HIGHERVIEWBUSINESS.COM.AU
IS S UE T HREE . SEP TEMBER 2015
HIGHER VIEW 商 道 BUSI NESS
#0 3
BRAINS TRUST
How to woo China’s best talent
千金易得， 一将难求 智取中国顶尖人才
GROWTH STRATEGY CULTURE AFFAIRS
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欢迎辞——中国东方航空公司
欢迎辞——澳大利亚中国总商会
第三期《商道》如期出刊，再次体现我们肩负的促进中澳两国 商业、文化和教育联系的使命。自去年9月份《商道》创刊以来， 我们很高兴见证了中澳两国商界取得的众多令人振奋的进展。 其中最值得一提的是中澳两国签署的《自由贸易协定》。它将 对两国关系的深入和多元化发展产生巨大的影响。作为一家长期 致力于深化两国关系的企业，我们深信，这个协定的签署为推动 两国合作更上一层楼提供了最佳契机。 包含林奇集团（参见第70页）在内的一些澳大利亚企业已深刻 体会到进军中国所带来的巨大好处。我们也很高兴看到两国在这 方面所做的种种努力，包括面向新锐领军人物，在相互理解和 尊重基础上播撒友谊种子的中澳千禧计划（参见第14页和第 49页）。我们更不能忽略华为，这个怀着中华心，踏着有为路的 中国品牌在全球取得的巨大成功。 我们祝您开卷有益，并且希望杂志中关于生活方式的介绍也能 为您的行程提供些锦囊妙计。 享受阅读，享受这段航程！
澳大利亚中国总商会很高兴迎来《商道》第三期的出刊。这本 杂志一路记载并深化了中澳两国之间的浓厚友谊。作为一个跨越 多个行业的非盈利组织，我们深信两国在携手合作之下必能取得 更多的互利双赢。正如一句中国老话所说的——好邻居，金不换。 上期杂志探讨了中国与澳大利亚之间新近签署的《自由贸易协 定》将创造的众多机遇。本期杂志则着眼于两国关系迈向多元化的 诸多途径。两国看待对方的方式正发生根本性的转变，像澳大利亚 只是一个矿产大国，而中国是个世界工厂已成为陈腐过时的印象。 在华的澳大利亚企业如今不再只关注北京和上海等一线城市内 的消费者；它们开始把目光投向中国各地的不同市场，同时也愈 发认识到中国人才市场提供的巨大价值。中国的制造业正日益朝 着更智能、更精简的方向迈进，诸多行业不断提升的生产效率弥 补了工资上涨的劣势。 在澳大利亚，一些全球知名的中国企业（比如华为和联想）正 大展宏图，日益成为创新和创造力的代名词。澳大利亚的中国投 资者和企业也正积极找寻各种高新技术、服务项目以及消费产品。 在大型国有企业的言传身教之下，中国的私营企业如今已走在了 最前列，还有大量投资正涌向澳大利亚的商业地产。 这本《商道》将向您呈现更多此类的观点和事实。我们希望您 喜欢这本杂志，并乐于与您畅想中澳商贸合作的无限空间。
Welcome from China Eastern Airlines
Welcome from the CCCA
This third edition of Higher View Business arrives a timely moment in the history of Australia and China - the finalisation of a free trade agreement between the two countries. Higher View Business is published as part of our mission to strengthen business, cultural and educational links between Australia and China. Since the first edition was published in September last year, we are glad to say there have been many exciting developments in the Australia-China business world. Most notably, this free trade agreement will have a huge impact in deepening and diversifying the relations between our two countries. As a company that has long played an integral role in bringing both sides together, we believe this can only be a good thing. We are pleased to see efforts like the China Australia Millennial Project (pages 14, 49) targeting emerging leaders and sowing the seeds for relationships based on mutual understanding and respect. And who could ignore the success story of Huawei (page 74) – now a globally recognised Chinese brand. We hope you enjoy these and more insights, and maybe even draw some ideas for your trip from the lifestyle pages at the back. Enjoy your read and your flight.
We at the Chinese Chamber of Commerce in Australia are delighted to welcome this third edition of Higher View Business - a magazine dedicated to documenting and deepening the warm relations between Australia and China. As a non-profit organisation spanning multiple industries, we believe our countries have much to gain by working together. As the old Chinese saying goes, a good neighbour is not to be traded for gold. The last edition explored the opportunities promised by the newly-inked free trade agreement between Australia and China. Now that this agreement has been finalised, this edition is dedicated to exploring the ways in which the relationship is diversifying. Australian businesses in China are now eyeing the Chinese consumer, not just in first-tier cities like Beijing and Shanghai but in diverse markets spread across the country. China’s talent market is helping them do this. In Australia, globally recognised Chinese companies like Huawei and Lenovo are building a reputation for innovation and creativity. Chinese investors and businesses in Australia are seeking out high technology, services and consumer products. These insights and more can be found in the following pages of Higher View Business. We hope you enjoy this magazine, and share our excitement about the business prospects ahead.
6 | HI GHER VIEW BUSINES S
商道
CONTENTS
内容概要
CONTENTS 内容概要 IN THIS ISSUE
26 COVER STORY 封面故事
BRAINS TRUST 智取中国顶尖人才
Competition for China’s top talent has become fierce. While multi-national firms in China once enjoyed an easy appeal to China’s top graduates, the best and brightest now increasingly aspire to work for emerging Chinese giants which offer higher salaries, better job security and a dash of national pride. With job-hopping more widespread than in Western countries, employers are having trouble holding onto their best. So how are organisations responding to this challenge? Facing pressure from family to secure respectable white-collar jobs, Chinese talent are looking for structured and planned career development initiatives within the organisation. Opportunities are also emerging for Australian high-potentials to develop their careers by filling key gaps in middle management and senior leadership in China, provided they have the necessary bi-cultural skills. 对中国顶尖人才的争夺日益激烈。尽管中国一流的毕 业生曾一度对到跨国公司工作趋之若鹜，由于目前中国大 型本土企业开始提供更高的薪酬，更好的工作保障，工作 其中还会有一定的民族自豪感，顶尖人才正日益期盼到这 些企业一展身手。 与西方国家相比，中国员工的跳槽更为频繁，因而用 人单位面对保留顶尖人才的种种问题。 应如何应对这个挑战呢？在家庭压力之下，中国人才 向往收人尊敬的白领职务，同时也期待用人机构提供有系 统、有规划的事业发展机会。 澳大利亚的高素质人才若拥有必要的中英双语能力， 中国将日益为其提供在高层领导及中层管理领域填补缺口 的就业良机，助其职业生涯宏图大展。
商道
H I G H E R V I EW B USINE SS | 7
CONTENTS
内容概要
58 58 MAKE YOUR MARK 发挥您在澳企的影响力 Chinese investors are now an integral part of Australia’s business scene, but they are sometimes frustrated trying to influence how companies are run. But with a better understanding of Australian law, you can make an impact —even with only a 1% shareholding.
74 THE HUAWEI FACTOR
中国投资者已成为澳大利亚商业界 不可或缺的一份子。不过，我们经 常可以看到, 中国投资者在试图影 响其所投资企业的运作方式时， 常因不得其门而懊悔不已。如果投 资者能深入了解澳大利亚法律，哪 怕他们仅持有很小一部分的股权， 也能通过有效地发出自己的声音来 影响企业未来的发展方向。
华为效应: 中华心，有为路 Telecommunications juggernaut, rising thought leader and now the world’s biggest patent filer - Huawei Technologies is increasingly challenging and inspiring the technology world as it builds a globally recognised Chinese brand. 作为中国的电信巨头及目前全球范围内专利申请量最多的企业，华为在打造一 个全球认可的中国品牌的同时，华为正不断挑战和引领科技潮流，并日益成为 开拓新思维的先驱。
REGULARS 固定栏目
OPINION 洞见
FEATURES 专题报道
10 CONTRIBUTORS 投稿人
49 YOUTH WILL DEEPEN AUSTRALIA-CHINA TIES
42 SEEING EYE TO EYE
拓展中澳关系还大有空间
随着中澳两国之间《自由贸易协定》的 签署，澳大利亚企业也迎来了进军这块 充满活力的亚洲市场的众多机遇。 不过，在纷涌而上之前，各大跨国企业 仍需了解中国的运营环境、产品质量以 及供应状况，同时也需多了解一些中国 的商业文化。
13 NEWS 新闻
求同存异之道
“中澳千禧计划”的创办人之一瑞秋·沃 尔特斯认为，澳大利亚应于中国在更广泛 的领域开展互动合作，Y世代及比其更 年轻的一代领军人物将推动这一进程。
22 CHINA IN NUMBERS 数据看中国
48 LATEST DEALS 最新交易 53 LANGUAGE 语言 87 HIGHER LIFE 气派生活
Australia needs to engage more collaboratively with China across a broad range of industries, and leaders from Gen Y and younger will drive this, argues Rachel Walters, co-founder of the Australia-China Millennial Project
50 CROSSING OCEANS 跨越重洋 语言把我们划入了不同的文化区块， 尤其像是英语和汉语这两种看似判若鸿 沟的语言。
Languages separate us, but also have the potential to bring us together with their astonishing similarities.
50 89
72 SELLING ONLINE TO CHINA’S LOWER-TIER CITIES
54 NEW PARADIGM FOR FOREIGN INVESTMENT 外商在中国投资的新未来 中国新的外资法案获批通过的可能性 和时间还存疑，但投资者应熟谙这一 具有历史性重大意义的立法法案的各 个方面。
Investors should start educating themselves now on the benefits and potential pitfalls of China’s new draft foreign investment law.
瞄准中国一线城市以外的 网络商机 在中国北京、上海这些一线城市， 大玩家们在经年累月的投资与合作之 后正日益收获胜利果实。然而，二三 线城市中数量日益庞大的大批中产阶 级则提供了尚待发掘的巨大商机。
Big players have been reaping rewards after years of investment and cooperation in tier-one cities like Beijing and Shanghai. But lower-tier cities offer huge, untapped markets and a swelling middle class. 8 | HI GHER VIEW BUSINE S S
Multinational companies need to understand Chinese working, product quality and supply conditions before rushing into this dynamic market, and also learn a thing or two about Chinese business culture.
Chinese outbound investment is broadening from its previous strong focus on resources and seeking out high technology, services and consumer products in the developed world. It is increasingly being led by the Chinese private sector, with Australian commercial real estate attracting a surge of new capital.
68 TOIL AND REWARD 春城笑开澳洲花 澳大利亚花卉公司林奇集团的董事会下 了很大的决心才决定将业务扩展至中 国。但随着其位于春城昆明附近种植 基地业务的风生水起，以及中国消费 者需求的节节上升，公司现在开始后 悔没有更早一些进入中国。
The board of Australian flower company Lynch Group took some convincing to expand into China. But with a flourishing farming operation near the ‘spring city’ Kunming, and insatiable demand for Australian natives from Chinese consumers, now they wish they had moved sooner.
80 JUMP ON BOARD 63 A NEW NORMAL 投资新纪元 中国的对外投资重心正从原先集中于 资源产业转向发达国家的各类高新技 术、服务业及消费产品。尽管资源开 发项目的热潮渐退，但日益由私营企 业主导的这波新浪潮正方兴未艾， 尤其是澳大利亚的商业地产正吸引大 批新资本的涌入。
商道
搭上旅游业发展的顺风车 由于游客数目不断增加，酒店住宿需 求强劲，游客人均消费领先全球，澳 大利亚旅游业前景广阔，给投资者提 供了史无前例的投资良机。
Investing in the future of Australian tourism has never been more promising, with rising visitor numbers, strong hotel demand and a world-leading spend per visitor.
CONTRIBUTORS
创刊号 Issue 03 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》。
投稿人
1.
2.
3.
1. BRIDGET BEATTIE
multiple appointments in the business and not-for-profit sectors including Independent Director of Huawei Technologies (Australia) and National President of the Australia China Business Council.
布里奇特·贝亚蒂耶
Meet the minds helping to shape China-Australia relations – and who also helped shape this issue of Higher View Business
Bridget Beattie is Executive Vice President Asia Pacific Middle East at Right Management, the talent management leader within ManpowerGroup. Ms Beattie has worked and consulted across the Finance, IT, Energy and Local Government sectors in Australia, New Zealand and the wider Asia Pacific region. 布里奇特·贝亚蒂耶是睿仕管理亚
大利亚、新西兰以及亚太区的金融、信
十多年卓越的公职生涯，曾任财长及州
小杰拥有澳洲MBA，熟谙法律及国际
长。目前，约翰·布伦比在商业领域和
营销，并经营一家同声翻译及商务文化
非营利部门担任多个职务，包括澳大利
咨询公司。
工商业委员会主席以及墨尔本大学和莫
8. DOUG FERGUSON
纳什大学教授研究员等。
道格·弗格森
4-6. SIMON BARRETT, HELEN CHEN, MICHEL BREKELMANS 西蒙·巴雷特、海伦·陈、
提供咨询顾问服务。
米歇尔·布莱克曼
2. RACHAEL BOLTON 拉其尔·波尔顿
Rachael Bolton is a writer and journalist with a decade’s experience in the media industry. She specialises in business, technology and lifestyle. She grew up in Singapore and today splits her time between Sydney, Melbourne and the Lion City. 拉其尔·波尔顿是澳大利亚作家和
Simon Barrett, Helen Chen and Michel Brekelmans are partners from global management consulting firm L.E.K. Consulting. Helen and Michel co-lead L.E.K.’s China practice and are located in Shanghai. Simon is a senior partner located in Sydney with over 24 years of experience in strategy consulting in Australia, New Zealand, Asia and Europe. 西蒙·巴雷特、海伦·陈和米歇尔· 布莱克曼是全球管理顾问公司艾意凯咨
新闻记者，从业媒体十余年，专长于商
询的合伙人。海伦和米歇尔共同在上海
业、技术和保健领域的报道。拉其尔在
负责艾意凯中国的常务工作。西蒙作为
新加坡长大，目前经常往来于悉尼、墨
资深合伙人长驻悉尼。他拥有24年在澳
尔本和狮城新加坡各地。
大利亚、新西兰、亚洲和欧洲等地进行
道格·弗格森是澳大利亚毕马威的 亚洲业务部负责人、中国商业实务的负 责人、交易咨询委员会合伙人之一，也 是悉尼大学的客座教授。
9. LISA GOODHAND 莉莎·古德汉德
Lisa Goodhand is an Australian consultant on trading with China. A regular contributor to the media, she has studied, lived and worked in China and speaks fluent mandarin. Her company China Blueprint specialises in import, export and marketing to China. 莉莎·古德汉德是澳大利亚有关中 国贸易杰出的咨询专家，也是相关媒体
7. JACK CHEN 陈晓杰 Jack Chen is a translator, cross-cultural advisor and columnist based in Sydney.
究、生活和工作，普通话流利。名下公
的定期专家撰稿人。莉莎在中国进行研
11.
10.
《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
Doug Ferguson is head of KPMG Australia’s Asian Business Group, leader of the China Business Practice, a Deals Advisory Partner and Adjunct Professor at University of Sydney.
战略咨询的丰富经验。
3. THE HON. JOHN BRUMBY
9.
州长等许多政要、商界领袖及媒体等提 供文化沟通及拓展中国市场的服务。陈
息科技、能源和当地政府等部门工作或
The Hon. John Brumby is the former Premier of Victoria. He now holds
陈晓杰是悉尼知名翻译家、跨文化 顾问及专栏作家,曾为中澳包括总理、
维多利亚州前州长约翰·布伦比有
太及中东区常务副总裁，负责万宝盛华
约翰·布伦比
Jack has an Australian MBA degree with training in law and international marketing.
亚华为公司的独立董事、澳大利亚中国
集团的人才管理。贝亚蒂耶女士曾在澳
If you’d like to contribute an article to Higher View Business, please get in touch with us via: jim@citrusmedia.com.au
4.
商道
司中国蓝图广受赞誉，专业从事面向中 国市场的进出口和在线营销。
12.
CONTRIBUTORS
投稿人
6.
5.
7.
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Higher View Business 商道 Issue 03 Strategic Advisor 策略顾问
Jingmin Qian
Editor 编辑 Ben Hurley
Staff Writers 特约撰稿人
Crystal Wong, Constantina Pilatos
10. EDDIE HSU 埃迪·许姆
Eddie Hsu advises multinational companies, financial institutions and private equity funds on structuring and negotiating commercial transactions in the Greater China region. His areas of expertise include debt finance, cross-border M&A and Sino-foreign joint ventures.
short stories have appeared in various anthologies and literary journals, including The Best Australian Stories and Southerly. Mark Tredinnick is one of Australia’s most celebrated writers and poetry teachers. He is the author of a dozen acclaimed works of poetry and prose, including Bluewren, Cantos, Fire Diary and The Blue Plateau.
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。
15. RACHEL WALTERS 拉谢尔·沃尔特
Rachel Walters is Co-Founder and Director of Partnerships of the China 埃迪·许为大中华地区的跨国企业、 伊莎贝尔·李是一位华裔澳洲作家， Australia Millennial Project. She 金融机构和私募股权投资基金公司 也是澳洲电信公司澳都斯的一位经理 combines expertise in business 提供有关企业重组和交易谈判的咨询。 人。其短篇小说常见于各种选集和文学 management and strategy, China 其专长领域包括债务融资、跨国并购、 期刊，包括《澳洲优秀故事》和《南 engagement, and business 中外合营及酒店/俱乐部经营管理 风》。特莱蒂内克是澳大利亚最受人尊 development with a strong drive to 协议等。 敬的作者、诗歌导师之一。马克•特莱 build a smarter, kinder relationship 蒂内克著有许多广受赞誉的诗歌和散文 between Australia and the world. 11. BELLE JING 作品，包括《Bluewren》、《篇章》、 拉谢尔·沃尔特是中澳千禧计划 贝尔·京
《火灾日记》和《蓝色高原》等。
Belle Jing is a Senior Associate at Australian law firm Addisons, specialising in M&A, takeovers and capital raisings. Belle regularly advises offshore clients on investments in ASX-listed companies, including dealings with the Foreign Investment Review Board. 贝尔·京是澳大利亚律师事务所 Addisons的高级经理，专长企业并购 和资金筹措等方面的法律事务。贝尔常 年为海外客户提供有关澳大利亚证交所 上市企业投资方面的咨询，包括如何与 外国投资审查委员会打交道等。
的共同创办人与合作负责人。她将 企业管理和经营战略的专业知识以
14. JINGMIN QIAN
及中国的实践与强烈的商业发展驱动
钱京珉
力相结合，打造澳大利亚和世界之间
Jingmin Qian, the Principal of Jing Meridian Advisory, is a director and advisor with over 20 years’ experience in Australia China investment and management. Jingmin is also a director of listed and private companies, Australia China Business Council, Macquarie University and a fellow of the Australian Institute of Company Directors.
更加灵活、更加友好、更富创新精神的 合作关系。
16. CHRISTINE WRIGHT 克里斯蒂娜·赖特
京纬投资管理顾问公司的总监
Christine Wright is Managing Director, Asia at Hays. She is responsible for the day to day operational management and growth of Hays in Japan, mainland China, Hong Kong, Singapore, Malaysia and India.
12-13. ISABELLE LI, MARK TREDINNICK
多年的中澳投资和管理经验。京珉
常务董事，主要负责瀚纳仕在日本、
李牧原、马克•特莱蒂内克
目前是澳上市和非上市公司的董事
中国大陆、中国香港、新加坡、马来
Isabelle Li is a Chinese Australian writer and an Optus manager. Her
和顾问，澳中工商委员会、麦考瑞大学
西亚和印度等地的日常业务管理和业务
和特许金融分析师悉尼分会的董事，
发展。
13.
钱京珉是资深公司董事和顾问，有二十
14.
克里斯蒂娜·赖特是瀚纳仕亚洲区
15.
16.
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Design 设计
Millie Jia, Stephanie Goh
Illustrations 插图
Antoine Corbineau, Millie Jia
Sub Editor 副编辑 Adam Scroggy
Editorial Director 编务总监 Richard Ryan
Advertising 广告
Max La-Brooy +61 2 9186 9138 max@citrusmedia.com.au Crystal Wong +61 2 9186 9126 crystal@citrusmedia.com.au
Production Manager 生产经理 Ian Scott
Financial Controller 财务总监 Stuart Harle
Publisher 出版者
Jim Flynn +61 2 9186 9196 jim@citrusmedia.com.au Translation by Nihao Global Limited and Jack Chen (陈晓杰). Printed by Lindsay Yates. Distributed by Network Services Company. Higher View Business is produced for business class passengers on China Eastern Airlines flights between Australia and China. It can also be found in select newsagents, premium hotels and is distributed directly to key people involved in contributing to the China-Australia relationship. Citrus Media wishes to acknowledge the valuable contribution of the Australia China Business Council and its staff and members in making this issue of Higher View Business. We invite contributions from experts in their respective fields – please get in touch with the Editor-in-Chief to discuss. © 2015 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.
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NEWS, INSIGHTS, GLOBAL THINKING
INSIGHT 洞察
NEW BANK WILL HELP PEOPLE OUT OF THE POVERTY TRAP
亚投行将帮助各国人民脱离贫困 By Jim Yong Kim, Australian Financial Review Contributor 作者：金墉，《澳大利亚金融评论》撰稿人
Over the past 25 years, with almost no notice or acclaim, more than a billion people lifted themselves out of extreme poverty, thankslargely to governments that promoted economic growth and invested in people. Today, fewer than a billion people remain in such difficult circumstances. We now have the opportunity to be the first human generation in history to end extreme poverty. It will not be easy and will take the co-ordinated efforts of many organisations, but it’s entirely achievable. Still, the world needs more champions to fight poverty. That’s why I warmly welcome the China-led Asian Infrastructure Investment Bank. We believe the AIIB has great potential to help Asia build power plants, roads, bridges, schools, and clinics that will create jobs and boost economies. When it comes to promoting development in low- and middle-income countries, there’s no reason for institutions to be rivals. There’s more than enough work to go around to fight a common, old enemy: poverty. Building new infrastructure is critical. We are doing all we can now with our private sector arm, the International Finance Corporation, and through our public sector work, to support countries in identifying and then financing bankable infrastructure projects. The gap in infrastructure funding for developing countries remains enormous – estimated to be $1 trillion to $1.5 trillion a year – and any new funding source for roads, rail, sea ports, airports, and other infrastructure should help the poor. We are already working with the AIIB, sharing our expertise in laying the foundations for a new structure, just as we did for the European Bank for Reconstruction and Development. With strong environment, labour and
procurement standards, the bank can become a powerful new force in development. Dr Kim is the president of the World Bank Group. 在过去的25年里，超过10亿的人口在不知不觉之中脱离 了赤贫；这种成就主要得归功于各国政府在推动经济增长 以及投资于人民方面所做出的不懈努力。 时至今日，仍有不到10亿的人口过着举步维艰的生活。 我们现在终于有机会成为人类历史上终结赤贫的一个世 代。成就这项伟大的事业并非一件易事；它需要众多组织 的通力合作，但我们完全可以实现这项目标。 不过，这个世界需要更多的人来抗击贫困。这就是为什么 我要热烈欢迎和支持以中国为主导的亚洲基础设施投资银 行。我们深信亚投行可以帮助亚洲建起各种发电厂、公路、 桥梁、学校以及诊所，进而创造就业机会并推动经济增长。 当提到要推动中低收入国家的发展之时，各机构之间没 有理由要相互倾轧——因为对抗“贫困”这个共同的老敌 人就够大家忙活了。 当务之急是建设新的基础设施。目前我们正在利用国际 金融公司这个私营部门机构以及通过在公共部门领域开展 的努力来竭尽所能地帮 助各国明确银行可担保的各种基础 设施项目，然后为之筹集资金。发展中国家存在着巨大的 基础设施融资缺口——预计在每年1-1.5万亿美元之间—— 任何面向公路、铁路、海港、机场以及其它类型基础设施 的全新资金来源均应用以扶持这些贫困国家。 我们已经和亚投行开展合作了——与之分享我们如何为 一个新机构打好各种基础——正如我们为欧洲复兴开发银 行所提供的帮助那样。得益于有力的环境、人力和采购标 准，亚投行有望成为推动发展的一股强有力的新生力量。 金墉博士是世界银行集团的总裁。
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YOUNG ENTREPRENEURS JOIN IN CHINA AUSTRALIA MILLENNIAL PROJECT 年轻企业家加入中澳千禧计划 by Greg Earl, Australian Financial Review 作者：Greg Earl，《澳大利亚金融评论》 If you want to find a Chinese business partner to tap into the 如果您希望寻找一位中国商业合作伙伴帮助自己进军中国 world’s emerging biggest economy you better open an 这个全球最大的新兴经济体，那么您最好在中国的社交媒 account on the Chinese social media platform WeChat. 体平台“微信”上开立一个帐号。 That was one of the lessons for 130 young Australian and 这是130位年轻的澳大利亚和中国企业家学到的新知之 Chinese entrepreneurs when they spent a week in a room in 一。今年六月份，这些企业家齐聚在悉尼一隅，希望花上一 Sydney in June trying to come up with the next Airbnb or 周时间借着中澳千禧计划的东风成为下一个“爱本卜”或 Uber under the China Australia Millennial Project. “优步”。 Rowan Miller, a Melbourne doctor and health researcher, 一位来自墨尔本的医生兼健康研究员Rowan Miller表示： said he started using WeChat because it was able to operate 他之所以使用微信是因为它能够同时支持中文和罗马字 between Chinese and Roman characters. “That was the first 符。“这是我们遇到的第一个障碍，但也是我们可以开展 hurdle we had – the way we could collaborate,” he says. “I 合作的一种方式，”他表示。“我发现电子邮件现在有点 find email is a little bit outdated now.” 过时了。” Young people from the two countries were dropped into 来自两个国家的年轻人被分成为了不同的小组，并被要求 teams and asked to write a business plan for a new product. 为一款新产品拟订一份商业计划书。最终的胜出者是 The winner was Elumin8, a household energy efficiency “爱人民8号”——一个家庭能效网站，它使用智能电表所采 website that will use information from smart power meters 集的信息来控制用电成本，并为消费者与零售商搭桥牵线， to control energy costs and connect consumers with retailers 以便推广各种新产品。它的创始人表示中国今年将开始 selling new products. Its inventors say it will boom when 安装5亿部智能电表，而这就是它大展宏图的良机。 China starts installing 500 million smart meters this year. 其它两位胜出者分别是设计了一款网络App以便将 The two other finalists were The Future of Awesome 更多的中国游客吸引到澳大利亚偏远地区的：“棒未来” team which designed a web app to bring more Chinese 团队，以及“忘忧台”项目——利用基于网络的途径来处 tourists to remote parts of Australia and Unxiety, a plan for 理中澳两国年轻人当中日益凸显的焦虑问题。旅游团队的 a web based approach to dealing with the rising problem of 成员包括Julia Steel、Annie Beaulieu、Qilin Huang以及 anxiety amongst young people in China and Australia. The William Fong。 tourism team included Julia Steel, Annie Beaulieu, Qilin Beaulieu表示：“我们发现没有任何关于澳洲乡镇区 Huang and William Fong. 域内中小企业的中文内容，并且我们希望帮助处于 Beaulieu said: “We found there was no content about regional 乡镇区域的中小企业。我们需要那些便于常年在线搜索的 SMEs in Chinese, and we wanted to help SMEs in regional 内容。” areas. We want evergreen content that is searchable online.” 这个竞赛性项目令两国企业可以深入了解双方之间可以开 See opinion page 49. 14 | HIGHER VIEW BUSIN E S S
参见第49页的评论 商道
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NEWS BRIEFS 新讯妙闻
CHINA AND AUSTRALIA SIGN FTA 中国和澳大利亚签署 自由贸易协定 Australia and China have signed a historic free trade agreement, closing a decade of negotiations. Australian Trade Minister Andrew Robb and China’s Commerce Minister Gao Hucheng signed the deal in Canberra on June 17. Austsralian Prime Minister Tony Abbott said the deal “...will change our countries for the better, it will change our region for the better... change our world for the better.” (see page 98) 中国和澳大利亚结束了十年谈判，签署了一份具有历史意 义的自由贸易协定。中国商务部部长高虎城和澳大利亚总 理托尼•阿博特6月17日在堪培拉代表两国签署了协议。阿 博特总理盛赞该协议为两国历史写下新篇章:“它将让我们 的国家变得更美好,它将让我们的地区变得更美好……它将 让全世界变得更美好。”(参阅98页)
RICH COUNTRIES SHOULD INCREASE AID, SAYS PRESIDENT XI 习近平：富国应加强援助力度 Chinese President Xi Jinping told global leaders at the Bandung conference in April China would give zero-tariff treatment to 97% of tax items coming from the world’s least developed countries with diplomatic ties to China. Xi said it was important for developed countries to partner with and support developing countries “with no political strings attached”. 中国主席习近平于今年四月份向各国领导人表示：中国将 对已建交的最不发达国家97%的税目产品给予零关税待 遇，并呼吁其它发达国家向那些较贫穷的国家提供更大力 度的扶持。习近平督促发达国家与发展中国开展合作，并 提供“不附加任何政治条件”的帮助。
BUSINESSMAN PLANS HOMEGROWN ELECTRIC SPORTS CAR 实业家有意打造本土电动跑车 Former Beijing Jeep executive Lu Qun is developing China’s first homegrown electric sports car, hoping to capitalise on government support for cars that don’t pollute the air. Lu wants to build a batterypowered car that is cheaper than European petrol-powered cars, challenging overseasbased electric car rivals like Tesla and Toyota. He hopes to enter production in 2016, expanding from sports cars to cheaper electric cars once his brand is established. His CH-Auto Technology Co. has designed petrol-powered cars for Chinese manufacturers including Jiangling Motors Corp and Zhejiang Geely Holding Group. CH-Auto displayed three cars in April, including a two-seater with a 48-kilowatthour battery it claimed could go from zero to 100km/h in 4.6 seconds.
前北京吉普执行官陆群正在开发中 国首辆本土电动跑车，以期充分利 用政府当前对于零污染汽车的扶 持。陆群希望打造一款比欧洲品牌 的汽油驱动型汽车更便宜的电池驱 动型汽车，以挑战像特斯拉以及丰 田这样的海外电动汽车品牌。他希 望2016年实现投产；一旦这个品 牌建立起来，他还计划从跑车产品 线拓展至更便宜的电动汽车。在他 领导之下的长城华冠汽车科技有限 公司已经为包括江铃汽车股份有限 公司以及浙江吉利控股集团在内的 多家中国汽车产商设计了多款汽油 驱动型汽车。长城华冠汽车科技有 限公司于今年四月份展示了三款汽 车，包括一款电池容量为48千瓦 时、百公里加速时间为4.6秒的双 座跑车。
PEERLESS LENDING MARKET 无可匹敌的信贷市场 Internet-based peer-to-peer lending is going ballistic in China, with $US32.5 billion in loans given out last year according to UK investment bank Liberum Capital. This was almost quadruple the rest of the world combined. Liberum predicts this figure will almost double this year to $US60 billion, dwarfing the predicted US total of $US11.7 billion. 商道
P2P网贷在中国风生水起。根据 英国投资银行Liberum Capital的 统计，去年中国的P2P网贷规模 达到325亿美元，几乎达到全球其 余国家总规模的四倍。Liberum预 计今年这一数字将会翻番，达到 600亿美元，远远超过美国的117 亿美元。 H I G H E R V I EW B USINESS | 15
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This falls short of Spain’s 1.02 million hectares. But experts said not all of China’s vineyards are for making wine, with many producing edible grapes and raisins. France still remains the world’s biggest producer of wine, producing 46.7 million hectolitres. France also makes the most from selling wine abroad, reeling in more than €7.7bn a year. The United States is the world’s biggest wine consumer, drinking 30.7 million hectolitres.
MORE VINEYARDS THAN FRANCE 中国葡萄园总面积超过法国 China has overtaken France to become the world’s secondlargest vineyard area, trailing only Spain. According to the International Organisation of Vine and Wine (IOVW), China now has 799,000 hectares of land devoted to vineyards.
中国已经赶超法国成为仅次于西班牙的全 球第二大葡萄园种植区。根据国际葡萄 与葡萄酒组织（IOVW）的统计，中国目前 共拥有79.9万公顷的葡萄园，仅次于西班 牙的102万公顷。但是，专家也表示中国 并非所有的葡萄园都用于生产葡萄酒； 许多葡萄园只出产食用葡萄以及葡萄干。 法国依然是全球最大的葡萄酒出产国，年产量 达到46.7亿升。法国亦通过葡萄酒出口收获 每年逾77亿欧元的丰厚利润。美国是全球 最大的葡萄酒消费大国，每年消耗30.7亿升的 葡萄酒。
CHINESE INVESTORS CHINA’S ANSWER TO GE BET ON SYDNEY 中国版的“通用电气” STARTUP 中国投资者押注悉尼初创企业 Sydney startup Airtasker announced in May it had raised $6.5 million in a capital raising led by Shanghai-based Morning Crest Capital, along with the NRMA and Australian venture capital firms Exto Partners, Carthona Capital and Black Sheep Capital. Launched in early 2012 by Tim Fung and Jonathan Lui, Airtasker connects people who need tasks done with people looking for some extra cash, as part of the ever-growing collaborative consumption ecosystem. The successful raising was hailed as a sign of rising interest in Australian startups from Chinese venture capital. Fung said the capital and Morning Crest’s expertise would allow Airtasker to look at a broader Asia strategy for growth. 悉尼初创公司Airtasker今年五月份表示其已通过由 上海晨峰资本领衔以及国家公路和司机协会、 Exto Partners、Carthona Capital和Black Sheep Capital等澳大利亚本土风投公司参与的一项募资活动募 集到650万美元。2012年初由Tim Fung和Jonathan Lui 共同创立的Airtasker可以为那些需要完成某些杂务 的人士以及那些希望赚点外快的人士搭桥牵线，以此 搭建一个永续增长的合作型消费生态系统。此番成功 募资被视为中国风险资本对澳大利亚初创企业兴趣 渐增的标志。Fung表示：这些资金以及晨峰资本的 专业性有助于Airtasker探索一种更广泛的亚洲增长 策略。 16 | HIGHER VIEW BUSIN E S S
China’s merger of two state-owned railroad equipment companies has created an industrial giant second only to General Electric in size. CRRC Corp, a $US117.3 billion juggernaut, is the result of a merger between CSR Corp and China CNR Corp. The new company is expected to compete aggressively for overseas rail contracts in developed and emerging markets.
中国两家国有铁路设备公司的合 并催生了一个规模仅次于通用电 气的工业巨人。中国南车股份有 限公司与中国北车股份有限公司 的合并诞生了1173亿美元市值的 巨无霸——中国中车股份有限公 司。这家新公司将逐鹿发达市场 以及新兴市场的海外铁路合同。
REGULATORS FINE MERCEDES-BENZ OVER PRICE-FIXING 监管部门处罚奔驰公司 Chinese regulators hit Mercedes-Benz with a RMB350 million fine in April, accusing the company of price-fixing on luxury cars and spare parts. China’s National Development and Reform Commission said the company issued verbal pricing instructions to dealers in Jiangsu Province, telling them to maintain minimum prices for Eand S-Class sedans or potentially face “reduced policy support”. Last year Chrysler, the Audi unit of Volkswagen and more than ten Japanese auto parts suppliers were hit with heavy fines on antitrust charges in the world’s largest auto market. 商道
中国监管部门于今年四月份对奔驰 公司处以3.5亿元人民币的罚款， 理由是奔驰公司限定豪华车以及零 部件的售价。中国国家发展与改革 委员会指出奔驰公司曾口头授意江 苏省各级经销商限定E级和S级轿车 的最低售价，否则将减少对它们提 供的政策支持力度。去年，克莱斯 勒以及大众旗下的奥迪销售部门 连同十多家日本汽车零部件供应商 均因为在华价格垄断问题而被处于 重罚。
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CHINA CUTS INTEREST RATES, MORE TO COME SAY ANALYSTS 分析师预计中国还将迎来降息 The People’s Bank of China cut interest rates in May for the third time in six months to stimulate the world’s second-largest economy. The central bank reduced its benchmark lending rate by a quarter of a percentage point to 5.1%, and its one-year benchmark deposit rates by the same amount to 2.5%. The central bank said the move was to address downward pressure on China’s economy. Growth in the first quarter fell to 7% and economists widely predict further easing of monetary policy.
中国人民银行于今年五月份下调 了银行利率，这是央行近六个月 以来的第三次降息，意图刺激中 国这个全球第二大经济体的增 长。中国央行将贷款基准利率下 调0.25个百分点至5.1%，并将一 年期存款基准利率下调0.25个百 分点至2.5%。央行表示此举是为 了缓解中国经济的下行压力。中 国一季度的经济增速下探至7%； 经济学家普遍预测中国的货币政 策还将迎来进一步宽松。
SMOKERS TO COUGH UP 中国烟民被迫买单 Chinese smokers are fuming over a new tobacco tax hike, which has boosted cigarette taxes to 11% from 5%. China is the world’s largest consumer and producer of tobacco and the Chinese government has been attempting to reduce the number of smokers, which now stands at more than 300 million. Smoking is the leading cause of death in China causing an estimated 1.2 million deaths annually. Earlier this year, the government put new restrictions on tobacco advertising. 中国将烟草税从5%大幅上调至11%，引起广大烟民的 不满。中国是全球最大的香烟消费国和生产国，而中国 政府也一直在努力减少烟民的数量（当前已超过3亿 人）。在中国，每年约有120万人因吸烟而死亡。今年 年初，中国政府还对烟草广告实施了新的限制。
CHINA’S IPO MARKET SHADOWS USA SMARTPHONE SALES SLOW FOR FIRST TIME IN SIX YEARS 智能手机销量在经历六年增长之后首次放缓 China’s smartphone market appears to have hit saturation point with smartphone shipments falling 4.3 per cent in the first quarter of this year compared with last year according to International Data Corp — the first fall in six years. IDC says this is because there are few first-time smartphone buyers left in China. IDC predicts 2015 will be the first year in which China’s smartphone growth will be slower than the worldwide market. Sellers will now need to convince existing users to upgrade in order to see growth. Apple was the top smartphone vendor in the first quarter of 2015, followed by Xiaomi and Huawei.
根据国际数据公司（IDC）的统 计，今年一季度中国的智能手机 发货量较去年下降了4.3%，迎来 六年以来的首次下跌；中国的智 能手机市场似乎已达到饱和 点。IDC指出这是因为中国已经鲜 有第一次购买智能手机的消费者 了，并预测2015年将是中国智能 手机销量增速首次低于全球市场 平均增速的年份。厂商们如今需 要说服现有用户升级手机，唯有 如此方能抬升销量。2015年1季 度，智能手机销量前三甲的品牌 分别为苹果、小米和华为。 商道
中国的IPO市场令美国 黯然失色 A wave of small-cap listings in Shenzhen and Shanghai, combined with some multi-billion dollar IPOs in Hong Kong, have put China in global first place for initial public offerings this year. Dealogic reported in June that Chinese companies had raised nearly US$29 billion from IPOs in mainland China and Hong Kong stock markets in 2015, well ahead of the US$15 billion total in the United States. This is the first time in four years that China has had the lead at this time of year. 深圳证交所以及上海证交所一波小盘股的上市以及香港 证交所动辄数十亿美元的IPO帮助中国摘取了今年IPO 规模全球第一的桂冠。根据迪罗基（Dealogic）发布 的报告，2015年中国企业通过大陆以及香港两地证券市 场的IPO募集了近290亿美元，远远超过了美国证券市 场150亿美元的IPO规模。这也是过去四年内中国首次 独占鳌头。 H I G H E R V I EW B U SINE SS | 17
OPINION
快谈
国际业务: 无限风光在险峰
THE RISKS ARE GREATER IN INTERNATIONAL BUSINESS, BUT SO ARE THE REWARDS Two-way investments between Australia and China have continued to grow over the past decade. With the Australia China Free Trade Agreement signed and the bilateral relationship uplifted to Strategic Partnership status, we will see more investments between the two countries. For the next phase, how to successfully manage the investments and deliver value in a different country and culture becomes a critical issue. Globally, cross-border and cross-culture investments have always faced more challenges and many acquisitions even by some of the largest and most reputable global companies have not delivered the expected results. Not surprisingly, the historical return for many Chinese investments in Australia and Australian investments in China also have not been satisfactory. Whilst there are greater challenges for international investment, there are also greater rewards. In an increasingly global and connected world, many businesses will have to participate in the global market and master the required skills, to ensure growth and sometimes even existence. Facing the challenges, there are some very successful stories, such as Lynch Group (featured on page 68). Successful companies have a good understanding of the new business and governance environment and develop sound strategy accordingly. They focus on core competences such as innovation for a telecommunications company like Huawei (featured on page 74). They attract and retain good people, both expats and local. Underneath the vast differences in language, culture, policy and business environment, we all share common values. As writer, translator and business executive Isabelle Li (featured on page 50) puts it, languages separate us into distinct islands of culture, 18 | HIGH ER VIEW BUSIN E S S
particularly the vastly different languages of English and Mandarin. Yet they are also astonishingly similar. It may take some time to unveil common values when dealing with the initial misunderstandings and confusion. Those who focus on people and business fundamentals will get it and see the benefits. At the closing ceremony of the sale of John Holland Group (JHG) to China Communication Construction Corporation (CCCC), CIMIC’s Spanish CEO Marcelino Fernández Verdes said: “We all speak construction”. His belief in common industry values has led to a successful sale. I once asked John Khalil, Executive Director of Lynch Group, why he was confident in a flower business in China. The logistics management is not easy. He replied: “We all love beautiful things in life and flowers are beautiful”. Higher View Business will continue to share these stories with you.
过去十年中，中澳两国之间的双向投资持续 增长。随着中澳自由贸易协定的签署以及双边 关系提升至“战略伙伴关系”层面，我们将见 证两国之间的更大投资热潮。 在未来，如何成功管理各类投资并在一个不 同的国度和文化中创造价值已成为一个重要课 题。在全球各地，跨境及跨文化投资向来都面 对更多挑战。即便是一些全球最大最知名的企 业开展的收购活动也未能取得预期成效，因 此，许多中资在澳投资及澳大利亚在华投资也 未能取得如意回报也就不足为奇了。 尽管国际投资面临着更大挑战，但它也可能 带来丰厚回报。日益全球化及互联互通的世界 迫使许多企业不得不参与全球市场竞争，他们 只有掌握必要技能，方能立于不败之地，确保 增长， 甚至生存。 商道
by Jingmin Qian
面对各种艰难险阻，也有一些企业取得了巨 大的成功，比如第70页中报道的林奇集团。 这些成功企业对全新的商业与监管环境进行了 深入的了解，并制订了相应策略。它们专注于 自身的核心竞争力；比如通讯企业华为就以创 新作为核心竞争力（参见第74页）。这些企业 还吸纳并留住了海外属地一流人才。 尽管语言、文化、政策以及商业环境会有巨 大差异，但人类始终有许多共同的价值观。 作家、翻译以及企业主管Isabelle Li（参见第 50页），语言把我们划入了不同的文化区块， 尤其像是英语和汉语这两种看似判若鸿沟的语 言。然而，它们也惊人地相似。 企业有时需经历初期的种种误解和疑虑才能 发现共同价值观，这种过程还需假以时日。 那些专注于人才与业务本质核心的企业能领会 并得益于跨境跨文化业务。在中国交通建设股 份有限公司收购John Holland集团（JHG）的 签约仪式上，卖方CIMIC集团的西班牙籍首席 执行官Marcelino Fernández Verdes就表 示：“建筑就是我们的共同语言。” 他的出售 交易成功也得益于这个理念。 我曾向林奇集团的执行董事John Khalil问过 这样一个问题：在中国，物流管理绝非易事， 为什么他还能对中国的花卉业务充满信心。 他的回答很妙：“我们每个人都喜爱世间各种 美好之物，而鲜花正是其中之一。” 《商道》杂志将继续与您分享这些故事。
Jingmin Qian Director, Jing Meridian Advisory 钱京珉 京纬投资管理顾问公司总监
OPINION
快谈
深化中澳关系，拓展全新机遇
SPOTLIGHT ON NEW GROWTH SECTORS AS TIES DEEPEN Commissioned by the Australia China Business Council, and sponsored by the National Australia Bank and the Australia-China Council, the Australia China Trade Report is a landmark document that explains the complex trade and investment relationship between Australia and China with a very positive future outlook. We fully expect that this report will help foster business confidence and public discussion on the bilateral trade and investment relationship. A key theme from this year’s report is the strength of the two-way trade relationship. In 2013, nearly 200,000 Australian jobs were sustained by direct exports to China, contributing about 5.5% to Australia’s GDP. Importantly this relationship is growing from strength to strength with Australia’s trade with China, as a share of the total, rising from 8% in 2003 to 23% in 2013. The Australia China Trade Report highlights the changing nature of the relationship. As China’s economy transitions from investmentdriven growth to a focus on domestic consumption, Australian companies are presented with a range of new opportunities. The Australia China Trade Report highlights a number of key growth sectors including the services sector, agricultural products and high tech manufacturing sectors. Australia is already witnessing the growth potential in these sectors. In 2013, beef exports to China increased four times, oil seeds five times and other meat products doubled. As China’s economy continues to shift away from investment-led growth towards private consumption we can expect increased Chinese demand for premium and high quality Australian food products including beef and meats. The financial services sector is also witnessing new opportunities with the establishment of the RMB Clearing House in Sydney expected to drive demand for specialised RMB financial products. Another key finding of the report is that for Australian companies, involvement in Global Value Chains via China has increased their competitiveness globally and domestically in 20 | H IGH ER VIEW BUSIN E S S
Australia. Global Value Chains differ from supply chains for resources and mining as they require a deeper integration of the two economies. This means new forms of cooperation with Chinese partners, such as joint-ventures, joint infrastructure development, and two way direct investment which will create new jobs in Australia and China. A feature of this year’s report is a survey of 200 Australian firms which highlights key case studies, identifies emerging trends, and analyses the impact of trade across industry sectors. Of the 200 respondents, 90% were optimistic about their business prospects in China and 76% expected that an FTA would help their business. The recently concluded China Australia Free Trade Agreement (ChAFTA) is a key component of the future of the Australia China trade relationship. ChAFTA is a landmark agreement that will enhance the growing trade and investment ties between two highly complementary economies. It lays the foundation for the next phase of the AustraliaChina economic relationship. Over the next few months the Australia China Business Council will be hosting a number of events to highlight and promote the benefits of the Free Trade Agreement and the future of the Australia China business relationship. See next page for some of the report’s findings.
受澳大利亚中国工商业委员会委托、由澳大 利亚国民银行和澳大利亚中国理事会赞助出版 的《澳大利亚中国贸易报告》，是一份意义深 远的文件。它阐述了中澳两国之间广泛多元的 贸易和投资关系，并对未来的发展前景充满乐 观。我们充分相信这份报告将有助于促进中澳 双边贸易和投资各方的商业信心以及更多的公 众讨论。 本年度报告的主题是中澳两国双边贸易关系 的稳固性。2013年，澳大利亚对华直接出口与 澳近二十万个工作岗位息息相关，对澳大利亚 国内生产总值（GDP）贡献率约为5.5%。尤 为重要的是，澳中贸易额在澳大利亚贸易中所 占比重也由2003年的8%跃升到2013年的 商道
by John Brumby
23%，随着澳中贸易的发展，两国关系也进一 步增高。 《澳大利亚中国贸易报告》突出强调两国关 系应与时俱进。中国经济的重心正由建设驱动 增长向促进国内消费过渡，这为澳大利亚企业 提供了一系列新的机遇。《澳大利亚中国贸易 报告》重点介绍了许多关键领域的发展机遇， 包括服务业、农产品和高技术制造业等。 澳大利亚已见证了这些产业的发展潜 力。2013年，澳对华牛肉出口增长四倍，油籽 增长五倍，其它肉类产品也成倍增长。随着 中国经济继续由投资驱动型增长转向私人消 费，可以预期：中国对澳大利亚优质食品的需 求将逐渐增长，包括牛肉等各种肉类。悉尼人 民币清算行的设立有望推动对与人民币相关各 类金融产品的需求，金融服务产业正迎来发展 新天地。 报告的另一个主要结论是：澳大利亚企业通 过与中国的互动而纳入全球价值链能提升自身 在本土乃至全球的竞争力。全球价值链与资源 和矿产供应链的不同之处在于，它需要两个经 济体之间的深度融合。这意味着澳大利亚需要 与中国伙伴进行更多新型合作，如合资、基础 设施合作开发以及双向直接投资等。这些合作 举措将为中澳两国创造新的就业岗位。 本年度报告的特色之一是对200家澳大利亚 企业进行调查，突出主要案例研究，确定新兴 趋势并就贸易对各行业的影响进行分析。根据 200个调查对象的反馈，90%的企业对其在华 业务前景乐观，76%的企业相信《自由贸易协 定》有助于其业务发展。 最近签署的中澳《自由贸易协定》 （ChAFTA）是未来中澳贸易关系的重要组成 部分。这份里程碑式的协议将增强中国和澳大 利亚这两个高度互补的经济体之间不断发展的 贸易投资联系，为中澳经济关系下一阶段的发 展奠定了基础。今后几个月，澳大利亚中国工 商业委员会将举行一系列活动，着重推介《自 由贸易协定》将带来的效益，展望中澳工商业 关系的广阔前景。
John Brumby is the former Premier of Victoria and National President of the ACBC 澳大利亚中国工商业委员会全国会长及董事长
Bank of China, Your first choice for RMB business.
“In the spirit forged by a hundred years of international experience and at the forefront of today’s global economy and finance, Bank of China provides a broad range of RMB products and services tailored to your needs offering new solutions to reinvigorate your global trade and investment activities through our global payments network, abundance of financial products and consummate professional expertise.” 中国银行传承百年国际业务精髓,把握全球经济金融脉搏,以遍布全球的清 算网络、丰富的金融产品和精湛的专业技术,为您量身打造综合性人民币 业务服务方案,为您的全球贸易和投资活动提供新的选择,注入新的活力。
中澳贸易
AUSTRALIA-CHINA TRADE Insights gained from the Australia China Trade Report by NAB and the ACBC
INFORMATION PROVIDED BY NAB/ACBC
澳大利亚国民银行及澳中工商业委员会联合出版的澳中贸易报告 BENEFITS TO AUSTRALIAN HOUSEHOLDS 为澳大利亚千家万户带来的收益 Two way trade per household (AUD) 每户双向贸易（澳元）
$7,958 $6,149
$16,985
USA 美国
JAPAN 日本 CHINA 中国
2014
$14,480 2013
FORECAST OF CHINA’S TOTAL HOUSEHOLD INCOME BY INCOME BAND 根据家庭收入等级测算的中国家庭总收入预测(10亿美元) 50,000+
$7b
30-50,000
$313b
$54b
$933b
15-30,000
$433b
$2388b
5-15,000
$1619b
O-5,000 BILLION $US 美元
SOURCE: OXFORD ECONOMICS
$2085b
$499b
$112b
2010
2020
SHARE IN AUSTRALIAN FOREIGN TRADE
CONTRIBUTION TO AUSTRALIAN GDP
占澳大利亚外贸总额的比重 CHINA 中国
对澳大利亚国民生产总值的贡献
JAPAN 日本
US 美国
CHINA 中国
JAPAN 日本
US 美国
90,000
25
80,000 20
70,000 60,000
15
50,000 40,000
10
30,000 20,000
5
10,000 %
AU$m 2004
2005
2006
2007
22 | HIGHER VIEW BUSIN E S S
2008
2009
2010
2011
2012
1995
2013
商道
1997
1999
2001
2003
2005
2007
2009
2011
MAJOR AUSTRALIAN AGRICULTURAL EXPORTS -ANNUAL GROWTH 澳大利亚出口的主要农产品 (2013)
SURVEY FINDINGS 调查结果
ONE IN 58 Australian workplaces directly export to China 对华直接出口的澳大利亚 企业
$722m
were optimistic about their two-year outlook for China business
小麦
Wheat
棉
羊毛(其他动物毛)
Wool
89%
-50.3%
89%对中国未来两年业务的前景感到乐观
33%
$283m
$1.7b
$511m
$676m
-3.0% Cotton
3.6% (Other Animal Hair)
肉类（牛肉除外）
Meat
107.2% (Excluding Beef)
油(籽及水果)
Oil
(seeds & fruits)
牛肉
Beef
383.7% 517.5%
of total business sales are from China business 33%销售额源于中国业务
50%
$1.9b
of Australian manufacturers disagree that increasing operations in China means shrinking operations in Australia 50%的澳大利亚制造商不同意扩大在中国 的运营即意味着缩减在澳业务的说法。
SOURCE: DFAT
PERCENTAGE OF AUSTRALIAN FIRMS WITH CHINESE STATE-OWNED ENTERPRISES AS PARTNERS - BY INDUSTRY 澳公司在中国以中国国有企业作为合作伙伴的公司比率（按行业分布） TRANSPORT & STORAGE 运输和仓储
83% CONSTRUCTION 建造业
40%
ENERGY 能源
75% FINANCE & BUSINESS 财务和业务
38%
MINING
REAL ESTATE
矿产业
房地产
61% AGRIBUSINESS 农业
50% HEALTH, EDUCATION & TOURISM 健康教育及旅游
37% 商道
21%
OTHERS 其他
42% MANUFACTURING 制造业
10% H I G H E R V I EW B U SINE SS | 23
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。
SOURCE: INTERNATIONAL MONETARY FUND, WORLD ECONOMIC OUTLOOK DATABASE, OCTOBER 2014; AUSTRALIA
ECONOMIC RESILIENCE - REAL GDP GROWTH 经济的适应力-真实GDP的增长率 DEVELOPED ECONOMIES 发达经济体
1992-2014
AVERAGE ANNUAL GROWTH RATE 年均增长率
AUSTRALIA 澳大利亚 Number of years in recession: 0 经济衰退的年份：0年
CANADA 加拿大 Number of years in recession: 1 经济衰退的年份：1年
USA 美国 Number of years in recession: 2 经济衰退的年份：2年
UK 英国 Number of years in recession: 2 经济衰退的年份：2年
FRANCE 法国 Number of years in recession: 2 经济衰退的年份：2年
DEVELOPING ECONOMIES 发展中经济体 AVERAGE ANNUAL GROWTH RATE 年均增长率
3.3% 2.6% 2.6% 2.4% 1.5%
10.1% 7.0% 6.6% 4.9% 4.8%
FDI STOCK IN AUSTRALIA–PERCENTAGE COMPOUND ANNUAL GROWTH RATE 外国直接投资（FDI）占GDP的比重 (2008-13)
17.9%
19.3%
CHINA 中国 Number of years in recession: 0 经济衰退的年份：0年
VIETNAM 越南 Number of years in recession: 0 经济衰退的年份：0年
INDIA 印度 Number of years in recession: 1 经济衰退的年份：1年
SOUTH KOREA 南韩 Number of years in recession: 1 经济衰退的年份：1年
INDONESIA 印尼 Number of years in recession: 1 经济衰退的年份：1年
SOURCE: BENCHMARK REPORT 2015
41.7% CHINA
CANADA
中国
SINGAPORE
加拿大
11.5%
新加坡
FDI AS A PERCENTAGE OF GDP 外国直接投资占国内生产总 值的百分比 2013
39.1%
8.4% US
10.3%
AUSTRALIA 澳大利亚
美国
JAPAN 日本
75.8% INDIA
CHINA 中国
24 | HIGH ER VIEW BUSIN E S S
印度
商道
15.5% SOUTH KOREA 南韩
INFOGRAPHIC
数据图
TOP 10 COMPANIES FOR NO. OF PATENT APPLICATIONS 专利申请数量十强公司
1.
HUAWEI
2.
QUALCOMM
3.
ZTE
4.
PANASONIC
5.
华为
高通公司
中兴通讯
SOURCE: WIPO
3,442 2,409 2,179
USA
JAPAN
CHINA
GERMANY
SOUTH KOREA
28.7%
19.8%
11.9%
8.4%
6.1%
61,492
42,459
25,539
18,008
13,151
美国
日本
德国
南韩
英国
UK
NETHERLANDS
SWITZERLAND
SWEDEN
1,682
3.9%
2.5%
2.0%
1.9%
1.8%
MITSUBISHI
1,593
8,319
5,282
4,219
4,115
3,925
6.
INTEL
1,539
7.
ERICSSON
1,512
松下
三菱
因特尔
爱立信
8.
MICROSOFT
9.
SIEMENS
微软
西门子
PHILIPS
飞利浦
1,460 1,399 1,391
事实上箱
FACTBOX
87%
China and the US accounted for 87% of the total growth in global patent applications. 中美两国占全球专利获批增长总量 的87%。
18.7% China was the only country to see double-digit growth in patent applications during 2014.
2014 年中国为专利获批实现唯 一的两位数增长国家。
FRANCE
中国
法国
10.
SOURCE: WIPO
TOP 10 COUNTRIES - NUMBER OF PATENT APPLICATIONS & SHARE SOURCE: WIPO OF WORLD TOTAL 专利申请及占全球申请量比例最高的十强国家
荷兰
瑞士
瑞典
SOURCE: OECD GROSS DOMESTIC EXPENDITURE ON RESEARCH & DEVELOPMENT 国内研发领域的支出总额 (2000-10) % COMPOUND ANNUAL GROWTH RATE 复合年均增长率
CHINA
18.1%
TURKEY
9.9%
SOUTH KOREA
9.4%
AUSTRALIA
7.2%
RUSSIA
5.6%
OECD-AVERAGE
2.6%
中国
土耳其 南韩
澳大利亚
俄罗斯 经合组织平均水平
ENTRY RATES INTO TERTIARY (THEORY-BASED) EDUCATION 接受（理论性课程为主）高等教育的入学率 (2012) AUSTRALIA 澳大利亚
CHINA
UK
中国
英国
76%
26.1%
18.3%
NOT SPECIFIED
43.9%
23.6%
DOMESTIC STUDENTS 当地学生
INTERNATIONAL STUDENTS 国际学生
DOMESTIC STUDENTS 当地学生
INTERNATIONAL STUDENTS 国际学生
DOMESTIC STUDENTS 当地学生
INTERNATIONAL STUDENTS 国际学生
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26 | H IGH ER VIEW BUSIN E S S
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By Bridget Beattie, Executive Vice President - Asia Pacific Middle East at Right Management 作者： 布里奇特·贝亚蒂耶,管理亚洲太平洋 及中东地区执行副总裁
智取中国顶尖人才
BRAINS TRUST
Global firms have lost their easy appeal to China’s top talent as domestic companies offer greater pay, better job security and cultural familiarity, along with some national pride. As competition for the best and brightest becomes fierce, international companies need to think global and act local to stay in the game. 由于中国本土企业提供更高的薪酬，更好的工作保障， 员工对于其文化更为熟悉并有一定的民族自豪感，跨国 公司对中国高端人才的吸引力已今非昔比。对顶尖人才 的竞争日益激烈，国际型企业既要放眼全球，又要立足 本地，方能在这场博弈中立于不败之地。
C
hina is a nation on the cusp of change, having firmly secured its place as a global powerhouse from a social, business and economic standpoint. As business booms and more organisations look towards global expansion, the competition for top talent has become fierce. For organisations to grow profitably with and within China, employers and talent management executives will need to look both regionally and globally at how comparison markets are doing business, but also recognise that China remains distinctively ‘Chinese.’ Never before has it been more important to ‘think global and act local’.
中
国正处于变革的风口浪尖，无论从社会、商业还是 经济的角度来看，中国都已日益成为全球巨擘。随着 商业的繁荣，越来越多的机构着手全球扩张，对高端人才 的竞争也日益激烈。而对于想要与中国打交道，或在中国
THE RISE AND RISE OF CHINA’S ECONOMY
China’s economy has grown at an average rate exceeding nine per cent over the last twenty-five years. It has grown faster than both the United States and Japan during their early stages of economic development, largely thanks to a combination of exports, infrastructure spending and market 商道
23%
In ManpowerGroup’s most recent Talent Shortage survey, almost one quarter (23 per cent) of Chinese employers said talent shortages had a negative impact on the organisation’s ability to meet their clients’ needs. 根据万宝盛华集团最新的人才缺口调 查，近四分之一（23%）的中国用人 单位表示人才短缺对其满足客户需要 的能力有负面影响。
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China’s bullish economy and growth of emerging industries has driven a highly competitive labour market. liberalisation. While currently experiencing increased downward pressure and a slowdown in manufacturing and property investment, its gross domestic product will continue to grow. In fact, GDP is projected to grow an average 7% per year for the rest of the decade, with many economists expecting it will outstrip the size of the US economy by 2035. Adjusting for purchasing power parity, China has already overtaken the US in 2014. China’s bullish economy and impressive growth of emerging industries has driven a highly competitive labour market. Chinese employers and talent management executives are grappling with the same challenges as those in Australia and other Western markets. In ManpowerGroup’s most recent Talent Shortage survey, almost one quarter (23 per cent) of Chinese employers said talent shortages had a negative impact on the organisation’s ability to meet their clients’ needs. Key concerns include attracting, developing and retaining top talent, plugging skills gaps and correcting skill mismatches. In order to remain successful in China’s highly competitive environment, making talent management a business priority will be crucial. Organisations must develop structured and systematic talent development programs to engage employees and ensure their business strategies align with their employees’ career aspirations.
实现增长盈利的机构而言，用人单位和人力资源负责人不 仅应运用全球及区域的视角来看待相应市场的人才经营 策略，还应认识到中国仍然极具“中国特色”。“放眼全 球，立足本地”至关重要。 中国经济的不断崛起 过去二十五年来，中国经济平均增幅超过9%，超过美国 和日本经济发展早期的增幅，其原因主要在于综合出口、 基础设施投资和市场自由化的发展。尽管目前经济下行压 力增加，制造业和房地产投资的减慢，但其国内生产总值 将继续攀升。事实上，未来十年，中国GDP预计将以平均 每年7%的速度增长。许多经济学家预计中国经济有望在 2035年超过美国。以购买力平价调整计算的话，中国在 2014年就已超越了美国。 中国的经济繁荣及其新兴产业的突飞猛进促成了高度竞 争的劳动力市场。中国的用人单位和人力资源负责人面临 着与澳大利亚和其它西方市场同样的挑战。根据万宝盛华 集团（Manpower Group）最新的人才缺口调查，近四分 之一（23%）的中国用人单位表示人才短缺对其满足客户 需要的能力有负面影响。他们关注的主要问题包括其吸引、 发展和保留优秀人才的能力，以及如何填补技能缺口及避 免用人不当。要在中国这个高度竞争的环境下持续发展， 将人才管理作为企业运营的优先事务就至关重要。雇主应 制定全面系统的人才发展计划来聘用员工，确保其经营战 略与员工的职业理想相一致。 高端人才争夺战 就在不久以前，在颇受认可的跨国公司觅得一份工作还 一直是中国大学毕业生的渴求。相较中国本土企业，跨国公 司由于有更高的薪酬、全球范围的就业机会，以及为知名 品牌效力等竞争优势，对求职者非常有吸引力。 但是，最近几年这一情形发生了明显的改变：全球金融 危机以后，跨国企业的竞争优势元气大伤。另一方面，中 国经济及其新兴产业在金融危机期间仍然继续发展。中国 企业凭借其更高的薪酬、更好的工作保障和文化熟悉度， 逐渐成为毕业生选择的目标，从而能与跨国企业在高端人
COMPETING FOR TOP TALENT
Until recently, securing a job in a widely recognised, multinational company in China was what every university graduate aspired to. Multi-nationals held a competitive advantage over local Chinese companies, with the primary drawcards being higher compensation, global career opportunities and the opportunity to work for a prestigious brand. But in recent years this aspiration has changed dramatically as multi-nationals largely lost their competitive advantage after the Global Financial Crisis (GFC). On the other hand, 2 8 | HIGHER VIEW BUSIN E S S
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7.4m 万 740
7.4 million tertiary qualified individuals entered the Chinese workforce in 2014 2014年进入中国劳动力市场的大 学毕业生数目达到740万。
Student living space
Residential courtyard
Student accommodation
Dining and social space
Boarding returns to Wesley To open in 2017, this exciting, multipurpose, senior years (Years 10-12) residential development will be a dynamic and diverse community, providing a vibrant and safe environment to stimulate the intellectual, emotional, physical, social, cultural and spiritual development of the students in residence. Wesley’s international reputation for academic excellence will be further enhanced by this residential experience. For further information please contact Carolyn Roney, Admissions Manager, International and Learning in Residence, carolyn.roney@wesleycollege.net or telephone + 61 3 8102 6617.
CRICOS 00354G ABN 38 994 063 473
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the Chinese economy and its emerging industries continued to grow during the GFC. Chinese companies are increasingly becoming employers of choice for graduates and are better able to compete with multi-nationals for top talent by offering higher salaries, better job security and cultural familiarity. Private enterprises play on ‘national pride’, attracting talent by offering opportunities in innovation and entrepreneurialism, while state-owned enterprises focus on their ability to offer a better work-life balance. Multi-nationals are no longer the only avenues available for Chinese talent to secure international work opportunities. With China’s ascent to a global superpower, many Chinese organisations are looking at global expansion to extend their presence, especially within high growth industries that have high profit potential and little competition. While some organisations will globalise organically, others will look at expansion through joint ventures, strategic partnerships or mergers and acquisitions.
Multi-nationals are no longer the only avenues available. 才的竞争上一决雌雄。在吸引人才方面，一些私营企业提 供创新和创业的机会，大打“效力民族企业”之牌，而国 有企业则强调员工能更好实现工作生活的平衡。 跨国公司不再是向中国人才提供国际工作机会的唯一 选择。随着中国日益成为超级大国，许多中国机构着手 全球扩张以扩展业务，尤其是那些盈利能力高，竞争少的 高增长行业内的企业。一些机构注重自身逐步推进全球业 务，而其它一些则积极通过合资、战略合作或并购实现 扩张。
A HIGHLY EDUCATED WORKFORCE
It is widely recognised that the Chinese talent market is more educated, ambitious and mobile than Australia’s. China’s emerging professionals are children of the Cultural Revolution. Their parents have sacrificed a lot to give them a quality education, so there is a lot of pressure placed on the individuals’ shoulders to land a good job. There is also a big emphasis on ‘white collar’ jobs and a higher expectation to be top of their field. An academic education from university following completion of the national ‘Gao Kao’ test is considered the
劳动力受教育程度高 众所周知，中国的人才市场与澳大利亚相比受教育程度 更高，更有进取心，流动性也更强。中国的新生代从业人 员是文化大革命一代的子女。他们的父母一辈为他们能享 有优质教育付出良多，因此，他们每个人的肩上也担负着 不小的压力，要谋得一份好工作。他们向往成为“白领”， 渴望在自身行业出人头地。 人们常常认为通过全国高考后接受大学教育是成功就业 的唯一途径。而这一点正是用人单位所担心的，因为虽然 中国的教育制度正在不断改进和完善，但在很大程度上仍 然依靠死记硬背或机械式的课程学习，而在鼓励创造或创 新方面尚嫌不足。不过，这一点有望在未来几年发生改变， 因为中国政府正在针对传统的教学大纲推行改革，促其向 有利于商业运营，更为灵活实际的方向发展。 富裕中产阶级的崛起也意味着越来越多的中国学生将接 受海外教育，其中，美国、澳大利亚和英国等颇受青睐。 美国的教育制度一向享有盛誉，所培养的新世纪全球性人 才领先全球。但是，澳大利亚作为“幸运之邦”，在提供 颇具“性价比”的教育之外，还能让学生享有安全的国家 环境和良好的生活方式。 工作经验不足 每年的大学毕业生数目不断增加。2014年进入中国劳动 力市场的大学毕业生数目达到740万，2015年又将打破这一 纪录达到750万。其中许多人尽管拥有较高的学历（甚至有 着硕士学位），但要找到专业对口的工作仍困难重重。显 然，中国的大学毕业生已经供过于求，对“白领”岗位的 竞争也空前激烈。 但是，用人单位有时要找到具有合适技术和经验的毕业 生也非易事。中国学生通常缺乏实习或工作经验，因此毕 业生并不具备“随时上岗”的能力。在中国，实习生项目 被看做是用人单位的投资，只有非常大型的企业才拥有正 式的实习生项目。而其主要目的是用于战略性地甄选新兴 高端人才，以及彰显用人单位的品牌声望。
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only way to succeed in the workforce. This is concerning for employers because although the educational system is improving, it is still heavily based on memory or rote learning curricula that do not encourage creativity or innovation. However, there is hope that this will change in coming years as the Chinese government is pushing for reform of the traditional curricula towards more dynamic ones that would benefit business. The rise of an affluent middle class also means there are more Chinese students being educated overseas with the United States, Australia and the UK leading in favourability. The U.S. educational system is seen as having the best reputation and ability for preparing students for the 21st century world of work. However, Australia is seen as the ‘lucky country’, offering a safe environment and good lifestyle for students while providing a cost-effective education.
SHORTAGE OF WORK EXPERIENCE
University leavers continue to increase each year, peaking in 2014 with 7.4 million tertiary qualified individuals entering the Chinese job market and increasing again to 7.5 million in 2015. Many of these individuals will struggle to find employment in their chosen field, despite being highly qualified, often with Masters degrees. It’s clear that China is producing too many university graduates, and the competition for ‘white collar’ jobs is higher than ever. However, employers sometimes are still struggling to find graduates with the technical skills or experience they desire. China’s relatively low incidence of internships or work 34 | HIGHER VIEW BUSIN E S S
10
years
The average age of employees in China is almost ten years younger and ten years less experienced than comparative Western markets. 与西方市场相比，中国职工 的平均年龄和经验存在10年 的缺口。
相比之下，在澳大利亚许多行业，实习和工作经验被视 为获得有偿工作的先决条件。在家庭的压力之下，新的人 才希望大学毕业之后马上谋得一份不错的工作，但是他们 并无任何工作经验。从现在起，企业界必须进一步加强与 教育院校的紧密联系，同心协力，确保毕业生能拥有更多 的实践技能，毕业后能很快上手工作。 澳大利亚—机遇之地 由于澳大利亚重视学生受教育阶段及此后的实习和工作 经验安排，毕业之后寻找第一份工作时，在澳大利亚接受 教育的中国学生通常与有些优势。 也因为受教育程度高，很多中国专业人员在遵从技术程 序和程序改进方面表现出色。而另一方面，澳大利亚正面 临这样的技术人才不足的困境。万宝盛华集团最近的人才 缺口调查显示，澳大利亚商业需要工程、技术、会计金融
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Competition for ‘white collar’ jobs is higher than ever, however employers sometimes are still struggling to find graduates with the technical skills or experience they desire. experience means many students do not develop “workready skills” to prepare them for employment. Internship programs in China are considered an investment of an organisation, with only very large companies having official programs. These are leveraged primarily as a strategic ‘filter’ to identify emerging top talent and for employer branding. In comparison, undertaking internships and work experience is considered a pre-requisite to secure paid work in many industries in Australia. Emerging talent in China expect, and are under pressure from family members, to land good jobs immediately after graduating from university, while not having done much work experience. Now and into the future, businesses must forge stronger links with education providers and collaborate with them to ensure students have more ‘work-ready’ skills when they graduate.
以及信息技术领域的人才。这就为中国具备此类技术的劳 动者来澳工作和生活提供了许多机会。 随着越来越多的中国企业将目光转向国际市场，那些拥 有澳大利亚相关经验和市场知识、能引领中国企业走向澳 大利亚市场的劳动者将机会多多。 如何赢得高潜能人才 要想在当前竞争激烈的人才市场中重新赢得中国高端人 才的青睐，跨国公司应从战略角度考虑自身吸引人才的独 到优势。加薪是导致中国跳槽现象的重要因素，但是， 睿仕管理的研究显示，可以通过有组织、有计划的职业发 展举措，倡导和推进针对高潜能人才的明确的职业路径， 来提高人才的保留和总体满意度。跨国公司必须审视其当 前在中国市场所推行的人才聘用办法，不仅要将人才的职 业规划纳入企业的整体经营战略，还要确保与现有及未来 员工进行有效沟通，并得到企业领导的支持。 向中国学习 中国人才有许多方面值得澳大利亚企业好好学习，尤其 是他们的创业精神。过去15年来，政府支持和民族抱负的 驱动下，中国的创业率急剧攀升。“全球创业观察” （GEM）数据显示，中国新生企业、新兴企业和成熟企业 的创业率高于美国这类同等规模的经济体。一般来说， 中国人善于观察和学习他人并作出改进，故而能很好地运 营其自有企业。 中国商界性别平等的程度也值得称赞。多年来已经形成 一种广泛认识，无论男女对能对中国经济做出贡献。女性与 男性拥有同样的工作机会和成为领导的机会。但愿澳大利 亚企业也能尽早践行这一理念。 未来的机遇 中国-澳大利亚自由贸易协定的签署不仅增强了两国之间 的货物和服务流通，也为有意在跨国市场寻找就业机会的 人才提供了机会。这种“人才交流”将不仅惠及相关企业 和国民经济，还将进一步加强邻国之间的文化理解。
AUSTRALIA – THE LAND OF OPPORTUNITY
With Australia’s emphasis on internships and work experience placements throughout a student’s education and beyond, Chinese students educated in Australia sometimes have an advantage over those educated in China when it comes to securing their first job. As well as being highly educated, many Chinese professionals are brilliant at technical process and process improvement. On the other hand, Australia is experiencing a shortage of such technical talent. ManpowerGroup’s recent Talent Shortage Survey shows Australian businesses are in need of engineers, technicians, accounting and finance staff and information technology personnel,
43% Job hopping is more common in China than the West with 43% of employers naming retention as the top human capital issue. 43%的用人单位将“人才的保留” 视为人力资本的首要问题。
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To win back favour from China’s top talent, multinationals will have to look at areas they can mark as strategic differentiators.
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highlighting the opportunities for Chinese workers with such skills to come to Australia to work and live. As more Chinese companies look to expand internationally, there will be increasing demand for those workers with Australian experience and market knowledge to lead such expansions into the Australian market.
WINNING BACK THE HIGH POTENTIALS
To win back favour from China’s top talent in the current competitive talent market, multinationals will have to look at areas that they can mark as strategic differentiators. While salary increases are a strong motivator for job hopping in China, it’s clear from Right Management’s research that retention and overall satisfaction could be improved through structured and planned career development initiatives that advocate and promote clear career paths for high potentials. Multinationals must look at how they currently approach individual employee development in the Chinese market and work to not only ensure career planning is integrated into the organisation’s overall business strategy, but also ensure it is communicated clearly to all current and prospective employees and championed from business leaders.
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Women have similar opportunities to obtain work and leadership positions as men. Hopefully the Australian business world can achieve this soon.
China ahead on gender diversity, but there’s still room for progress By Christine Wright, Managing Director, Asia at Hays
LEARNING FROM CHINA
There is much that Australian businesses can learn from Chinese talent, especially in regards to the entrepreneurial spirit. China’s rate of entrepreneurialism has been increasing dramatically over the last 15 years as a result of government support and the nation’s ambitious spirit. Data from the Global Entrepreneurship Monitor (GEM) shows China has a higher rate of entrepreneurship across nascent businesses, emerging businesses and established businesses than similar sized economies such as the US. Typically, Chinese businessmen are highly skilled at running their own businesses thanks to their ability to watch and learn from others and then make improvements. It is also fantastic to see the level of gender equality in Chinese businesses. It has been widely recognised for a number of years that men and women contribute equally to China’s economy. Women have similar opportunities to obtain work and leadership positions as men. Hopefully the Australian business world can achieve the same mentality in the near future.
FUTURE OPPORTUNITIES
The China–Australia Free Trade Agreement will not only increase movement of goods and services between countries, but will also create more opportunities for talent to seek out work opportunities across markets. This ‘talent exchange’ will not only benefit business and our national economies, but will also foster a greater cultural understanding between neighbours. 3 8 | H IGH ER VIEW BUSIN E S S
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China performs strongly on gender diversity compared to much of the world, with a relatively low proportion of female workers complaining about unequal pay and opportunity. But gender diversity remains a business critical issue and there is still a lot of room for improvement. According to a new survey conducted by Hays in China, women are less likely than their male co-workers to believe that pay equality and equal opportunities exist for both genders in the workplace. The results from the survey of 521 people in China show that 28% of women think that equally capable male and female workers are not paid or rewarded equally. When compared with our global survey of almost 6,000 people across 31 countries, this is significantly lower than France (55%), Spain (47%), Australia (38%) and Russia (36%). China’s relatively strong performance on this count, when compared to other countries, is overshadowed by a lower proportion of Chinese men being aware of any problems. Only 13% of men in China think that equally capable male and female workers are not paid or rewarded equally. This is a low proportion compared with men in Spain (30%), France (24%), Russia (16%) and Australia (11%). These differences may be due to the large number of women in management positions in China. According to another Hays survey of 2,361 employers, representing over four million employees in Asia, 36% of management roles are held by women in China. This number compares favourably with the Asian average of 29% and suggests that China has made progress in developing and promoting its female workforce into management positions. Despite this, almost one in two women (47%) compared to one in four men (24%) say that the same career opportunities are still not open to equally capable colleagues of both genders in China.
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What would make things better? To improve gender diversity, 71% of respondents to our new survey in China said that better board backing for diversity issues would have the biggest impact. This was followed by changes to organisational policy (59%), allowing more flexible working practices (55%), changes in workplace culture through education across the business (30%), changes to government policy (36%) and highlighting female role models (25%). This was a very different finding to the global survey, where respondents ranked organisational policy and better board
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backing for diversity issues as much less important than flexible working practices, changes to workplace culture through education and highlighting female role models. It is clear that Chinese respondents see the most room for improvement in board backing and organisational policy. Across all industries, 40% of the entire China survey pool said their organisation does not have a gender diversity policy in place, and a further 24% were unsure. Alarmingly, even when policies were in place one in four respondents (23%) said they were not adhered to “at all”. Just 16% of respondents in China said implementing quotas would have a big impact, showing the vast majority believe that cultural change and practical measures, rather than formal quotas, are the answer. Meanwhile, in the global survey only 9% of respondents said implementing quotas would work. Which industries are the most friendly to women? The survey in China found that the financial service sector was named by 48% of respondents as having formal gender diversity policies and practices in place. This was followed by IT/ telecommunications (39%) and mining/resources (37%). The IT/telecommunications industry was voted by its employees as most likely to adhere to these policies (83% of IT/ telecommunications employees said their organisation adhered to their policies “well” or “fairly well”). This was followed by financial services (74%), manufacturing (73%), and professional services (73%). Diversity is increasingly on CEOs agendas. It is seen as a way of improving attraction and retention of staff, better reflecting a company’s customer base and boosting productivity, innovation and financial results. Despite the compelling business case for diversity in the workforce, the number of women participating in management is still not equal to men. We will continue to monitor this trend in future years and keenly watch how quickly organisations come around to better developing female talent to expand their talent pool.
中国在性别多样性领域成绩斐然，但仍有 改善余地 作者： 克里斯汀·赖特 ，瀚纳仕亚洲董事总经理 与全球大部分国家相比，中国在性别多样性(译注：原文直译， 大体接近中文“同工同酬”的概念，但还包括晋升机会等更广义 的方面)领域表现上乘，抱怨薪酬以及工作机遇不公的女性比例 相对较低。但是，性别多样性依然是一个至关重要的问题，并且 仍有极大的改善余地。 根据瀚纳仕中国所开展的一项全新调查，与男性同事相比， 女性更倾向于认为职场上两性之间不可能享受同工同酬以及均等 机会。
对521位中国调查对象开展的调查显示，有28%的女性认为能力相 当的男性和女性之间无法享有同等的报酬和奖励。与全球其它31个国 家近6000位调查对象相比，这个比例显著低于法国（55%）、 西班牙（47%）、澳大利亚（38%）以及俄罗斯（36%）。 在这方面，中国的表现明显优于其它国家；但另一方面，意识到 这个问题的中国男性的比例却徘徊在低位。只有13%的中国男性 认为能力相当的男性和女性之间无法享受同等的报酬和奖励。 这个比例显著低于西班牙（30%）、法国（24%）、俄罗斯（16%） 以及澳大利亚（11%）。 这些差距可能缘于中国有大量身居管理岗位的女性。根据瀚纳仕对 代表全亚洲四百多万雇员的2,361位员工开展的另一项调查，中国的 女性占据了36%的管理岗位。与全亚洲29%的平均比例相比，中国的 这个比例毫不逊色，并彰显出中国在推动女性进入管理岗位方面已取 得了长足的进步。 尽管如此，中国分别有近二分之一（47%）的女性以及四分之一 （24%）的男性表示能力相当的男女同事之间仍然无法享受同等的职 业发展机遇。 如何改善这种状况？ 在改善性别多样性方面，中国71%的调查对象表示董事会对性别多 样性问题的大力支持可发挥最大的作用，而紧随其后的分别是组织政 策（59%）、允许更灵活的工作方法（55%）、通过全公司上下的教 育来转变职场文化（30%）、转变政府的政策（36%）以及各种强调 女性角色的模式（25%）。 这是我们在全球调查过程中所发现的一个与众不同的结果。在其它 国家，调查对象认为“机构政策”以及“董事会对多样性问题的大力 支持”的重要性要低于“灵活的工作方法”、“通过教育转变职场文 化”以及“各种强调女性角色的模式”。显而易见，中国的调查对象 认为董事会支持以及机构政策方面大有改进的余地。 在所有行业当中，40%的中国调查对象表示他们的雇主并没有 实施任何的性别多样性政策，还有24%的调查对象对此不太确定。 更令人吃惊的是，即便在有实施此类政策的情况下，仍有近四分之一 （23%）的调查对象表示这些政策“根本”不会得到执行。 仅有16%的中国调查对象表示实施性别配比机制有望产生巨大的影 响；这表明大部分人认为转变机构文化以及切实可行的举措要比正式 的性别配比机制管用。与此同时，在全球调查中，只有9%的调查对象 认为性别配比机制将能够发挥作用。 哪些行业对女性最为友好？ 在中国开展的调查显示：金融服务业有48%的调查对象表示其雇主 实施有正式的性别多样性政策和制度，而紧随其后的分别是IT/电信 （39%）以及矿产/资源（37%）两个行业。 大部分来自IT/电信行业的员工表示这些政策极可能会得到贯彻和 执行（83%来自IT/电信行业的雇员表示他们的雇主“很好”或 “较好”地执行了这些政策）；紧随其后的分别是金融服务业 （74%）、制造业（73%）以及专业服务行业（73%）。 企业的CEO们正日益把性别多样性问题摆上议事日程。它被视为改 善企业对员工的吸引力以及挽留员工的一种有力手段，能更好反映一 家企业的客户基础，并能提高生产效率、创新能力和财务表现。 尽管从商业角度来看，就业队伍中强调性别多样性非常必要，但身 居管理岗位的女性数量依然未能与男性持平。在未来几年内，我们将 继续监测这种趋势，并密切观察各家企业和组织将如何更快地培养女 性人才，以此扩大它们的人才储备。
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By Simon Barrett, Chairman Australia; Helen Chen, Partner, Shanghai; and Michel Brekelmans, Partner, Shanghai—L.E.K. Consulting 作者：由西蒙·巴雷（澳大利亚主席）﹑ 陈海伦（上海合伙人）﹑Michel Brekelmans （上海合伙人），艾意凯咨询公司
求同存异之道
SEEING EYE TO EYE
Now that Australia and China have signed a free trade agreement, opportunities abound for Australian companies to expand their footprint into this dynamic Asian market. But multinational companies need to understand Chinese working, product quality and supply conditions before rushing in, and also learn a thing or two about Chinese business culture. 随着中澳两国之间《自由贸易协定》的签署，澳大利亚企业也迎来了进军这块充满 活力的亚洲市场的众多机遇。不过，在纷涌而上之前，各大跨国企业仍需了解中国 的运营环境、产品质量以及供应状况，同时也需多了解一些中国的商业文化。
O
ver the past two decades the Chinese economy has averaged a remarkable 9.5% growth according to the OECD. Growth in 2015 has been forecasted at 7.5% —although somewhat slower, this is still strong by global standards. National income has been doubling every eight years. This phenomenal growth represents one of the most sustained and rapid economic transformations seen in the world economy in the past 50 years. This of course has attracted many multinational corporations (MNCs) that are keen to tap into this continued economic growth through global manufacturing options and expand their footprint into Asia. The recent signing of the Free Trade Agreement between Australia and China will only encourage more Western countries like Australia to explore the Chinese route. But MNCs need to fully understand Chinese working, product quality and supply conditions before rushing in. There is also of course the Chinese business culture that many MNCs fail to understand or indeed immerse themselves in, which can cause a different set of problems. Here are six important insights to better understand the market.
42 | HIGH ER VIEW BUSIN E S S
MANUFACTURING IS STILL A GOOD OPTION, DESPITE CHANGES IN MARKET CONDITIONS
A positive sign for MNCs is the Chinese government’s push to increase domestic consumption with manufacturing highlighted as a strategic emerging industry. Both domestic and foreign manufacturing has grown steadily over the years and although a slight slowdown is likely, industrial output is expected to hold steady. Siemens, GE, Caterpillar, Alstom and Dow have all been operating in China since the 1970s and have heavily invested in building manufacturing and R&D facilities in the 2000s. Where you manufacture in China will affect your wage costs and in 2013, 24 provinces in China raised their minimum wage level representing a 20% average increase nationwide. According to the Economic Intelligence Unit and the China Ministry of Labour and Social Security, there was an average increase in minimum wage of 33.7% between 2010-2012 in the regions of Guangdong, Shanghai, Jiangsu, Shandong, Zhejiang and Hebei. But the good news is that China’s manufacturing production efficiency has 商道
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据经济合作发展组织（OECD）的数 据，在过去的二十年里，中国经济的平 均增速达到了惊人的9.5%，国民收入每隔 八年翻一番。这种成效卓著的增长是过去50年 间全球经济发展史上所经历的最持久、最快速 的经济转型之一，而且并未显露出衰退的迹 象，即便中国已将其2015年的增速预期下调至 7.5%。 这种增长吸引了众多跨国企业进入中国， 意图通过全球化制造手段来充分利用这种持续 的经济增长势头，并进而开拓亚洲市场。近期 中澳两国《自由贸易协定》的签署必将推动更 多包括澳大利亚在内的西方国家探索中国 之路。
1.98%
China spent 1.98% of its GDP budget in 2012 on R&D 2012年，中国研发 支出为GDP预算的 1.98%。
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INDUSTRY 欢迎
WELCOME 工业
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276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27名理事， 其中设有1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138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55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40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) China Chamber of Commerce in Australia (or CCCA for short) was founded in April 2006 and is a non-profit national organization jointly formed by trade associations representing Chinese investors across Australia. The CCCA has 27 directors in its management, with four branches and currently 276 members across New South Wales, Victoria, Western Australia and Queensland. Sydney branch has 138 members, Perth branch has 55 members, Melbourne branch has 43 members and Brisbane branch has 40 members as at the end of March 2015. The businesses of our members cover a wide range of industries including resources,
mining, trading, finance, transport, real estate, manufacturing, tourism, agriculture and animal husbandry. The Purpose of the CCCA is to facilitate communications and provide services to enterprises with Chinese capital registered in Australia; to protect their lawful rights; to promote the development of China-Australia economic and trade relations and exchanges between companies; and to function as a bridge and a link between the two countries. The chairman of CCCA is Mr.Hu Shanjun, who is General Manager & Country Head-Australia, Bank of China, and he also chairsCCCA Sydney Branch.
www.chinachamber.org.au
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H I G H E R V I EW B U SINE SS | 4 3
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Production efficiency has outperformed wage increases in most sectors. greatly increased and has outperformed wage increases in most sectors, improving at 30% per annum over the 2006-2012 period. This includes industries such as non-ferrous and ferrous metals, chemical raw materials and products, food, beverages, medicine and general purpose machinery. In comparison to other low cost countries, China’s industrial workers remain among the more productive with a government push towards more technology-intensive and environmentally-friendly industries. This includes offering favourable loans and tax incentives.
opportunities and risk management. Furthermore MNCs will need to recruit and leverage top Chinese talent to remain competitive. As the competition for top talent heats up, Chinese enterprises are snapping up a greater share of the top talent pool globally by offering higher compensation, better long-term career development opportunities and other benefits. MNCs would be well-served to tap into this growing talent pool of human capital to help reach their business goals.
CHINA’S WORKFORCE IS SKILLED
Although Chinese technological infrastructure is improving at a rapid pace, much of China’s supply chains are still saddled with antiquated manufacturing facilities and operational procedures, making it difficult to track factory performance metrics. MNCs face challenges integrating their Enterprise Resource Planning (ERP) systems with the IT infrastructure of their Chinese partners, making it difficult to track factory performance metrics. But these problems can be minimised if MNCs take the time to better understand the supply chains of their Chinese counterparts. This is why cloud computing is so important to China and has been listed as one of the seven priority areas by the government. The Ministry of Science and Technology set aside RMB1.5 billion for projects in cloud computing (2011-2015) and this will enable Chinese supply chains to transform manufacturing by starting from a blank state thereby increasing operational agility very quickly.
China is forecasted to overtake the European Union and the United States in research and development by 2019 according to the OECD. It spent 1.98% of its GDP budget in 2012 on research and development and plans to increase that to 2.5% by 2020. China is leading the way with its commitment to science and technology innovation. For those innovations to advance, the Chinese need to increase their skilled workforce, and this is what they are doing. China has approximately 800 million people in its workforce, according to World Bank statistics, which makes it the world’s largest labour force. Even though there are forecasts of China’s workforce declining in the future due to the one-child policy instituted nationally in the early 1980s, there has been a strong increase in the rise of skilled workers. By the end of 2011, high-skilled workers accounted for 26.2% of the workforce (31.2 million workers) with the aim for that to reach 34 million by the end of 2015 and 39 million by 2020 according to the Chinese Ministry of Human Resources and Social Securities. What is important for MNCs to understand about the skilled workforce in China is that Chinese supply chain leaders also tend to take a more active role in corporate strategy, being involved in decisions that include growth 44 | HIGHER VIEW BUSIN E S S
THE SUPPLY CHAIN IS EFFECTIVE, DESPITE SOME AREAS OF CONCERN
ENSURE EXPECTATIONS ARE REALISTIC
MNCs need to review the expectations they place on Chinese supply chains to ensure they are reasonable and fair. Unless there is specific business rationale, expectations for overseas operations should generally be the same as 商道
不过，在一拥而上之前，各家跨国企业亟需 深入了解中国的工作环境、产品质量以及供应 情况，当然还有商业文化的了解；许多跨国企 业由于不了解中国的企业文化而引发了一系列 的问题。 以下六大要点将帮助您更透彻地了解中国 市场。 市场形势已变化，但制造业仍为上选 对跨国企业应感乐观的一个消息是中国政府 正在强力促进内需增长，并将制造业视为一个 战略新兴产业。 近年来，国内外的制造业均稳步增长。虽然 增速发展有稍为减缓的可能，但工业产出预期 将保持稳定态势。 西门子、通用电气、卡特彼勒、阿尔斯通以 及陶氏等公司在上世纪70年代就已早早进入中 国，并在2000年代大力投资和建设了各种制造 及研发设施。
Australian company Futuris Automotive is confident having expanded operations into China where it now manufactures seats, controls and interior trim in Wuhu (Anhui Province) and Changsha (Hunan Province). The company also has joint ventures in Hefei, Dalian, Minayan, as well as regional headquarters in Shanghai. Futuris has overcome domestic issues to secure contracts with Toyota, Ford and General Motors. It has also formed a partnership with local company Chery Automobile, one of China’s fastest growing businesses in the world’s largest auto market, which now produces 700,000 cars a year. 澳大利亚企业富卓汽车（Futuris Automotive）公司已将其业务拓展至中 国，当前在安徽抚湖和湖南长沙两地生 产汽车座椅、控制装置以及内饰等产品。 该公司还在合肥、大连和绵阳等地成立 了合资公司，并在上海设立了区域总部。 富卓公司成功攻克了不少本土难题，并 与丰田、福特和通用汽车签订了合作协 议。该公司还与中国的奇瑞汽车成立了 一家合伙企业（奇瑞是中国这个全球最 大汽车市场上增长最快的企业之一， 其当前的汽车年产量高达70万辆）。
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PRODUCTION EFFICIENCY* GROWTH VS. AVERAGE WAGE GROWTH OF SELECT MANUFACTURING SECTORS 特定制造业中“生产率增长”与“平均工资增长”的比较 (2006-2012) SOURCE: CHINA LABOR STATISTIC YEARBOOK, L.E.K. ANALYSIS NOTE: *PRODUCTION EFFICIENCY=MAIN BUSINESS REVENUE/TOTAL NUMBER INDUSTRIAL PRACTITIONERS 注意：生产率=主要业务收入/行业从业总人数
AVERAGE WAGE GROWTH 平均工资增长
NON-FERROUS METALS 有色金属
15% | 34%
FERROUS METALS 铁金属 NON-METALLIC MINERALS
15% | 38% 非金属矿物
16% | 39%
CHEMICAL RAW MATERIAL AND PRODUCTS 化学原料及制品
16% | 27%
SPECIAL PURPOSE MACHINERY 特种用途机械
17% | 28%
FOOD 食品
17% | 25%
TIMBERS AND WOOD RELATED PRODUCTS 木材和木材相关产品
18% | 33%
FOOD FROM AGRICULTURAL PRODUCTS 农产品食物
16% | 25%
BEVERAGE 饮料
16% | 26%
MEDICINES 医药
15% | 22%
GENERAL PURPOSE MACHINERY 通用设备
15% | 27%
CHEMICAL FIBER 化纤
14% | 19%
PAPER AND PAPER PRODUCTS 造纸及纸制品
16% | 27%
AVERAGE 平均值
those for in-house or local suppliers. Supply chain experts who have worked extensively on the ground in China observe that MNCs tend to increase specification standards by as much as 20-30% for outsourced suppliers compared to in-house suppliers in Asia. Some executives may perhaps be overcompensating for loss of control and lower perceived quality. Then if outsourced suppliers fail to meet the higher specifications, the company may blame the failure on overseas outsourcing and conclude that in-sourcing or repatriating operations is the best remedy. In some cases, Chinese suppliers are visiting Western companies’ manufacturing facilities to better understand their requirements and operations in an effort to win contracts and ensure that there is consensus on all sides regarding service levels.
16% | 28% 选择在何地投资建厂将显著影响您的薪资成 本。2013年，中国24个省份上调了最低工资 标准，相当全国平均上涨了20%。根据经济学 人信息社以及中国劳动和社会保障部的数 据，2010-2012年期间，广东、上海、江苏、 山东、浙江以及河北的最低工资平均上涨了 33.7%。 但是，在2006-2012年期间，中国大部分的 制造产业的生产效率均实现了每年30%的大幅 提升，超过了工资的涨幅。这些产业包括有色 金属和黑色金属、化学原材料及相关产品、 食品、饮料、医药以及通用机械等等。 与其它低成本国家相比，中国的产业工人有 着更高的生产效率，并且政府也在积极发展各 种技术密集型和环境友好型产业，包括提供各 种优惠贷款和出台各类税收优惠政策。 中国拥有技术熟练的劳动力 根据经济合作发展组织(OECD)的预测， 商道
PRODUCTION EFFICIENCY GROWTH 生产率增长
• Supported by rapid technological improvement, China’s manufacturing industry production efficiency has been improving at a c.30% per annum rate over 2006-12 技术更新推动中国制造 业的生产率以年均约30%的速度 提升
• Over the same period, wages increased by ~16% 同期工资 增长了16%
• Those manufacturing sectors with historical production efficiency growth rate 5% higher than wage growth are considered able to maintain operational efficiency advantage even in the face of potential continued wage increases. 即便工资水平持续增
长，那些生产率增长率比工资增 长率水平长期高出5%的制造业部 门被视为能够保持其在运营效率 方面的优势。
- ferrous/non-ferrous, non-metallic mineral, special purpose machinery, timber and wood related products, food related industries appear to be among the more promising sectors 黑色/有色金 属、非金属矿产、特殊用途机 械、木材相关产品、食品相关产 业被视为更具前景的领域 。
中国的研发支出有望在2019年赶超欧盟和美 国。2012年，中国研发支出为GDP预算的 1.98%，并计划在2020年前增至2.5%。 中国正致力于引领科技创新的大潮。为了实 现创新目标，中国亟需壮大熟练劳动力的队 伍，而中国也正在为之而努力。 根据世界银行的统计，中国拥有大约8亿的 劳动人口，堪称全球最庞大的一支劳动队伍。 尽管有预测认为中国未来的劳动人口将会逐步 减少，但熟练劳动力的数量仍在强劲增长。 根据中国人力资源和社会保障部的数据， 截至2011年末，高技能劳动力占到全部劳动人 口的26.2%（3120万人），到2015年底之时将 达到3400万人，而到2020年之时更将达到 3900万人。 最重要的是，对于中国的熟练劳动力，跨国 企业需要明了的是中国的供应链巨头们在参与 增长机遇与风险管理相关的决策过程中，倾向 采取更为积极主动的企业战略。 H I G H E R V I EW B U SINE SS | 4 5
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INDUSTRY
工业
MAJOR FOREIGN INDUSTRIALS THAT ENTERED CHINA IN THE 1980S HAVE INVESTED HEAVILY IN BUILDING MANUFACTURING AND R&D FACILITIES IN THE 2000S ( ) ANNOUNCED INVESTMENT SUM 公布投资额度 MANUFACTURING SITE 生产现场 R&D CENTRE 研发中心
Entered China in 1979
Polystyrene, styrene butadiene latex plant
于1979年进入中国
聚苯乙烯，苯乙烯 - 丁二烯乳胶厂
Entered China in 1979
Ultrasonic & patient Monitor equipment plant
于1979年进入中国
超声波和病人监护仪设备厂
Entered China in 1979
PPG Plant PPG工厂
R&D center 研发中心
于1979年进入中国
GE Medical System Industrial Park GE医疗系统工业园区
Entered China in 1972
Entered China in 1978 于
Electric device factory (EUR40.2m)
于1972年进入中国
1978年进入中国
电器设备厂（402万欧元）
1980
R&D center 研发中心 R&D center 研发中心 2000
SIEMENS 西门子股份公司 GE POWER & WATER 通用电气能源集团 CATERPILLAR 卡特彼勒公司 ALSTOM 阿尔斯通公司 DOW 美国陶氏集团 STRATEGIC PARTNERSHIPS ARE IMPORTANT, SO THINK CAREFULLY
One of the key mistakes MNCs make is not to embrace Chinese culture and instead manage from an ‘arms-length’ distance. This will only lead to problems. Being on the ground in China, wherever production is occurring, leads to first-hand insight and cultural understanding, which improves communication and relationships. Forging collaborative relationships, or “guanxi,” throughout the supply chain takes effort and a true commitment by all parties. In-person business meetings can be effective in any culture and China is no exception, as the Chinese are much more likely to have successful business relationships with people they know and trust.
RMB1.5b 15亿人民币
The Chinese government set aside RMB1.5 billion for projects in cloud computing 2011-2015 中国政府为各类云计算项目 （2011-2015年）调拨了15亿 元人民币的专项资金。
46 | HIGHER VIEW BUSIN E S S
MNCs also need to be aware that they can use local partners on the ground in China that can help support the organisation through expansion. For example, you can hire an audit firm to collect sales data manually while your organisation works to build and automate its distributor network.
UNDERSTAND THE REAL CURRENCY OF BUSINESS Tales of misunderstood contracts, production problems and distributors that don’t follow clearly defined protocols can be an unfortunate part of business and the impact of these issues can be amplified with companies trying to enter or expand their foothold in China (or any other country for that matter). Of the hundreds of international companies we’ve worked with on their China strategies, we’ve found that many of these issues are grounded in a deeper misunderstanding of Chinese business processes. In China, local distributors can be strong partners in helping with market access and navigating local procurement and selling practices. For example, given the lengthy payment terms that hospitals typically have, distributors act as the manufacturer’s bank: paying for products with cash on delivery, and frequently not getting paid by hospitals for more than nine months after the products have been sold. 商道
此外，跨国企业将需要招募并充分调动中国 的顶尖人才的影响力以保持其竞争优势。由于 对顶尖人才的争夺日趋激烈，中国企业也已开 始在全球范围内通过提供更高的薪酬、更好的 长期发展机遇以及各类其它福利，以竭尽所能 争抢更多的一流人才。 雄厚的人力资本储备将帮助跨国企业实现自 身的经营目标。 虽有局部问题，但中国的供应链仍颇有效率 尽管中国的科技基础正快速改善，中国的供 应链仍存在生产设施陈旧以及操作程序过时等 问题，令厂家的各项绩效指标难以追踪。 跨国企业面临其企业资源规划（ERP）系统 与中国合作伙伴的IT基础设施进行整合的诸多 挑战，令其难以追踪相应厂商的各项绩效指 标。但是，如果跨国企业能花时间更深入了解 中国合作伙伴的供应链概况，这些问题或能迎 刃而解。 这就是为什么云计算对中国如此重要，并已 被政府列为七大优先发展领域之一。中国政府 为各类云计算项目（2011-2015年）调拨了15 亿元人民币的专项资金。此举将令中国的供应 链实现全新转型，并快速提升其运营方面的灵 活性。 因此，投资于中国供应链基础设施的企业极 有可能收获丰厚回报。 确保形成务实的预期 跨国企业应认真审视它们对中国供应链寄予 的期望，确保其预期合情合理。除非存在特殊 的经营理念，否则对海外业务的预期通常应与
INDUSTRY
工业
在八十年代进入中国的大型的外资企业在二十一世纪起大 举投资于建设制造及研发设施
Shovel loader & road grader plant 装载机和平路机厂
Sensor factory 传感器厂 R&D center 研发中心 R&D center 研发中心 Boiler factory (151,000m2) 锅炉厂 Mechanical park 机械园区 High voltage transducer factory 高压变频器厂
2005
SOURCE: ANNUAL REPORTS, COMPANY WEBSITES, NEWS ARTICLES, L.E.K. ANALYSIS
Epoxide product plant 环氧产品工厂
Hydro global technology center 水电全球技术中心
Hydroelectric power equipment plant 水力发电设备厂
Equipment test field 设备测试领域
Engine plant (US$300m) 发动机厂（3亿美元） Assembler 汇编
RO membrane plant RO膜厂
Truck and engine plant (US$586m) 卡车和发动机厂（5.86亿美元） Auto-transmission plant 自动变速器工厂 Mining dump truck electric motor plant 矿用自卸车电机厂
Wind power generation plant
Electric motors factory 电机厂 Electrical network business 电网业务 Liquid epoxide resin 液体环氧树脂
Local distributors can be strong partners. With typical inventory of two-to-three months, a large distributor has a 12-month cash cycle, which for most international players would be clearly unacceptable. Distributors also become, in effect, the face of the brand for the manufacturer. But without a clear business model that incentivises distributors to be good shepherds of the brand, this may create issues for the manufacturer. This is a strategic and practical problem that most MNCs have only partially addressed so far, and as the market grows, it will become more important to ensure consistent service and brand experience. MNCs must understand the business priorities and values of their Chinese counterparts to establish a foundation for a true partnership. A better understanding of the Chinese business perspective will help to establish a framework where all partners can reach their individual and collective goals.
风力发电装置
2010
Electrical equipment JV plant 电气设备厂 R&D center 研发中心
R&D center 研发中心
R&D center 研发中心
Perchloroethylene production plant 四氯乙烯生产装置
R&D center 研发中心
Industrial automation plant 工业自动化工厂
跨国企业对内部或本土供应商的预期保持 一致。 一直都耕耘在中国一线的供应链专家们 注意到：跨国企业倾向于向亚洲的外包供应商 提出比内部供应商高出20-30%的规格要求。 某些高管或许对于外包可能导致的无法掌控 以及质量下滑的顾虑有些矫枉过正。如果外包 供应商未能满足这种更高的规格要求，则企业 极可能会将失败归咎于海外采购，并认为唯有 内包或将业务迁回国内才是最好的解决办法。 在某些情况下，中国的供应商也会考察西方 企业的制造设施，更好地了解他们的需求和业 务以期赢得合同，同时确保双方在与服务水准 相关的问题方面保持高度一致。 战略合作十分重要，故应三思而行 跨国企业会有的重大失误之一就是没有接纳 中国的文化，而是以保持距离的方式进行管 理。这种情况会引发各种问题。唯有立足生产 活动所在的中国本土，跨国企业才能把握第一 手资讯和文化，从而促进沟通以及双方关系。 在供应链上打造合作型关系或者所谓的“关 系”将需要所有各方之间的努力以及认真投 入。亲自出席各种业务会议对于任何一种文化 而言均行之有效，中国也不例外，因为中国人 更愿意与他们认识和信任的人士建立成功的商 业关系。 跨国企业亦需意识到它们可以利用中国当地 的合作伙伴帮助其扩展业务。例如，如果您的 公司正努力构建和实施经销网络自动化，就可 以聘请一家审计事务所来人工采集相关销售 数据。 商道
Grid technology center 电网技术中心
2014
了解业务的实质所在 被误解的合同、各种生产问题以及不愿 意遵循明晰规范的经销商……这些均是 业务发展过程中令人不快的一部分，并且这 些问题的影响在企业试图进军或拓展中国 市场（或任何其它相关国家）过程中可能 被扩大化。我们研究了数百家国际企业在 中国所实施的策略，并发现许多此类问题 很大程度上源于它们对中国商业流程的 误解。 在中国，本土经销商能够成为跨国企业 强有力的合作伙伴，帮助它们进军市场并驾 驭当地的采购和销售习惯。例如，由于医院 的支付周期通常较长，故经销商们也充当 着制造商的银行：他们在收货之后立即支付 现款，却经常在卖出产品后超过九个月还 未收到医院的回款。大型经销商通常会 准备二至三个月的库存，现金周转期可长达 12个月，这对于大部分国际企业而言是无法 接受的。 实际上，经销商也成为制造商旗下品牌 的门面。但是，如果没有一个明晰的商业 模式鼓励经销商认真守护相应品牌，制造商将 可能问题缠身。这是大部分跨国企业迄今为止 才部分解决的一个实质性战略课题。随着市场 的增长，保障始终流畅的服务和品牌体验 将日益重要。 跨国企业需了解其中国合作伙伴的业务 优先领域以及价值观，从而为双方之间的 精诚合作打下坚实基础。深入了解中国的 商业规则有助于我们搭建起一个框架， 帮助所有的合作伙伴实现互利双赢。 H I G H E R V I EW B USINE SS | 47
CHARTS
LATEST DEALS 近期主要的商业地产交易
RECENT MAJOR COMMERCIAL PROPERTY DEALS
CHINA-AUSTRALIA ANNOUNCED M&A VOLUME 中国两国已宣布的并购总额
Information supplied by Dealogic No. of Deals
Year Deal Value
2008 2009 2010 2011 2012 2013 2014 2015 YTD
$2,847m
47 71 58 71 62 $10,615m 45 40 16
$6,919m $2,996m $8,935m $8,959m $5,041m $1,551m
CHINESE CORPS’ ANNOUNCED ACQUISITION OF AUSTRALIAN ENTITIES 中资公司宣布的对澳实体收购 2008 2009 2010 2011 2012 2013 2014 2015 YTD
Information supplied by Dealogic
$2,632m $6,480m $2,598m $8,668m $8,916m $10,293m $4,730m $1,384m
32 52 46 55 54 40 32 12
AUSTRALIAN CORPS’ ANNOUNCED ACQUISITION OF CHINESE ENTITIES 澳资公司宣布的对华实体收购 2008 2009 2010 2011 2012 2013 2014 2015 YTD
图表
Information supplied by Dealogic
$215m $439m $398m $267m $43m $322m $311m $167m
15 19 12 16 08 05 08 04
最新主要商业物业的交易 VICTORIA 维多利亚洲 ADDRESS 地址: 170 Victoria St, Melbourne PRICE 价格: $64.8m BUYER 买家: Hengyi (a subsidiary of
Shandong HYI Group)
2,927sqm development site with a permit for more than 1,000 apartments. 2,927平方米已获批开发一千套公寓的 开发用地 。 ADDRESS 地址: 160 Whitehorse Rd,
Blackburn PRICE 价格: $18m BUYER 买家: Undisclosed An 8,760sqm vacant property in Blackburn’s ‘mega mile’, formerly the offices of Leader Community Newspapers. BLACKBURN 的被称为“大地盘” 的8,760平方米的空地（原为社区报纸 LEADER的办公地）。 ADDRESS 地址: 33-43 Dudley St, West
Melbourne PRICE 价格: $12.1m BUYER 买家: Undisclosed
1,273sqm mixed use, inner city site sold without a planning permit. 1,273平方米内城区综合用途的开发用 地（规划许可待批）。
NEW SOUTH WALES 新南威尔士洲 ADDRESS 地址: Hilton Hotel, Sydney PRICE 价格: $442m BUYER 买家: Bright Ruby
In its largest Australian acquisition, Bright Ruby acquired the 579 room George Street hotel. 作为其在澳最大 笔的收购交易，BRIGHT RUBY收购了 579个套房的希尔顿酒店。 ADDRESS 地址: Revy site, Pyrmont PRICE 价格: $180m BUYER 买家: Aqualand
1ha site, incorporating No.8 Darling Island Road – a heritage building with DA approval for conversion to 46
Information supplied by CBRE
luxury apartments – as well as 6 Darling Island Road and 34-38 Pirrama Road. 1公顷面积的土地，包括达令路8号 (一座受保护的历史性建筑，已获改建 为46套豪华公寓的开发许可)以及达令 路6号和皮拉马34-38号。 ADDRESS 地址: Surry Hills Shopping Village PRICE 价格: $96m BUYER 买家: Auswin TWT
Neighbourhood shopping centre anchored by a Coles supermarket. The 1.519ha site has the capacity to be converted into 300 apartments with a ground floor shopping complex.
COLES超市将入驻临近的购物中心。 这片1.519公顷的土地将兴建300套公 寓，底楼为购物商城。 ADDRESS 地址: Compass Centre, 85-89
North Terrace, Bankstown PRICE 价格: $45m BUYER 买家: Chinese private
An office block and shopping centre held by the same owner for more than 20 years. Sold with a design scheme for a 477-apartment building and an 8000-square-metre shopping centre, subject to council approval. 这个办公用地及购物中心二十余年来由 同一个业主持有了二十多年，现在与一 个兴建477套公寓及8000平方米的购 物中心的设计方案一起出售（有待市政 厅审批）。
QUEENSLAND 昆士兰洲 ADDRESS 地址: Sofitel Broadbeach Hotel PRICE 价格: $62,000,000 BUYER 买家: Huayu Group
Five-star Gold Coast hotel bought by Chinese investment-backed development conglomerate in first major Australian hotel foray. 有中资背景的开发商财团购入黄金海岸 五星级酒店，作为其进军澳大利亚酒店 业的首个重大举措 。
2015 M&A DEALS BETWEEN AUSTRALIAN AND CHINESE INTERESTS 2015年中澳两国间的购并交易
FEB
2015 19 JAN
NOT DISCLOSED TARGET 目标公司: CAE Inc (Flight academy in Melbourne) ACQUIROR 收购公司: China Eastern Air Holding Co INDUSTRY 所在行业: Professional Services 专业服务
26 JAN
$331M
30 JAN
NOT DISCLOSED
TARGET 目标公司: Property Portflio (Gold Fields House at Circular Quay in Sydney)
TARGET 目标公司: Ardagh Group SA (Can-making business in Australia and New Zealand)
ACQUIROR 收购公司: Dalian Wanda Group Corp Ltd
ACQUIROR 收购公司: Shanghai Yuanlong Investment Co Ltd
INDUSTRY 所在行业: Real Estate/Property
INDUSTRY 所在行业: Consumer Products
房地产物业
Information supplied by Dealogic
MAR 2 FEB
4 FEB
$23M
16 FEB
$11M
TARGET 目标公司: Cudeco Ltd (8.6662%)
TARGET 目标公司: Terramin Australia Ltd (7.2603%)
ACQUIROR 收购公司: Tong Hai Holdings Co Ltd
ACQUIROR 收购公司: Rainbow Dream Worldwide Corp
INDUSTRY 所在行业: Mining 矿业
INDUSTRY 所在行业: Mining 矿业
16 FEB
$32M TARGET 目标公司: Traikant Pty Ltd (Cattle and cropping land in southern Queensland) ACQUIROR 收购公司: Hailiang Group Co Ltd INDUSTRY 所在行业: Agribusiness
$5M
TARGET 目标公司: Queensland Bauxite Ltd (9.266%)
ACQUIROR 收购公司: CWH Resources Ltd
ACQUIROR 收购公司: China Bauxite Trading & Investments Co
INDUSTRY 所在行业: Chemicals 化学制品
INFORMATION SUPPLIED BY
48 | HIGH ER VIEW BUSIN E S S
商道
$1M
TARGET 目标公司: Shanghai KeChao Industrial Ltd (60%)
农业
消费品
4 MAR
INDUSTRY 所在行业: Mining 矿业
OPINION
快谈
拓展中澳关系还大有空间
EMERGING LEADERS ARE THE KEY TO STRONGER AUSTRALIA-CHINA TIES There is plenty being said about the need for a more collaborative Australia-China relationship, including President Xi Jinping’s invitation last year for Australians to “go beyond a commercial partnership” and inject the bilateral relationship with imagination and ambition. As Australia’s largest trading partner, this relationship is critical to Australia’s future prosperity. With the rise of developing nations, by 2050 some predict that Australia won’t even be in the world’s top 20 economies, let alone hosting the G20 as we did last year. But beyond the economic imperative, Australia’s ties with China are also historic and cultural, including a large and well-established Australian community of Chinese ancestry originating from the early 1900s. As the global geopolitical landscape shifts towards China, the strong demand for Australia’s mineral resources begins to wane and China’s industry and consumption patterns evolve, Australia needs to engage more collaboratively with China across a broad range of industries to maintain prosperity and relevance. It’s also critical to ensure the next generation of leaders in Australia have the skills, confidence and personal relationships needed to thrive in the Asian Century. Despite this, more year 12 students in Australia are studying Latin than Mandarin. We’re also failing to make the most of one of our biggest cultural assets. According to the Diversity Council of Australia in their report “Cracking the Cultural Ceiling,” while 9.6% of the Australian community have Asian cultural origins, the largest cohort of which comes from China, they represent only 1.9% of ASX 200 Senior Executives. This is despite high levels of education, ambition and Asia capabilities. So what do we actually do about it? For senior level executives, there are always trade delegations. But what about the people this will affect most? Emerging leaders from Generation
Y and younger will grow up actually seeing China reach its full potential. Their careers will be shaped by this all-important relationship. Three actions are imperative. First, that we give young leaders from both countries working across a broad range of industries the opportunity to build business partnerships that are based on authentic relationships. Second, that we equip them with crosscultural and leadership skills to work confidently across borders. Finally, that we imbue the bilateral relationship with a fresh sense of innovation and entrepreneurialism that tackles the major issues we share. This will create the foundation for a smarter, kinder, stronger Australia-China relationship with positive social and economic outcomes for both countries.
关于中澳两国需进一步加强合作关系的言论 已屡见不鲜。去年习近平主席应邀访问澳大 利亚时就提出两国应“超越商业合作伙伴关 系”，为双边关系开拓了令人憧憬，进取发展 的新空间。中国是澳大利亚最大的贸易伙伴， 澳大利亚与中国有长期的历史和文化联系。 中澳关系对澳大利亚未来的繁荣至关重要。 随着中国在全球政治舞台地位的日益提升及 其国内消费模式的改变，澳大利亚应与中国开 展多领域、全方位的合作。 还有一点同样重要：要确保澳大利亚下一代 的领军人物能拥有在“亚洲世纪”中为保持澳 大利亚繁荣所需的技能、信心和人际关系。遗 憾的是，澳大利亚12年级学生中，学中文的仍 然少于学拉丁文的人数。 我们也未能对自己最大的文化财富善加利 用。根据澳大利亚多元化委员会（Diversity Council of Australia）题为“打破文化藩篱” 的报告，“9.6%的澳大利亚人口拥有亚洲文化 渊源，其中最大的群体为华人。但是，在澳大 商道
by Rachel Walters
利亚证交所上市公司200强中，具有亚裔 背景的高管比例仅为1.9%——尽管他们的教育 水平高，雄心勃勃，并具备开拓亚洲业务的 能力。” 那么，我们究竟做了些什么呢？高级管理人 员通常还能利用贸易代表团的机会。然而， 我们是否忽略了那些将会最受影响的群体呢？ Y世代和年轻一代终将伴随并见证中国充分发 挥其潜力而成长。这一极其重要的友好关系也 将与他们未来职业生涯的发展息息相关。 因此，三个行动势在必行：第一，两国各行 业都有不少青年领袖，应为他们提供机会建立 彼此可以共建未来的诚信关系；第二，提升他 们的跨文化及领导技能，使其应对跨境问题得 心应手；最后，以更多创新进取的新理念拓展 双边关系，解决两国共同面对的重大问题。 这些举措将提升中国对西方商界运作的了解 和信心，中国还可以将这类成功的经验运用到 其它国家，因此，中国将与澳大利亚一样从中 受益。
Rachel Walters is co-founder and director of partnerships at the China Australia Millennial Project (CAMP). CAMP is a world-first bilateral business incubator that united 65 top young leaders from China with 65 Australian peers in Sydney during June this year. 瑞秋·沃尔特斯是“中澳千禧计划”（CAMP）的 创办人之一及合作负责人。今年6月在悉尼启动的中 澳千禧计划是世界上首创的双边企业孵化器，成员包 括来自中国的65位青年领袖以及65位澳大利亚同仁。
H I G H E R V I EW B U SINESS | 4 9
CULTURE
文化
By Isabelle Li - author and translator 李牧原，作者及翻译者
跨越重洋
CROSSING OCEANS Languages separate us into distinct islands of culture, particularly the vastly different languages of English and Mandarin. Yet they are often astonishingly similar, reflects writer, translator and Optus manager Isabelle Li, after translating 21 poems by Australian poet Mark Tredinnick into Chinese. 语言把我们划入了不同的文化区块，尤其像是英语和汉语这两种看似判若鸿 沟的语言。然而，它们也惊人地相似。这是作家、翻译兼Optus公司职员 Isabelle Li在把澳大利亚诗人Mark Tredinnick的21首英文诗歌翻译成中文之 后的感受。
I
translate poetry, from English to Chinese, from my stepmother-tongue to my mother-tongue. People often ask: ‘Can poetry be translated?’ I shall respond to the question and speak about my approach to translation. Firstly, ‘Can poetry be translated?’ This is an age old question about translatability, the possibility of transcending the gulfs that separate us into islands of culture and language. Having lived in different countries, I am very fortunate to know two languages. I’m delighted and exhilarated by their differences, their idiosyncrasies, but more often, astonished and heartened by their shared attributes. Take for example the word ‘tenderness’, which has paradoxical meanings in English. It describes an acutely painful sensitivity, but also, sympathy and affection. It’s one of the key words in Milan Kundera’s Life is Elsewhere. He writes, ‘Tenderness is fear of maturity. It is the attempt to create a tiny artificial space in which it is mutually agreed that we treat others as children.’ In Chinese, the character 疼 (téng) also describes pain, and the heartache for someone else’s pain, and more generally, affection towards loved ones and children. The paradoxical meanings of tenderness 50 | H IGH ER VIEW BUSIN E S S
are mirrored in English and Chinese, or rather reflected kaleidoscopically in multiple languages. Indeed no word is alone – it finds itstwin if not already part of another lexicon, waiting to be born through translation. One can even argue that all art is an act of translation, an attempt to reveal the hidden significance, to evoke what’s beyond reach with what’s at hand. If we think art is possible, we must have already believed in translation. Next I’ll speak about my approach to translation in three metaphors. I liken the translator to the wedding dress maker, tasked with presenting thebride’s poetic essence in his target tongue. For that, he becomes intimately engaged with the bride, to establish a spiritual kinship, to gain a depth of understanding. But when the bride walks down the aisle, perfectly presented, the wedding dress maker doesn’t want his effort noticed. His task has been accomplished. Its reward: the mysterious beauty of translation. I liken the beauty of translation to the aesthetics of the diver. A work of translation is not meant to be read as if it’s written in the target tongue. The very foreignness is part of the aesthetic, like the ocean’s impenetrable 商道
我
从事诗歌翻译，从英文译成中文，从外 语译成我的母语。人们常常问起：“诗 歌也能翻译的吗？”下面我就这个问题做出回 答，并简单阐述我翻译的宗旨。 首先，“诗歌可以翻译吗？”这是一个由来 已久，关于可译性，即超越语言文化障碍的可 能性的问题。 在不同国家的生活经历使我有幸通晓两种语 言。它们精彩独到之处和微妙的差异经常令我 欢喜雀跃，但更多的时候我为它们之间的异曲 同工扼腕叹息。以汉语里“疼”这个字为例， 它既有疼痛的意思，也可以表达喜爱惜护之 情。在英语里tenderness这个词也同样既描述 触痛，又表达温情与爱怜。这种相悖相承的含 义不仅反映在汉语和英语里，也纷呈于其他语 言之中。它是米兰·昆德拉的长篇小说《生活 在他方》里的一个关键词。昆德拉在书中写 道：“tenderness是对成长的恐惧，我们因 此人为地营造出一个狭小的空间并约定在这个 空间里彼此以童真相待。” 其实，没有任何词语是孤立的，它总能在 另外一种语言里找到自己的双胞手足，早已存 在，或等待着通过翻译的过程降生。我们甚至 可以说，所有的艺术其实都是一种翻译行为， 是一种试图揭示事物背后重大意义的尝试， 以此触手可及唤起彼无法企及。如果我们相信 艺术的可能性，我们其实已经相信了语言的可 译性。
CULTURE
文化
otherness to the diver. Mark Tredinnick’s poems are written in long sentences with complex syntax. I strive to preserve his style, even though long sentences are harder to compose in Chinese. I trust the reader will delight in the foreign ebbs and flows, the artful undulations and meanders. I liken the mode of translation to that of storytelling: the truth of the story is inits telling. I search for words of matchingverbal weight, equal etymological value, and comparable illumination for the desiredlexical effect, because translation must present not only what a poem means but how it comes to mean what it means at the most microscopic level. The philosopher and literary critic Walter Benjamin advocates for a vital connection, considering the translation a continuity of the original, its afterlife, eternal life. I consider the translation an organic part of the original, in flesh and blood, a new limb, grown out of love and necessity. This is an edited version of a speech delivered at the launch of Almost Everything I Know from Flying Island Press, which gathers 21 pieces of Mark Tredinnick’s poetry and offers them in two languages - English and Chinese.
One can argue that all art is an act of translation an attempt to reveal hidden significance.
接下来我会用三个比喻来谈一谈我的翻译 宗旨。 我认为翻译是为他人作嫁衣。译者肩负着用 目标语言呈现新娘诗意美感的任务。为此， 他必须与新娘建立精神上亲密无间的关系， 对她满怀一往情深的理解。但是当她身着云 裳，袅娜步入殿堂的时刻，译者并不希望自己 的努力被发现。他的任务已经完成了，而他的 回报就是译文本身的美轮美奂。 译文之美是潜水之美。翻译的目标并不是要 使译文读起来像用目标语言写作的一样。对其 外来性的表现其实是译文审美的一部分，仿佛 海洋之于潜水者永远无法穿透的未知性。诗人 马克经常运用阶梯状构架，辅以复杂的英文句 法，句式参差变幻，长句波澜起伏，线条优美 又音律均衡，达到一气呵成的效果。我在翻译 的过程中尽量保持了原作的风格，虽然长句用 中文比较难组织，相信读者会怡情于这种外来 的此起彼伏和抑扬顿挫。 翻译的程式如同讲故事，故事的真理体现在 其叙述的过程之中。所以我尽力寻找那些在语 重、辞源和解析上与原文相匹配的词汇，从而 不仅表达出原诗的意思，还力图在最细微的层 面上展示出原诗的意思是如何被表达出来的。 哲学家和文学评论家瓦尔特·本雅明主张一 本文节选自飞岛出版社出版的《Almost 种 “ 重 要 联 系 ” ， 认 为 译 作 是 原 作 的 延 续 、 Everything I Know》一书的首发式上的讲话。 来 世 和 永 生 。 我 认 为 译 作 是 原 作 的 一 部 分 ， 该书收集了Mark Tredinnick的21首诗歌，并 是它血肉相连的臂膀，在爱中必然滋生。 以英文和中文两种语言呈现。 商道
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CULTURE
Why I published my poems in English and Chinese By Mark Tredinnick
Poetry is what gossip can’t say; it’s the news the news forgets to tell. It lets us into our own secrets. Poetry witnesses the heart’s undoing, the soul’s becoming; its shape is the shape of wisdom as it dawns. Poetry translates what everyone feels but few can find words to say. So all poetry, all art, is translation. It translates our own inner lives for us and gives them back to us; it gives to “airy nothings”, as Shakespeare put it, “a local habitation and a name.” But all cultures, every human life, would be poorer if literature written in one tongue were lost to speakers of all other tongues.
文化
Poetry, itself, would be poorer, since there would be certain truths to which a poet, living inside one language, would remain deaf. Since aspects of all our natures can only be discovered in certain languages, all of us find a bit more of ourselves in poems born in another language and translated into our own tongues. My own life and my own writing practice have been enriched by literature from other lands, translated into English; and I know no one who has read more books from more cultures than Isabelle Li. Both of us owe large parts of our poetic lives to translation. So it gladdens and honours me to see my poems carried by Isabelle into that most poetic language, Chinese, and into the lives of readers who would never, otherwise, know the secrets—the reader’s own secrets— told there.
The Kingfisher For Maureen Harris
And so each bird throws the idea of herself ahead of herself, up the river— A line of spiritual thought without a sinker— And flies after it. As if the actual could ever hope to reel the ideal in. But so it is That awareness of the Azure Kingfisher—a dark electricity, a plump Trim elegance of intent—reaches you on the riverbank that last warm Sunday of autumn, split seconds Before the bird; so that when she passes you at light speed, her name is already a bright blue phrase on your tongue, is already the unresolved cadence of your second self.
蓝翠鸟 致莫琳·哈里斯 那么每只鸟将她的自我意识 投射在自身前方，逆流而上—— 一道心灵的闪念不带沉坠—— 然后追着目标飞翔。好像现实真能拉近理想。而天青 蓝翠鸟的感知也是如此——深色的电流，丰满 端庄的意念——在秋天最后一个 温暖的周日，先鸟儿几秒种 触动岸边的你；所以，当她以光速飞过，她的名字 已是你舌尖亮蓝的短语，已是 你第二个自我未释怀的节律。
52 | HIGHER VIEW BUSIN E S S
商道
Mark Tredinnick is an Australian poet, essayist and teacher. He is the winner of the Montreal International Poetry Prize in 2011 and the Cardiff International Poetry Competition in 2012. Below is one of his poems published in English and Chinese in his new book, Almost Everything I Know.
我为什么用英中双语发表我的诗作 作者：Mark Tredinnick 闲言碎语里难寻诗情，诗里的故事更早已被新 闻忘却。然而，诗歌让我们探寻自我内心的秘 密。诗歌，见证心灵的凋落，灵魂的成长； 诗心，总在心智灵动的瞬间澎湃成形。一首好 诗，就可道尽我们每个人感同身受却又难以言 表的万语千言。 因此，所有诗歌，所有的艺术，如同翻译， 都是一种诠释（译注：请参见原文，原文中 translation一字可译为“翻译，转化，诠释” 等意。因本文涉及翻译，故作者语带双关）。 诗歌诠释我们的内心世界，并将之回馈给我 们。正如莎士比亚所说，诗歌为世间“空灵的 无形之物”提供了“一处居所, 一个名字。” 然而，倘若用一种语言所描绘的文字无法被另 一种语言的读者所领会，那么每一种文化，每 一个人的生活, 或许都将比现有的稍逊一筹。 而诗歌本身,或许也会因此而有所失色， 因为对于生活在某种语言环境里的诗人来说， 总会有些真相，他们一向置若罔闻。而天地造 化的某些方面，我们只能在某种特定的文字里 才能发掘其精髓。因此，我们每个人，都能借 助另一种语言中产生而翻译成我们母语的诗 歌，来发现一点点更多的自我。 我个人的生活和写作经历素来都因为汲取了 其他国家翻译成英文的作品而更为丰富多彩。 在认识的人当中，我还不知道有谁像Isabelle Li这样博览各国群书。我们两人的诗意生活， 有很大部分应归功于翻译的作品。因此, 当我 看到Isabelle Li将我的诗作用最诗意的语言— 中文翻译出来，传送到中文读者的生活中，我 倍感喜悦和荣幸。因为，如果没有她，这些读 者原本或许永远不会知道，那些秘密—那些他 们自己的秘密，早已在这些作品中尽诉了！ Mark Tredinnick是澳大利亚诗人、散文 家，也是一位老师。他是2011年蒙特利尔 国际诗歌奖及2012年加迪夫国际诗歌大赛的 获奖者。下面是他的新书Almost everything I know中，用英汉双语发表的一首诗作。
CULTURE
文化
恰到好处方精彩 THE RIGHT IDIOM AT THE RIGHT TIME If you listened to Chinese President Xi Jinping’s speeches during his visit to Australia, you may have noticed in almost every address he said: “As an old Chinese saying goes…”. When he addressed parliament, for example, he said “the ocean is vast because it admits numerous rivers.” (大海之阔，非一流之归也) And in his article published in the Australian Financial Review prior to the G20 Summit, he said: “Even mountains and seas cannot distance people with common aspirations.” (志合者，不以山海 为远) The beauty of the Chinese language owes a lot to its long history. So it is common for Chinese to draw on their ancestors’ wisdom to succinctly express their emotions, be it a typical four-character idiom, an ancient poem or a philosophical quote from Confucius.
ONE GENERATION PLANTS A TREE, THE NEXT SITS IN ITS SHADE. (Chinese proverb)
Qián rén zhòng shù , hòu rén chéng liáng
前人种树，后人乘凉。 中国古语
In business and politics, world leaders and businesspeople use this strategy to make an impression when visiting China or hosting Chinese friends. Before President’s Xi addressed the Australian Parliament, interestingly both the Prime Minister and the Opposition Leader had Chinese sayings up their sleeves. Abbott quoted Confucius: “It is a joy to have friends come from afar”, (有朋自远 方来，不亦乐乎!) while Shorten went for the neighbour angle: “A good neighbour is not to be traded for gold.” (好邻居，金不换) And at an event during his visit to China last April, Tony Abbott surprised everyone with the brevity of his remarks: “It is said when true friends meet, a thousand cups of wine are insufficient to express their happiness, (酒逢知己千杯少) so here is a toast to true friends.”
(The Analects of Confucius)
Jack Chen is a translator, cross-cultural advisor and columnist based in Sydney. 陈小杰，悉尼知名翻译家、 跨文化顾问及专栏作家。
chen.xiao.jie@hotmail.com
IF TWO PEOPLE ARE OF THE SAME MIND, THEIR SHARPNESS CAN PIERCE THROUGH METAL.
Hǎi nèi cún zhī jǐ , tiān yá ruò bǐ lín
Èr rén tóng xīn , qí lì duàn jīn
海内存知己，天涯若比邻。
二人同心，其利断金。
(WANG Bo, famous Chinese poet, Tang Dynasty)
IT IS A JOY TO HAVE FRIENDS COME FROM AFAR!
Wēn gù ér zhī xīn
(The Analects of Confucius)
温故而知新。
Yǒu péng zì yuǎn fāng lái , bú yī lè hū
出处:《论语》
Abbott was said to have made “the shortest but most brilliant toast ever”. Why? As commented by Chinese Vice-Premier Wang Yang, “What I mean by the shortest is that it had only one sentence,” and “most brilliant is because you quoted a Chinese proverb.” See the impact? So give it a try yourself. But here’s one piece of advice. Play it safe at first and avoid the more obscure sayings unless you really understand what context they apply to. Here are a few good ones you can try.
ALTHOUGH WE RESIDE IN FAR CORNERS OF THE WORLD, HAVING A GOOD FRIEND IS AKIN TO HAVING A GOOD NEIGHBOUR.
出处: 王勃唐诗《送杜少府之任蜀州》
CONSIDER THE PAST, YOU SHALL KNOW THE FUTURE.
by Jack Chen
有朋自远方来，不亦乐乎！ 出处:《论语》
(The Book of Change)
出处:《易经》
A TRAIL THROUGH THE MOUNTAINS, IF USED, BECOMES A PATH IN A SHORT TIME, BUT, IF UNUSED, BECOMES BLOCKED BY OVERGROWTH IN AN EQUALLY SHORT TIME. (Mencius, Ancient Chinese philosopher)
A SINGLE FLOWER DOES NOT MAKE SPRING; ONE HUNDRED FLOWERS IN FULL BLOSSOM BRING SPRING TO THE GARDEN.
YOU CAN ENJOY A GRANDER SIGHT BY CLIMBING TO A GREATER HEIGHT.
Yī huā dú fàng bú shì chūn ,
Yù qióng qiān lí mù ,
wéi jiàn bù yòng ,
欲穷千里目，
为间不用，
gèng shàng yī céng lóu
zé máo sè dùn kāi
更上一层楼。
则茅塞之矣。
(Chinese proverb)
一花独放不是春， bǎi huā qí fàng chūn mǎn yuán
百花齐放春满园。 出处:《古今贤文》
(WANG Zhi-huan, famous Chinese poet, Tang Dynasty)
出处:王之焕唐诗《登鹳雀楼》
商道
Shān jìng zhī xī jiàn ,
山径之蹊间， jiè rán yòng zhī ér chéng lù ,
介然用之而成路，
出处: 孟子《尽心下》
H I G H E R V I EW B U SINE SS | 53
PROPERTY INVESTMENT IN AUSTRALIA
54 | HIGHER VIEW BUSIN E S S
法律
商道
LEGAL
法律
By Eddie Hsu, Counsel, Dentons 作者：埃迪许，律师，Dentons
外商在中国投资的新未来
NEW PARADIGM FOR FOREIGN INVESTMENT
While it remains to be seen whether China’s new foreign investment law will pass, and in what timeframe, investors should educate themselves on the benefits and potential pitfalls of this historically significant legislation. 虽然中国新的外资法案获批通过的可能性和时间还存疑，但投资者应 熟谙这一具有历史性重大意义的立法法案的各个方面。
O
ver the past 30 years, China experienced sweeping social and economic changes at a rate and scale that have arguably never been seen before in human history. Even today, the pace of change is rapid and often dramatic. From the perspective of foreign investment, the flow of investment dollars into China between 1985 and 2015 increased 25 fold. And even while the net capital outflow from China to other parts of the world now outpaces capital inflow, total “inbound investment” is still on the rise. In 2014, Australian investors alone accounted for over US$57.9 billion dollars of foreign investment in China. Against this backdrop of overwhelming economic activity, one may find it hard to believe that the regulations governing foreign investment in China have largely remained unchanged… until now. In early 2015, China’s Ministry of Commerce (“MOFCOM”) issued a draft version of a new foreign investment law which, if passed, would replace the existing foreign investment laws and bring China’s regulatory framework closer in line with international practices. Highlights of the draft law’s potentially transformative impact are presented below.
过
去的三十年间，中国的社会和经济以史 亚 ， 即 使 投 资 者 公 司 的 资 本 和 最 终 控 制 人 无前例的速度和规模经历了翻天覆地的 来自中国，也会被中国政府定义为“外国投资 变化。即便在今天，这种变化也是迅速而显著 者”。反之，如果投资者的公司（包括外商独 的。从外资角度来看，对华投资从1985年到 资企业和合资企业）在中国建立，将会被视 2015年间增加了25倍。尽管现在中国的资本 为“本国企业”。新的草案不同于现行方法， 净流出已超过其资本净流入，“来华投资”仍 采取“实质大于形式”的原则，根据公司的最 然保持继续增长的态势。2014年单澳大利亚一 终控制人来定义公司的性质。在新的草案下， 国对华投资就有579亿美元。在这样的大经济 在中国成立的公司但实际由外资控制（从投票 背景下，中国的外资管理办法居然至今未变， 权、董事会或股东任命或其他实质性的影响角 实在令人难以置信。 度考量）也会被定义为“外商投资企业”。相 2015年初，中国商务部发布了新的外资法 应地，这样的公司进行的投资也会被定义为 律草案。这个草案如果通过，将会取代现有法 “外商投资”，并受外资法律的监管。相反，实 律，使中国的监管框架进一步与国际接轨。该 际被中国投资者控制的海外实体将会被看作 法律草案的主要潜在影响如下。 “本国企业”，可以进入那些限制或禁止外商投 资的领域进行投资。 简化市场准入管理的“负面清单” 现有法律规定所有海外投资须根据案例的不 同情况由政府批准。按照投资类别的不同， 审批程序特别是对绿地项目投资的审批，需要 三个月或更长时间来完成。新的草案通过“负 面清单”管理模式简化了市场准入：对那些政 府鼓励或允许的产业，外资项目的审批程序被 简化为备案；而对那些受政府限制的领域或在 任意两年内总投资额超过法定投资门槛的项 目，将继续实行严格的准入审批制度。 对外商投资企业的新定义 中国现行的管理制度根据注册地定义外国投 资者。例如，如果投资者的注册地是澳大利
China’s foreign investment laws remain largely unchanged.
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SIMPLIFIED MARKET ENTRY REGULATIONS: THE “NEGATIVE LIST”
departs from this practice by taking a “substance over form” approach which characterises a company based on its ultimate controller. Under the draft law, a company formed in China but effectively controlled by a foreign investor (that is, in terms of voting rights, board or shareholders’ appointments, or other material influence) will be deemed to be a foreign invested enterprise (“FIE”). Accordingly, investments made by these companies would be treated as “foreign investments” subject to regulation under the foreign investment laws. In contrast, investments by an offshore entity that are effectively “controlled” by Chinese investors would be regarded as investments by a “domestic” Chinese company, and would therefore be permitted to do business in certain industries that foreigners are otherwise restricted or prohibited from entering.
CHARACTERISATION OF FOREIGN INVESTED ENTERPRISES (FIES) AS FOREIGN INVESTORS
TREATMENT OF VIE STRUCTURES
The existing foreign investment regulations require all investments by foreigners to be approved by government regulators on a case by case basis. Depending on the category or sector of investment, the approval and registration process, particularly for greenfield investments, often takes three or more months to complete. The draft law simplifies market entry for foreign investors by adopting a “negative list” approach, whereby foreign investment projects in “permitted” or “encouraged” sectors would be reduced to a mere filing procedure. Projects in “restricted” industries, or for which the proposed aggregate investment in any two-year period exceeds the statutory investment thresholds, would continue to be subject to regulatory approval.
China’s current regulatory regime characterises foreign investors according to where they are incorporated. For example, if a foreign investor is incorporated in Australia, China will view the investor as a “foreign investor”, even if the company’s source of capital or ultimate controller is from China. Conversely, companies (including wholly foreign owned enterprises and joint venture enterprises) are generally regarded by regulators as “domestic” Chinese companies if they are established in China. The draft law
US$57.9b 579亿 In 2014, Australian investors alone accounted for over US$57.9 billion of foreign investment into China 2014年单澳大利亚一国对华投资 就有579亿美元。
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The new criteria for determining whether an investor is “foreign” or “domestic” will have a substantial impact on VIE structures. A VIE refers to a structure whereby a foreign investor and/or its wholly foreign owned enterprise in China (“WFOE”) indirectly controls, and receives the economic benefit derived from, a domestic PRC operating company through a series of contractual arrangements between the foreign investor/WFOE and the nominee shareholders of the operating company. VIEs have been adopted by foreign and domestic investors alike, but often for different purposes. Foreign investors used the VIE structure as a means to gain entry to otherwise restricted or prohibited industries, while domestic Chinese investors used the VIE structure as a means of raising funds offshore that were then used to invest into onshore operating entities, often with a view to listing abroad. Perhaps because of its crucial role in offshore financing, the Chinese government has steered clear of regulating the VIE structure since its inception in the early 2000s. The positive news for Chinese companies is that the draft law appears to permit Chinese companies to raise international funds through offshore companies that are ultimately “controlled” by Chinese investors. If this is the case, domestic companies whose ultimate investors are Chinese would arguably no longer need to employ a VIE structure. 商道
The draft law simplifies market entry for foreign investors, by adopting a “negative list” approach. 对VIE（可变利益实体）模式的处理 对“外来”和“国内”投资者的新的定义标 准对VIE 模式有重大影响。VIE模式指的是外国 投资者和/或其在中国的独资企业，通过与中 国国内企业的股东之间的一系列合约，间接控 制此中国国内企业，并获取经济利益。 国内外投资者都使用VIE模式，但目的却不 同。外国投资者通过VIE模式进入那些限制或 禁止外商投资的领域，而本国投资者通过VIE 模式募集离岸资金用于投资到境内经营实体， 以实现日后海外上市。由于其在境外融资中所 扮演的关键角色，中国政府自本世纪初已经避 开对VIE模式的监管。 对中国企业的利好是，草案似乎允许中国企 业通过由其控制的海外公司募集国际资金。 如果情况果真如此，那些由中国投资者控制的 国内企业将可能不再需要采用VIE结构。 另一方面，草案似乎确定了如果投资企业的 最终控制股东是外商，即使被投资实体是由中 国股东直接控制的，这种投资也会被定义为 “外资”。这意味着，如果一个最终所有者是外 国投资者的中国国内公司在限制或禁止外商投 资的领域经营，该公司将不再能依靠VIE结构 规避外商投资限制。因此，该法律草案可能会 极大地阻碍外国投资者在那些受限行业的经营 能力。 可能由于VIE结构的敏感性和重要性，草案 并没有详细说明企业通过VIE结构的控制将被 如何监管。根据商务部对草案的解释性说明， 国内企业通过现有VIE模式进入限制或禁止外 商投资的行业可有三种途径： ⑴企业可向商务部报告其是由中国投资者所 控制，这样VIE结构可以保持不变； ⑵企业可向商务部申请并证明其是由中国投
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On the other hand, the draft law appears to treat an investment as “foreign” if the ultimate controlling shareholder is foreign, regardless of whether the investee entity is directly owned by Chinese shareholders. This means that if a domestic Chinese company operates in a restricted or prohibited sector and its ultimate owner is a foreign investor, the company would no longer be able to rely on the VIE structure to circumvent the foreign investment restrictions. As a result, the draft law could dramatically hinder the ability of foreign investors to operate in restricted industries. Likely due to the sensitivity and importance of the VIE structure, the draft law does not elaborate on how businesses controlled through a VIE structure would be regulated. According to MOFCOM’s explanatory note on the draft law, there are three possible approaches with respect to domestic companies under existing VIE structures that operate in restricted or prohibited sectors: (i) the company may report to MOFCOM that it is controlled by Chinese investors, with the result that the VIE structure can remain in place; (ii) the company may apply to MOFCOM to certify that the company is controlled by Chinese investors, and upon such confirmation, the VIE structure can remain in place; and (iii) the company may apply to MOFCOM for foreign investment approval, and MOFCOM would assess the situation together with other regulators and make a decision.
The law could hinder the ability of foreign investors to operate in restricted industries.
Based on MOFCOM’s explanatory note, it appears that existing VIE structures may not be automatically grandfathered into the new regime when the draft law is enacted, which implies that MOFCOM may review existing VIE structures on a case by case basis to determine compliance with the draft law.
CORPORATE GOVERNANCE
The draft law requires all existing FIEs to establish corporate governance structures in accordance with the Company Law of the PRC within three years of the date on which the draft law is enacted. Given that the corporate governance requirements applicable to FIEs under the existing law is different than the requirements under PRC Company Law, FIEs will need to take action to amend their joint venture agreements and articles of association to reflect the corporate governance structure in the PRC Company Law.
NATIONAL SECURITY REVIEW
The draft indicates that the Chinese government is generally relaxing approvals for investments in the “encouraged” or “permitted” industries, but is tightening regulation in more strategic areas, such as national security. Investments that may pose a threat to national security will trigger a “national security review”. The national security review is comprised of two stages. First, a general review that may take up to 30 business days, and second, for applications that did not pass the first stage, a specific review that may take an additional period of up to 60 business days. If the review authority, co-chaired by MOFCOM and the NDRC, believes that an investment poses a threat to national security, it will provide a written opinion to the State Council, which will then render a final and non-appealable decision.
TIME TO PREPARE
The draft law represents a major change in China’s attitude toward foreign investment, particularly in the permitted and encouraged sectors. Since the draft law was issued in January, it is unlikely that it will be finalised and passed into law until at least next year, at the earliest. However, foreign investors would be well advised to consider the potential implications of this new legislation on their existing and future investments in China in preparation for its enactment. 商道
25 fold 倍
The flow of investment dollars into China increased 25 fold between 1985 and 2015, but the foreign investment regulations hardly changed. 从外资角度来看，对华投 资从1985年到2015年间 增加了25倍。
资者所控制，在经商务部确认后VIE结构可以 保持不变；和 ⑶企业可向商务部申请外商投资审批许可， 商务部和其他监管部门在评估情况后决定。 根据商务部的解释，草案一经颁布，似乎现 有的VIE模式不能自动受到新规定的保护， 这意味着商务部可能要对现有VIE模式逐个具 体审查以确定其是否与草案相符。 公司治理 草案要求所有现有外商投资企业应于法案生 效之日起三年内建立与中华人民共和国公司法 相符的法人治理结构。如果外商投资企业的现 有公司治理结构与中国的公司法相矛盾，外资 企业将需要采取行动修改合资协议和章程， 做到与中国公司法相符。 国家安全审查 草案显示，中国政府通常在那些被“鼓励” 或“允许”的行业里放宽投资审批，而对那些 具战略性意义的领域如国家安全领域，则会加 强监管。有可能对国家安全构成威胁的投资将 会引发“国家安全审查”。国家安全审查由两 阶段构成：首先是一项可能会持续30个工作日 的一般性审查；第二，对那些没有通过第一阶 段一般性审查的申请，会有一个额外的可能长 达60个工作日的特定审查。如果由商务部和发 改委主持的审查机关认定某项投资对国家安全 构成了威胁，他们会向国务院提交一份书面意 见，国务院将作出终决。 准备时间 该法律草案体现了中国对外商投资态度的重 大变化，特别是在那些被允许和鼓励投资的领 域。由于该法律草案是在今年一月发布的， 最早到明年才有可能正式通过立法。然而，在 其即将颁布的准备过程中，外国投资者应考虑 这部新的立法对他们现在和未来对华投资的潜 在影响。 H I G H E R V I EW B USINESS | 57
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By Belle Jing, Senior associate - Addisons. 作者：百丽静，Addisons律师事务所高 级法务经理
发挥您在澳企的影响力
MAKE YOUR MARK Chinese investors are now an integral part of Australia’s business scene, but too often we see these investors frustrated trying to exert any influence over how the companies they invest in are run. With a better understanding of Australian law, you can effectively voice your concerns and influence company direction, even with only a small share of ownership. 中国投资者已成为澳大利亚商业界不可或缺的一份子。不过，我们经常可以看到, 中国投资者在试图影响其所投资企业的运作方式时，常因不得其门而懊悔不已。 如果投资者能深入了解澳大利亚法律，哪怕他们仅持有很小一部分的股权， 也能通过有效地发出自己的声音来影响企业未来的发展方向。
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n recent years, we have seen a number of Chinese investors in Australian listed companies who have been disappointed with their management. Australia is remote so, despite the myriad of flight services now operating between Australia and China per day, we sometimes see Chinese investors frustrated trying to exert any influence or control over the running of these companies. It doesn’t have to be that way. Used intelligently, the law in Australia can enable these investors to effectively voice their concerns and influence the future direction of these companies. We explore how to achieve this below, starting with just a 1% stake in a listed Australian public company. For simplicity, we assume the company has only one class of fully-paid ordinary shares on issue, each carrying the right to one vote.
HOW MUCH NOISE CAN YOU MAKE WITH 1%?
More than you may have thought. As a minority shareholder, you still have rights, which will 58 | HIGHER VIEW BUSIN E S S
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年来，有大量投资于澳大利亚上市公司 的中国投资者对这些企业的管理方式表 示不满。 尽管每天有大量的航班往返于澳中两国之 间，但澳大利亚毕竟还是山高水远，所以那些 试图影响或控制这些上市公司如何运作的中国 投资者常因不得其门而懊恼不已。 实际情形大可不必如此。 如果运用得当，澳大利亚法律可以帮助这些 投资者有效地发出自己的声音，并影响这些企 业未来的发展方向。 以下我们将探讨如何做到这一点——哪怕您 在某家澳大利亚上市公司中仅持有1%的股权。 为简单起见，我们假定该上市公司只发行了一 类缴足股款的普通股，每股附带一份表决权。
仅持有1%股权，会有多大影响力？ 远大于您能想象的！作为一位少数股东，您 仍享有相关权利，而这些权利可帮助您为自己 的行动争取各方支持。 假定您在一家采矿服务公司中持有1%的股 权。公司的董事会将公司收入的急剧下滑归咎 于疲弱的商品价格及采矿业低迷的需求。但您 深知，公司未实现自身价值的根本原因在于资 本配置不佳，而且董事会管理不善。 澳大利亚《公司法》是一项能协助您行动的 商道
极其有用的工具。它能为您争取其他股东的支 持来对这些问题采取行动，推进变革。无论持 股比例是多少，投资者均有权依法： • 查阅公司的股东名册、期权持有人名册以及 债券持有人名册；以及 • 将该类信息用于与其在公司中权益和权利相 关的各种目的。 利用这些名册内所载的姓名和地址，您可以 找到合适的听众来开展活动。如果公司不太友 好地向您致电或致函询问为什么需要这些名册 的话，您无需惊讶，因为如果您需保留这些名 册的副本，他们有权如此查问。因此，了解自 己的合法权利，随时准备捍卫自身权益至关 重要。 持有5%股权，会有多大影响力？ 一旦您争取到另外4%股东（按表决权数量） 的支持，那么您就公司发表的言论就可谓掷地 有声了。 拥有至少5%全部表决权的股东可以要求董 事会： • 在提出要求的21天内通知召集公司股东大 会，而且股东大会须在申请提出的2个月内召 开，所有费用均由公司承担（如果提出该项申 请的股东希望更快速地推进此事的话，那么他 们也可自担费用来推进此事）；
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help you to rally support for your cause. • 在提出要求的2个月内召开会议，相关费用 来得要广）的话： Say you are a 1% shareholder in a mining 由公司承担； • 如果在一家上市公司中持有5%或以上的股 services company. The company directors are • 在所提议的此类会议上向股东们提交您希望 份，您将需向市场披露自身的大股东身份，并 blaming weak commodity prices and poor 股东审议的任何决议；以及 在自身持股比例出现1%或以上的变动之时向 demand from the mining industry as the • 向股东们分发（连同大会通知）一份由提出 市场做出通报； primary reasons for the company’s sharply 要 求 的 股 东 起 草 的 ， 与 待 审 决 议 或 需 在 会 • 如果在一家上市公司中持有20%或以上的股 declining revenue. But you know that there is 上进行适当审议的任何事务相关的一千字以内 份，若您有意收购该公司更多股权，您将需对 value in the company that is not being realised 的声明。 整个公司提出收购要约，除非各类相关法规中 due to ineffective capital deployment and 就在不久之前，若有任何100位或以上的股 规定的一项法定例外情形对您适用。 board mismanagement. 东提出申请，无论这些股东拥有多少表决权， 违反任何这些规定可能导致您与澳大利亚收 To help start your campaign to raise 董事会都必须满足上述要求。这项义务如今已 购事务委员会之间产生麻烦。虽然澳大利亚收 shareholder action on these issues and amass 从法例中删除，以实现保护少数股东权利以及 购事务委员会并非法院，但其权限广泛，可以 support for change, the Australian corporations 维护公司运营效率之间的平衡。 处理与上市公司控制权相关的各种事务并就其 law provides a useful tool. Regardless of the size 但是，任何由100位或以上股东组成的团体 做出裁决。 of your shareholding, you have a right, 仍有权向任何已安排的股东大会议程提交自己 在澳大利亚法律当中，“关联”这个概念的 protected by law, to: 的待议事项，并发表一千字以内的声明。因 含 义 十 分 宽 泛 并 涉 及 诸 多 层 面 ， 因 此 并 非 • access the company’s register of 此，对于一家股东为数众多的公司，如果您争 总能轻而易举地明晰界定您在一家公司中的关 shareholders, option holders and debenture 取到其它99位股东的支持，那么您就可以有力 联权益。共同申请召集股东大会或表示有意如 holders; and 地敦促公司考虑您所提出的一些重要议题。但 此行事的股东们有时会有被视为串通一气的嫌 • use the information for purposes relevant to 是，您需要耐心等待下一次会议的召开——通 疑；如果属实的话，则他们将被视为彼此的 their interests and rights vis-à-vis the company. 常是年度股东大会。 “关联方”。再深入一步的话，如果股东们就公 The names and addresses in those registers 但是，当与其它股东采取这类集体行动之 司事务的某项表决彼此达成一些约束性的承 should assist you to find the right audience for 前，您需要谨慎行事，切勿因为这些行动而 诺，则这些股东必属关联方无疑。另一方面， your campaign. Don’t be surprised if you get an 导致彼此成为所谓的“关联方”。这是因为 各股东之间通常可以自由地就一项会议的表决 unfriendly call or letter from the company 在澳大利亚，如果您和您的关联方有下述的 交流意见，提出表决建议，讨论他们认为公司 asking why you want the registers. They are “关联权益”（其含义要比法定或实际所有权 存在的各种问题并提出相应的解决方案。如果 商道
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The company can, in an AGM, resolve to remove a director from office. entitled to ask for that information if you want a copy of the registers to keep. So it’s important that you know your rights at law and are prepared to defend your purpose.
HOW MUCH NOISE CAN YOU MAKE WITH 5%?
Once you have rallied up the support of another 4% (by number of votes) of shareholders, you can then really start to make a splash in company waters. Shareholders with at least 5% of total votes can require the directors to: • call a general meeting of the company within 21 days of request, and hold themeeting within two months of request, all at the company’s cost (the requisitioning shareholders could also do this at their own cost, if they wish to move more quickly); • hold the meeting within two months of request, at the company’s cost; • put to shareholders any resolution that you put forward for consideration at the proposed meeting; and • distribute to shareholders, together with the notice of meeting, a 1,000 word statement by the requisitioning shareholders as to the proposed resolutions and any other matter that may be properly considered at the meeting. Until recently, the directors would also have needed to do the above at the demand of any group of 100 shareholders, regardless of how many votes they held. This obligation has now been removed from statute to strike a balance between protecting minority rights and preserving the business efficacy of the company. 60 | H IGH ER VIEW BUSIN E S S
法律
However, the right of a block of 100 各股东在相关公司事务的处理方面保持其独立 shareholders to place matters on the agenda of 性，则不能因为他们共同支持某个作法而将其 any general meeting already scheduled—and to 视为“关联”行为。 make 1,000 word statements—remains unaffected. Therefore, in a widely held 持有15%-25%股权，会有多大影响力？ company, you could still force important issues 您的影响力当然远大于那些持股占1%或5% into the spotlight for consideration by the 的股东。 company if you have the support of 99 other 在澳大利亚，通常持股约20%的股东会获得 shareholders. However, you will need to wait 一个公司董事会的席位。但是，如果股东本人 until the next scheduled meeting—usually 拒绝或者公司并未直接提供该席位，股东仍然 the AGM. 可以考虑现任董事会是否合适或者是否需要做 Take care though when adopting collective 出某些改变。 action with fellow shareholders. You may not 无论公司章程或任何其它协议如何规定， want to become “associates” of one another as 公司股东大会均可做出解除某董事职务的决 a result of those actions. This is because in 议。而该决议的通过需要绝大多数股东投票 Australia, if you, together with your associates, 认可。但是，这种多数票是根据出席会议并表 have a “relevant interest” (this is wider than 决的股东投票（股东本人或其代理）计算， just a legal or beneficial ownership) in: 所以针对某一决议而言，实际需要的票数 • 5% or more of the shares in a listed （您所拥有的15%-25%的直接投票权除外） company, you will need to disclose yourself 可能更少。 to the market as a substantial shareholder 如果想要更加巧妙的办法，那就利用“双振 and will need to keep the market informed of 出局”规则（译注： two-strike rule为棒球用 any movement of 1% or more in your 语，或译为“两好球”规则，投手连出好球， shareholding; or 本垒击球手三击中两击不中，极为不利，再失 • 20% or more of the shares in a listed 一球即出局）。这个规则给你和其它股东提供 company, you will need to make a takeover 机会，让公司董事关注影响公司运营的一些 bid for the whole of the company if you want 实际问题。简言之，该规则要求上市公司在每 to acquire any further interest in the shares 一届年会上将其薪酬报告交给股东进行 of the company, unless you can rely on one 非约束性的投票。如果持有股权25%或以上 of the various statutory exceptions to 的股东投票“反对”薪酬报告（第一个 this rule. “好球”），下一份薪酬报告须对以下情况做出 A breach of either of these rules could land 说明： you in hot water with the Australian Takeovers • 董事会已如何解决或打算如何解决上一报告 Panel which, whilst not a court, has broad 中股东关心的问题；以及 statutory powers to deal with and make orders • 如 果 董 事 会 未 提 出 任 何 行 动 方 案 ， 原 因 in respect of matters relating to the control of 何在。 listed companies. 如果持有股权25％或以上的股东投票反对 As the concept of “association” is very 这一份薪酬报告（第二个“好球”），那么， broad and multi-faceted under Australian 公司必须依照相应法规于90日内另行召开股东 law, it is not always easy to determine what your relevant interest is in a company. Shareholders that collectively requisition a general meeting of the company, or evince an intention to do so, are at risk of being perceived to be acting in concert with each With a 1% shareholding other which, if true, will render them associates you can access the register of of one another. If, going a step further, shareholders and use that information for their interests shareholders enter into binding commitments 持有1%的股权，你就能够查阅 as to how they will vote in relation to the 公司的股东名册，并使用 company’s affairs, they will most certainly be 相关信息为股东们 associates. On the other hand, shareholders are 争取利益。 generally free to exchange views as to how they wish to vote at a proposed meeting, make voting recommendations and discuss the
1%
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LEGAL
法律
problems they see in the company and suggested solutions. Provided that shareholders retain their discretion as to how to approach an issue in relation to the company’s affairs, the issue of association is unlikely to arise merely because the shareholders support the same course of action.
HOW MUCH NOISE CAN YOU MAKE WITH 15% TO 25%?
Much more than 1% or 5%. It is common in Australia for a holder with around 20% of a company to be given a seat on the board. However, if that is not what you desire or the offer is not forthcoming, it may nevertheless be time for shareholders to consider whether the incumbent board is right for the company or whether some changes need to be made. The company can, in a general meeting, resolve to remove a director from office despite anything in the company’s constitution or any other agreement. For this resolution to be carried, it will need to be approved by a majority of the votes cast. However, as this majority is calculated on the votes of shareholders present and voting at the meeting (in person or by proxy), the actual percentage of votes that you need on the resolution (in addition to your direct voting power of 15% to 25%) is likely to be much less. If you want to take a more subtle approach, the ‘two strike’ rule may provide you and your fellow shareholders with an opportunity to focus the attention of the company directors on live issues affecting the company. In a nutshell, the rule requires listed companies to put its remuneration report to a non-binding shareholder vote at each AGM. If the remuneration report receives a “no” vote of 25% or more (the first ‘strike’), the company’s next remuneration report must explain: • how the board has addressed or proposes to address shareholders’ concerns on the last report; or • if the board does not propose any action, the board’s reasons for not taking any action. If the company receives a “no” vote of 25% or more on the next remuneration report (the second ‘strike’), the company is obliged, by operation of statute, to hold another general meeting within 90 days at which all directors
(other than the managing director) will stand for re-election and shareholders can vote as to whether those directors should be replaced or re-elected. The effect of the ‘two strike’ regime is to put at risk the office of incumbent directors if they do not adequately respond to shareholder concerns, both on the remuneration report and more generally, over two consecutive years. The downside to this approach is that you may need to wait for more than two years before you see any real change being implemented by the company. You may be able to influence behaviour earlier than this by foreshadowing a negative vote. If however you want something done quickly, blunt instruments such as requisitioning meetings and spilling the board may be more appropriate. Be aware however that there are very technical rules around what you need to do in order to move for the removal of a director and, in particular, when to do it. In 2015, following receipt of a requisition for a general meeting from its then lender and substantial shareholder, the board of ASX-listed junior gold explorer KBL Mining Limited, on advice from this firm, rejected the lender’s motion to remove all incumbent members of the KBL board on the basis that the requisition was invalid and of no effect. Such a move could unnecessarily delay your campaign or weaken your message, particularly if the issue of concern is time critical.
SO MAKE YOUR MARK
The Australian legal landscape providesample opportunity for minority shareholders, with the right approach, to get their voices heard. An analysis of the US experience by The Economist, published in February this year, found the 50 largest activist positions taken since 2009 saw a rise in company profit, capital investment and research and development in the majority of cases. In Australia, the law presents shareholders with the opportunity to take a combination of subtle and blunt measures to influence the decisions of the company’s board and management. Australian boards also have a statutory duty to act in the best interests of all shareholders as a whole. Failure to do so opens up an even broader range of remedies for shareholders. Even those with only 1%. 商道
5%
Shareholders with 5% of total votes can call a general meeting at company cost and put forward a resolution 拥有至少5%全部表决权 的股东可以要求董事会 并且提交股东审议的 任何决议。
大会，对所有董事（执行董事除外）进行改 选， 由全体股东投票决定现有董事去留。 “双振出局“政策的作用在于，如果现任董事 在薪酬报告中，或笼统地说，连续两年对股东 关心的问题未能做出充分回应的话，他们面临 被免职的风险。 其不利之处在于，你可能需要等待两年以 上，才能看到公司实施实质改变。此前，你或 能通过预示将投反对票来敦促相应的行为改 进。但若你想快刀斩乱麻，要求召开股东特别 会议和董事会改选等直截了当的手段或许更行 之有效。 应该注意的是，如何解除某个董事职务尤其 是时间问题需严格照章办事。2015年，澳大利 亚证交所上市的小型黄金勘探企业KBL Mining Limited董事会在收到其当时的贷款人及主要 股东正式请求召开全体股东大会的通知后，根 据本律师事务所的建议，由于该正式请求书不 合规范而无效，以此拒绝了贷款人要求解除 KBL董事会所有现任董事职务的动议。因此， 这类举动可能会对您的行动造成不必要的延误 或削弱您的立场，特别是在问题关键而时间又 紧迫的情况下。 一显身手吧！ 如果合理运用澳大利亚的法律体系，持少数 股的股东也能有充分机会让自己关注的 问题引起重视。今年二月份《经济学人》杂志 一份对美国的相关情形分析发现，自2009起， 在最大的五十家有股东维权事件的企业， 绝大部分公司的利润、资本投资以及研发 均实现增长。在澳大利亚，法律为股东 提供了采纳微妙和直接相结合的举措来 影响公司董事会和管理层决策的机会。澳大 利亚的董事会有维护所有股东的最大权益的 法定责任。股东在相关职责未有履行的情形下 有权获得一系列相应的补偿，即使他们的股权 只占1%。 H I G H E R V I EW B USINESS | 61
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62 | H IGH ER VIEW BUSIN E S S
经济
商道
ECONOMY
经济
Doug Ferguson, head of KPMG’s Asia Business Group Hans Hendrischke, Professor at University of Sydney Business School Matt Whitby, Head of Research & Consulting for Knight Frank 作者：道格·弗格森（毕马威澳大利亚亚洲商业集团总裁） Hans Hendrischke （悉尼大学商学院教授） 马特·惠特 (莱坊集团研究及咨询部总裁)
投资新纪元
A NEW NORMAL
Chinese outbound investment is moving away from its previous strong focus on resources and seeking out high technology, services and consumer products in the developed world. It is increasingly being led by the private sector, and is showing resilience despite the slowing resources construction boom. Australian commercial real estate, in particular, is attracting a surge of new capital. 中国的对外投资重心正从原先集中于资源产业转向发达国家的各类高新技术、 服务业及消费产品。尽管资源开发项目的热潮渐退，但日益由私营企业主导的这 波新浪潮正方兴未艾，尤其是澳大利亚的商业地产正吸引大批新资本的涌入。
C
hinese outbound direct investment is a relatively new phenomenon which is attracting the attention not only of developing countries but also developed countries such as the USA and Australia. For the first time in 2014, China’s ODI exceeded inward foreign direct investment (FDI) with China’s Ministry of Commerce estimating US$120 billion was invested abroad. Not only is the volume increasing, but the industry sectors attracting Chinese investment are diversifying towards high technology, services and consumer products. This plays in the favour of the developed economies like Australia. With China set to enter the fast lane as a global investor, more and more Chinese companies are looking to overseas investments to access new markets and acquire new experience, technology, brands and human capital. According to a KPMG Australia and University of Sydney analysis, Chinese companies have shifted their focus from resources and the developing world to more diversified industries, increasingly in developed countries. Global real estate firm Knight Frank
has also provided figures showing a surge of Chinese investment in Australian commercial real estate during 2014.
SEISMIC SHIFTS IN THE NATURE OF CHINESE INVESTMENT
Chinese companies have invested approximately US$67 billion directly into Australia since 2007, making Australia the second largest country recipient behind the USA. In his speech at the APEC Forum in Beijing in 2014, Chinese President Xi Jinping said accumulated Chinese outbound investment reached US$660 billion in 2013 and would reach US$1.25 trillion over the next decade. Out of the top ten Chinese global ODI investments in 2010, six were in oil, gas and mining. This was also the experience in Australia. Between 2007 and 2012 the large majority of that investment was into mining and gas projects in Western Australia and Queensland, driven by China’s insatiable demand for iron ore, coal, LNG and other non-ferrous metals. Since 2013 however, the traditional sector patterns and nature of Chinese investors has 商道
中
国的对外直接投资是个相对较新的现 象，除了发展中国家，它也吸引着美国 和澳大利亚之类发达国家的关注。2014年，中 国的对外直接投资首次超过了外国对华直接投 资。中国商务部估计，中国投资者的海外投资 总额达1200亿美元。 除了金额增长，吸引中国投资的产业部门也 开始朝着高新技术、服务业以及消费产品等多 元化方向发展。这种态势对于澳大利亚之类的 发达经济体而言十分有利。 随着中国踏入全球化投资的快车道，越来越 多的中国企业开始放眼全球，以期进军新市 场，获取新的经验、技术、品牌和人力资源。 澳大利亚毕马威公司以及悉尼大学一份名为 《解密中国在澳大利亚的投资》的分析报告指 出，中国企业已将其投资重心从资源及发展中 国家为主，转向更多元化的产业，并逐渐开始 将目光投向发达国家。全球知名物业顾问莱坊 国际（Knight Frank）所发布的相关图表也显 示，2014年间有大量中国投资涌入澳大利亚的 各类商业地产项目。 中国投资特点的重大转变 自2007年以来，中国企业对澳大利亚的直接 投资总额约为670亿美元，令澳大利亚成为仅 次于美国的第二大投资热土。 H I G H E R V I EW B U SINESS | 6 3
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经济
Chinese companies are looking overseas to access new markets and acquire new experience. changed markedly. It has moved away from mining and gas and towards new consumer based sectors including commercial, infrastructure and agribusiness, along with leisure and tourism. This is also consistent with global Chinese ODI trends in 2014 which saw only one major mining investment in the top ten, and nine out of ten investments made in developed countries. Concerns that Chinese investment would fall away given the resources sector price slump and the high level of existing Chinese resources sector investment in Australia have proven
real, with Chinese ODI falling 9.1% from the prior year to US$8.35 billion. Australia’s attraction as an investment destination has held up remarkably well despite the decline of the resources construction boom. Significant structural changes are paving the way for Australia as a destination for investment in commercial real estate and a range of more diversified industries. This suggests we have arrived at a ‘new normal’ in Australia-China investment relations in 2014. Over the past decade, Chinese companies have also developed a reputation for making very large-sized investments in Australia which demonstrate long term commitment to operating in Australia. 2014 was no different with four mega-sized transactions with deal size values over A$500 million, worth A$3.9 billion or 47%. These included CCCC International Holding Limited’s A$1.15 billion acquisition of John Holland Group, and the A$1 billion acquisition of Hoyts Group by ID Leisure International Capital.
COMMERCIAL REAL ESTATE INVESTMENT BOOMING
In 2014, for the first time almost half of Chinese property investment (46%) was concentrated in commercial real estate transactions, up from 14% in 2013. What started as sovereign funds making
CHINESE ODI IN AUSTRALIA 2014
2014年中国在澳大利亚的海外直接投资
Source: KPMG/University of Sydney database
INDUSTRY 行业
VALUE (A$ MILLION) 价值（百万澳元）
%
Commercial Real Estate 商业地产
$4372.08
46%
Infrastructure 基础设施
$2,025.00
21%
Leisure and Retail 休闲和零售
$1,101.00
12%
Mining 矿业
$992.30
11%
Energy (gas and oil) 能源（气油和石油）
$667.00
7%
Manufacturing 制造业
$164.90
2%
Agribusiness 农业企业
$140.30
1%
TOTAL
$9,462.58
100%
64 | HIGHER VIEW BUSIN E S S
商道
在2014年北京召开的亚太经合组织论坛上， 习近平主席表示：2013年中国的累计海外投资 总额达到6600亿美元，并将在未来十年内达到 1.25万亿美元。 在2010年排名前十位的中国在全球的海外直 接投资项目当中，有六个与石油、天然气和矿 产相关。澳大利亚尤其如此。在2007年至 2012年期间，得益于中国对铁矿、煤炭、液化 天然气以及其它有色金属的大量需求，绝大部 分的对澳投资均是位于西澳大利亚州的采矿和 天然气项目。 然而，2013年起，中资在澳的传统投 资模式及特点发生了显著变化。他们开始 从矿产和天然气转向以消费者为导向的新领 域，这包括商业地产、基础设施和农业综 合经营，以及休闲和旅游业。这种情况也与 2014年中国的海外直接投资发展趋势十分契 合，只有一个重大矿业项目挤入中资海外投资 全球十大排名，而且其中九个投资项目是在发 达国家。 事实证明，由于资源价格暴跌，以及中资在 澳现有投资水平已属高位而引发的关于中国在 澳投资或将逐渐减少的担忧不无道理：中国的 对澳直接投资额为83.5亿美元，较上一年下降 了9.1%。 尽管资源开发热潮正在减退，但澳大利亚 作为一个优质投资目的地的不凡魅力犹在。 一系列的重大结构变化正为澳大利亚成为商业 地产以及一系列多元化产业的投资目的地铺平 道路。 这种情况表明，中澳两国的投资关系已从 2014年起进入一个“新常态”。 在过去的十年里，中国企业已在澳大利亚 树立了有能力开展超大型投资并致力在澳大利 亚长期经营的良好声誉。2014年也是如此： 中国在澳大利亚达成了四个单项金额均超过 5亿澳元的超级大交易，所涉总金额达到39亿 澳元，占总额的47%。其中包括中交国际 投资11.5亿澳元收购John Holland集团，以及 ID Leisure International Capital投资10亿澳 元收购Hoyts集团。 商业地产投资风生水起 2014年，中国投资总额当中超过一半 （46%）流向各类商业地产，而2013年这一比 例仅为14%。 这类最初是各类主权基金浅尝辄止的试探性 投资如今已演变为中国开发商、银行、超高净 值人士以及机构投资者（比如保险公司）共同 投身其中的一场投资盛宴。 一系列的综合因素及一些关键的国内经济 和政策变化更为其推波助澜。其中最具影响 力的驱动因素之一则来自于中国住宅地产 市场的持续调整。激烈的国内竞争、政府对
ECONOMY
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2014 DEALS BY OWNERSHIP
2014年按公司所有权分类的交易
Source: KPMG/University of Sydney database
OWNERSHIP
INVESTMENT VALUE (A$ MILLION) %
NO. DEALS
SOE SOE公司
$3,228.40
34%
9
PRIVATE 私有企业
$6,234.18
66%
51
TOTAL
$9,462.58
100%
60
所有权
投资价值（百万澳元）
exploratory investments has proliferated into buying sprees by Chinese developers, banks, ultra high net worth individuals and institutional investors such as insurance companies. This surge has been fuelled by a combination of push and pull factors, with a number of key domestic economic and policy variables contributing. One of the most powerful drivers has been the continued consolidation of China’s residential real estate market. Fierce domestic competition, combined with government curbs on home purchases and rising borrowing costs over the past two years, has led to developers actively looking elsewhere for new opportunities. Government incentives, such as the relaxation of real estate investment regulations for insurance companies, have also resulted in billions of dollars in extra funding for overseas investment. Seven of the top ten Chinese developers have already made investments in Australia, and other developers are contemplating such a move. Greenland Group, one of Shanghai’s largest state-owned enterprises, has purchased numerous development sites in Sydney’s CBD and other metropolitan markets in Sydney and Melbourne. Other developers actively developing product include Country Garden, Starryland, Chiwayland, Bridgehill, Aqualand, Golden Age, JQZ, R&F Properties, Golden Horse and Dalian Wanda (Wanda One). We expect to see more debuts from these companies and other private developers in the coming years. After heavy investment in prime office buildings and subsequent yield compression in gateway cities such as Sydney and Melbourne, Chinese investors have begun to look increasingly at opportunities in other key cities and other property sectors. This has put the spotlight on suburban locations in metropolitan Sydney, Brisbane and Melbourne, not just within the CBD and fringe markets.
Whereas investors traditionally targeted the core office and residential development sector, they are now also targeting a more diversified group of real estate assets, including hotels and leisure facilities, industrial property and student accommodation. Brisbane and the Gold Coast have begun to capture more residential development interest from Chinese investors and developers. There has been increasing activity in non-core areas of Brisbane, such as Newstead and Fortitude Valley, and this is expected to broaden to more metropolitan sites and to the Gold Coast, where Wanda has co-invested in an A$1 billion beachfront site. These markets are underpriced relative to Sydney and Melbourne, and we expect Chinese developers to continue to seek entry to these markets. Adelaide and more satellite or regional suburbs of NSW and Victoria will start to gain interest from Chinese investors and we should see some stronger price growth occur also.
NEW PLAYERS EMERGING
Until recently, the majority of investment has been led by Chinese State Owned Enterprises (SOEs). This is consistent with global trends and the pattern of investment into natural resources and very large infrastructure projects. Since 2013, however, there has been a noticeable shift in activity and deal investment by Chinese private sector companies. For the first time, 2014 saw investment from China’s private enterprises exceed investment from state-owned enterprises (SOEs) by number of deals as well as in total deal value. Under this new normal scenario and by applying past percentages to forecast investment values, Chinese companies are expected to continue to invest over US$90 billion in Australia in the next decade across a 商道
购房者所实施的种种限制以及过去两年期间 借贷成本的节节上升导致开发商开始积极找 寻新的机会。政府推出的种种鼓励政策（比如 放宽对保险公司投资不动产的限制）也推动 几十亿美元的额外资金涌向海外市场。 中国排名前十位的开发商中有七家已经进 军澳大利亚，而其它开发商也在酝酿之中。 身为上海最大国有企业之一的绿地集团已购 入了位于悉尼中心商业区以及悉尼及墨尔本 其他城区的众多开发地块。同时在积极开发 各类地产项目的其它开发商包括碧桂园、Starr yland、Bridgehill、Aqualand、Golden Age、JQZ、R&F Properties、金马以及大连 万达（Wanda One）。预计未来几年内， 这些企业以及其它私人开发商将会推出更多的 项目。 在顶级写字楼吸引重金投资，及随后悉尼 和墨尔本等门户城市中心商业区的租金回报率 出现下降之后，中国投资者已开始找寻其它主 要城市以及地产业其它细分市场的投资机遇。 其重心已从悉尼、布里斯班和墨尔本等大城市 的中心商业区及其周边市场转向更远的外围 城郊地带。尽管这些投资者历来都以核心区的 办公楼和住宅开发为首要目标，但如今他们 也开始将目光瞄准更为多元化的地产类别， 包括酒店和休闲设施、工业地产以及学生宿舍 楼等等。 越来越多的中国投资者和开发商也开始关 注布里斯班和黄金海岸的住宅开发市场。 布里斯班非核心区的地产开发项目也在稳步 增加，比如Newstead区以及Fortitude Valley区；这种状况必将蔓延至更多的城区， 甚至是黄金海岸——万达集团在此参与了 一个投资额达10亿美元的滨海开发项目。 相对于悉尼和墨尔本，这些市场显然被严重 低估。预计中国开发商们还将继续涉足这些 市场。阿德雷得以及新南威尔士州和维多利亚 州的更多卫星城或乡镇地区将开始吸引中国 投资者的目光，而我们也必将迎来更强劲的价 格上涨。 新玩家入场 就在不久前，大部分的投资项目都还是由中 国的国有企业所主导。这种情况也符合中国在 全球范围内对各种自然资源以及超大型基础设 施项目进行投资的趋势和模式。 但自2013年以来，中国的私营企业就开始接 过各种投资活动和交易的接力棒。2014年，中 国私营企业的交易数量以及交易总额首次超过 了国有企业。 在这种新常态下，如果利用历史比值来预测 投资金额的话，那么未来十年内中国企业对澳 大利亚各类产业的持续投资总额将为900亿美 元以上。 H I G H E R V I EW B U SINESS | 6 5
»
ECONOMY
经济
MAJOR CHINESE INVESTMENTS IN 2014 2014年中国的主要投资 TARGET NAME 目标公司名称
ACQUIRER NAME 收购公司名称
Source: KPMG/University of Sydney database
INDUSTRY SECTOR
STATE
所在的州
所在行业
TRANSACTION VALUE (AUD M)
TRANSACTION VALUE (USD M)
交易额（百万澳元）
交易额（百万美元）
John Holland Group
CCCC International Holding Limited (CCCI)
Infrastructure
NSW
1,150.0
946.92
Hoyts Group
ID Leisure International Capital
Leisure
NSW
1,000.0
823.41
Aquila Resources Limited
Baosteel Resources/Aurizon Holdings
Mining
WA
910.01
854.13
Port of Newcastle (99 year lease)
China Merchants Group /Hastings Funds Management (50-50 JV)
Infrastructure
NSW
875.0
813.97
Roc Oil Company Limited
Fosun International
Oil
NSW
489.0
455.24
Sheraton on the Park, Sydney
Sunshine Insurance Group Corporation
Commercial real estate
NSW
463.0
400.51
Gold Field House, 1 Alfred Street, Sydney
Dalian Wanda Group
Commercial real estate
NSW
425.0
349.95
175 Liverpool Street, Sydney
Shimao Property
Commercial real estate
NSW
392.7
339.70
1 Baosteel has paid AUD 910 million for the acquisition. http://www.baosteel.com/group/contents/1670/76056.html
46%
In 2014, 46% of Chinese property investment went into commercial property 2014年，中国投资总额当中 超过一半（46%）流向各 类商业地产。
wide range of industries. China and Australia have recently signed a Free Trade Agreement which raised the threshold for private, non-state-owned investment from China in non-sensitive sectors from A$248 million to A$1.08 billion. This FTA is expected to accelerate the flow of Chinese investment funds into Australia. President Xi’s visit to Australia and speech in Parliament House in Canberra was enormously important in cementing the deal which also generously acknowledged Australia’s “most favoured nation status” with China for trade and investment. The stronger buying power of the Chinese and the weaker Australian dollar will 66 | HIGHER VIEW BUSIN E S S
undoubtedly continue to support capital inflow. Base interest rates for local borrowings, at all-time lows of 2%, will also help. People-to-people links are also improving between Australia and China which is critically important. Australia offers a visa scheme that most other countries don’t. The introduction of the Significant Investor Visa scheme in late 2012 intended to target the migration of high-net-worth individuals to Australia and required an investment of at least A$5 million into complying investments in Australia for a minimum of four years before becoming eligible for a permanent visa. This has predominately been taken up by Chinese investors. This process was refined during 2014/15, with a Premium Investor Visa (PIV) offering a more expeditious, 12-month pathway to permanent residency for those meeting an A$5 million threshold. This will be another driver of increased capital flow into Australia more broadly from ultra-high net worth individuals over the course of 2015/16. Additional research provided by Professor Hans Hendrischke from University of Sydney Business School, and Matt Whitby, head of research and consulting for Knight Frank. 商道
中国与澳大利亚最近签署了自由贸易协定， 将中国私人以及非国有投资者对澳大利亚非敏 感产业的投资门槛从2.48亿澳元提升至10.8亿 澳元。该项自由贸易协定有望推动更多中国资 金流入澳大利亚。习近平主席对澳大利亚的访 问及其在堪培拉国会大厦的演讲有力巩固了两 国所签的这项协定；该协定也确认了澳大利亚 在中国的贸易和投资进程中所享受的“最惠国 待遇”。 中国消费者强劲的购买力以及澳元的走弱无 疑将继续推动各方资金流入澳大利亚，而国内 出于历史最低位的2%基准借贷利率也势将对 此推波助澜。 中澳两国人民之间的往来也日益增强， 并发挥重要作用。澳大利亚提供了大部分其它 国家所没有的一种签证方案。2012年， 澳大利亚瞄准那些有意移民澳大利亚的 高净值个人推出了重大投资者签证方案； 申请人在至少四年时间内按规定投资500万澳 元后即有资格获得永久签证。此签证方案 的申请人大部分为中国投资者。2014-2015年 期间，澳大利亚对该签证方案进行了细化， 其中至尊投资者签证（PIV）方案为那些 在12个月时间内达到500万澳元投资门槛 的投资者提供了一个更为快捷的选择。该方案 将于2015年7月1日推出，并将在2015-2016年 期间进一步促进超高净值个人加大对澳大利亚 的投资。
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By Rachael Bolton, freelance journalist 自由撰稿人瑞秋 · 博尔顿
春城笑开澳洲花
TOIL AND REWARD The board of Australian flower company Lynch Group took some convincing to expand into China. But with a flourishing farming operation near the “spring city” Kunming, and insatiable demand from Chinese consumers, now they wish they had moved sooner. 澳大利亚花卉公司林奇集团（Lynch Group）的董事会下了很大的决心才 决定将业务扩展至中国。但随着其位于春城昆明附近种植基地业务的风生 水起，以及中国消费者需求的节节上升，公司现在开始后悔没有更早一些 进入中国。
C
ultivating a plant takes knowledge, time and patience. So does building a flower cultivating operation from scratch in rural China. Lynch Group began a century ago as a family business selling fresh flowers to florists in Sydney. Today it is the largest provider in Australia, servicing customers that include both Coles and Woolworths. But with a burgeoning interest in mainland China, the company is rapidly discovering how petite Australia can seem side-by-side with the jade giant to the north. Under executive director John Khalil’s watch, the company first looked to expand into the Netherlands, Germany, Italy and France three decades ago. However in the 2000s, as the European market began to implode and with Eastern economies on the rise, Lynch turned its focus to China. Lynch officially launched its Chinese operations in 2007, as Australia and China hashed out the details of a new understanding on economic cooperation. And in fact, Khalil explains, it was the Chinese government who first approached his company with the idea to expand into their market. “It was a bit unusual,” Khalil tells Higher View Business. “But we are very successful at what we do and they saw we were doing the right things and invited us to come along. Once I got there and saw how it was I moved on it straight away.” He says the Chinese government has been very proactive in finding foreign corporations 6 8 | HIGH ER VIEW BUSIN E S S
like his that can provide some value to existing local industries.
THE SPRING CITY
The climate in the Kunming area of Yunnan in Southern China is ideal for the cultivation of some floral industry staples like roses, lisianthus and baby’s breath. Lynch has invested a lot of time and money into the development of new flower farms in that region and now employs around 200 locals on the ground. As a result of the company’s commitment to employing people on the ground and supporting the local industry, Khalil says they have found the Chinese business community extremely encouraging. On the other hand he says there are not many Australian companies sharing their China experiences, at least in his industry. Khalil says he thinks some businesses are failing to perform the proper due diligence – they look at China and all they see are dollar signs. “We did all our studies before we went in for sure, maybe two to three years of research,” he says. “We didn’t want to go the wrong way. “Too many people are trying to enter the [Chinese] market but if you don’t understand the culture, the country, the people, it will be too hard and you will fail.” The flowers grown in these Chinese farms are harvested and shipped to fill international orders. But on the flip side, flowers grown in Australia are also finding their way into the 商道
植
物的种植考验人的技巧、时间及耐心， 而从无到有在中国农村打造一个花卉种 植基地更是如此。 林奇集团始于一百多年前向悉尼花商供应鲜 花的一个家庭作坊。今天，它已发展为澳大利 亚最大的花卉供应商，服务于包括Coles和 Woolworths等大超市在内的众多客户。随着 对中国大陆的兴趣不断增强，公司很快就发现 与自家北面的这个巨无霸市场相比，澳大利亚 实在是太小了。 林奇集团已历经家族三代的传承，过去30多 年掌门人都是董事总经理约翰·卡里尔 （John Khalil）。 由于卡里尔独具慧眼，公司从三十年前就开 始逐步将业务拓展至荷兰、德国、意大利以及 法国。但进入二十一世纪后，欧洲市场日益饱 和。随着远东各国的冉冉崛起，林奇开始将目 光投向中国。 林奇集团于2007年正式进军中国，时逢中 澳两国敲定了一份经济合作备忘录的相关细 节。卡里尔表示事实上当时是中国政府主动接 洽林奇，邀请公司进入中国市场。 卡里尔向《商道》杂志透露：“这有些不同 寻常，但我们确实很擅长于我们所做的事， 而中国政府也看到了这一点，并邀请我们前去 参观考察。到那之后，我马上决定要把此事 做成。” 他表示，中国政府对于像林奇集团这样能为 当地现有产业创造价值的外国企业总是积极主 动的。 春之城 昆明是云南省首府，气候宜人，特别适合种 植诸如玫瑰、洋桔梗、满天星这类花卉。林奇 集团投入了大量的时间和资金在该地开发了多
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homes of Chinese consumers. Lynch operates farms in Western Australia and Victoria and, to a lesser extent, in New South Wales and Queensland. The Australian natives are grown on these properties with Waxflower and Banksia proving most popular among Chinese consumers. “It’s a little bit too popular,” he says. “Banksia is very popular because they look at it and know that it is from Australia. The bright red colour is also lucky in Chinese culture so the Banksia is also popular for that reason. “People are looking for branding, new products, something different, and when you provide any market with something different at the right value that’s a good business opportunity.”
CHOOSING THE RIGHT MARKET
But despite the fervour with which the Chinese consumer has taken to the exotic Australian product, Lynch only sells them to a very small portion of the Chinese market. They exhibit and wholesale to florists in Yunnan and Shanghai only. “It’s such a big market, very huge, so you can’t think about China as the whole of China or you never can do it,” Khalil says. “As an Australian business, you have to think about a single city and that is enough. One city is like the whole of Australia.” Because the cultivation of Australian native plants often requires a lot of time, and the climate required for these farms is so specific, it is very difficult to ramp up supply in line with actual demand for the product. So the company can’t afford to court the entire market. There is simply not enough product to satiate the desires of all prospective consumers. But no entrepreneur would deny it’s a good problem to have. For Lynch Group and Khalil, the adventure has been so successful he now spends one or two weeks out of every month in Kunming, supporting the Chinese business. “If I had to do one thing differently I would get in quicker,” he reflects. The Lynch board was not so easily convinced of the wisdom of this move as Khalil was. “Change is always difficult,” he says, “and an expansion of this size is a big investment. But now they see it, why we should do it. We all regret time that was lost.”
The Australian banksia is highly popular among Chinese consumers, partially owing to its deep red colour 佛塔花深受中国消费者欢迎的部分原因是 因为其大红色彩是中国文化中的吉祥色
个新的花卉种植基地。目前雇用了约200位当 地工人。 由于公司致力于聘用当地工人并扶持当地产 业，卡里尔发现当地的工商业界也积极对他们 投桃报李。 卡里尔指出：“如果你做正确的事情，那么 大家都会来帮你；我们与当地人之间的合作非 常密切。他们知道我们去那里会帮他们创造价 值，因此非常支持我们。他们很清楚我们能帮 他们推销产品、创造财富及就业机会。” 选择正确的市场 尽管中国消费者对于充满异国情调的澳大利 亚花卉抱以巨大的热情，但这些花卉只在很小 一部分的中国市场上销售。林奇集团只向云南 和上海的花商批发鲜花，在上海实际上只在几 个区内销售。 卡里尔提醒说：“这个市场太大了，所以 你不能将中国当作一个整体来看待，否则您将 永远无法取得成功。作为一家澳大利亚企业， 你可能考虑一个城市，而且这样就足够了， 因为一个城市的销量就相当于整个澳大 利亚。” 由于种植澳大利亚本土花卉通常需要大量的 时间，并且对种植基地的气候也有特殊的要 求，因此很难根据产品的实际需求来加大供 应量。 商道
卡里尔解释说：“我们在本地种植这些澳大 利亚原产花卉，然后出口。做大量尝试和试 验，但气候本身是一大阻碍。比如佛塔花需要 种植三或四年时间后方能采摘。这些都需要大 量长期的投资，并且相当耗费时日。” 因此，公司无法占领整个市场，简单的原因 就是产量不足以满足所有潜在消费者的需求。 他补充说：“我们在每个展销会上都发现了 巨大的需求，这种需求远远超出我们的实际供 应能力。对于如何销售产品，我们需要慎之又 慎。我们不希望因为加价而把消费者吓跑，而 要确保价格合理。” 因此，这意味着限制产品的宣传力度。 良机就在当下 大概没有企业家不乐于碰上这样一个“供不 应求”的难题。对于林奇集团和卡里尔而言， 这段开拓中国市场之路是如此的成功，以至于 他现在每个月都要花一两周时间呆在昆明，为 中国分公司提供支持。 “如果可以重来一次的话，我会更早一些进入 中国，”卡里尔感叹道。他早年独具慧眼，但 当时说服林奇董事会却并非易事。 他表示：“做出改变总会面临重重困难，而 这种规模的扩张也是一项重大投资。但现在他 们终于理解了为什么我们应该这样做。我们都 遗憾曾经浪费了不少时间。” H I G H E R V I EW B U SINESS | 69
Quarterly Australian Residential Quarterly Residential QuarterlyAustralian Australian Residential Property Survey: Property Survey: Q1 2015 Property Survey:Q1 Q12015 2015
Quarterly Australian Residential Property Survey: Q1 2015 CHARTS
图表
NAB Group Economics by by NAB Group Economics by NAB Group Economics
NAB Residential Property Index rises stronger house price growth offsets falling rents. Sentiment up in allup Residential Property Index rises asas stronger house price growth offsets falling rents. Sentiment up in in all all NABNAB Residential Property Index rises as stronger house price growth offsets falling rents. Sentiment states except WA. VIC most optimistic looking forward. National demand stronger for allfor types states except WA. and VIC most optimistic looking forward. National demand stronger forall alloftypes types of of states except WA. QLDQLD andQLD VICand most optimistic looking forward. National demand stronger property in all locations. Around 25%ofofall allproperty property isisbeing purchased by first home buyersbuyers (FHB) - 15% property and inand all locations. Around 25% being purchased firsthome home (FHB) -- 15% 15% property and in all locations. Around 25% of all property is being purchased bybyfirst buyers (FHB) are FHB owner occupiers and 10% are FHB “investors”. Foreign buyers more active in NSW (1 in 5 new sales), are FHB owner occupiers and 10% FHB “investors”. Foreign buyers more activeininpurchases NSW(1(1in inNSW 5new new sales), sales), are FHB owner occupiers andin 10% areare FHB “investors”. buyers more NSW byback NAB Group Economics but are pulling VIC. Almost 70% of all foreign Foreign sales are below $1m, but active 42% of all in 5 but are pulling back in VIC. Almost 70% of all foreign sales are below $1m, but 42% of all purchases in NSW Embargoed until: 11.30am Tuesday 21 April sales 2015 are below $1m, but 42% of all purchases in NSW but are pulling back$1m. in VIC. Almost 70% of all foreign are above are above $1m. are above $1m.
NAB Residential Property Survey: Q1 2015
by NAB Group Economics
NAB Residential Property Index rises as stronger house price growth offsets falling rents. Sentiment up in all states (bar WA). QLD & VIC most optimistic looking forward. National demand stronger for all types of property and in all locations.The Around NAB Residential Property Index rose to +21 points in Q1 25% of all property is being purchased by first home (above buyerslong-term average). Sentiment strongest in NSW, VIC &The QLDNAB and still negative in WA & SA/NT. QLD & VIC (FHB) - 15% are FHB owner occupiers and 10% are FHB Residential Property Index rose to most +21 points in Q1 in next 1-2 years. WA most pessimistic NAB Property Index rosestrongest to +21 points in Q1 inoptimistic 5 new Residential “investors”. Foreign buyers more active in NSW (1 The (above long-term average). Sentiment in NSW, VIC (but much less than in Q4). (above long-term average).inSentiment strongest NSW, sales), but pull back in VIC. Almost 70% of all foreign sales are & QLD and still negative WA & SA/NT. QLD & in VIC mostVIC below $1mn, but 42% of all purchases in NSW are above $1mn. & QLD and still negative in WA & SA/NT. QLD & VIC most optimistic in next 1-2 years. WA most pessimistic optimistic in next 1-2 years. Survey highlights: (but much less than in Q4).WA most pessimistic (butin much The NAB Residential Property Index rose to +21 points Q1 less than in Q4). (above long-term average). Sentiment strongest in NSW, VIC & Embargoed until: Tuesday 21 April 2015 QLD and still11.30am negative in WA & SA/NT. QLD & VIC most optimistic in price next expectations 1-2 years. WA most pessimistic (but much less than in Q4). National ramp up with QLD National expectations ramp andNSW to lead price country for capital gains in up nextwith QLD & NSW to lead country for capital gains in next 1-2 years; Price growth slowing in VIC and lagging in SA/NT & WA.house (NAB sees NAB Property Index rises aslagging stronger pricenational house prices slowing, but considerable variance between 1-2Residential years. Price growth slowing in VIC and states). Expectations for rents soften, improved growth offsets falling Sentiment up inwith all states (baroutlook WA). in VIC & NSW offset by softer expectations in other states. in SA/NT and WA. NAB rents. sees national house prices Foreign buyers more active in newstates. housing markets with 15.6% of all sales, but activity shifts by location. Foreign buyers slowing, but considerable variance between QLD & VIC most optimistic looking forward. National demand National price expectations ramp up with QLD rise to high of soften, 21% inwith NSW, butin fall 20.7% in VIC. FHBs account for 1 in 4 sales - 14.7% owner occupiers; 10.1% investors. Expectations rents improved stronger forcountry allfor types property and alltolocations. Around and price NSW to forof capital gains in next National expectations ramp up with QLD lead Around 53% ofbeing foreign are apartments, 30% houses and 17% for re-development. Foreigners most invested in outlook in VIC and NSW offsetpurchased bypurchases softer expectations 25% of all property is by first home buyers 1-2 years. growth in VIC and lagging and NSW to lead country capital gains inhouses next inPrice other states.forslowing apartments in NSW (58%), VICare (34%) and redevelopment in WA (22%). Around 70% of all foreign sales were (FHB) - 15% are FHB owner andin 10% FHB in SA/NT and WA. NAB sees national house prices 1-2 years. Price growth slowing in VICoccupiers and lagging under $1mn. Around 85% of sales in QLD were sub-$1mn, whereas 42% of purchases in NSW were above $1mn. “investors”. Foreign buyers more active in NSW (1 in 5 new slowing, but variance between states. considerable National improves for all types of new property and in all locations. Interestingly, demand for new CBD in SA/NT and WA. NAB seesdemand national house prices pull back in VIC. Almost 70% of all foreign sales arecontinued reports of a supply glut in the Melbourne CBD. sales), but apartments improves in all states, including VIC despite Expectations for rents soften, with improved slowing, but considerable between states. below $1mn, butvariance 42% of all purchases in NSW are above $1mn. Housing affordability, sustainability of price gains, construction costs and lack of development sites the biggest outlook in andsoften, NSW offset softer expectations Expectations forVIC rents with by improved Survey highlights: impediments to buying new property. Employment security and price levels biggest impediments for established property. in other states. outlook in VIC and NSW offset by softer expectations Demand for existing property now to strongest for houses TheNAB Residential Property Index rose +21 points in Q1 in mid/outer ring with demand up notably in NSW and VIC (where in other states. buyersaverage). may be priced out of inner city growth expectations stronger in all price ranges next year (abovesome long-term Sentiment strongest inmarkets). NSW, VICCapital & both in negative established housing and apartment markets. Expectations strongest in NSW and weakest in WA at all price points. QLD and still in WA & SA/NT. QLD & VIC most optimistic NAB also expects house prices to cool National house price expectations strengthe n in Q4). in next 1-2 years. WA most pessimistic (but much less than
Property Index
PropertyIndex Index Property
Residential Property Survey: Q1 2015 NAB ResidentialNAB Property Index rises as stronger house price growth offsets falling rents. Sentiment up in all by NAB Group Economics states exceptOutlook WA. QLD and VIC most optimistic looking forward. National demand stronger for all types of Outlook property and in all locations. Around 25% of all property is being purchased by first home buyers (FHB) - 15% Outlook are FHB owner occupiers and 10% are FHB “investors”. Foreign buyers more active in NSW (1 in 5 new sales), but are pulling back in VIC. Almost 70% of all foreign sales are below $1m, but 42% of all purchases in NSW are above $1m.
National price expectations up Price with Expectations QLD & NSW(%) to lead country%for capital gains NAB in next 1-2Price years; Price growth % NAB Property Surveyramp - House House Forecasts slowing in VIC and lagging in SA/NT & WA. (NAB sees national house 20prices slowing, but considerable variance between 4.0 states). Expectations for rents soften, with improved outlook in VIC & NSW offset by softer expectations in other states. 2.0 Foreign buyers more active in new housing markets with 15.6% of all15sales, but activity shifts by location. Foreign buyers rise to high of 21% in NSW, but fall to 20.7% in VIC. FHBs account for 1 in 4 sales - 14.7% owner occupiers; 10.1% investors. 10 0.0 Around 53% of foreign purchases are apartments, 30% houses and 17% for re-development. Foreigners most invested in Housing affordability, sustainability of price gains, apartments inmore NSWactive (58%), houses in VIC (34%) and redevelopment in WA (22%). Around 70% of all foreign sales were Foreign buyers in new housing 5 construction costs and lack of development sites the biggest -2.0 under $1mn. Around ofbut sales in QLD were sub-$1mn, whereas 42% of purchases in NSW were above $1mn. markets with 15.6% of all85% sales, activity impediments to buying new property. Employment security Expectations shifts National demand improves all types of new property and in all locations. Interestingly, demand for new CBD Estimated price buyers growth for in relevant survey period... by location. Foreign rise to high 0 -4.0 and price levels biggest impediments for established property. apartments improves all states, reports of a supply glut in the Melbourne CBD. of 21% in NSW, but fall toin20.7% in VIC.including Around VIC despite continued Demand for existing property now strongest for houses in -5 53% Housing affordability, price gains, construction costs and lack of development sites the biggest of foreign purchases sustainability are apartments,of30% houses mid/outer ring with demand up notably in NSW and VIC and 17% for re-development. Foreigners most invested impediments to buying new property. Employment security and price levels biggest forgrowth established percentage changes impediments represent through the year rates to Q4 property. (where -10 some buyers may be priced out of inner city markets). apartments in NSW (58%), houses in VIC (34%) and in Demand for existing property now strongest for houses in mid/outer ring with demand up notably in NSW and VIC (where 2016f 2011 2012 2013 2014 2015f redevelopment in WA some buyers may be(22%). priced out of inner city markets). Capital growth expectations stronger in all price ranges next year Housing sustainability price gains, Capital affordability, City Average Sydney Melbourne of Brisbane Adelaide Perth Australia Victoria NSW Qld SA/NT WA both inmore established housing and apartment markets. Expectations strongest in NSW and weakest in WA at all price points. Foreign buyers active in new housing construction costs and lack of development sites the biggest House price expectations strengthen ForeignNAB buyersalso muchbuyers more active in theup market expects house prices cool markets Residential Property Index n Foreign ramp in newtohousing National price expectations strengthe markets with 15.6% ofhouse allNAB sales, but activity Housing affordability, sustainability of price gains, security impediments to buying new property. Employment % NAB Property Surveyhousing - House Expectations (%) Share of Demand for New & Existing Properties Foreign buyers more active inSurvey new shifts by location. Foreign buyers risePrice to high % Share of Demand for New & Existing Properties from NAB Property House Price Expectations (%) NAB House Price Forecasts construction costs and lack of development sites the biggest and price levels biggest impediments for established property. % Q3 Q4 Q1 Next Next Next% 4.0 from Overseas Buyers markets with sales, but activity of 21% in15.6% NSW, of butall fall to 20.7% in VIC. Around 4.0 % Buyers Overseas 18 20 Demand forto existing property now strongest for houses in impediments buying new property. Employment security 2.0 of foreign purchases are apartments, 30% houses shifts53% by location. Foreign buyers rise to high 18 2014 2014 2015 Qtr 1 yr 2 yrs16 and mid/outer ringbiggest with demand up notably in NSW and property. VIC price levels impediments for established 14 15 2.0 16 and for re-development. Foreigners most invested of 21% in 17% NSW, but VIC. Around 0.0fall to 20.7% in 12 Demand (where some buyers may be now pricedstrongest out of inner city markets). for existing property for houses in 14 VIC 36apartments, 21 in30% 36 (34%) 45 48 47 10 10 in foreign apartments in NSWare (58%), houses VIC and 53% of purchases houses 0.0 -2.0 ring with demand up notably in NSW and VIC 12 8 mid/outer redevelopment in WA (22%). and 17% for re-development. Foreigners most Estimated price growth in relevant surveyinvested period... 10 some buyers may be priced out of inner city markets). NSW 30 29 42 41 Expectations... 40 39 6 (where -4.0 5 -2.0
Foreign Buyers
Index
Australia
0.0
19
NSW 12
Victoria
21Qld
Next 2 years
Next 12 months
The NAB Residential Property Index rose to +21 points in Q1 (above long-term average). Sentiment strongest in NSW, VIC & QLD and still negative in WA & SA/NT. QLD & VIC most optimistic in next 1-2 years. WA most pessimistic (but much less than in Q4).
25 SA/NT 36
WA
%
4118
12
Q1’14
Q1’14
Q1’14
Q1’13
Q1’13
Q1’13
Q1’13
Q1’12
Q1’12
Q1’12
Q1’11
Q1’11
Q1’11
Q1’11
Q1’10
Q1’12
Q1'15
Share of Demand for New Properties2015f 2012 2013& Existing 2014 2016f from Overseas Buyers Brisbane Established NewSydney Properties Melbourne AdelaideProperties Perth
2011
Q4'14
Q3'14
Q2'14
Q1'14
Q4'13
Q3'13
Q2'13
Q1'13
Q4'12
Q3'12
Q2'12
Q1'12
Q4'11
Q3'11
Q2'11
16 14
Foreign buyers much more active in the market Q1'11
18 -10
Share of Demand for New & Existing Properties
2 New Properties Established from Overseas BuyersProperties 0 percentage changes represent through the year growth rates to Q4 Q4'10
25
-5
%
4
Q3'10
-5
36
Foreign buyers much more active in the market
6
Q2'10
WA
8
0 0
Q1’10
23
4 2
Q1’10
Q1'15
Next Qtr
Q4'14
Property Index Demand Demand
Expectations 50 53 Next 2 years
Victoria NSW Qld SA/NT HouseAustralia price expectations strengthen WA -39 -34 -34 -30 2.0 NAB Property Survey - House Price Expectations (%)
Q3'14
Q1'14
Q2'14
Q1’14
Q1’14
Q3'14
Q1’14
Q2'14
Q1’13
Q1'14
Q1’13
Q4'13
Q1’13
Q3'13
Q1’13
Q2'13
Q1’12
Q1’12
Q1'13
Q1’12
Q4'12
Q1’12
Q3'12
Q1’11
Q2'12
Q1’11
Q1'12
Q1’11
Q4'11
Q3'11
NAB Property Survey (%) SA/NT 29 - House -25Price Expectations -5 5
Next Qtr Q1'15 Next 12 months Next Qtr Next 2 years Next 12 months
% 4.0
Q2'11
% 4.0
Q1'11
Q1’11
in apartments in NSW (58%), houses in VIC (34%) and House price expectations strengthen redevelopment inQLD WA (22%). Estimated price in relevant period... 37growth 28 survey 33 38 -4.0
Q4'14
Q4'13
Q3'13
Q2'13
Q1'13
Q4'12
Q3'12
Q2'12
Q1'12
Q4'11
Q3'11
Q2'11
Q1'11
Foreign Foreign Buyers Buyers
Demand
Capital City Average
ars
ths
tr
’14
’14
’14
’13
’13
’13
’13
’12
’12
’12
’12
’11
’11
’11
’11
2.0 Alan Oster, Chief Economist De Iure, Senior - Industry & Behavioural Pearson, Head of Industry & Behavioural Economics 10 16 Economist NAB Mob: Residential Property Index Robert Foreign buyers ramp upDean in new housing markets (03) 8634 0414 444 652 Economics 8634 4611 Mob: 0477 723 769 Tel: (03) 8634 2331 Mob: 0457 517 342 70 | H IGH ER-2.0VIEWTel:BUSIN E S2927 S 商Tel: 道(03) 14 8 0.0 Estimated price growth in relevant survey period... Expectations... 6 Share of Demand for New & Existing Properties from 12 Q3 Q4 Q1 Next Next Next -4.0 10
4 %
Overseas Buyers
Residential property - Market performance Residential Residential property property -- Market Market performance performance Residential property - Market performance House price expectations CHARTS 图表 Residential Property - Market Performance
House price expectations Rental expectations National price expectations ramp up, but picture mixed With new housing supply growing and strong investor across states. National prices tipped to grow 2.1% in the housing demand, national rent expectations softened National price expectations ramp up, but picture mixed across states. National prices tipped to grow 2.1% in the next year (1.5% in Q4), with expectations (1.5% in Q4), withfor expectations upSA/NT in NSW and arebut now tipped grow just 0.5% (0.8% in in 2 years up in NSW next (3.3%)year and QLD (3.3%). Outlook VIC (1.3%) and (-0.4%) scaled back, prices flat intoWA. National housenext pricesyear to grow 2.3% and QLD QLD(3.9%) (3.3%). forbest. VIC Property (1.3%) and variance however significant with stronger time (1.8%(3.3%) in Q4), with andOutlook NSW (2.8%) professionals Q4). in WAState (1%) and SA/NT is (1%) more optimistic, but expectations scaled back in National price expectations ramp up, but picture mixedflat across states. National prices tipped grow 2.1%and in the year (1.5% in Q4), with expectations SA/NT (-0.4%) scaled back, but prices in WA. outlook into VIC (1.8%) tonext a lesser extent NSW (0.9%) VIC (1.2%). up in NSW (3.3%) andhouse QLD (3.3%). Outlook for 2.3% VICmixed (1.3%) and SA/NT (-0.4%) scaled back, butweaker prices flat in WA. National house prices to grow 2.3% National price expectations ramp up, butgrow picture across states. National prices tipped to grow 2.1% in the next year (1.5% inSA Q4), with expectations National prices to in 2 years time offset by prospects in QLD (0.6%), (-0.8%) andin 2 years DISTRIBUTION OF FOREIGN STUDENTS IN TERTIARY EDUCATION BY (1%) COUNTRY OFin DESTINATION time in Q4),and with QLD (3.9%)Outlook and NSW (2.8%) best. Property professionals in WA and SA/NT (1%) more optimistic, but expectations scaled back in up in(1.8% NSW (1.8% (3.3%) QLD (3.3%). for VIC (1.3%) and SA/NT (-0.4%) scaled back, but prices flat WA. National house prices to grow 2.3% in Q4), withHouse QLD Price (3.9%) and NSW WA (-1.2%). National outlook next 2 years unchanged in 2 years % Expectations (%) (2.8%) best. 12 monthsin forecast VIC各国接受高等教育的海外学生比例 (1.2%). National price expectations but picture mixed across states. National prices tipped to grow 2.1% inmore the next year (1.5% Q4), with expectations SOURCE: (20012-13) time (1.8% in Q4), with QLD ramp (3.9%)up, and NSW (2.8%) best. Property professionals in WA (1%) and SA/NT (1%) optimistic, butin expectations scaledAUSTRADE back in 6.0 Property professionals in WA (1%) and SA/NT (1%) more at 1.2%, with improvement in VIC (2.4%), NSW (1%) and up NSW (3.3%) and QLDNext (3.3%). Outlook for VIC (1.3%) and 12 months NextSA/NT 2 years (-0.4%) scaled back, but prices flat in WA. National house prices to grow 2.3% in 2 years VICin (1.2%). but expectations scaled back in VIC (1.2%). WA (0.2%) masking softer growth in other states. 5.0 time (1.8%optimistic, in Q4), with QLD (3.9%) and NSW (2.8%) best. optimistic, % House Price Expectations (%) Property professionals in WA (1%) and SA/NT (1%) 12more months forecast but expectations scaled back in
House price expectations House price expectations House price expectations
WESTERN AUSTRALIA
0.0
AUSTRALIA
-1.0
WESTERN AUSTRALIA
-2.0
日本
WA WA
NSW NSW
SA/NT
WA
Vic
Vic Vic
Australia
Qld
NSW
WA WA
SA/NT
WA
Vic
NSW NSW
Vic Vic
Qld
Australia
Qld Qld
NSW
-1.0
Qld Qld
2.0 RUSSIAQ2'14 Q3'13 Q3'14 7.7% et Performance 俄罗斯 7.5% 0.0 7.1% 1.0 CHINA Residential Property - Market Performance FRANCE 中国 Q3'14 0.0 AUSTRALIA 5.0% 5.0% Q2'14 Q3'13 法国 0.00.0 1.0
-0.4%
0.0% WESTERN
GERMANY VICTORIA
SOUTH QUEENSLAND NEW SOUTH AUSTRALIA WALES NEW SOUTH SOUTH WALES AUSTRALIA
德国 -0.4% 1.3% -0.4%
JAPAN
3.3%
5.9% 3.3%
VICTORIA
NEW SOUTH WALES
VICTORIA
SA/NT
SA/NT SA/NT SA/NTSA/NT
NSW
Australia AustraliaAustralia Australia
Vic
Qld
SA/NT SA/NT SA/NTSA/NT
WA
Australia AustraliaAustralia Australia
NSW
10%
Vic
Qld
1.0 3.0
0.0%
1.0
WA
12.5% NAB Residential Property Survey 1.02.0 4.0 0.0
美国
WA
3.0 2.02.0
NSW
2.0
Q1 2015
Australia
Next 2 years
5.0 1.0
3.3% 3.3% 3.3% Q1 2015 3.3%
NORTHERN TERRITORY SOUTH AUSTRALIA NORTHERN TERRITORY QUEENSLAND NEW SOUTH WALES QUEENSLAND NORTHERN SOUTH TERRITORY AUSTRALIA
SA/NT
Next 12 months
3.04.0 3.0
WESTERN
AUSTRALIA 0.0%
Australia
15.0%
USA
QUEENSLANDNext 2 years 12 months forecast
Next 12 months
3.0
Qld
Next 2 years 2 years House Price Expectations (%)Next
6.0 2.0
Victoria
Next 12 months Next 12 months
4.05.0 4.0
21.1%
3.3%
TERRITORY
Qld
3.0 %
17.5%
NORTHERNforecast 12 months Expectations (%) 0.0%Rental
% 4.0
WA
PriceExpectations Expectations (%) Price (%) Next 2 years Next House 12House months
NSW
6.0
% %4.0 6.0 5.05.0
Vic
VIC20.0% (1.2%).
Q4'14
Q3'13
WA
Q2'14
Victoria
NSW
Q4'14
NAB Residential Property Index NAB Residential Property Index NAB Residential Property Index NAB Residential Property Index
Next 2 years
Next 12 months
Q1'15
Next Qtr
Q4'14
Q3'14
NSW
Qld
1.8%
Q3'14
WA
Q2'14
Q1'14
Q4'13
VICTORIA
WALES -0.8% 1.8% 2.9% 1.8% VICTORIA
Australia
Q1'14
Index value
0.9% AUSTRALIA 澳大利亚 0.9% 1.9%
NEW SOUTH Australia
Q3'13
Qld
Victoria
Q2'13
Q1'13
3.7%
0.9%
-0.8% 1.8% BRAZIL -0.8% 巴西 0.9%
Q4'12
Q3'12
Q2'12
英国 WA
Q1'12
SA/NT
Q4'11
Q3'11
Qld
NSW
Vic
Q3'14 Q1'15
Australia
5.0%
-2.0
0.6%
-0.8%
UK
Q1'11
-60 德国
-1.0
TERRITORY QUEENSLAND NEW SOUTH WALES QUEENSLAND NORTHERN SOUTH TERRITORY AUSTRALIA AUSTRALIA VICTORIA SOUTH QUEENSLAND NEW SOUTH AUSTRALIA Index value in relevant survey period... WALES WESTERN AUSTRALIA NEW SOUTH SOUTH WALES AUSTRALIA VICTORIA WESTERN AUSTRALIA
-40 GERMANY
0.0
QUEENSLAND 12 months forecast Next 2 years 0.6% NORTHERN TERRITORY SOUTH 0.6% AUSTRALIA NORTHERN
-1.2% WESTERN
-20
Q3'14 WA Q1'15
Q1'15
-1.2%
20
SA/NT
WA
NSW
SA/NT
Australia
Qld
Victoria
SA/NT
6.3%
Q3'14
WESTERN
AUSTRALIA -1.2%
Q1'15
SA/NT
Next 12 months
40
1.0
AustraliaAustralia Australia
Q2'14 Q4'14
日本
Australia WAVictoria Victoria Victoria
Victoria
TERRITORY NAB Residential Property Index Rental Expectations (%)
0
JAPAN
Vic SA/NT SA/NT SA/NT
Q2'14 Australia Queensland Q4'14
80
2.0
Qld
NSW
NSW
Victoria Australia NSW NSW NSW
Australia
WA
Qld WA WA
WA
Qld
SA/NT
中国
WA
Vic
Q3'13 Q1'14
Australia QldSA/NT Qld Qld
SA/NT
Vic
Qld
NSW
Q3'13 NSW Q1'14
Q1'14
WA SA/NT SA/NT SA/NT
-2.0
VicVic
-40
AustraliaAustralia Australia
0%
NSW
5.0% -1.0
Qld
Vic
0.0
SA/NT
WA
7.5%
Australia NSW NSW NSW
1.0
Vic
NSW
10%
Index
3.0
Next 2 years
CHINA
2.0
%
4.0
60
13.1%
12.5% 3.0
2.5%
Next 2 years
Q2'11
Next 12 months % Rental Expectations 1.0 Next (%) 2 years 3.0 4.0Next 12 months 2.0 605.0 0.0 Next 12 months 2.0 3.0 4.0 1.0 -1.0 401.0 2.0 3.0 -2.0 0.0 0.0 1.0 202.0 -1.0 0.0 -1.0 01.0 -2.0 -1.0 -2.0 0.0 Q3'13 Q2'14 -20 -2.0 -1.0
4.0
Vic
Australia
4.0 5.0
15.0%
Q1'15
Next 12 months Next 2 years NAB Residential Property Index House Expectations (%) NextPrice 12 months Next 2 years
Index 2.0
80 3.0
5.0
QldSA/NT Qld Qld
17.5% %
NSW
Rental expectations Rental expectations Rental expectations Rental expectations
2 years
Vic
Qld
WA
NSW
Qld
Vic
-0.4% 1.3% 4.3% 澳大利亚 3.3%Q1'15 Rental expectations VICTORIA 1.3% Q1'14 Q4'14 Q1'14 Q4'14 Q1'15 Q3'13 Q2'14 Q3'14 2.5% 2.5% investor picture mixed With new housing supply growing and strong House price expectations Rental expectations 1.3% Q3'13 Q2'14 Q3'14 ow 2.1% With inNational the housing demand, national rent expectations softened price supply expectations up, but picture mixed new housing supply growing strong investor growing ramp and strong investor housing demand,With national rent expectations softened and and are now tipped to grow just 0.5% next year 0% new housing up in NSW and are now tipped to tipped grow just 0.5% next year (0.8% across states. National to grow in outlook the housing demand, rentNSW expectations NAB Residential Property Index (0.8% in Q4). State variance isprices however significant with 2.1% stronger inin VIC (1.8%) and to anational lesser extent (0.9%) offsetsoftened by weaker prospects in QLD .3%) and(0.6%), Q4). State variance isNational however significant with stronger SA (-0.8%) andin WA (-1.2%). outlook inrose next 2 years unchanged at 1.2%, with improvement in VIC (2.4%), NSW (1%)(0.8% and WA next year (1.5% Q4), with expectations up in NSW and nowSHARE tipped to grow just next year in (0.2%) masking The NAB Residential Property Index to +21 points Q1’15, up from +12 points in0.5% Q4’14 and sits comfortably WORLD’S LARGEST ECONOMIES BY PERCENTAGE SHARE OFinare TOTAL OF NOMINAL GDP new housing supply and investor housing demand, national rent expectations softened and are now tipped to grow just 0.5% next year in WA. With outlook in VICgrowing (1.8%) andstrong to aVIC lesser extent NSW (0.9%) softer growth in other states. (3.3%) and QLD (3.3%). Outlook for (1.3%) and Q4). State variance is however significant with stronger above its long-term average (+14 points). Market sentiment improved in all states (except WA), although it (0.8% in Q4). State variance is however significant with housing stronger demand, outlook in VIC (1.8%) and to a lessersoftened extent NSW offset by weaker QLD 根据名义国内生产总值比率的世界最大经济体 (6/2014) AUSTRADE new housing supply growing andprices strong investor national rent expectations and (0.9%) are now tipped to growprospects justSOURCE: 0.5% in next year ears timeWith offset by weaker prospects in QLD (0.6%), SAOverall (-0.8%) and SA/NT (-0.4%) scaled back, but flat in outlook in VIC (1.8%) and to ainlesser extent NSW (0.9%) continues to vary significantly across states. sentiment remains strongest NSW (+42 points), followed by (0.6%), (-0.8%) and WA (-1.2%). National outlook inWA. next 2 years unchanged 1.2%, with VIC (2.4%), NSW (1%) and WA (0.2%) masking (0.8% inSA Q4). State variance is however significant with stronger outlook in VIC at (1.8%) and toimprovement a lesser extentinNSW (0.9%) offset by weaker prospects in QLD 2.8%) best. WA (-1.2%). National outlook in next 2 years unchanged VIC points) QLD (+33 Sentiment improved inrent SA/NT but wassoftened stillinnegative points), and National house prices toand grow inpoints). 2 years time offset by weaker prospects QLD (0.6%), SA (-0.8%) and softer growth in(+36 other states. With new supply growing and2.3% strong investor housing demand, national expectations and(2.4%), are (-5 now tipped grow 0.5%masking next year SA housing (-0.8%) and WA (-1.2%).Rental National outlook in next 2 years unchanged at 1.2%, with improvement inmonths VIC NSW (1%)toand WAjust (0.2%) 12 forecast % Expectations (%) /NT (1%)(0.6%), more 1.2%, with in VIC(2.8%) (2.4%), NSW (1%) and unchanged inimprovement WA at deeply negative levels (-34 points). NAB’s Property Index is to riseprospects to +36 in QLD (1.8% inat Q4), with QLD and NSW best. WA (-1.2%). National outlook next 2 expected years (0.8% in Q4). State variance is(3.9%) however significant with stronger outlook in VIC (1.8%)Residential and to a lesser extent in NSW (0.9%) offsetunchanged by weaker 22.5% softer growth in other states. 22.8% 5.0 n VIC (1.2%). (0.2%) masking softer growth other states. (0.6%), SA WA (-0.8%) and WA (-1.2%). National outlook next 2time. years unchanged at 1.2%, improvement VICcontinue (2.4%), NSW andand WA (0.2%) masking points next year and +41 points inin 2inyears professionals in QLD and to(1%) be most Next months Next 2more yearsProperty Property professionals in12 WA (1%) and SA/NT (1%) at 1.2%, withwith improvement ininVIC (2.4%), NSW (1%) 4.0 softer growth in other states. 20.0% 12 months forecast optimistic, while those in WA are most pessimistic, although less so thansofter in Q4 growth (especially in 2 years time). USA optimistic, expectations scaled back in(%) VIC (1.2%). WA (0.2%) masking in other states. %but Rental Expectations Rental Expectations (%) % 3.0 0.6% 5.0 美国 NORTHERNforecast 4.0% -1.2% 12 months Rental Expectations (%)
SA/NT
WA
12 months forecast
o +21 points in Q1’15, up SHARE from +12 in Q4’14 EXPORTS and sits comfortably BY-COUNTRY OFpoints AUSTRALIA’S & IMPORTS OF GOODS & SERVICES NAB Residential Property Index Market sentiment improved in all states (except WA), although it +12 points in Q4 2014 and sits comfortably The NAB Residential Property Index rose to +21 points in Q1 2015, up from 12 months forecast SOURCE: AUSTRADE 按留学地点定出的高等教育海外留学生分布 The NAB Residential Property Index rose to +21 points in Q1’15, up from +12 points in Q4’14 and sits comfortably above its long-term averagestrongest (+14 points).inMarket improved in all states es. Overall sentiment remains NSWsentiment (+42 points), followed by(except WA), although it continues to NORTHERN 12 months forecast -5pts above its long-term average (+14 points). Market sentiment improved in all states (except WA), although it TERRITORY vary significantly across but states. Overall remains strongestand in NSW (+42 points), followed by VIC (+36 points) ntiment improved in SA/NT was stillsentiment negative (-5 points), The NAB Residential Property Index rose toacross +21 points in was Q1 Overall 2015, up from +12points), points in Q4 2014 and sits comfortably continues to vary significantly states. sentiment remains strongest indeeply NSW (+42 points), followed by forecast 2008 2014 and QLDNAB’s (+33 points). Sentiment improved in SA/NT still negative (-5 and unchanged in WA at QUEENSLAND 12 months 53pts $150.9 bn Market ls (-34 points). Residential Property Index isbut expected to rise to +36(except WESTERN above its long-term average (+14 points). sentiment improved in all states WA), although itcomfortably continues VIC (+36 points) andNAB’s QLD (+33 Sentiment improved in+36 SA/NT but was still negative and 160 The NAB Residential Property Index rose topoints). +21 points in Q1 2015, up from points in Q4 2014 and negative levels (-34 points). Residential Property Index is expected to+12 rise to points next yearsits and +41 pointsto (-5 points), NORTHERN AUSTRALIA -5pts time. Property professionals in QLD and VIC continue to be most TERRITORY SOUTH vary significantly across Overall sentiment strongest NSW (+42 points), followed byProperty VICare (+36 points) above its long-term average points). Market sentiment improved in alloptimistic, states (except WA), although it continues to is expected to rise toNORTHERN in 2 years time. Property professionals in QLD andremains VIC continue topoints). beinmost while those in WA most unchanged in WAstates. at(+14 deeply negative levels (-34 NAB’s Residential Index +36 AUSTRALIA -5pts essimistic,and although less so than in Q4 (especially in 2 was years QLD (+33 points). Sentiment improved in SA/NT but still time). negative points), and unchanged in WA atpoints) deeply QUEENSLAND 53pts The NAB Residential Property Index rose to +21 in Q1 2015, up +12 points in Q4 2014 and sits comfortably 140 vary significantly across states. Overall sentiment remains strongest infrom NSW(-5 (+42 points), followed VIC (+36 pessimistic, although less so than inpoints Q4. NEW SOUTH points next year and +41 in 2points years time. Property professionals in by QLD and VIC continue to beWESTERN most TERRITORY WALES negative (-34 points). NAB’s Residential Property Index isstill expected to(-5 rise to (except +36and points next yearinand +41 pointsto above its levels long-term average (+14improved points). Market sentiment improved in all states WA), although it continues AUSTRALIA and QLD (+33 points). Sentiment in SA/NT but was negative points), unchanged WA at deeply QUEENSLAND 53pts NORTHERN -5pts 23pts SOUTH Indexwhile thoseNAB Residential Property Index optimistic, in WA are most pessimistic, although less so than in Q4 (especially in 2 years time). WESTERN TERRITORY in 2120 years time. (-34 Property professionals in QLD Property andremains VIC continue to beinmost those WA are most 40pts vary significantly across states. Overall sentiment strongest NSW (+42topoints), followed by VIC (+36 points) AUSTRALIA negative levels points). NAB’s Residential Index is expected tooptimistic, rise +36while points nextin year and +41 points AUSTRALIA VICTORIA 80 SOUTH QUEENSLAND pessimistic, although less so than in Q4. NAB Residential Property Index and QLD (+33 points). Sentiment improved in SA/NT but was still negative (-5 points), and unchanged in WA at deeply NEW SOUTH 53pts Index Index NAB Residential Property Index in 2 Index years time. Property professionals in QLD and VIC continue to be most optimistic, while those in WA are most bn NAB Residential Property Index AUSTRALIA Index NAB Residential Property Index WESTERN 60 WALES 60100 80 points next year and +41 points negative levels (-34 points). Residential Property Index is expected to rise to 80 +36 AUSTRALIA 23pts pessimistic, although less soNAB’s than in Q4. NEW SOUTH 80 40 48pts SOUTH bncontinue to be most WALES 40pts 60 in502 years time. Property professionals in QLD and VIC optimistic, while those in WA are most VICTORIA bn AUSTRALIA 60 20 23pts 40 NAB Index Index Index NAB Residential Property Index 8060 40 pessimistic, although lessResidential so than inProperty Q4. NEW SOUTH40pts 40 National Australia Bank Group Economics VICTORIA| 2 0 30 60 WALES 80 NAB Residential Property Index bn 20 bn Residential Property Index Index NAB 23pts 48pts 40pts 20Index -20 20 50 40 60 6060 0 80 VICTORIA 0 10 40 -40 48pts 40 NAB Residential Property Index 50 Index valueIndex Index NAB ResidentialbnProperty Index bn -20 60 Index value in relevant survey period... 0 20 bn -20 30 -60
$76.1
$70.8
$55.1
$54.7
NSW
Q2'14
WA
Australia
Victoria
NSW
Qld
SA/NT
SA/NT
48pts
Next 2 years
Q3'14
Q3'14 Q1'15
Qld
Q3'14 Q3'14 Q3'14
NSW
Q2'14 Q4'14
Victoria
Q1'14
南韩
Victoria NSW Qld Index value in relevant survey period... Victoria NSW Qld
Q2'14 Q2'14 Q2'14
Q3'13 Q3'13 Q3'13
Q2'13 Q2'13 Q2'13
Q1'13 Q1'13 Q1'13
Q4'12 Q4'12 Q4'12
SOUTH KOREA
Index value in relevant survey period...
Q1'14 Q1'14 Q1'14
Q4'13
Q2'14
Q1'14
Q3'13
Q2'13
Q4'13
Q1'13
Q3'13
Q4'12
Q2'13
Q1'13
Q4'12 Q3'12
Q3'12 Q2'12
Q1'12 Q2'12
Q2'11
Q1'11
Q3'11
Q2'11
Next 2 years
Next 12 months
Q1'15
Next Qtr
Q1'11
Australia 商道
Q3'12 Q3'12 Q3'12
Australia
Australia
Q2'12 Q2'12 Q2'12
SA/NT
Australia
Index value in relevant survey period... Q1'12 Q1'12 Q1'12
Australia Q3'14 WA
Q4'11 Q1'12
SA/NT
-60
USA
美国
Q4'11 Q4'11 Q4'11
WA
-20 -60 -40
Q3'11 Q4'11
Australia
Q3'14
Q4'14
Q3'14
Q2'14
Q1'14
Q4'13
Q3'13
SA/NT
WA
-60 0 -40
Q3'11 Q3'11 Q3'11
NSW Q2'14
Q2'13
Q1'13
Q4'12
Q3'12
Q2'12
NSW
Q3'14 日本 Q1'15
WA
2 years 2 years Next 2 years Next 2 Next yearsNext
Victoria
Q4'14
SA/NT JAPAN
WASA/NT
$27.1bn
Index Indexvalue valuein... Next 12 Next 12 months 12 months Next 12 months months ext 12Next months
Q3'13 Queensland
Australia
Q2'14
Qld Australia
$31.2 Next Qtr Next Qtr Next Next Qtr Qtr Next Qtr
-50
Queensland
SA/NTNSW
-40 20 -20
$32.1
Index value in relevant survey period...
Index value in relevant survey period...
Q2'11 Q2'11 Q2'11
中国
Q1'12
Q3'11
CHINA
Victoria NSW
20 80 -40 40 -40 0 60 -60 20 -60 -20 40 0
Q1'11 Q1'11 Q1'11
Q1'15
Q2'11
Q1'11
A/NT
Q4'11
$37.3
40 6040 -10 20 30 50 -20 10 0 20 40 -30 020 10 30 -40 -10-20 WA 0 20 -50 -20AUS$ BN -10 10-40 Australia Victoria -30 Queensland -20 0 NSW Victoria -40 Q3'13 -30 -10 Q1'14 -50 -40 -20 Queensland Victoria -50 -30 Queensland Victoria Q3'13 -40
Q4'13 Q4'13 Q4'13
$73.8
Index value in...
SINGAPORE
Index value in...
新加坡
WA Index value WA in...
H I G H E R V IWA EW B U SINE SS | 71
SA/NT SA/NT
WA
VIEWPOINT
观点
瞄准中国一线城市以外的网络商机
TAKE A DIGITAL SHORT-CUT TO CHINA’S LOWER-TIER CITIES The internet has changed the face of Chinese society in a remarkably short time. The Chinese consumer environment is now a civilisation built on high-speed internet connections, where consumers shop, play and share what’s on their minds. With 632 million internet users in 2014, that’s a whole lot of activity. China is the world’s largest online retail market and it is expected to continue growing at a rate of 25% year on year, that is, three times the growth of the offline sector. For foreign brands, and particularly small and medium Australian businesses, this represents an enormous opportunity owing to far fewer barriers to entry selling online. Australian brands, such as Bellamy’s Organic (a purveyor of infant formula), have achieved success with their own Chinese-language websites and online digital strategies in China, forging an impressive reputation. If you have the capital of big-name brands, such as luxury goods maker Louis Vuitton or automobile manufacturer Volkswagen, as well as an appetite for intense competition, you may head straight for the larger, more sophisticated cities and start pouring the cash into a bricks-and-mortar presence. If you don’t, the internet is a much less risky and affordable way to go. But think again about your destination and the overwhelming international competition. China is not one homogenous great mall. In the largest centres such as Beijing and Shanghai, big players have been reaping rewards after years of investment and cooperation. If you’re a small player with a limited budget, why not head for a smaller city – a market, say, around 5 million or so?
CHOOSE YOUR TIER
Chinese cities are uniquely divided into tiers according to their level of development. Some international brands are now strategically targeting not only the first tier cities, but also 72 | HIGHER VIEW BUSIN E S S
the second and third tier ones. Robert Kuhn, investment banker and author of How China’s Leaders Think, views these cities as “first-class opportunities” as they have been the growth engine of the Chinese economy, receiving huge amounts of infrastructure investment and attracting vast pools of increasingly middleclass consumers. As Australian consumers already know, the internet is all about cross-border trade and presents real bargains to buyers anywhere – as well as sellers. Trading online offers brands significantly lower costs and risks when entering new markets and is a whole lot faster than setting up physical shop-fronts. Selling goods in China is not an easy ride. You’re dealing with markets that vary from place to place. As mentioned earlier, it’s not one mass market but a series of relatively large ones. Consumers in second and third tier cities behave very differently and are loyal to brands they already know, many of which are typically Chinese. A survey conducted by KPMG, China’s Connected Consumers, revealed “price advantages as a key catalyst for buying online, as the digital consumer tends to be more sensitive.”
GREATER FOCUS, LESS COMPETITION
This is certainly true in second and third tier cities which, while rapidly rising in affluence, are still very price focused. New and smaller brands, if well positioned, can enjoy remarkably reduced competition in these markets. Australia has a natural advantage in food and health products, and through persistence in the market and clever digital strategies, companies such as Penfolds Wines and Blackmores have achieved lasting success in China. Smaller brands, however, can emulate the same digital presence of these established brands, which entered the Chinese market before the digital revolution, with carefully considered web strategies and at far less 商道
by Lisa Goodhand
expense. These typically include Chineselanguage branding and websites as well as sustained social media campaigns. But if you don’t want to go it alone, you can put your products onto one of China’s many online shopping malls such as Jingdong (www. jd.com) and Tmall (www.tmall.com). These hugely popular websites reach across the entire country, offering seamless door-to-door purchasing solutions that have set the standards on the Chinese digital super highway.
互
联网在短短时间内改变了中国社会的面 貌。把中国当前的消费环境称为一个建 立在高速互联网链路上的现代文明并不为过； 消费者们在互联网上购物、玩乐并分享他们的 所知所想。2014年，中国的互联网用户达 到6.32亿人，同时，网络活动的活跃度有目 共睹。 显而易见的是，驰骋在超级数字高速公路之 上的中国已成为全球最大的在线零售市场， 并将继续以每年25%的速度增长，增速为线下 零售业的三倍。对于国外品牌，尤其对于那些 中小型澳大利亚企业而言，由于在线销售的壁 垒远远少于线下销售，这将意味着巨大商机， 一些澳大利亚品牌（比如婴儿奶粉生产商贝 拉米）已通过其自建的中文网站以及在线营销 策略在中国取得了巨大成功，并已打造了良好 的口碑。 如果您有的是大品牌（诸如奢侈品生产商路 易威登或汽车制造商大众）那样的雄厚资金及 对激烈竞争的嗜好，那么您大可直奔一些成熟 大型的城市，并大把撒钱开设门店；若非如 此，那么互联网会是一个低风险、经济划算的 营销途径。 但是，还是要认真考虑您的投资目的地以及 激烈的国际竞争。中国不是一个单一的大卖 场。在北京和上海之类的一线城市，大玩家们 在经年累月的投资与合作之后已开始收获胜利 果实。如果您只是一个预算有限的小角色，那 么为什么不试试从更小的市场起步呢——比如 人口500万左右的城市？
VIEWPOINT
观点
选好您的目标城市 根据发展水平的不同，中国的城市被分成了 不同的等级。当前一些国际品牌的战略目标并 没有局限在一线城市；它们已开始放眼二线和 三线城市。投资银行家及《中国领导人是如何 思考的》一书作者Robert Kuhn将这些城市视 为“一流机遇”，因为这些城市已是中国经济 的增长引擎，大量资金投入基础设施并汇集了 数量日益庞大的大批中产消费者。 正如澳大利亚消费者所知，互联网是跨境贸 易的乐土；全球各地的买家卖家在此互通有 无，乐在淘中。在线贸易帮助各类品牌以更低 的成本与风险进入一个全新的市场，并且要比 设立实体门店快捷得多。 在中国销售并非易事。您需要面对一个因地 而异的市场。如前所述，中国不是一个单一的 大市场，而是有一系列相对较大的不同市场。 二三线城市与一线城市的消费行为习惯迥异。 他们大多忠于熟悉的品牌，而这些品牌大部分 均为中国本土品牌。根据毕马威名为《中国的 网购消费者》的一份调查报告，“价格优势是 网购的一个重要催化剂，因为网购消费者通常 对价格更为敏感。” 关注更多，竞争更少 这种情况在二三线城市中尤为突出；虽然中 国的二三线城市正在快速富裕起来，但消费者 依然十分关心价格。如果定位正确的话，新出 现的小品牌有时在此类市场很少会遇到激烈竞 争。澳大利亚在食品和保健产品领域有着得天 独厚的优势；凭借长期的不懈努力以及得当的 在线销售策略，包括奔富酒庄（Penfolds Wines）以及澳佳宝（Blackmores）等企业 都在中国取得了长盛不衰的成功。 不过，只要具备了周全的网络营销策略， 小品牌亦能以更低的成本追随这些在数字革命 之前就已进入中国市场的知名品牌走过的数字 化经营之路，通常包括中文品牌塑造、网站搭 建以及持续性的社交媒体推广活动。 当然，如果您不想单打独斗的话，您大可将 产品放在中国的一些在线购物商城上销售， 比如京东（www.jd.com）以及天猫（www. tmall.com）。这些网站在中国享有极高的知 名度，并能够提供无缝的一站式购物解决方 案。这类解决方案堪称中国超级数字高速公路 上的商业典范。
Lisa Goodhand is the founder of China Blueprint Consultants Lisa Goodhand 中国蓝图咨询服务公司（China Blueprint Consultants）创始人
Inbound deal count to China at the end of 2013 was 230
19.8%
China’s tiered cities By Lisa Goodhand
Tier One higher than 2012 Beijing, Shanghai, Shenzhen and(192 deals) Guangzhou are the four first tier cities in China. Together they contain approximately 16 million households with a collected annual income of about US$1 trillion. These cities have been the magnets for foreign and local investment.
Tier Two Some second tier cities cluster around first tier ones, for example Suzhou is only an hour from Shanghai by high speed train, while others, such as Chengdu, stand alone. Five factors define second tier cities: • Population size of around 5 million or more. • Minimum GDP of RMB 250 billion (US$40 billion). • Above the average rate of economic growth. • Located in a major transportation hub. • Historical and cultural significance. There are 24 cities on this list with about 38 million households and a combined estimated annual income of US$2 trillion. Tier Three Third tier cities generally lag behind the others in terms of economic growth and development, although many are considered to be highly significant economically and historically. The 228 tier-three cities are estimated to contain around 78 million households and to generate annual income of US$3 trillion. Land is generally cheaper in third tier cities so they’re attractive to manufacturing (think Zhongshan and Dongguan in Guangdong province). Tiers Four and Five Even though they’re less developed, these cities cannot be ignored as they represent the majority of the Chinese population, that is, 255 million households with an estimated annual income of around US$7 trillion. Fourth and fifth tier cities tend to be further
商道
from the coast and may be focused on local tourism activities. Examples are Luoyang, an ancient capital steeped in history, and Jilin, way up north in what used to be Manchuria, right next to North Korea.
中国不同等级的城市 作者：Lisa Goodhand 一线城市 北京、上海、深圳和广州是中国的四大一线 城市，总共生活着合计年收入约达1万亿美 元的1600万户家庭。这些城市吸引了大量 的外国和本土投资。 二线城市 在一线城市周边围绕着一些二线城市，比如 苏州距离上海仅有一小时的高铁车程；此外 还有一些独当一面的二线城市，比如成都。 二线城市有以下五大特征： • 人口规模在500万以上； • GDP至少达到2500亿元人民币（相当于 400亿美元）； • 经济增速高于平均水平； • 位于主要的交通枢纽位置； • 历史及文化名城。 中国共有24个二线城市；这些城市生 活着合计年收入约达2万亿美元的3800万户 家庭。 三线城市 三线城市通常在经济增速以及发展水平方面 落后于其它城市，虽然许多三线城市具备重 要的经济和历史意义。 中国共有228个三线城市；这些城市生 活着合计年收入达3万亿美元的7800万户 家庭。 三线城市的土地通常更为低廉，因此对于 制造业极具吸引力（比如广东省的中山市以 及东莞市）。 四线和五线城市 虽然四五线城市比较落后，但这些城市也不 容忽视，因为它们代表了中国绝大部分的人 口，即合计年收入约达7万亿美元的2.55亿 户家庭。四五线城市多半远离滨海地区， 并极可能以地方旅游业为发展重心，比如历 史古都洛阳以及曾经是满洲国并与韩国毗邻 的吉林市。
H I G H E R V I EW B USINE SS | 73
COMPANY PROFILE
74 | HIGH ER VIEW BUSIN E S S
企业简介
商道
COMPANY PROFILE
企业简介
By Ben Hurley, Higher View Business editor 自由撰稿记者:白杰明
华为效应: 中华心，有为路
THE HUAWEI FACTOR
Telecommunications juggernaut, rising thought leader and now the world’s biggest patent filer - Huawei Technologies is increasingly challenging and inspiring the technology world as it builds a globally recognised Chinese brand. 作为中国的电信巨头及目前全球范围内专利申请量最多的企业，华为在打 造一个全球认可的中国品牌的同时，华为正不断挑战和引领科技潮流， 并日益成为开拓新思维的先驱。
C
hinese multinational Huawei Technologies, one of the world’s largest makers of telecoms network equipment, is quietly emerging as a global leader in innovation. Increasingly outspoken on issues ranging from cybersecurity to next-generation 5G internet, the company spent US$6.6 billion last year on research and development, and is building a widely recognised consumer business. Last year, Huawei made more international patent applications than any other company in the world, according to an announcement in March by the World Intellectual Property Organisation (WIPO). The company’s filings under WIPO’s Patent Cooperation Treaty hit 3,442, replacing Japan’s
3,442 Filings
Huawei made 3,442 patent filings in 2014, putting it in the global top spot 华为在2014年提交的 专利申请数量达到 3442个，全球第一。
Panasonic Corp at the top of the list and beating US-based Qualcomm Inc and Chinese rival ZTE Corp which were second and third. The United States still dominates global patent filings by a long way, with 61,492 applications over 2014 which was a 7.1 per cent increase. But China was the only country on the list to see patent applications increase by double digits - an 18.7 per cent increase to 25,539. China and the US accounted for 87 per cent of the total growth in filings over 2014. “The rapid growth in international patent applications underscores the increasing importance of intellectual property as it moves from the periphery to the centre of the global economic system,” said WIPO Director General Francis Gurry in response to the figures. Huawei has been a global top-5 company for new patent filings every year since 2009. Its ascension to the top spot is an important milestone for a country historically with a speckled record on intellectual property protection, and shows the value Chinese companies are increasingly placing on IP. In recent years Huawei and ZTE, China’s two largest telecoms equipment manufacturers, have regularly sparred in court over patent disputes, with the latest battle over camera technology in Huawei’s newest phones. It’s a positive development for lawyers. But it’s also significant for China’s business landscape and international reputation, says 商道
中
国跨国企业华为技术有限公司是全球最 大的电信网络设备制造商之一，并已悄 无声息地崛起成为全球的创新先驱。 无论在网络安全还是下一代5G互联网领域 都日益崭露头角的华为去年在研发活动方面投 入了66亿美元，并正在打造广受认可的消费者 业务。 根据世界知识产权组织（WIPO）三月份发 布的一项公告，去年华为提交的国际专利申请 数量超过了全球任何其它公司。 华为基于世界知识产权组织《专利合作条 约》提交的专利申请数量达到了3442个，取代 日本松下公司坐上了第一把交椅，并击败了美 国高通公司及其中国对手中兴通讯（二者分别 排在第二位和第三位）。 美国依然是全球专利申请数量最多的国家； 其2014年期间提交的专利申请数量达到 61,492个，增长了7.1%，而中国则是榜单上唯 一一个专利申请数量实现了两位数增长的国 家——达到25,539个，增长了18.7%。中国和 美国占到了2014年专利申请数量合计增长的 87%。 世界知识产权组织总干事高瑞（Francis Gurry）表示：“国际专利申请数量的快速攀 升日益彰显出知识产权的重要性；知识产权已 经从全球经济体系的外围挤进了中心位置。” 自2009年以来，华为一直都是新增专利申请 数量排名全球前五位的公司。对于一个历史上 在知识产权保护领域口碑不佳的国家而言，华 为此番折桂无疑是一个重要的里程碑，凸显出 中国企业正日益开始重视知识产权。近年来， 作为中国最大两家电信设备制造商的华为和中 H I G H E R V I EW B U SINESS | 75
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COMPANY PROFILE
Hugh Ujhazy, research director and telecommunications specialist for IDC Australia. “I think it’s about Chinese companies stepping up onto the world stage,” Ujhazy says. “And if you are going to be in the global game it has to be played according to the currency of innovation. “If Huawei comes up with something and Cisco says ‘we have a patent on that’, and Chinese companies in general have no global IP protection, then they are going to lose out. So we are getting to a point where it’s getting serious enough that people want to play in that game.”
TRADING IDEAS
A high volume of patent applications says a lot about how innovative a company is, says Ujhazy. “It’s the final step of speculative IP,” he says. “You can view a patent as the final encapsulation of IP prior to productisation, monetisation and commercialisation. It’s a very big measure.” He worked at Hitachi for ten years which placed a lot of emphasis on patent volume. By measuring the money and people going into research and development, and comparing it to the number of patents coming out, a company can get a useful indication of the effectiveness of its R&D program, he says. “It’s the ROI of R&D, to mix a bunch of acronyms,” he says. “It also speaks to the velocity of innovation and research.” In raw investment terms, Huawei’s spend on R&D is impressive. Globally, Huawei invests over 10 per cent of sales revenue every year in R&D, with R&D expenditure in 2014 totaling $US6.6 billion, or 14 per cent of sales revenue. It has 16 R&D centres, and 28 joint innovation centres, around the world. Ken Hu, deputy chairman of the Huawei board and rotating CEO, attributed the company’s strong 2014 revenue growth in part to its ongoing R&D spend. “With heavy investment in innovations in areas such as cloud computing, big data, 5G, SDN [Software-Defined Networking] and NFV [Network Functions Virtualisation], we believe we are well positioned to capture the tremendous business opportunities in this digital transformation era,” Hu said. Documenting innovation at Huawei may not 76 | HIGHER VIEW BUSIN E S S
企业简介
have the mainstream appeal of the consumer-facing activities of companies like Google and Apple. Ujhazy says technology companies like Cisco and HP are a fairer comparison. Over 2014, Huawei’s carrier business constructed 186 commercial networks globally. Revenue in 2014 topped RMB288.2 billion, which was a 20.6 per cent increase on 2013, and net profit was RMB27.9 billion. Almost two-thirds of that revenue came from international markets, and Huawei now provides technology solutions, products and services used in more than 170 countries and serving over a third of the world’s population. It has 170,000 employees globally. “Their breadth of portfolio and penetration in the carrier market certainly speak to them doing something right, not just building things cheaply,” Ujhazy says. “Just because it’s cheap doesn’t mean a carrier is going to risk their business on it. It has to be capable, scalable.” In Australia, where the company’s head count grew from 550 employees to 630 in the past year, the company is also expanding its footprint. Huawei now works with all major Australian telecoms operators. It rebuilt Vodafone’s entire Australian 2G, 3G and LTE networks, was the first to launch an Australian 4G network in 2010, launched Optus’ first Australian 4G LTE network, and performed Australia’s first 700MHz LTE demo with Optus also. More recently it was the first to successfully demonstrate LTE in the 1800MHz band with Telstra.
THE GADGETS MARKET
While Huawei’s consumer-facing business lacks the widespread recognition of other global electronics brands, it is gaining momentum. The company unveiled its flagship P8 and P8 Max smartphones in April, which are designed to hold their own against models from Samsung and Apple in technical specifications. Huawei shipped 68 million smartphones last year, which ranked the company fourth in global smartphone sales with a 5.5 per cent market share, according to research group Gartner. This lags well behind Samsung and Apple, with combined sales of nearly 500 million units. These phones have some nifty innovations 商道
The volume of patent applications says a lot. 兴频频在一系列专利纠纷中对簿公堂；两家公 司最近一次的对决涉及华为最新款手机中所使 用的照相技术。 IDC澳大利亚公司研究主管和电信专家休· 尤海利（Hugh Ujhazy）指出：“对于广大律 师而言，这是一个积极的迹象，但它对于中国 的商业环境以及国际声誉而言亦意义重大。” “我认为这种情况反映出中国企业正在迈上世 界大舞台，”尤海利补充道。“要加入全球竞 争，你就必须以创新来取胜。” “如果华为生产了某些产品，而思科说‘我们 有这方面的专利’，由于中国企业一般都没有 全球知识产权来保护自身，在这种情况下， 中国企业必然败北。所以，我们已经来到了一 个竞争参与者必须认真对待的时点。” 小点子成就大事业 尤海利指出，大量的专利申请可以很好体现 一家企业的创新力度。 他表示：“专利申请是保障悬而未决的知识 产权的最后一步。你可以将专利视为产品化、 货币化以及商业化之前知识产权的最终封装。 这是一个非常重大的步骤。” 他曾在日立公司工作了十年时间，而日立公 司十分关注专利数量。他表示：通过计算各种 研发活动所投入的资金和人员，并将其与所产 生的专利数量进行对比，企业可以充分了解自 身研发项目的成效。 “这就相当于研发活动的投资收益率；它也反 映出创新和研究的速度。” 仅就投入而言，华为的研发支出十分庞大。 华为每年将全球销售收入的10%以上投入到各 种研发活动之中；其2014年仅研发支出就达到 了66亿美元，相当于销售收入的14%。华为在 全球范围内设立了16个研发中心以及28个联合 创新中心。 华为副董事长兼轮值CEO胡厚崑表示，华为 在2014年能实现收入大幅增长，研发活动的持 续投入功不可没。 胡厚崑表示：“通过对云计算、大数 据、5G、软件定义网络（SDN）以及网络功 能虚拟化（NFV）等领域技术创新的大力投 入，我们相信能够在这个数字转型时代抓住巨 大的商机。”
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Huawei Norway 华为挪威公司
View of Huawei Headquarters 华为总部
COMPANY PROFILE
Huawei spent
US$6.6b 66 亿
last year on research and development 去年华为研发支出为 66亿美元。
like “knuckle sense”, which allows the phone’s screen to differentiate between a finger touch and a knuckle touch to facilitate a wider range of gestures. The camera also has a “selfie” feature that allows you to adjust skin tone - a move aimed at broadening its appeal to the young female market where Huawei phones have previously been weak. “In the China market, at the over-400 euro price, there are only three brands,” Huawei’s consumer device marketing president Shao Yang told Reuters at a company launch in April. “Huawei is maybe 10%, Samsung is 20% and Apple is the biggest,” Yang said. “Only three brands play in the premium space, and we are growing quite fast.” The company aims to ship 100 million smartphones, largely in the mid- to high-end smartphone market, in 2015. At the budget end, Huawei’s Honor series smartphones are cheap and sold mostly online - a strategy which puts the company head-to-head with Chinese rival Xiaomi. Huawei said it sold 20 million Honor phones last year, putting it well behind Xiaomi’s 60 million. But arguably the biggest opportunity lies beyond the saturated China market. Says Ujhazy: “When we start getting into the sub-$100 and sub-$500 devices, and look at the numbers, we think 1.6 billion phones will ship this year, and a billion will be to the Asia Pacific excluding Japan. So that speaks to a tremendous untapped market.” Huawei is well placed to tackle this space, Ujhazy says. “They are not just being a device manufacturer, but approaching it as an ecosystem, all the way from the core of the network, through the cloud, to the device at the 78 | HIGH ER VIEW BUSIN E S S
企业简介
end,” he says. “This means they are not just typecast as phone suppliers, but are able to deliver sensors, car solutions, drones, all these things that can have an intimate connection back to the core.”
BUILDING AN ECOSYSTEM
This goes to the heart of why defining and developing 5G technology is a major part of Huawei’s innovation strategy. 5G will enable a massive number of connections in wireless systems, internet speeds of 10Gbit/s, and a latency of one millisecond (the time interval between stimulation and response) that is crucial to applications like self-driving cars. Together with the artificial intelligence gained by advances in big data, it will power the so-called ‘internet of things’ which will see unprecedented integration between the internet and the physical world - everything from wearable electronics, self-driving cars and smart home systems. Huawei has positioned itself as a big researcher in these spaces. In the big data space, for example, it has developed technologies for the finance industry to enable customers to retrieve historical data for 15 years instead of just one. These technologies also shorten the service processing period for credit investigations in relation to issuing credit cards from about two weeks to a few seconds. And with 5G, deputy chairman Ken Hu outlined his vision for a super-connected future at the World Mobile Congress in Barcelona in March. With a peak speed of 10 Gbit/s, 5G would allow an 8GB high-definition movie to be downloaded in virtually no time. Huawei has already developed air interface technologies for future 5G networks. “More than just an upgrade, 5G will become a powerful platform that enables new applications, new business models, and even new industries – as well as many disruptions,” Hu said. Huawei has already achieved broadband home access at a rate of 1Gbit/s.
ROBUST CONVERSATION
Cybersecurity concerns have hampered Huawei’s business activities in some markets like the US and Australia. But the UK announced this year an independent audit into the Huawei Cyber Security 商道
但有关华为创新的报道并未能像谷歌和苹果 等直面消费者的企业那样获得主流关注。尤海 利指出，华为事实上更适合与思科及惠普这样 的技术型企业进行比较。 2014年，华为的运营商网络事务部在全球 范围内建设了186个商用网络；其2014年的收 入达到2882亿元人民币，较2013年增长了 20.6%，净利润达到279亿元人民币。约三分 之二收入来自于国际市场的华为当前向170多 个国家提供各种技术解决方案、产品和服务， 服务于全球三分之一的人口。华为在全球范围 内拥有17万位雇员。 尤海利指出：“业务的覆盖广度以及在运营 商市场的渗透率无疑反映出华为的经营策略得 当，而不仅仅是单纯提供廉价产品。运营商不 见得会一味冒险把业务押注在廉价产品上。 你的产品必须得靠谱，并具备扩展性。” 在澳大利亚，华为的雇员数量从550位增长 至去年的630位，并在稳步扩大市场。 当前，华为已与澳大利亚的所有主要电信运 营商展开合作。华为重建了沃达丰在澳大利亚 的全部2G、3G以及LTE网络，并于2010年率 先在澳大利亚推出了4G网络；华为还帮助澳 都斯推出了澳大利亚首个4G LTE网络，并携手 澳都斯在澳大利亚开展了首次700MHz LTE网 络测试。近期，华为还与澳洲电信公司成功开 展了1800MHz频段的LTE网络测试。 电子产品市场 虽然华为面向消费者的业务不如其它国际 电子产品品牌那样广受认可，但其已经开始 发力。 华为于今年四月份发布了P8以及P8 Max两 款旗舰手机，其目的是在配置方面抗衡三星和 苹果的类似型号。 根据高德纳（Gartner）公司的统计，去年 华为智能手机的出货量达到6800万部，排在全 球第四位，拥有5.5%的市场份额。这个数据远 远落后于三星和苹果近5亿部的合并出货量。 这两部手机拥有诸如“关节识别”之类的绝 妙创新，令手机屏幕可以区分出手指触摸以及 关节触摸，从而实现更多的操作。 摄像头也拥有可调整肤色的“自拍”功能， 以便增强华为手机对于年轻女性市场的吸引 力；这块市场正是华为先前的软肋所在。 今年四月份，华为消费者业务营销副总裁邵 阳向路透社记者表示：“中国市场价格400欧 元以上的手机品牌仅有三个，华为大约占了 10%，三星占了20%，而苹果占了最大份额。 高端手机市场仅有三个品牌，但华为正在快速 增长。” 华为计划在2015年期间在中高端手机市场实 现1亿部智能手机的出货量。 而在低端市场，华为的荣耀系列智能手机则
COMPANY PROFILE
企业简介
Evaluation Centre—which monitors Huawei’s technology in the UK—had given Huawei the all-clear. Huawei, for its part, is becoming increasingly outspoken on the importance of cybersecurity. It has released white papers to guide companies, governments and technology vendors on how to keep their systems secure, and called for the development of unified international standards to guide best practice. For now the company’s enterprise business is focused on “being integrated” through open collaboration, working with strategic partners like SAP and Accenture to innovate on cloud and data technology, and collaborating with various companies on Linux-based open source cloud computing project, OpenStack. “I think the strategy they have embarked upon, which is to really jump on board the open platform solution, is potentially highly disruptive,” Ujhazy says. Rather than starting with a blank piece of paper, or with legacy assets like some older companies, Huawei can step into a community which has already built a lot of the fundamentals, Ujhazy explains. The task then is to adapt and optimise for an existing market, and receive a constant input of fresh ideas from the community. “That said, if the quality control and the cohesion within OpenStack is not there, and there’s not the discipline in place around software development processes, you can end up delivering something that’s flawed or in fact dangerous,” Ujhazy says. “Fortunately we haven’t really seen that yet.” It’s a cut-throat business sector and the risks and rewards are great. But Huawei’s enormous innovation spend, along with its rising appeal to consumers, are helping the company build a reputation for innovation and creativity. With almost two-thirds of its revenue now coming from international markets, Huawei is evolving at a blistering pace. Says economist Nicholas R. Lardy in an interview with the New York Times in May: “This is an amazing transformation for a company that was founded less than 30 years ago and won its first contract outside the mainland [in Hong Kong] in 1997.” The company’s transformation over the next decade is likely to be equally impressive.
The global game has to be played according to the currency of innovation.
主打性价比，并且大部分通过互联网销售；这 种策略意在与华为的中国对手小米展开白刃 战。华为表示其去年售出了2000万部荣耀手 机，远低于小米的6000万部。 但是，最大的机遇绝非来于已经高度饱和的 中国市场。尤海利表示：“对于100美元以下 以及500美元以下的手机，我们认为今年这些 手机的出货量将达到16亿部；其中日本以外的 亚太地区就占到10亿部。因此，这是一块尚未 开发的大蛋糕。” “华为具备开发这块大蛋糕的条件，”尤海利 表示。 他补充说：“华为不仅仅是一家设备制造 商，同时也在构建一个从网络核心层到云端， 再到末端设备的生态系统。这意味着华为并没 有将自身定型为一家手机供应商，而是一家能 年宣布将对华为在英国设立的、旨在监测华为 够提供各种传感器、汽车解决方案、无人机等 自身技术的网络安全评估中心开展独立审查， 与网络核心层有着密切关联的各种产品的综合 从而向华为亮起了绿灯。 性企业。” 华为在网络安全领域的重要地位正日益凸 显。华为发布了多份指导企业、政府和技术供 打造一个生态系统 应商如何保障系统安全的白皮书，并呼吁开发 这也是为什么华为创新战略中的绝大部分均 统一的国际最佳实务标准。 与定义和发展5G技术相关。5G有望实现各种 当前，华为企业业务的重心在于一种“被集 无线系统的大规模联网、每秒10Gbit的上网速 成”的开放合作战略。它与SAP和埃森哲等战 度以及1毫秒的超低延迟（请求与响应之间的 略合作伙伴合作开展云技术和数据技术领域的 时间间隔）——这些特性对于自动驾驶汽车等 创新，同时也与多家公司在Linux开源云计算 应用而言均非常重要。 项目OpenStack上开展合作。 结合大数据技术进步所实现的人工智能， 尤海利表示：“我认为，华为所采取的这种 这个生态系统将为所谓的物联网注入强大动 开放式平台解决方案的战略，可能对市场将极 力，实现互联网与物质世界之间前所未有的高 具颠覆力。” 度融合——从可穿戴电子产品到自动驾驶汽 尤海利解释说，华为并没有从一张白纸做 车，甚至是智能家居系统。 起，或者像其它老牌企业一样固守于老旧的技 华为在这两大领域均开展了广泛而深入的 术，而是直接踏入一个已颇有根基的新圈子， 研究。 然后针对现有市场情况进行不断修改和优化， 例如，在大数据领域，华为为金融业开发一 并从该圈子获得源源不断的新鲜点子。 系列的技术，令客户在15年时间内均可随时检 他补充说：“不过，如果OpenStack缺乏 索历史数据（而不是仅有1年时间）。这些技 质量控制和凝聚力，并且在软件开发过程中混 术也缩短了与发放信用卡相关的信用调查受理 乱无序的话，这个项目的最终产物很可能存在 周期——从两周时间缩减至短短几秒钟。 瑕疵或危险性。幸运的是，我们目前尚未见到 针对5G技术，副董事长胡厚崑在今年三月 这种状况的发生。” 份巴塞罗那召开的世界移动通信大会上畅谈了 在这个竞争极为残酷的行业，巨大的风险和 他对于超级互联未来的展望。峰值速度达到 回报成正比。得益于大手笔的创新投入及对消 10Gbit/s的5G网络可在瞬息之间下载好一部 费者吸引力得日益增加，华为作为一家新锐开 分8GB大小的高清电影。华为已经开发出未来 拓的公司正声望日隆。 5G网络所使用的空中接口技术。 由于有三分之二的收入来自国际市场，华为 胡厚崑指出：“5G不仅仅是一次升级，它 正以惊人的速度不断变革进步。经济学家拉迪 也将成为承载各种全新应用、全新业务模式甚 （Nicholas R. Lardy）五月正接受《纽约时报》 至全新行业的一个强大平台。” 采访时表示：“对于一家创建时间不到三十 华为已实现了速率达到每秒1Gbit的家用宽 年，在1997年才拿到第一个中国大陆以外（在 带连接。 香港）合同的公司而言，这种与时倶进的速猛 发展令人惊叹。” 掷地有声的对话 下一个十年，这个阔步前行于有为之路的中 网络安全方面的顾虑影响到华为在美国和澳 华企业将带给我们什么样的惊喜，让我们拭目 大利亚之类市场中的业务活动。但英国政府今 以待吧。 商道
H I G H E R V I EW B U SINESS | 79
By Tourism Australia 澳大利亚旅游局
JUMP ON BOARD
搭上旅游业发展的顺风车 Investing in the future of Australian tourism has never been more promising, with rising visitor numbers, strong hotel demand and a world-leading spend per visitor. 由于游客数目不断增加，酒店住宿需求强劲，游客人均消费领先全球，澳大利亚旅 游业前景广阔，给投资者提供了史无前例的投资良机。
N
ominated as a national investment priority, tourism is one of Australia’s largest and most exciting industries, currently generating $102 billion annually in total visitor expenditure. With the government working hard to grow the sector to more than $115 billion annually by the end of the decade, as part of its ‘Tourism 2020’ 8 0 | HIGH ER VIEW BUSIN E S S
strategy initiative, investing in Australian tourism makes good business sense. Strategically located in the Asia-Pacific, the world’s strongest performing tourism region, Australia’s tourism sector continues to perform strongly. A Deloitte report released in late 2013 also identified tourism as one of the ‘super sectors’ that will drive the nation’s growth, 商道
旅
游业不但是澳大利亚国家指定的吸引投 资的优先领域，也是全国规模最大、 最具朝气的行业之一。目前，游客年度消费总 额为1020亿澳元。随着政府加大力度发展旅游 业，其《旅游业2020》战略规划将力争使 2020年游客年度消费总额超过1150亿澳元， 因此，现在投资澳大利亚旅游业，正是天时地 利的良机。
TOURISM
旅游业
alongside gas, agribusiness, international education, and wealth management. Currently, the tourism industry is worth $43.4 billion in Gross Domestic Product (GDP), directly employs over half a million people and contributes over $27 billion to total exports, making inbound tourism Australia’s largest export services sector. Globally, Australia performs well on the world tourism stage. Australia is ranked 43rd for international visitor arrivals but 11th for tourism receipts and first for spend per visitor, reflecting the country’s status as a high yielding tourist destination. With Australia’s close proximity to the fast growing economies of Asia, and continued demand globally for unique destinations and tourism experiences, the country’s tourism sector is poised for further future success.
STRONG GROWTH IN ASIAN VISITORS
Australia welcomed a record 6.9 million international visitors last year, an increase of 7.6 per cent on the previous year. In line with the increase in visitor numbers, international visitor expenditure in Australia rose by 9 per
cent to $30.7 billion for the year ending September 2014. Much of the growth in international visitors has been led by markets in Asia, particularly China which is now Australia’s largest source market by visitor expenditure ($5.4 billion) and second largest for visitors (up 18 per cent to 839,500 visitors). Other markets in Asia delivering strong growth include Malaysia (up 17 per cent to 324,500 visitors), Singapore (up 10 per cent to 372,100 visitors), and India (up 17 per cent to 196,600 visitors). Australia’s long-standing ‘traditional’ western markets such as the United Kingdom and United States also posted positive results, demonstrating the value in having a balanced portfolio of well-performing markets.
STRONG HOTEL DEMAND
Hotels in Australia’s major cities have been a key benefactor of these strong international travel results. Capital city hotels continue to deliver high occupancies and high revenue per available room, currently among the highest in the OECD. STR Global reports that five of Australia’s capital cities enjoy occupancy rates above 75 per cent (as at March 2015), with Hobart having the highest rates (91.1 per cent), followed by
亚太地区是全球旅游业发展最快的地区， 借助在本地区得天独厚的地理位置，澳大利亚 旅游产业持续以良好的态势运行。2013年底， 德勤的一份报告将澳洲旅游业视为与天然气、 农业综合经营、国际教育和财富管理并驾齐 驱，促进国家繁荣的五大“超级产业”之一。 目前，澳大利亚国内生产总值（GDP）中旅 游业贡献434亿澳元；旅游业直接从业人口达 到50万以上；出口贡献额超过270亿澳元， 并且，入境旅游成为澳大利亚最大的出口服务 产业。全球范围来看，澳大利亚旅游业也表现 突出。澳大利亚国际游客数目全球排名第43 位，但旅游收益排在第11位。游客人均消费更 是高居榜首，凸显澳大利亚作为收益上佳的旅 游目的地的地位。 由于与亚洲快速成长的经济体地缘相近，随 着全球对独具特色的旅游目的地及旅游体验的 需求持续上升，澳大利亚旅游产业的大发展指 日可待。 亚洲游客强势增加 截至2014年11月，澳大利亚共接待国际游 客680万人，比上一年度增加8.5%。与游客人 数的增长类似，截至2014年9月，澳大利亚国 际游客消费额增加9%，达到307亿澳元。 国际游客的增长主要得益于亚洲市场的 驱动，尤其是中国市场。目前，中国是澳大 利亚最大的游客消费来源国（54亿澳元）和
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SOURCE: International Visitor Survey, September Quarter 2014. For the full report and methodology go to tra.gov.au
TOTAL TRIP EXPENDITURE BY COUNTRY 按国家排名的旅游消费总额 CHINA 中国 UK 英国 USA 美国
MARKET
NEW ZEALAND 新西兰 JAPAN 日本 KOREA 韩国 SINGAPORE 新加坡 GERMANY 德国
Year ending September 2013 截止2013年9月的年度
MALAYSIA 马来西亚
Year ending September 2014 截止2014年9月的年度
HONG KONG 香港 0
1,500
3,000
4,500
6,000
EXPENDITURE ($MILLION) 商道
H I G H E R V I EW B USINE SS | 81
TOURISM
旅游业
Australia’s tourism industry generates
$102b 1020 亿
in annual visitor expenditure 澳洲游客年度消费总额为 1020亿澳元。
Sydney (86.9 per cent), then Melbourne (84.9 per cent), Perth (82.1 per cent), and Adelaide (79.7 per cent). With the hotel sector delivering strong returns, Australia is seeing strong investor interest in existing hotels as well as investment in new stock. Chinese investors have been among those looking to take advantage of the Australian tourism growth story, buoyed by a highly transparent and liquid market, and looking for opportunities in the accommodation sector in Australia.
With stable returns and solid yields, it is not surprising that interest from overseas investors in Australian opportunities has grown substantially over recent years. Offshore investors have dominated capital flows into Australian hotels over the past six years, accounting for two thirds of the total transaction volume with inflows totalling in excess of $6 billion. Chinese investors are increasingly the driving force, accounting for 35 per cent of deal flow last year. Major investment activity includes the Abu Dhabi Investment Authority’s record breaking $800 million purchase of the Tourism Asset Holdings Limited (TAHL) portfolio of hotels, Singapore’s Frasers Centrepoint acquisition of the Sydney Sofitel Wentworth and Beijing-based Sunshine Insurance Group’s purchase of Sheraton on the Park Sydney at the highest price ever achieved in Australia for a single hotel asset. Other prominent Chinese investors, including Dalian Wanda Group and Greenland Group are also seizing the opportunity, entering the Australian market with new hotel developments under their own brands.
第二大游客来源国（达到823,000人次，约为 16.3%）。下图显示了中国短期游客数量的 强劲增长：过去十年中，中国短期游客数量 增加了242%。亚洲其它市场赴澳游客增长强 劲的还包括马来西亚（达到324,000人次，增 加20%），新加坡（达到375,000人次，增加 14%）和印度（达到172,000人次，增加7%）。 澳大利亚旅游业长期的“传统”西方市场 （如：英国和美国）也表现不俗，说明澳旅游 业注重良性市场的均衡发展颇具成效。 酒店需求强劲 STR全球报告显示，国际游客的大量到访， 使澳大利亚各大城市的酒店成为主要受益人。 首府城市酒店的入住率和客房收入持续居高， 目前已处于经合发展组织国家的前列。 澳大利亚五座首府城市酒店入住率超过75% （截至2015年3月），霍巴特最高（91.1%）， 其次是悉尼（86.9%），再之后是墨尔本 （84.9%），珀斯（82.1%）和阿德莱德 （79.7%）。 由于酒店业收益颇丰，投资者对澳大利亚 现有酒店和建立新酒店的兴趣日益高涨。由于 看好澳大利亚市场高度透明，流通性好，不少 中国投资者也力图能分享澳大利亚旅游业这块 日益做大的蛋糕，跃跃欲试于澳大利亚酒店 产业。
MAJOR HOTEL SALES IN AUSTRALIA 澳大利亚主要的酒店销售额
Source: Colliers Edge
$2,750 $2,500
Value of Transactions ($ million)
$2,250 $2,000 $1,750 $1,500 $1,250 $1,000 $750 $500 $250 $0
2006 82 | HIGH ER VIEW BUSIN E S S
2007
2008
2009
2010 商道
2011
2012
2013
2014
2015 YTD
TOURISM
旅游业
FORECAST CONTRIBUTION TO GROWTH IN ARRIVALS OVER THE NEXT 10 YEARS TO 2022-23 今后十年至2023财年到访游客对旅游业增长贡献的预测 CHINA 中国
Source: Tourism Research Australia
23.7%
NEW ZEALAND 新西兰
9.3%
UK 英国
8.5%
SINGAPORE 新加坡 US 美国
GROWTH (%)
7.3% 6.9%
MALAYSIA 马来西亚
6.9%
OTHER ASIA 其他亚太国家
5.6%
OTHER EUROPE 其他欧洲国家
4.4%
LOOKING AHEAD
To ensure Australian tourism’s continued competitiveness and to enhance opportunities for future growth, the Australian government and tourism industry have implemented a national Tourism 2020 strategy. At the heart of this plan is the goal to grow overnight visitor expenditure beyond $115 billion annually by the end of the decade. This plan focuses on six strategic areas including growing demand from Asia, building
18%
China is Australia’s second largest source of visitors, with numbers rising 18% to 839,500 in 2014 中国是澳大利亚第二大 游客来源国（达到 823,000人次，约为 16.3%）。
competitive digital capability, ensuring a 鉴于收益优良稳定，近年来海外投资者对澳 good tourism transport environment and 酒店业投资显著增长也就不足为奇了。过去六 regulatory reform. 年里，海外投资者是澳大利亚酒店业并购活动 Tourism 2020 is endorsed by all of Australia’s 当仁不让的主角，其交易额占成交总额的三分 state and territory tourism ministers and 之二，资金流入超过60亿澳元。中国投资者正 brings together existing work, research and 日益成为投资主力，去年约占交易额的35%。 collaboration between the tourism industry 主要的投资活动包括：阿布扎比投资局打破 and governments into a single plan that links 纪录，以8亿澳元收购旅游资产控股有限公司 tourism supply with demand. （TAHL）旗下的酒店组合；新加坡星狮地产收 Increasing the supply and improving the 购索菲特悉尼温特沃什酒店；北京阳光保险集 quality of Australia’s tourism product offering 团收购悉尼喜来登酒店，并创下澳大利亚单个 will ensure Australia remains globally 酒店资产收购的最高价。其它知名的中国投资 competitive. Last year, the tourism investment 者（包括大连万达集团、绿地集团等）也都抓 pipeline grew to $53.7 billion (an increase of 9 住机遇，以其自有品牌进入澳大利亚新酒店开 per cent), featuring $8.5 billion in new and 发市场。 refreshed investment in accommodation, $31.3 billion in aviation and $13.9 billion in arts and 展望未来 recreation infrastructure. 为确保澳大利亚旅游业持续发展的竞争力， 提升未来发展机遇，澳大利亚政府和旅游业已 INVESTORS WELCOME 在实施 A core pillar of Tourism 2020 is the nomination 为《旅游业2020》国家旅游业发展战略。 of tourism as a national investment priority. 该战略的核心是：到2020年底，实现过夜游客 Investment in Australian tourism 年消费额增加到1150亿澳元以上的目标。 infrastructure means more capital city 该战略重点关注六大战略发展领域，包括推 accommodation, rejuvenated product in our 动亚洲需求，提升数码化竞争力，确保良好的 商道
H I G H E R V I EW B U SINESS | 8 3
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TOURISM
旅游业
ORIGIN OF HOTEL PURCHASERS 酒店购买者的原籍国 AUSTRALIA
$2,800
HONGKONG
OTHER
SINGAPORE
Source: Colliers Edge
USA
JAPAN
CHINA
$2,600 $2,400 $2,200 $2,000 $1,800
Millions
$1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0
2006
2007
2008
regional areas, state-of-the-art business events facilities and innovative leisure attractions to meet the growing demand of Australia’s tourism industry. To this end, a five year partnership between the Australian Government’s international tourism marketing agency, Tourism Australia,
35%
Chinese investors accounted for 35% of last year’s approximately $6 billion capital inflow into Australian hotels 中国投资者正日益成为 投资主力，去年约占交 易额的35%， 资金流入 超过60亿澳元到澳洲酒 店行业。
8 4 | HIGH ER VIEW BUSIN E S S
2009
2010
2011
2012
and the Australian Trade Commission (Austrade) was announced in 2012. Referred to as the Australian Tourism Investment Partnership, the two entities work together to market and facilitate investment opportunities in Australia. This partnership looks to increase investment in Australian tourism infrastructure by identifying investment opportunities, connecting them with international investors and working with them to make sure their investment journey is a smooth one. Tourism Ministers in Australia have also undertaken to reduce barriers to tourism investment at both the state and national level. This includes focusing on priority reforms to simplify the development process, reducing the time and cost of investing in Australian tourism infrastructure, and providing practical assistance to guide investors through the approvals process. 商道
2013
2014
2015 YTD
旅游交通环境以及改革规章制度等。 《旅游业2020》战略由澳大利亚各州和领 地旅游业负责人共同签署，将当前旅游业和 政府之间的工作、研究以及协作共同纳入这项 单一规划，促进全澳旅游业供需之间的互动 配合。 推出更多旅游产品，提升旅游产品的质量， 将保证澳大利亚旅游业保持其全球竞争力。 去年，旅游业投资额增加至537亿澳元（增幅 9%），其中住宿产业新建和改造投资为85亿 澳元，航空业313亿澳元，文艺娱乐基础设施 为139亿澳元。 投资者的利好 《旅游业2020》的核心是将旅游业作为国家 优先投资领域。对澳大利亚旅游基础设施增加 投资，意味着在首府城市建设更多住宿设施， 改良我们城镇地区的旅游产品，开发时尚一流 的商业活动设施及创新型休闲景点等，以满足 澳大利亚旅游业蓬勃发展的需求。 为此，2012年澳大利亚政府的国际旅游营销 机构——澳大利亚旅游局以及澳大利亚贸易委
TOURISM
旅游业
Recent changes within the Australian regulatory environment include the introduction of a three-year, multiple entry visa for Chinese business travellers which simplifies entry requirements for business travel. Another change has been the Establishment of Tourism investment facilitation functions in all Australian states and territories to work in cooperation with the Australian Tourism Investment Attraction Partnership to assist and inform investors about opportunities in the Australian tourism industry.
PROMOTING FOOD AND WINE
Tourism Australia is the Australian government agency responsible for attracting international visitation to Australia. Investing close to $200 million last year in marketing Australia to the world – with a focus on the high-yield tourist – Tourism Australia has built a strong reputation for developing innovative tourism marketing campaigns. Tourism Australia’s global destination campaign – There’s nothing like Australia – has been specifically developed to reach consumers
in key international markets and create a sense of urgency to visit Australia by offering compelling reasons why they should visit now. Last year the campaign evolved further to put more of a focus on Australia’s food and wine experiences. The campaign is based on research conducted by Tourism Australia in 15 of Australia’s key tourism markets, which shows that food and wine is now a major factor influencing holiday decision-making. To narrow the perception gap between those who have visited Australia and those who have not, Tourism Australia is evolving its global campaign with the idea that Australia could be the world’s greatest restaurant – Restaurant Australia. This marketing effort, coupled with Tourism Australia’s strong aviation focus, to support new services to Australia and the growth of existing air services, enables the destination to achieve continuous and sustainable long term growth. Tourism Australia is the Australian Government’s tourism marketing agency, responsible for attracting international visitors to Australia.
TOP 5 SPEND MARKETS (SHARE OF TOTAL TRIP EXPENDITURE)
开销最高的五个游客来源国（占旅游总消费额的比例） CHINA 中国
18%
$5.4b 54亿 UK 英国
12%
$3.7b 37亿 USA 美国
9%
$2.7b 27亿 NEW ZEALAND 新西兰
8%
$2.4b 24亿 JAPAN 日本
$1.4b 14亿
4%
SOURCE: International Visitor Survey, September Quarter 2014. For the full report and methodology go to tra.gov.au
商道
员会（Austrade）共同宣布了一个五年合作 计划。双方机构将根据这份称为“澳大利亚旅 游业投资合作计划”协作营销，携手促进澳大 利亚旅游业的投资。 该合作计划旨在发掘投资机会，对接相应的 国际投资者并与其积极配合以确保投资顺利进 行，从而增加澳大利亚旅游基础设施领域的 投资。 澳大利亚旅游部长及各州旅游业负责人也承 诺，上至国家，下至各州，都将努力减少旅游 业投资障碍。其中强调优先进行改革的方面包 括简化开发程序，降低对澳大利亚旅游基础设 施领域投资的审批时间及成本，以及在审批过 程中对投资者提供实际协助。 澳大利亚政策监管领域近期的一些变化包括 为中国商务旅游者提供三年期的多次往返签 证，简化商务旅游的入境要求。另一个变化 是：澳大利亚各州和领地都已设立旅游投资促 进处，并在“澳大利亚旅游业投资合作计划” 的框架下携手合作，协助投资者发掘澳大利亚 旅游业的投资机遇。 推介澳洲美食佳酿 澳大利亚旅游局是澳大利亚负责吸引国际游 客的政府机构。去年，澳大利亚旅游业宣传投 资接近2亿澳元，主要集中在高收益游客群。 澳大利亚旅游局在发展创新型旅游营销领域已 卓有建树。 澳大利亚旅游局针对澳洲作为国际旅游 目的地策划的推广活动的主题是There’s nothing like Australia (“澳大利亚，尽是不 同”)。它向其主要国际市场消费者传递了这 样一个讯息：现在就是畅游澳洲最佳时机， 心动不如行动！ 去年的活动更多关注澳大利亚的美食佳酿体 验。推介活动以澳大利亚旅游局针对该国15个 主要旅游市场的研究为基础，这些研究显示美 食佳酿已成为目前影响旅游度假决定的主要因 素。由于已访澳和未赴澳游客之间会有不同期 望值，为缩小这种差异，澳大利亚旅游局正与 时俱进，在其命名为Restaurant Australia (“全球美食，尽在澳洲”)的全球推广活动中 向人们介绍澳大利亚一地就将各国美食一网打 尽，堪称全球最棒的大饭店。 配合澳大利亚旅游局对航空服务的重视，这 一行销举措促进了澳大利亚现有航空服务和新 业务的发展，并将长期推动澳大利亚作为全球 一流旅游目的地的可持续发展。 澳大利亚旅游局是澳大利亚政府的旅游行销 机构，负责吸引国际游客赴澳。澳大利亚 贸易委员会是澳大利亚政府设立的全国性的贸 易和投资发展机构，是您赴澳投资咨询的 首发站。 H I G H E R V I EW B USINE SS | 8 5
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LIFESTYLE, SHOPPING, FASHION, LUXURY 时尚生活、奢华购物、品味时尚、奢侈单品
IWC
万国表 DIAMOND JUBILEE IWC万国表为庆祝葡萄牙系列诞生75周年，推 出一款加入了万年历以及采用52850型号机芯 驱动的全新特别版腕表。售价：$43,000。
IWC Schaffhausen is celebrating the 75th birthday of one of its watch families: the Portugieser. To commemorate the milestone the new collection comes with a host of technological and design modifications with both an annual calendar and IWC-manufactured 52850 calibre. $43,000, iwc.com/retail
商道
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奢侈品天地
MOST WANTED
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意大利高级定制男装品牌杰尼亚隆重呈献首个男士美体系列，产品包括 护体霜（$100）、香体皂（$60）和蜡烛（$100），每款产品均注入明星 成分意大利佛手柑。 Fine quality product isn’t just meant for clothes. Zegna unveils its first grooming collection with a body balm ($100), body bar ($60) and candle ($100), all infused with its signature ingredient, Italian bergamont. zegna.com.au
ALL ABOUT THAT BASS 德国音频设备品牌SENNHEISER以制作拥有顶级音效与 一流舒适感的高品质耳机闻名于世，全新推出无线耳筒 MOMENTUM WIRELESS，配备混合式主动降噪，能有效降 低环境噪音，同时支援蓝牙无线科技。售价：约$745。 Having mastered high quality sound and comfort headphones, Sennheiser are now venturing into the wireless market with the allnew Momentum Wireless. The headphones feature NoiseGard Hybrid active noise cancellation and Bluetooth. Approx. $745,
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BACK TO BASICS BOTTEGA VENETTA全新推出既实用又 奢华的OSTRICH系列皮革背包。
Practicality meets luxury with Bottega Venetta’s new range of Ostrich leather backpacks. bottegaveneta.com
8 8 | H IGH ER VIEW BUSIN E S S
商道
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我们跟一级方程式赛车手兼萧邦新任 品牌大使Mark Webber畅谈他最喜 爱的几样东西——汽车、腕表以及他 的宠物狗。
全新百达翡丽万年历计时码表把万年历和 计时码表这两个功能结合起来，充分反映百 达翡丽不断创造出独特珍贵的时计作品的 卓越精神。售价：$POA。 Patek Philippe has united two functions – its Annual Calendar and chronograph – to bring you its Annual Calendar Chronograph, emphasising its role for creating uniquely precise timepieces. Ref. 5905P $POA, jfarrenprice.com.au
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SCENT OF ITALY
精致的白色小屋点缀了阿马尔菲的 悬崖边，TOM FORD推出全新香氛 MEDITERRA MANDANRINO DI AMALFI正捕捉了此处舒逸平静的生活 品味。售价：$290。 Capturing the calm idyll of the whitewashed villas dotting the cliff sides of Amalfi, Tom Ford’s new fragrance is Mediterra Mandanrino Di Amalfi $290, harrolds.com.au
商道
ARE YOU A WATCH LOVER? 您是个爱表之人吗？ 我不会说自己是个很专业的内行人，可是我喜欢性能可 靠稳定以及拥有经典外观的高质腕表。萧邦的腕表完全 符合我的口味，其SUPERFAST系列拥有一切我看重的元 素：高科技和大胆却细致的线条，捕捉了赛车的精萃。 I wouldn’t claim to be a great connoisseur, but I do like a fine watch that combines reliability with a timeless classic look. Chopard watches match my taste perfectly and the Superfast collection combines all the qualities I see as essential: high tech with daring, but subtle, lines. They seem to capture the true essence of racing. WHAT’S YOUR MOTTO? 您的座右铭是什么？ 保持一致并且对自己真诚。己所不欲，物施于人。而且 生活中我不知道下一秒会发生什么事情，所以我会更加 善用每一分每一秒。 Be consistent and be true to yourself. Treat others the way you want to be treated. And because I never know what’s round the next corner in life, make the most of every moment. WHICH TRACK IS YOUR FAVOURITE (F1 & WEC)? 您最喜欢那条赛道？ 我特别喜欢银石赛道，因为它非常具挑战性，要求赛手 以各种的车速进行。另外一个我十分喜欢的是铃鹿赛 道，其狭窄的车道是一级方程式赛事中难道最高的。要 在铃鹿进行完美的一圈非常困难。 I particularly like Silverstone, because it’s a very demanding track that covers the complete range of speeds. Suzuka is another one of my favourites. Its narrow track is one of the most difficult in Formula One. It’s a real challenge to do a perfect lap there. Follow Mark Webber in the Porsche 919 Hybrid N°17, Porsche Motorsport and Chopard during the 2015 FIA World Endurance Championship on Twitter and Tumblr. Mark Webber wears Chophard Superfast Chrono $39,510, chopard.com
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STYLE 时尚单品
Alfred Dunhil, $321, dunhill.com
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。
Dolce & Gabbana, $185, dolcegabbana.com
Givenchy, $2578, givenchy.com
Alfred Dunhill, $337, dunhill.com
Montblanc Meisterstück Heritage Moonphase, $17,600
Kingsman, $2844, mrporter.com
Gucci, $481, gucci.com/au
Mulberry, $185, mulberry.com
50 SHADES OF GREY
Hackett, $1513, hackett.com Alexander McQueen, $3605, alexandermcqueen.com Saint Laurent, $705, ysl.com/au
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Lighten up your wardrobe with a softer shade
50度灰 以柔和色调来点亮您的衣橱。
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纪梵希
THE NEW FRAGRANCE FOR MEN
绅士简约品格男士淡香水
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。
不同凡响的酒窖 Wolf Blass’ impressive cellar door
几十年来Wolf Blass一直是许多澳大利亚 本地人喜爱的本土葡萄佳酿之一，现在这 个葡萄酒精品已在国际上声名渐隆。
葡萄园佳景 Vineyard in bloom
禾富酒庄于1973年成立于澳大利亚芭萝莎 买下位于Bilyara路三公顷大的土地，他发现 谷，从昔日简陋的小铁棚变成现在设计精美 Bilyara在澳大利亚土著语言里是鹰的意思， 前卫的酒窖，各地的访客慕名而来品尝酒庄 因此他以鹰作为公司的标志。拥有了自己庄 的佳酿。酒庄每年出产超过60万瓶葡萄酒， 园，Blass的下一步是把葡萄园建立起来。 在过去的42年中荣获2,500个奖项。酒庄坐落 大概四年后，他为了建一个小铁棚而透支 于澳大利亚著名产酒地南澳，这里提供无数的 了$2000，同年也出产了他的第一批黑牌年 好酒，其中拥有悠久的历史与文化背景的禾 份酒。 富酒庄一直是当地人的最爱。 成功接踵而至。1973年份的葡萄酒获得澳 禾富的创办人Wolfgang Franz Otto Blass 大利亚葡萄酒界享负盛名的“吉米沃尔森杯” 先生于1961年跟芭萝莎谷的 Kaiser Stuhl签下 （Jimmy Watson Trophy），Blass在一向保守 为期3年的合约来到了澳大利亚，自此便没有 的皇家葡萄酒展上发表了别具一格的得奖感 离开过。“合约到期时，我想他们非常紧张 言，“我的葡萄酒是性感的，它们能让软弱 我会离开，一定是我的表现很好，” Blass说 的男人变得强势，也能使强势的女人变得软 道，“我突然发现自己是属于澳大利亚的。” 弱。”如此调侃引起了很大的反响。时至今 经过一段时间咨询当地的酿酒师，Blass觉得 日，Blass最新发布的“2014禾富奢华系列” 自己已获得足够的知识，所以决定酿制自己的 仍然赢得一众爱酒人士的欢心。奢华系列充分 葡萄酒。1969年，Blass开始酿制葡萄酒，采 展示禾富的精髓——风土以及巧妙的混合。 用来自兰汉溪的葡萄以及经过橡木桶的陈酿， 系列中最为突出的是黑牌，终极演绎了单一 酿制出口感柔软顺滑的红葡萄酒。后来Blass 葡萄园的风土特性。 92 | HIGH ER VIEW BUSIN E S S
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BEST OF THE BARREL... 2012大师赤霞珠西拉干红葡萄酒 外观：深红／紫色 香气：浓郁的咖啡和摩卡香 气以及木桶烘烤香 口感：和谐顺滑 售价：$350 2010白金牌西拉干红葡萄酒 外观：深遂的紫红色 香气：黑色浆果、烟熏橡木 以及苦味巧克力的香味 口感：红黑色浆果充溢口腔， 口感多汁，富有层次感， 柔和的单宁以及均衡的橡木味 售价：$139.65 2010黑牌西拉赤霞珠马尔贝克干红葡萄酒 外观：将近黑色的深紫色 香气：果香味带有一丝橡木烘烤香 口感：尽管口感结实雄厚， 酒体却仍然轻盈 售价：$103.55
阿德莱德巴罗莎山谷日落，映造 Wolf Blass酒窖令人惊叹的美景 Stunning sunset over Wolf Blass cellar door in Adelaide’s Barossa Valley
Wolf Blass has been a home-grown favourite for many Australians for decades, and now it’s become internationally recognised for its fine wine. Wolf Blass has come a long way from its humble beginnings in Barossa Valley, back in 1973. First off, there are obvious changes such as the original tin-shed winery, which has been replaced with an architecturally designed, avantgarde cellar-door that sees visitors come from near and far to get a taste of the wineries best drop. And then there’s the numbers; the winery distributes over 60 million bottles of wine annually and has won some 2,500 trophies in its 42 years. Set in Australia’s wine-state, South Australia, where you’re spoilt for choice when it comes to good wine, Wolf Blass, with its long legacy and heritage, remains a local favourite. Wolfgang Franz Otto Blass, founder of Wolf Blass, came to Australia on a three-year contract with Kaiser Stuhl in the Barossa Valley back in 1961 and never left. When his contract ended, Blass knew he was onto something. “I thought that if they were so bloody anxious to get rid of me, I must be good,” says Blass. “I suddenly knew my place was in Australia.” After spending some time consulting local wine makers, Blass decided he had acquired enough knowledge to start making some of his own. By 1969 Blass was
making wine, concentrating on soft, silky red wines using fruit from the recently established Langhorne Creek and manipulating his use of the oak. He managed to acquire a three-hectare site on Bilyara Road and in doing so Blass discovered Bilyara was the Indigenous Australian word for eaglehawk, and so he made the eagle his company logo. With his own property sorted, Blass’ next step was to build a winery. Some four years later, with a $2000 overdraft he built a small tin-shed and produced his first Black Label Vintage that same year. Success quickly followed suit. The 1973 vintage won the Jimmy Watson Trophy, where Blass gave his infamous acceptance speech: “My wines are sexy, they make weak men strong and strong women weak,” blowing the top off the conservative Royal Melbourne Wine Show. Today, Blass’ newly released ‘2014 Wolf Blass Luxury Collection’ is still winning the hearts of wine drinkers. Showcasing terroir and artful blending, the portfolio defines the essence of Wolf Blass. The highlight of the collection is the Black Label, an ultimate manifestation of single vineyard terroir. 商道
BEST OF THE BARREL... The Master Cabernet Shiraz 2012 Colour: Deep red/purple Aroma: Lots of coffee, mocha and toasty barrel aromas Palate: Supple and very smooth with a sheer intensity of the lush black fruits $350 per bottle
Platinum Label Shiraz 2010 Colour: Inky purple-crimson Aroma: Black fruits, smoky oak and bitter chocolate Palate: Has layer upon layer of juicy black and red fruits, supple tannins and balanced oak $139.65 per bottle
Black Label Shiraz Cabernet Sauvignon Malbec 2010 Colour: Deep purple, almost black Aroma: Fruity melding with fine-grained toasty oak Palate: Densely packed, big-bones and hefty, yet remain light on its feet $103.55 per bottle
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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。
MELBOURNE 墨尔本
Q&A WITH SHANNON BENNETT OF VUE DE MONDE 专访维德孟餐厅主厨 SHANNON BENNETT
我们与Shannon Bennett畅谈澳大利亚饮食文化、 墨尔本土产的可持续性以及墨尔本餐饮业的前景。
您在哪里长大以及对食物的热情是从哪里开 始的？ Where did you grow up and what where your early influences in food? 1980年代我在一个很小的镇上长大，就是位 于维多利亚州墨尔本外城区的 Westmeadows，那里是个不错的中产小 区。当时我在普通话课的表现欠佳，因此学校 安排我到邻近社区的女子学校学习烹饪，从那 时候开始我便发现自己爱上了烹调。 I grew up in a very small town called Westmeadows in Victoria in the early 80’s, a 94 | HIGH ER VIEW BUSIN E S S
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nice little middle class outer suburb of Melbourne. I was never very good at Mandarin class so I was given the option to go to the girls school in the neighbourhood and learn home economics, which is where I actually realised how much I enjoyed cooking. 您是如何开始经营餐馆生意，并且知道这就是 您想持续发展下去的事业？ How did you get started in the restaurant business and know that this was a path you wanted to follow? 毕业后我在墨尔本君悦酒店当了四年学徒，之 后便出国深造，有机会跟一些有名的欧洲厨师 共事。Marco Pierre White便是其中的一位，我 在他荣获米其林三星的餐厅工作过2年，那时候 我才发觉希望自己在许多方面能跟Marco一样。 After school I did a 4 year apprenticeship at the Grand Hyatt in Melbourne and then I went overseas as soon as I was finished to work with some of Europe’s well known chefs. One of them was Marco Pierre White who had a three Michelin Star restaurant. I worked for him for 2 years and that’s where I realised that I wanted to be like Marco in many ways. 维德孟餐厅是怎样开始的，您在餐厅里负责那 一部分？ How did Vue de Monde start and how did you get involved with the restaurant? 维德孟所表达的是对世界的观点。我喜爱法式 烹调，所以一直以来都很希望向这个方面发 展。因此早年间我重复制作在欧洲时所学的菜 色，让餐厅成为了一家非常典型的法国餐厅。 后来我开始沉迷食材的来源地，从而开始了采用 本地食材以及用菜色来述说维多利亚的故事。 Vue de Monde is all about the view of the world. I love French cooking and having a background in it, it was always something I wanted to develop and showcase. But over time I began to become fascinated by the origins of food and ingredients which is when it all became about sourcing local
SHANGHAI 上海
GREEN CUISINE
Shanghai new-comer, Fu He Hui, has nabbed the Highest New Entry award on Asia’s 50 Best Restaurants 2015 list, coming in at 19; an amazing feat for a strictly vegetarian restaurant. The meat-free menu features indigenous Asian ingredients such as taro, lotus seeds, longan fruit and Hokkaido red beans. 1037 Yuyuan Road, Changning District, Shanghai, theworlds50best.com/asia.
素食“煮”义 上海全新顶级素食餐厅福和慧首次入 选“2015亚洲50佳餐厅”榜单，名列 第19位。餐厅提供全素菜色，采用亚 洲上等食材，包括芋头、莲子、龙眼 以及北海道红豆。地址：上海市长宁 区愚园路1037号。
ingredients and telling a story on the plate about local Victoria. 为何本地出产以及可持续性对您而言如此重要？ Why is it so important for your produce to be locally sourced and sustainable? 我希望人们能够明白食材的来源地，也只有这 样才能知道吃进肚子里的是什么东西。我希望 端到桌上的都是本地的、高端的、新鲜的、季 节性的，最重要是我希望确保它的可持续性。 I want people to understand where it has come from and that’s the only way to know what you’re putting into your body. I want to make sure it’s local, premium, fresh and seasonal when it gets to the table and most importantly, I want to make sure it’s sustainable.
ROUND UP: BAO WOW! 悉尼的人喜爱中国菜众所周知，其中包括广 式饮茶。这里为您介绍几家城中之最，东方 风味之选…… It’s no secret Sydneysiders are obsessed with Chinese cuisine, and yum cha is no exception. Here are the city’s best spots to brunch at, oriental style...
MARIGOLD 富丽宫有大众认为中国餐馆应该拥有的 一切，白色桌布、粉红色餐巾及塑料筷子。 身穿燕尾服的男服务员和穿着长袍的 女服务员推着的手推车里必定会有餐厅的
您将如何协助墨尔本餐饮业发展？ How are you trying to help evolve the Melbourne food scene? 我想墨尔本将越来越受世界瞩目，因而吸引 更多人才学厨艺。墨尔本已是一个广为人知 的餐饮目的地，我们会一起努力继续探索墨 尔本的餐饮文化。 In the future I think Melbourne will become a lot more noticed around the world which will attract a lot more talent that will take up cooking. Melbourne has become much more well known for destination restaurants and we will all go on the journey of discovering what Melbourne food culture is about together.
招牌点心——以荷叶裹着糯米饭、 腊肠、香菇和鸡肉。 At Marigold, trolleys are always stocked with the restaurants signature dish of sticky rice wrapped in lotus leaves filled with Chinese sausage, mushroom and chicken. marigold.com.au
SPICE TEMPLE Spice Temple餐厅的主厨Andy Evans把包 子提升到更高的境界。菜色包括内陷是虾、 咸菜，和XO酱的大包、鸡肉和黑木耳锅贴、 旭蟹黑豆米粉卷。还需要我们继续介绍吗？ Andy Evans, head chef at Spice Temple, sure knows how to take bao to new levels. There’s big steamed buns filled with prawns, pickles, and XO sauce. rockpool.com
MR. WONG’S 中菜领域的新进餐馆，Mr Wong餐厅才刚开 始提供广式饮茶时段。以扇贝和虾为材料的 烧卖是悉尼饺子界的佼佼者。不仅用料极为 新鲜，还有一流的包饺子技术。 A new favourite among the Chinese cuisine scene, Mr Wong’s has just introduced yum-cha serving hours. The scallop and prawn shuma is the emperor of Sydney dumplings.. merivale.com.au/mrwong
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H I G H E R V I EW B USINESS | 95
HOTELS 酒店
UP AND COMING 即将来袭
Majestic castles, harbour views and six-star stays – we’ve picked out some of the most luxurious hotels Australia and China have to offer 雄伟壮观的城堡、海港胜景及六星级的至尊享受—— 我们精心细选澳中两地最能为您带来奢华体验的酒店。 PULLMAN QINGDAO AIRPORT HOTEL
DOUBLE VISION 洲际酒店集团耗资2,500万翻修 昔日位于德宝湾的丽思卡尔顿 酒店，成为全新的悉尼德宝湾 洲际酒店。酒店坐拥壮丽美 景，大堂内悬挂着160公斤重的 巨型吊灯，地板则是由意大利 大理石铺成，还设有140间豪华 套房。
Intercontinental has splashed $25m on a restoration of Double Bay’s former Ritz-Carlton. The all-new Intercontinental Double Bay in Sydney boasts spectacular new features including a 160kg chandelier that looms high above Italian marble floors in the lobby and 140 spacious luxury rooms. intercontinental.com/doublebay
设有238间房间的青岛机场铂尔曼酒店将法式 的高雅格调与中国传统文化相融合，酒店的 主要特色是游泳池以及矿泉水蒸汽房， 能让您因时差而疲惫不堪的身体得以完全 放松。 French elegance is artfully blended with Chinese culture in this all-new 238-room offering. The main drawcard is the pool and mineral water room, sure to cure a jet-lag ridden body. pullmanhotels.com
LESTER HOTEL 坐落于阿德莱德市中心的新酒店将会是阿森 德酒店集团在南澳大利亚的第一家酒店。酒 店高14层，设有240间房间。预计将于2016年 9月份竣工。 Adelaide’s new CBD hotel will be the first member of the Ascend Hotel Collection in South Australia. There will be 240 rooms across 14 levels. Completion expected September 2016. choicehotels.com
ANANTARA GUIYANG RESORT & SPA 中国夏季旅游度假新热点——贵州省，将迎 来一家全新的度假酒店。这里不仅蕴藏深厚 的历史，还可以尽情享受温泉浴、观赏黄果 树瀑布和高尔夫球场的美丽风光。将于2015 年年底开张。 China’s new summer vacation hot spot, Guizhou, will welcome a brand-new resort. Enjoy hot springs, the Huangguoshu waterfall and scenic golf courses, alongside rich heritage. Opening late 2015. anantara.com
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W HY JUST BE PRECISE WHEN YOU CAN BE THE MOST PRECISE?
MASTER GRANDE TRADITION TOURBILLON À QUANTIÈME PERPÉTUEL. Jaeger-LeCoultre Calibre 987. In the tradition of the Jaeger-LeCoultre watches that won the first International Timing Competition of the 21st century, it is a reference in terms of precision. Its 78-part tourbillon regulator features an ultra-light grade 5 titanium carriage and a large variable-inertia balance beating at a cadence of 28,800 vibrations per hour. Its perpetual calendar endowed with a 1,461-day mechanical memory enables it to remain faithful to calendar variations.
YOU DESERVE A REAL WATCH.
CHINA EASTERN AIRLINES CO. LTD.
中国东方航空股份有限公司
祝贺中澳自贸协定正式签署
CONGRATULATIONS ON THE FREE TRADE AGREEMENT Shortly before this edition of Higher View Business went to print, Australia and China finalised a decade of negotiations and signed a free trade agreement. This is truly a turning point in history for both countries and deepens Australia’s integration into nearby Asia. “This agreement will give our nations unprecedented access to each other’s markets,” Australian Prime Minister Tony Abbott said after signing the deal in Canberra. “We seize this opportunity of more trade and more investment with China.” Australia’s trade minister Andrew Robb and China’s Commerce Minister Gao Hucheng signed the deal in Canberra on Wednesday June 17. While parliament still has to ratify the deal before it comes into effect, the Australian government claims it will be worth billions of dollars to the Australian economy. Consider the benefits: More than 85% of Australian goods exports will be tariff free under the deal, and this will later rise to 95% on full implementation. Tariffs on beef, dairy and seafood will be eliminated, together with China’s tariffs on Australian resources and energy products. 98 | HIGHER VIEW BUSIN E S S
Ordinary Australians also stand to make substantial savings on daily goods. “It means that Australian consumers will pay less for cars, for clothes, for electronics and other goods imported from China,” Abbott said. Gao said the deal, which was struck late last year, was “comprehensive, high-quality and balanced.” “It has the highest degree of liberalisation amongst all the FTAs China has so far signed with another economy,” he said. As a company dedicated to closing the distance between our two nations, China Eastern offers its congratulations to the policy-makers and negotiators who made this happen. It will surely cement Australia’s position as an economy deeply integrated with Asia, and open the gates to a surge of new investment into and out of China. It will influence the course of Australian and Chinese business for many years to come.
就在本期《翼境商道》即将付印之际，传来 中澳两国结束十年谈判，正式签署自由贸易协 定的捷报。 这的确是两国关系的一个历史转折点，必将 商道
Photo by Lukas Coch - Pool/Getty Images 进一步推动澳大利亚与亚洲地区的深度融合。 协议签署后，澳大利亚总理托尼•阿博特在堪 培拉表示：“这项协议将给我们两国之间的产 品进入对方市场带来前所未有的机会。我们牢 牢把握了这个与中国深化贸易和投资的良机。” 中国商务部部长高虎城和澳大利亚贸易部长 安德鲁·罗布6月17日在堪培拉代表两国政府 正式签署了这份协议。 虽然该协议尚待澳大利亚国会正式批准生效, 澳大利亚政府声称它将给澳大利亚经济带来数 十亿美元的收益。 这些收益包括: 根据协议，85%以上的澳大利 亚商品将以零关税进入中国, 全面实施后这个 比例将上升到95%。中国将免除澳大利亚的牛 肉、乳制品和海鲜以及资源和能源产品的进口 关税。 澳大利亚普通百姓也会在日常商品上省下不 少开支。 “这意味着澳大利亚消费者购买中国产的汽 车、装、电子产品及其他产品时，花费更少 了。”阿博特说。 高部长表示，去年年底确认的这份协定， 是一份“全面、高质量、平衡”的协定， “是迄今为止中国与另一个经济体之间签署的 自由贸易协定中水准最高的。” 作为一家致力缩短我们两国之间距离的公 司，东方航空公司向两国之间为此做出不懈努 力的决策者和谈判者表示由衷的祝贺。 这份协定无疑奠定了澳大利亚经济深深融入 亚洲的根基，让中澳两国的商贸投资互动更加 风生水起，并将对中澳两国的商界产生极为深 远的积极影响。
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