则高达10,000元人民币左右。虽然澳元更值钱，但换算之后，羊驼绒棉被在中国的售价还是比在澳大利亚的贵了一倍多。

一流的网上零售商 “通过阿里巴巴，我们既做成了一些小生意，也完成了一些大订单。”贝茨说：“有些客户开始询价时非常低调，甚至有些满不在乎。但接着，他们会对我们的产品感到吃惊，愿意与我们建立真正的合作关系。” 对于中国人而言，阿里巴巴是世界上最大的网上零售商。通过各种不同的营销平台，它的销售量超过了易趣和亚马逊的总和。但对于外国人而言，直到最近，阿里巴巴至多是一个零售商们购买批发货的地方。但随着在美国公开售股募资，阿里巴巴正等待着投资者们对其一探究竟，而世界也正在将更多的目光转向这个公司。预估阿里巴巴首次公开募股后的市值会在 1,300亿美元到2,500亿美元之间。公司去年的商品销售额达到了难以置信的2,480亿美元，超过了一些欧洲经济体的总量，同时其利润率达到了45%。有些人认为它将成为美国历史上首次公开募股市值最高的公司。投资者以及像贝茨一样的商人们正在用一种

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in Hong Kong, brought in Goldman Sachs and SoftBank as investors. Yahoo bought a major stake in 2005. They also launched Taobao, a consumer-to-consumer platform, in 2003. Taobao quickly tore market share away from eBay, which largely abandoned the China market in 2006. Millions of ordinary Chinese now depend on Alibaba for their livelihood, either from selling products using Alibaba or delivering them across China’s far-flung land mass (last year around 11.3 billion orders were placed on Alibaba). As of November last year there were around 20 “Taobao villages” in China according to Alibaba’s research arm. These are rural areas where at least 10% of the village’s households are independently involved in producing goods to sell on Taobao. There is a lot more room for growth, Alibaba says in its public listing documents. China has 618 million internet users and 500 million mobile users, but online shopping only accounts for 7.9% of consumption. While the United States has 2.6 square metres of physical retail space per capita, China has only 0.6 square metres. Alibaba China’s underdeveloped offline retail infrastructure will accelerate the take-up of online shopping as China’s wealth rises. The company also claims it is well-positioned in the rise of mobile shopping. In the three months to December 31, 2013, 20% of its customers accessed its markets using mobile phones.

GOING GLOBAL

When news broke about Alibaba deciding to list in New York instead of China, opinions in China towards the move were varied. One People’s Daily article described it as “an embarrassment to China’s capital market” after Alibaba failed to gain enough attention from local investors. But others saw it as a chance for China to produce a truly global e-commerce giant. This, of course, is of particular interest to investors. “If it is able to transport that kind of power to outside China, it has the potential to become a true global e-commerce powerhouse,” says Roger Entner, lead analyst and founder of Recon Analytics. “Everybody thought Amazon could do it but now we have to rethink Amazon in the light of being the most successful company in that field in the US – but not in the world.” 70 | H IGH ER VIEW BUSIN E S S

电子商务

全新的眼光看待阿里巴巴。他们认为该公司潜和5亿手机用户，但网购消费量只占中国消费力巨大，不仅可以帮助他们买到来自中国的商总量的7.9%。品，还可以让他们把自己的产品卖给不断增长美国人均实体零售空间达2.6平方米，而中的中国中产阶级，甚至可以让自己的产品走向国则仅为0.6平方米。阿里巴巴中国线下的零世界。例如，几个星期以前，贝茨通过阿里巴售设施并不发达，因此，随着中国财富的增巴接到了一位挪威客户的询价。长，阿里巴巴将会加速占领中国的网购市场。 “中国作为一个制造大国崛起时，澳大利亚仅阿里巴巴还称，公司已经在新兴的移动端购存的几家制造商们曾经受到了她的挤压。但现物市场上占据了有利位置。在2013年10月31 在，阿里巴巴是一个可资利用的销售渠道，日至2013年12月31日的三个月时间内，有20% 不过还没有得到充分的利用。”贝茨说道。阿里巴巴的客户通过手机访问了阿里巴巴 “这无疑是一个机会。”贝茨说：“一直以商城。来，人们都把阿里巴巴看作是一个澳大利亚进口商与中国出口商之间联络的渠道。也许，走向全球以往的模式是这样的。但现在，如果你有意把当获知阿里巴巴将不在中国，而是转赴美国商品销往中国，或是世界上的任何其它角落，纽约上市时，中国各方人士对此持不同观点。那么，将阿里巴巴纳入你的营销计划将是非常《人民日报》在一篇文章中写道：“阿里巴巴明智的选择。” 的这一行为，让中国的资本市场尴尬不已。” 因为，阿里巴巴先前并未获得中国投资者的足伟大的梦想够关注。公开上市为阿里巴巴翻开了新的一页。阿里但是，也有人认为，借助阿里巴巴在美国上巴巴的创始人马云曾经是一名英语教师。1999 市的东风，中国可以打造一个真正的世界级电年，他在杭州的一间公寓里成立了阿里巴巴，商巨头。这当然会引发投资者的兴趣。而现在他已经是一位亿万富翁了。马云与曾在 “如果阿里巴巴在美国上市的东风能够吹向香港某私募公司担任律师的台湾人蔡崇信合中国以外的地方，那么阿里巴巴就有潜力成为作，得到了来自高盛和日本软银的投资。2005 一个真正的世界级电商巨头。 ” R e c o n 年雅虎购买了阿里巴巴的大部分股权。 Analytics的创始人兼高级分析师罗杰·恩特 2003年蔡崇信和马云成立了淘宝，这是一个纳（Roger Entner）说：“以前每个人都认为客户对客户交易平台。淘宝很快就瓜分了易趣亚马逊（译注：美国最大的一家网络电子商务的市场份额，使易趣在2006年基本上放弃了中公司）会做到这一点，但现在，我们应该重新国市场。考虑一下。亚马逊也许是美国最成功的电商公在中国，目前有许多普通百姓依靠阿里巴巴司，但未必是世界上最成功的。” 谋生。他们通过阿里巴巴售卖商品，或者是将去年6月，马云在《人民日报》发表的一篇商品发送到全国各地（阿里巴巴去年的订单数评论文章中，向中国银行业表示银行业务已经达到了约113亿）。根据阿里巴巴的研究机构进入了他的视野。他说：“金融行业需要搅局统计，截至去年11月，中国共出现了约20个“ 者，需要那些外来人进行变革。”这篇文章发淘宝村”。在这些所谓的“淘宝村”中，大约表时恰逢余额宝的推出。余额宝是一个理财基有10%的家庭独立生产，作为商户参与淘宝网金，为客户提供网上支付账户，进行投资。上售卖。他声称目前基金已达800亿元。在其公开的上市文件中，阿里巴巴表示公司全球的银行都对此表示了关注。新加坡星展的上升空间仍然非常巨大。中国有6.18亿网民银行首席创意官尼尔·克劳斯（Neal Cross）告诉BBC：“余额宝及来自中国的竞争对手腾讯推出的理财产品都很有可能瓜分我们的业务”。 Last year it sold a staggering 公司去年的商品销售额达到了难以置信的历史新高

$248b in goods – more than the total size of some European economies 美元超过了一些欧洲经济体的总量

商道

未来由此开始然而，投资阿里巴巴当然是有风险的。阿里巴巴列出了长达40页纸的潜在投资风险因素，每一页纸上都写得密密麻麻。 “中国的监管及法律体系非常复杂，而且还在发展中，将来的规定可能会对我们的业务提出新的要求。” 阿里巴巴写道。然而中国的监管环境并不是唯一需要担心的因素。2011年之前，在美国贸易代表办公室发布的年度《特别 301报告》（Special 301 Report）或《301外

E-COMMERCE

电子商务

In an opinion article in the People’s Daily last June, Mr Ma made it clear to China’s banks that their business was also in his sights. “The finance industry needs a disrupter, it needs an outsider to come in and carry out a transformation,” he wrote. The article coincided with the launch of Yu’e Bao – a money market fund targeting investment from its customers’ online payment accounts. It now claims $80 billion in funds. Global banks are also concerned. Neal Cross, chief innovation officer of DBS Bank in Singapore, told the BBC money market products like Yu’e Bao and another launched by Chinese rival Tencent had a “significant potential to eat our lunch as a business.”

FUTURE STARTS NOW

But there are risks to investing in Alibaba, of course. Alibaba devotes almost 40 dense pages of its submission to the many risk factors investors need to consider. “The regulatory and legal system in China is complex and developing, and future regulations may impose additional requirements on our business,” the submission says. China’s regulatory environment isn’t the only one to worry about. Prior to 2011, Alibaba and Taobao were frequently named “notorious markets” for the sale of counterfeit or pirated items in the annual Special 301 Report or Special 301 Out-of-Cycle Review prepared by the Office of the US Trade Representative. They have since been taken off this list but public perception remains a risk to the company’s reputation, Alibaba says. And as Alibaba expands more into food and healthcare products as part of its growth strategy, it could be exposed to liability if people are harmed by those products. Alibaba may be showing progress in mobile shopping but it is early days yet, and it is locked in fierce competition with rival Tencent – China’s largest internet firm – to attract the lion’s share of China’s mobile shoppers. There are also concerns about oversight and calls for more financial disclosure. Jack Ma and a handful of executives retain the right to nominate more than half the board.

WHERE TO PUT THE MONEY

With the mountains of cash Alibaba is expected to bring in from its IPO, the company will be well positioned to acquire other country-

“It has the potential to become a true global powerhouse”

周期特别条款》（Special 301 Out-of-Cycle Review）中，淘宝网和阿里巴巴因为充斥着假货和盗版产品，而经常被称作是“臭名昭著的市场。”尽管2011年以后它们已经不再这样评价了，但阿里巴巴认为公众已有的看法仍然对公司名誉造成了一定风险。而且，现在阿里巴巴将扩大食品及保健品市场作为其增长战略的一部分。这样一来，如果有人因为这些产品受到伤害，阿里巴巴就可能面临着风险。也许，我们会在移动端购物市场上看到阿里巴巴的进步。但来日方长，要想在中国的移动端购物市场上占据最大的份额，阿里巴巴将会面临着中国最大互联网公司腾讯的激烈竞争。监管问题也引发了诸多关注，人们要求公司披露更多的财务信息。马云和少部分公司高管掌握着董事会中超过半数董事的提名权。

specific marketplaces as part of its international expansion, if it so chooses. 将钱放在何处 Paul Greenberg, executive chairman 随着公司的上市，大笔资金有望涌入阿里巴 and founder of the National Online 巴。此外，如果选择向国际市场扩张， Retailer Association, says Australian 阿里巴巴在开拓一些海外特定市场时，将占据 businesses are only beginning to wake up 有利位置。 to the opportunities Alibaba marketplaces 澳大利亚全国网上零售商协会 offer. “It feels a bit like day one,” Greenberg （National Online Retailer Association） says. “We’re starting to see a bit of outbound 主席和创立者保罗·格林伯格（Paul Australian freight going into China, and the Greenberg）说：“澳大利亚的公司才刚刚 early signs are it’s going well. Customers are 意识到阿里巴巴向世界提供商业机会。” happy, the supply chains are becoming more “我感觉这是一个新的时代，”格林伯格 efficient, and payments are less of an issue 说：“我们开始看到一些澳大利亚商品通过网 through Alipay.” 络销往中国。并且，根据早期的情况来看， Australia has a lot of products that are of 一切都进行得非常顺利。消费者们非常高兴， interest to Chinese markets, such as milk 供应链也变得更加高效。而且，通过支付宝， powder, wine, vitamin products and wool, 付款也不再是一个大问题了。” Greenberg says. Some made-in-China “澳大利亚有许多产品可以销往中国，如奶 Australian brands like Country Road and 粉、酒、维他命产品和羊毛制品等。”格林伯 Cotton On are even being sold back into China. 格说。一些中国制造的澳大利亚品牌产品，如 “We’re seeing this boomerang effect,” he says. Country Road和Cotton On（译注：两者均 “Branding is as old as the hills, and Chinese 为澳大利亚快时尚服饰品牌）等，甚至又被返 consumers want to buy well-cut, well-designed 销到中国去了。 Australian brands, even though they are made “我们正在见证回旋效应，”格林伯格说 in their own backyard.” 道。“品牌营销是一个非常古老的概念。 Issues remain with language barriers, 中国消费者现在都想买到做工精致、设计优良 payments and delivery, Greenberg says. 的澳大利亚产品，尽管这些产品就是在中国 Online fraud is the new shoplifting and 生产的。” retailers have to allow for it. But he adds that 格林伯格认为，语言沟通、付款和交货过程 it’s all getting easier. And finally there is a real 中，仍然存在一些问题。而且网购诈骗就等同 chance for Australian businesses to sell back 于入店行窃，卖家必须正视它的存在。 the other way. 但是，格林伯格也强调说，一切都变得更加 Greenberg says that Australian retailers, who 简单了。最终，澳大利亚企业找到了将产品销 have been fearful of losing home markets to 往中国的一个途径。他说：随着阿里巴巴向海 foreign competitors, can now get even by taking 外市场开放，那些忧心忡忡的，担心因海外竞 up the opportunities that Alibaba offers in 争而失去本地市场的澳大利亚零售商们，也获 overseas markets. 得了平等的机会。商道

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SHANGHAI FREE TRADE ZONE

上海自贸区

By James Hogan 何灝勤 (English version) Head of commercial banking , HSBC Australia By Denise Zhou 周丹

(中文版)

Snr vice president, RMB Internationalisation, HSBC China

TESTING GROUND

Pioneering financial deregulation benefits are on offer for first mover companies that set up in Shanghai FTZ

t has only been about eight months since the China (Shanghai) Pilot Free Trade Zone (FTZ) was formally launched, and already important changes are being introduced in this 29 sq km area, which is being used as a testing ground for China’s reform process. We think the Shanghai FTZ will prove to be as significant for China as the setting up of the Pudong New Area in the same city in the early 1990s and the country’s entry to the World Trade Organisation in 2001.

WHY THE FTZ IS DIFFERENT

Shanghai FTZ is different from other pilot schemes currently under way, such as Qianhai zone in Shenzhen or Wenzhou on the east coast, particularly around the level and types of reform being tested. The areas of focus include the deregulation of the services sector; the simplification of customs clearance and interest rate liberalisation to cross-border RMB trade settlement; two-way portfolio investment; allowing foreign companies to issue RMB bonds; and access to the domestic equity market. The success of the Shanghai FTZ will lie in creating an easier environment for doing business and being more open to foreign investment across a variety of industries. To date, the business community has responded favourably. As of April 30, there were 8,770 companies registered in the FTZ, including at least 510 foreign firms, a significant increase from the 3,633 newly registered companies at the end of 2013, as reported by Xinhua. 72 | HIGHER VIEW BUSIN E S S

The State Administration of Foreign Exchange guidelines about foreign exchange management in the Shanghai FTZ, published on February 28 this year, represent another big step towards opening up the capital account. More specifically, the guidelines simplify and in some cases replace the approval requirements for certain foreign currency transactions, notably foreign direct investment and the issuance of offshore guarantees. Foreign invested enterprises (FIEs) in the zone can now manage foreign exchange risks by converting foreign currency capital proceeds into RMB more freely. Multinationals will be given greater access to pilot schemes that already benefit companies in the zone and the rules on foreign debt quota for PRC companies are being loosened in terms of foreign debt quota calculation. The Shanghai FTZ also widens the scope of transactions and business activities that FIEs in the zone can undertake, particularly around capital inflows and outflows, as follows: • Capital outflows: Foreign parents of companies registered in the FTZ will be allowed to issue RMB-denominated bonds in the onshore market (known as panda bonds), with conditions and restrictions to be specified. • Capital inflows: The registration process for FDI has been simplified allowing companies to exchange foreign currency into RMB and FIEs allowed to open a special RMB account to receive RMB funds converted from the foreign currency capital account. In other words, foreign exchange risk can be avoided. In addition, FIEs are allowed to invest in 商道

and trade in the securities and futures exchanges in Shanghai, independent of the current Qualified Foreign Institutional Investor QFII program (合格境外机构投资者); QFII was launched in 2002 to allow licensed foreign investors to buy and sell yuan-denominated A shares in the Shanghai and Shenzhen stock exchanges.

CROSS-BORDER SWEEPING

Companies in the zone will also be allowed to move RMB in both directions based on the operational needs of associated onshore and offshore corporates. In January 2014, HSBC launched RMB two-way cross-border sweeping for corporates in the Shanghai FTZ by delivering this financial solution for the US-based industrial products manufacturer Dover Corporation via its subsidiary in the zone. RMB two-way cross-border sweeping enables multinational corporations to “sweep” or move funds on a pre-set automated basis between their onshore and offshore entities by linking their mainland and overseas cash pools. It may bring greater transparency to their operations and enhance their ability to optimise their working capital management. With these benefits, this RMB-based solution is an effective cash management tool for Dover. This was the first time that HSBC China provided this innovative service for corporates in the Shanghai FTZ, demonstrating the bank’s efforts supporting the real economy after China announced a series of guidelines to speed up financial reforms in the pilot zone.

SHANGHAI FREE TRADE ZONE

上海自贸区

Dover is one of the first foreign-invested enterprises to transact such business in the zone. (For FIEs interested in this RMB sweeping cash management solution, please note that terms, conditions, fees, charges and eligibility, lending and suitability criteria apply. Information set out in this article is subject to change. Before taking any action, you should obtain independent advice from competent legal, financial, tax, accounting and other professionals). Qualified non-resident individuals who are working in the Shanghai FTZ will be allowed to open Non-Resident Individual Domestic Investment Accounts for inbound investments, including the onshore securities market. However it is not clear at this stage whether they can use personal income denominated in RMB for investment.

Finishing touches Helen Wong (left), president and chief executive officer of HSBC China, and Alice Du, branch manager of Shanghai Free Trade Zone sub-branch, paint in the dragons’ eyes at the opening ceremony of the FTZ sub-branch

上图：自贸区支行涂龙眼睛开业典礼。左：黄碧娟，中国汇丰银行总裁及行政总裁右：杜旻一，上海自贸区支行分公司经理

THE WAY AHEAD

The Shanghai municipal government has promised to release an improved version of the negative list in the first half of this year and we expect a further reduction in restrictions. The negative list outlines sectors that are prohibited or restricted to foreign direct investment. For projects that are not covered by the list, domestic and foreign investors in the FTZ will be treated in the same way. Further deregulation of the service industry is expected, and more clarity is needed regarding two-way portfolio investment in the capital markets. On a more positive note, on February 20, the People’s Bank of China Shanghai made a fresh announcement about cross-border RMB use. It provided guidelines for individual RMB accounts, corporate overseas financing denominated in RMB, and two-way RMB capital pooling for companies. More guidelines dealing with the further liberalisation of the currency are likely to be released in the coming months. Ultimately, the successful development of the Shanghai FTZ is expected to spearhead China’s next phase of growth by providing a framework for the rest of the country that supports trade, investment and the real economy in a sustainable fashion. This is why corporates should keep abreast of developments inside the zone as there are potential advantages to being one of the first movers into the Shanghai FTZ.

上海自贸区-可复制性试验田 2013年12月初，中国人民银行(“央行”)出 2014年1月16日，汇丰中国宣布协助都福集台了《关于金融支持中国(上海)自由贸易试验团（Dover Corporation）通过其旗下一家位区建设的意见》（以下简称“央行30条意见” 于自贸区内的子公司进行跨境人民币资金池业）来推动上海自贸区的金融改革。在此基础务试点。这是汇丰首次基于“央行30条意见” 上，央行上海总部于2014年2月20日进一步下精神，面向上海自贸区企业启动该项创新业发文件，通过明确一系列具体细则来支持自贸务，都福集团也成为首批在上海自贸区内开展区扩大人民币跨境使用。此类业务的企业之一。自贸区在转变政府职能、精简行政审批制都福集团是一家全球领先的多元化工业产品度，以及对六大服务领域的开放等措施将为民制造企业。其日常经营现金流情况具有一定的营和境外资本等提供更为广阔的发展空间；更季节性，有些月份资金比较充裕，有些月份资多的市场参与者将给自贸区带来激烈但有序的金又比较紧张，于是都福便找到汇丰希望能够公平竞争环境，不断激发他们的创新活力；新帮助他们解决问题。技术、新产品的诞生和运用意味着更活跃的经除了吸引海外资金之外，境内资金“走出济活动，这也会为银行等传统行业带来新的去”向海外投资未来也可能出台更简化的管理商机。方式，并最终形成中国企业走出去的具体法通过研究前期出台的包括“央行30条意见” 规。根据“央行30条意见”的规定，“试验区在内的上海自贸区各项政策，汇丰中国适时提跨境直接投资，可按上海市有关规定与前置核出了一系列金融解决方案和创新想法，涵盖人准脱钩，直接向银行办理所涉及的跨境收付、民币资金池管理、跨境贸易人民币结算、跨境兑换业务”。近日下发的关于扩大人民币跨境人民币投融资等多个领域。而最新下发的央行使用的通知也明确，“区内企业可根据自身经上海总部文件，为上述业务的开展提供了更明营和管理需要，开展境内外关联企业间的经常确的方向和要求。项下跨境人民币集中收付业务”。这些都无疑在现有上海自贸区政策中，跨境双向人民币将使得中国企业走出去变得更加便利。资金池已成为吸引跨国企业亚太区总部落户上上海自贸区的建立对于人民币国际化进程也海自贸区的重要推动力之一，它为企业的全球具有推动作用，同时跨境人民币业务又在自贸化现金管理打开一条通道。在“央行30条意区金融创新中扮演者先行先试者的角色。人民见”第四部分明确提出了“扩大跨境人民币使币国际化的进程，回归到最基本问题就是人民用”，并由央行上海总部具体下达了相关的实币经常项目（跨境贸易及结算）和资本项目施细则，为开展跨境人民币资金池管理业务提（跨境投资和融资）的开放和进一步便利化。人供了政策支持。民币国际化也是自贸区总体方案中的重要内容。商道

H I G H E R V I EW B USINE SS | 73

OUTBOUND CHINESE INVESTMENT

对外投资

By Paul Schroder (史若德) , partner, Sydney Jin Xiong (熊进) , partner, Beijing King & Wood Mallesons (金杜律师事务所)

为“走出去”铺平道路

PAVING THE WAY Chinese buyers have become sophisticated bidders for Australian assets and China has relaxed the rules for outbound investment 中国买家已经成为澳洲资产复杂投标人及中国放宽了规则对外投资。

ver the past decade, Chinese buyers, particularly serial acquirers, have become much more sophisticated than in the past, and have made marked improvements in their deal execution skills. We have seen a greater emphasis placed on thorough and relevant due diligence that goes to the heart of the value of the asset than in the past, as a response to criticisms of over-paying for certain assets. We have also seen Chinese buyers come better prepared to negotiations, equipped to respond more quickly and able to anticipate and adapt to changing conditions or circumstances. They now realise that employee security, environmental concerns and health and safety matters are important to sellers and whether they decide to go ahead with any deals – and they are addressing those concerns appropriately. They have become successful and competitive dealmakers. The pay-off from this increased sophistication has become apparent in the past 12 months. We have seen two Chinese bidders win highly contested cross-border auctions: Rio Tinto’s sale of its Northparkes copper mine to China Molybdenum last year, and Beijing Capital’s recent purchase of New Zealand’s largest waste management firm from Australia’s Transpacific Industries Group.

AUCTION-SAVVY BIDDERS

Both the Northparkes and Transpacific Industries deals had been considered unlikely 74 | HIGH ER VIEW BUSIN E S S

to go ahead, and caught the market by surprise. In light of this, suggestions that the Western auction system needs to be adjusted to suit Chinese bidders have been proven incorrect. In fact, recent successes show that Chinese bidders not only know how to play the auction game, but they are also fast becoming some of the best players on the field as well. Chinese buyers are also becoming more sophisticated in the way they protect their assets from sovereign risk, particularly through bilateral investment treaties. This has led to a rise in successful transactions. As a result, sellers have become more comfortable in dealing with Chinese counterparties and in managing perceived transaction risk. The knowledge and understanding of sellers and their advisers has come a long way. The following trends have become evident in outbound Chinese investment: • The release of confidential information in bid processes has become more disciplined • There is a better understanding of the Chinese regulatory approval process • There are greater insights into Chinese bank funding processes • There is a greater understanding of how judgements against defaulters can be enforced. The above trends have been combined with the clever use of deal protection mechanisms such as: • Upfront clearances or binding undertakings to make payments regardless of difficulties (known as ‘hell-or-high-water’ clauses) in regulatory approvals; 商道

在

过去十年间，中国买家,尤其是收购大户, 比以往更加成熟，其在交易的执行能力上也有显著提升。与过去相比，买家更加重视进行全面深入的尽职调查，直达资产价值的核心，并避免过去出现过的对部分资产支付过高的情况。同时，中国买家在谈判时准备更充分、反应更迅速、参与度更高、适应变化的能力也更强。买方如今也认识到职工安全、环境保护及职工健康等事宜对卖方的重要性，甚至决定了交易能否进行，因此他们也能恰当地解决这些问题。中国买家已经成为成功的并具有竞争力的交易人。在过去的一年里，中国买家的成熟使收益显著。已经有两位买家赢得了竞争激烈的跨境交易：中国洛阳栾川钼业集团向力拓收购诺斯帕克斯（Northparkes）铜矿，以及北京首创从澳洲跨太平洋实业公司手里购入新西兰最大的固废处理公司。精明的投标人诺斯帕克斯铜矿项目与跨太平洋实业项目在当时都不被看好，于是在交易达成后颇让市场感到意外。以此来看，西方的投标体制需要对中国的投标人进行调整的观点是不正确的。事实上，最近的成功也表明，中国投标人不仅知晓投标的游戏规则，也正在迅速成为出色的玩家。中国买家在保护资产免受主权风险方面，特别是利用双边投资条约上也越来越纯熟，交易成功率随之提升。因此，卖家与中国买主的交易过程更顺畅，可知的交易风险控制得更好。中国买家对卖家（及其顾问）的了解也进一步加深。

OUTBOUND CHINESE INVESTMENT

对外投资

A new era Troy Grant, MP, the Member for Dubbo (centre) celebrated China Molybdenum’s acquisition of Northparkes Mines at the official handover in December last year 新纪元⋯⋯来自Dubbo的州议员格兰特 (中）在去年12月的交接典礼上庆祝中国洛阳栾川钼业集团正式收购诺斯帕克斯铜矿。

• Transparency and participation in securing approvals; and • Significant reverse break fees. These measures have allowed the directors of seller companies to become more comfortable with sale processes, to bring Chinese bidders through to later stages of auctions, and ultimately to make deals with them. Sale processes have become more competitive as a result.

HOST REGULATOR CONCERNS

Many host nation regulators faced uncertainty in deciding how to respond to the first wave of Chinese investment. They appreciated the benefits of foreign capital, but had to deal with populist opposition to foreign investment. Host nation regulators are now much better prepared to capitalise on the opportunities offered by Chinese investment, and to respond to the challenges posed. Through practical experience, regulators have

China’s road pass regime for outbound investment approvals now applies for projects above this threshhold 道路通行证制度适用超过

$300m (US)

美元的对外投资项目

begun to articulate their concerns beyond 中国企业的“走出去”投资呈现如下趋势： the initial trepidation that was in most cases • 在投标过程中，机密资料的发布更具 excessive and unwarranted. They have also 控制力； adapted their requirements for the approval • 对中国监管部门的审批流程有更深了解； of deals to satisfy those concerns. They have • 对中国的银行融资流程更深入地了解；和 managed to balance the often competing • 如何对不履约者采取强制措施的判决如何执 populist concerns with the need for capital to 行有更深了解。 fund growth. 以上趋势还与巧妙地运用交易保护机制有机 Consequently, inbound investment approval 结合，例如： processes that Chinese investors had • 在不考虑审批因素的情况下即进行先期结算 previously regarded as opaque have become 或签订具有约束力的保证书来保证支付（即 more predictable and easier to navigate, in “承诺条款”）； particular for state-owned enterprises (SOEs). • 提高透明度及在项目审批阶段的参与度；和 Of course, in many cases, outcomes are • 高额反向解约金。 ultimately political. However, Chinese 这些措施已使卖方公司董事对拍卖过程及让 investors have come to understand that and 中国的投标人进入到拍卖最后阶段并最终与他 have adapted their approaches accordingly. 们交易更加放心。销售过程因此变得更具有竞 Two recent transactions demonstrate this 争力。 changing dynamic clearly. After the hostile reception China National Offshore Oil 东道国关注的焦点 Corporation (CNOOC) received in the US 许多东道国监管机构起初并不确定如何面对 when it sought to acquire Unacoal in 2005, 中国的投资潮。他们希望得到外商投资的好 CNOOC returned and, with relative ease, 处，但也必须面对反对外资的民粹主义者。 secured Committee on Foreign Investment 如今东道国监管机构有了更充足的准备，把 in the US and Investment Canada approval 握来自中国投资的机遇，并迎接挑战。经过实 to acquire 100% of the Canadian oil and 践，监管机构已从起初过度且不必要的担心中 gas company Nexen in 2012. CNOOC 走了出来并通过调整审批交易的标准以解决这 anticipated regulator concerns and came ready 些担忧。他们在获得有助经济增长的资本与民 to address them. 粹主义中间找到了平衡。 In Australia, Yanzhou Coal repeatedly 因此，对中国投资者，特别是国有企业 negotiated relaxations on the conditions （SOEs）而言，此前曾认为是不透明的东道国 imposed by the Foreign Investment Review 投资审批程序也变得可预见及可操作。当然， Board on its acquisition of full ownership of the 在很多情况下，最终的结果依旧会被政治因素 coalminer Yancoal Australia. These examples 左右。然而，中国投资者已经认识到这一点，商道

H I G H E R V I EW B U SINESS | 75

OUTBOUND CHINESE INVESTMENT

对外投资

CHINESE INVESTMENT IN AUSTRALIA 中国在澳大利亚的投资 Investment ($US m)

并且据此相应地调整了做法。近来，有两项交易体现了这些变化。中国海洋石油总公司（CNOOC）于2005年在美收购优尼科（Unacoal）失败之后，于2012年卷土重来，成功获得美国和加拿大外商投资委员会的批准，收购加拿大油气公司尼克森（Nexen）100%的股权。中海油预料到了监管机构所关心的问题，并且提前做好准备解决。在澳大利亚，兖州煤业反复与外国投资审查委员会磋商，要求放宽就其收购兖煤澳洲全部股权的条件。这些例子表明了中国国有企业不屈不挠的意志以及东道国监管机构调整审批流程的意愿，以满足自身对资本的渴望。

20,000 15,000 10,000 5,000 0

2007

2008

2009

2010

2011

2012

2013

Source: www.demystifyingchina.com.au (KPMG, Business School and the China Studies Centre, Sydney University) 来源：www.demystifyingchina.com.au（毕马威、悉尼大学商学院及中国研究中心）

show both the tenacity of the Chinese SOEs as well as the ability and willingness of host regulators to adapt their processes in response to a growing need for capital.

LEVEL PLAYING FIELD

Heightened competition is driving a need for flexibility in the China outbound approvals process. There is now a renewed emphasis on winning bids on the part of China’s National Development and Reform Commission (NDRC), rather than on having the face-saving final say in approving transactions. The new Chinese leadership appointed in March last year has acknowledged the market plays a “decisive” role and given companies greater autonomy in outbound investment decisions. The leadership recognised the outbound approval process had to be relaxed to allow Chinese investors to compete in the global market on an even footing. On December 2 last year, the State Council announced the ‘Catalogue of Investment Projects Subject to Governmental Verifications (2013)’. Then, in April this year, the NDRC issued ‘Measures on the Administration of Outbound Investment Projects Verification and Record Filing’, which became effective on May 8. Under these new rules, NDRC prior approval (verification) is only necessary for investments of over US$1 billion or for investments in sensitive countries or industries. As a result, registration of outbound 76 | HIGHER VIEW BUSIN E S S

investments has become the primary regulatory process on outbound investment. However, the NDRC has retained important discretions as well as its project confirmation letter or “road pass” regime – investors must submit a detailed report as part of their application for this road pass letter before they can carry out substantive work on overseas investments. Substantive work means signing binding documentation, making binding offers and starting foreign investment review processes in the relevant jurisdiction. The road pass regime will still apply for projects exceeding US$300 million. The new rules are silent on the “one Chinese bidder” policy – the NDRC only issues one road pass at a time for each deal, to stop Chinese bidders competing with each other. But given that the road pass regime has been strengthened, we expect the one bidder policy will continue. Since there are still ways that sellers can maximise competitive tension in bids, we expect the NDRC to make further refinements to its regime. It is probably too early to claim this latest reform an “overhaul” of the existing China outbound regulatory approval regime, but it does set a new landscape for Chinese outbound investment, as the new rules significantly relieve the regulatory burdens on Chinese investors and enhance the competitiveness of Chinese enterprises in the global arena. 商道

公平的竞争环境激烈的竞争也促使中国“走出去”投资审批流程具有灵活性。中国国家发展和改革委员会（NDRC）如今再次强调要依靠投标获批，而并不是靠关系说了算。去年三月上任的中国新一届领导人明确了市场的决定性作用，并给予企业在境外投资上更大的决策自主权。新一届领导人认识到应该放宽境外投资审批流程，给予中国投资者在国际市场竞争的平等地位。去年12月2日，国务院发布了《政府核准的投资项目目录（2013年本）》。今年四月份，国家发改委颁布《境外投资项目核准和备案管理办法》，于5月8日生效。在新规定下，只有投资在十亿美元以上或涉及敏感国家或地区、敏感行业的项目才需要发改委事先批准（核准）。因此，对“走出去”投资实现备案已成为主要监管流程。然而，国家发改委同时保留了重要的裁判权以及项目审批批文或称“路条”的制度。投资方必须提交详细的申请报告以得到批文。只有在得到批文后才可以进行“走出去”投资的实质性工作，即双方签订具有约束力的文件，作出有约束力的要约，并在相关管辖国启动外商投资审查程序。对于超过三亿美元的项目仍然适用“路条” 制度。新规也未见对“唯一中国投标人”政策有所修改，即国家发改委就同一项目只批准一张“路条”，避免多家中国企业相互竞价。鉴于“路条”制得以加强，我们推断“唯一中国投标人”政策仍将持续。鉴于卖方仍有多种方法可以在竞标过程中增加竞争激烈程度，我们认为国家发改委将会进一步细化其“路条” 制度。现在说新的改变会“推翻”现有中国企业境外投资核准制度还为时尚早，不过中国“走出去”投资的确呈现了新气象。新规定的确明显减轻了中国投资者身上的监管负担，提高了中国企业在国际市场上的竞争力。

OUTBOUND CHINESE INVESTMENT

对外投资

The NDRC only issues one road pass at a time, to stop Chinese investors competing with each other

Opportunities unlocked King & Wood Mallesons (KWM) has been involved in key transactions where the NDRC and other regulators gave approvals before takeovers were announced. These included NDRC approval for China Guangdong Nuclear Power Corp to make its hostile bid for Kalahari Resources, the Namibia-focused uranium, gold and copper producer in 2011; and NDRC project verification for Cathay Fortune Corporation, for its hostile bid for Australian Stock Exchange-listed copper miner Discovery Metals in October 2012. These decisions show that the NDRC is willing to give a higher priority to winning bids than to maintaining tight control of its approvals process. The innovative approach taken by the bidders in securing these advance approvals was ground-breaking and dispensed with preconceived ideas that it could not be done. China has clearly changed the landscape of its outbound investment regime, and

innovative deals and approvals can be achieved. Professional advisers have a key role to play in helping bidders take advantage of recent changes. KWM Sydney partner Paul Schroder says that his firm can provide “seamless cross-border execution” of approval processes. This cross-border expertise, along with “greater willingness” on the part of sellers, local advisers and foreign governments to brief Chinese advisers, helps pave the way to success for clients making outbound investments. And as KWM Beijing partner Jin Xiong points out, bidders can gain useful insights from the successes of other bidders. He says that deal makers from privately owned enterprises (POEs) can learn from the “pathfinders” and the “institutional knowledge” that they have built up. He predicts that POEs will in turn learn their own lessons about overseas acquisitions, and add to the “wealth of knowledge” on outbound investment. 开启新的契机金杜律师事务所曾参与多项在宣布收购消息前才获国家发改委及其它监管机构批准的重大项目，其中包括2011年由国家发改委批准的中国广东核电集团公司竞购卡拉哈里矿业公司（一家立足纳米比亚的铀、黄金和铜生产商）项目，及2012年10月国家发改委批准的鸿商产业控股集团收购澳洲证交所上市的铜矿企业迪斯卡弗里金属公司。这些案例表明国家发改委更愿中国企业中标，而非严格控制审批流程。投标人在为获取前置审批而采取的创新性做法具有开拓性意义，也驳斥了无法取得前置审批的观点。中国显然已经改变境外投资制度的现状，获得区别以往的待遇以及批文是可以实现的。而面对近来变化的形势，获得专业人士的帮助十分重要。金杜律师事务所悉尼办公室合伙人保罗施罗德表示金杜能提供审批流程的“跨境无缝对接”。作为跨境投资领域的专家，他非常愿意从卖家、东道国顾问以及当地政府的角度来向中国的顾问介绍有关情况，以帮助客户为“走出去”投资铺平道路。金杜律师事务所北京办公室合伙人熊进认为，投标者可以从他人的成功案例中汲取经验。民营企业投资者可以从“开路人”身上以及以往的经验中学到很多。他预言民企将从境外并购中不断学习，并为境外投资的“知识宝库”中添砖加瓦。

Chinese bidders know how to play the auction game when bidding for resources assets, such as copper mines 中国投标人知晓投标资源资产的游戏规则，例如铜矿。

商道

H I G H E R V I EW B U SINE SS | 77

HIGHER EDUCATION

高等教育

By Jim Wilson, China scholar and cultural skills consultant 中国学者及文化技术顾问威尔逊

Illustration by Paolo Lim

澳教育产业与时俱进

SEIZE THE DAY

Australia needs to lift its game to reap the full benefits of helping the Chinese people achieve their hopes and aspirations in higher education 在帮助中国学生实现他们在高等教育的愿望和梦想方面，澳大利亚应努力提升竞争优势，方可取得最大效益。

n 1993, Peter Drucker wrote in his seminal book, Post-Capitalist Society, “Tomorrow’s Educated Persons will be prepared for living in a global world… They must be able to be ‘citizens of the world’ – in their vision, their horizon, their information. But they will also have to draw nourishment from their local roots and, in turn, enrich and nourish their own local culture.” Almost 100,000 Chinese students at Australian universities are in the process of fitting that paradigm. A further 16,000 are in vocational education and training courses, 8,000 in schools and 25,000 are taking English language intensive courses for overseas students (ELICOS): that makes a grand total of almost 150,000 students. On graduation or certification, they will be bilingual and bicultural, and qualified for working anywhere in the world. When they return to China, they will inform and enrich the nation and the people and organisations with whom they are associated. 78 | HIGH ER VIEW BUSIN E S S

Former Chinese leader Deng Xiaoping is the reason these young people are being produced. He is the father of modern China. It was he who, in 1978, decided to open up China after the death of Mao and the end of the Cultural Revolution (1966 to 1976). He developed the theory of socialism with Chinese characteristics and inaugurated the era of reform and opening, making him one of the most important people in the latter half of the 20th century. Australia is one of Deng’s many beneficiaries. Higher education contributes $15 billion a year to the Australian economy according to the Department of Foreign Affairs and Trade. This makes it the fourth largest export earner behind iron ore ($57 bn), coal ($38.64 bn) and gold ($15.2 bn), with Chinese students contributing 40% of the total. Meanwhile Dr Michael Chaney, chancellor of the University of Western Australia, predicted a 50% increase in foreign student numbers to 595,000 students by 2020 in ‘Australia – 商道

993年，现代管理学之父彼得·德鲁克 (Peter Drucker) 在他的经典著作《后资本主义社会》中写到：“未来受到良好教育的人们需要准备生活在一个全球化世界中……他们必须能够成为‘世界公民’——有远见、视野宽阔、见闻广博。但他们必须从其本土文化中汲取养分，同时反哺他们自己的文化，使其养分更加充足。” 近10万名中国学生正就读于澳大利亚的大学，并慢慢适应其文化模式。另外有1.6万名学生正在接受职业教育和培训课程，8000名在校生和2.5万名学生正在学习“海外学生英语语言强化课程”（ELICOS）。这说明在澳大利亚，中国学生总数几乎达到15万名。毕业或拿到证书之后，这些学生就会成为精通双语和熟知两国文化的人才，有能力胜任世界各地的工作。回到中国后，他们又会带来新的见闻和经验，为国家、工作单位和同僚提供帮助与建议。是中国前领导人邓小平给这些年轻人提供了平台。邓小平是现代中国之父。毛泽东去世和文化大革命（1966~1976）结束之后，他在 1978年决定中国向世界开放。他提出了有中国特色社会主义理论，宣告改革开放新时代的到

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Educating Globally’, a report published in February last year for the International Education Advisory Council. If that figure is realised, Chinese students alone will be contributing $9 billion to Australia’s export revenue by 2020. This is the knowledge economy in practice and the product is knowledge. Interestingly, the Deloitte Access Economics Report, ‘Positioning for Prosperity? Catching the next wave’, released in March this year, places international education among its ‘fantastic five’ growth waves, along with gas, agribusiness, tourism and wealth management. As outlined in the box on page 85, (‘The place of learning in China’s history’ ), the past plays an important role in how the Chinese view education. Culture matters too in education, and it is interesting to note that the successful economies of Asia share a common Confucian culture. Taiwan, Korea, Hong Kong, Singapore and even Shanghai, China’s largest city (and home to 24 million, more than all of Australia), outperform Australian students in

来。这些都使他成为20世纪后期最重要的人物之一。澳大利亚是邓小平改革开放的众多受益者之一。根据澳大利亚外交贸易部公布的数据，高等教育每年为澳大利亚创造经济收入150亿澳元，位列出口创汇排名第四，仅次于铁矿石（570亿澳元）、煤炭（386.4亿澳元）和黄金（152亿澳元），而中国学生占其中的40%。同时，在去年二月份递交给国际教育咨询委员会的一篇公开发表的报告《澳大利亚——全球化教育》中，据西澳大学(University of Western Australia) 校长麦克尔·钱尼（Michael Chaney）博士预计，到2020年，外国学生人数将增加50%，达到59.5万人。如果这一数字成为现实，那么到2020年，仅中国学生就将为澳大利亚带来90亿澳元的出口收入。这是现实生活中真正的知识经济，而其产品就是知识。有趣的是，今年三月份德勤经济咨询公司（Deloitte）在其发布的报告《想要发家致富？这些行业不能错过》（Positioning for Prosperity? Catching the next wave）中，将国际教育列入五个最具增长潜力的行业中，其它的四个行业为天然气、农业经济、旅游和财富管理。正如在本文附录“知识在中国历史上的地位”中指出，历史决定了中国人对待教育的态度。文化在教育中也很重要，有趣的是我们可以发现亚洲所有成功的经济体都崇尚儒家文化。在台湾、韩国、香港、新加坡，甚至中国商道

最大的城市上海（拥有2400万人口，比澳大利亚的全部人口还要多），学生的文字、计算和科学能力都比澳大利亚学生强。这些地方的高中阶段学生领先于澳大利亚同年级学生三年左右。此文的目的不是为了探讨这种现象，但它的确可以在很大程度上解释为什么中国学生学习如此勤勉，而家长也如此愿意对孩子们的将来进行投资。中国人生活的文化、国家目标和家庭重心形成了他们在教育方面所作努力的铁三角。主要贡献考虑到目前已有的和预计的中国赴澳大利亚学生人数，我们有必要认识到他们为澳大利亚经济所做出的贡献。如上所述，国际教育是澳大利亚第四大出口创汇行业。尽管前三位出口创汇行业 — 铁矿石、煤炭和黄金对澳大利亚经济十分重要，但他们都不属于知识社会范畴。而知识服务业如今迅速发展，可能成为澳大利亚的未来所在。国际教育对就业也做出了相当大的直接或间接的贡献。据澳洲大学联盟（Universities Australia）称，国际教育为澳大利亚提供了 12.7万个工作岗位，其中包括8.8万个教育行业以外的岗位。中国对澳大利亚教育行业的就业也起到了重要作用，因为中国学生大约占澳洲大学国际学生的27%，而国际付费学生为澳大利亚大学贡献了17%的收入。 H I G H E R V I EW B U SINESS | 79

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literacy, numeracy and science. At the senior secondary level, students from these places are about three years ahead of their Australian counterparts. This is not the place to explore this phenomenon but it does, in large part, explain why Chinese students are so diligent in their work and why their families are so willing to invest in their children’s future. Culture, national purpose and the centrality of the family in Chinese life form a secular trinity for educational endeavour.

KEY CONTRIBUTION

Given the current and projected numbers of Chinese students coming to Australia, it is important to recognise what their contribution is to the economy. As mentioned previously, international education is Australia’s fourth largest export earner. The top three export earners – iron ore, coal and gold – are vital to the Australian economy. But they are not part of the knowledge society with its burgeoning services sector, which is arguably where Australia’s future lies. International education makes a large direct and indirect contribution to employment. It supports 127,000 jobs in Australia according to Universities Australia, including 88,000 that lie outside the education sector. China plays an important part in supporting employment in Australian education, given that its students make up about 27% of the overseas students at Australian universities, and the fact that universities obtain 17% of their revenue from fee-paying foreign students. International education, properly managed, is an important sunrise industry but proper management requires appropriate knowledge and management skills. How many international education offices are staffed with linguistically and cross-culturally competent staff? How many university administrative and teaching staff possess cross-cultural skills to help them deal sympathetically with their students? Indicators are that, at best, becoming ‘China-literate’ is an optional skill which many staff choose to ignore. This is a dangerous deficiency but is a microcosm of Australia’s indifference to the learning of Asian languages and studies. Asia is, to paraphrase Neville Chamberlain on Czechoslovakia “a big, far-away place of 8 0 | HIGH ER VIEW BUSIN E S S

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which we know nothing – and feel a bit threatened by.” It should be mandatory that university staff in contact with Chinese institutions and/or students receive crosscultural training. To not do so is to reduce university education to an industrial product in an undifferentiated market.

COST COMPARISON

For the International education has an important role to play in Australia’s future but it has to be nurtured in a culturally sensitive, competitive and changing environment. In terms of costs, a foreign student can expect to pay $44,000 to live and study in Australia for a year. It is a matter of perspective how this compares to the US and UK at $37,000 and $30,000 annually respectively. On the face of it Australia is more expensive although it can be argued that the relative quality of the average Australian university compares favourably to the US and UK, and to study at higher end US and UK establishments will cost far in excess of $37,000. The University of Sydney (UoS) and University of Southern California for example are adjacent to each other on the World University Rankings but UoS’s estimated fees are slightly lower. Chinese parents are price conscious though and Australian universities need to communicate more than just the headline dollar figure. In fact, recent figures have shown a tapering

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如果管理得当，国际教育可以成为一个重要的朝阳产业。但是得当地管理需要正确的知识和管理技巧。有多少国际教育办公室里拥有精通双语和跨文化交流能力的人员呢？有多少大学的行政人员和教师掌握了跨文化交流的技巧，从而能够感同身受地帮助学生呢？各种现实表明，教职员工最好能够具有中文能力，了解中国文化。但许多工作人员并不重视这一点。缺乏语言技能是很危险的，同时它也反映了澳大利亚对学习和研究亚洲语言的漠然。引用内维尔·张伯伦（Neville Chamberlain）描述捷克斯洛伐克（现在已正式分裂为捷克共和国和斯洛伐克共和国两个国家）的一句话就是：“这是一块既广袤又遥远的土地，我们对其一无所知，甚至有些恐惧”。我们应当强制规定与中国院校和（或）学生打交道的大学职员接受跨文化培训。不然的话，大学教育就会沦为一个在未分化市场上的一种工业产品。费用对比国际教育是澳大利亚未来发展的一个重要角色，但它还需要在一个对文化敏感、有竞争力和不断变化的环境中汲取养分。就费用而言，一位外国学生在澳大利亚一年的学习生活费用是4.4万澳元，在美国需要3.7万澳元，在英国需要3万澳元。表面上来看，澳大利亚的费用看似比其他两国高，可是澳大利亚的教育水平相对而言也比较昂贵。如果在美国或英国就读 At university level international students are beginning to outperform local students. However, the amount of students heading to Australia is tapering off

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off of the growth in the number of Chinese students coming to all three of these Englishspeaking destinations (Australia, the UK and the US). One factor is the establishment of campuses in China by major Australian universities such as Monash University. Another is the move on the part of Chinese government leaders to have their children educated in Chinese universities as a demonstration of support for the nation’s education system. China, however, is moving at a pace that is almost impossible to understand in Australia. The growth of the middle class will ensure a supply of students. In China, there is an oversupply of locally trained graduates. This gives graduates with an international qualification, fluent English and cross-cultural skills a cachet that locally trained graduates cannot match and puts them at the front of the employment queue. Eventually, however, China will itself be able to cater for the domestic demand for undergraduate university places and the quality of Chinese universities will continue to rise. Jim Harrowell, president of the NSW branch of the Australia-China Business Council, says that, “China is developing Ivy League universities; if they are not there yet they will be soon, particularly in the business schools. I would be concerned that in 20 years’ time, these business schools are going to have the best and brightest academics from Australian universities teaching Australian students in a Chinese university.” (Harrowell’s speech, ‘Making Australia more attractive to overseas students: A nuts and bolts discussion’, was given at an ACBC Roundtable Discussion in 2011). Harrowell’s mention of business schools is a reminder of what Chinese students come here to study. Their mission is to do as well as they can. Parental and other family members’ hopes rest on them. The overwhelming number is in management and commerce with much smaller numbers in engineering and technology, society and culture, health, information technology and natural and physical sciences.

CONNECTIONS COUNT

The Australian China Alumni Association estimates there are between 100,000 and 200,000 alumni of Australian universities

Chinese philosopher Laozi said that “it is wisdom to know others”

in China. In a country where ‘guanxi’ (connections) are the prerequisite for business, this is vital information. Just as the Colombo Plan that was set up in 1950 to foster economic and social development in the Asia Pacific spread influential Australia-trained graduates all over Asia, so the continued relationship with these Chinese alumni is essential to business. The Australian government’s New Colombo Plan, through which Australian students will spend time in Asia, is a welcome initiative. The failure of successive federal and state governments to support the study of Asian languages and cultures in schools and universities has left Australia with a substantial Asian knowledge deficit. The vast 高等学府，费用将会增加额外的3.7万澳元。 majority of Australia’s trade is done with Asia 举个例子，悉尼大学与南加州大学的世界大学 and China is the biggest customer, but 排名相近，而悉尼大学的费用相对比较低。中 Australians understand little of the languages, 国家长对价格很敏感，所以澳大利亚的各所大 histories and cultures of the region they live in 学必须跟家长们有更多的沟通。 and where Australia’s economic and strategic 事实上，最近一些数字表明，中国赴澳大利 future lies. 亚、英国和美国这三个英语国家的留学生人数 The responsibility for this state of affairs 正在减少。其中一个原因是一些澳大利亚的主 lies with the ‘progressive’ education 要大学，如莫纳什大学(Monash University)， establishment whose goals and methods have 在中国开设校区。另一个原因是中国政府领导 also led to the overcrowded curriculum and 人让自己的子女在中国的大学接受教育，以此 shortcomings in literacy and numeracy. 表明对国家教育体制的支持。但是，中国的迅 International rankings for mathematics 猛发展几乎是澳大利亚无法想象的，中产阶级 produced by the Programme for International 的壮大将保证足够的生源的输出。在中国，本 Student Assessment (PISA) for the 土教育的毕业生过剩。如果毕业生拥有一个国 Organisation for Economic Cooperation and 际证书，能讲一口流利的英语，熟练掌握跨文 Development revealed that Asian school 化交流技巧，那么他们无疑会在与本土毕业生 students are hugely outperforming their 的求职竞争中脱颖而出。 Australian peers. Shanghai, which has more 但是，中国最终将能满足其本科院校入学的 people than Australia as noted previously, 国内需求，并且中国大学的质量也会继续提 Singapore, Hong Kong, Chinese Taipei, Korea 高。澳大利亚中国工商业委员会(Australiaand Macau are the top six, while Australia China Business Council)新南威尔士分会主席 ranks 19th, just ahead of Ireland and Slovenia! 吉姆·哈罗威尔（Jim Harrowell）说道： Asian languages and studies are almost a “中国正在发展自己的常春藤盟校，现在还没完 blank in the Australian school curriculum. 全就绪，但很快就会预备好，尤其是商学院。 While the Chinese philosopher Laozi 我担心的是在20年内，这些商业学院将拥有来 remarked that “it is wisdom to know others,” 自澳大利亚各所大学最优秀和聪慧的学者，在 many Australians won’t. 中国的大学里给澳大利亚学生授课。”（哈罗 At university level international students 威尔在2011年澳大利亚中国工商业委员会圆桌 are beginning to outperform local students. 会议上的演讲：《使澳大利亚对留学生更具吸 The Sydney-based researcher and policy 引力：细节讨论》） adviser Alan Olsen told the International 哈罗威尔这段关于中国商业学院的讯息，提 Education Conference in October 2013, 醒了我们中国学生来此学习的目标内容。肩负 “We’ve got data to show that they are boosting 着父母和其他家庭成员的希望，他们的使命是 our academic standards.” (‘Overseas students 尽量做到最好。绝大多数学生选择学习管理和 overtake the locals’, in The Australian, October 商业科目，而学习工程技术、社会文化、健康 16, 2013). He attributed this to universities 科学、信息技术以及自然和物理科学的学生则 getting better at setting entry standards, 少得多。商道

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$44k 4.4万

In terms of costs, a foreign student can expect to pay $44,000 to live and study in Australia for a year. 一位外国学生在澳大利亚一年的学习生活费用是 4.4万澳元。

helping students in their courses, and above all, giving them English language support Remember former Australian Prime Minister Bob Hawke’s idea of a clever country? The nation is headed in the opposite direction.

EARLY START ADVANTAGE

Despite the generally gloomy news about the standard of education in Australia, there are many excellent schools in Australia that compare favourably with the best institutions overseas. Chinese parents are taking advantage of these schools to give their children an early start in the country where they will study at university. There are 8,367 pupils from China on visas studying in Australian schools (excluding immigrants). This number is small compared with those who have come to Australia for higher education and ELICOS, and make up just 5% of the total, but it is significant. One key reason for this is that places at the best Chinese high schools are in short supply and competition is fierce. The benefits for foreign students of entering the education system at school level are many. The students become familiar with life in their new culture, make friends, become integrated into the broader aspects of life and, importantly, learn to speak and write English fluently before they go to university in Australia. So the transition for foreign students who begin their overseas study experience at school is smoother than for those students who go straight from China to university in Australia. The ability to write academic English, in particular, is a huge problem for these students. They may have passed an International English Language Testing System (IELTS) test at an ELICOS institution, 82 | HIGH ER VIEW BUSIN E S S

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but that is just an entrée to university, not an indication of mastery of the language. When these students graduate, they will have spent at least six and perhaps 10 years in Australia. They will be thoroughly bilingual and bicultural and a great resource for the development of China-Australia relations. A side benefit of the presence of school students is the visits made by their parents and other relatives as tourists. The presence of one student contributes much more than school fees to the Australian economy.

OPPORTUNITY FOR SCHOOLS

Like the universities, Australia’s most prestigious schools should be looking at flexible ways of entering the Chinese market. The establishment of bilingual campuses in China is one possibility, with the added bonus of having Australian students spend some time in China and Chinese students spending say, their senior years, in Australia. If schools offer the International Baccalaureate matriculation qualification, that would provide Chinese students with entry to Australian universities and the top universities overseas as well. Australia already plays a prominent role in providing ELICOS courses to students from China. The ability to speak English will be a prerequisite of the globally mobile person in the global, knowledge society. So there are important opportunities for Australia in expanding its English language teaching role.

STRATEGIC REVIEW

The previous federal government recognised that the international education sector needed focus and strategic direction. It commissioned the report, ‘Australia – Educating Globally’, which was published in February 2013. Its recommendations are an interesting yardstick for a strengths, weaknesses, opportunities and threats (SWOT) analysis of the current situation with Chinese students. The industry saw a significant downturn in revenue in the period 2009-2012. Allen’s Consulting Group had estimated that the education sector as a whole produced revenues of $18.6 billion for Australia in 2009-10. By 2012-13 however, this had declined to $14.5 billion and significant job losses in the industry. There are several reasons for this dramatic fall: the 2008 global financial crisis; violence against foreign students (the 商道

关系也重要据澳中同学联谊会（Australia China Alumni Association）估计，在中国的澳大利亚校友人数达10—20万人。在中国，关系是交易的前提，澳大利亚了解建立关系的重要性，并于 1950年成立了“科伦坡计划”（Colombo Plan），旨在促进亚太经济社会发展，扩大在澳学习的毕业生在整个亚洲的影响力，因此与这些中国校友保持良好的关系对商业发展至关重要。澳大利亚政府的“新科伦坡计划”将赋予澳大利亚学生在亚洲生活学习的机会，这一倡议受到广泛认可。可是，联邦和州政府未能持续支持在各学校和大学进行亚洲语言和文化研究，导致我们对亚洲严重缺乏了解。虽然澳大利亚与亚洲国家的贸易额占其贸易总额的绝大部分，而中国是澳大利亚的最大的客户，亚洲也是我们赖以生存和与我们的未来经济战略息息相关的地区，但澳大利亚人仍然对亚洲的语言、历史和文化了解甚少。导致这种现状的责任应归咎于“激进的”教育机构，这种教育机构的目标和方法导致了繁重的课程设置以及缺乏读写和算术。根据经济合作与发展组织(PISA)的国际学生评估项目的国际数学排名，亚洲学校学生的表现远远超越澳洲同年级学生。之前谈到的上海、新加坡、香港、中国台北、韩国和澳门位列前六位，而澳大利亚排在第十九位，仅在爱尔兰和斯洛文尼亚之前！亚洲语言和研究在澳大利亚学校的课程设置中几乎是一片空白。中国哲学家老子曾说过 “知人者智”，可是许多澳大利亚人并没有意识到这一点。澳大利亚大学里国际学生的成绩开始超过当地学生。悉尼的研究员及政策顾问艾伦·奥尔森（Alan Olsen）在2013年10月的国际教育会议上说道“我们得到的数据显示他们正在促使我们提高学术水平 ” （《留学生表现超过本地学生》，2013年10月 16日《澳大利亚人报》）。奥尔森认为出现这种现象的原因在于澳大利亚各大学提高了国际入学标准，不但能更好的帮助学生们的课程学习，最重要的是在英语语言上给予国际学生们支持。是否记得前澳大利亚总理鲍勃·霍克(Bob Hawke)所提出有关于一个聪明国家的理念？朝着相反方向前进的就是聪明的国家。先发优势尽管对于澳大利亚的教育水平有些负面报道，但澳大利亚不乏可与国外顶尖学府一较高下的优秀学校。中国家长们送他们的子女到这些学校学习，使他们尽早熟悉这个国家，并随后在此进入大学学习阶段。有8,367名中国小

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cases were isolated but received huge publicity in Asia); the high Australian dollar; unscrupulous private providers defrauding students (and adverse publicity); expensive and complex visa processes; and difficulties in obtaining post-study work visas. These issues have largely been addressed, although the dollar remains high and revenue from international education recovered by 1% in 2013. However the tapering of student numbers in 2014 is a warning that complacency and lack of organisation and coordination is anathema in a highly sensitive and competitive market. Australian tertiary institutions rank below the top universities in the world on the Times Higher Education reputation rankings. There has to be a much more sophisticated approach in marketing and delivery of a total satisfactory student experience. It is estimated that by 2030, the size of the Asia-Pacific middle class will soar in size from 500 million to 3.2 billion. UNESCO has forecast that the number of internationally mobile students will almost double from four million in 2010 to seven million by 2020. If the Chinese proportion of the international student population in Australia, which is estimated at 27% at present, were extrapolated across that decade, there are clearly great opportunities to be grasped but this will rely

学生拿到签证来澳学习（不包括移民）。这个在中国建立双语学校是可行的，这样做的一个数字比起那些来澳读大学和“海外学生英语语额外优势就是可以让澳大利亚学生获得在中国言强化课程”的人数少很多，仅占总数的5%，学习生活的机会，而中国学生可以在他们的某但是它存着不可忽视的重要意义。个阶段，如在中学高年级时到澳大利亚学习一产生这种现象的一个重要原因就是中国重点段时间。如果澳大利亚学校提供国际文凭入学高中招生名额有限，竞争非常激烈。大学之前考试资格，那就意味着中国学生提得到了进入出国留学有很多益处，学生可以熟悉新的文化澳大利亚各大学和世界顶尖学府学习的机会。环境、结交朋友、融入生活等。更重要的是，在给中国学生提供语言强化课程培训方面，他们可以在就读澳大利亚大学之前已经熟练地澳大利亚已经扮演了重要的角色。对一个在世使用英语口语和书面英语。界各国旅行的人来说，要适应全球化知识社因此那些中学阶段就来澳读书的外国学生的会，优秀的英语会话能力是先决条件。因此，适应能力要比直接从中国到澳洲上大学的学生澳大利亚在扩大其英语语言培训的角色方面还强。对于后者来说，学术英语写作能力尤其是有很多重要的机遇。个大问题。他们也许已经在某个英语语言强化课程中通过了雅思考试(IELTS)，但这仅仅是一战略回顾道前菜，并不意味着他们已经完全掌握了上一届联邦政府已经认识到国际教育领域需英语。要关注和战略引导,并于2013年2月发表了这些学生毕业后将在澳大利亚呆上至少6至一篇题为《澳大利亚 — 全球化教育》 10年的时间。在这段时间他们将完全使用双（Australia – Educating Globally）的报告。语，熟悉两地文化，并且成为发展中澳关系的其中的提议成为有趣的标准，用于对中国学生重要资源。学生来澳学习还有一个附加利益，现状进行的优势、劣势、机遇和风险就是他们的父母和其他亲戚会作为旅游者访问（SWOT）的态势分析。澳大利亚。一位学生在此学习能给澳大利亚经 2009~2012年间教育行业的收入大幅下滑。济带来的好处绝不仅仅是只有学费而已。奥尔森的顾问团队曾估计教育行业在学校的机会 2009~2010年为澳大利亚创造的总体收入为和大学一样，澳大利亚许多久负盛名的中小 186亿澳元，而2012~2013年则降至145亿澳学校也应找到一些灵活的方式进入中国市场。元，而且行业失业现象严重。这样大幅下降的原因有以下几个方面：2008年全球金融危机；针对外国留学生的暴力事件（虽然只是孤立事件，但在亚洲仍有大量报道）；澳元汇 Former Australian diplomat and China business consultant Geoff Raby says, “The potential for 率高；不良私营机构对学生进行诈骗（和负面 Australia-China cooperation is vast, limited more 宣传）；昂贵复杂的签证程序；以及毕业后难 by our imagination than by economic constraints” 以获得工作签证。尽管澳元汇率仍然很高，但这些问题已经大部分得到解决，国际教育创造的收入在2013年也恢复了1%。但是，2014年学生人数的减少也在提醒我们，在一个极度敏感且竞争激烈的市场，自满和缺乏组织协调是一个“诅咒”。在泰晤士报的“全球高等教育声誉排名”中，澳大利亚高等院校的排位在世界其它顶尖学府之后。我们应该采取更好的推广策略，让学生从头至尾都有一个满意的体验。据估计到2030年，亚太地区中产阶级人数将从5亿飞增至32亿。联合国教科文组织预测全球范围内流动学生人数将从2010年的400万增加到2020年的700万，几乎翻了一番。如果中国在澳留学生比例（目前为27%）按照这一速度增长，我们将会有很大的机遇。但前提是我们要持续地关注这个市场。2010年的成绩看起来不错，但随着时间的推移，我们今后也许需要大力改进我们的工作才能取得这样的成绩。例如，需要向中国的二、三、四线城市推广，要知道上海的需求和西安的需求肯定是不同的。商道

H I G H E R V I EW B U SINESS | 8 3

HIGHER EDUCATION

3.2bn 32亿

The size of the Asia-Pacific middle class is expected to rise from 500 million to 3.2 billion by 2030. 据估计到2030年，亚太地区中产阶级人数将从5亿飞增至32亿。

on a continuous monitoring of the market. What was appropriate in 2010 will probably need considerable improvement across time. For instance, marketing to second, third and fourth tier cities in China will be increasingly required. The needs of Shanghai will not be the same as those of Xi’an.

ROOM FOR OPTIMISM

The recommendations of the ‘Australia – Educating Globally’ report covered: coordination; quality; positive student experience; partnerships; the integrity of the student visa program, data analysis and research in international education; and competition, promotion and marketing. But taking steps to implement the recommendation has had to wait until a change of government took place in September 2013. The new Minister for Education appointed after the election of the Liberal Party / National Party government, Christopher Pyne, is enthusiastic about the Chaney Report. In a speech given in October last year, he promised to “respond fully” to the report. As a priority he promised to review post-study work rights; any relaxation in granting visas to graduates would give Australia a significant competitive advantage. The change of government raises hopes for reducing red tape, raising research funding, expanding collaborative research and teaching partnerships and improving the quality of education. Given the noted underinvestment in higher education, including research over the past three decades, it will take some time to switch the focus to quality rather than numbers. Quality will be an increasingly important factor as 8 4 | HIGH ER VIEW BUSIN E S S

高等教育

international students become more knowledgeable and selective when choosing where to study. The Australian government appears to have grasped that in the post-industrial, knowledge economy, higher education is the place to refurbish and expand, especially in the sciences, engineering and business studies. Perhaps the government lead by Prime Minister Tony Abbott will be the ‘spark that starts the prairie fire’ of change for the better. Business leaders are way out ahead of government in this regard. Hopefully ANZ bank chief executive officer Mike Smith, Fortescue Metals’ Twiggy Forrest and many others who are China literate took the opportunity to impress on the Prime Minister that China is where much of Australia’s future lies and that international education is a vital element when they accompanied him to China in April. For a country in whose culture ‘family’ is so important, for China to be assured that Australia will look after and educate those of its children who live and study in Australia would be a giant step along the ‘10,000 mile’ journey that both countries are destined to travel. As former Australian diplomat and China business consultant Geoff Raby says, “The potential for Australia-China cooperation is vast, limited more by our imagination than by economic constraints.” (China Spectator, March 19, 2013) The future of Australia’s higher education relationship is like the Chinese term for crisis: ‘wēijī’, the components of which mean ‘danger/opportunity’. The danger is that, despite the Chaney Report and Education Minister Pyne’s enthusiastic support, Australia may not read the signals, or provide the policy settings needed. As a result, Australia will not be able to respond to the burgeoning opportunities that China provides. It will also take courage and skill on the part of Australian bureaucrats and the higher education sector to pursue the rather more complex but rewarding opportunities that will emerge over the next decade. China’s modernising upward trajectory is a given and education is its engine. Australians would be foolish not to provide fuel to help it on its way and, in so doing, learn a lot themselves. 商道

亮点《澳大利亚—全球化教育》给出的建议包括：协调、品质、正面的学生体验、伙伴关系、学生签证流程的完整性、数据分析、国际教育调查，以及竞争、推广和营销。但是采取措施实践这些提议还要等到2013年9月政府换届才得以实行。自由党/国家党政府选举之后新任命的教育部长克里斯多夫·派恩（Christopher Pyne）是《钱尼报告》的支持者。在去年10份的一次演讲中，他承诺将“充分回应”该报告。作为优先事项，他承诺重新考虑学生毕业后的工作权利；放宽给毕业生发放签证的限制会给澳大利亚带来显著的竞争优势。政府换届有望减少繁文缛节，增加研究资金，扩大合作研究和加强教学伙伴关系，提高教育质量。考虑到过去30年里高等教育和研究领域投入不足的情况，实现从量变到质变还会花一些时间。现在国际学生在选择留学国家的时候有了更多的想法和选择余地，因此教育质量将成为一个越来越关键的因素。澳大利亚政府似乎已经明白在后工业化的知识经济时代，高等教育是科学、工程和商业研究等领域进行革新和拓展的平台。也许托尼· 阿博特总理对中国的访问会成为燎原的星星之火，引导事态朝着更好的方向发展。商业领军人物早在政府之前就行动起来了。澳新银行总裁邵铭高、澳洲铁矿石生产商福特斯库集团（Fortescue Metals）的总裁佛莱斯特（Forrest），以及其他许多了解中国的人士在四月份陪同总理访问中国时，都抓住机会向总理表明，中国与澳大利亚的未来息息相关，国际教育至关重要。中国是一个重视“家庭” 文化的国家，我们可以向其保证，澳大利亚会照顾并教育好她在澳洲的学子们。这将是两个国家注定同行的“万里长征”的重要一步。正如前澳大利亚外交官及中国商业顾问芮捷锐所说：“澳中合作潜力巨大，与其说是经济约束，还不如说是我们的想象力限制了它的发展。”（《中国观察》，2013年3月19日）澳洲高等教育关系的未来可以用中国的一个词来形容：“危机”，意思是“危险/机遇”。危险在于，尽管有《钱尼报告》和教育部长派恩的鼎力支持，澳大利亚可能会读不懂这些信号，或者不能提供必要的政策环境。因此，澳大利亚可能无法对中国提供的大量机遇做出反应。澳大利亚的官僚和高等教育部门也需要勇气和技术来抓住下一个十年里可能出现的机遇，这些机遇更加复杂但更有价值。中国现代化正处于上升阶段，教育是其引擎。澳大利亚如果不为其添加动力就是显得有些愚钝了，更何况，在这个过程中澳大利亚可以吸取很多经验。

HIGHER EDUCATION

高等教育

CHINESE STUDYING OVERSEAS 中国在澳留学生 SELF-FUNDED 自费留学生

118,500 106,500

134,000 121,880

144,000 129,000

2002

2003

2004

2005

2006

2007

2008

2009

2010

241,989 222,630

284,700 266,400

229,000 210,000

179,800 161,600

114,663 104,300

83,973 76,052

2001

117,307 109,100

2000

125,179 117,000

1995

38,989 32,293

23,486 12,600

399,600 380,000

TOTAL 总人数

2011

China’s modernising upward trajectory is a given and education is its engine.

2012

Source: China Daily, China’s Ministry of Education, China Statistical Yearbook, EIC Group, OECD

The place of learning in China’s history When considering the economic and

other benefits of the presence of Chinese full fee-paying students in Australian schools and universities, it is useful – in fact essential – to look at the historical background of Chinese heading overseas to study. As with all things Chinese, history is instructive; Westerners would understand China better if they understood its history. All Chinese are painfully aware of it and it guides their affairs in a way that Australians would find hard to understand. In business terms, think of it as understanding your client. This story begins in the middle of the 19th century when China was grappling with the fact that its status in world trade, and knowledge and learning, had been shown to be inadequate in the face of Western imperialism, and science and technology. Britain had defeated China in the Opium War (1836-42) and flooded southern China with opium, which effectively destroyed the Chinese economy. After that, a succession of Western powers and later Japan occupied parts of China and imposed their will on the

Chinese government. That began the ‘hundred years of humiliation’ of China and its people that ended only when Mao Zedong proclaimed the establishment of the Peoples’ Republic of China in 1949. No one in the West should underestimate the bitter memories that the Chinese people have of that time and their determination that it will never happen again. The mid-19th century Confucian officials of the imperial court were slow to accept the threat that the West posed, but eventually a progressive group realised that mere resistance was futile and that they had to understand and adopt Western learning if China were ever to reclaim its place. They coined the phrase “Chinese learning for substance, Western learning for application” as a guide to future policy. That is what is unfolding today. China’s circumstances did not permit the full implementation of this policy until Deng started to open up the country in 1978. With China’s universities in a parlous state following the Cultural Revolution, it was essential to use overseas tertiary institutions to accelerate

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the development of science, technology and business skills. The rapid rise of a middle class in China that was willing to pay for its children to be educated abroad facilitated that movement. Alongside this trend there is an older theme in Chinese culture: the reverence for learning. In the past, the way to the top in China was through mastery of the Confucian classics and promotion in the imperial bureaucracy. Unlike medieval Europe, with its illiterate knights and monarchs, China relied on literate, educated governance by officials given responsibility for the safety and welfare of the people. Until the 19th century, China was much admired in Europe: “La nation la plus sage la mieux policée de l’univers” (The wisest and best administered nation in the universe), wrote Voltaire in his Lettres Philosphiques. China’s decline from this much admired status to a nation that had fallen well behind the West left a wound in the national psyche. It is only now beginning to be healed. The 150,000 Chinese students in Australia are part of that process.

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HIGHER LIFE 气派生活

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

MB&F

BEST OF TIMES美丽时光瑞士手表制造商MB&F与中国艺术家夏航合作，携手打造最新LEGACY MACHINE 1腕表。其外观几乎保持不变，而与众不同的是，这款腕表加入了新元素：由中国雕塑艺术家夏航设计，位于六时的动力指示器，以四毫米高的微型抛光铝合金小人偶来显示动力存储情况。

Swiss watch manufacturers MB&F have collaborated with Chinese artist Xia Hang to create a new model of their Legacy Machine 1. While the aesthetics remain practically unchanged, there is a new addition to the timepiece: a 4mm tall, humanoidlike, aluminium sculpture created by Hang that sits at 6 o’clock and serves as the watches power reserve. $110,000, mbandf.com

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奢侈品天地

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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。

LONDON CALLING 英国著名服装品牌博柏利在上海的首家旗舰店已于豪华的嘉里中心隆重开幕。 British fashion house Burberry has opened the doors of its first Shanghai flagship store within the luxurious Kerry Centre. burberry.com

HERE’S JOHNNIE!

不想在旅途中打破名贵威士忌？这款登喜路专为尊尼获加蓝牌限量版威士忌设计的行李箱是您的明智之选。 Want to avoid breaking a bottle of whisky in transit? Try an Alfred Dunhill travel trunk that has been designed to transport a limited-edition bottle of Johnnie Walker Blue Label. $9,300, johnniewalker.com.au

CRYSTAL TWIST 醴铎一系列的水晶醒酒器运用拥有2,000年历史的吹制技术及一流水晶，手工精制而成。

Using the 2,000-year-old technique of mouthblowing, Riedel’s series of decanters are handmade from lead crystal. $800, riedel.com

BLACK BEAUTIES 开车旅行再也不必烦恼要把行李挤进后车厢。路易威登与宝马联手定制采用碳纤维复合材料而成的一套箱包，四个碳黑色的箱包均与宝马i8 超级跑车的设计风格及其坐位尺寸完美契合。 Gone are the days of having to squeeze your luggage into the car on a road trip. Louis Vuitton has teamed up with BMW to create a tailor-made set of luggage for the plug-in hybrid BMW i8. Each of the four carbon-black bags fits perfectly to the i8’s seats. $POA, louisvuitton.com.au

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MASTER STROKE 为庆祝MEISTERSTÜCK书写工具九十周年，万宝龙推出全新MEISTERSTÜCK 90周年纪念书写工具系列。此周年限量版包括笔尖镀玫瑰金和拥有手工雕刻的墨水笔、小牛皮皮件、传承系列腕表以及与皮革和缟玛瑙精制而成的珠宝。 Marking 90 years of the Meisterstück pen, Montblanc has released a collection of limited edition pieces. Included are

Q&A 问答奔富首席酿酒师彼得·卡戈畅谈他对酿酒的无限热忱及本季的佳酿特选。 Penfolds’ chief winemaker Peter Gago on his passion for winemaking and the quality picks for this season

fountain pens featuring gold nibs and hand engravings, calfskin goods, heritage timepieces and jewellery crafted with leather and onyx. Pen from $460, montblanc.com

请问您如何进入酿酒业？我就读于墨尔本大学时开始对酒产生兴趣，后来发展到痴迷的程度。葡萄的影响力是一种强大的力量！ I started to develop an interest in wine studying at Melbourne University and it later grew into something of an obsession. The grip of the grape is a powerful force!

BAGS OF STYLE

在酿酒的过程中，最能激发您的是什么东西？

卡地亚位于巴黎的制袋部门沉寂七年，在2014年的系列中，他们终于迎来了两位新成员——适合女士的JEANNE TOUSSAINT以及属于男士的LOUIS CARTIER。 It’s been a long hiatus (about seven years) for Cartier’s Parisian bag making department, but they have welcomed two new styles to their 2014 collection – the Jeanne Toussaint bags for women, and the Louis Cartier for men. From $2,500, cartier.com

酿酒是一门手艺，以科学和艺术来把异想天开的想法跟大自然一切重要的力量汇聚在一起。每年的葡萄都以不同的方式来挑战酿酒师。不会有两年是完全相同的，所以这是一个变化多端的过程，你得不断琢磨，才能展现其特色。 Winemaking is a craft that brings together the whimsical and all-important force of Mother Nature with both science and art. Every vintage challenges you as a winemaker in different ways. No two are ever the same – it is a very dynamic process that is constantly pushing you to perform.

在您看来，究竟酒为何会如此让人着迷？说得有点哲理的话，我们要捕捉一个特定季节或年份的元素，装在玻璃瓶内，以供将来享受。阳光、雨水、果实、土地，甚至是酿酒师不断的投入都封存在一个 750毫升的时间胶囊内，留待另一个时间来品尝享用。 Philosophically we are capturing the elements of a given season/vintage in glass for future enjoyment. The sun, the rain, the fruit, the earth and the continuum of adaptive winemaker input are all encapsulated in a 750ml time-capsule – to be savoured and enjoyed at another point in time.

本季有哪款酒是让您感到惊叹的？ 2014年，位于东南面的葡萄园包括帕史维和拉顿布产酒区所生产的西拉让人赞叹不已。最理想的是能把些许这类西拉葡萄用于酿制我们的2014奔富圣亨利西拉红葡萄酒和2014奔富BIN28西拉葡萄酒中。 The quality of Shiraz fruit out of south-east vineyards in both Padthaway and Wrattonbully has really impressed during Vintage 2014. Ideally some of this fruit will be blended into our 2014 Penfolds St Henri Shiraz and 2014 Penfolds Bin 28 Shiraz wines.

CALL OF NATURE 手机的电池能撑一整天？闻所未闻！因此当豪雅在2014巴塞尔钟表珠宝展中发布一款以太阳能供电的新款手机MERIDIIST时，格外引人注目。这将是首款利用光源来进行充电，不需要使用充电器的手机。 Phone battery lasting a whole day? Unheard of. So when Tag Heuer released a solar powered Meridiist model at Baselworld 2014 it certainly turned heads. With some hard-hitting software it will be the first of its kind to charge itself using the sun’s rays, no charger required. $POA, tagheuer.com

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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。

Gloves, Bottega Veneta $388 bottegaveneta.com

Belt, D&G $338 dolcegabbana.com

Blazer, Canali, $1,510, canali.com

Tie, Paul Smith $150 paulsmith.co.uk

Cufflinks, Mont Blanc $609 montblanc.com

Scarf, Kilgour $344 kilgour.com

Monk-strap shoes, Gucci $821 gucci.com

Briefcase, Santiago Gonzalez $6,213 santiagogonzalez.com

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Backpack, Balenciaga $1,959 balenciaga.com

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中国银行全球服务 BANK OF CHINA GLOBAL SERVICES

中国银行拥有百年历史，是最早在澳大利亚开展业务的中资银行。自1985年在澳复业以来，中国银行一直致力于促进中澳经贸交流，凭借几十年来在澳大利亚地区积累的金融经验以及对当地市场的了解，建立起高效快捷的全球服务网络，拥有丰富多样的金融产品，是在澳金融产品最全、覆盖面最广、当地市场参与度最高的中资银行。

中国银行为您提供多元化的优质金融服务： ✓ 公司存款、汇款、银团贷款、流动资金贷款、商业按揭贷款、特色企业融资服务等； ✓ 贸易融资、信用证、托收、进出口押汇、福费庭、保函保理等； ✓ 代客外汇买卖、利率/汇率衍生产品保值等； ✓ 跨境人民币结算、人民币贸易融资、人民币存贷款、人民币汇款、人民币清算等； ✓ 托管账户、网上银行等； ✓ 个人本外币存款、汇款、房屋贷款、外币兑换、双币借记卡、留学生业务、保管箱、见证开户服务等。

With one hundred years of history to its name, Bank of China was the first Chinese bank to establish operations in Australia. Ever since resumption of Australian banking operations in 1985, Bank of China has dedicated itself to promoting the Australia-China trade and economic relationship. Building on decades of local market financial experience and expertise, Bank of China has built a fast and highly efficient global service network supplying a diversified range of financial products. Bank of China offers the most comprehensive range of financial products with the widest local market coverage among the Chinese banks operating in Australia. Bank of China can provide the following diverse quality financial services: ✓ Corporate deposits, Corporate remittances, Syndicated loans, Working capital loans, Commercial loan, Specialized corporate financing ✓ Trade finance, Letters of credit, Collections, Letters of guarantee, Forfeiting, Import & export trade finance ✓ FX spot & forward, Exchange rate / interest rate derivatives ✓ Cross-border RMB settlements, RMB trade finance, RMB deposits & loans, RMB remittances, RMB clearing ✓ Custody, Internet banking ✓ Personal local & foreign currency deposit, International remittance, Home loan, Foreign exchange, Debit card, Overseas student package, Safe deposit box

中国银行悉尼分行中国银行（澳大利亚）有限公司 Bank of China Limited Sydney Branch Bank of China (Australia) Limited 39-41, York Street, Sydney NSW 2000

电话 Tel: 02 8235 5888

传真 Fax: 02 9262 1794

中国城分行 Haymarket Branch 巴拉玛打分行 Parramatta Branch 好事围分行 Hurstville Branch 车士活分行 Chatswood Branch 墨尔本分行 Melbourne Branch 博士山分行 Box Hill Branch 珀斯分行 Perth Branch 布里斯班分行 Brisbane Branch

02 9212 3877 02 8837 6288 02 9586 3205 02 8440 8600 03 9602 3655 03 9899 7988 08 9263 3777 07 3221 3988

02 9212 3962 02 9687 2919 02 9579 3442 02 9884 8388 03 9602 3383 03 9899 0788 08 9321 1845 07 3221 1988

681 George St. Haymarket NSW 2000 143 Church St. Parramatta NSW 2150 213 Forest St. Hurstville NSW 2220 Shop 12, The concourse, Chatswood NSW 2067 207 Queen St. Melbourne VIC 3000 916-918 Whitehorse Road, Box Hill VIC 2328 G/F 179 St Georges Terrace, Perth WA 6000 G/F 307 Queen St. Brisbane QLD 4000

www.boc.cn

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。

格罗塞特酒庄 Grosset Wines

塔拉沃拉庄园 TarraWarra

澳大利亚生产一些世界上最佳的红葡萄酒，我们精选介绍几款适合任何私人用餐场所的佳酿。塔拉沃拉庄园，雅拉河谷，维多利亚州不论是富设计感的建筑还是隐藏在藤蔓之间、乡村风格的锡棚屋，雅拉河谷距离墨尔本只是一箭之遥，拥有一系列的酒窖，在这个气候凉爽的区域处处体现出风格的多样性以及各种的演绎方式。于1983年建成的塔拉沃拉庄园占地（或亚拉河谷耕地）400公顷，之后约三十年的时间一直在创造用手工采摘，在酒庄里酿造和陈酿的葡萄酒。尊重庄园可持续发展和重视来源是该团队认为不可或缺的一部分。拥有天然原生灌木丛和水路的庄园，是他们培育葡萄、酿造葡萄酒、放牛以及生产农产品供应给餐厅的地方。塔拉沃拉庄园生产出众、高质的黑比诺（Pinot Noir）和霞多丽（Chardonnay），他们也出产几款年份单品葡萄酒以及混酿酒。

时候只有16公顷的葡萄园，名为凤凰木葡萄园。早年能看见大卫用各种葡萄来做试验，包括西拉（shiraz）、赤霞珠（Cabernet）、仙粉黛（Zinfandel）、长相思（Sauvignon Blanc）以及赛美蓉（Semillon）。许多起初的种植是独特的葡萄酒的来源，也成了曼达岬酒庄代表。酒庄的主打酒赤霞珠红葡萄酒就是源于原本的凤凰木葡萄园（Wallcliffe Vineyard）。两年荣获澳大利亚最有声望的葡萄酒奖项吉米沃森纪念奖杯（Jimmy Watson Memorial Awards），酒庄所产的赤霞珠葡萄酒如今已经被视为澳大利亚一流的赤霞珠葡萄酒。

塔拉沃拉庄园 TarraWarra

份，超过140个葡萄种植者为彼得·莱曼供应以优质葡萄酿制的葡萄酒，他们的葡萄从位于芭萝莎谷超过700个葡萄园由人手采摘的。

格罗塞特酒庄，克莱尔谷，南澳在这个地球上，只有少数几个地方可以同时生产世界一流的雷司令和赤霞珠，但位于南澳的克莱尔谷温暖的气候使赤霞珠成熟时的品质稳定可靠，即使在该地区海拔最高的葡萄园也彼得雷蒙酒庄，芭萝莎谷，南澳是如此。杰弗里·格罗塞特（Jeffery 芭萝莎谷的酿酒历史可以追溯到1842年， Gosset）的盖亚葡萄园（Gaia）栖息在一个位于离首府阿德莱德北一个多小时车程的地荒凉、大风的高处，距离最近的地标是一座移曼达岬酒庄酒庄，玛格丽特河，西澳方，这里有许多精制美食佳酿的生产商，形成动电话发射塔。在这样严峻的创造了多种葡萄西澳大利亚的曼达岬酒庄在一些世界知名、了一个充满活力的社区。这里各种的小气候和包括赤霞珠（Cabernet sauvignon）、品丽最好的葡萄酒和烈酒品牌已理所当然地赢得了土壤类型所制造出来的葡萄酒能充分反映该地珠（Carbernet franc）和梅洛（Merlot）。一席位。只有两个澳大利亚酒庄是国际奢侈区独有的特色。比如，种植在谷底的肥沃红褐当这三种葡萄混合后便能酿造出一种独特出品集团路威酩轩（LVMH）的一分子，一个色土壤中的西拉（Shiraz）跟种植在仅几公里众、陈年时间较长的酒。四十年后，格罗塞特是位于亚拉河谷（Yarra Valley）的香东酒庄之外，位处较高较清凉，降雨量也较多的岩石的年产量上限设在11,000箱，主要由二十公顷（Domaine Chandon），另外一个就是由葡土壤中的西拉，味道将会截然不同。已故的彼的葡萄园所生产，并且通常在一个月之内便售萄酒业先驱大卫·霍嫩（David Hohnen）和得·莱曼（Peter Lehmann）于1979年创立完。规模不大，专注所长，使得格罗塞特的葡他的兄弟马克（Mark）和贾尔斯（Giles）领了以自己的名字而命名的塔奴丹酒庄，其酒庄萄酒特色鲜明，个性十足，并通过出产这种傲导的曼达岬酒庄。酒庄始创于1970年，开始的所生产的酒是今天芭萝莎谷的象征。每个年视同侪的佳品产生了深远的国际影响。 92 | HIGH ER VIEW BUSIN E S S

商道

Clare 2009 Grosset Gaia 克莱尔2009格罗塞特盖亚红葡萄酒外观：深邃的李子红色香气：黑醋栗精华口感：丰富、浓郁和顺滑充盈配搭：拥有强烈羊味的菜肴、牛肉和奶酪 $62, grosset.com.au

Stonewall Shiraz 2009 美石西拉红葡萄酒2009 外观：中心呈浓黑色，边缘带有深石榴色香气：黑李子和带有混合香料的巧克力口感：结构结构紧密，单宁细致，具有深度、浓厚的水果味道配搭：味道强烈的野味菜肴、烤牛肉，和奶酪如帕马森奶酪（Parmigiano Reggiano），陈年切达奶酪或哥瑞纳·帕达诺奶酪（Grana Padana） $100, peterlehmanwines.com.au

彼得雷蒙酒庄 Peter Lehmann

Australia produces some of the world’s finest red wines – we present a selection fit for any private dining room TARRAWARRA ESTATE, YARRA VALLEY, VICTORIA

From architectural statements to rustic tin sheds hidden among the vines, the Yarra Valley has a range of cellar doors, all reflecting the diversity of styles and approaches in this cool-climate region, a stone’s throw from Melbourne. TarraWarra Estate was set up in 1983 on 988 acres of Yarra Valley farmland, and for some 30 years have been creating wines that are grown, handpicked, vinified and aged on the estate. Respect for sustainability and provenance of the estate is integral to everything the team does. With its native bushland and waterways, the estate is where they cultivate grapes, make wine, graze cattle and grow produce for their restaurant. An exceptional producer of pinot noir and chardonnay, TarraWarra also makes several single-block heritage varieties and estate blends.

CAPE MENTELLE, MARGARET RIVER, WESTERN AUSTRALIA

Cape Mentelle has rightly earned its spot among some of the world’s best wine and spirit brands. One of only two Australian vineyards that are a part of international luxury conglomerate LVMH – the other being the Yarra Valley’s Domaine Chandon – Cape Mentelle is led by wine-industy pioneer David Hohnen and his brothers Mark and Giles. Established in 1970, starting with just 39 acres of vines known as the Wallcliffe Vineyard,

the early years saw David experimenting with grape varieties such as shiraz, cabernet, zinfandel, sauvignon blanc and semillion. Many of these original plantings are the source of the distinctive wines that have come to characterise Cape Mentelle. The winery’s flagship cabernet sauvignon is sourced primarily from the original Wallcliffe Vineyard, and with two Jimmy Watson Memorial Awards for their red, it has become one of Australia’s leading cabs.

PETER LEHMANN, BAROSSA VALLEY, SOUTH AUSTRALIA

The Barossa Valley has a winemaking heritage dating back to 1842. Located a little over an hour north of Adelaide – the state’s capital – it is home to a generous and vibrant community of artisan food and wine producers. With a range of microclimates and soil types, wines from these areas are a true reflection of their origins. For instance, shiraz grown on fertile red-brown earth soils of the valley floor will have a very different flavour profile to a shiraz grown just a few kilometres away on the rocky soils of the high, where it’s cooler and there is higher rainfall. The late Peter Lehmann established the Tanunda-based winery that bears his name in 1979, creating a brand that today signifies quality Barossa winemaking. Each vintage, more than 140 grape-growers supply Peter Lehmann with quality fruit from more than 700 hand-tended vineyards throughout the Barossa. 商道

Cape Mentelle Cabernet Sauvignon 2009 曼达岬酒庄赤霞珠红葡萄酒2009 外观：深红宝石色香气：混合巧克力、烟草叶、黑醋栗、紫罗兰、湿板岩口感：新鲜的黑醋栗结合淡淡的李子、巧克力和茴香味道配搭：和牛、辣根和炒香菇 $85, capementelle.com.au

TarraWarra Estate 2012 Reserve Pinot Noir 塔拉沃拉庄园2012珍藏黑比诺外观：鲜亮半透明颜色香气：覆盆子、玫瑰花瓣、李子和淡淡的雪松橡木口感：层次分明，以纯果香味开头，质地细腻和颗粒状的单宁配搭：质感滑腻、味道清淡的软奶酪 $60, tarrawarra.com.au

GROSSET GAIA, CLARE VALLEY, SOUTH AUSTRALIA

There are few places that can produce both world-class riesling and cabernet, but the warm days of the Clare Valley make it possible to ripen cabernet reliably, even at its highest vineyard. Perched in a stark, windswept landscape, Jeffrey Grosset’s Gaia vineyard is so elevated that the nearest landmark is a mobile-phone tower. This tough environment creates varietal cabernet sauvignon, cabernet franc and merlot which, when blended, produce a distinguished, long-ageing style. While in its fourth decade, annual production is capped at 11,000 cases, which is predominantly produced from 49 acres of estate vineyards and usually sells out within the month. Remaining small and focused has allowed Grosset to preserve the character and individuality of the wines, developing a significant international profile by producing wines that are benchmarks in their class. H I G H E R V I EW B U SINE 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: 饺子 ROUND MELBOURNE DUMPLINGS

SYDNEY 悉尼

饺子：您一口就能吞下它，行家们却要花几年时间研究如何包出恰到好处的美味饺子。食客也为了尝上几个而需排队等候。这里我们跟您分享三家位于墨尔本提供最美味的饺子的餐厅。 Dumplings: they’re gone in just a mouthful, but connoisseurs take years to get them right and diners will wait in line to try just a few. Here are three of Melbourne’s best...

HUTONG DUMPLING BAR 为了猪肉馅的小笼包，一起加入胡同饺子馆外绵延不绝的队列吧。咬一口，里面热腾的汤汁便四溢而出。倘若队列实在太长，试试他们第二家位于罗兰（Prahan）的分店——胡同北京烤鸭饺子馆。 Join the queue stretching down the street because the Xiao Long Bao pork dumplings are worth the wait. One bite and the broth bursts out of these tiny parcels, each served piping hot. If the line is too long, try their second site, Hutong Peking Duck and Dumpling in Prahan. 14-16 Market Lane

FLOWER DRUM

EST. 虽然顶级餐厅est.坐落于悉尼最繁忙的街道——乔治街（George Street），却是一家远离市中心喧嚣的餐厅。位于文化遗产建筑梅利维尔（Merivale）二层的一间房间内，房间的主色是经典的白色，拥有高高的天花板、希腊式柱子及水晶吊灯。餐厅的设置高雅精致，跟餐厅主厨彼得·多伊尔（Peter Doyle）精制的菜单互相映照，提供根据季节而定制的现代澳大利亚佳肴，采用本地食材包括澳洲龙纹斑鱼片、鲍鱼及肉眼羊扒，以受了法式影响的方法烹调。服务与葡萄酒的种类跟甜点法芙娜（Valrhona）巧克力心太软配花生冻糕及覆盆子雪葩的水准一样出众。悉尼乔治街252号创立大厦二层。 94 | HIGH ER VIEW BUSIN E S S

While est. is located above the Sydney CBD’s busiest road, George Street, it still feels a long way from the hustle and bustle of the city. The restaurant resides on the first level of the Merivale complex in a heritage room with classic white surrounds, neck-straining high ceilings, Grecian-style columns and crystal chandeliers. The set-up is elegant and sophisticated, reflective of head chef Peter Doyle’s refined menu. Seasonally driven, diners are treated to a bucket-list of modern Australian cuisine – featuring locally sourced Murray cod fillet, abalone and rib eye of lamb – all executed with French-influenced precision. Service and wine selection hit great heights, as does the Valrhona chocolate fondant with peanut parfait and raspberry sorbet for dessert. Level 1, Establishment 252 George Street, Sydney merivale.com.au/est 商道

于1975年开业的粤菜馆花鼓，时至今日仍然是城中的粤菜之冠。盛宴包括春卷、生菜包、炒珍珠肉、香辣鱿鱼以及香脆的北京烤鸭，要记得留点肚皮给饱满鲜甜的虾饺及满有光泽的鸭肉馄饨。 Flower Drum started in 1975 and still holds the crown for best Cantonese in town. The banquets aren’t for the faint hearted with spring rolls, sang choi bao, sautéed pearl meat, spicy calamari and crunchy Peking duck. Save room for plump prawn dumplings and glossy duck wontons. 17 Market Lane

GINGERBOY 2006年著名厨师Teage Ezard的时尚餐馆把东南亚的美食带进墨尔本的巷道，而且至今一直在推动混合美食的界限。品尝一下他家热气腾腾的锅贴或芥兰炸鸡饺子。 Teage Ezard’s trendy eatery brought Southeast Asian street food to Melbourne’s laneways in 2006 and has been pushing the boundaries ever since. Look for steaming plates of oxtail pot sticker or fried chicken and Chinese broccoli dumplings. 27-29 Crossley Street

BEIJING 北京

SHANGHAI 上海

BRIAN MCKENNA @ THE COURTYARD

In the shadow of The Forbidden City’s East Gate, this hotspot has made a magnificent comeback onto the culinary scene with the arrival of British masterchef Brian McKenna. The six-course tasting menu shows off the kitchen’s molecular skills, but the real showstopper is dessert. Look out for Terracotta Warrior – he’ll definitely be the tastiest you’ll see in this city. 95 Donghuamen Av. Beijing East Gate of The Forbidden City. bmktc.com 马克南四合轩餐厅的著名英籍厨师马克南为大家带来最极致的创新味觉体验。六道菜的品尝套餐展示了厨师们精湛的厨艺，可是一道名为“秦皇陵之兵马俑”的甜点才真正让人为之惊叹。北京市东城区东华门大街95号。 Brian McKenna @ The Courtyard 马克南四合轩

Three On The Bund 标题请在这里 Spicy tomato consomme with roasted tiger shrimp 香辣番茄清汤配烤虎虾

THREE ON THE BUND

A few years ago architect Michael Graves took the Union Building at no. 3 on Shanghai’s most famous thoroughfare from its 1916 origins into the 21st century. It has been a city hotspot ever since. You’ll find art galleries and rooftop terraces, but it’s the restaurants of Three on the Bund that have been making waves. Celebrity Chef Jean-Georges Vongerichten has followers lining up to taste his Michelin-starred French cuisine, but his new restaurant Mercato is bursting with fresh Italian flavours. Walk past potted basil plants and heaped heirloom tomatoes to a spot right in front of the wood-fire oven. Thin-crust pizzas with molten mozzarella come steaming to your plate. Less rustic is Colagreco, the latest venture from Mauro Colagreco. The mastermind behind Michelin-starred Mirazur in France has brought Mediterranean flavours to his fine-dining venue, aided by a kitchen garden on-site. threeonthebund.com

几年前，建筑师迈克尔·格雷夫斯（Michael Graves）接管了位于上海一条从 1916年开发以来直到21世纪仍十分著名的大道上第3号的有利大楼。此地从此成为城中热点。在这里能找到艺术画廊和顶层露台，但却是它的餐厅外滩三号掀起了热潮。名厨吉恩·乔治·冯格里奇顿（Jean Georges Vongerichten）有一众捧场客在餐厅外排队来品尝他的米其林星级法国佳肴，而他新开的餐厅Mercato的菜色充满让人耳目一新的意大利风味。经过罗勒盆栽和一堆番茄装饰您就来到了比萨烤炉前，一盘盘热腾腾、带着熔化芝士的薄脆比萨被端到您的桌子上。Colagreco餐厅是法国著名米其林星级法国餐厅Mirazur背后的掌舵人Mauro Colagreco最新开业的餐厅，他把地中海的风格加到他的高端用餐场所中，在厨房中还有一个菜园。商道

MAISON BOULUD

The finest French-inspired fare in Beijing. A branch of New York celebrity chef Daniel Boulud’s, it is fitting that the restaurant resides in a period mansion that served as the former U.S. legation. Executive chef Brian Reimer turns out classics such as duck confit and escargot alongside new world imaginings like ‘baby pig’ with daikon sauerkraut and apple coleslaw. Maison Boulud, Ch’ien Men 23, 23 Qianmen Dong Da Jie, near Guangchang Dong Ce Lu 布鲁宫法餐厅是纽约名厨丹尼尔·布鲁（Daniel Boulud）的分店，位于前美国大使馆的建筑内，提供北京最棒的法国菜。行政总厨布赖恩·赖默（Brian Reimer）烹调经典法国菜色如油封鸭和田螺，也有具创意的新菜色。前门东大街23号。 Maison Boulud 布鲁宫法餐厅

H I G H E R V I EW B USINESS | 95

HOTELS 酒店

Rooftop pools, designer scented toiletries and waterfall views – we’ve picked out some of the most luxurious hotels Australia and China have to offer 屋顶游泳池、名家设计的洗浴用品及瀑布景观——我们精心细选澳中两地最能为您带来奢华体验的酒店。

VIEW FROM THE TOP 悉尼君悦酒店的每个房间都能让您看到美轮美奂、令人惊叹的悉尼歌剧院及海港大桥近景。酒店最近的翻新工程，使原来高端的套房摇身变为超简洁公寓风格的上佳去处。其他酒店设施和服务包括屋顶游泳池、豪华水疗中心和备受赞誉的24小时管家服务。另外还有罕见的以艺术品装饰的走廊和大理石浴室。时尚别致的 Harbour Kitchen & Bar餐厅提供更多迷人的景色（透过从地板到天花板的落地玻璃门），而且还为您提供鸡尾酒和小吃。喜欢威士忌的朋友，晚饭后可以到The Club酒吧来一杯餐后酒。每晚$840起。

Each room at the Grand Hyatt Sydney boasts jaw-dropping, close-up vistas of both the Opera House and Harbour Bridge. A recent refurbishment has transformed the top-end suites into über-minimalist apartment-style hangouts. Extras include a rooftop swimming pool, deluxe spa and much-vaunted 24-hour butler service. There are also rare artworks decorating the corridors and marble bathrooms. The chic Harbour Kitchen & Bar restaurant provides yet more amazing views (through floor-to-ceiling glass doors), while the Harbour Bar offers cocktails and tapas. For whisky fans, hit The Club for an after-dinner drink. From $840 per night, sydney.park.hyatt.com

UP AND COMING 即将来袭 CHINA 中国

北京王府半岛酒店 The Peninsula Beijing

BUSINESS AND PLEASURE 坐落于北京繁华的市中心，半岛酒店是一家为商务和休闲旅客提供优质服务的高端酒店。作为重要活动及庆典活动的首选，这个酒店的525间现代套房巧妙融合了中国传统建筑特色，而房内先进的科技配备更可满足宾客将其变身为临时办公室的需要。酒店还连接北京市最奢华的购物商场——半岛酒店商场，里面有50家设计师精品店，购物非常方便。每晚$234起。 Ideally located in the centre of bustling Beijing, The Peninsula is the city’s premier hotel for business and leisure travellers alike. As the venue of choice for important events and celebrations, the hotel blends traditional Chinese architecture in 525 modern suites all fitted with advanced technology for those needing a makeshift office. Conveniently, it also features the most prestigious shopping arcade in Beijing, The Peninsula Arcade, home to 50 designer boutiques. From $234 per night, peninsula.com/Beijing

BULGARI HOTEL 上海是时尚和奢华的同义词，而2015年将有一家新酒店把这两者完美融合。宝格丽已宣布新酒店计划，建在俯瞰闸北区苏河湾的摩天大楼最顶部的十二层上。 Shanghai is synonymous with style and luxury – and in 2015 there’ll be one hotel that brings both together in perfect harmony. Bulgari Hotels has announced plans for a new hotel, in the top 12 floors of towering skyscraper above Suhe Creek in the Zhabei District. bulgarihotels.com Bulgari Hotel 宝格丽酒店

悉尼君悦大酒店可观赏到歌剧院 The Grand Hyatt Sydney boasts views of the Opera House

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富华地产集团

SOFITEL JING’AN HUAMIN HOTEL 五星级上海华敏世纪索菲特大酒店将于 2015年开业，距历史上有名的静安区南京路仅几步之遥。68层塔楼中的会议室及活动室能容纳达1,500人。 Steps away from Nanjing Road, in the historical Jing’an district, is where Sofitel’s 5-star Shanghai Jing’an Huamin Hotel will open in 2015. The 68-storey tower will house meeting and event rooms that can hold up to 1,500 persons. sofitel.com

INTERCONTINENTAL SHIMAO SHANGHAI WONDERLAND 没有金光闪闪，没有高耸入云的大厦。中国最近的一笔价值638万元的豪华酒店处于一个废弃采石深坑里。这家位于上海的酒店建于天门山山脚下，约100米深处，酒店共19层，还有两层在海平面以下。2015年开业。 Forget gleaming, sky-high towers; you’ll find China’s latest $638-million luxury hotel deep within the recesses of an abandoned quarry. The Shanghai resort will be built 100 metres deep, at the base of Tianmenshan Mountain, with two of its 19 storeys below sea level. Opening 2015, intercontinental.com

购置，投资地产或地产项目开发，富华地产集团将携手与您带来全新的投资体验，我们专业精湛的团队将为您提供全面的投资建议和报告。 The SW Group Pty Ltd Head Office: Suite 704/97-99 Bathurst St Sydney NSW 2000

澳洲富华地产集团隆重推出完善，优质，高尚，现代的大型住宅区项目 East Quarter - Hurstville

澳洲咨询热线：1300 898 519 海外咨询热线：＋61 2 9267 8881 info@swrealty.com.au

澳洲华人投资首选：www.swrealty.com.au 商道

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CHINA EASTERN AIRLINES CO. LTD

中国东方航空股份有限公司

从中国民航的骨干走向世界民航的前列

FROM LEADING POSITION IN CHINA TO FRONTRUNNER IN GLOBAL MARKET The airline has transported a volume of 80 million passengers in 2013, making it ranked No.5 globally

中国东方航空股份有限公司在2013年完成客流量运输达到八千万人次，位列全球第五。 Why choose China Eastern Airlines? 1. Our Service Concept – Comfortable & Convenient 我们的服务宗旨 2. Our aircraft – new aircraft with 180-degree flatbed and more legroom in business class, 3D touch screen individual entertainment units in all cabins 我们的飞机 3. Our destinations – 187 countries & regions including China, Asia, Europe, North America and Australia 我们的航点 4. Our codeshare partner in Australia – codeshare services and Frequent Flyer Plan exchange partnership with Qantas Airways 我们的代码共享合作伙伴 5. Our VIP service – complimentary limousine transportation in Shanghai 我们的贵宾服务 6. Our luggage allowance – One of the most generous allowances in the industry 我们的行李额 7. Our stopover service – Free accommodation, hotel transfers and breakfast provided in Shanghai; 72 hours transit visa free for 45 nationalities 我们的中转服务 China Eastern Airlines Co. Ltd (CEA) is one of China’s “big three” state-owned airlines, with its hub at Shanghai. Flying a fleet of more than 500 aircraft with an average age of less than seven years, CEA serves nearly 80 million travellers annually and ranks the world’s No. five airlines in terms of passenger transportation volume. As an official member of Sky Team Alliance, CEA has extended its network from Shanghai 98 | HIGHER VIEW BUSIN E S S

to 1,000 cities in 187 countries via close cooperation with Sky Team member airlines. Members of Eastern Miles can participate in the mileage accumulate and redeem program, enjoy member benefits and use any one of the 525 VIP lounges across the world within all 19 Sky Team member airlines. China Eastern has been striving to become a super-excellent aviation service integrator to win “staff devotion, customers’ loyalty, shareholders’ satisfaction and public trust.” At the end of 2012, China Eastern was awarded the ‘Golden Ting Award’ by China Capital Market Annual Conference 2012, was recognised as one of the 50 most valuable Chinese brands by WPP and ranked among the top 10 in the FORTUNE China CSR Ranking 2013. In Australia, CEA has a codeshare services and FFP exchange partnership with Qantas Airways CEA has started codeshare services with Qantas between Australia and China from 2010. Apart from direct flight services from Sydney and Melbourne to Shanghai, passengers can also travel from other Australian and New Zealand cities to Shanghai via Sydney and Melbourne. These cities include Brisbane, Adelaide, Canberra, Cairns, Perth, Auckland, Wellington and Christchurch. Additionally, for passengers departing from Sydney, Melbourne, Brisbane, Adelaide, Canberra, Cairns and Perth, flying to Shanghai via Singapore is another option. CEA’s Eastern Miles frequent flyer program now has a reciprocal arrangement with the Qantas frequent flyer program, which means you can accumulate and redeem your points on both airlines. Aircraft we use in Australia CEA flies with the brand new Airbus 330-200 that has 30 seats in business class and 202 seats in economy class. Each business class seat has upgraded to lie-flat seats with 57-inch legroom. 商道

There are 3D touch screen individual entertainment units for all cabins. Destinations around the world CEA’s network covers all the major cities in Asia. We fly to five cities in Europe – London, Paris, Frankfurt, Rome and Moscow; and six cities in North America – Los Angeles, San Francisco, Hawaii, New York, Vancouver and Toronto. With partnership with Skyteam members, our network can reach to 187 countries & more than 1,000 cities globally. Most generous check-in luggage allowance and baggage check through service 2pc / 46kg is allowed for economy class travellers, 2 pc / 64Kg is allowed for business class travellers on the routes between Australia and China, Europe, Japan, Korea, Southeast Asia and North America. Baggage can be checked through to your destination for same-day connecting flights (conditions apply). Free involuntary stopover accommodation A free overnight stay in Shanghai will be provided for eligible transfer passengers who are connecting on an CEA international or regional flight to their next destination. Partner hotels will provide transportation to and from the airport and breakfast (conditions apply). Complimentary limousine transfers for business class passengers Australia outbound business class passengers will be provided free limousine ground transportation from/to Shanghai Pudong international airport (conditions apply). 72 hours visa free when transiting in Shanghai Passengers departing from Australia/New Zealand and 43 other countries and transiting through Shanghai to a third country or region can enjoy a 72-hour visa-free transit stay (conditions apply).

CHINA EASTERN AIRLINES CO. LTD

中国东方航空股份有限公司

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