Higher View Business - Issue 4

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I S S UE FO U R . O CTO BER 20 15

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HEALTHY PROSPECTS

The enormous opportunity that is China’s fast-growing healthcare sector

医疗保健业 合作大前景 正在蓬勃发展的中国医疗 健康行业迎来重大机遇

四十年业界领导券商 一流交易者信心首选 四十载淬炼沉淀，享誉全球的 IG一直致力于为客户提供精益求精的优质交易平台和稳健 可靠的客户资金保障。坚实的财务基础和行业经验是 IG 为您提供交易优势的基石。 透过 IG 锐意创新的交易平台，您可以随时随地在同一平台交易外汇、股票、指数、期货和大 宗商品等上万种差价合约产品。我们专心致志为您打造高水准全中文交易服务, 全方位照顾 您的交易需求。 仅需数分钟即可网上开户交易，无最低存款要求。 差价合约损失可能超出保证金。 详情请见 IG.com 中文服务热线： 中国：400 998 5010 澳洲：1800 601 818 瞬息万变·把握优势 差价合约交易

富時250 成分公司

您并非实际拥有或持有任何相关基础资产。在与 IG 进行交易前，请向我们索取并仔细阅读我们的《产品披露声明》。 以上信息并非针对美国居民而设，同时并非旨在向澳大利亚以外的任何国家或司法管辖范围的任何人士发布或供其使用，如若此等发布或使用将违反当地法律或规例。 来自 IG Markets Limited ABN 84 099 019 851，澳大利亚金融服务执照号 220440。新西兰金融衍生品发行商执照，金融服务商（FSP）号码 18923。

Shop7, 101 Collins Street Melbourne VIC 3000 Phone: +61 3 9650 9288

Ground Floor, Crown River Walk Southbank VIC 3006 Phone: +61 3 9690 2566

WELCOME

欢迎

欢迎辞——中国东方航空公司

欢迎辞——澳大利亚中国总商会

中国东方航空公司有一组表明澳中两国关系不断深化的直观数 据：在2014-2015财年，928,000名中国游客抵达澳大利亚，同比 增长了21.8%，令中国在入澳游客数量方面仅次于新西兰。 第四期的《商道》杂志着眼于挖掘两国在医疗、电子商务以及 风险资本方面的机遇，同时探讨一系列法规变化，比如新推出的 《澳大利亚诚信贸易商计划》。通过简化商品交易流程，该计划有 望大大节省中国企业的时间和金钱。 与我们自身相关的一个好消息是澳大利亚竞争和消费者委员会 （ACCC）已为东航与澳洲航空公司（QANTAS）之间的《联合协 调协议》开启了绿灯。这意味着上海与悉尼、墨尔本以及凯恩斯 之间的航班往来将更加频繁，一条终年服务的新线路也将于年内 宣布。 澳洲航空将可以与东方航空的班机共同停靠在上海浦东国际机 场1号航站楼，令澳航的旅客可以更方便、更快捷地在上海转乘东 航的航班。 我们祝您开卷有益，请尽情享受您的阅读和飞行时光。

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澳大利亚中国总商会是一个非盈利性组织，但这并不妨碍我们 庆祝澳中两国之间涌现前途滚滚的无限商机。 与两国农业和资源合作有关的言论可谓已汗牛充栋，但医疗领 域的前景亦不容小觑（参见封面文章）。在人口老龄化及生活水 平提高的推动下，中国的医疗支出有望迎来快速增长。当前中澳 两国签署的自由贸易协定，为澳大利亚的医疗服务机构进军中国 这个增长迅猛的市场提供了独一无二的良机。同样的，中国企业 亦有机会向澳大利亚的医疗市场带来多元发展的积极动力。 我们也见证了诸多其它方面的重大进步。由于中国本土的电商 平台为澳大利亚众多小企业开启了全新的市场，与短短几年前相 比，如今将商品卖给中国消费者已容易得多。 随着近几年来中国直接投资的稳步增长以及自贸协定的签署， 澳大利亚对中国投资者的态度也日益开放。 《商道》杂志致力于记录和深化澳中两国之间的友好关系。 您可以在后面的篇幅中了解更多的观点和事实。祝您阅读愉快， 开卷有益！

Welcome from China Eastern Airlines

Welcome from the CCCA

At China Eastern we have a front-seat view of the deepening relationship between Australia and China. In the 2014/15 financial year, 928,000 Chinese visitors came to Australia – a 21.8 per cent increase on the previous financial year that put China second only to New Zealand.

This fourth edition of Higher View Business explores opportunities for both countries in healthcare, e-commerce and venture capital, along with regulatory changes like the newly launched Australian Trusted Trader Program that promises to save Chinese businesses time and money by streamlining the exchange of goods.

And some good news from us as well, the Australian Competition and Consumer Commission has given the green light to a Joint Coordination Agreement between China Eastern and Qantas. This will mean more frequent services on routes between Shanghai and Sydney, Melbourne and Cairns, and also year round services on a new route yet to be announced.

Qantas will also be co-located with China Eastern at Terminal 1 of Shanghai Pudong International Airport, allowing more convenience and quicker connections for Qantas passengers transferring to a China Eastern flight in Shanghai.

We hope you enjoy the articles in this edition and take home some new insights.

Enjoy your read and your flight.

The China Chamber of Commerce in Australia is a non-profit organisation, but that doesn’t stop us celebrating the lucrative business opportunities that continue to open up between our two countries.

We’ve heard a lot about agriculture and resources but health is the proverbial elephant in the room (see cover article).

China’s health spend is predicted to increase rapidly, driven by demographic changes and increasing living standards. With the free-trade agreement between Australia and China now in place, Australian health care providers now have a unique opportunity to get involved in this astonishing growth story.

Likewise, Chinese companies have the opportunity to bring greater sophistication to healthcare in Australia.

There are many other significant developments. Selling to China’s consumers is now much simpler than it was just a few years ago as homegrown Chinese e-commerce platforms open up vast new markets to boutique Australian companies.

Australia, too, is more open to Chinese investors post-FTA, after a steady increase in Chinese direct investment in recent years.

These insights and more can be found in the following pages of Higher View Business – a magazine dedicated to documenting and deepening the warm relations between Australia and China. We hope you enjoy your read.

6 | HI GHER VIEW BUSINES S

商道

CONTENTS

内容概要

CONTENTS 内容概要 IN THIS ISSUE 30 COVER STORY 封面故事 HEALTHY PROSPECTS 医疗保健业合作大前景

Resources and agriculture have dominated the headlines in the Australia-China relationship, but less has been said about the huge opportunities in health. Demographic mega-trends like China’s ageing population and rising living standards are driving a predicted 11.8% yearly increase in health spending. Now the China Australia Free Trade Agreement is promising Australian health care providers a unique opportunity to help China meet that demand.

Likewise, the Chinese health industry has an opportunity to test global strategies in Australia, provide for Australia’s wealthy but ageing population and tap into trends like the growing digitisation of the health industry.

Kim O’Connell and Suzy Madar from King & Wood Mallesons spell out the social trends behind this increased demand and the magnitude of the opportunities. They also give some strategic advice and outline some of the risks. 资源和农业常占据着中澳关系报道的媒体头条，却少有人 谈到健康产业蕴含的巨大商机。中国人口老龄化和生活水 平不断上升的大趋势，推动了健康产业年增幅11.8%的消 费预期。现在，《中澳自由贸易协定》的签署为澳大利亚 的医疗保健业提供商在帮助中国满足其对健康产业的需求 方面带来了难得良机。 同样，中国的健康产业也将拥有为澳大利亚富足的老 龄人口服务以及顺应健康产业数字化发展趋势的机会， 从而以澳大利亚为试验田来检测其全球拓展战略。 金杜律师事务所（King & Wood Mallesons）的 Kim O’ Connell和Suzy Madar详细说明了这一良机， 探讨需求增长背后的社会趋势，对其中一些风险予以概 述，同时也提出了一些战略性建议。

商道

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

CONTENTS

内容概要

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20 SWIFT’S IP SOLUTION

48 WILD RIDE

斯威夫特的版权解决方案

A股的过山车之旅 China’s young A-Share market has undoubtedly been the world’s most closely watched market in recent months, with some investors sustaining heavy losses.

But David Xie, president of the CFA Society of Beijing, argues the recent bust will not have a major impact on the Chinese economy, nor will it tarnish the long-term prospects of China’s capital markets.

After having criticised the music streaming services provided by Spotify and Apple Music, Taylor Swift again finds herself at the centre of the intellectual property debate, only this time it’s around China’s intellectual property protections. Could newly signed deals with retail giants JD.com and Alibaba.com solve the counterfeiting problem in China?

批评Spotify和苹果音乐的 音乐串流服务之后，泰勒· 斯威夫特（Taylor Swift）再 次成为版权问题争论的 焦点。只是这一次的争议 关乎中国的知识产权保护。 与零售业巨头京东和阿里 巴巴新近达成的协议能否 推动中国山寨问题的解 决呢？

REGULARS 固定栏目

FEATURES 专题报道

OPINION 洞见

10 CONTRIBUTORS 投稿人

40 MED-TECH COMPANIES LOOK EAST

54 CHINA’S CONSUMERS WILL CONTINUE TO SURPRISE THE WORLD

13 NEWS 新闻 26 LATEST DEALS 最新交易

28 GLOBAL SNAPSHOT 全球掠影

85 LANGUAGE & CULTURE 知言达礼

87 HIGHER LIFE 气派生活

最近几个月，中国年轻的A股市场无疑成为全球密切关注的目标：一些投资者 惨遭重创，对中国的经济稳定性深感恐惧。但是，北京金融分析师协会（CFA Society of Beijing）秘书长谢大为（David Xie）则认为近来股市暴跌对中国 整体经济将不会有特别重大的影响，也不会损及中国资本市场的长远前景。

医学技术，放眼东方 中国对高技术产业的重新重视以及研 发支出的增加，为澳大利亚医疗技术 企业开发全球最大的保健业市场打开了 机会之窗。

Australian medical technology companies are well-placed to target one of the largest healthcare markets in the world.

中澳两国的进出口商都将受益于新启 动的诚信贸易商计划（AUSTRALIAN TRUSTED TRADER PROGRAM）。

Australian and Chinese importers and exporters stand to benefit from the newly-launched Australian Trusted Trader Program.

62 E-DIGITAL TRANSFORMATION WITH CHINESE CHARACTERISTICS

70 RECOGNITION AND TRUST 认可与信赖

有中国特色的数字化蜕变

签证与风险 澳大利亚政府的“重大投资者签证” 在中国颇受欢迎，但是随着规则的变 更，并非所有投资者都喜欢其新要求。

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如果你担心中国的经济重要性下滑， 那你可能看错了中国的经济实绩。 北京大学Jeffrey Towson和Jonathan Woetzel教授认为，中国消费者财富增 加的同时，也更为复杂多样化。

If you’re worried China’s economic importance is declining, you’re probably looking at its performance the wrong way. Chinese consumers are going to increase in wealth and complexity, argue Peking University professors Jeffrey Towson and Jonathan Woetzel.

78 VISAS AND VENTURES

89

中国消费者将继续让世界惊讶

The Australian government’s Significant Investor Visa has proved popular among Chinese nationals, but now the rules have changed and some won’t be happy.

随着传统商业模式让位于一种全新的 消费模式，去年，超过3亿的中国消费 者实现了大约5千亿元的网购支出。 电子商务正在为澳洲企业打开庞大的 新市场，澳大利亚贸易委员会、 东亚成长型市场总经理David Landers 如是说。

E-commerce is opening up enormous new markets for Australian companies, writes David Landers, Austrade General Manager, East Asia Growth Markets.

商道

74 SEIZE THE OPPORTUNITIES 把握机遇 近几年中国企业对澳直接投资显著增 加。《中澳自由贸易协定》的签署则 为进行更大规模、更多元化的投资提 供了大量新机遇。

Direct investment by entrepreneurial Chinese into Australia has been increasing steeply in recent years.

Now the China-Australia Free Trade Agreement provides a host of new opportunities for larger scale and more diverse investments.

82 VENTURING TO AUSTRALIA 创投澳洲 澳大利亚新创企业AIRTASKER于今年 早些时候在一家上海创业投资企业晨 峰管理有限公司（MORNING CREST CAPITAL）主导的融资中获资650万 元，令澳大利亚新创企业群体燃起激 情。晨峰合伙人FRED BAI向《商道》 细说中国创业投资在澳大利亚的辉煌 前景。

A $6.5 million funding round for Australian startup Airtasker, led by Shanghai-based venture capital firm Morning Crest Capital, set Australia’s start-up community ablaze with excitement earlier this year. Morning Crest partner Fred Bai talks to Higher View Business about the prospects of further Chinese venture capital forays in Australia.

49 E-DIGITAL TRANSFORMATION WITH CHINESE CHARACTERISTIC 有中国特色的数字化蜕变

50 CHINA’S CONSUMERS WILL CONTINUE TO SURPRISE THE WORLD 中国消费者将继续让世界惊讶

72 VENTURING TO AUSTRALIA 创投澳洲

72 SEIZE THE OPPORTUNITIES 把握机遇

AD

CONTRIBUTORS

第四期 Issue 04

投稿人

1.

2.

4.

3.

致力推动中澳友好关 系的重要人物，也跟 我们一起创建这一期 的《商道》。

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

1. JASMINE CHEN 陈胤希 Jasmine is an associate of Herbert Smith Freehills in Shanghai. She advises clients on a range of corporate and commercial legal work including M&A, private equity, corporate restructuring and regulatory compliance matters in China. 陈胤希 是史密夫·斐尔律师事务所

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10 | HIGHER VIEW BUSIN E S S

implement market strategies to assist Australian exporters and educational institutions and work to attract productive foreign direct investment into Australia.

有着二十多年的投资经验，经常受邀参

凌德智（David Landers）负责澳大

加电台、电视及网络栏目并时有作品

利亚贸易委员会（Austrade）驻16个国

发表，如：CNBC、SKY

Business电台

家的市场团队事务。这一网络包括大中 华地区和东南亚国家联盟内的25个办事 处及230名雇员。办事处负责实施市场战

律事务向客户提供咨询，主要包括并 购、私募股权投资、企业重组和中国境 内合规问题等。

陈晓杰是悉尼知名翻译家、跨文化

《商道》欢迎投稿，感 兴趣者请发邮件至 jim@citrusmedia.com.au 与 我们联系。

学位及应用金融学硕士学位。Wai-Yee

上海办事处律师，负责就企业及商业法

顾问及专栏作家,曾为中澳包括总理、

jim@citrusmedia.com.au

陈惠仪是衍生工具投资撰稿人及专家 顾问，拥有注册会计师资格、会计学士

及《澳大利亚金融评论报》等。

2. JACK CHEN 陈晓杰 Jack is a translator, cross-cultural advisor and columnist based in Sydney. Jack has an Australian MBA degree with training in law and international marketing.

If you’d like to contribute an article to Higher View Business, please get in touch with us via:

such as CNBC and SKY Business and the Australian Financial Review.

4. ADELINE HIEW 邱春丽 Adeline is a partner in the Financial Services and Superannuation Team of Holding Redlich’s Melbourne office.

Adeline practices in financial services, focusing on superannuation, funds management, general, life and health insurance and Australian financial services licensing. Her regulatory knowledge is highly respected and often called upon by colleagues and clients.

略从而对澳洲出口商和教育机构予以协 助，并吸引业绩良好的外国直接投资进 入澳大利亚。

6. NANDA LAU 刘依兰 Nanda is a partner of Herbert Smith Freehills. Based in Shanghai, Nanda has extensive experience in advising multi-national and Chinese companies on M&A, foreign direct investment, private equity, joint ventures and cross-border transactions with a China element.

州长等许多政要、商界领袖及媒体等提

丘春丽（Adeline Hiew）是豪力律师

供文化沟通及拓展中国市场的服务。陈

事务所（Holding Redlich）墨尔本办事

小杰拥有澳洲MBA，熟谙法律及国际营

处的金融服务和养老金事务合伙人，主

销，并经营一家同声翻译及商务文化咨

要从事金融服务，尤其擅长退休金、基

询公司。

金管理、一般及人寿和健康保险，以及

并购咨询、外国直接投资、私募股权投

澳大利亚金融服务许可事务。其管理专

资、合资以及与中国机构进行跨国交易等

长为同行及客户所认可，颇受推崇。

咨询领域经验丰富。

5. DAVID LANDERS 凌德智 David is responsible for Austrade’s in-market teams across 16 countries.

This network is made up of 25 offices and 230 employees in Greater China and ASEAN. These offices

7. SUZY MADAR 苏西·曼达 Suzy is a Senior Associate based in King & Wood Mallesons Sydney office.

Suzy has experience in both the commercial and litigious aspects of intellectual property and the healthcare

3. WAI-YEE CHEN 陈惠仪 Wai-Yee is an investment author and a Derivatives Specialist Adviser.

Qualified as a CPA, Wai-Yee holds degrees in Accounting and a Masters of Applied Finance. With two decades of investment experience, she regularly appears on radio and TV networks

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11.

12.

商道

刘依兰是史密夫·斐尔律师事务所 （Herbert

Smith

Freehills）合伙人，

目前常驻上海，在跨国企业和中国企业的

13.

CONTRIBUTORS

投稿人

6.

5.

7.

8.

Higher View Business 商道 Issue 04 Strategic Advisor 战略顾问

Jingmin Qian

Editor 编辑 Ben Hurley

Staff Writers 特约撰稿人

Crystal Wong, Constantina Pilatos

Design 设计

industry and has worked with a range of clients spanning biotechnology, pharmaceuticals and R&D.

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。

Suzy Madar是金杜律师事务所资深

10. JEFFREY TOWSON 杰弗里·道森 及保健行业经验丰富，曾与生物技术、 Jeffrey is a managing partner of the 医药研发等领域的客户广泛合作。 investment firm Towson Capital and a professor at Peking University’s 8. KIM O’CONNELL 金鸥·康奈尔 Guanghua School of Management in Kim is a Partner in the Sydney office of Beijing. As an investor and advisor King & Wood Mallesons and has with over 15 years of experience in the extensive experience working with US, China and the Middle East, he has clients on pharmaceutical, biotech and developed over $25b of projects in a health related matters. She has wide range of industries. particular interest in intellectual 杰弗里·道森（Jeffrey Towson）是 property law and commercialisation, 投资公司Towson Capital的主理合伙 with a focus on patents as well as the 人，同时也是北京大学光华管理学院教 regulation of pharmaceuticals and 授。杰弗里在美国、中国和中东拥有 medical devices. 超过15年的投资顾问经验，参与不同 律师，在知识产权的商业和诉讼领域以

Kim O’Connell是金杜律师事务所 （King & Wood Mallesons）悉尼办

行业的项目开发总值达250亿澳元 以上。

事处合伙人，在医药、生物技术及健康 卫生等领域经验丰富，对知识产权法和商 业化尤其擅长，对专利及医药与医疗器械 的监管领域也颇有研究。

9. JINGMIN QIAN 钱京珉 Jingmin is the Principal of Jing Meridian Advisory. She 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.

11. JONATHAN WOETZEL 华强森 Jonathan is a director in McKinsey’s Shanghai office and a professor at Peking University’s Guanghua School of Management in Beijing.

Based in Shanghai for more than 15 years, he works with Chinese businesses to develop strategies, organisations and operations for global growth, and with various authorities on energy, sustainability and economic development. 华强森（Jonathan Woetzel）是麦

2006-2014 he was China equity analyst and portfolio manager with FIVV AG. Prior to that David Xie worked as financial consultant in a leading local accounting firm.

David Xie is the president of CFA Beijing Society. 谢大为, CFA, 任职于中国民族证券有 限责任公司信用业务部，担任总经理助 理。2006-2014年间他曾在FIVV AG负

余家明教授（Peter K Yu）现为美 国德州农工大学法学院（Texas A&M University School of Law）法学 教授，并任职该校法律与知识产权中心 联合主任。余家明教授在香港出生长 大，曾为美国德雷克大学法学院 （Drake University Law School）的 科恩氏家族知识产权法讲座教授

政府部门在能源、可持续发展和经济发

（Kern Family Chair in Intellectual

的中澳投资和管理经验。京珉目前是澳

展等领域进行合作。

在北京任中国商务部的项目官员，在

Editorial Director 编务总监 Richard Ryan

Advertising 广告

Max La-Brooy +61 2 8188 3664 max@citrusmedia.com.au

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13. PETER K YU 余家明 Peter is Professor of Law and Co-Director of the Center for Law and Intellectual Property at Texas A&M University School of Law. Born and raised in Hong Kong, he held the Kern Family Chair in Intellectual Property Law at Drake University Law School.

He also served as Wenlan Scholar Chair Professor at Zhongnan University of Economics and Law in Wuhan, China and a visiting professor of law at the University of Haifa, the University of Hong Kong and the University of Strasbourg.

织与运营为中国企业服务，并与不同的

究院的资深会员。在此之前，京珉

Adam Scroggy

Production Manager 生产经理

书长。

华管理学院教授，就全球发展战略、组

Property Law）。他还担任中国武汉 中南财经政法大学的文澜学者主持教

12. DAVID XIE 谢大为 David Xie, CFA, is assistant general manager of China Minzu Securities’ prime brokerage service. During

Sub Editor 副编辑

职于信永中和事务所从事并购财务顾问

京纬投资管理顾问公司的总监钱京珉

析师悉尼分会的董事，澳公司董事研

Gregory Baldwin, The Illustration Room

工作。谢大为是北京金融分析师协会秘

是资深公司董事和顾问，有二十多年

工商委员会、麦考瑞大学和特许金融分

Illustrations 插图

Crystal Wong +61 2 8188 3662 crystal@citrusmedia.com.au

责中国股票研究与投资管理，此前曾就

肯锡上海办事处资深董事及北京大学光

上市和非上市公司的董事和顾问，澳中

Millie Jia, Stephanie Goh

授，以及以色列海法大学（University

Stuart Harle

Publisher 出版者

Jim Flynn +61 2 8188 3671 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.

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of Haifa Faculty of Law）、香港大 学、法国斯特拉斯堡大学（University of Strasbourg）的访问教授。

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NEWS, INSIGHTS, GLOBAL THINKING

INSIGHT 洞察

WAS THAT THERE YESTERDAY? 那楼昨天就在那吗？

Chinese entrepreneur builds modular skyscraper in 19 days 中国企业家在短短19天内建成模块化摩天楼 Visitors are often amazed at the pace of development in China. But entrepreneur Zhang Yue has taken it to a new level in the Southern Chinese city of Changsha with the construction of a 57-storey tower in just 19 days.

Called Mini Sky City, the building is 204 metres high with 19 atriums, office space for 4000 people and 800 apartments.

Steel modules were prefabricated in Zhang’s factories and connected together on-site. A time-lapse video, now viewed millions of times, shows the building rise at a blistering three-stories per day.

Zhang tells the BBC his buildings are fast, safe, cheap and green. “The biggest problem we face in the world right now isn’t terrorism or world war. It’s climate change,” he says.

Mini Sky City has quadruple-paned glass, 20cm-thick wall insulation and exterior window shading.

Now he is making plans for a new “vertical city” that will be ten metres taller than the current tallest building in the world – the 830m Burj Khalifa in Dubai. 中国的飞速发展常给外国游客留下深刻的印象，而企业家张 跃则在南方城市长沙将这种“中国速度”提升到一个全新的 高度——在短短19天时间内建成一座57层的摩天高楼。 这座名为“小天城”的大楼高204米，拥有19个中庭、 可容纳4000人的办公场所以及800套公寓。 所有的钢制模块均在张跃的工厂内进行预制，并最终在 现场拼接起来。一条点击量逾数百万的定时间隔视频生动展 现了这座大楼每天三层的惊人建设速度。 张跃向BBC表示：他的大楼建设周期短、安全可靠、成本 低廉并且十分环保。他谈到：“当今世界所面临的最大问题 不是恐怖主义或世界大战，而是气候变化。” “小天城”为四面玻璃墙体建筑，配备20公分厚的墙体 保温材料、遮阳外窗。 目前他亦有计划建造一座比现今全球最高建筑——830米 高的迪拜哈利法塔——还要高10米的全新“垂直城市”。

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INSIGHT 洞察

FTA OPENS NEW SOCIAL AND ECONOMIC OPPORTUNITIES: GONSKI 戴维·贡斯基：中澳自贸协定将创造新机遇

by Xinhua News Agency 新华社 One of Australia’s leading business, social and educational reformers, David Gonski, says the China-Australia Free Trade Agreement opens up a lot of opportunities for both countries.

“I’m a great believer in free trade agreements,” Gonski says. “When you’re a country as Australia is, with wonderful things to get involved in but small in terms of our economy (and size) in the world sense... to be involved with great countries of large size like China and other countries that have got free trade agreements with (Australia), I think is a great thing.”

Gonski is known colloquially in Australian corporate circles as the “chairman of everything” for being part of an estimated 40 corporate boards. The chairman of ANZ and current Chancellor of the University of New South Wales (UNSW) was speaking as part of Xinhua’s “Talk to China” interview series, which aims to strengthen dialogue between China and Australia.

Under the agreement, Australian companies obtain larger access into the Chinese market and reciprocally, the threshold for review by Australia’s Foreign Investment Review Board (FIRB) for investment by non-state owned Chinese corporations has been increased to similar levels afforded to Australia’s other international trading partners.

Gonski says this is a great move as it levels the playing field for all international investment in Australia, dismissing any idea of prejudice against Chinese investors.

“I have the highest regard for those who run the FIRB, and I would assure investors coming from China that they wont be prejudiced,” Gonski says.

“We have a very good judiciary and a very good set of regulators.”

“I hope that (Chinese investors) will be able to fulfill the requirements that are needed, because (Chinese investors) are very good competitors (in Australia) and great investors.”

The China-Australia FTA comes at a welcome time as both countries’ economies shift, China to a more consumer-led economic base and Australia away from mining to become more diverse.

Gonski says he’s optimistic that Australia will be able to make the transition over time, however he does not discount the influence the

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澳大利亚首屈一指的商业、社会及教育改革家戴 维·贡斯基先生认为，中澳自贸协定必将为两国 合作创造许多新机遇。 贡斯基说：“我是中澳自贸协定忠实的支持 者。澳大利亚是个很棒的国家，有许多值得合作 的机会，但就全球而言，澳大利亚经济的规模还 不大。所以与像中国这样在全球经济中举足轻重 的大国合作，并签署自贸协定，我觉得是一件大 好事。” 由于曾在40多家澳大利亚公司董事会中担当 职务，贡斯基被称为“万能董事长”。此次贡斯 基以澳新银行董事长及新南威尔士大学校长的身 份接受了新华社“对话中国”栏目的专访，此栏 目旨在加强中澳两国间的对话交流。 在自贸协定下，澳大利亚公司将更加自由地进 入中国市场，而中国非国有企业的在澳投资，需 要澳大利亚外国投资审核委员会审批的投资金额 门槛也相应提高，达到其他国际贸易伙伴相一致 的水平。 贡斯基说，澳大利亚对来自全球各地的投资一 视同仁，这是一大进步，此举消除了歧视中国投 资者的观点。 “我对外国投资审核委员会的成员一向深怀敬 意。我也向来自中国的投资者保证，他们不会受 到区别对待。我们拥有一流的司法和监管体系。” “我希望（中国投资者）都能达到投资所需的 必要条件，因为（中国投资者在澳大利亚）是非 常出色的竞争者和投资者。” 中澳两国正属于经济转型期，中国正逐渐转向 消费主导的经济发展模式，而澳大利亚经济正从 矿业主导转向寻求更多元化的发展，因此中澳自 贸协定的签署恰逢其时，受到双方的欢迎。 贡斯基表示其对澳大利亚经济实现逐步转型持 乐观态度，但也强调，资源产业仍将对澳大利亚

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resources sector will have on Australia’s economy.

“Whilst Australians are very obsessed with the price of iron ore, we’re still selling a lot of iron ore,” Gonski says. “We’ve still got very good expertise and reliability in terms of transporting it, taking it out of the ground, taking it to where it’s to be delivered. I think the mining industry has a long (and successful) way to go.”

Gonski says infrastructure investment, where demand for iron ore is highest, will be a major player on the economies of Australia and China.

“There is infrastructure needed both in Australia, but also obviously in China and other parts of our near neighbours,” Gonski says. “The concept of establishing (the Asian Infrastructure Investment Bank) with interests in those sort of areas as an investor, is a plus, and I’m very pleased that Australia is involved in it.”

Gonski noted China’s expertise in construction during his first trip to China 11 years ago.

“I was visiting an office (in Shanghai), and one day I was looking out of the window, two days later there was a big building there,” Gonski says.

“They’d built two stories of the building in the two days I was there, amazing construction ability.”

When offering advice to China’s younger generation, Gonski says above all else, it takes passion to become successful.

“I would work towards what I was passionate about,” Gonski says.

“I wouldn’t go into business just because it makes money if that’s not my passion.”

Gonski says the quality of Australian universities is why passionate Chinese students are increasingly studying in Australia.

Education is now Australia’s fourth-largest services export with record revenue of A$16.69 billion (US$13 billion) in 2014, projected to be worth A$30 billion (US$23.23 billion) by 2020.

Gonski says it is important for Chinese, which comprise the largest proportion (35 percent) of the almost 217,000 international students studying at Australian higher education institutions, and Australian students not just to take advantage of structured learning, but also the social aspect of learning in culturally diverse institutions.

“I urge all of the Australians that (attend UNSW) to enjoy the inter-relationship with our Chinese students,” Gonski says. “It’s terribly exciting to me when I tour places like China and so on, people turn around to me and say ‘I went to University of New South Wales.’ I like that a lot.”

经济产生重大影响。 “虽说澳大利亚人对铁矿石价格有些过于患得 患失，事实在于我们的确还是在出口巨量的铁矿 石。说到铁矿石，从运输，到从地下开采出来并 发送到该去的地方，我们都有一套非常专业、安 全可靠的技术。因此，我觉得矿业仍不失长期 （成功）发展的前景。” 贡斯基认为，对于铁矿石需求量极高的基础设施 投资，将会成为中国及澳大利亚经济的重要引擎。 “不仅是澳大利亚，中国及其他周边国家都 需要基础设施。成立一个大型银行（亚洲基础设 施投资银行），着眼于投资基础设施等领域， 这个构想非常好。我很高兴澳大利亚决定加入 进来。” 在11年前首次访问中国的时候，贡斯基就对 中国在建筑行业的专长印象深刻。 “当时我参观（上海的）一个办公室，有一天 望向窗外，发现两天的时间里外面竟然盖起一座 楼。我待在那的两天时间里，一座大楼的两层就 盖好了。这种建设能力实在惊人。” 当被问及能否给中国年轻人一些建议时，贡斯 基认为最重要的是充满热忱是成功的首要基础。 “我会选择在自己热爱的领域工作。如果我 对一份工作缺乏激情，就算很赚钱，我也不会 去做。” 贡斯基表示，澳大利亚大学高水平的教学质量 是中国留学生不断增长的原因。 目前教育业是澳大利亚第四大服务出口产 业，2014年收入达到166.9亿澳元（约合130亿 美元），预计在2020年可达300亿澳元（约合 232.3亿美元）。 在澳大利亚高等院校求学的21.7万国际学生 中，中国留学生占了最大的比例（35%）。贡斯 基认为，对于中澳两国学生来说，重要的是不仅 要在课程中学到一技之长，更应在多元文化的环 境中磨炼各种社会能力。 “我经常鼓励我们学校的澳大利亚学生能够把 握与学校里的中国学生接触的机会。在中国等地 旅游期间，碰到有人过来跟我说，‘我在新南威 尔士州大学上过学’，这让我特别振奋，那种感 觉真是太好了。”

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NEWS BRIEFS 新讯妙闻

CHINA SLOWDOWN “NOT UNEXPECTED”: IMF CHIEF 国际货币基金组织总裁表示中 国的增长放缓在“预期之内” IMF chief Christine Lagarde has talked down concerns about China’s slowing economy in a speech in Indonesia.

“Growth is slowing—but not sharply, and not unexpectedly,” Ms. Lagarde said in September. “The transition to a more market-based economy and the unwinding of risks built up in recent years is complex and could well be somewhat bumpy.” 今年九月份，国际货币基金组织总裁克里斯蒂娜·拉加德在 印尼的一场演讲中表示，对中国经济减缓不应过分担忧： “增长是在放缓，但并非急剧下滑，而且都在预期之内。当 然，向更成熟市场经济体制的过渡，以及近几年来所积累的 各种风险的释放是一个复杂的过程，一路也难免会有些磕磕 碰碰。”

Photo by MillefloreImages

A NOSE FOR SUCCESS 对成功的敏锐直觉 Treasury Wine Estates chief executive Mike Clarke received a $4.45 million pay packet after his first full year at the winemaker, followed by strong financial performance particularly in Asia. Treasury, which makes Penfolds, Rosemount and Wolf Blass wines, made a bottomline net profit of $77.6 million after tax, helped

by Treasury’s Asian business which delivered a 53 per cent jump in profits to $73.1 million in 2014-15. The company will launch the flagship Penfolds Grange in Shanghai in October this year, the first time the launch has been held outside Australia.

Treasury Wine Estates总裁Mike Clarke在其走马上任满一年之 后拿到了445万澳元的薪酬， 其背后是一系列耀眼的财务数 据，尤其是在亚洲市场。主营 Penfolds、Rosemount以及Wolf Blass等品牌葡萄酒的Treasury在 2014-2015财年期间获得了7760 万澳元的税后底线净利润，其中 Treasury的亚洲分公司实现了53% 的增长，利润达到7310万澳元。 该公司将于今年10月份在上海发 布名为Penfolds Grange的旗舰 品牌；这是Treasury首次在澳大 利亚境外推出旗舰品牌。

BIG BUYERS 超级大买家 China Investment Corporation – China’s sovereign wealth fund – has won Investa Property Group’s portfolio of nine office towers with a winning bid of more than $2.45 billion.

This is the biggest direct real estate transaction in Australia’s history, ending a long-lasting sale of part of the $9 billion Investa Property Group. The Australian Financial Review reports the portfolio, which is 90 per cent exposed to Sydney and Melbourne, has a passing, fully let income of about $145 million. 中国投资有限责任公司是中国的主权财富基金，近期以 24.5多亿澳元的出价成功竞得了英威达地产集团（Investa Property Group）包含九座写字楼在内的资产组合。这是 澳大利亚史上最大的一笔直接地产交易，结束了市值90亿 澳元的英威达地产集团旷日持久的部分资产出售历程。 《澳大利亚金融评论》称这套资产组合有90%位于悉尼和 墨尔本，转让价中含有的全部现有租约年租金收入为1.45 亿澳元。 16 | HIGHER VIEW BUSIN E S S

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Australian beef will be sold at a premium in China via online retailer JD.com after the tech giant struck a deal with NSW cattle company Sanger Australia, a division of Bindaree Beef Group. The beef will be processed and packed in northern NSW before being chilled and sent to JD’s cold storage warehouses in China. Sanger Australia chief executive James Campbell told Fairfax Media the cuts exported were traditionally viewed as lower-value cuts in Australia but should resonate in China due to their good taste and quality.

JUICY DEAL FOR AUSTRALIAN BEEF COMPANY 澳大利亚牛肉公司的甜蜜交易

互联网巨头京东近期与位于新南威尔士的澳大利 亚桑格公司（宾达里牛肉集团旗下公司）达成一 项交易；根据此项交易，澳大利亚牛肉将通过在 线零售商京东在中国以优价销售。在新南威尔士 州北部加工并包装之后，牛肉将在冷藏状态下送 往京东在中国所设的各个冷藏仓库。澳大利亚桑 格公司的总裁James Campbell向费尔法克斯传 媒的记者表示：我们所出口牛肉在澳大利亚本土 历来被视为属于较差的部位，只能以低价销售， 但得益于它们的上佳口味和品质，它们将在中国 迎来新的一春。

SLOWING OUTPUT 制造业缓慢 Manufacturing in China was operating at its weakest level in three years according to the official Purchasing Managers Index for August, which declined to 49.7 from 50 the previous month. Some analysts said the figures weren’t alarming as the service sector is increasingly driving China’s economy. 中国官方发布的8月份采购经理人指数从上月的50下滑到 49.7，显示中国的制造业正处于三年以来最低迷的时期。一 些分析师认为对该数据不应恐慌，因为服务业正在日趋推动 中国的经济发展。来自海关总署的数据亦显示出中国8月份 的出口总额与去年同期相比下滑了5.5%（按澳元计算）。

CHINESE MILITARY TO SHRINK 中国将裁军30万 Chinese President Xi Jinping announced in September that the Chinese military would reduce troop numbers by 300,000 as part of a modernisation push. Xi made the announcement to coincide with the 70th anniversary of the end of World War II. 今年九月份，中国主席习近平宣布将裁减军队员额30万 人，以实现军队现代化。习近平是在二战结束70周年的庆 典上宣布了这项决定。

Photo by Sean Gallup - Getty Images

IBM TO ASSIST ANZ ASIA TECH ROLLOUT IBM为澳新银行的亚洲战略提供技术支持 Australia and New Zealand Banking Group has signed a $450 million agreement with IBM to provide technology for its regional Asian strategy. The Australian Financial Review reports the new deal will give ANZ access to all of IBM’s products, and the two will co-invest in an innovation lab for testing new applications and services. ANZ is focusing its $1.5 billion annual technology spend on building networks in Asia, particularly China. 商道

澳新银行近期与IBM签署了一项价 值4.5亿澳元的协议，后者将为澳 新银行的亚洲区域战略提供技术支 持。《澳大利亚金融评论》称此项 新交易将帮助澳新银行获得IBM的 所有产品；两家公司将共同投资于 一个创新实验室以便测试各种全新 的应用和服务。澳新银行每年耗资 15亿澳元，在亚洲进行打造业务 网络的科技投入，尤其是在中国。 H I G H E R V I EW B U SINE SS | 17

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PALMER SUES AGAIN 帕尔默向前中国合作伙伴发 起新诉讼 Australian billionaire and politician Clive Palmer has filed a new lawsuit against his former business partner CITIC Limited, seeking $10 billion in damages from the Chinese-owned company. Palmer’s company Mineralogy claims lack of royalty payments from CITIC’s Sino Iron magnetite project in Western Australia, a claim CITIC denies. 澳大利亚亿万富翁兼政治家克莱夫·帕尔默向其前商业 伙伴中国中信股份有限公司发起了一项新的诉讼，并向 后者索赔100亿澳元。帕尔默的公司Mineralogy诉称中 信位于西澳大利亚州的中铁（Sino Iron）磁铁矿项目没 有向其支付矿区使用费，但中信对此矢口否认。这是两 家公司近年来发生的多起诉讼之一。

INVESTORS SPEND BIG ON AUSTRALIAN AGRICULTURE 中国投资者大力投资于澳大利亚农业 China became Australia’s largest investor in Australian agriculture during the 2013/14 financial year, according to the Australian Foreign Investment Review Board, with Chinese investment almost doubling on the previous year to hit A$632 million. At the same time Chinese investment in mining projects fell by a third to A$5.85 billion.

根据澳大利亚外国投资审查委员会 的数据，在2013-2014财年期间， 中国摘得澳大利亚农业部门最大投 资者的桂冠；上一年度期间中国在 澳的农业投资几近翻倍，达到6.32 亿澳元。与此同时，中国对各种采 矿项目的投资下滑了三分之一，仅 达到58.5亿澳元。

TAXI RACE 约租车市场的赛跑 Ride-hailing company Uber and Chinese domestic rival Didi Kuaidi have upped the pressure in their battle for China’s ride-hailing market, each completing lucrative fundraising rounds. Uber chief executive Travis Kalanick said Uber’s China unit had raised US$1.2 billion so far, including additional funds from strategic partner Baidu, in a September interview with news website Sina. Didi Kuaidi meanwhile was reportedly close to raising an additional US$1 billion on top of US$2 billion raised in July, the Wall Street Journal said on September 7.

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约租车公司优步及其中国竞争对手 滴滴快的在中国约租车市场上的竞 争愈演愈烈；每家公司均已完成了 多轮融资。在九月份新浪记者的采 访中，优步总载特拉维斯·卡兰尼 克表示优步中国公司到目前为止已 经融到12亿美元，包括来自战略 合作伙伴百度提供的额外资金。与 此同时，根据华尔街日报9月7日 的报道，滴滴快的亦在7月份融得 20亿美元之后再次成功融到10亿 美元。 商道

CASHING IN ON FOREX 中国央行的干预举措令外汇 储备骤减 China’s foreign exchange reserves fell by US$93.9 billion to $3.56 trillion in August. This was a 2.57% decline from July and the biggest drop since May 2012 according to the Wall Street Journal. The fall was due to central bank interventions to prevent capital outflow and preserve the yuan’s value. China’s foreign-exchange holdings remain the largest in the world. 根据华尔街日报的报道，今年八月份中国的外汇储备缩 水了939亿美元，减少至3.56万亿美元，与七月份相比 下滑了2.57%，是2012年5月份以来最大的跌幅。此番 骤减源于中国央行为防止资本外流以及维持人民币价值 而采取的一系列干预举措。目前中国依然拥有全球最多 的外汇储备。

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WELCOME TO AN OASIS OF TRANQUILITY...

THE SKYTEAM EXCLUSIVE LOUNGE. At their hubs and beyond, SkyTeam members’ world-class lounge facilities are a welcome escape from busy terminals and the place to enjoy a little pre-flight or stopover relaxation. When you’re in Istanbul, Sydney or London Heathrow’s T4 – and soon in Dubai – you can step into a SkyTeam Exclusive Lounge to unwind. They add a breath of fresh air to your travels with their lush botanical walls. And they’re fully equipped for a bit of work, a bite to eat or a longed-for break. Join us in our 636 lounges using the Lounge Finder at skyteam.com, or download the SkyTeam app.

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FEATURE 专栏

PROTECTING MY IP 保护我的知识产权

Has Taylor Swift finally figured out how to shake off Chinese counterfeits? 泰勒·斯威夫特终于想出了中国假冒产品的解决之道？

by Peter K Yu, Professor of Law and Co-Director of the Centre for Law and Intellectual Property at Texas A&M University 法学教授，德州农工大学法律和知识产权中心联合主任 In July, JD.com and Alibaba, the two largest online retailers in China, announced their deals to sell authentic merchandise associated with Taylor Swift. JD.com will also market an exclusive fashion line that the singer will design for the Chinese market.

After having criticized the music streaming services provided by Spotify and Apple Music, Swift again finds herself at the centre of the intellectual property debate. This time, the debate turns to a country notorious for being a knockoff haven.

Will her new arrangements with JD.com and Alibaba finally solve the massive counterfeiting problem in China? What are their strengths, and what are their limitations? Should other celebrities follow her lead to fend off Chinese infringers?

2015年7月，中国最大的两家在线零售商京东和 阿里巴巴宣布将上线销售与泰勒·斯威夫特相关 的正品商品。京东亦将代理泰勒·斯威夫特专门 为中国市场设计的时尚服饰。 在批评完Spotify和Apple Music所提供的音乐 流媒体服务之后，斯威夫特再次将自己置身于知 识产权大讨论的漩涡之中。只是这一次，话题中 心是在假冒产品横行的中国。 她与京东和阿里巴巴达成的新安排能否在根本 上解决中国假冒商品横行的问题？京东与阿里巴 巴具备哪些优势？它们又存在哪些局限性？其它 明星是否可以效仿斯威夫特的作法来打击中国的 侵权者？

WHAT THESE DEALS CAN ACHIEVE

Swift’s deals with JD.com and Alibaba can provide at least five main benefits.

First, the dedicated online channels will provide a means of authentication.

They will send important signals to the public about where to purchase official goods. Gone is the tired excuse of not knowing where to shop for authentic merchandise in China.

These channels will also help those who have difficulty distinguishing between counterfeits and legitimate products as well as those who fear to shop online. Although many of us frequently buy from Amazon and eBay, both of which were launched about two decades ago, e-commerce did not take off in China until the mid-2000s.

Second, the dedicated channels will enable Swift’s Chinese fans to develop a direct relationship with the singer. Many “Swifties” no longer find it enough to listen to her CDs and go to her concerts; they also want to have her style and wear clothes designed by her. By getting music fans to buy products directly from authentic sources, the channels will educate customers about the

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商道

这两项合作将有何成效？ 斯威夫特与京东及阿里巴巴所达成的合作至少 可以带来五大好处。首先，专门的线上渠道将提 供一种认证手段。它们将向公众发出从哪儿可以 买到官方商品的重要信号。在中国不知从何购买 正品商品的老掉牙借口将不复存在。 这些渠道亦将为那些难以区分假货和正品以及 那些惧怕在线购物的消费者提供帮助。虽然我们 当中有很多人经常上亚马逊和eBay购物（这两 个网站均成立于20多年前），但电子商务一直到 2000年代中期才开始在中国腾飞。 其次，这两大专门渠道将令斯威夫特的粉丝们 可以与歌手之间形成一种直接的关系。许多 “霉粉”已不再满足于听她的CD以及参加她的 演唱会；她们亦希望效仿她的风格并穿上她所设

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importance of intellectual property protection.

Third, Swift’s deals will increase her leverage in demanding response and expedited action should counterfeiting problems arise. JD.com and Alibaba may also consider taking preemptive anti-counterfeiting measures to keep the singer happy.

After all, if she is disappointed by the high volume of knockoffs found on their websites, she may stop selling products there. Any benefits the online retailers will gain from selling Swift-related counterfeits will be quickly offset by the loss of sales of authentic merchandise associated with not just the singer but also potentially other celebrities.

Fourth, the recent deals will help Swift obtain stronger protection for her merchandise on websites owned by JD.com and Alibaba. Although the official merchandise will be sold in Alibaba’s highly popular TMall, that company also runs Taobao, which reportedly has been filled with counterfeits related to the singer.

Cooperation is important because policing online networks can cost tens of millions of dollars. Determining which listing contains fake items and which does not is also difficult. Thus, by showing her willingness to cooperate, Swift has taken a highly welcome approach to working proactively with Chinese online retailers to combat counterfeiting.

Instead of relying on the stick, which foreign governments and businesses are known to use, the deals can serve as the much-needed carrot to get Chinese retailers to work harder to remove unauthorized merchandise. They will also help avoid the “bad blood” that usually develops following the use of strong-armed tactics.

Finally, the deals will send useful signals to other websites, especially those filled with knockoffs related to the singer. The hidden message is clear: if you are willing to clean up your act, you may also be able to get business from Swift and perhaps other major celebrities. Given the size of the growing celebrity-driven market, such a message will have considerable persuasive power.

WHAT THESE DEALS WILL NOT DO

Unfortunately, Swift’s deals with JD.com and Alibaba can solve only part of the massive counterfeiting problem in China.

Not everybody is willing to pay the full price for authentic products.

Some cannot afford them. Some do not think they are worth the sticker price. And some are just content with buying low-quality knockoffs at much lower prices.

The problem with the counterfeiting debate – whether about China or elsewhere – is our tendency to lump the different types of counterfeit purchaser together. We also assume that counterfeits will be indistinguishable from the originals.

In China, consumers have become quite sophisticated in distinguishing products. If they buy counterfeits, they often know what they are getting into – just like those shopping in a dollar store.

To further complicate matters, most products are now made in China, and the production cost is a small fraction of the retail price. If any of these products are unfortunately leaked to the market without the right holder’s authorization – for example, when unlicensed extras have been made through a widely dreaded “ghost shift” – those low-priced, unlicensed products will have the same quality as the licensed ones.

It is therefore understandable why some Chinese consumers are so eager to buy counterfeits, especially given the significant price differences. If they are

Photo by Getty Images 计的服装。通过让乐迷们直接从可靠来源购买产 品，这两大渠道将引导消费者了解到知识产权保 护的重要性。 第三，当出现假冒商品之时，这两个渠道亦有 助于斯威夫特更好地发挥其影响力，要求两大商 家快速做出响应并采取行动。京东和阿里巴巴也 可以考虑采取先发制人的防伪措施让斯威夫特 满意。 毕竟，如果斯威夫特发现京东和阿里巴巴的网 站上充斥着大量假冒商品的话，那么她可能会停 止通过这两个渠道来销售她的产品。在线零售商 通过销售与斯威夫特相关假货所获得的任何利润 将会迅速被斯威夫特以及可能牵涉的其他明星的 正品商品的销量下滑所抵消。 第四，这两项合作将帮助斯威夫特获得自身 商品在京东与阿里巴巴旗下网站上的更有力保 护。虽然官方商品将在阿里巴巴知名的“天猫商 城”上销售，但阿里巴巴也经营着“淘宝”， 而“淘宝”据称充斥着大量与斯威夫特相关的假 冒商品。 此项合作十分重要，因为对线上网络的监管可 能需要耗费数千万美元的资金，并且我们也很难 确定哪些网站含有假冒商品，哪些网站没有。 因此，通过展示她的合作意愿，斯威夫特采取了 一种积极主动的姿态与中国的在线零售商联手打 击假冒商品。 斯威夫特并没有依赖外国政府和企业所经常采 用的“棍棒”战术；这两项合作更像是让中国零 售商更努力消除假冒商品的“萝卜”。其亦有助

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于避免在采用过激策略之后所通常导致的 “芥蒂”。 最后，这两项合作将向其它网站发出积极信 号，尤其是那些斯威夫特相关假货横行的网站。 这个信号昭然若揭：如果你愿意“检点”起来， 那么你也能与斯威夫特（或许还有其它大明星） 做生意。鉴于明星所撬动的市场规模在不断扩 大，这个信号将产生巨大的说服力。

Photo by Getty Images lucky enough, they may even find unlicensed goods made in the same factory using the same raw materials.

这两项合作的局限性 遗憾的是，斯威夫特与京东以及阿里巴巴 之间的合作仅能解决中国假货肆虐问题中的一小 部分。 并非所有人都愿意足价购买正版商品。某些人 并无足够的经济能力；还有一些人不认为这些正 版商品就能值标签上的价格；其它人则更满足于 以超低的价格购买低质量的假货。 无论是针对中国还是其它国家，与假货大讨论 相关的一个问题是我们倾向于将不同类型的假货 买家混为一谈。我们亦想当然地认为假货与真货 之间难以区分。 在中国这样一个假货横行的国家，消费者在辨 识商品方面已是炉火纯青。如果他们选择购买 假货的话，那么他们通常知道他们会得到什么样 的商品——正如那些进入一元店购物的消费者 一样。 令事情更为复杂化的是，目前大部分的商品都 是中国制造，并且制造成本仅为零售价的一小部 分。如果任何此类商品在未经权利所有人授权而 悄然流入市场的话——比如大量未经许可的额外 产品通过一个大家谈之色变的“隐形班次”被制 造出来（译注：原文为ghost shift，指厂家未经 许可偷偷生产订单外的额外数量自行牟利），那 么这些低价、非经许可商品将有着与许可商品如 出一辙的品质。 这也就是为什么某些中国消费者热衷于购买假 冒产品，尤其考虑到悬殊的价格差距。如果他们 的运气足够好，那么他们甚至可以买到在同一家 工厂使用相同原材料制造的非许可商品。

In sum, there are still many challenging questions concerning how celebrities can protect their intellectual property in China.

There are also business-driven reasons that are unrelated to intellectual property protection. For example, did Swift reach the deals in part to ensure the success of an upcoming tour in China?

Regardless, Taylor Swift has certainly gone in the right direction when she agreed to team up with JD.com and Alibaba to provide authentic merchandise.

Other celebrities are well-advised to follow her proactive, partner-based approach to protect their intellectual property in China.

故态依然的重重挑战 总而言之，明星们在中国的知识产权保护之路 依然面临着重重挑战。 此外，还存在一些与知识产权保护无关的商业 性原因。例如，斯威夫特与京东及阿里巴巴达成 的合作是否有部分原因是为了确保其中国巡演的 成功？ 无论如何，在与京东及阿里巴巴联手提供正品 商品这件事上，泰勒·斯威夫特无疑走了一条正 确之路。我们亦建议其它明星紧随她的步伐， 通过开展积极合作以便在中国保护好他们的知识 产权。

This article originally appeared on theconversation.com

本文原先发表于theconversation.com。

CHALLENGING QUESTIONS REMAIN

22 | HIGHER VIEW BUSIN E S S

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Bank of China, Your first choice for RMB business.

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

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

OPINION

快谈

领导力与协作力

LEADERSHIP AND COLLABORATION Many years ago, when I attended a leadership training course, the trainer told me that I was an Asian, female and relatively short, I needed to work harder to deliver leadership presence, just like he himself was short and bald and he needed to work harder. This is the typical traditional concept of “I” leadership.

Years later, when I came across Harvard Business School Professor Bill George’s book on Authentic Leadership. I applied to attend his course in Boston, where he was teaching “We” leadership.

Over recent years, the world has started to shift from the more charismatic leaders focusing on “I” leadership to more authentic leaders considering “We” leadership – the type of leadership I believe works well both in Western culture and Asian culture. In fact, it works well in the increasingly collaboration style of a global economy.

The professors were all brilliant, delivering the key concepts of authentic leadership in their own different styles. The deepest learning experience in the course was however from my small team, comprising members from different countries, races and religions.

The learning started from opening up to, and trusting, each member in the group.

Once you gave the trust to the group, the experience was unexpected and very rewarding. It was experiencing the authentic leadership in action.

Compared with “I” leadership, “We” leadership is about serving others, instead of attaining power and position; it is about purpose driven decisions, instead of selfinterested decisions; it is about aligning through values, instead of compliance with rules only; and it is about being humble, instead of arrogant.

In this era, power is not only the position you hold but increasingly the extent of networks 24 | HIGH ER VIEW BUSIN E S S

by Jingmin Qian

you belong to. Many of the most successful companies are the ones which provide a platform for business collaboration, such as Uber – the taxi company without owing a taxi, and Alibaba – the online shopping mall without owning a shop. The openness, collaboration and the spirit of serving others constitutes true leadership, and it is a much more enduring leadership in the new business environment and in a global environment.

Confucius said: “In a group of three people, there is always something I can learn from.

Choose to follow the strengths of others, use the shortcomings to reflect upon ourselves.”

Everyone has something unique and extraordinary to offer. The collaborative group creates much better results.

In many joint ventures, expertise from China and Australia could build this collective and trusting relationship through the “We” type of authentic leadership.

This magazine also serves as a platform for people who are interested serving the community to build successful global businesses.

多年前，参加一期领导力培训班时，培训专家 告诉我，我是亚裔，而且还是个头并不高挑的 女性，我得加倍努力来显示自己的领导力，就 如同他自己——矮个儿，秃头，因而需要比别 人付出更多的努力。这大概就是典型的传统领 导力观点，从”我“出发，体现“个人”领导 力的观点。 多年后，在偶然读到哈佛商学院比尔·乔治 （Bill George）教授的《真正的领导力》一书 后，我申请参加了他在波士顿讲授的强调从 “我们”出发，注重“集体”领导力的课程。 这些年来，与注重“个人”领导力的魅力型 领导相比，人们似乎更倾向于接纳注重“集 体”领导力的真实型领导。在我看来，这种新 的领导风格在东西方管理文化中都能如鱼得 商道

水。实际上，在日益强调加强合作的全球经济 领域，这类领导风格尤其卓有成效。 这些专家教授都才华横溢，以各自风格阐释 了“真正领导力”的基本概念。但对感悟领导 力，我自己最能感同身受的学习体会却是源于 自己的课堂学习小组，大家来自不同国家、不 同种族，宗教信仰也不同。这种学习从团队成 员彼此敞开心扉，开诚布公，相互信任那一刻 开始。一旦你给自己的团队充分信任，你收获 的是一种出乎意料却又大有裨益的体验。或许 这就是实践中真正领导力的精髓所在。 与“个人”领导力相比，“集体”领导力更 注重服务他人，而非获得权势或地位。后者注 重目的为导向的决策，而非利己决策；注重以 共同的价值观发挥积极性，而不是仅仅合规； 注重低调谦卑，而非高傲自大。 当今时代，你的实力并不只是体现在你身居 何职，更多的是通过你所属的网络有多大的影 响力来显示。很多成功企业都是那些为商业合 作提供平台的公司，例如，自己连一辆出租车 都没有的出租车公司“优步”（Uber），还有 自家没有任何一家商店所有权的电商巨无霸 “阿里巴巴”（Alibaba）。公开、合作以及 服务他人的精神构成了真正领导力的内涵，而 在今天新的商业环境，大地球村中，这才是历 久弥新的领导力之道。 子曰：“三人行，必有我师焉：择其善者而 从之，其不善者而改之。”我们每个人皆有独 特之处或某种不凡技能。精诚合作的团队总能 创造更好的成果。 在许多合资企业中，凭借这种从“我们”出 发的“集体”领导力，中澳双方可以共建一种 取长补短、互信双赢的合作关系。 《商道》期刊愿成为一个平台，与那些以员 工和社群为本，开创成功全球化企业的人士一 起成长。

Jingmin Qian Director, Jing Meridian Advisory 钱京珉 京纬投资管理顾问公司总监

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$321m $307m $250m $213m $196m $140m $130m $99m $97m $91m $2,163m

INSURANCE 保险 TELECOMMUNICATIONS 电信 FINANCE 金融 PROFESSIONAL SERVICES 专业服务 FOOD & BEVERAGE 食品与饮料 UTILITY & ENERGY 实用与能源 MACHINERY 机械设备 CHEMICALS 化学制品 OIL & GAS 石油与天然气 MINING 矿业 TOTAL 总数

14.8% 14.2% 11.6% 9.9% 9.1% 6.5% 6.0% 4.6% 4.5% 4.2% 87%

3 3 1 9 3 6 1 4 8 14 87

Target Industry

Information supplied by Dealogic Deal Value (US$)

%share No. of deals

$22,436m $8,936m $8,271m $3,338m $1,099m $796m $671m $608m $518m $517m $48,128m

MINING 矿业 UTILITY & ENERGY 工具与能源 OIL & GAS 石油与天然气 REAL ESTATE / PROPERTY 房地产 LEISURE & RECREATION 休闲娱乐 CONSTRUCTION / BUILDING 建筑施工 PROFESSIONAL SERVICES 专业服务 AGRIBUSINESS 农业企业 METAL & STEEL 金属与钢铁 DINING & LODGING 餐饮与住宿 TOTAL 总数

46.6% 18.6% 17.2% 6.9% 2.3% 1.7% 1.4% 1.3% 1.1% 1.1% 100%

VICTORIA 维多利亚洲

219 10 21 11 2 4 7 14 2 3 335

24 MAR

US$124.82m

US$20.10m

TARGET 目标公司: Harvest Champion Ltd

TARGET 目标公司: Nanyang Lingfeng Electronic Technology ACQUIROR 收购公司: Co Ltd Central West Gold NL ACQUIROR 收购公司: INDUSTRY 所在行业: JatEnergy Ltd Mining 矿业 INDUSTRY 所在行业: Oil & Gas 石油天然气业

30 MAR

现为办公大楼，已获批准重新分区，改 造成138M混合用住宅开发用地，可建 造达450套公寓。

ADDRESS 地址: 140 Arthur Street, North Sydney PRICE 价格: $58m BUYER 买家: HK Realway Pty Ltd Known as the Australian Business Centre, a 17-storey office building with parking, completed in 1973. Net lettable office area 8,384 sqm. 被誉为澳大利亚商务中

包含兴建296个公寓的混合用途开发许 可证。

心，17层办公楼于1973年建成，大楼 带有车库。净可出租的办公面积为 8,384平方米。

QUEENSLAND 昆士兰洲 ADDRESS 地址: Hilton Surfers Paradise PRICE 价格: Circa $50m BUYER 买家: Private family investor A 169 room hotel along with management rights to an adjacent tower containing 250 residences.

Holdings JV Ausgroup Property & Development

Site earmarked for residential development of 32 townhouses and 22 apartments, planning approval obtained. 住宅开发专用地，以获得规划审批， 可建造32栋联排别墅以及22套公寓。

设有169间客房并已获取管理权的 酒店，与一栋拥有250户的大楼比邻 而居。

NEW SOUTH WALES 新南威尔士洲 ADDRESS 地址: Crest Hotel, Potts Point and Crown Hotel, Parramatta PRICE 价格: $170m BUYER 买家: Greenland Leased to Mercure hotel group with development approval for about 139 apartments, with Sydney Harbour views.

Crown Hotel also likely to be redeveloped as apartments. 带有悉尼海港景观，已获

ADDRESS 地址: Gulf of Carpentaria cattle stations - Wollogorang and Wentworth PRICE 价格: $47m BUYER 买家: Chinese businessman

约139套公寓的发展审批，现正租借给 美居酒店集团。皇冠大酒店也将有可能 被重建为公寓大厦。

领地其中一个最古老的养牛场，其历史 可追溯至1881年，一直营运至今。 占地705,600公顷，并拥有4万头牛。

Ma Xingfa

One of the oldest continually settled cattle stations in the Northern Territory, with a history dating to 1881. 705,700ha station bought with 40,000 head of cattle. 位于北

Information supplied by Dealogic Pending 待定

Completed 已成交

MAR

27 APR

15 MAY

US$824.85m

US$78.22m

US$19.21m

TARGET 目标公司: PanAust Ltd (77.5347%)

TARGET 目标公司: Triton Minerals Ltd (stake not disclosed)

TARGET 目标公司: China Automobile Parts Holdings Ltd (16.67%)

ACQUIROR 收购公司: ACQUIROR 收购公司: Guangdong Rising Shenzhen Qianhai ACQUIROR 收购公司: Assets Management Zhongjin Group Co Ltd Siburan Resources Ltd Co Ltd INDUSTRY 所在行业: INDUSTRY 所在行业: INDUSTRY 所在行业: Mining 矿业 Mining 矿业 Mining 矿业

26 MAY

02 JUN

US$30.00m TARGET 目标公司: Range Resources Ltd (stake not disclosed)

US$365.70m TARGET 目标公司: Hoyts Group Holdings LLC

商道

12 JUN

US$1.19m TARGET 目标公司: Axiom Properties Ltd (5%)

ACQUIROR 收购公司: ACQUIROR 收购公司: ACQUIROR 收购公 Beijing Sibo Investment Wanda Cinema Line 司: Oriental University Management LP Co Ltd City Holdings (HK) Ltd INDUSTRY 所在行业: Oil & Gas 石油天然气业

INDUSTRY 所在行业: INDUSTRY 所在行业: Leisure & Recreation 休 Real Estate/Property 闲娱乐业

INFORMATION SUPPLIED BY

26 | H IGH ER VIEW BUSIN E S S

Office tower with rezoning approval for 138m mixed-use residential development with potential for 450 apartments.

ADDRESS 地址: 682-684 & 686 Doncaster Road, Doncaster PRICE 价格: $21.58m BUYER 买家: Jinshan Investments 4,245sqm land parcel with permit approval for mixed use development of 296 apartments. 占地4,245平方米的地皮已

FEB

17 MAR

Development in JV with local player

带有水景及市中心景观的滨水开发用 地。买家计划兴建高端住宅公寓。

RECENT M&A DEALS BETWEEN AUSTRALIAN AND CHINESE INTERESTS 最新中澳两国的购并交易 2015

Information supplied by CBRE

ADDRESS 地址: 504 Pacific Highway, St Leonards PRICE 价格: $150m BUYER 买家: Newhope Real Estate

ADDRESS 地址: 685-961 LaTrobe St, Melbourne PRICE 价格: $31.5m BUYER 买家: Chengdu Xingyuan Waterfront precinct development site with water and CBD views. Purchaser plans to build luxury residential apartments.

ADDRESS 地址: 74-76 Serrell Street, Malvern East PRICE 价格: $20m BUYER 买家: Kasen International

CHINA’S ACQUISITION INTO AUSTRALIA (2008 TO PRESENT) - TOP 10 TARGETED SECTORS 中国收购澳大利亚十大目标行业 （2008年至今）

图表

房地产物业

投资住宅开发用地，人脉定输赢 IN RESIDENTIAL DEVELOPMENT SITE MARKET, IT’S ALL ABOUT

WHO YOU KNOW Introducing Jie Feng of Harrells & Feng Group Today’s residential development site market is internationally competitive. That’s why you need a commercial property agent who’s a global citizen: someone at home in Sydney as well as Shanghai. When you meet Jie, you say‘ hello’ to a whole new world.

Extend your reach Jie’s extensive network in China and Australia means she can help to find the right property for the right buyer. She maintains a roster of powerful clients and knows exactly how to match them, so you get real, genuine offers from serious buyers.

Isn’t it time for you to meet Jie? Contact Jie now at +61 447 204 967, or head to harrellsfeng.com.au. Because your time is your greatest assets and she is here to help. 今⽇收购住宅开发用地的竞争已硝烟全球，想要成为赢家，您 必须找对⼈，您需要⼀个拥有全球视野的⾏家为您导航。冯婕 是您最好的选择。来自Harrells & Feng Group －冯婕，将以 丰富的⼈脉和专业的视角，带您开拓澳洲商业地产新世界。

决胜之眼界 国际资产收购需要敏锐精准⾼效调动资源。借助在新南威尔 ⼠大学的专项学习和15年⾦融地产界的的从业经验，深谙澳 大利亚⾦融法律系统及房产市场的冯婕能够最有效的为您发 掘到您想要的投资机会，并为您在澳洲组建⼀个有效的团队 来为您的投资项⽬进⾏调研和实施，最终设计出最可⾏的收 购⽅案，冯婕和她的团队将会为您的决投资策保驾护航，以 助您拓展在澳洲的商业版图。

开创多赢未来 更多信息，请致电冯婕 +61 447 204 967 或访问 harrellsfeng.com.au. 我们知道，您的时间宝贵。所以， 您只需告诉冯婕您的要求，剩下的请交给冯婕和她的团队， 她和她的团队期待与您合作，共创多赢的未来！

致电 CALL

+61 447 204 967 了解更多信息

+61 447 204 967 FOR MORE INFORMATION

Suite 2, 315 Anzac Parade, Kingsford NSW 2032 jie@harrellsfeng.com.au | harrellsfeng.com.au

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。

hu ya zAUSTRALIAN zzz CORPORATE GOVERNANCE 澳大利亚企业管治 IF YOUR ORGANISATION/S IS CONSIDERING CROSS-BORDER INVESTMENT IN 2015, IN WHICH REGIONS DO YOU EXPECT THAT CROSS-BORDER INVESTMENT TO BE MADE? 如果贵公司正在考虑于2015年进行跨境投资，你会选择投资哪个地区？

26.3%

24.8%

14.3%

11.3%

4.5%

3.8%

CHINA

UNITED STATES & CANADA

EUROPEAN COMMUNITY

INDIA

JAPAN

SOUTH KOREA

中国

美国及加拿大

欧洲共同体

印度

51.9%

ASIA PACIFIC

ALL OTHERS

(EX- CHINA, JAPAN AND SOUTH KOREA)

南韩

日本

36.8%

其他国家

亚太地区 （包括中国，日本及南韩）

WHICH ATTRIBUTES DO YOU CONSIDER TO BE THE PRIMARY GAPS (IF ANY) IN THE SKILL SET OF BOARDS OF ORGANISATIONS OF WHICH YOU ARE A DIRECTOR? 身为董事长，你认为公司的董事会缺乏哪些主要元素？ 40.6% 28.6%

DIVERSITY

(gender and/ or cultural) 多元化 （性别和/或文化）

22.6%

21.8%

INTERNATIONAL INDUSTRY SECTOR BUSINESS SKILLS EXPERIENCE & KNOWLEDGE & EXPERIENCE KNOWLEDGE 行业知识 商业技能及经验 国际经验及知识

商道

16.5%

FINANCIAL EXPERTISE

OTHER

财务专业知识

Source: Directions 2015, Australian Institute of Company Directors, King & Wood Mallesons

2 8 | HIGHER VIEW BUSIN E S S

17.3%

其他

9.8%

LEGAL & REGULATORY EXPERTISE 法律及监管专业知识

GLOBAL SNAPSHOT

数据图

E-COMMERCE IN CHINA 中国电子商务

118.8M

US$

CHINA’S TOP 6 B2C WEBSITES, MARKET SHARE BY TOTAL TRANSACTIONS, Q2 2014 中国6个最佳B2C网站， 市场份额根据2014年第2季度的总交易金额计算

21.22%

7.41%

Tmall 天猫

JD.com 东京

Other 其他

3.50%

2.80%

1.90%

VIP.com 唯品会

Gome.com.cn 国美

57.36%

Suning.com 苏宁易购

Value of cross-border consumer goods imported from Australia to China via eCommerce, July 2013 to November 2014 于2013年7月至2014年11月期间中国 从澳大利亚跨境电商消费的总金额

1Trillion

RMB

(approx US$ 157b) Estimated size of the cross-border market in China by 2018 预计2018年中国跨境市场的规模

在线

TOP 7 PRODUCT INFORMATION CHANNELS FOR CHINESE CONSUMERS 中国消费者获得产品资讯排名最高的7种渠道

跨境销售数据分析

CROSS-BORDER SALEBY THE NUMBERS

NO.1 NO.2 NO.3 NO.4 NO.5 NO.6 NO.7

USER REVIEW ON SOCIAL MEDIA

39%

FRIEND/WORD OF MOUTH 朋友／口碑

38%

E-COMMERCE WEBSITES LIKE TAOBAO 电子商务网站如淘宝

36%

OFFICIAL BRAND SITES

35%

MEDIA ONLINE PLATFORM

33%

ONLINE DISPLAY ADS

27%

TRADITIONAL MEDIA

21%

社交媒体用户评价

官方网站

媒体网络平台 在线显示广告 传统媒体

39%

Percentage of CHINESE SHOPPERS who have purchased from Australia

PRICE OF AUSTRALIAN-BRANDED CONSUMER GOODS SOLD ONLINE IN CHINA, DECEMBER 2014 2014年12月澳大利亚品牌消费品在中国网络上的价格 PRICE IN A$ 澳大利亚售价（澳元）

$19.95

$56.41

PRICE IN CHINA (A$ EQUIVALENT) 中国售价（换算成澳元）

$90.00

$138.09

$3.30

$5.83

曾在澳大利亚购物的中国消费者 的百分比

18M

Number of cross-border SHOPPERS in China 中国参与跨境购物的人数： 1千8百万

78%

Share of cross-border transactions made via MOBILE PHONES 以手机进行跨境购物所占的百分比

SPF 30+ SUNSCREEN

AGE-DEFYING ULTRA FIRM & LIFT CREAM

CHEESE SLICES

- 40ml -

- 50ml -

- 216g (AU); 250g (CN) -

防晒霜SPF30+

$15.80

活龄紧致拉提霜

$30.00

$8.99

$28.79

奶酪片

$5.38

$22.95

FULL CREAM LONG LIFE MILK

FAMOUS BRAND SHIRAZ 2013/14 VINTAGE

SMOOTH PEANUT BUTTER

- 1 Litre x10 -

- 750ml -

- 500ml -

长效保质全脂牛奶

知名品牌西拉红葡萄酒2013/14

细滑花生酱

Source: E-Commerce in China - a guide for Australian business, Australia Trade Commission; China Internet Watch; General Administration of Customs; Tmall Global 2014

商道

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

COVER STORY

封面故事

By Kim O’Connell, Partner, King & Wood Mallesons.

Suzy Madar, Senior Associate, King & Wood Mallesons 作者： 金杜律师事务所合伙人Kim O’Connell， 资深律师Suzy Madar

illustration by Gregory Baldwin, The Illustration Room

30 | HIGH ER VIEW BUSIN E S S

商道

COVER STORY

封面故事

中澳医疗保健 行业合作的广阔前景

HEALTHY PROSPECTS

Agriculture and resources rightfully get a lot of attention in the Australia-China relationship. But health is the proverbial elephant in the room. The newly-signed free trade agreement coincides with demographic mega-trends like ageing populations and rising standards of living, opening up enormous business opportunities in both markets. 中澳合作关系中, 农业和资源业历来为关注焦点不无 道理。然而，医疗保健业潜在的巨大合作空间也众所 周知。伴随人口日益老龄化，生活水平不断提升的大 趋势，两国政府最近签订的中澳自由贸易协定将在两 国市场为投资者带来投资医疗保健行业的重大机遇。

A

round the world, healthcare is a thriving industry and this is only expected to continue with global spending predicted to increase by over 5% per year. This growth is due to a variety of reasons from increased life expectancy to the invention of more and better drugs and treatments. Against this backdrop, the recent signing of the Free Trade Agreement between the Government of Australia and the Government of the People’s Republic of China (ChAFTA) presents significant opportunities in the health and age care sectors for both Australian and Chinese investors.

The two countries have markedly different health landscapes. Healthcare spend in Australia is currently at 11.4% of GDP while in China it is just 5.4%, but with time

作

为全球正在蓬勃发展的行业之一，医疗健康将保持良 好的发展趋势，其全球消费额预计每年将以5%以上 的速度递增。这一增长与多种因素有关，包括人类预期寿 命的增加以及更多更好的新药和新疗法得以发明。而澳大 利亚和中国政府最近签订的中澳自由贸易协定将进一步为 两国的投资者带来了投资医疗健康和老年护理行业的重大 机遇。 中国和澳大利亚的医疗健康行业各有特色。澳大利亚医 疗健康消费额目前占国内生产总值（GDP）的11.4%，而 中国仅占5.4%。但随着时间的推移，这一数字必将发生变 化。预计从2014年到2018年，随着人口结构的变化和人民 生活水平的不断提高，中国医疗健康消费水平将实现每年 11.8%的增长。中澳自贸协定为澳大利亚医疗健康服务供应 商参与中国市场、满足中国消费者在医疗体系各层面不断

商道

H I G H E R V I EW B USINESS | 31

COVER STORY

封面故事

增长的需求提供了一个难得的机遇。作为一个发达经济体， 澳大利亚建立了一套完善的医疗健康和老年护理体系。 随着人口的老龄化，澳大利亚医疗健康消费额仍在持续增 长（尽管增速低于中国）。对于海外投资者来说，澳大利 亚成熟的市场以及每年稳定的增长是极有吸引力的“安全” 投资。本文将详细介绍从医院到药品到老年护理行业所面 对的广泛机遇。乘着中澳自贸协定的东风，现在正是两国 投资者考虑医疗健康行业的最佳时机。 人们已注意到中国人口结构的变化，随着中产阶级的迅 速壮大，城镇化水平提高，人口出现老龄化，中国医疗健 康体系面临着不断增长的需求。

17b 亿 170

The US $17 billion medical technology market in China is one of the fastest growing in the world. 中国170亿美元的医疗技术市场也 是全球增长最快的市场之一。

this is set to change. China’s health spend is predicted to increase at an average rate of 11.8% a year from 2014 to 2018 driven by demographic changes and increasing living standards. The ChAFTA provides Australian health care providers with a unique opportunity to help China to meet increasing demands across all levels of the health system. As a developed economy with well-established health and aged care systems, Australia’s already high health spend continues to grow (albeit at a slower pace than China’s) primarily due to its ageing population. Consistent year-on-year increases in an already developed market make investing in healthcare in Australia a very appealing ‘safe’ option for off-shore investors. Clearly, both countries offer abundant opportunities. As this article will illustrate, such opportunities are wide ranging from hospitals to pharmaceuticals to aged care. With the ink still drying on the ChAFTA, for savvy investors in both countries, there has never been a better time to consider the industry.

First let’s look at China’s changing demographics. The rapidly expanding Chinese middle class, combined with urbanisation and an ageing population are placing increased demands on the Chinese healthcare system.

AN AGEING POPULATION

In 2000, 7% of the Chinese population were aged 65 years or older. If current trends continue, by 2040 that proportion will have risen to almost 20%. The ageing population has placed pressure on traditional systems of caring for the aged as well as on existing aged care services. The Chinese State Council intends to increase expenditure in aged care, aiming to provide 35 to 40 aged care beds per thousand elderly (approximately 7 to 8 million beds).

This shift offers a significant opportunity for Australian investors looking to expand in China who, following the ChAFTA, are able to establish wholly foreign owned aged care facilities in China. Aged care institutions are categorised in the 2015 Chinese Catalogue of Industries for

34 | HIGHER VIEW BUSIN E S S

人口老龄化 2000年，中国65岁以上老年人口占总人口的7%。如果 这一趋势不变，到2040年这个数字将接近20%。老龄化的 人口对传统的老年护理体系和现有的老年护理服务带来了 挑战。中国国务院表示将增加对老年护理的投入，目标 实现每1000位老人拥有35-40张床位（总计约700-800万张 床位）。 这一变化对澳大利亚投资者来说意味着重大机遇。中澳 自贸协定签署后，澳大利亚投资者将可以在中国设立外商 独资养老机构。养老机构在2015年中国外商投资产业指导 目录下属于“鼓励类”投资。同时外资和中资养老机构将 都能够享受新的税收优惠和费用减免政策。 生活水平提高 中国的生活水平目前正处于历史最高水平，这与中国加 速城镇化有着密不可分的关系。1990年中国城镇人口仅为 26%，2000年城镇人口达到36%，预计到2030年底将达到 60%。城镇化与糖尿病、运动不足和肥胖也有明显的联系， 一些大城市儿童肥胖比例已超过8%（中国卫生部、科学技 术部和国家统计局数据），未来也有可能发生和西方一样 的肥胖问题。 这些问题对现有医疗体系提出了挑战。目前，中国的私 营和外资医院拥有全国约半数的医疗设备，但仅占市场分 额的10%。中国政府正在加大对医疗健康行业的关注和投 入，希望通过私营和外资服务供应商满足不断增长的需求。 根据2015年发布的一份中国医疗健康前景报告，中国每年

A clear link between urbanisation and diabetes, inactivity and obesity has been recognised.

商道

COVER STORY

封面故事

Guiding Foreign Investment as “encouraged.” New tax incentives and fee waivers are also available to foreign as well as domestically owned aged care facilities.

RAISED STANDARD OF LIVING

The standard of living in China is also at an all-time high.

This has coincided with a dramatic increase in urbanisation.

In 1990 the proportion of the population living in urban settings was 26%, that proportion jumped to 36% in 2000 and is expected to reach 60% by 2030. A clear link between urbanisation and diabetes, inactivity and obesity has been recognised and with childhood obesity in large cities exceeding 8% (Ministries of Health and Science and Technology, and the National Bureau of Statistics of the People’s Republic of China), a Western-style obesity epidemic is likely.

These issues are placing enormous demands on existing medical systems. Currently, private and foreign hospitals only serve around 10% of patients, despite accounting for around half the number of facilities. The Chinese government is increasing its focus and spending on healthcare and is looking to private and foreign providers to contribute to meeting the demand. A 2015 report relating to the Chinese healthcare outlook notes that annual healthcare expenditure is projected to grow at 11.8% per year to 2018, reach $892 billion by 2018 and $1 trillion by 2020.

Together with an increased focus on healthcare, arrangements under the ChAFTA provide an opportunity for Australian businesses to begin establishing wholly foreign owned hospitals in four provinces (Jiangsu, Fujian, Guangdong and Hainan) and three municipalities (Beijing, Tianjin and Shanghai). Medical and dental service suppliers

的医疗健康开支预计将以11.8%的速度增长，至2018年和 2020年将分别达到8920亿和1万亿美元。 除了对医疗健康行业的不断关注外，中澳自贸协定还 将允许澳大利亚企业在四省（江苏、福建、广东和海南） 三市（北京、天津和上海）成立外商独资医院。医疗及牙 医服务供应商可以在其他省市与中国企业成立合资医院， 并由澳方持有多数股权，但大部分医疗专业人员须为中国 公民。 服务需求增长 不断增长的医疗健康消费也带来了对相关产品和服务的 需求。例如，新设立和升级的医院对新设备和新疗法的需 求增加，中国目前是全球第二大药品市场，且每年正以 22%的速度增长。大规模的市场和巨大的潜力吸引着外国 投资者的目光。尤其是随着对外国投资者市场准入限制的 不断放松，澳大利亚企业已经可以在中国开展抗生素和维 生素的生产活动，中国政府同时还在计划精简对已得到外 国政府批准的高端医疗设备的审批手续。 生物技术是中国第十二个五年计划（2011-2015年）的 重点行业，中国政府每年在生命科学方面的投入约400亿美 元。中国170亿美元的医疗技术市场也是全球增长最快的市 场之一。根据中澳自贸协定，澳大利亚企业将被允许通过 在华澳资子公司开展研发工作并提供研发服务。 澳大利亚复杂多样的护理需求 尽管澳大利亚人口变化的前景尚不明确，目前每年享 受老年护理服务的澳大利亚人口已超过100万，澳大利亚生 产力委员会特别表示，85岁以上老年人的老年护理服务将出 现较大的增长。到2047年，85岁以上老年人口数将是目前 的四倍，随着对独立居住环境、更大自主性、更多护理选择 的要求不断增加，行业也面临着愈加复杂的医疗健康需求。 慢性疾病较高的比例以及数字化趋势也对医疗健康行业 有所影响。这也是中国企业进入澳大利亚市场的良好机遇。

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China’s health spend is predicted to increase at an average rate of 11.8% a year from 2014-2018. 预计从2014年到2018年，随 着人口结构的变化和人民生活 水平的不断提高，中国医疗健 康消费水平将实现每年11.8% 的增长。

can also begin establishing Australian majority owned joint venture hospitals and clinics with Chinese partners in other areas, provided the majority of medical professionals are Chinese.

INCREASING DEMAND FOR SERVICES

Increased health spending is translating into growing demand for health products and services. For example, new and upgraded hospitals have increased demand for new devices and treatments and China is currently the second largest market for pharmaceuticals in the world (and growing 22% annually). The scale of opportunity is increasingly attracting foreign investment in the Chinese market, particularly as restrictions on market entry are relaxed. For example, Australian businesses can now manufacture antibiotics and vitamins in China. The Chinese government is also looking to streamline approvals for foreign-approved high end medical devices.

Similarly, with biotechnology identified as a priority industry in China’s 12th Five-Year Plan (for 2011 – 2015), the Chinese Government is injecting US$40 billion into life sciences each year. The US$17 billion medical technology market in China is also one of the fastest growing in the world. Under the ChAFTA Australian companies looking to conduct R&D in China will be permitted both to carry out R&D and offer R&D services through Australian owned subsidiaries based in China.

Australian healthcare market for Chinese businesses looking to expand into Australia. Under the ChAFTA, tariffs on many medical devices will be reduced or removed and the Department of Foreign Affairs and Trade has indicated that tariffs on pharmaceutical products, including vitamins and health products, will be also be eliminated. The removal of tariffs will either occur when the ChAFTA comes into effect or they will be phased out over four years. Medical products will also see a reduction in tariffs within four years.

This will create new export opportunities for Chinese pharmaceutical and medical device manufacturers looking to expand into the Australian market, where healthcare spending currently exceeds $112 billion and is expected to increase to between 12-15% of GDP over the next 25 years.

Under the ChAFTA, the Australian Department of Health and the Chinese State Administration of Traditional Chinese Medicine are also required to encourage collaboration between regulators and registration authorities for Traditional Chinese Medicine services.

These obligations aim to foster trade in traditional Chinese medicines and complementary medicines and have the potential to increase market access for Chinese exporters of complementary medicines.

HOW TO CAPITALISE ON THE OPPORTUNITY

According to a recent report by Deloitte, healthcare spencing globally will increase by 5.2% until 2018. China’s spend is predicted to increase by more than double this at 11.8%. As Australia’s largest trading partner, China offers unique and unprecedented opportunities for Australian

AUSTRALIA’S COMPLEX CARE NEEDS

While demographic changes in Australia are not as pronounced, over one million Australians currently receive some form of aged care each year and the Australian Productivity Commission has highlighted that there is likely to be a significant increase in demand for aged care services from over 85s. This population is expected to increase at least four fold by 2047 and to present more complicated care needs with an increased preference for independent living arrangements and a desire for greater autonomy and choice over their care.

The dominance of chronic disease and move towards digitisation of the healthcare industry are also trends affecting this area. These changes provide openings in the

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healthcare providers which are not currently available to other nationals. However, China is also the largest trading partner for more than 100 other countries so it is important for Australian businesses to seize the advantages of the ChAFTA now by developing an immediate strategy and implementing a sophisticated approach to Chinese expansion ahead of foreign competitors. Similarly, there has been significant growth in Chinese manufacturing capabilities for sophisticated medical equipment and implants which are in high demand in Australia, however competition is fierce.

DIRECT INVESTMENT OR PARTNERING WITH A LOCAL PLAYER?

When looking to foreign expansion, either into China or Australia, it is important to determine early on whether to directly invest in conducting business on the ground or to look at ways to gain a competitive advantage by working with a local partner to commercialise exported health technology.

When conducting business in the sector, it is important to protect valuable technology. In the case of pharmaceuticals, medical devices and other healthcare technologies, international patent protection should be maintained and international design protection should be considered. In addition to making sure foreign IP is properly protected, it is also important to make sure that any IP developed in the course of doing business overseas is protected. This is particularly important for operators in the healthcare space where R&D is key.

If you are looking to commercialise health technology by partnering with a foreign partner, different considerations arise. While it of course remains important to ensure that you obtain local IP protection, structuring commercial arrangements in a way which maximises return is also fundamental. The scope of the arrangement should also be clearly set out in formal agreements – for example,

20% of the Chinese population will be aged over 65 by 2040 if current trends continue. 中国65岁以上老年人口到2040年将 接近总人口的20%。

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Increased health spending is translating into growing demand for health services. 中澳自贸协定将减免大量医疗设备的关税，外交和贸易部 也表示将取消药品包括维生素和保健品的关税。部分关税 将在协定生效后立即减免，其他将在四年内逐步取消。医 疗产品关税减免也将在四年内实施。澳大利亚每年医疗健 康消费超过1120亿美元，未来25年预计将达到GDP的 12-15%，对于中国药品和医疗设施制造商来说，这将是拓 展澳大利亚市场、出口中国产品的大好机会。 根据中澳自贸协定，澳大利亚卫生部和中国国家中医药 管理局将鼓励两国监管部门和登记管理机关就中医药服务 开展合作。其目标是促进中药和辅助性医疗产品贸易，同 时将考虑增加中国对澳大利亚的辅助性医疗产品出口。 如何抓住机遇？ 根据德勤最近发布的一份报告，至2018年全球医疗健康 消费将增长5.2%，而中国的增长将达到11.8%。作为澳大 利亚最大的贸易伙伴，中国为澳大利亚医疗健康服务供应 商提供了其他国家无法获得的、独特而前所未有的机遇。 但与此同时，中国也是其他100多个国家最大的贸易伙伴， 因此对于澳大利亚企业来说，目前最重要的是抓住自贸协 定带来的优势，走在其他国家竞争对手的前面，尽快制定 策略并通过综合性的手段拓展中国市场。同样，澳大利亚 对中国制造的复杂的医疗设备和植入体也有越来越高的需 求，但中国制造商将面临激烈的市场竞争。 直接投资还是与本国企业合作？ 无论是针对中国还是澳大利亚进行市场拓展，投资者需要 尽早决定是直接投资还是与本国企业合作以获得竞争优势。 在开展业务的过程中，保护有价值的技术是非常重要的。 投资者应对药品、医疗设备和其他医疗健康技术寻求国际 专利保护，同时考虑申请国际外观设计保护。除了外国知 识产权外，投资者还需要确保在海外开展业务的过程中所 产生的知识产权也能得到保护。研发是医疗健康行业的核 心，因此这一点对与投资者来说尤为关键。 如果投资者希望与本国企业合作实现医疗健康技术的商 业化，将需要考虑不同的因素。除了在当地申请知识产权 保护外，通过优化商业安排实现最大化的回报也是需要考 虑的重点。投资者应确保在正式协议中清楚列明合作细节， 如考虑是否在不同的区域授权不同的被许可人，是否对合 作关系加以限制等。 不论通过何种方式，与合适的本地企业合作将带来巨大 的优势。寻找合适的合作伙伴需要时间和投入，但能够帮

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7-8 million

助投资者规避缺乏本地知识、经验和关系可能产生的不可 遇见的障碍。例如，根据普华永道对中国中产阶级开展的 一项调查，中国消费者对医疗健康服务进入本地社区（而非 集中在大城市）有着强烈的需求，同时更希望由中国而非 外国医疗人员提供服务。投资者需要谨慎考虑当地消费者 的偏好，并通过本地关系实现这些偏好。

The Chinese State Council intends to provide 34-40 aged care beds per thousand elderly - approx 7-8 million beds 中国国务院表示将增加对老 年护理的投入，目标 实现每1000位老人拥有 35-40张床位（总计约 700-800万张床位）。

considering whether different licensees should be licensed in different regions and whether restrictions on the relationship might be appropriate.

In either case, there are potentially enormous benefits of partnering with a local company that is a good fit. Finding the right partner will take time and effort, however has the potential to circumvent unforseen obstacles that are likely to arise in the absence of local knowledge, experience and relationships. For example, PwC carried out a survey of middle class Chinese which uncovered a strong general desire for healthcare services to be provided in local residential areas (rather than concentrated in larger cities) and a preference for Chinese rather than foreign physicians.

These local preferences should be kept in mind when considering foreign investment as they are often impossible to navigate without local relationships.

STRUCTURING THE INVESTMENT

It is also important to seek local advice about structuring investment early on. For example, in light of particular requirements that relate to foreign investment in healthcare in China it is important for Australian businesses to seek local Chinese advice. Wholly Foreign Owned Enterprises will be appropriate in some circumstances (for example, in provinces and municipalities where wholly owned foreign owned hospitals are permitted) and a Cooperative Joint Venture or Equity Joint Venture will be more appropriate in others.

投资结构设计 投资者还应当尽早就投资结构获得本国顾问的意见。 例如，由于外商投资中国医疗健康行业面临着特殊要求， 澳大利亚企业应向中国顾问征求意见。在某些情况下，外 商独资企业更适合作为投资实体（如在许可省市设立外商 独资医院），而另一些情况下合资企业或股权合资企业更 为妥当。 本国顾问的重要性 投资者同时还应向本国顾问寻求高质量的、与业务相关 的法律法规的建议。尽管所有投资都需要此类建议，对医 疗健康和技术行业而言这方面的建议尤为重要。随着中国 医疗健康行业的飞速发展，相关行业对外国投资者进一步开 放，投资者需要在中国监管政策发生变化时尽早获得建议， 以更好地利用机会，同时减少风险。投资者在与中国养老 和医疗健康主管部门沟通时也需要得到本国顾问的协助。 当然，投资也少不了适当的税务建议以及尽早获知外国 投资税务政策方面的变化。中国政府通过政策不断鼓励外 国投资者投资医疗健康以及（尤其是）养老市场，因此对 于澳大利亚投资者来说税务建议也是重中之重。 行动趁现在 中澳自贸协定的签署显然为医疗健康行业及两国投资者 相互投资提供了巨大的机遇。在这难得的机遇面前，只有 迅速果断地采取行动才能成为最终的赢家。

THE IMPORTANCE OF LOCAL ADVICE

Quality local advice about laws and regulations that will apply to the business should also be obtained. While this is the case for any investment, it is particularly important for healthcare and technology. The rapid growth of the health sector in China, coupled with policies which have increasingly opened the market in these areas to foreign investors increases the importance of the timely delivery of local advice on changes to the regulatory landscape, both to maximise opportunities and minimise risk. Local experience should also be sought when dealing with Chinese regulatory authorities that administer aged and health care. 商道

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By AusBiotech – edited from newly-released Guide for Australian medical technology companies seeking to engage in China 作者：AusBiotech – 摘选自新发布的《澳 大利亚医学技术公司如何进军中国》与中国

医学技术企业放眼东方

MED-TECH COMPANIES LOOK EAST

China’s new focus on high-technology sectors, coupled with increased spending on R&D, has opened up a window of opportunity for Australian medical technology companies to target one of the largest healthcare markets in the world. 中国当前对高科技产业的高度重视以及研发支出的增长为澳大利亚医学技术 企业进军中国这个全球最大医疗市场之一提供了绝佳良机。

T

he Australian medical technology industry consists of an estimated 500 to 800 companies that are seeking opportunities in global markets and are increasingly seeking support to enter Asian markets, specifically China. Most of these companies are micro or small enterprises with a turnover of less than $2 million, with limited capability to assess overseas markets independently.

So why China? By Australian comparisons, the statistics on China are difficult to comprehend due to their sheer magnitude.

China is the world’s most populated country and is ~50 times the size of Australia at almost 1.4 billion people. It accounts for 19% of the global population. The population of the Capital, Beijing, alone almost matches the population size of Australia (~21 million in Beijing and over 23 million in Australia).

While this was once a country of adapting existing technology, China’s new focus on 40 | HIGHER VIEW BUSIN E S S

high-tech sectors, coupled with increased spending and emphasis on research and development (R&D) is changing the dynamic and has opened a window of opportunity for partnering and investment in a range of areas including medical technology.

Unbeknown to many, China has quietly become the second largest pharmaceutical market in the world – and it is continuing to grow at a phenomenal 22% annually.

Healthcare spending in China is increasing tremendously due to an ageing population, rising incidences of chronic diseases, and the government’s determination to provide healthcare to each of its citizens. These factors, combined with the Chinese Government’s focus on fostering innovation, the need for Chinese domestic companies to transform themselves through foreign partnerships and know- how, and the sheer scale of the market opportunities, are attracting more and more western biotech companies to engage with the China market. 商道

澳

大利亚的医学技术产业聚集了大约500800家企业；它们在寻找各种机会进军全 球市场，并日益开始将目光投向亚洲市场，尤其 是中国市场。这些企业大部分属于年营业额不足 200万美元的微型或小企业，并没有足够的能力 对海外市场开展独立评估。 那么为什么选择中国呢？与澳大利亚相比， 中国的统计数据往往由于数量庞大而难以领解。 中国是世界上人口最多的国家，其接近14亿的人 口规模大约是澳大利亚的50倍。中国人占到全球 总人口的19%；仅首都北京的人口规模就与澳大 利亚不相上下（北京总人口大约2100万，澳大 利亚总人口约为2300万）。 虽然在过去中国一直依赖于现有的技术，但 如今中国已将重心转向高科技产业，其研发支出 的日益增长以及对研发工作的日益重视正在迅速 扭转这种局面，同时也为一系列领域的合作与投 资打开了机遇之窗，包括医学技术。 中国正在悄然发展成为全球第二大的医药市 场——并且依然以每年22%的惊人速度保持着增 长。人口老龄化、慢性病发病率的上升以及政府 致力于为每位公民提供医疗保障的决心令中国的 医疗支出直线上升。这一系列的利好因素，再加

HEALTH

健康

上中国政府对于创新的鼓励，中国本土企业通过 开展国际合作及吸收国外技术实现转型的需求， 以及各种市场机遇的蓬勃涌现，正吸引越来越多 的生物科技公司进军中国市场。

LOOKING BEYOND THE HIGH-VALUE SEGMENT

China’s healthcare sector is developing at an astonishing rate. China is also one of the world’s fastest growing and most attractive pharmaceuticals and medtech markets.

China has made a clear commitment to develop life sciences, with biotechnology one of seven priority industries in China’s 12th Five-Year Plan (2011 – 2015). The country is injecting US$40 billion into life sciences development each year.

This initiative emphasises innovation and quality care, designed to benefit Chinese society as a whole. However, for international companies, the emphasis on upgrading and enhancing the domestic industry can pose a challenge and threaten their current market share, given the inroads already being made by domestic players into the high-value segment.

As China’s healthcare industry evolves, the improved medical infrastructure is leading to a flourishing of health services across a larger part of the country. To meet this expansion, many international medical device manufacturers are now moving fast to redesign their go-to-market models to address this growing need. For some companies, this may mean continuing to optimise their place within the premium segment of the market as the economy expands; for others, it may mean a strategic entry into the value segment.

DEVICES & DIAGNOSTICS MARKET IN CHINA

The US$17 billion medical technology market in

放眼高附加值市场 中国的医疗产业正在以惊人的速度向前推进。 中国也是全球医药和医学技术市场增长最快并且 最具吸引力的国家之一。中国已明确承诺将大力 发展生命科学，而生物技术即是中国十二五规划 （2011-2015年）中七大优先发展产业之一。中国 每年投入400亿美元用于发展生命科学。 这项强调创新和优质服务的倡议旨在惠及中 国全社会。但是，对于国际公司而言，对国内产 业升级和强化的强调可能会威胁到它们当前的市 场份额，更不用说一些本土企业已开始进军高附 加值的市场领域。 随着中国医疗产业的不断发展，医疗基础设 China is one of the fastest growing in the world. 施的改善将带动全国大部分地区医疗服务业的繁 It currently ranks fourth in the world and is 荣发展。为了应对这种扩张势头，许多国际医疗 expected to double in size by 2018. 器材制造商当前正在紧锣密鼓地重新设计自身产 However, on a per capita basis, China’s 品的上市模式，以期迎合不断增长的需求。对于 spending on devices is still small, indicating both 某些公司而言，这可能意味着它们需要在经济发 a key challenge today and the potential of 展的同时继续巩固它们在高端市场中的主导地 tomorrow as the country moves toward patterns 位；对于其它公司而言，它也意味着进军高附加 of spending on health care more common in 值市场的战略机遇。 developed markets. Growth in device use will be underpinned by improving household 中国的医疗器械与诊断市场 economics and government policy, in the form 中国产值高达170亿美元的医学技术市场是全 of improving health care access, consistency in 球增长最快的市场之一，当前排在全球第四位， standards of care, levels of public insurance 到2018年其规模更有望翻番。 cover and a broader suite of lifestyle factors. 但是，从人均角度来看，中国在医疗器械上 For example the rates of Chronic Obstructive 的支出仍然太少；这种局面既是当前的一项重大 Pulmonary Disease (COPD), are expected to 挑战，亦预示着中国未来的无限潜力——中国将 向发达国家较普遍采用的医疗支出模式迈进。 grow quickly in the coming years due to high 家庭经济状况的改善以及政府政策的完善（具体 smoking rates, air quality, the ageing population 体现在医疗服务的进一步普及，服务标准的日趋 and growing obesity. The World Health 统一，公共医疗保险覆盖率的提高，以及更多生 Organization says, in China, chronic respiratory 活习惯因素的改善）将带动医疗器械使用率 diseases are the second leading cause of death 的增长。 and the prevalence of COPD in men and women 例如，在未来几年内，较高的吸烟率、空气 in China is not very different. 质量恶化、人口老龄化以及肥胖症人数的增长将 Under the 12th FYP, the Chinese government 快速推高慢性阻塞性肺病（COPD）的发病率。 is also emphasising investment in domestic 世界卫生组织指出：在中国，慢性呼吸系统疾病 research and development to strengthen the 是第二大致死原因；在慢性阻塞性肺病发病率方 local medtech industry and has set a target of 面，男性与女性之间并无悬殊差异。 developing 40 to 50 innovative high-technology 根据十二五规划，中国政府亦着重投资于国 medical device companies. 内的研发活动，以增强本土的医学技术产业，并 International companies already have a 制订了培植四十到五十家创新高科技医疗器械公 strong presence in China’s high-end medical 司的目标。 devices segment, capturing nearly three中国的高端医疗器械市场已被各大国际企业所 quarters of this premium market. Of the top 10 瓜分；这些国际企业占据了将近四分之三的市场 global medical device manufacturers, all 份额。全球前10大医疗器械制造商均已将产品输 maintain a sales presence and six are currently 入中国，其中六家已经将工厂搬到了中国。 manufacturing in China. 商道

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TRENDS AND OPPORTUNITIES

Companies considering moving beyond the high-value segment ought to first consider which of their products to take into the wider, more price-sensitive marketplace where sales volumes could be much smaller per account, but the total market is much larger.

The classic example of this trend is China’s experience with drug-eluting stents (DES). Ten years ago, the Chinese DES market was dominated by international companies, but in less than a decade, domestic competitors have managed to take over this product area.

It is also worth noting that Chinese companies have increased their focus on developing proprietary products. Several Chinese medtech companies are making an effort to build R&D capability by leveraging support from multiple parties.

Some companies are turning to domestic manufacturing to harness the value segment’s potential. Welch Allyn Inc., for example, began to set up a facility in 2012 to fully qualify for the Community Health Center tenders program.

One advantage of local production is that locally (designed and) manufactured products can be much more suited to the broad-based value market in China and may also be marketable for export.

GENERAL PATENT ENVIRONMENT

China has a sophisticated but young patent system, which was developed in the late 1980s and is based on European law. Rights are enforceable, for the Chinese and for foreigners, and while there are still enforcement issues, indications over the past 20 years are that the Chinese government is working towards a stronger and more enforceable patent system.

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China has quietly become the second largest pharmaceutical market in the world. 中国正在悄然发展成 为全球第二大的医药 市场。

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Prospects for further improvements in the patent system are good with increasing evidence that the Government, courts and administrative agencies are improving.

It took countries with strong patent systems, like Japan and South Korea, 30 to 40 years to get to the same point. The drivers for this rapid progress in the patent system are both external and internal to mainland China. As China has opened up to international trade, and recognised the value of attracting overseas innovation, the patent system has taken on greater importance.

The protection of patents has until recently been a notorious and major barrier for international businesses to bring their intellectual property to China. In 2012 more patent applications were filed in China than in any other country. In raw numbers, 652,777 patent applications were filed in China followed by 542,813 in the United States and 342,796 in Japan.

Internal drivers for effective patent protection are also now stronger than ever.

For example, 82% of Chinese invention patent applications filed in 2012 were made by Chinese applicants.

VALUE OF PATENTS IN CHINA

Opportunities in China for Australian medtech companies are extensive and include industry collaboration, academic and research collaboration, clinical trials, manufacturing and sales. Increasingly, for companies wanting to take advantage of these opportunities, Chinese patents are considered an essential foundation stone upon which partnerships and collaborations should rest.

Chinese patents can also provide significant value for companies doing business in China in more tangible ways. For example, companies that can achieve ‘High and New Technology Enterprise (HNTE)’ status qualify for a lower corporate tax rate (15% instead of the standard rate of 25%). To qualify for the HNTE status, the enterprise must renew its qualification every three years and own the core IP for its main products.

The Chinese government also provides incentives for companies involved in R&D by subsidising the costs of patent applications filed

by Chinese applicants. These subsidies vary from province to province but can cover a substantial portion of costs involved in patent preparation and filing.

Australian companies can structure their 商道

趋势和机遇 那些有意进军高附加值市场的企业应首先考 虑选择哪一款产品进入这个更大、对价格更敏感 的市场——这片市场虽然单位销售量要少得多， 但市场总值则要高出不少。 这种趋势的经典范例当属中国在药物洗脱支 架（DES）领域的发展历程。十年之前，中国的 药物洗脱支架市场被各大国际公司所主宰；但在 不到十年之后，本土竞争对手已经完全接管该类 产品的市场。 值得一提的是，中国企业已日益将重心放在 开发自主产品之上。一些中国本土的医学技术企 业正设法利用多方支持来打造自身的研发能力。 一些公司正在转战国内制造以期充分利用高附 加值市场的潜力。例如美国的伟伦公司（Welch Allyn Inc.）就在2012年为全面满足公共卫生中 心的招标方案而在中国设立了一家工厂。本土制 造的一项优势在于本土设计以及生产的产品更适 合中国覆盖广泛的价值市场，同时亦能满足出口 需求。 总体专利环境 中国拥有一套复杂但年轻的专利体系；这套专 利体系是在80年代末期在欧洲法律的基础之上 制订而成。无论是对于中国人还是外国人，各项 权利均可以通过这套专利体系得到执行。虽然依 然存在一些执法上的问题，但过去20年间的种 种迹象都表明中国政府正在努力打造一个更强 大、执行力更强的专利体系。随着政府、法院和 行政机构的进一步改善，专利体系必将迎来进一 步完善。 专利体系完善的国家（比如日本和韩国） 花费了30-40年的时间才修成“正果”。对于 中国大陆而言，带动专利体系快速进步的既 有外部因素，也有内部因素。随着中国放开国际 贸易并意识到吸引海外创新的重要意义所在， 专利体系的重要地位也开始日益凸显。在多年以 前，中国在专利保护方面的不佳“名声”更成为 了国际企业将其知识产权引进中国的一大障 碍。2012年，中国所提交的专利申请数量首次 超过了任何其它国家。按原始数量计算，中国 提交了652,777份专利申请，紧随其后的美国和 日本则分别提交了542,813份以及342,796份专利 申请。 如今，实施有效专利保护的内部驱动力亦甚 于以往。例如，在2012年提交的中国发明专利 申请当中，82%是由中国申请人提交的。 中国专利的价值 对于澳大利亚医学技术企业而言，中国蕴藏 着无限商机，包括行业合作、学术和研究合作、 临床试验、制造以及销售等等。对于那些希望把 握这些机遇的企业而言，中国专利正被日益视为 开展合作的必要基础。

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China’s healthcare sector is developing at an astonishing rate. businesses to take advantage of these tax rates and subsidies. For example, Chinese subsidiaries of Australian companies may qualify for HNTE status and for patent filing subsidies. To this end, an Australian company could transfer its Chinese patents to its Chinese subsidiary while keeping ownership of the non-Chinese patents off-shore. Companies that do business in China on a regular basis could also potentially offset patent costs by trading patent rights to their Chinese manufacturers, whose patent costs are subsidised.

CHINESE VENTURE CAPITAL

With such exponential market demand for biotech innovation and products, life science venture capital funds (VCs) and other strategic investors in China have been busy doing deals. The Chinese VC sector, established only ten years ago, has invested significantly into life science ventures, with innovations having risen to an average of $1 billion per year

(Dow Jones Venture Source, Q3 2013).

Chinese VCs investing in life sciences have tended to focus their investments in traditional organisations such as those engaged in clinical research and drug delivery, but in the past few years their interest has expanded to the new growth opportunities available in the medtech sector.

The environment for investment/ investors is complex with both sophisticated and not so sophisticated investors now exploring opportunities in the biotech space. ‘War stories’, both positive and negative, still continue to frame many Australian businesses’ perspectives on China, and in so doing, often distort the real picture.

ALTERNATIVE SOURCES OF FINANCING In order for Chinese biotech companies to fill their pipelines quickly with high-value products and reduce their development risks, they are increasingly looking outward to ‘in-license’ 商道

中国专利也能以更为有形的方式为那些在中国 耕耘的企业创造重大价值。例如，通过取得“高 新技术企业”的身份，企业将可以享受15%的优 惠所得税税率（标准税率是25%）。欲获得“高 新技术企业”的身份，企业需要每隔三年更新一 次资质，并拥有自身主打产品的核心知识产权。 中国政府亦对那些开展研发活动的企业提供各 种鼓励政策，包括补贴中国申请人的专利申请费 用。这些补贴在每个省各不相同，但均能涵盖专 利准备和提交的绝大部分费用。 澳大利亚企业可以重新组织它们的业务以便 充分利用这些优惠税率及各种补贴。例如，澳大 利亚企业的中国子公司就有资格取得“高新技术 企业”的身份以及享受专利申请补贴。为此，澳 大利亚企业可以将其中国专利转移给中国子公 司，同时在海外保留对非中国专利的所有权。那 些定期在中国开展业务的企业亦可以通过与中国 制造商（其专利申请费用可以享受补贴）交易专 利权的方式来抵消专利申请成本。 中国的风险资本 在生物技术创新与产品的市场需求呈指数增长 的背景下，中国的生命科学风险投资基金以及其 它战略投资者也在忙于达成各种交易。仅有十年 发展历程的中国风投产业已在生命科学领域开展 了大量的投资，每年的创新投入平均达到10亿美 元（道琼斯风险资源，2013年第三季度）。专 注于生命科学产业的中国风险资本青睐投资于一 些传统的组织，比如那些从事临床研究和药物输 送的机构；但是，在过去的几年里，他们的兴趣 H I G H E R V I EW B U SINE SS | 4 3

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A Case Study Nanjing BioPoint Diagnostic Technology Ltd

technologies from the West. Armed with large sums of investor money and management teams with significant Western experience, Chinese companies are buying or licensing Western assets to incorporate into their pipelines, as a key component of their business strategies.

Additionally, Chinese local government authorities seeking new sources of revenue are also keen to offer grants, tax incentives, and world-class research facilities to attract research companies from Australia and elsewhere to their locations and technology parks.

China also now has a growing number of angel networks, foundations, and family investment offices (SOHOs) all interested in investing in foreign biotech innovation companies. As more Western life sciences businesses are prioritising, entering and growing businesses in China, more and more Chinese companies and VCs are seeing the value in funding and in-licensing earlier-stage innovation from the West. Foreign investors, in the form of US denominated funds, as well as the VC funds of pharmaceutical giants, have also established large in-China life science funds to invest in both local and foreign biotech innovation, and develop China business models for their investment portfolios.

This is an edited extract from AusBiotech’s Guide for Australian medical technology companies seeking to engage in China. The entire report is far more comprehensive and includes sections on topics such as cultural challenges, government provisions and support, and regulatory considerations. It can be downloaded at www.ausbiotech.org 44 | HIGHER VIEW BUSIN E S S

范围已扩大至医学技术产业内的各种新兴增长 机遇。 中国的投资环境尤为复杂；无论是老到的投资 者还是投资新手目前都在医学技术领域挖掘各种 投资机遇。各种“英勇事迹”——无论是积极还 是消极——仍在继续帮助形成澳大利亚企业对于 中国的种种看法，并且通常扭曲了真正的事实。 其它融资来源 为了迅速向产品线补充高附加值的产品并降低 开发风险，中国的生物科技公司日益开始放眼全 球并引进西方的技术。在投资者大量资金的武装 下，以及在拥有丰富海外经验的管理团队的率领 下，中国企业正在收购各种西方资产以及取得各 种许可，并将其整合到自身的产品阵营中，以此 作为其商业策略当中的一个关键组成部分。 此外，努力寻找各种全新收入来源的中国地方政 府亦乐于提供各种补贴、税收优惠以及世界级的 研发设施，以期吸引澳大利亚以及其它国家的研 发公司入驻当地各种科技园区。 眼下，中国的天使投资者网络、基金以及家 庭投资办事处数量与日俱增；它们均有兴趣投资 于外国的生物技术创新公司。随着越来越多的西 方生命科学企业聚焦中国、进入中国以及在中国 发展业务，愈来愈多中国企业和风险资本看到了 对西方初级阶段的创新活动进行投资的价值所 在。外国投资者（美元基金）以及医药巨头的风 投基金已经成立了规模宏大的中国生命科学 基金，专门投资于本土和海外的生物技术创新 活动，并针对其投资组合开发出多种中国业务 模式。 本文摘选自AusBiotech的《澳大利亚医学技 术公司如何进军中国》。完整报告的内容更 为全面，并包含了文化挑战、政府配给与支 持以及监管考虑等方面的主题。请登陆 www.ausbiotech.org下载该报告。 商道

The Burnet Institute, with headquarters in Melbourne and offices in many countries in the region, has been active in the public health and medical research space in China for over 20 years. Following a recent decision to expand its China program, Burnet developed a long-term strategy for securing an independent stream of income for its China operations, which included the establishment of a commercial biotechnology venture in China, with Burnet’s share of future profits allocated towards support of public health projects.

With its strong focus on translational research and commercialisation of medical technology that has enormous potential in both the domestic China and global markets, Burnet was ideally placed to ‘experiment’ with this business model. Burnet identified one of its diagnostic technology projects as being appropriate for this purpose, and began actively searching for funding to realise this venture in China.

Colleagues at the Australia-China Association for Biomedical Sciences (ACABS) brought to Burnet’s attention a grant opportunity awarded by the Nanjing Government aimed at fostering innovation and attracting commercially viable projects to establish operations in a local life science park.

The application process was entirely in Chinese language, online, and it was essential to work in close partnership with trusted ACABS colleagues once the opportunity had been identified through to successful awarding of the grant.

In late 2013, Burnet announced the successful registration of a commercial company (WFOE) in China, Nanjing BioPoint Diagnostic Technology Ltd, established via this grant from the Nanjing Government and investment from the Institute.

Based in Nanjing, the capital city of Jiangsu province – Victoria’s sister state –

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this new company is undertaking research and development of novel diagnostic tools in areas of unmet medical need, and represents another strategic step forward in Burnet’s ongoing expansion of its overall China operations.

With help from ACABS colleagues, Burnet entered into the competitive process in November 2012 and was awarded a RMB1.3 million (approx. AU$240,000) grant in April 2013. The application process consisted of an initial online proposal application (with a heavy emphasis on the business plan and commercial viability of the project), and following shortlisting several months later, presentation in person at a panel interview in Nanjing. Once awarded the grant, there were a number of additional milestones such as successful registration of the company, capital investment, and sourcing of further investment for the project, all undertaken with significant support of local officials in both the Investment Bureau and the science park where the company was to be located, as well as a team of advisors and lawyers in Australia and China.

The grant provided the new venture with laboratory and office space within the Jiangsu Life Sciences & Technology Innovation Park on the outskirts of Nanjing as ’in kind’ support for three years, as well as an allowance for renting an apartment that will be very useful for frequent visits from Melbourne-based staff to the new facility.

During 2014, Burnet entered into an agreement with a Beijing-based Chinese investment group to provide Nanjing BioPoint with the necessary funds to complete the research and development phase and move into manufacturing of the device.

Burnet also established a company structure in Hong Kong, to facilitate the investment in Nanjing BioPoint (while retaining its WFOE status) and the eventual repatriation of profits.

From late 2014, the Burnet began to host BioPoint’s new Nanjing- based research and development staff for advanced training in Melbourne, and commenced an expanded program of diagnostics research and

development drawing on both Australian and Chinese expertise. It is anticipated that the device funded under this grant will be the first of several products to utilise the platform of Nanjing BioPoint Diagnostic Technology, which will be a fully integrated business undertaking the commercial development of innovative diagnostic tools, with the capacity for manufacturing, sales and distribution of products long-term.

This is an edited extract from AusBiotech’s Guide for Australian medical technology companies seeking to engage in China. The entire report is far more comprehensive and includes sections on topics such as cultural challenges, government provisions and support, and regulatory considerations. It can be downloaded at www.ausbiotech.org

案例研究 南京澳百生物技术有限公司 总部位于墨尔本并且在许多国家均设有办事处 的伯内特医学研究院（Burnet Institute）已经 在中国的公共卫生和医学研究领域耕耘了20多 年。在近期决定扩大中国的项目之后，伯内特 医学研究院制订了一项关于为其中国业务获取 独立收入来源的长期策略，包括在中国成立一 家商业性生物技术公司，并利用其在未来收益 中所占的份额来资助各类公共卫生项目。 伯内特专注于那些在中国本土以及全球市场 均有巨大潜力的医学技术的转化性研究和商业 化运作，因此对这种商业模式的 “试水”也是 水到渠成。伯内特从各种诊断技术项目中选择 了一个适合该项目的一个项目，并开始积极寻 找在中国创办这家公司所需的资金。 澳洲华人生物医学科学协会（ACABS）的 同事向伯内特医学研究院告知了南京市政府为 鼓励创新以及吸引商业上可行项目入驻本土生 命科学园而提供的扶持政策。中国许多省份都 在积极推广这项旨在吸引那些在国外深造的华 人归国的“321计划”（外国人亦有资格 提出申请，但必须是“自然人”，不能是“公 司”），不同之处仅在于扶持资金以及实物支 持力度方面的差异。申请人只能以中文方式在 线提交申请，并且一旦有入选的机会，申请人

商道

必须与可信的ACABS同事进行密切合作，直至 成功获得扶持资金。 2013年末，伯内特医学研究院宣布其已成功 地利用南京市政府提供的扶持资金以及自身的 投资资金在中国注册了一家商业公司（外商独 资企业）——南京澳百生物技术有限公司。 新公司位于南京（江苏省的首府；江苏亦是 维多利亚州的姊妹省份），主要专注于医学需 求未得到满足领域的新型诊断工具的研发和开 发工作。它代表了伯内特医学研究院在其中国 业务持续扩张道路之上迈出的战略一步。 在ACABS同事的帮助下，伯内特医学研究院 于2012年11月进入了竞争环节，并于2013年4 月获得了130万元人民币（相当于24万澳元） 的扶持资金。整个申请过程一开始需要在线提 交建议书（着重强调商业计划以及项目的商业 可行性）；在为期数月的筛选之后，伯内特需 要派人亲自参加在南京安排的小组面谈。在获 得扶持资金之后，伯内特还需完成一系列的流 程，比如成功注册一家公司、资本投资、为项 目筹集额外的投资……所有这一切均获得了投 资局以及公司所入驻的生命科学园官员的大力 支持，同时也有一支由澳大利亚和中国顾问及 律师所组成的专业团队为伯内特出谋划策。 这笔扶持资金包含以“实物”扶持方式为新 公司在南京郊外的江苏生命科技创新园内提供 的实验室和办公场所（三年使用期），以及租 住公寓的补贴（供那些频繁前来新公司出差的 墨尔本总部员工入住）。2014年期间，伯内特 与一家位于北京的中方投资集团达成了一项协 议，由后者为南京澳百生物技术有限公司提供 必要的资金以便完成研发阶段并实现医疗器械 的投产。 伯内特还在香港设立了一家公司以便促进 对南京澳百的投资（同时又能保留“外商独资 企业”的身份），以及最终将利润汇回澳大 利亚。 2014年底，伯内特开始安排将南京澳百的研 发人员送往墨尔本参加高级培训，并利用澳中 两国的专业人才启动了一个诊断研发扩大项 目。预计在南京市政府扶持之下开发的医疗器 械将是首款利用南京澳百生物技术有限公司的 平台开发的产品。该公司将成为承担创新型诊 断工具商业性开发工作的一体化企业，并具备 产品制造、销售和分销的能力。 本文摘选自AusBiotech的《澳大利亚医学 技术公司如何进军中国》。完整报告的内容 更为全面，并包含了文化挑战、政府配给和 支持以及监管考虑等方面的主题。请登陆 www.ausbiotech.org下载该报告。

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

HEALTH

46 | HIGHER VIEW BUSIN E S S

健康

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HEALTH

健康

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By David Xie, President CFA Society of Beijing

WILD RIDE

作者：谢大为

A股过山车行情 的思考 While some uncertainties remain about China’s A-Share market in the near future, the recent boom and bust will not have a major impact on the broader economy, nor will it affect the future prospects of China’s young capital markets. 虽然短期内A股市场的前景仍让人雾里看花，但长期来看, 近期的暴涨暴跌对 中国整体实体经济的影响还是有限的，它也不会阻碍中国年轻资本市场不断 前行的成长脚步。

48 | HIGH ER VIEW BUSIN E S S

商道

ECONOMY

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T

his year, China’s A Share market has been undoubtedly the most closely watched in the world. In less than six months, the Shanghai Stock Exchange Index rose almost 60%, bringing it 150% higher than the middle of 2014. Then within a month it suddenly fell 32%. These soul-stirring fluctuations left overseas investors confused, and also created doubts about the future prospects of China’s economy.

The primary reason for the stock market’s rise was an improvement in investor sentiment.

Stronger investor confidence was a dividend of national economic and capital market reforms.

The relaxation of monetary policy also played a part. From November 2014, the central bank successively lowered interest rates four times to stimulate the economy, alleviating concerns about financial market liquidity. After experiencing five years of poor performance, the A Share market was seriously undervalued.

On the back of this experience, improvements in confidence and liquidity quickly sent the market soaring.

The market boom and bust was the direct cause of a rapid increase in margin lending.

Since it was made available in 2010, in the four years leading up to June 2014, total lending to investors by brokerage firms reached RMB400 billion. Then within the following year it leapt

今

70%

According to the latest China Household Finance Survey, 70% of household assets are in property. Stock accounts for only 15.5% 《中国家庭金融调查报 告》显示居民家庭资产的 70%以上仍是房地产， 股票比例仅占金融资产 的15.5%。

to RMB 2.27 trillion, more than 4% of the A Share free-floating market capitalisation. At the same time there were other unregulated channels providing margin trading for investors, which according to estimates surpassed RMB 2 trillion in funding at their peak.

This rate of leverage greatly decreased the ability of investors to withstand market fluctuations, lowering systemic stability.

When the market saw a sustained correction in mid June, investors had no option but to dump their stocks and return the borrowed money, which prolonged the downward trend, thus creating a vicious circle. By early July, the selling pressure that was triggered by margin

年以来A股市场毫无疑问成为全球最受 关注的股票市场。上证指数先是在不到6 个月时间内上涨近60%，相比2014年中涨幅更 是达到150%，而随后又在不到1个月内暴跌 32%。如此惊心动魄的波动令海外投资者困 惑，进而对中国经济的前景产生疑问。 股市上涨的主要原因是投资者情绪改善， 对国家发展资本市场和经济改革政策红利的信 心增强。货币政策的宽松也助推了股市上涨， 从2014年11月起，央行先后4次下调利率刺激 经济，缓解了金融市场流动性紧张的状况。 A股市场在经历了长达5年的低迷平淡后，股票 价格严重低估，在此背景下，信心和流动性的 改善快速拉动市场的上涨。 股市暴涨暴跌的直接驱动因素之一是融资买 入规模的迅猛增长。证券公司融资融券业务自 2010年初启动后，历时4年多到2014年6月融 资余额规模达到4000亿。而此后的1年时间内 融资余额就猛增到22666亿，占A股流通市值 的4%以上。同时还存在其他未受监管途径为 投资者提供融资，据估计规模最高时也超过 2万亿。 如此高的杠杆比率大大降低了投资者对市场 波动的承受能力，降低了系统稳定性。当6月 中旬后股票市场出现持续下跌时，融资买入股 票的投资者不得不进一步卖出股票，以归还借 入的资金，这又延续了下跌的趋势，形成恶性 循环。发展到7月初，强制平仓的压力使市场 每天有过半股票触及到10%的跌停。 监管机构对融资相关的风险早在1月份就有

FIGURE 1 - AGGREGATE FINANCING TO THE REAL ECONOMY （图1）实体经济累计融资分别 OTHER 其他

RMB billion

CORPORATE BOND 债券

EQUITY 股票

BANK LOANS 银行贷款

80,000

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0

2012 Q1

2012 Q3

2013 Q1 商道

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RMB 2.27 trillion Total lending to investors by brokerage firms leaped to RMB2.27 trillion within a year, from RMB400 billion in June 2014. 证券公司融资融券业务自2010年初启 动后，历时4年多到2014年6月融资余 额规模达到4000亿。

calls nailed more than half of stocks at the 10% lower limit of their daily trading range almost every day.

The regulator was aware of margin trading-related risk early in January, and commenced an investigation. But large-scale margin trading in the derivatives market had only existed in China for a few years, and the regulators, finance institutions and investors all lacked adequate experience. So when the stock market began to deleverage, it quickly spiralled into a liquidity squeeze and equity market crisis. At this point, the China Securities Regulatory Commission (CSRC) began to intervene with emergency measures, such as directly buying up stocks, putting a temporary halt on new IPOs and restricting large share holders from selling their stocks.

These measures soon brought the avalanche to

Market valuation has returned to a relatively sensible level.

50 | H IGH ER VIEW BUSIN E S S

an end. The stock market crisis was contained and the banking system was not affected, so the overall stability of China’s financial system remained intact.

Even though the quick crash of the stock market drew a lot of attention, its impact on China’s economic growth will be very limited, for a number of key reasons. Firstly, sharp market falls tend to exaggerate the extent of the losses sustained. Although the market fell 30% from its peak, the Shanghai Stock Exchange Index at the end of July was still 66% higher than it had been 12 months ago.

During that same period the S&P 500 only rose 9%.

Historically, the connection between the A Share market and China’s macro-economy has not been strong. This is because China’s financial system remains centred around the banks. Bank loans are still the primary driving force behind China’s economic development.

According to the Central Bank’s figures (Figure 1), equity as a proportion of overall financing is very small, only hovering within 1-2% before the first half of 2014. Even after a bull market period with intensive new stock offerings, in the first two quarters of 2015 equity financing only reached 6.1%. At the same time, the banks’ RMB and foreign currency loans reached a combined 72.7%. So the stock market’s decline won’t have a substantial negative impact on real economy financing.

According to the latest China Household Finance Survey, 70% of household assets are in property. Among financial assets, stock 商道

察觉，并进行了调查。但大规模的融资融券和 衍生品市场在中国出现才仅仅几年，监管层、 金融机构和投资者对此都没有足够经验，以致 市场去杠杆的过程导致了流动性枯竭，形成局 部的危机。之后证监会通过建立救市机制直接 买入股票，暂停新股发行，限制大股东卖出股 票等应急措施，才使暴跌告一段落。股票市场 的危机得到控制，没有扩散到银行体系，没有 影响到中国金融体系的整体安全。 尽管股票市场短时间内的暴跌非常引人注 目，但这对中国经济增长的直接影响很有限。 首先极端的暴跌容易使人高估损失的程度， 尽管从最高点回落30%，7月底上证指数与 12个月前相比仍然上涨了66%，而同期S&P 500指数涨幅为9%。 历来A股市场与中国宏观经济的关联程度 并不强，这是由于中国金融体系仍然是以银行 为主导，银行贷款仍是推动实体经济发展的 主力。以央行发布的社会融资规模来看 （图1），股票融资占社会融资规模的比例很 小，2014年上半年之前基本在1%-2%之间。 即使经历了牛市和密集的新股发行，2015年 2季度股票融资也仅占到6.1%，而同期银行人 民币和外币贷款合计达到72.7%。因此股票市 场的下跌并不会对实体经济融资产生实质性负 面影响。 《中国家庭金融调查报告》显示居民家庭资 产的70%以上仍是房地产，股票比例仅占金融 资产的15.5%，远远低于占比57.8%银行存 款。因此股票暴跌虽然使部分投资者损失惨 重，但对居民总体财富的负面影响也有限。 史无前例的救市行动至今将近1个月，股票 市场雪崩式下跌的势头已被有效抑制，融资买 入股票的强行平仓也大大缓解，因此类似的暴 跌已没有可能重演。但股票市场近期仍然存在

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only accounts for 15.5%, far below bank deposits at 57.8%. The market crash may have left some investors badly harmed, but it has only had a modest impact on total household wealth.

The Chinese government’s historically unprecedented market intervention has lasted for a month now, and has effectively arrested the momentum of the market’s steep decline.

The flow of capital out of the market has also been alleviated. So there is no chance of a similar slide happening again. But there are still some pressures and uncertainties in the stock market. Firstly, although the stock market has fallen 30% from its peak, it isn’t extremely undervalued, and the especially high valuations of growth businesses may take some time to become justified. Against the background of a continually slowing economy, near-term weak earnings of listed companies will also put pressure on stock prices. Secondly, margin trading in the market has already fallen to a low of RMB 1.3 trillion in

July, falling back 40%. After going through this kind of shock, the regulator will likely strengthen restrictions on the scale of margin trading, especially on previously unregulated lending activities. With the predicted continuation of deleveraging in the market, the amount of margin trading will continue to slowly recede.

Another major uncertainty is when and how the market intervention mechanisms will exit.

The market will pay very close attention to this issue. A premature exit will pound market confidence, but leaving the interventions in place too long will also negatively affect market health. For example, new stock offerings have been temporarily halted, and if this isn’t restored in a timely manner it will not only hamper the stock market’s capital-raising function in the broader economy, but will also harm the long-awaited reforms that eased government control on public stock offerings.

So for the next few months investors shouldn’t expect to see the A Share market hit bull

Its impact on China’s economic growth will be very limited.

»

FIGURE 2 - AGGREGATE FINANCING TO THE REAL ECONOMY - SHANGHAI COMPOSITE INDEX VS. OUTSTANDING BALANCE OF MARGIN TRACKING（图二）上证指数和融资余额的变动 OUTSTANDING BALANCE OF MARGIN TRADING (CNY BN) 融资余额

SHANGHAI COMPOSITE INDEX 上证指数

INDEX POINTS

CNY BN

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0

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JAN-15

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150%

market conditions liked it did in the first half of this year. The market needs sufficient time to recover from such a violent shock and will gradually return to normal.

Looking ahead, the violent market fall won’t influence the positive prospects of the A Share market. The pace of economic transformation and reform hasn’t changed, and in a relatively depressed macroeconomic climate there are reasons to expect even more proactive market reform policies including monetary easing, further reforms to stateowned enterprises, accelerated industry upgrades and the encouraging of private investors to participate in infrastructure investment. These policies will, over the long term, rejuvenate the Chinese economy.

Additionally, the market plunge has helped eliminate a potential market bubble, and currently the A Share market valuation has 52 | HIGHER VIEW BUSIN E S S

returned to a relatively sensible level. The CSI 300 Index, which represents blue chip stocks, is trending at a price to earnings ratio of 14.3, below the S&P 500’s 16.8, thus beginning to show value for long-term investors. The CSRC is currently working on inclusion of the A Share market into the MSCI World Index, which will bring a more diverse range of investors to the A Share market and help the market to become more mature and stable.

Compared to the transformation and reforms that China’s economy is going through, the A Share market’s boom and bust is merely a storm in a teacup. China’s policy-makers haven’t been distracted by the market’s fluctuations. After moving on from this phase, the A Share market will return to normal market conditions, with improved regulations and stronger controls on systemic risks, leading to a steady and healthy path of development. 商道

In less than six months, the Shanghai Stock Exchange Index rose almost 60%, bringing it 150% higher than the middle of 2014. 上证指数先是在不到6个 月时间内上涨近60%， 相比2014年中涨幅更是 达到150%。

一些压力和不确定因素。首先目前股票市场虽 然从最高点回落将近30%，但整体还不属于严 重低估，尤其是一些成长性行业较高的估值仍 需要时间修复。在经济持续放缓的背景下， 上市公司近期较弱的盈利状况也对股价造成压 力。其次融资余额已降至7月底的13354亿， 回落40%。经过此次震荡，监管机构将加强对 融资规模的控制，尤其是对未受监管的场外融 资。预计股市去杠杆过程还将持续，融资规模 缓慢收缩。 影响股市前景的另一大不确定因素是，为救 市而采取的各种非常规措施，将在何时以何种 方式退出，这将会是市场十分关注的问题。 退出过早可能会冲击市场信心，而长期不能退 出也将有损于市场健康。例如新股发行被暂 停，如长时间不能恢复，不仅会妨碍股票市场 对实体经济的正常融资作用，也将影响股票发 行注册制改革的进行。因此在未来的几个月 内，投资者不应期待A股市场再现上半年的牛 市，剧烈震荡后市场需要足够时间恢复，逐渐 回归到常态。 长期来看，最近的暴跌没有影响到看好A股 市场的基本理由。首先，经济转型和改革的节 奏没有变，在相对低迷的宏观经济背景下， 有理由期待国家采取更积极的改革措施，包括 更为宽松的货币政策，进一步国企改革，促进 产业升级，鼓励民营资本参与基础设施投资的 计划等。这些政策将在长期给经济增长注入 活力。 其次暴跌也部分消除了市场中的泡沫，目前 A股的估值水平回到比较合理的水平上。代表 蓝筹股的沪深300指数动态市盈率为14.3倍， 低于S&P500指数的16.8倍，对长期投资者价 值开始浮现。证监会正在持续推动将A股市场 纳入MSCI全球指数，也将为A股市场带来更多 元化的投资者，推动市场成熟稳定。 相比中国经济新常态下正在经历的转型和改 革，A股市场的暴涨暴跌只是一次局部的小小 动荡，中国的决策者并没有被股票市场波动扰 乱视线。告别暴涨暴跌模式后，回归常态的A 股市场将进一步完善监管，加强系统性风险的 控制能力，回到良性发展的轨道上。

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How foreigners can invest in China’s capital markets Currently the primary path for international investors to invest into China’s stock market is via licensed overseas financial institutions known as qualified institutional investors or QFII which invest with foreign currency, and another group called the Renminbi QFII or RQFII which invest via offshore Renminbi accounts.

These two groups include institutions like sovereign investment funds, pension funds and endowment funds, as well as major global mutual funds, asset management companies, private equity funds and investment banks. The latter group also package QFII investments into products for individual investors. The total quota given to the QFII and RQFII combined adds up to RMB870 billion.

As for individual investors, The Hong Kong-Shanghai Stock Connect program introduced in November 2014 provides the most direct and convenient access to the A Share market. Under this program, investors from Hong Kong and overseas are allowed to trade eligible Shanghai-listed A Shares via the Hong Kong Exchange. Foreign investors can trade about 560 A Shares listed on the Shanghai Stock Exchange.

These stocks add up to about 85% of the total floating market capitalization of Shanghai-listed A Shares, making for a relatively comprehensive representation of the A Share market. Trading is limited to an aggregate quota, which has been set at RMB300 billion for net buying of A Shares by foreign investors. By the end of July, only RMB 174 billion of that had been utilised.

A similar plan to open the Shenzhen Stock Exchange to overseas investors is

under consideration. Compared with Shanghai, the Shenzhen Stock Exchange’s SME board and ChiNext sectors attract mainly small and medium listed companies, including many high growth companies in emerging industries. Due to the aftermath of the recent market shock, the ShenzhenHong Kong Stock Connect roll-out will probably be delayed until the market returns to stability.

Additionally, in May this year the Mainland-Hong Kong Mutual Recognition of Funds initiative was introduced, allowing more than 800 mainland China mutual funds to sell in the Hong Kong market, giving more choices to overseas investors.

The capital market’s opening up is an important part of China’s financial reforms, and authorities will introduce more policy measures to allow foreigners to participate in China’s capital markets. Other factors like the Renminbi’s stable exchange rate, growth opportunities brought by further economic transformation and reform, and reasonable valuation levels will all make the A Share market increasingly appealing to international investors.

国际投资者如何投资于中国 资本市场 目前国际投资者投资于中国股票市场的主要 途径有境外合格机构投资者（QFII）与人民 币境外合格机构投资者（RQFII）。这两种 模式服务于机构投资者，既包括主权基金、 养老金、捐赠基金等机构，也涵盖了全球主 要的基金公司、资产管理公司、私募股权投 资公司和投资银行。后一类机构可以将所获

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得的QFII额度用于个人投资人。QFII和RQFII 额度合计达到人民币8,700亿。 对于个人投资者，2014年11月开通的沪 港通提供了买入A股股票最直接最便利 的途径。沪港通是上海证券交易所和香港 联合交易所允许两地投资者通过当地证券 公司买卖规定范围内的对方交易所上市的 股票，是沪港股票市场交易互联互通机制。 海外投资者只要拥有香港证券账户就可以买 卖上海交易所上市的560余只A股，这些股 票的流通市值大约占上交所上市A股的85% 以上，比较全面代表了上交所上市A股。沪 港通设有额度限制，初期沪股通总额为 3,000亿人民币，截至7月底已累计使用了 1,740亿。 参照沪港通的模式，连通深圳股票交易所 的深港通也在计划中。与上交所相比，深圳 交易所的中小板和创业板上市的主要是中小 型企业，包括很多新兴行业高成长性公司。 受到近期股市动荡的影响，深港通的推出可 能会要延迟到市场恢复稳定之后。此外今年 5月还推出了中港基金互认机制，超过800 只中国内地的基金将可以在香港发售，为海 外投资者提供了更多的选择。 资本市场开放是中国金融改革的重要组成 部分，监管层将会推进更多政策措施，使海 外投资者参与中国资本市场。另一方面， 人民币稳定的汇率、转型和改革推动的增长 机会、以及回归到相对合理的估值水平，也 会吸引海外投资者。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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为何中国消费者还将令世界惊讶？

WHY CHINA’S CONSUMERS WILL CONTINUE TO SURPRISE THE WORLD China has an awesome consumer story. Yet lately you can’t pick up a newspaper, go online, or watch television without hearing continual moaning about the country’s slowing economic growth and the need for “rebalancing.” The reality is that Chinese consumers are going to continue to increase in wealth and complexity.

And if you’re worried the country’s economic importance is declining, you’re probably looking at its performance the wrong way.

DON’T WORRY ABOUT CONSUMER SPENDING AS A PERCENTAGE OF GDP

As in most developing Asian economies, China’s early growth was based on savings, investment, and exports. You get your population to save, move to the cities, work in factories, and make stuff. This is sold, and cash is brought back home for investment. Plus, you get some foreign investment as well. This process enabled China to develop its infrastructure largely with its own cash. That, by the way, is not the norm. Developing economies typically borrow from foreigners and then default—for example, American states such as Mississippi and Florida were chronic defaulters on foreign debt as they initially developed.

One of the downsides of this investment-first approach is that it makes consumption look small and often like it’s shrinking. Chinese consumption decreased from approximately 51% of gross domestic product in 1985 to 43% in 1995, 38% in 2005, and 34% in 2013. By comparison, consumption is around 61% in Japan and about 68% in the United States. In fact, China’s small and decreasing consumption percentage is one reason why people keep talking about “rebalancing”—the need for the economy to become driven more by consumer spending than investment and exports.

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OUR POSITION? DON’T WORRY ABOUT THIS STUFF.

First, from 2000 to 2010, the size of the Chinese economy more than doubled. So consumption grew from around US$650 billion to almost US$1.4 trillion. Regardless of its relative percentage of GDP, China’s consumption has been growing faster than just about any other country’s in absolute terms. Second, just getting consumer spending back to 43% of GDP, the level in 1995, would have a huge impact on “rebalancing.” It would also create the largest consumer market in the world.

Third, most of these numbers are wildly inaccurate. Consumer spending is nearly impossible to measure in such a big, complicated economy. Combining a vague number with two other big vague numbers (investment and net exports) is very fuzzy math. Until economists start putting uncertainty estimates on their China calculations, relative percentages aren’t worth paying much attention to.

HOUSEHOLD INCOME IS WHAT MATTERS, AND IT’S GREAT

The number you really want to keep in mind is household income. You can’t have consumption without income. And here’s where it gets really awesome. China’s household income is huge. It is now likely above $5 trillion a year. Plus, lots of income is unreported, so this is really the lower boundary for true household income.

Developing economies—especially the BRIC nations of Brazil, Russia, India, and China— are frequently grouped together, but Chinese consumers dwarf all the others in terms of household income (Exhibit 1). 商道

by Jeffrey Towson and Jonathan Woetzel

杰弗里·陶森和华强森再度合著《1小时读懂 中国之二：中国消费者》。本文即摘编自此 书。两位作者认为，外界对中国经济放缓的担 忧实无必要。 中国消费者的购买力非常强大。然而最近， 无论报刊、网络还是电视媒体，无一不为中国 经济增长放缓、需要实现“再平衡”而忧心忡 忡。事实上，中国消费者的财富将继续增加， 消费群体日趋杂。如果你担心中国经济的重要 性正在下降，那也许是因为你对这个国家的当 前表现产生了误解。 消费占GDP比重过低？不值得过分忧虑 与大多数亚洲的发展中国家一样，中国经济 的早期增长主要来自储蓄、投资和出口。 首先，国家鼓励个人储蓄，推动人口从农村向 城市迁移，进入工厂从事制造。随后，商品出 售所得的现金流向投资领域。此外，一些海外 资金也参与到市场中。在这一进程的推动下， 中国得以凭借自有资金完成大部分基础建设。 这在其他国家并不常见，发展中经济体普遍通 过举债支持早期建设，而且违约现象屡见鲜。 比如，美国的密西西比州和佛罗里达州在发展 初期都曾长期拖欠外债。 但是，投资拉动也有缺点，它将导致消费 在国内生产总值（GDP）中占比过小，且有可 能持续降低。在中国，消费在GDP中所占的比 例先是从1985年的约51%下降至1995年的 43%，随后又在2005年和2013年分别下滑至 38%和34%。相比之下，日本的消费在GDP中 的占比为61%左右，美国为68%。事实上， 中国的消费在GDP中占比过低且不断下降， 这正是经济“再平衡”不断成为热议话题的 一大原因。通过“再平衡”，人们希望将经济 增长的模式从投资出口驱动向消费驱动 转变。对此，我们想说的是，无须过分担忧。 首先，中国经济的规模在2000年～2010 年间扩大了一倍有余1，消费支出也相应地 从6500 亿美元增长至近1.4亿美元。无论消费 在GDP中的相对比例如何，中国消费的增速已

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RISING DISCRETIONARY SPENDING IS THE EXCITING PART

Discretionary spending is buying the stuff you like but don’t need. Or you only sort of need.

And, fortunately, people seem to have an endless appetite for everything from entertainment to skiing to cafe lattes. Chinese citizens are now moving beyond being able to only afford the basics of life, and their discretionary spending is taking off. Growth in spending on annual discretionary categories in China is forecast to exceed 7% between 2010 and 2020, and growth of 6 to 7% annually is expected in a second category of “seminecessities.” Both of these categories are growing faster than spending on actual necessities, which are expected to grow around 5% a year, about the same as expected GDP growth (Exhibit 2).

Finally, an important related issue is the Chinese tradition of saving. If we compare spending and saving rates across the emerging markets, we see a spike in savings in China.

That spike is fairly understandable. First, it’s

cultural. Second, they are precautionary 经在绝对值上超过了全球任何一个国家。 savings—no social safety net means if you get 其次，中国的消费占GDP的比重只要恢复 sick, it’s all on you. Third, Chinese savings are 到43%，也就是1995年的水平，就足以对 not unique. Japan, Korea, and Taiwan all hit “再平衡”产生巨大的影响，同时也将创建一 30%-plus savings rates in their early 个全球最大的消费市场。第三，上述种种 development. And fourth, without much of a 数据大多不够准确。在中国这样一个复杂的 consumer-finance system, it’s tough to use debt 大型经济体，要统计消费总额几乎是不可能 to hit truly spectacular consumption levels. 的。如果要将这一模糊数字与另外两个模糊 After all, a vacation home or car may cost the 数字（投资和净出口）结合起来，其计算 equivalent of a year’s income. 结果无疑是非常不精确的。除非经济学家 That’s our rant on China’s macro 能够把不确定性预期纳入到计算中国的数 consumer situation. Basically, we believe it 值中，否则相对百分比这类数据并不值 remains a great story. It may be volatile. It’s 得多加关注。 also somewhat unpredictable. But you just don’t get a consumer growth story this good 家庭收入表现出众 anywhere else. 家庭收入才是真正值得关注的数据，因为没 有收入就没有消费。而这正是中国表现出色的 地方。中国的家庭收入目前大约为每年5亿美 元以上。此外，由于不少收入未经上报，5亿 This is an edited excerpt from The One Hour 美元被认为是真实家庭收入的一个下限值。发 China Consumer Book: Five Short Stories That 展中经济体时常被放在一起相互比较，尤其是 Explain the Brutal Fight for One Billion Chinese 并称“金砖四国”的巴西、俄罗斯、印度和中 Consumers (Towson Group, 2015). For more 国。然而在家庭收入方面，中国的消费者显然 details about the book, visit onehourchina.com. 让其他三国相形见绌（见图1）。

EXHIBIT 1 - CHINA’S TOTAL HOUSEHOLD INCOME DWARFS OTHER EMERGING MARKETS （图1）中国家庭收入水平令其他新兴市场相形见绌

SOURCE: CREDIT SUISSE; WORLD BANK DATA BOOK

THOUSANDS OF HOUSEHOLDS 家庭（以千为单位）

350,000 SAUDI ARABIA 沙特阿拉伯

300,000

TURKEY 土耳其 SOUTH AFRICA 南非

250,000

RUSSIA 俄罗斯 MEXICO 墨西哥 INDONESIA 印度尼西亚

200,000

INDIA 印度 CHINA 中国

150,000

BRAZIL 巴西

100,000

50,000

0

0-499

500-999

1,000-1,499

1,500-1,999

2,000-2,499

ESTIMATED 2013 AVERAGE HOUSEHOLD INCOME (ADJUSTED FOR PURCHASING-POWER PARTITY), US$ 2013年平均家庭收入估计（美元）

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2,500+

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EXHIBIT 2 - PER-HOUSEHOLD ANNUAL CONSUMPTION IN CHINA BY CATEGORY, %1 （图2）中国家庭年消费类别（百分比）1

SOURCE: MCKINSEY ANALYSIS

NECESSITIES 必需品 ° FOOD 食物

CAGR2 (2013-30): 5.3 2005: 44%

2010: 36%

2013: 33%

2020: 24%

SEMINECESSITIES 半必需品

2030: 18%

CAGR2 (2013-30): 6.5

° APPAREL 服装

2005: 8%

2010: 11%

2013: 10%

2020: 11%

2030: 13%

° HEALTHCARE 卫生保健

2005: 7%

2010: 6%

2013: 7%

2020: 8%

2030: 8%

° HOUSEHOLD PRODUCTS 家居用品

2005: 5%

2010: 7%

2013: 7%

2020: 5%

2030: 6%

2010: 10%

2013: 9%

2020: 11%

2030: 11%

° HOUSING AND UTILITIES 住房和公用设施 2005: 10%

DISCRETIONARY 可自由支配开支

CAGR2 (2013-30): 7.6

° PERSONAL ITEMS

2005: 7%

2010: 6%

2013: 7%

2020: 8%

2030: 8%

° RECREATION, EDUCATION, AND CULTURE

2005: 5%

2010: 7%

2013: 7%

2020: 5%

2030: 6%

° TRANSPORTATION AND COMMUNICATION

2005: 10%

2010: 10%

2013: 9%

2020: 11%

2030: 11%

个人物品

娱乐，教育，文化 交通和通信 1

FIGURES MAY NOT SUM TO 100%, BECAUSE OF ROUNDING.

It may be volatile. It's also somewhat unpredictable.

But you just don't get a consumer growth story this good anywhere else.

2

COMPOUND ANNUAL GROWTH RATE. 累计年均增长率

可自由支配开支节节攀升 可自由支配开支是人们根据个人喜好所作的 非刚性消费，购买的一般是非必需品或不完全 必需品。幸运的是，人们在生活中似乎总有无 穷无尽的消费愿望，比如消遣娱乐、滑雪或是 喝上一杯拿铁。现在，中国居民摆脱了只求温 饱。欲了解更多对中国经济增长驱动因素的论 述，请参阅杰弗里·陶森和华强森所著 “All you need to know about business in China”，2014年4月。 为何中国消费者还将令世界惊讶？ 图1中国家庭收入水平令其他新兴市场相形 见绌的消费阶段，可自由支配开支越来越多。 据估计，在2010～2020年间，中国可自由支 配开支的年增长率将突破7%，而第二大类 “半必需品”开销的年增长速度则预计达到 6%～7%。这两类消费的增速均比必需品支出 要快，后者年增长率估计在5%左右，与中国 GDP增长步调基本一致（见图2）。 最后，我们还想谈谈与此息息相关的重要问 题，那就是中国人爱存钱的传统。对比各个新 兴市场的支出率和储蓄率，我们会发现，中国 的储蓄额远远高于其他国家。这种现象并不难 理解。首先，爱储蓄是中国人的一种文化传 统。其次，目前中国居民的储蓄是预防性储 蓄——因为在社保安全网不健全的情况下，一 旦不幸生病了，那么治病所需费用都得由个人 承担。第三，高储蓄率并非中国大陆所独有， 商道

日本、韩国、中国台湾等地在其早期发展阶段 的储蓄率都超过30%。第四，由于中国缺乏完 善的消费金融体系，要通过个人借贷将消费拉 升至相当可观的水平，其难度非常大。毕竟， 如果不贷款，一间度假屋或一辆车大概要花掉 人们整整一年的收入。 以上是我们对中国宏观消费形势的一些思 考。基本上，我们相信中国的消费能力依然出 众。尽管未来可能有波动，前景也可能难以预 测，但全世界再也找不出第二个消费增长如此 强劲的国家了。 本文摘编自“The One Hour China Consumer Book: Five Short Stories That Explain the Brutal Fight for One Billion Chinese Consumers ”， 欲了解更多详情，请浏览onehourchina. com。

Jeffrey Towson is a managing partner of the investment firm Towson Capital, and Jonathan Woetzel is a director in McKinsey’s Shanghai office.

They are both professors at Peking University’s Guanghua School of Management in Beijing. 杰弗里·陶森是投资公司Towson Capital 的执行董 事；华强森为麦肯锡全球资深董事，麦肯锡全球研究 院（MGI）亚洲区领导人，城市中国计划（UCI）联 席主席，常驻上海分公司。两人都在北京大学光华管 理学院担任教授。

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Wai-Yee Chen, Author and Derivatives Specialist Investment Adviser 惠仪陈，作家，金融衍生品专家及投资顾问

BESTON的中国秘方

THE SECRET INGREDIENT

Dr Roger Sexton, Chairman of Beston Global Food Company, views the incoming Asian dining boom as a key business opportunity, as Asian palates demand tastier, healthier and greener foods from around the world. 由于亚洲消费者青睐来自全球各地的更美味、更健康以及更绿色的食品, Beston全球食品公司董事长Roger Sexton博士将亚洲餐饮业的繁荣视为 重大商机。

P

icking long term trends and creating shareholder value has long been a forte of Dr Roger Sexton, Chairman of Beston Pacific Asset Management, a firm he founded in 1992. Sexton established the Beston Wine Industry Trust, the largest owner of vineyards in Australia and New Zealand at that time which he listed on the ASX and then sold for A$15 million in 1999. Twelve years later the trust was bought by Hong Kong billionaire Li Ka Shing’s business interests for A$350 million. In 2005, Sexton corporatised fragmented caravan parks from a zero base to become the largest owner and operator in

200 million

The OECD estimates that the middle income class will increase from 1.8 billion to 3.2 billion by 2020, of which 200 million is expected from China. 经济合作发展组织预测到 2020年之时，中等收入阶 层的人数将从18亿增加至 32亿。仅在中国，未来五 年内中产阶级消费者的数 量就将增加2亿之多。

58 | HIGHER VIEW BUSIN E S S

Australia, the Beston Parks Accommodation Trust valued at A$32 million. It was sold to a consortium in 2011, which was then acquired by Sun Super in 2012 for a price of A$300 million.

Three years ago, Sexton identified another trend - the emerging dining boom in Asia.

Beston Global Food Company (BFC.ASX) is his latest venture and possibly his most exciting.

Sexton’s goal is to be the delicatessen of Asia, using premium Australian food.

BFC is looking to export Australian premium dairy, beef, seafood and health nutrition to Asia. The key to riding Asia’s dining boom says Sexton, “is not just about eating quality, but it’s eating clean, green and safe.”

As income levels and demand for food security grow, so does the demand for alternative ingredients that allow consumers to care for their bodies, and the planet, without sacrificing on taste. The OECD estimates that the middle income class will increase from 1.8 billion to 3.2 billion by 2020, of which 200 million is expected from China. Demand for clean, green and safe food will outstrip supply.

BFC invests in Australian food and beverage companies that will meet this challenge.

Sexton’s long relationship with China started in 1978 as the Fraser government’s first group 商道

掌

握长期动向并为股东创造价值一直以来都 是Roger Sexton博士的一项专长；Roger Sexton博士是他于1992年所创办的Beston太平 洋资产管理公司的董事长。他还创办了Beston 酒业信托公司；当时这家公司拥有整个澳大利 亚以及新西兰最多的葡萄园，并在澳大利亚证 交所上了市；后来他于1999将该公司卖了1500 万澳元。12年之后，香港亿万富翁李嘉诚以3.5 亿澳元的价格将这家信托公司纳入麾下。2005 年，Sexton从零开始将澳大利亚分散的野营地 进行企业化运作，并发展成为澳大利亚最大的 野营地所有者和经营者；其Beston野营地住宿 信托公司更达到3200万澳元的估值。这家公司 于2011年被卖给了一家财团，2012年又被Sun Super以3亿澳元的价格收入囊中。 三年之前，Sexton发现了另一项商机——亚 洲冉冉兴起的“餐饮盛世”。Beston全球食品 公司（澳大利亚证交所代码：BFC）是他新近投 资的创业公司，同时亦可能是他最雄心勃勃的一 项投资。Sexton的目标是利用高端澳大利亚食 品将该公司发展成为亚洲的“后厨”。 随着收入水平的增长以及对食品安全需求的 上涨，消费者对于那些有益身体健康同时又不牺 牲口感替代原料的需求也水涨船高。经济合作 发展组织预测到2020年之时，中等收入阶层的 人数将从18亿增加至32亿。仅在中国，未来五 年内中产阶级消费者的数量就将增加2亿之多。 对清洁、绿色和安全食品的需求将远远超过供 给。Beston全球食品公司的目标是投资于那些

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70 cities

Dashang Group’s gourmet stores in 70 cities will stock Beston’s brands on their dedicated shelves. 大商集团遍布70个城市的高端门 店将设置专门的货架来销售 Beston品牌的商品。

It’s about eating clean, green and safe. of advisers to China. Since then he has made more than 200 trips to China in various senior roles in both government and private sectors.

In the recent listing of BFC on the ASX, one of the largest retailers in Northern China, the Dashang Group with a reported 2014 revenue of CNY 32 billion, took a 14.9% strategic stake in the company. Additionally, the parties have signed a strategic distribution agreement where Dashang’s upmarket gourmet stores in 70 cities (they are present in 150 cities with 200 stores) will stock Beston’s brands on their dedicated shelves.

Sexton shared his secret ingredient in gaining such a key partnership in China. “It’s guanxi,” he says. Relationships are crucial for business. He recalls how guanxi in Australia led him to the first company BFC invested in, a bio-dynamic organic dairy farm in South Australia. It was through a long period of engagement, listening and gaining trust with the farmer and his family, that’s where the partnership emerged. “When you are invited to

the family’s birthday parties, you know you have done the right things,” he says.

It’s more so in China, he says. A company that BFC took over in Dalian developed guanxi with the provincial government which led to Sexton being interviewed on national TV. That interview brought Dashang to Sexton.

His second secret ingredient in succeeding in China is about protecting one’s brand and intellectual property. Patenting is usually not the solution, he says, especially for health food products where formulas can be copied easily.

Sexton has been developing an anticounterfeiting device that will allow Chinese consumers to use their smartphones to track the source of raw materials and trace the products’ production processes.

As palates grow in sophistication in Asia, it’s quality and brand uniqueness that will command a premium with high margins. In a huge market like China, it’s about finding a niche and building yourself a unique identity as a specialist product. 商道

可以应对这项挑战的澳大利亚饮食公司。 Sexton与中国之间的漫长接触始于1978年， 当时他刚刚成为弗雷泽政府的第一批对华顾问。 自那时起，他先后以联邦政府以及各州政府多 种高级职务、摩根建富亚洲投资银行家以及澳 大利亚并购团队组长的身份对中国进行了200多 次的访问。 近期Beston全球食品公司在澳大利亚证交所 上市期间，大商集团——中国华北地区最大的零 售商之一，2014年公布的总收入达到320亿元人 民币——收购了公司14.9%的战略股份。不仅如 此，双方还签署了一份战略分销协议；根据该 协议，大商集团遍布70个城市（大商集团的200 多个门店遍布于中国150个城市）的高端门店将 设置专门的货架来销售Beston品牌的商品。 Sexton与我们分享了他在中国争取到这位关 键合作伙伴的窍门所在：“这个窍门就是关 系！”关系对于企业发展而言至关重要。他回 忆了他在澳大利亚的“关系”是如何帮他引见了 Beston全球食品公司所投资的第一家公司—— 一家位于南澳大利亚州的注重生物科技的有机乳 牛农场。通过与农户及其家庭的长期互动、倾 听以及获取他们的信任，最后的合作也水到渠 成。Sexton表示：“当您被邀请参加一个家庭 的生日聚会之时，你就会明白你的努力完全没 有白费。”这种情况在中国尤其如是。Beston 全球食品公司在大连收购的一家公司与省政府 之间保持着密切的关系；这种关系令Sexton有 机会接受了国家电视台的采访，而这个采访最 终将大商集团吸引了过来。 他在中国取得成功的第二个窍门是保护好自 己的品牌和知识产权。他指出：专利通常不是 最终的解决方案，尤其是配方可以轻易复制的 保健食品。Sexton通过一家名为Datadot的澳 大利亚公司开发出一款防伪装置，类似于汽车 内部的一个防盗装置。这款装置通过在Beston 出口的食品品牌上盖上一种“brandlok”印章 的方式起到追踪和追溯的作用。中国消费者可 以使用智能手机来追踪产品使用的原材料，并 且生产过程可以一直追溯到源头。 随着亚洲人口味的日趋考究化，唯有品质和 品牌独特性方能为企业带来丰厚的利润。在中 国这样一个巨大的市场之中，关键是要找到一 片小众市场，并在您专长的领域打造您独具一 格并渐受认知的品牌产品。 H I G H E R V I EW B U SINESS | 59

COMPANY PROFILE

企业简介

By Ben Hurley, Higher View Business editor 《商道》编辑：白杰明

电子商务为澳品牌 插上腾飞的翅膀

ECOMMERCE JUST GOT EASIER

Regulatory burdens and prohibiting costs have made it hard for Australian boutique retailers to sell their wares in China. But economic reforms and the rise of domestic Chinese eCommerce giants have overturned the status quo. If you’ve got a good product that resonates with Chinese consumers, enormous markets are much closer than you think. 令人望而却步的监管负担及成本开支令澳大利亚小型零售商在中国销售它们 商品的过程中举步维艰。但是，一系列的经济改革以及多家中国电子商务巨 头的崛起已彻底改变了这种局面。如果您有一款迎合中国消费者需求的好产 品，那这个巨大的市场或许离您只有几步之遥了。

I

t used to be much harder for small, boutique brands to take their wares to China. Smaller players lacked the resources to tackle the regulatory burdens and setbacks that came with a push into China’s enormous and complex market.

But the rise of Chinese-born eCommerce platforms like Alibaba and JD.com has changed that, putting niche local brands on a Maglev Train to international success.

In a major recent development for Australian businesses, internet giant JD.com – China’s largest online direct sales retailer – has launched an ‘Australian Mall’ on its worldwide platform and is seeking quality Australian brands and products to meet the desires of wealthy and discerning Chinese consumers.

For Australian brands with stories that resonate in China, this is an opportunity too good to miss. JD.com fulfilled nearly 700 million orders last year, making it the world’s third largest internet company by revenue. It has around 100 million customers.

Timed with its announcement of the 60 | H IGH ER VIEW BUSIN E S S

Australia Mall, the company appointed Australian start-up Quality Brands International Direct as its official agent for Australia and New Zealand. QBID director George Panagios says the Australia Mall along with the newly inked Australia China Free Trade Agreement provides an unprecedented opportunity for new Australian entrants to the China market.

“The message is you don’t have to be a large Australian brand flush with cash,” Panagios says. “You have to have a good story, be Australian made, clean and green. If you tick all the boxes the end user is looking for, you can have a go.”

He names Australian brand Kelapa Organics as an example of a small Australian player making it big in China. Founded in 2012, the family-owned organic skin and hair care brand is a new brand that isn’t widely known in Australia. It is now selling its products in more than ten major Chinese cities.

“We’ve taken that and launched it onto the Chinese platform, and in a couple of months 商道

走

精品路线的小型品牌曾经将进军中国之路 视为畏途，因为它们在进入中国这个庞大 而复杂市场的过程之中缺乏足够的资源来应对各 种监管负担和挫败。 但是，中国本土电子商务平台（比如阿里巴巴 和京东）的崛起彻底改变了这种局面，令一些小 众本土品牌也搭上了迈向国际成功之路的“磁悬 浮列车”。 澳大利亚企业近期迎来的一项重大利好当属互 联网巨头京东——中国最大的网络直销平台—— 在其全球平台上所推出的“澳大利亚商城”。 京东当前亦在积极寻找各种优质的澳大利亚品牌 和产品来迎合一些富有中国消费者的挑剔需求。 对于一些迎合中国消费者需求的澳大利亚品 牌，这无疑是一个不容错过的良机。京东去年完 成了近7亿份订单，按收入计算已跻身全球第三 大互联网公司之列。京东更坐拥近1亿的注册 用户。 在宣布推出“澳大利亚商城”之际，京东委任 澳大利亚初创企业Quality Brands International Direct（QBID）作为其在澳大利亚以及新西兰 的官方代理。QBID的经理George Panagios 表示：“澳大利亚商城”与新近签署的《澳中自 由贸易协定》为新进入中国市场的澳大利亚企业

COMPANY PROFILE

企业简介

they are now finding it’s a competitive international brand,” Panagios says. “Going back two years they never would have considered going to export.”

It used to be much harder. Prior to ecommerce platforms being available, just getting a vitamin supplement registered in China for sale in shops would take between $50,000 and $100,000, along with a wait of six to 12 months, Panagios says. Hair and skin products were cheaper but still in the order of tens of thousands of dollars.

“That doesn’t include handling any of the logistics or promotional activities,” Panagios says. “Now you don’t need to get those products registered. You only need to ensure it’s a saleable item and it complies with Chinese requirements.”

The logistics networks China’s online retail platforms are building also solve a lot of the former logistical difficulties overseas entrants faced.

Additionally, testing the market is now much more efficient says another QBID director John Kilborn. In the past you would send over a shipping container and wait a long time to see results. Now you can track your sales data on a daily basis as soon as your products are online.

“If I spend a dollar on optimisation or SEO, or otherwise the more traditional media to drive traffic to the platform, you can do that and see very quickly if it’s having any effect,” Kilborn says. “You can test tactics and responsiveness.”

Chinese consumers are increasingly diverse in their tastes. Environmental and food safety concerns have caused a hunger for quality international food and health products which are perceived to be safer and more trustworthy.

In some cases the Australian brand is the main attraction, even if the product is made outside Australia.

“We’ve had requests for Australian branded products that may not necessarily be made in Australia,” he says.

Kilborn says the decision whether to head to China is a question of scale. “Australia has a population in the low 20-millions, the market is reasonably saturated, and the growth in eCommerce is down around 5% a year. Look to China with the population it has. The ecommerce population last year was in the low $300 millions, this year it has already gone over $400 million.”

提供了一个前无未有的机遇。 Panagios指出：“这意味着你不需要是一家 拥有充裕现金的澳大利亚知名大品牌；你只需讲 好自己的‘故事’，在澳大利亚制造、清洁、环 保就可以了。如果你满足了最终顾客的所有预 期，那么你就可以大胆一试了。” 他引用了Kelapa Organics这个例子，因为这 家小小的澳大利亚品牌在中国取得了莫大的成 功。创建于2012年的Kelapa Organics是一个 新晋的家族式有机护肤和护发品牌，在澳大利亚 并没有广为人知。 Panagios表示：“我们将它承揽下来并放到 中国的平台之上，在短短数月之后它已一跃成为 一个极具竞争力的国际品牌。而在两年之前，他 们从未考虑过出口的可能性。” 出口中国之路曾经是一道畏途。在各大电子商 务平台推出之前，仅仅在中国注册一款维生素补 充剂以便放在各大商店销售就需要花费5万到 10万美元，更不用说还需等待6-12个月的时间。 护肤和护发产品的注册费用更低，但仍在数万美 元之列。 Panagios还提到：“这些费用还没有包括任 何的物流支出或推广活动。现在，你不需要注册 这些产品。你只需要确保它是一款可以上架销售 的产品，并且符合中国人的需求。” 中国在线零售平台所积极打造的物流网络亦解 决了海外品牌之前所面临的一系列物流难题。 商道

QBID的另一位经理John Kilborn则表示：电 子商务亦令市场试水变得更加高效。在过去，你 需要向中国发去一整个货柜的货物，并需等待很 长的时间才能看到结果。如今，在产品上线之 后，你可以每天追踪销售数据。 Kilborn谈到：“如果我花一美元进行搜索引 擎优化，或通过更传统的媒体来提升在线平台的 流量，那么是否有效果我马上就可以看到。你可 以测试不同的推广策略并观察它们的响应 情况。” 中国消费者的品味正日趋多元化。对环境与食 品安全的关注令中国消费者成为了优质国际食品 和保健产品的拥趸，因为他们认为国际品牌更安 全、更可靠。 在某些情况下，澳大利亚品牌是他们青睐的主 要对象，即便产品是在澳大利亚境外生产。 他还表示：“我们曾经接到的订单当中有一些 并非在澳大利亚生产的澳大利亚品牌产品。一些 知名的冲浪服实际上是在中国制造并且可以从中 国购买的，但顾客们更倾向于从澳大利亚购买正 宗中国制造的商品。” Kilborn认为是否进军中国的问题实际上是 一个与规模有关的问题。“澳大利亚仅有不到 2000万的人口，本土市场已经相当饱和，并且 电子商务的增速仅在5%的低位徘徊。我们再来 看一下中国，其电子商务用户已经从去年的不足 3亿攀升到了今年的4亿以上。” H I G H E R V I EW B USINESS | 61

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电子商务

有中国特色的数字化蜕变

E-DIGITAL TRANSFORMATION WITH CHINESE CHARACTERISTICS There are constant questions over whether China can make a smooth transition from an infrastructure-spend driven economy to consumer-led one. To be reassured of the role consumption will play in China’s economy, one needs only to look at mobile devices.

Traditional patterns of commerce are giving way to a whole new model of consumption. More than 300 million Chinese shoppers spent around $500 billion online last year, a 50 per cent increase on the previous 12 months alone.

Those numbers are staggering, even in a market that’s used to big numbers, but the factors driving them are even more important for Australian businesses to understand. We are witnessing a transformation with uniquely Chinese characteristics. It is a transformation marked by the proliferation of mobile, internet-connected devices (more than 650 million at last count) and a complex convergence of e-commerce and social media.

The industry is also transforming transport and logistics. The giants of China’s e-commerce industry are either building their own sophisticated logistics platforms or generating intense pressure on others to do so. These are equal to - or better than - the best in the world.

There was a time when price really mattered in China. This is rapidly changing as middle class discretionary spending skyrockets. Today, the ‘new China consumer’ is looking for quality as well as value. They are also looking for the ‘background story’, a story that is as much about who purchased and why, as it is about how the company operates.

This plays straight to Australia’s strengths, where robust research undertaken by Austrade confirms we are grouped among an elite few countries perceived as providing premium consumer products.

E-commerce provides Australian companies

62 | H IGH ER VIEW BUSIN E S S

with a channel to access affluent and discerning consumers, in particular those in China’s second and third-tier cities beyond the major coastal regions.

These cities are large markets in their own right and growing much faster than the more mature markets of Beijing, Shanghai and Guangzhou.

Austrade has just released its ‘E-Commerce in China: a Guide for Australian Business’.

The guide is practical and comprehensive, covering every facet of taking your business online in China.

Australian businesses with appropriate products must act now to ensure they make the most of the online marketplaces and sophisticated distribution systems.

中国能否从基础设施投资驱动的经济模式平稳 过渡到消费者主导的经济发展模式? 这是个经常 被提及的问题。只需花些许时间来了解一下移 动设备，我们就能清楚了解消费在中国经济中 所扮演的角色了。 传统的商业模式正在为全新的消费模式让出 道路。去年逾3亿中国消费者在各种线上购物渠 道的支出达到了5000亿美元，与去年相比增长 了50%。 虽说中国这个大市场基本上对任何大数字都 见怪不怪，但这些数字依然十分惊人。对澳大 利亚企业而言，更重要的是要了解促成这些增 长的一系列驱动因素。我们正见证一场具有中 国特色的蜕变。这场蜕变的背后是移动联网设 备（最新一次统计结果是6.5亿多部）的急剧增 加以及电子商务和社交媒体之间的复杂 融合。 这个产业也带动了运输和物流行业的蜕变。 中国电子商务行业的巨头们要么正在打造自身 的成熟物流平台，要么就是在给他人制造这方 面 的 压 力 。这类平台目前与全球最佳不相伯 仲，甚至略胜一筹。

商道

by David Landers

中国人曾对价格十分敏感。这种局面随着中 产阶级可支配收入的扶摇直上正迅 速 转 变 。 今天的“中国新型消费者”既注重质量，亦看 重价值。他们也会寻找产品“背后的故事”： 除了关心还有谁在买某个产品及为什么要买， 他们也开始对公司的运作方式有更多关注。 这一点与澳大利亚的实力不谋而合。澳大利 亚贸易委员会开展的大量研究表明我们是屈指 可数的、被视为可提供优质消费品的几个中坚 国家之一。 电子商务为澳大利亚企业提供了一个获得大 量收入颇丰、眼光敏锐的消费者的渠道，尤其 是那些中国主要沿海地区以外，居于二三线城 市的消费者。 这些城市实际上本身就属于较大的市场，并 且其发展速度比北京、上海以及广州等地的更 成熟市场要快得多。 澳大利亚贸易委员会刚刚发布了《中国的电 子商务：澳大利亚企业指南》。 该指南既实用又全面，涵盖了将您自身业务 在中国上线的每一个环节。 拥有合适产品的澳大利亚企业应马上采取行 动，才能确保充分利用各种在线商城以及成熟 配送系统所带来的优势。

David Landers is the General Manager, East Asia Growth Markets at Austrade. 戴维·兰德斯，澳大利亚贸易委员会东亚成长市场总 经理。

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“Trade with China has been good for us, it’ll be good for you too.”

Ord River Project, WA

The China-Australia Free Trade Agreement will deliver more jobs for more Australians For more information on how direct trade between Australia and China is already driving creation as well as Australia China business success stories from some of our 1,100 company members visit acbc.com.au/jobs

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www.acbc.com.au H I G H E R V I EW B U SINESS | 6 3

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电子商务

Excerpt from Austrade’s E-Commerce in China guide for Australian business 摘自澳大利亚贸易委员会面向澳大利亚企业推 出的《中国电子商务》指南

卖向大中国

THE BIG SELL

E-Commerce platforms open up vast markets in China that were once hard for Australian businesses to access. In these markets, online consumer spending is growing at almost 50 per cent a year, particularly in second- and third-tier cities like Kunming, Wuhan and Shenyang. Austrade’s E-Commerce in China guide spells out how Australian producers large and small can connect with China’s 332 million online consumers. 对于澳大利亚企业而言，进军中国之路曾经是一道畏途，但电商平台却为其 在中国开启了一大片波澜壮阔的市场。这些市场中，尤其是在昆明、武汉及 沈阳这样的二三线城市，每年的网购消费支出以接近50%的速度递增。澳大 利亚贸易委员会推出的《中国电子商务》指南清楚明了地介绍了各种规模的 澳大利亚企业应如何与中国3.32亿的网购消费者对接。

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espite a macroeconomic slowdown in China, online consumer spending is growing at close to 50% a year, particularly in fast-growing second and third-tier cities like Kunming, Wuhan and Shenyang. These cities – often overlooked by the physical outlets of foreign brands – are where online hypermarkets such as JD.com and Yihaodian (YHD) dispatch hourly deliveries on fully laden electric bikes from thousands of distribution centres across China.

E-commerce brings China’s 332 million online consumers within the reach of even the smallest Australian producers, with lower costs, minimal risks and easier market access compared to traditional exporting. While buying quality overseas-made goods is an unrealised aspiration of many of these consumers, at least 18 million are already paying premium prices for foreign products like food, cosmetics and luxury items. These are directly imported through ‘cross- border’ e-commerce trading platforms in seven cities.

The reduced import taxes and simpler quarantine and inspection procedures within these pilot business-to-consumer (B2C) gateways are stirring up much excitement among buyers and sellers.

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DIVERSE ONLINE MARKETPLACES

For the Australian exporter, selling online in China can be as straightforward as shipping your goods through Australia Post, or to the procurement centre of an affiliated e-commerce market place in Sydney or Melbourne. Professional third-party service providers, online merchants and e-commerce marketplaces have quickly moved in to offer Chinese-language storefront design, customer service, importation, warehousing and last mile delivery.

Established brands may choose to follow in the path of companies like Blackmores and Bellamy’s Organic by establishing

40%

Alibaba's 1688.com controls over 40% of the B2B market. 阿里巴巴旗下的 1688.com控制着40% 的B2B市场份额。

商道

尽

管中国的宏观经济在减速，但网购消费支 出却以每年接近50%的速度递增，尤其是 在昆明、武汉以及沈阳这些快速增长的二三线城 市。这些通常被外国品牌实体店所忽略的城市， 却是京东以及一号店等在线商城的兵家必争之 地：每时每刻，都有送货员骑着载满货物的电动 自行车争分夺秒地将商品从全国数千个集散中心 送到用户手中。 电子商务令即便是规模最小的澳大利亚生产 商也能坐拥中国3.32亿的网购消费者，并坐享比 传统出口方式更低的成本、最小的风险以及更 便捷的市场渠道。虽然对于许多消费者而言， 购买优质海外商品还是一个尚不能企及的愿 望，但至少有1800万的消费者已经开始花高价 购买食品、化妆品以及奢侈品之类的外国商 品。这些商品通过七大城市的“跨境”电子商 务交易平台直接进口。通过这些试点B2C门户进 口的商品可享受更低的进口税以及简化的检验 检疫手续，这些便利和实惠让买卖双方都有些 喜上眉梢。 百花齐放的在线商城 对于利用中国各种线上渠道销售商品的澳大利 亚出口商而言，可以简单直接地通过“澳大利亚 邮政”发货，也可以直接将货物发送到其附属的 某家在线商城位于悉尼或墨尔本的采购中心。 各种专业的第三方服务提供商、在线零售商以及 在线商城已迅速跟进，开始提供中文网店设计、 客户服务、进口、仓储以及贴心的送货服务。

E-COMMERCE

电子商务

SHOPPER PROFILE 购物者档案 ‘I don’t fully trust domestic brands. When available, I always choose imported products for my child. I usually buy from trusted e-commerce sites because I know that I can trust the importer. I take product safety issues seriously.’ “我不太信赖国产品牌。如果可以的 话，我从来都会为我家宝宝购买进口产 品。我通常是在一些可靠的电商网站上 购买，因为它们的进口商比较靠谱。 我很重视产品的安全问题。”

CHRISTY

PUBLIC SERVANT 公务员 Christy is a 29-year-old public servant and mother of an 18-month-old boy. She spends two to three hours every day looking for food, household items and baby or toddler products on Taobao, JD.com, Yihaodian and WeChat. She estimates that she has spent over RMB 15,000 on infant formula, baby food and toys in the past 12 months. 柯丽婷是一位29岁的公务员，也是一个一岁半男婴的母 亲。她每天会花两三个小时在淘宝、京东、一号店以及微 信上寻找各种食品、家庭用品以及婴儿产品。去年，她在 婴儿配方奶粉、婴儿食品及玩具上的支出大约有一万五千 多元人民币。 ‘I was able to get quality pieces without having to bargain. A secure escrow account allowed me to view the product first before confirming the order, and returning it for a refund was easy when the product didn’t meet my expectations.’ “不用讨价还价，我就能买到质量上乘的 产品。安全的资金托管账户让我可以先看 产品，再确认订单；如果产品不符合预 期，退货退款也非常容易。”

LUCY

DESIGNER AND OWNER 设计师和企业主 Lucy is a 59-year-old designer and small business owner from Guangzhou. She recently renovated her office and bought almost everything for the project online, from hardware to furniture and construction services. ‘Interior design and construction services are all available online. I renovated my office with just a few clicks of a button and minimal leg work,’ she says. Lucy spent around RMB 280,000 on renovating her 500 square-metre office through online purchases – a huge saving over traditional methods.. 刘曦是一位来自广州的59岁设计师和小型企业主。她最近 对办公室进行了翻新，而所用的一切材料几乎都是从网上 购买，包括五金、家具以及施工服务。她表示：“室内设 计和施工服务都可以网购。用鼠标点击几下，我就把翻新 办公室的事搞定了，根本无需跑腿。”通过网购，刘曦在 500平米办公室的翻新项目中大约花费了二十八万元人民 币——与传统方式相比，节省了大量的开支。

‘flagship’ shopfronts on popular online malls.

Such an approach brings added costs, but also adds credibility in a market where barriers to entry are low and concerns about product authenticity are paramount. Alternatively, online hypermarkets offer upfront terms for the most popular branded goods.

For emerging brands looking to win market share, media-rich online storefronts – complete with product reviews – are an unrivalled way to receive consumer feedback and tell a brand story at lower costs compared to paid advertising or in-store displays.

SELLER BEWARE

However, any form of international marketing is not without its challenges, and selling online in China is no exception.

Information on e-commerce in China is dense, complex and prone to contradictions and frequent change.

With more technology comes more buyer discretion. Simply being ‘Australian’ or having a reputation for ‘safety’ will not guarantee success in the long term. To stand above the noise, products need a persuasive story and attractive and culturally relevant design and packaging.

Doing business in China – like all international commercial activities – carries certain risks that Australian companies might not be aware of. Australian companies should spend time investigating the market, obtain professional advice and conduct thorough due diligence before establishing business relationships.

SWALLOW THESE NUMBERS

The online retail sector in China continues to attract the world’s attention for its headline growth and transformative effects on the country’s business environment and social fabric. By June 2014, the China Internet Network Information Center (CNNIC) estimated that more than 300 million Chinese were shopping online. According to China’s National Bureau of Statistics, it is a sector with sales of more than half a trillion Australian dollars in 2014, a 50% increase on the previous year.

Exemplifying this growth, China’s biggest business-to-consumer (B2C) platform, Tmall, created the popular Singles’ Day on 11 November 2009 (written out with the lonely call sign of ‘11/11’). With much anticipated discounts on offer, subsequent Singles’ Days have broken consecutive world sales records for a single day.

On 11 November 2014, sales on Tmall

>40% More than 40% of Tmall's transactions are made by moblie consumers. 天猫商城逾40%的交易是由 移动用户发起的。

商道

一些成熟品牌可以效仿澳佳宝（Blackmores） 或贝拉米（Bellamy’s Organic）等公司，在一 些知名在线商城上设立“旗舰店”。这种方式会 产生额外成本，但在一个入市门槛低且消费者十 分注重产品正宗与否的市场之中，“旗舰店” 能有效提升产品的可信度。此外，一些在线商城 亦能为最知名的品牌预付款项。 对于一些致力于争夺市场份额的新兴品牌， 相较于付费广告或店内展示等方式，富媒体在线 店面（包含大量的产品评价）是获得消费者反馈 并以更低成本讲述品牌故事的一种最有效途径。 卖家须知 但是，任何形式的国际营销都会面临各种挑 战，在中国开展在线销售亦无例外。与中国电子 商务相关的信息十分密集、复杂，而且众说纷 纭，变化频繁。 技术越发展，买家就会越趋谨慎。“源于澳大 利亚”或以“安全”闻名并不能保证企业的业绩 长盛不衰。欲想脱颖而出，产品除了必须有一个 令人信服的故事，还要注重使用吸引眼球、易于 文化认同的设计和包装。 与所有的国际商业活动一样，在中国做生意必 然也附带着一些澳大利亚企业可能无法察觉的风 险。澳大利亚企业必须花时间研究中国市场，获 取专业的建议，在实施充分的审慎调查之后方能 与合作伙伴建立商业关系。 从数据看中国网购业 中国的在线零售业由于强劲的增长以及给中国 商业环境和社会结构带来的巨大影响而继续吸引 着全球的目光。根据中国互联网络信息中心 （CNNIC）的估算，截至2014年6月中国的网购 人数已突破3亿。根据中国国家统计局的数 据，2014年在线零售业的销售额超过1万亿澳 元，与去年相比增长了50%。 作为此种增长的佐证，中国最大的B2C平台 “天猫商城”在2009年11月11日推出了“光棍 节”（即双11）活动，大量的商品打折促销；后 续几年的“光棍节”更接二连三地突破了全球单 日销售记录。 2014年11月11日，天猫商城的销售额在当天 头一分钟内达到1.16亿元人民币，到午夜之时已 突破570亿元人民币。 电子商务在中国的风生水起与其在其它市场中 的演变相去甚远。在中国，推动电子商务发展的 并非使用电脑的购物者，而是使用移动设备的消 费者。天猫商城逾40%的交易是由移动用户发起 的。根据中国互联网络信息中心的数据，在中国 6.32亿的互联网用户当中，有5.2亿中国人通过 智能手机访问互联网。中国政府的目标是到 2020年让12亿中国人（约占总人口的85%）连接 上3G或4G移动互联网。 得益于较低的成本以及在信息获取方面的便 H I G H E R V I EW B U SINESS | 6 5

»

E-COMMERCE

电子商务

CHINA E-COMMERCE TOTAL SALES VALUE 中国电子商务销售总额 100 Million Yuan 一亿元

SOURCE: NATIONAL BUREAU OF STATISTICS ANNUAL ONLINE RETAIL SALES, JANUARY 2015

3000.00 2500.00 2000.00 1500.00 1000.00 500.00 0 2009

2010

2011

2012

2013

2014

FIGURE 4 - SEARCH VOLUME (%) OF AUSTRALIAN PRODUCTS ON TAOBAO AND TMALL, NOVEMBER 2014 图4 — 澳大利亚的产品在淘宝和天猫 上被搜索的数量，2014年11月

SOURCE: THINK CHINA, NOVEMBER 2014

SKINCARE

FOOD & WINE

食品和红酒

18.64%

MILK POWDER

奶粉

15.75%

SHOES & CLOTHING

衣服鞋子

HEALTH SUPPLEMENTS OTHERS

66 | HIGHER VIEW BUSIN E S S

15.14%

保健品 5.41%

其他

FUR PRODUCTS

reached RMB 116 million in the first minute of the day and by midnight exceeded RMB 57 billion.

The uptake of e-commerce in China is significantly different to its evolution in other markets. In China it is driven not by PC shoppers but by consumers using mobile devices. More than 40 per cent of Tmall’s transactions are made by mobile consumers.

According to the CNNIC, 520 million Chinese access the internet via a smart phone, from a total population of 632 million internet users.

The Chinese Government’s target is to connect 1.2 billion people – 85 per cent of the population – to 3G or 4G mobile internet by 2020.

Business-to-business (B2B) e-commerce is also growing rapidly due to its low costs

39.86%

护肤品

毛皮制品

2.80% 2.40%

and accessibility of information. In 2013, sales in China’s online B2B market reached RMB 7 trillion (US$1.2 trillion) with a year-on-year growth rate of 19.7 per cent.

Alibaba’s 1688.com remains the prevailing platform for such transactions, spanning 16 industries including food, raw materials, clothing and accessories, and furniture. The site controls over 40 per cent of the B2B market, followed by Global Sources (a Hong Kong-based B2B media company) and HC360 (a comprehensive B2B platform covering more than 70 industrial clusters).

WHO IS BUYING WHAT AND WHY?

According to Nielsen research, the typical online buyer of imported products in China is 商道

利性，中国的B2B电子商务也在经历飞速增 长。2013年，中国在线B2B市场的销售额达到 7万亿元人民币（相当于1.2万亿美元），同比增 长了19.7%。阿里巴巴旗下的1688.com依然是 此类交易的主要平台，并跨越了16个行业，包括 食品、原材料、服装和配件以及家具。该网站控 制着40%的B2B市场份额，紧随其后的是“环球 资源”（一家位于香港的B2B公司）以及HC360 （一家涵盖70个产业集群的综合B2B平台）。 哪些人在网购？购买的是哪些商品？为什么？ 根据尼尔森的调研结果，中国进口商品的典型 网购买家是那些30岁以下、月收入超过1.1万元 人民币（月薪2,150澳元，或年薪25,800澳元） 的女性。她们选择网购的通常理由包括： • 可及性：随时随地都可以网购。 • 便利性：大部分的在线商城提供免费送货服 务，从而免去了交通拥堵以及出行之苦。 • 低廉的价格：线上价格通常要比线下价格低 10-20%； “光棍节”之类活动的促销力度更是惊人。 • 更多的选择：一个典型的中国超市通常拥有 逾1.5万个库存单位（SKU），而像一号店这样 的在线商城则拥有800万个库存单位（截止2014 年底）。 • 详细的产品资料：在线商城的产品介绍往往 较为丰富，比如原产国、生产方法以及顾客评价 等等。 • 信任：消费者非常信任一些知名B2C平台所售 商品的正宗性，比如天猫、京东以及一号店。 有鉴于此，中国用户为何成为全球最爱网购的 消费者也就不足为奇了。根据普华永道开展的一 项全球在线商业调查，每天以及每周网购的 中国消费者数量分别是全球平均水平的两倍以 及三倍。 网购者青睐哪些进口商品？ 根据尼尔森的调研结果，2014年中国的网购 消费者在各种进口商品上大约花费了1000亿元 人民币（相当于163亿美元）。服装、配件以及 手提包是最受中国消费者青睐的进口商品，紧随 其后的是化妆品、个人护理产品以及母婴用品。 2014年，澳大利亚贸易委员会对淘宝用户在 三个月内对澳大利亚企业可供应的25类产品的平 均每日搜索频率进行了分析，并发现最受欢迎的 产品类别是包装零食、儿童玩具、啤酒以及蜂 蜜。分析数据也显示出消费者对家具以及家居用 品亦表现出浓厚的兴趣，而在中国却鲜有这些方 面的澳大利亚产品。 2014年11月，ThinkChina（一家位于悉尼的 电子商务数据分析公司）的Ben Sun研究了天猫 和淘宝搜索关键字中包含“澳大利亚”的产品类 别。图4中的结果显示护肤品、食品、葡萄酒 以及奶粉是中国网购消费者最青睐的澳大利亚 产品。

E-COMMERCE

电子商务

Singles' Days have broken consecutive world sales records for a single day.

shows that the number of Chinese consumers who report making daily or weekly online purchases is double and triple the global average, respectively.

FREQUENCY OF KEYWORD SEARCHES ON TAOBAO FOR A SELECTION OF 6 PRODUCTS

6种产品在淘宝上被以关键词 搜寻的频率

WHAT IMPORTED PRODUCTS ARE ONLINE SHOPPERS LOOKING FOR?

female, younger than 30 and with an income of more than RMB 11,000 per month (A$2,150 a month or A$25,800 a year). Frequently cited reasons for shopping online include: • Accessibility: online shopping is available anywhere, any time.

• Convenience: most major sites offer free delivery, which helps to avoid crowded traffic and public transport.

• Low prices: online prices are typically 10-20 per cent lower than in-store, with sales events like Singles’ Day offering even bigger savings.

• Greater choice: a typical Chinese supermarket carries upwards of 15,000 stock keeping units (SKUs), whereas online supermarket Yihaodian stocked up to eight million SKUs by the end of 2014.

• Detailed product information: online stores are rich in the type of details sought by consumers, such as country of origin, production method and customer reviews.

• Confidence: consumers place higher levels of trust in the authenticity of purchases made on major B2C platforms such as Tmall, JD.com and Yihaodian.

Given these factors, it is of little surprise that Chinese users are some of the most regular online shoppers in the world. A global online commerce survey conducted by PwC

Nielsen research estimated Chinese online shoppers would spend RMB 100 billion (approximately US$16.3 billion) in 2014 on imported products. Apparel, accessories and handbags are the most popular imported items sold in China, followed by cosmetics and personal care products, and mother-andbaby products.

In 2014, Austrade analysed the average daily frequency of Taobao shopper keyword searches performed over three months for 25 types of product which could be supplied by Australian companies. The most sought-after categories were packaged snacks, children’s toys, beer and honey. The figures also revealed significant buyer interest in furniture and home improvement products - categories where Australian products are under-represented in China.

In November 2014, Ben Sun of ThinkChina, a Sydney-based e-commerce data analytics company, studied the product categories of Tmall and Taobao searches where the keyword ‘Australia’ was part of the search terms. The results in Figure 4 show that skincare, food and wine, and milk powder were the Australian products most sought after by China’s online shoppers.

Packaged snacks

70000

50000 Toys

20000 Honey

20000 Beer

18000

18000 Fruit & Veg

玩具

包装零食

蜂蜜

啤酒

Beauty & personal care 美容及个人护理

水果及蔬菜

SOURCE: AUSTRALIA/TAOBAO, NOVEMBER 2014

This article is an edited excerpt from Austrade’s e-Commerce in China guide for Australian business. The original guide is far more comprehensive and contains detailed sections on distribution, regulations, marketing and intellectual property. It can be accessed at www.austrade.gov.au

本文摘自澳大利亚贸易委员会面向澳大利亚企业 推出的《中国电子商务》指南。原指南更为全 面，并且包含了与配送、法规、营销以及知识产 权相关的详细信息。请访问www.austrade. gov.au查阅详细指南。

RMB

RMB

3亿人

19.7%

年增长速度

116m

100b

根据中国互联网络信息中心的估算，截至 2014年6月中国的网购人数已突破3亿。

中国在线B2B市场的销售额同比 增长了19.7%。

天猫商城的销售额在当天头一分钟内 达到1.16亿元人民币。

2014年中国的网购消费者在各种进口 商品上大约花费了1000亿元人民币。

300m

人民币

CNNIC estimated in June 2014 more than Sales in China's online B2B market show a Sales on Tmall reached RMB116 million in 300 million Chinese were shopping online. year-on-year growth rate of 19.7%. the first minute of Singles' Day, Nov 2014. 商道

1000亿

Chinese online shoppers spent an estimated RMB100 billion in 2014 on imported products.

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

Quarterly Australian Quarterly Australian Residential Quarterly AustralianResidential Residential Property Survey: Property Survey: Q1 2015 Property Survey:Q1 Q12015 2015

Quarterly Australian Residential Property Survey: Q1 2015 LEGAL

法律

by NAB Group Economics NAB Group Economics byby NAB Group Economics

NAB Residential Property Index (ofprices pricesand and rents) rents) fell slightly in Q2, dragged down by rents.

VIC rebounds, Residential Property Index slightly Q2, dragged down byrents. rents.

VICrebounds, rebounds, NABNAB Residential Property Index (of (of prices and rents) fellfell slightly inin Q2, dragged down by VIC but NSW to lead price and rental growth in next 1-2 years with WA lagging. Foreign buyers less active in but NSW to lead price and rental growth in next 1-2 years with WA lagging.

Foreign buyers less active in but NSWnew to lead pricebut and rental their growth in next 1-2 years with WAdespite lagging.

Foreign buyerson less active in markets, increased presence in established markets tougher restrictions investment markets, but increased their presence in established markets despite tougher restrictions oninvestment investment newnew markets, increased presence established despite tougher restrictions on in this but sector.

New datatheir suggests foreigninbuyers bought markets 16% of new apartments, 11.5% of new houses, in this sector.

New data suggests foreign buyers bought 16% of new apartments, 11.5% of new houses, in this sector. data suggests foreign 16% of new apartments, 11.5% of new houses, 11.4% New of established apartments and buyers almost 1bought in 10 established houses.

11.4% of established apartments almost 1 in established houses.

11.4% of established apartments andand almost 1 in 1010 established houses.

by NAB Group Economics

Property Index

PropertyIndex Index Property

NAB’s Residential Property Index fell -4 to +17 points in Q2.

Sentiment improved in VIC and remains solid in NSW, but fell inNAB’s all other states (heavily in SA Index and WA). optimistic Residential Property fellNSW -4 tomost +17 points in Q2.

NAB’s Residential Index fell -4 to solid +17 points in but Q2.fell going forward andProperty WA the most pessimistic.

Sentiment improved in VIC and remains in NSW,

Sentiment improved in VIC and remains solid in most NSW,optimistic but fell in all other states (heavily in SA and WA).

NSW in all other statesand (heavily in SA and WA). NSW most optimistic going forward WA the most pessimistic. going forward and WA the most pessimistic.

NAB Residential Property Index (of prices and rents) fell slightly in Q2, dragged down by rents. VIC rebounds, but NSW to lead price and rental growth in next 1-2 years with WA lagging. Foreign buyers less active in newOutlook markets, but increased their presence in established markets despite tougher restrictions on investment in this sector. New data suggests foreign buyers bought 16% of new apartments, 11.5% of new houses, Outlook Outlook 11.4% of established apartments and almost 1 in 10 established houses.

NSW and VIC to provide the best capital returns in the next year, with bigger price falls tipped for WA and SA/NT. NSW also expected to lead in 2 years’ time and modest growth to resume in WA. NAB expects prices to slow in the next 2 years, with price growth NSW and to provide the best capital inwith the next led VIC mainly

by Sydney, Melbourne andreturns Brisbane, Perthyear, and Adelaide lagging.

Faster capital growth likely to pushalso withVIC bigger price falls for WA and SA/NT. NSW expected NSW and to provide thetipped best capital returns in the nextyields year, over the next 1-2 years as expectations for rental growth to leadlower in 2 years’ time and growth resume WA. with bigger price falls tipped formodest WA and SA/NT.toNSW alsoinexpected were scaled back in all states NAB expects prices to slow in theexcept next 2NSW. years, with price growth

to lead in 2 years’ time and modest growth to resume in WA. led mainly

by Sydney, Brisbane, with Perth and NAB expects prices to slow Melbourne in the next and 2 years, with price growth Adelaide lagging. Faster capital growth likely to push yields led mainly by Sydney, Melbourne and Brisbane, with Perth and lower over the next 1-2 years as expectations for rental growth Adelaide lagging. Faster capital growth likely to push yields were scaled back in all states except NSW. lower over the next 1-2 years as expectations for rental growth were scaled back in all states except NSW.

Foreign Buyers New survey data suggests foreign buyers bought 16.1% of all new apartments and 11.5% of houses in Q2, led by VIC (28.3% of apartments and 16.7% of houses). Despite tougher restrictions on foreign investors looking to buy in established property markets, property professionals estimate these buyers accounted for 11.4% of all apartment and 9.4% New survey datasales. suggests foreign buyers bought of all house In VIC, their market share was 17.5% 16.1%for of apartments all new apartments 11.5% of houses and 16.1% and for houses.

Foreign Buyers Foreign Buyers

in Q2, led bysuggests VIC (28.3% of apartments and 16.7% of New survey data foreign buyers bought Despite tougherand restrictions foreign 16.1%houses). of all new apartments 11.5% ofon houses looking in established property in Q2,investors led by VIC (28.3%toofbuy apartments and 16.7% of markets, property professionals these houses).

Despite tougher restrictionsestimate on foreign buyers accounted forin11.4% of all apartment investors looking to buy established property and 9.4% of allproperty house sales.

In VIC, their market these share was 17.5% markets, professionals estimate for apartments and 16.1% for houses. buyers accounted for 11.4% of all apartment and 9.4% 6of8 all | HIGH ER VIEW E Stheir S house sales.BUSIN In VIC, market share was 17.5% for apartments and 16.1% for houses.

Property Index NAB’s Residential Property Index fell -4 to +17 points in Q2.

Demand Sentiment improved in VIC and remains solid in NSW, but fell in all other states (heavily in SA and WA). NSW most optimistic going forward and WA the most pessimistic.

In new property markets, first home buyers who were investors, and owner occupiers who weren’t buying for the first time, were more active. Foreign buyers pulled back a little to 12.8% (15.6% in Q1) and were less active in both VIC (18.1%) and NSW (13.1%). In established markets, owner occupiers who weren’t first home buyers increased their presence in established markets as first home buyers (both owner occupiers and investors) retreated.

Foreign buyers more active and now buying more than 1 in 10 In new property markets, first home buyers who were investors, properties in VIC and NSW.

Demand Demand

and owner occupiers who weren’t buying for the first time, were more active. Foreign buyers pulled back a little to 12.8% 商 道In new property markets, first home buyers who were investors, (15.6% in Q1) and were less active in both VIC (18.1%) and and owner occupiers who weren’t buying for the first time, NSW (13.1%). In established markets, owner occupiers who weren’t

Residential property - Market performance Residential Residential property property -- Market Market performance performance Residential property - Market performance House price expectations LEGAL 法律 1. Residential Property - Market Performance

House price expectations Rental expectations National house price expectations unchanged in Q2 with Faster capital growth likely to push yields lower as rental improved outlooks in NSW & VIC offsetting weaker growth slows further next year (0.4%). Weaker rental expectations in all others states.

National prices to rise growth expected inweaker all states, exceptinNSW (1.6%) where National house price expectations unchanged in Q2 with improved outlooks in NSW and VIC offsetting expectations all others states.

National 2.1% in2.1% the in next year,year, ledled bybyNSW & VIC VIC(2.8%).

(2.8%). returns are scaled also expected to lead the country, followed prices to rise the next NSW (3.4%) (3.4%) and Outlook for QLD (2.2%) back, with bigger price falls also tipped for WA (-0.7%) and Outlook SA/NT (-1.1%). prices scaled to grow back, 2.3% inwith two years time,price with NSW (3%) byQLD QLD (2.8%) andRental VIC (2.7%).

Modest to resume for National QLD (2.2%) bigger bybest, VIC followed (1.2%) & (0.2%). growth togrowth remain in WA (0.6%) but prices to fall in SA/NT (-1.2%).in Q2 with improved outlooks in NSW and VIC offsetting weaker expectations in all others states. National National house price expectations unchanged falls also tipped for WA (-0.7%) & SA/NT (-1.1%). National very weak in SA/NT (-1.5%) & WA (-1.6%) next year.

National price expectations unchanged in(3.4%) Q2 with improved outlooks infor NSW and VIC offsetting weaker expectations in allalso others states.

National prices to house riseto 2.1% in OF the next in year, led

by NSW and VIC (2.8%).

Outlook QLD (2.2%) scaled with2 bigger falls tipped for WA (-0.7%) DISTRIBUTION FOREIGN STUDENTS IN TERTIARY EDUCATION BY COUNTRY OF back, DESTINATION prices grow 2.3% 2 years time, with NSW (3%) best, National outlook in next yearsprice scaled back to 1%, with prices to rise 2.1% in the next year, led

by NSW and VICtime, (2.8%).

Outlook for QLD scaled back, with bigger price fallsModest also tipped for to WA (-0.7%) % House Price Expectations 12 months forecast and SA/NT (-1.1%).

National prices to grow 2.3%(3.4%) in two(%) years with NSW (3%) best,(2.2%) followed

by QLD (2.8%) and VIC (2.7%). growth resume National house price expectations unchanged in in Q2two with improved outlooks in NSW and VIC providing offsetting weaker expectations in all othersgrowth states.

National SOURCE: AUSTRADE 各国接受高等教育的海外学生比例 (20012-13) followed by QLD (2.8%) & VIC (2.7%).

Modest growth to NSW (2%) the best returns.

Negative rental and SA/NT (-1.1%).

National prices to grow 2.3% years time, with NSW (3%) best, followed by QLD (2.8%) and VIC (2.7%).

Modest to resume 6.0 prices to fall in SA/NT (-1.2%). in WA (0.6%) but prices to rise 2.1% in the led by NSW VIC (2.8%).

Next 12 months Next 2 years Outlook for QLD (2.2%) scaled back, with bigger price falls also tipped for WA (-0.7%) in WA (0.6%) but prices tonext fall year, inbut SA/NT (-1.2%). resume in WA (0.6%) prices to (3.4%) fall inand SA/NT (-1.2%). returns to persist in SA/NT (-0.2%) & WA (-0.4%).

5.0

House House price price expectations expectations House price expectations

and SA/NT (-1.1%). National prices to grow 2.3% in two years time, with NSW (3%) best, followed by QLD (2.8%) and VIC (2.7%). Modest growth to resume % prices to fall inHouse Price Expectations (%) 12 months forecast in WA SA/NT (-1.2%).

2.2% House House Price Expectations (%) Expectations (%) % 4.0 20.0%%(0.6%) but NORTHERN % Price Expectations (%) 12 months forecast -0.7% Rental 6.0

21.1%

TERRITORY

4.0

QUEENSLAND 12 months forecast

Next 12 months WESTERN AUSTRALIA

-0.7% -0.7%

WESTERN

-0.7% AUSTRALIA WESTERN AUSTRALIA

VICTORIA

德国

JAPAN

Qld

NSW

5.9% 3.4% 3.4%

-1.1%

日本

Vic

WAWA

NSW NSW NSW SA/NT

SA/NT SA/NT SA/NT WA

AustraliaAustralia Australia Australia

VicVic Vic

Qld QldQldQld

NSW

WAWA

SA/NTSA/NT SA/NT SA/NT

WA AustraliaAustralia Australia

Australia NSW NSW NSW

Qld Vic VicVic

NSW

Vic QldQld

RUSSIAQ2'14 -1.0 Q3'14 7.7% 7.1%Q3'13 俄罗斯 -2.0 CHINA 1.

Residential - Market Performance FRANCE 中国 0.0 Rental expectations AUSTRALIA Property 5.0% 5.0%

GERMANY

SOUTH QUEENSLAND AUSTRALIA NEW SOUTH 2.8% WALES NEW SOUTH SOUTH -1.1% WALES AUSTRALIA

WESTERN AUSTRALIA

VICTORIA

NEW SOUTH WALES

VICTORIA

-1.1%

SA/NT

0.0

USA

美国

WA

WA

NSW

SA/NT

Australia

Vic

Qld

WA

SA/NT

Property Survey

Australia

Vic

1.0

NSW

2.0

Australia

Q2 2015

Qld

Next 2 years

Victoria

Next 12 months

Next 2 years

2.2% SOUTH NORTHERN 2.2% AUSTRALIA TERRITORY NORTHERN TERRITORY NEW SOUTH QUEENSLAND WALES 2.2% NORTHERN -1.1% QUEENSLAND TERRITORY 3.4% SOUTH Q2 2015 AUSTRALIA

WA

3.0

SA/NT

Next 2 years Next 2Next years 2 years

House Price Expectations (%)

NSW

Performance

Next 12 months Next 12 months Next 12 months

Qld

6.0 3.0 5.0 % 17.5% 4.0 5.0 6.0 2.0 4.0 3.0 15.0% 4.0 5.0 1.0 3.0 2.0 3.0 4.0 0.0 12.5% 2.0 1.0 2.0 NAB Residential 3.0 1.0 10% 0.0 1.0 2.0 0.0 -1.0 7.5% 0.0 1.0 -2.0

Australia

5.0

法国

WA

Rental expectations

Vic

WA

Qld

Q3'13 Q2'14 Q3'14 4.3% 澳大利亚 2.8% 3.4% Q2 with Faster capital growth likely to push rental Q3'13 Q2'14yields lower as Q3'14 2.5% 2.5% Q2'14 Q1'15 Q2'15 Q2'14 Q1'15 (0.4%). WeakerQ2'15 ker growth slows further next year rental Rental expectations House price expectations 2.8% Q3'13 Q2'14 Q3'14 National price expectations unchanged Q2 with Fasternext capital likely to push yields lower in asall rental to rise Faster growth expected states, NSWingrowth (1.6%) where capitalhouse growth likelyin toall push yields except lower as rental slows further yeargrowth (0.4%). Weaker rental growth expected states, except NSW 0% where outlooks returns areexpected also expected leadthe the country, followed by growth VIC (1.2%)slows and QLD (0.2%).

Rental growth to remain very weak in SA/NT (-1.5%) improved in NSW & VIC offsetting weaker further next year (0.4%).

Weaker rental 2.8%). (1.6%) returns are also to to lead country, followed and WA (-1.6%) next year.

National outlook in next two years scaled back to 1%, with NSW (2%) providing the best returns.

Negative rental returns to persist NAB Residential Property Index expectations in all others states.

National prices to rise growth expected in all states, except NSW (1.6%) where price

by VIC (1.2%) & QLD (0.2%). Rental growth to remain WORLD’S LARGEST ECONOMIES

BY PERCENTAGE SHARE OF TOTAL SHARE OF NOMINAL GDP in2.1% SA/NT (-0.2%) and year, WA (-0.4%). capital likely to push lower asfell growth slows in further next (0.4%).

Weaker growth expected in allbut states, NSW inNAB thegrowth next led by yields NSW (3.4%) &rental VIC (2.8%). returns areyear also expected torental lead the country, followed The Residential Property Index to +17 points Q2 (+21 in Q1), dragged down by weak rents, theexcept index NationalFaster very weak in SA/NT (-1.5%) & WA (-1.6%) next year. 根据名义国内生产总值比率的世界最大经济体 (6/2014) SOURCE: AUSTRADE Faster capital growth are likely to expected push yields as country, rental growth slows nextand year (0.4%).

Weaker rental growth expected in all states, except NSW (1.6%) where returns to lower lead the followed byfurther VIC VIC (1.2%) QLD (0.2%).

Rental growth to remain SA/NT (-1.5%) Outlook QLD (2.2%) scaled back, with bigger price by (1.2%) &improved QLD (0.2%). growth tovery remain still sitsfor above itsalso long-term average (+14 points).

Market sentiment in Rental NSW (+50 points) &weak VICin (+49 points), %) best, (1.6%) National outlook in next 2 years scaled back to 1%, with where returns are also expected to lead the country, followed by VIC (1.2%) and QLD (0.2%).

Rental growth to remain very weak in SA/NT (-1.5%) and WA (-1.6%) next year.

National outlook in next two years scaled back to 1%, with NSW (2%) providing the best returns.

Negative rental returns to persist falls also tipped for WA (-0.7%) &states.

SA/NT (-1.1%).

National very weak inNSW SA/NT (-1.5%) & WA (-1.6%) next year. capital growth likely toall push yields lower as rental growth slows further next (0.4%).

Weaker rental growth expected in allrental states, excepttoNSW but deteriorated in other Sentiment fell very heavily inyear SA/NT (-42 points) &best WA (-56 points), with both and WA (-1.6%) next year.

National outlook in next two years scaled back to 1%, with (2%) providing the returns.

Negative returns persist owth to Faster NSW (2%) providing the best returns.

Negative rental 12 months forecast in SA/NT (-0.2%) WA (-0.4%). % and Rental Expectations (%) (1.6%) where returns are also expected to lead the country, followed by VIC (1.2%) and QLD (0.2%).

Rental growth to remain very weak in SA/NT (-1.5%) to grow 2.3% in 2weakest years time, withresult NSW since (3%) best, National outlook next 2 yearsProperty scaled back to 1%, with 22.5% inprices SA/NT (-0.2%) and WA (-0.4%).

22.8% states printing their index the survey began.

NAB’sinResidential Index is expected to rise 5.0 -1.2%). and returns to persist in SA/NT (-0.2%) & WA (-0.4%).

WA (-1.6%) next National outlook inModest next two growth years withproviding NSW (2%) providing the best returns.

Negative rental returns to persist Next 12 months Nextscaled 2 years back to 1%, followed by QLDyear.

(2.8%) & VIC (2.7%).

(2%) the best returns. to +35 points next year and +42 points in 2 yearstotime.NSW Property professionals in NSW are Negative now the rental most optimistic in 4.0 inresume SA/NT (-0.2%) WA (-0.4%).

20.0% USA in WAand (0.6%) but prices to fall in(%) SA/NT (-1.2%). returns to persist in SA/NT (-0.2%) & WA (-0.4%).

Rental Expectations % 12 months forecast the country (replacing QLD), closely followed by VIC. In contrast, property professionals in WA are by far the most % Rental Expectations (%) 3.0 0.2% 美国 NORTHERN forecast 4.0 -1.6% 12 months % Rental Expectations (%) 5.0 TERRITORY 17.5% pessimistic inNext the country (and more in2 years Q1).

House Price Expectations (%) so than Rental Expectations (%) % % 2.0 12 months Next Next 2 years Next 12 months 5.0

2.8% VICTORIA

Rental Rental expectations expectations Rental expectations

-60 Q2'14

1.2% BRAZIL

Q1'15

Q2'15

Q1'15

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

Australia

Next Qtr

Victoria

SA/NT

VICTORIA

1.2%

Q2'15

WA

NEW SOUTH WALES

VICTORIA

-1.5%

NAB Residential Property BY-COUNTRY SHARE OF AUSTRALIA’S EXPORTS &Index IMPORTS OF GOODS & SERVICES NAB Residential Property Index Q1'11

1.6% AUSTRALIA 1.6% 澳大利亚 1.2% 2.9% 1.2% 1.6% 1.9% 巴西

VICTORIA

Q1'15

-80

Q3'14

1.6%

NSW

3.7% WA

SA/NT

-40

Q3'14

Australia

NSW

Qld

-20 5.0%

-2.0

Vic

SA/NT

英国

0

Q3'14 Q2'15

Q2'14

UK

0.2%

Australia

德国

WESTERN AUSTRALIA

AUSTRALIA

NEW SOUTH QUEENSLAND WALES -1.5% QUEENSLAND NORTHERN TERRITORY SOUTH VICTORIA AUSTRALIA SOUTH QUEENSLAND AUSTRALIA NEW SOUTH WALES NEW SOUTH SOUTH -1.5% WALES AUSTRALIA -1.5% Qld

-1.6% AUSTRALIA WESTERN

-1.0

Q3'14

WESTERN

40

GERMANY 20

0.2%

TERRITORY

Victoria

60

0.0

SOUTH NORTHERN AUSTRALIA TERRITORY NORTHERN

-1.6% -1.6%

80

1.0

Australia

Qld

Victoria

SA/NT Australia

Qld Victoria

6.3%

Q2'15

Q3'13

-20

NSW

WA

Australia

Q1'15

日本

AustraliaAustralia Australia

0%

Qld

SA/NT

Vic

Q2'14

Q2'14

Q1'15 Q2'14

JAPAN

Australia SA/NT SA/NT SA/NT

-10

Q3'13 Q3'13

NSW Vic NSW NSW Qld

Q2'14

WA NSWWAWA

-2.0

WA AustraliaAustralia Australia

Vic

Vic

2.5%

15

NSW

SA/NT

WA

-2.0

SA/NT QldSA/NTQldQld

-1.0 10

Australia SA/NT WA SA/NT SA/NT

7.5%

Qld Australia Vic VicVic

NSW

20

0.0 -1.0

中国

WESTERN

NextIndex 2 years by State NABAUSTRALIA Residential Property 0.2%

Next 12 months

Index

3.0 2.0

CHINA

10% 0.0 1.0

QUEENSLAND 12 months forecast

4.0

Next 2 years

NSW

1.0 2.0 30

0

Next 2 years

QldSA/NTQldQld WA

3.0 12.5%

5.0% -2.0

4.0 Next 12 months % Rental Expectations (%) 1.0 Next 2 years 4.0Next 12 months NAB Residential Property Index 5.0 3.0 0.0 Next 12 months 3.0 4.0 2.0 -1.0 2.0 3.0 1.0 -2.0 1.0 2.0 0.0 0.0 1.0 -1.0 average -1.0 0.0 Q3'13 Q2'14 -2.0 -2.0 -1.0

13.1%

2.0 40

NSW NSW Qld NSW NSW

4.0

WA Victoria Victoria Victoria

5.0 3.0

15.0% Index

NSW

Q2'15

Next 2 years Q2 2015

Next 12 months

Qld

SA/NT

WA

NAB NAB Residential Residential Property Property Index Index NAB Residential Property Index

VICTORIA

Residential Property

by State 60100 IndexIndex is expected 80 Property to +35 pointsIndex nextinyear +42 points in two years’ time. Property professionals professionals in WANAB are by farrise theto most pessimistic theand country (and more 40 80 so than in Q1).

80 are now the most optimistic in the country bn (replacing QLD), 60 in50NSW

by VIC. In contrast, property

bn closely followed 40 60 8030 60 40so than in Q1). professionals in WA are by far the most Index pessimistic in the country (and more NAB Residential Property Index Index NAB Residential Property Index 30 40Index NAB Residential Property Index bn 20 bn Residential Property Index Index NAB 60 80 20 40

Qld Qld

Next Qtr

Q3'14

Q2'14

Next 2 years 2 years Next 2 years Next 2 Next years

NSW NSW

$27.1bn

49pts

Index value in...

Index value in...

SINGAPORE

Next 2 years

SA/NT

SA/NT

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

Victoria Victoria

Q3'14 Q3'14 Q3'14

Qld

Index value in relevant surveyQld period...

Victoria NSW

Q2'14 Q2'14 Q2'14

南韩

Q4'13 Q4'13 Q4'13

Q3'13 Q3'13 Q3'13

Q2'13 Q2'13 Q2'13

NSW

49pts 50pts 49pts VICTORIA

$31.2 bn Index value in...

Q1'14

Q4'13

Q3'13

Q2'13

Q4'12

Q1'13

Q3'12

Q2'12

Q1'12

Q4'11

Q3'11

Australia Australia

Q4'12 Q4'12 Q4'12

商道

-42pts

SOUTH Next Qtr KOREA Next 12 months Q1'13 Q1'13 Q1'13

Q2'15

Q1'15

Q4'14

WA

WA

Victoria

Q3'12 Q3'12 Q3'12

Australia

SA/NT WA WA

美国

Q2'15

50pts

50pts NEW SOUTH WALES

VICTORIA

National Australia Bank - Group Economics | 2

Index value in relevant survey period...

Index value in relevant survey period...

Q2'12 Q2'12 Q2'12

SA/NT

Q3'14 Q3'14

Q2'11

Q1'11

Qld Australia Australia

Q3'14

Q2'14

Q4'13

Q3'13

Q1'13

Q2'13

NSW SA/NT SA/NT

USA

WALES NEW SOUTH 49pts WALES VICTORIA

Index value in relevant survey period...

Q1'12 Q1'12 Q1'12

NSW

Q3'14 Next 12 months

-42pts

$37.3 bnProperty Index NAB Residential $32.1bn

Q4'11 Q4'11 Q4'11

Victoria

Q2'14 Q2'14

日本

WA

Q3'11 Q3'11 Q3'11

VictoriaNSW NSW

Q4'12

Q3'12

Q2'12

Q1'12

Q3'11

Q4'11

Victoria Victoria

JAPAN

SOUTH -42pts AUSTRALIA

Next Qtr Next Next QtrQtr

-50

Australia Queensland Queensland Q3'13 Q3'13 Queensland

Index -20 60 0 40 80 -40 40 20 -20 60 -60 20 0 -40 40 0 -20 20 -60-20 -40 0 -40 -80-60 -20 -60 Q1'15 -40 Australia Next 2 years Australia -60 Q2'11 Q2'11 Q2'11

-40

中国

Australia

AUSTRALIA

$54.7

0 20 80 60

Q1'11 Q1'11 Q1'11

-50 -30

Q2'11

Q1'11

Q2'15

CHINA

$55.1

Q1'14

6060 20 50 10 average NAB Residential Property Index 50 20 Index 40 0 40 6040 10 30 -10 0 30 50 20 -20 20 40 0 -20 10 20 -30 10 30 0 -40 -40 0 -10 20 -10 -50AUS$ BN -10 10 -60 -20 Queensland Victoria NSW SA/NT -20 0 -20 -30 -80 Q3'13 Q2'14 -30 -10 -40 Q1'15 Q2'15 Next Qtr -40 -20 -50

$70.8

Q1'14 Q1'14 Q1'14

$76.1

Q1'15

Q4'14

The按留学地点定出的高等教育海外留学生分布 NAB Residential Property Index +17 points in Q2 (+21 in Q1), dragged down by weak rents, but the oints in Q2 (+21 in Residential Q1), dragged downfell bytoweak rents, but the SOURCE: AUSTRADE The NAB Property Index fell to +17 points in index Q2 (+21 in Q1), dragged down by weak rents, but the index Q2 2015 still sits above its long-term average (+14 points). Market sentiment improved in NSW (+50 points) and NORTHERN Q2 2015 . Marketindex sentiment improved in NSW (+50 points) & VIC (+49 points), -56pts still sits above its long-term average (+14 points).

Market sentiment improved in NSW (+50 points) & VIC (+49 points), TERRITORY VIC (+49 points), but deteriorated in all other states. Sentiment fell very heavily in SA/NT (-42 points) and ll very heavily in SA/NTwith (-42 points) &states.

WA (-56 points), with both 2008 2014 but deteriorated in allstates other Sentiment fell very heavily in SA/NT (-42 points) & but WAthe (-56 points), with bothQ2 2015 WA both printing weakest index result since the survey began.

NAB’s Residential QUEENSLAND 11pts $150.9 bnfell The (-56 NABpoints), Residential Property Index to their +17 points in Q2 (+21 in Q1), dragged down by weak rents, WESTERN 160 he surveyProperty began.

NAB’s Residential Property Index is expected to rise The NAB Residential Property Index fell to +17 points in Q2 (+21 in Q1), dragged down by weak rents, but the Index is expected to rise to +35 points next year and +42 points in two years’ time.

Property professionals states printing their weakest index result since the survey began.

NAB’s Residential Property Index is expected to rise AUSTRALIA index still sits above its long-term average (+14 points). Market sentiment improved in NSW (+50 points) and SOUTH NORTHERN -56pts index still sits above its long-term average (+14 points).

Market sentiment in points) and in NSW are now the most optimistic in the country QLD), closely followed byNSW VIC. In property AUSTRALIA to +35 points next year +42 points in 2(replacing years time.

Property professionals incontrast, NSW are now the most optimistic in time. Property professionals in and NSW are now the most optimistic inimproved TERRITORY NORTHERN VIC (+49 points), but deteriorated in all other states.

Sentiment fell very heavily in SA/NT (-42(+50 points) and -56pts The NAB points), Residential Property Index fell to +17states. points in Q2country (+21fell in(and Q1), dragged down by weak rents,and but the TERRITORY 140 VIC (+49 but are deteriorated in all other Sentiment very heavily in SA/NT (-42 points) professionals in WA by far the most pessimistic in the more so than in Q1).

NEW SOUTH WA (-56 points), with both states printing their weakest index result since the survey began.

NAB’s Residential the country (replacing QLD), closely followed by VIC. In contrast, property professionals in WA are by far the most QUEENSLAND VIC. In contrast, property professionals in WA are byMarket far the most improved in NSW (+50 points) and WALES 11pts index still sits above its long-term average (+14 points). sentiment WESTERN WA (-56 points), both to states printing their weakest index result sinceinthe survey NAB’s Residential NORTHERN -56pts -42pts QUEENSLAND 11pts Property Index in iswith expected rise(and to +35 points next year and +42 points two years’began. time. Property professionals AUSTRALIA pessimistic the country more so than in Q1).

WESTERN 50pts TERRITORY Q1).

VIC120 (+49 points), but deteriorated in all other states.

Sentiment fellpoints very heavily in SA/NT (-42Property points) and SOUTH Property Index is expected to rise to +35 points next year and +42 in two years’ time. professionals AUSTRALIA in NSW are now the most optimistic in the country (replacing QLD), closely followed by VIC. In contrast, property AUSTRALIA SOUTH QUEENSLAND NAB Residential Property Index WA (-56are points), with both states printing their weakest index result since the survey began.

NAB’s Residential Index Index 11pts NAB Residential Property Index in NSW now the most optimistic in the country (replacing QLD), closely followed by VIC. In contrast, property $73.8 bn NAB AUSTRALIA Residential Property Index in the country (and more WESTERN professionals in WA are by far the most pessimistic Q1).Residential Property Index by State Index Index so than inNAB NEW SOUTH

新加坡

WA Index value WA in...

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

WA WA

LEGAL

法律

By Russell Wiese, partner and Lynne Grant, special counsel of law firm Hunt & Hunt 作者：罗素维泽，（Hunt & Hunt法律事务 所合伙人）与Lynne Grant（Hunt & Hunt 法律事务所特别顾问）

诚信贸易商计划——认可与信任

RECOGNITION AND TRUST

The Australian Trusted Trader Program is a crucial element in liberalising international trade and promises an increase in certainty and lowering of supply chain days for Chinese businesses. 澳大利亚“诚信贸易商计划”是国际贸易自由化进程中的一个关键组成部 分，对中国企业而言，它有效确保业务的可靠性并缩短了供应链周期。

T

he recently launched Trusted Trader Program is a crucial step in liberalising trade in goods between Australia and China, providing benefits for importers and exporters from both countries.

Following the September 11 attacks on the US, security measures in respect of international trade were greatly tightened.

With the threat of terrorism persisting there has not been a general relaxation of security requirements, which has increased the cost and reduced the efficiency of trade in goods.

“This program enables closer partnership with accredited industry, lifts standards and incentivises best practice.

At the same time the program facilitates trade through the benefits being pursued such as streamlined reporting and priority border clearances.” Roman Quaedvlieg, Commissioner, Australian Border Force “本计划促进我们与认证过的相关行业进行 更紧密的合作、提升了水准并激励业界的最 佳做法。与此同时，该计划也通过其力争取 得的诸多便利，比如简化申报手续以及优先 清关等而推动了贸易发展。”——澳大利亚 边境执法局局长Roman Quaedvlieg

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近

期推出的“诚信贸易商计划”是中澳两国 在商品贸易自由化进程中迈出的关键一 步，为两国的进出口商带来了诸多裨益。 在美国遭遇911攻击之后，与国际贸易相关 的安全举措大幅收紧。由于恐怖主义的威胁尚 未消除，与安全有关的各项要求总体上并未出 现放宽迹象，从而导致了商品贸易过程中成本 上升，效率下降。许多国家意识到绝大部分的 贸易活动不会构成安全威胁，因此已经推出了 各种计划，让那些可予信赖的贸易参与方享受 各种贸易便利，用以换取供应链安全。此类计 划一般被称之为“授权经营者计划（AEO）”。 中国自2008年起就推出了一项AEO计划。 澳大利亚新近启动的AEO计划名为澳大利亚 “诚信贸易商计划”，这是澳大利亚政府与经过 认证的、贸易合规纪录良好的企业之间达成的 一项免费及自愿合作安排。 与其它AEO计划一样，该计划允许那些低风 险的进出口商获得认证并享受各种贸易便利。 这些便利包括澳大利亚边境执法局实施的更宽 松的检验程序以及提供的各种优先服务，同时 参与方亦将被分配一位专门的业务负责人与之 对接。对于从事澳中贸易的企业而言，其最大 的好处在于，预期澳大利亚未来能与包括中国 在内的一些关键的贸易伙伴签署AEO互认协议。 通过签署AEO互认协议，贸易商将在外国的 商道

AEO计划中获得认可，从而在这些海外市场中 实现更快的货物清关。例如，中澳两国如能签 署互认协议，则在澳大利亚AEO计划中获得认 证的澳大利亚出口商将能享受在中国AEO计划 中获得认证的中国进口商的同等待遇。

Benefits include lower levels of inspections, priority services and a dedicated account manager.

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3-4 times

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AEO accredited exporters to the US will find their goods 3-4 times less likely to be inspected at the border than exports by non-accredited exporters. 面向美国市场的AEO认证出口商将会发现 他们的货物在边境受到海关检查的可能性 要比那些非认证出口商低出3到4倍。

Recognising that most trade does not pose a security threat, many countries have introduced programs whereby trusted participants can receive trade facilitation benefits in exchange for supply chain security. Such programs are generally known as Authorised Economic Operator or AEO programs.

China has had in place an AEO program since 2008. Australia’s recently launched AEO program, the Australian Trusted Trader Program, is a free and voluntary partnership arrangement between an accredited business with a history of trade compliance and the Australian government.

Consistent with other AEO programs, it allows low risk importers and exporters to become accredited and receive trade facilitation benefits. Those benefits will include lower levels of inspections by the Australian Border Force, priority services and participants are allocated a dedicated account manager. The biggest benefit for businesses involved in Australia/China trade is the expectation that in time Australia will enter into AEO mutual recognition agreements with its key trading partners, including China.

Through mutual recognition traders can be recognised in foreign AEO programs allowing for the quicker clearance of goods in those foreign markets. For example, a mutual recognition agreement between China and Australia would mean that Australian exporters accredited under Australia’s program would be treated the same as a Chinese importer accredited under China’s AEO program.

Other benefits are expected to include the ability to defer payment of customs duty, consolidated or flexible customs reporting (as opposed to reporting on a consignment by consignment basis) and flexibility in the claiming of free trade agreement benefits.

BENEFITS OF THE AUSTRALIAN TRUSTED TRADER PROGRAM

诚信贸易商计划的好处

LOWER BARRIERS

The timing of the Trusted Trader Program is perfectly aligned with the finalisation of the China Australia Free Trade Agreement. This FTA will play a very important role in reducing tariffs, the most tangible of trade barriers.

However, FTAs are not the most effective tool for addressing non-tariff barriers, such as strict security measures or uncooperative attitudes of border authorities. While tariffs are a cost on importing goods, that cost pales in comparison to the operational impact of having your goods held at the border by a foreign customs authority. Through mutual recognition agreements the Australian Trusted Trader Program will help tackle this barrier to trade.

Some traders will prefer the benefits of tariff reductions, others an increase in certainty and lowering of supply chain days. With the FTA and Australian Trusted Trader program being implemented in close succession, there is the potential for traders to enjoy both lower costs and a quicker and more predictable supply chain.

There is also an expectation that the Australian Trusted Trader Program will allow easier use of the FTA. It can potentially do this by lessening the red tape associated with claiming FTA benefits for those that qualify as trusted traders.

ADAPTING TO MODERN SUPPLY CHAINS

The benefits of the Australian Trusted Trader Program extend beyond exporters to all participants in international trade. A common complaint by importers is that the current customs legislation does not accommodate modern supply chains which have a reputation of being long, complex and global. In time, participants in the Australian Trusted Trader program will be given permission to satisfy legislative requirements in alternative ways.

This will mean the law is adapting to modern supply chains rather than traders having to adopt less efficient systems to comply with the law. 商道

QUICKER CLEARANCE 更快的货物清关

DEFERRED DUTY 延迟缴税

LESS COMPLIANCE INTERVENTION 减少在执法活动中 被干预

LESS RED TAPE 省掉繁文缛节

MUTUAL RECOGNITION 互认协议

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100% AEO programs are not about 100% compliance, but rather that traders can themselves identify non-compliance and make appropriate disclosure.

AEO计划并非要求贸易商100% 合规，而是要求贸易商能够做到 自查自纠。

This is crucial as Australian manufacturers seek to integrate themselves in global value chains. A key element of this is the ability to quickly and cost effectively move intermediate goods in and out of Australia.

ASSESSING THE BENEFITS

Every supply chain and customs profile is different and traders should be asking: “What is my customs problem to which the Trusted Trader Program is potentially the answer?”

The reality is that Australia has been slow in implementing an AEO program because Australia clearance times for imported goods are very fast. So unlike other countries, the promise of quicker clearance into Australia will probably not justify the effort of becoming involved in the program.

For exporters the promise of mutual recognition will be appealing. However, much will depend on how significant delays at the border are in their key export markets and what benefits will be offered by particular countries. As an example, AEO accredited exporters to the US will find their goods 3-4 times less likely to be inspected at the border than exports by non-accredited exporters.

For importers, the benefits will depend on whether you pay significant duty, find utilisation of FTAs difficult or have a large number of imports. In the latter case, consolidation of reporting may provide an 72 | HIGHER VIEW BUSIN E S S

avenue to reduce costs associated with customs brokers or government fees.

Ultimately, the main benefit for both importers and exporters is that you will not be part of the smaller group of traders who will be the main focus of the Australian Border Forces’ compliance activity. It has been made clear by the head of the Australian Border Force that the compliance environment for those outside of the Australian Trusted Trader Program will be very different than experienced by accredited traders. Put simply, traders should not expect that being outside the program will be simply maintaining the status quo.

其它的便利还将包括能够延期缴纳关税， 合并申报或更灵活的海关申报（而无须每批货 物分别申报），以及在申请《自由贸易协定》 优惠政策方面的灵活性。

更低的壁垒 “诚信贸易商计划”推出的时机恰逢中澳两国 签署了《自由贸易协定》。该项协定将在降低 关税这个最有形的贸易壁垒方面发挥举足轻重 的作用。但是，《自由贸易协定》并非解决各 种非关税贸易壁垒的良方，比如边境主管部门 实施的严格安全举措或所持的不合作态度。虽 然关税也属于进口商品的一项成本，但与货物 在边境被外国海关扣留所带来的业务影响相比， 这项成本不免要黯然失色。通过签署互认协议， GETTING INVOLVED 澳大利亚“诚信贸易商计划”将有助于消除这 Trusted Trader is not one size fits all and the 项贸易壁垒。 legislation clearly allows for bespoke benefits. 一些贸易商更青睐关税下降所带来的好处，而 The best chance of obtaining those benefits is 其它贸易商则更关注贸易过程中确定性的增强 to be an early participant in the program. 以及供应链周期的缩短。随着《自由贸易协定》 Early participation means that you are involved 以及澳大利亚“诚信贸易商计划”的接踵而至， while the parameters of the program are still 贸易商有望迎来贸易成本的下降以及周期更快、 being shaped. 可预测性更强的供应链。 To become involved traders will need to 对于那些诚信贸易商而言，通过减少申请 demonstrate a high level of trade compliance 《自由贸易协定》优惠政策过程中的各种繁文缛 and supply chain security. Interested traders 节，澳大利亚“诚信贸易商计划”亦有望促进 need to now be assessing the extent to which 和推动《自由贸易协定》的实施。 they are compliant. It will be crucial to be able to demonstrate this in a tangible way, such as 适应现代化的供应链 evidencing formal internal compliance 除了出口商之外，澳大利亚“诚信贸易商计 procedures that are regularly audited. 划”亦能惠及国际贸易的所有参与方。进口商 Where there is non-compliance, this 普遍抱怨的一个问题是当前的海关法规，无法 should be addressed in a proactive 适应以长距离、复杂及全球化著称德的现代供 manner. AEO programs are not about 100% 应链要求。在未来，澳大利亚“诚信贸易商计 compliance, but rather that traders can 划”的参与者有望获准通过其它方式来满足各 themselves identify non-compliance and 项法规要求。这意味着法律正在尝试适应现代 make appropriate disclosure. 化的供应链，而不是贸易商为了合规而不得不 The pilot of the program has commenced 采用一些低效的做法。 with the initial focus on exporters. Throughout 这一点对于那些试图让自身融入到全球 2015 and 2016 the pilot will expand to 价值链中的澳大利亚制造商而言至关重要。 importers and service providers such as 融入全球价值链的关键在于，制造商须能 customs brokers and freight forwarders. 以最优成本快速地将中间型商品输入和输出 Importers and exporters interested in being 澳大利亚。 part of the pilot should contact the Australian Trusted Trader Branch. This contact can either 益处的评估 be direct or via your customs/legal advisor. 每条供应链以及每个海关的情况均各不相同； It is hoped that the Australian and Chinese 贸易商应该问的问题是：“‘诚信贸易商计划’ trade communities embrace the Australian 能帮我解决哪些海关问题？” Trusted Trader Program and its Chinese 实际的情况是，澳大利亚AEO计划的实施步 equivalent. Mutual recognition of each 伐走得并不快，这是因为澳大利亚的进口货物 country’s program, together with the goodwill 清关时间非常之快。因此，与其它国家不同， and trade benefits of the FTA, will only serve to 单纯保障进口商品更快清关或许还不会特别激 make trade between the two countries easier 发贸易商参与AEO计划的积极性。 and more prosperous for all. 对于出口商而言，AEO计划互认才最具吸引 商道

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Traders should not expect that being outside the program will be simply maintaining the status quo.

力。但是，更多的出口商也会根据自身货物在 关键出口市场遭遇的延误程度以及具体国家所 提供的便利情况来选择是否参与AEO计划。例 如，面向美国市场的AEO认证出口商将会发现 他们的货物在边境受到海关检查的可能性要比 那些非认证出口商低出3到4倍。 对于进口商而言，是否参与AEO计划取决于 进口商是否需要缴纳大量的关税、是否发现 《自由贸易协定》难以执行，或是否需要进口大 量的货物。在最后一种情形中，合并申报有助 于降低与报关行相关的成本或政府收费。 最后，进口商和出口商都能享受到的一项主 要好处在于它们将不会成为澳大利亚边境执法 局在执法活动中所重点关注的一小撮贸易商。 但是，澳大利亚边境执法局局长已经澄清表示： 在澳大利亚“诚信贸易商计划”之外的贸易商 所需遵从的法规要求与认证贸易商将大有差别。 简而言之，贸易商们若不参与该项计划，又想 维持现状恐怕不是长久之计。

机会就是早早参与其中。及早参与意味着在 该计划的相关标准还在完善之时您就已经置身 其中了。 欲参与该计划，贸易商将需要证实其具备优 秀的贸易合规性以及供应链安全性。当前，有 意向的贸易商需要评估它们的合规情况。如 何以直观的方式证明自身的合规性十分关键， 比如提供定期接受审计的内部合规程序的相应 证据。 如果存在不合规之处，则贸易商应能积极解 决相关问题。AEO计划并非要求贸易商100% 合规，而是要求贸易商能够做到自查自纠。 该计划已经开始试点，初期将以出口商为重 点。在2015年到2016年期间，试点范围将扩大 至进口商与服务提供商，比如报关行以及货运 代理。有意参与试点的进口商和出口商应联系 澳大利亚诚信贸易商分处；您可以直接联系或 通过海关/法律顾问与之联系。 我们希望澳大利亚和中国贸易界能够接受和 认可澳大利亚“诚信贸易商计划”以及中国与 参与其中 之对应的计划。两国AEO计划的互认以及 诚信贸易商并非千篇一律，相应法律也明确 《自由贸易协定》所带来的诸多贸易便利必将令 允许提供某些特定便利。享受这些便利的最佳 让中澳两国之间的贸易更为便利、更加红火。 商道

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By Nanda Lau, Partner Herbert Smith Freehills, Shanghai Jasmine Chen, Associate, Herbert Smith Freehills, Shanghai 作者：史密夫·斐尔律师事务所上海办事处 合伙人Nanda Lau，律师Jasmine Chen

SEIZE THE OPPORTUNITIES 运筹帷幄，把握良机 近几年积极进取的中国企业对澳直接投资显著增加。《中澳自由贸易协定》 的签署则为进行更大规模、更为多元化的投资提供了大量新机遇。 Direct investment by entrepreneurial Chinese into Australia has been increasing steeply in recent years. Now the China-Australia Free Trade Agreement provides a host of new opportunities for larger-scale and more diverse investments.

A

ustralia has become a major investment destination for Chinese companies keen to implement their "go global" strategies. According to statistics from the Chinese Ministry of Commerce (MOFCOM), direct investment by Chinese investors into Australia increased from US$587 million in 2005 to US$3.458 billion in 2013, with an average increase of 54.3% per year. As of the end of 2014, cumulative Chinese investment into Australia was US$74.94 billion, with cumulative direct investment of US$19.95 billion.

Australian Trade Minister Andrew Robb and Chinese Commerce Minister Gao Hucheng signed the China-Australia Free Trade Agreement (ChAFTA) on 17 June 2015, following the signing of a Declaration of Intent in November 2014 during Chinese President Xi Jinping’s visit to Australia. Once Australia and China have completed their domestic approval processes, both countries will exchange diplomatic notes to certify that they are ready for ChAFTA to enter into force. ChAFTA will 74 | HIGH ER VIEW BUSIN E S S

澳

大利亚已经成为中国企业实施其“全球 的重大利好之一是：中国私营产业实体投资澳 化”战略的重要投资目的地。据中国商 大利亚的外国投资审查门槛将由2.52亿澳元提 务部统计，2005年至2013年，中国对澳直接 升至10.94亿澳元。 投资额由34.58亿美元增至5.87亿美元，年平 根据现有规定，中国私营产业对澳投资如果 均增长率达到54.3%。截至2014年年底，中国 达到2.52亿澳元或以上，则需进行外国投资审 对澳投资累计达到749.4亿美元，累计直接投 查。该审查由澳大利亚外国投资审查委员会 资达199.5亿美元。 （FIRB）负责实施。外国投资审查委员会对投资 继2014年11月习近平主席访澳期间签署 者的外国投资建议书进行查验并向联邦财政部 《意向声明》之后，2015年6月17日，澳大利 长提供建议。 亚贸易部长Andrew Robb和中国商务部部长 《中澳自由贸易协定》的生效实施将提高外 高虎城签署《中澳自由贸易协定》。一旦中澳 国投资审查委员会的审查门槛，将审查限额提 双方完成其国内审批程序，两国将互换外交照 升至10.94亿澳元。这样一来，中国私营投资 会，确认本国已经做好实施协定的准备。互换 者对澳投资审查限额将与美国、日本和韩国企 照会之后30天，或另行议定的其它日期，协定 业（根据其各国与澳大利亚签署的双边自由贸 生效实施。 易协定）相当。 《中澳自由贸易协定》的签署是中澳双边贸 《中澳自由贸易协定》中外国投资审查委员 易和投资的重要里程碑，预期将为中国企业投 会对投资审查限额的调整将促进中企对澳私营 资澳大利亚带来更多的机遇，尤其是在食品、 投资。例如，据置业顾问公司Knight Frank的 农业、矿业、资源和制造业等诸多领域。 报告，过去几年里澳大利亚房地产投资领域呈 下文将具体说明中国企业对澳投资的若干 指数增长，中国投资者创下40亿美元的良好业 机遇。 绩。这一数字超过了过去五年（2009-2013） 中国对澳房地产投资的总和。《中澳自由贸易 外国投资审查门槛的松动 协定》实施之后，某些大规模房地产投资将不 《中澳自由贸易协定》对中国企业和投资者 再需要外国投资审查委员会进行审查。而这， 商道

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US$

74.9

billion

This negative-list approach indicates Australia's openness to Chinese investors in its service sectors.

Cumulative Chinese investment into Australia by the end of 2014. 截至2014年年底， 中国对澳投资累计达到 749.4亿美元

enter into force 30 days after this exchange, or on a date otherwise agreed.

The execution of ChAFTA represents a major milestone for the bilateral trade and investment between China and Australia, and is expected to bring about more opportunities for Chinese investment into Australia, especially in the fields of food, agriculture, mining, resources, and manufacturing.

Below are some of the opportunities that have opened up for Chinese investment in Australia.

Tips for Chinese Investors In order to smoothly and successfully execute investment plans in Australia, Chinese investors need to plan ahead and prepare well for possible challenges.

The following practical tips are based on our experience and expertise of assisting foreign investment in Australia:

RELAXATION OF THE FOREIGN INVESTMENT REVIEW THRESHOLD

One of the key benefits of ChAFTA for Chinese businesses and investors is that the foreign investment review threshold for investment in Australia by Chinese private sector entities will be increased from A$252 million to A$1.094 billion.

Under current regulations, private-sector Chinese investment into Australia is subject to foreign investment review if the investment is A$252 million or more. Such reviews are conducted by the Foreign Investment Review Board (FIRB) of Australia, which is responsible for examining foreign-investment proposals and making recommendations to the Treasurer.

Once effective, ChAFTA will raise the FIRB's review threshold to A$1.094 billion. This investment review threshold for Chinese private investors will then be similar to thresholds applied to investors from America, Japan and Korea under bilateral free trade agreements between each of those countries and Australia.

The above change in the FIRB investment review threshold under ChAFTA will facilitate

»

Pre-investment Planning and Preparation: • Understand Australia's regulatory framework for foreign investment.

• Understand the Australian political environment, as well as public opinions in Australia towards Chinese investors, and prepare for potential political and social pressure.

• Engage, even on an informal basis, with the FIRB from an early stage of your investment; this is particularly important for proposed transactions in politically sensitive sectors such as agribusiness.

• Understand Australia's tax system and tax rules which may affect the investment.

• Seek legal service support from legal advisors experienced in Australia investment and acquisition transactions from an early stage of the investment; your advisors should guide you through the local regulatory issues in Australia and assist with managing the transaction process.

商道

Investment Implementation: • Ensure sufficient due diligence from business, legal, financial and tax aspects.

• Diligently prepare for and engage in negotiations, and make sure that the transaction documents are well negotiated and drafted.

• Carefully design the transaction structures with the assistance of legal and tax advisors, with a view to simplifying approval procedures and reducing tax burdens associated with the investment, and to make appropriate considerations for a future exit.

• Be aware of potential labour issues related to any acquisitions, and deal carefully with labour unions.

• In a competitive bid scenario, be prepared to expedite internal approvals and Chinese government processes during negotiations in order to ensure the Chinese company has the maximum flexibility to respond to changes in bidding conditions or to another bidder’s offer.

• Respond promptly to questions regarding the purpose of the acquisition and the acquirer’s post-acquisition plans for the acquired company/assets. Australian regulators (such as FIRB) will likely require any foreign acquirer to disclose its post-acquisition plans regarding Australian management, employees and assets, even at the initial application stage. If the target is a listed company, these details will also need to be included in stock exchange disclosure statements.

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Chinese private investment into Australia. For example, according to Knight Frank, Australia has recorded exponential growth in real estate investment over the past few years, culminating in just over US$4 billion invested into the country by Chinese investors. This has exceeded the total Chinese real estate investment in Australia over the prior five years combined (2009-2013). After ChAFTA takes effect, certain large-scale real estate investments may no longer be subject to FIRB review. This will be good news for Chinese private investors looking to invest in Australia's real estate sector, and good news for Australian businesses operating in the real estate sector.

The above increase in the FIRB review threshold does not, however, apply to the following: (i) sectors which are defined as “sensitive” by the FIRB, which includes defence-related materials and activities, communications, transport, media, and uranium and plutonium extraction; (ii) rural land investment; and (iii) investment proposals

by Chinese State Owned Entities (SOEs).

Australia has also increased scrutiny around foreign investment in agriculture.

Specifically: (i) from 1 March 2015, the FIRB's review threshold regarding rural land investment by Chinese private investors has been significantly lowered from A$252 million to A$15 million; and (ii) from 1 December 2015, a separate threshold of AU$55 million will be introduced for investments in agribusiness.

These review thresholds are consistent with those applied to Japanese

Unlike for private investors, there are no concessions for Chinese SOEs. 76 | HIGHER VIEW BUSIN E S S

投资

54.3%

Direct investment by Chinese investors into Australia has seen an average increase of 54.3% per year. 中国对澳直接投资额年平均 增长率达到54.3%。

and Korean investors under similar free trade agreements between each of these countries and Australia. The lowering of the review thresholds is reportedly in response to pressures from domestic agribusiness players.

Unlike the position for Chinese private investors, there are no concessions for investments from Chinese SOEs. Rather, all investment proposals by Chinese SOEs will remain subject to scrutiny by the FIRB regardless of transaction size. This is consistent with the position Australia holds under its bilateral free trade agreements with each of America, New Zealand, Japan and Korea.

OPPORTUNITIES FOR SPECIFIC SECTORS – EXAMPLES

In addition to opening investment opportunities, ChAFTA will relax trade barriers. While trade issues are not the focus of this article, it's important to note that trade relaxations are themselves likely to give rise to increasing investment opportunities, particularly in the agribusiness and services sectors.

AGRIBUSINESS INVESTMENT

ChAFTA will deliver significant tariff cuts for various agriculture exports, particularly dairy, beef, sheep meat, live animal exports, wine, seafood and horticulture. ChAFTA is expected to boost Australia’s already substantial agriculture exports to China. This also provides momentum for Chinese investors to invest in or acquire Australian agribusiness interests, so that they can sell high-quality Australian agriculture products to Chinese consumers.

The reduced tariff for dairy products under ChAFTA is expected to further boost merger and acquisition activities by Chinese investors in the Australian dairy sector. 商道

对于有意投资澳大利亚房地产行业的中国私营 投资者而言实为喜讯；对于经营房地产行业的 澳大利亚企业而言也是佳音。 但是，如上所述外国投资审查委员会审查限 额的增加并不适用于以下情况：（1）经外国 投资审查委员会认定为“敏感”领域的投资， 包括国防相关材料和活动、通讯、交通、媒体 以及铀与钚的提取等；（2）农业用地投资； 以及（3）中国国有企业（SOEs）提交的投资 建议。 澳大利亚也增加了农业领域外国投资的审 查。具体包括：（1）自2015年3月1日起，中 国私营投资者对澳投资有关农业用地投资的外 国投资审查委员会审查门槛显著降低，由2.52 亿澳元降至1500万澳元；以及（2）自2015年 12月1日起，涉农产业投资单独采用5500万澳 元的审查门槛。这些审查限额与日本和韩国投 资者的适用限额相同。据传，审查门槛的降低 是为应对澳大利亚本国涉农产业企业的压力。 中国国有企业的投资待遇与私营投资者不 同，并不享受相关宽限政策。国有企业提交的 所有投资建议，无论其交易规模如何，仍应由 外国投资审查委员会进行审查。这也与澳大利 亚对美国、新西兰、日本和韩国双边自由贸易 协定所规定的待遇一致。 特定产业的投资机遇——实例 除开放投资机遇之外，《中澳自由贸易协 定》还将放宽双边贸易壁垒。虽然贸易问题并 非本文的重点，但是仍应注意：放宽贸易本身 即有可能引起投资机遇增加，尤其是在涉农产 业和服务行业。 涉农产业投资 《中澳自由贸易协定》将为各种农产品出口 提供削减关税的重大优惠，尤其是乳制品、牛 肉、羊肉、活体动物出口、酒类、海鲜和园艺 等领域。《中澳自由贸易协定》预计将进一步 推进已经较为可观的澳洲对华农产品出口。 这一举措也有利于提升中国投资者投资或收购 澳大利亚涉农产业的意向，以求将优质的澳大 利亚农产品销往中国消费者市场。《中澳自由 贸易协定》提供的乳制品特惠税率预计将进一 步推动中国投资者在澳洲乳制品行业的并购 行为。 服务业 据中国商务部统计，2014年全年中澳双边劳 务贸易额为167.15亿美元。 在服务业，两国都承诺将以一种有意义的方 式向对方的服务提供者开放市场。为此，澳大 利亚采取了负面清单的方式向全部服务业作出 贸易承诺，并确定对不符规范行为的应对措 施。与中国签署的双边自由贸易协定使得澳大

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投资

SERVICES SECTOR

According to MOFCOM, the bilateral service trade between Australia and China was US$16.715 billion for the year 2014.

In the services sector, both countries have promised to open their markets to each other’s service providers in a meaningful way. To this end, Australia has adopted a negative-list approach whereby it makes commitments in all service sectors and then sets out its non-conforming measures. Australia is the first country in the world to adopt a negative-list approach to service commitments when entering into bilateral free trade agreements with China. This negative-list approach indicates Australia's openness to Chinese investors in its services sectors, which is expected to further encourage Chinese investments in Australian services sectors.

In addition, the investment and services chapters of ChAFTA include "most favoured nation" (MFN) provisions.

MFN provisions mean that Chinese investors will automatically receive the same treatment provided by Australia to any other country in the future.

OTHER KEY BENEFITS

ChAFTA contains various provisions that will support Chinese investment into Australia.

These include labour mobility provisions and dispute resolution procedures.

LABOUR MOBILITY

ChAFTA provides for skilled Chinese workers to be granted temporary entry into Australia for the purpose of providing labour on large infrastructure projects above A$150 million.

Moreover, Australia will issue up to 5,000 working holiday visas annually to tertiaryeducated Chinese for entry to Australia for up to 12 months.

INVESTOR STATE DISPUTE SETTLEMENT (ISDS)

ChAFTA has included the ISDS mechanism.

ISDS is an important safeguard for Chinese investors against potential political risks when investing in Australia. This protection is especially valuable for Chinese investors making long-term investments in sectors that are subject to constant change in laws or government policies.

利亚成为全球首个对中国以负面清单的方式作 出服务贸易承诺的国家。这种负面清单方式表 明澳大利亚对中国投资者开放其服务部门，预 计将进一步激励中方对澳洲服务业的投资。 此外，《中澳自由贸易协定》的投资和服务 章节包括“最惠国”（MFN）的规定。相关 “最惠国”条款表明中国投资者将自动享有澳大 利亚将来提供给任何其它国家的同样待遇。 其它重大利好 《中澳自由贸易协定》还包括支持中国对澳 投资的其它各项条款，如劳工流动性条款和争 议解决程序等。

Large-scale real estate investments may no longer be subject to FIRB review.

劳工流动性 《中澳自由贸易协定》规定中方熟练劳工可 临时入境澳大利亚，从而为1.5亿澳元以上的 大型基础设施建设项目提供劳务。而且，澳大 利亚将向获高等教育的中国青年提供每年5000 人的假期工作签证，获得该签证的中国人可在 《中澳自由贸易协定》。但是，在中方的坚持 之下，澳方最终同意该项规定。 澳居留12个月。 投资者与东道国之间争议解决是保护中国投 资者对澳投资时免受政治风险的一项重要机 投资者与东道国之间争议解决（ISDS） 《中澳自由贸易协定》还包括投资者与东道 制。这一保护措施对于在澳洲某些受法律或政 国之间争议解决机制。起初，澳大利亚政府拒 府政策影响而不断发生变化的产业进行长期投 绝将投资者与东道国之间争议解决机制纳入 资的中国投资者尤为有利。

中国投资者需注意事项 为成功顺利地实施其在澳投资计划，中国 投资者需要为可能存在的问题提前计划， 作好准备。以下是根据我们的经验和专业 知识提出的，有助于您在澳顺利进行投资 的若干注意事项：

投资前计划和准备： • 了解澳大利亚外国投资的规章制度； • 了解澳大利亚政治环境以及澳大利亚对 中国投资者的舆论，为可能发生的政治和 社会压力作准备； • 投 资 伊 始 即 与 外 国 投 资 审 查 委 员 会 （FIRB）接洽——即便是非正式形式： 对于拟投资涉农产业等政治敏感型产业的 投资者而言，这一点尤为重要； • 了解可能影响投资的澳大利亚税收制度 和税务法规； • 投资伊始即向在澳大利亚投资和收购领 域经验丰富的法律顾问寻求法律服务支 持；法律顾问可协助处理澳大利亚当地监 管问题，办理相关手续。

商道

投资实施： • 确保在商业、法律、金融和税收等方面 进行充分的尽职调查； • 认真准备并参加相关谈判，确保所有相 关文件均已议定并起草完成； • 在法律和税务顾问的协助下，认真设计 交易框架，尤其应考虑如何简化与投资相 关的审批手续及减税措施，并适当考虑将 来的退出投资问题； • 了 解 有 关 任 何 收 购 可 能 存 在 的 劳 务 问 题，并妥善处理工会相关事宜； • 竞争性投标中，力争加快谈判期间的国 内审批和中国政府程序，从而确保中方企 业在应对投标条件变化或其他投标人报价 时拥有最大的灵活性； • 作为收购方，对有关收购目的或被收购 企业/资产收购后计划的问题查询应及时作 出回应。澳大利亚的监管机构（比如外国 投资审查委员会）可能要求任何外国收购 方披露收购后有关澳大利亚经营、雇员和 资产的计划（甚至可能在最初申请阶段就 提出这项要求）。如果收购的目标为上市 公司，还需在证券交易所披露声明中说明 相关详情。

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By: Adeline Hiew, Partner, Holding Redlich 作者：邱春利, 墨尔本豪力律师事务所合伙人

新签证, 新钱途

VISAS AND VENTURES

The Australian government’s Significant Investor Visa has proved popular among Chinese nationals, but the rules have changed and not all investors will like the new regime.

There are now strict quotas on residential property investments and a minimum of $2 million is required in riskier venture capital and small cap funds. 澳大利亚政府推出的重大投资者签证大受中国投资者的欢迎，但是近期相应政策 法规的改变可能对不少有意投资移民的人士产生影响。现在对住宅房地产领域有 严格的投资额度限制，并设定投向风险投资和中小盘基金的最低金额为200万澳 元，而后者历来被认为是风险较大的投资。

T

he Australian Government has recently changed the rules regarding visas for high net worth individuals looking to invest in Australia. These changes are focussed on increasing inbound investment and attracting entrepreneurial skills and talent in particular areas which the Australian Government seeks to develop. Most notably, strict quotas on investments in residential real estate have been introduced, and a minimum $2million investment is required in venture capital and small cap funds which are traditionally viewed as more risky investments. The changes took effect from 1 July 2015, and changed the existing Significant Investor Visa (SIV) program, and introduced a new Premium Investor Visa (PIV) program.

The SIV program has proved to be popular within China, with 91% of SIV applicants under the previous regime being Chinese nationals.

THE NEW PREMIUM INVESTOR VISA

The PIV requires an AUD$15 million investment in Australia and enables successful applicants to obtain permanent residency after an accelerated period of 12 months. Part of the 78 | HIGH ER VIEW BUSIN E S S

motivation behind the creation of this new visa program included a finding that many of the SIV applicants’ wealth was far in excess of the AUD $5 million required under the SIV program. The PIV is aimed at attracting business skills and entrepreneurial talent to Australia which are aligned to national or state and territory investment priorities. Applicants must be invited to participate in the PIV program by Austrade, however the Australian state governments can recommend potential applicants to Austrade.

Permitted investments may be through Australian managed investment funds, Listed Investment Companies (LICs) or direct investments in one or more of the following: • annuities issued by a life company, where the annuity does not repay capital during the period of the visa; • philanthropic contributions - the state and territory government agencies approving the philanthropic contribution have the flexibility to determine what may constitute a ‘philanthropic contribution’; • Australian proprietary limited companies; • corporate bonds or notes issued by an Australian exchange listed entity (or its wholly 商道

澳

大利亚政府近日就有关对澳大利亚计划 进行投资的高净值人士的签证政策做出 了改变。这些变化主要致力于增加对内投资， 以及并吸引具备商业技能与才华的企业家来 澳，尤其是在投资于政府希望着重发展的领 域。最值得注意的是，新政策引入在住宅房地 产领域的严格的投资额度，以及设定投向风险 投资和中小盘基金的最低金额为200万澳元， 而后者在传统上一直被认为是风险较大的投 资。 这些 变化 已于 201 5年7 月1 日起生效， 这使得现存的“重大投资移民签证”（SIV） 项目发生了变化，并引入了新的“至尊投资移 民签证”（PIV）项目。 事实证明SIV项目十分受中国人投资者的推 崇，在过去的旧政策下，91%的SIV项目申请人 为中国公民1。 澳大利亚新推出的至尊投资移民PIV签证 PIV项目要求申请者满足至少1500万澳元的 对澳投资金额，该签证的成功申请者将能在 12个月之后快速取得永久居留资格。 创立这个新签证项目的部分动机与一项发现 有关：许多SIV申请人的财富远远超出SIV项目 所要求的500万澳元的金额。 PIV类别的目的是吸引更多具备符合澳洲国 家、州或领地的优先投资目标的商业技能与经

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投资

STATISTICS SINCE COMMENCEMENT OF THE SIV, 24/11/2012 TO 31/03/2015 重大投资者签证自推出以来的统计数据，24/11/2012至31/03/2015 Source: Australia Government, Department of Immigration and Border Protection

ITEM

TOTAL

Expressions of Interest (EOI) submitted through SkillSelect 通过技术移民筛选系统提交移民意向表达

2,287

Invitations to apply for a SIV issued as a result of applicants being nominated by a state or territory government 获州或地区政府提名，被邀请申请重大投资者签证

1,972

Primary applications lodged 主申请人提交申请

1,679

Primary visas granted 主申请人签证获批

751

owned Australian subsidiary); • investment grade rated Australian corporate bonds or notes rated by a licensed rating agency • Australian government or semi-government bonds or notes; • cash (for investments through managed funds only) - but cash must not make up more than 20% of the fund’s net assets; • derivatives - these must be used only for risk management purposes; • Australian exchange listed securities; and • commercial real property in Australia.

Direct investments into residential real property cannot be made, however, indirect investments can be made through a managed fund, provided the fund’s residential real property investments do not exceed 10% of the net value of the fund’s assets.

CHANGES TO THE SIGNIFICANT INVESTOR VISA

The SIV still requires an investment of AUD$5 million to be made in Australia, however, in addition to the state and territory governments, the CEO of Austrade can now also approve the applicant.

There have been a number of changes to the SIV, but some of the most significant are changes to the investments that can be made under the SIV program.Previously, the A$5 million investment could be made in government bonds, managed funds and proprietary companies. While some state governments had quotas on the types of investments which could be made within these asset classes, there were generally no

prescribed quotas within the SIV legislation.

However, under the new regime, a minimum of A$500,000 must be invested in venture capital limited partner funds, registered under the Early Stage Venture Capital Limited or Venture Capital Limited Partnership programs.

The minimum investment in the venture capital limited fund is expected to increase to A$1million after two years. Further, a minimum of A$1.5 million must be invested in small or micro cap funds/LICs and the balance of the A$5 million (that is, up to A$3 million) must be invested in a balancing investment.

Permitted investments for the balancing investment may be through one or more managed investment funds or LICs. The investment vehicle may invest only in one or more of the following: • securities of a company, real estate investment trust or an infrastructure trust quoted on an Australian stock exchange; • annuities issued by Australian registered life companies, but repayment of capital cannot commence during the visa period; • corporate bonds or notes issued by an Australian exchange listed entity (or its wholly owned subsidiary); • investment grade rated Australian corporate or registered foreign company bonds or notes rated by a licensed rating agency; • Australian real property (subject to a 10% limit on residential real estate); • cash, but limited to 20% of the fund’s net assets; and • derivatives- these must be used only for risk management purposes. 商道

营才能的人士来澳洲进行投资。申请人必须受 到澳大利亚贸易委员会(澳贸委)的邀请才能申 请PIV项目，而澳大利亚各州的州政府可以向 澳贸委推荐潜在申请人。 合格投资包括通过澳大利亚管理基金、上市 投资公司（LICs)投资或是直接投资到以下一个 或多个领域： • 寿险公司发行的年金产品，但在签证到期前 不能开始年金偿还 • 慈善捐赠—批准慈善捐赠的州政府及领地政 府有权决定何种情况能构成“慈善捐赠” • 在澳洲注册的有限责任公司 • 由澳洲证券交易所上市实体（或其澳洲全资 子公司）发行的公司债券或期票 • 持澳洲金融服务牌照的评级机构认证的投资 级别的澳洲公司债券及票据 • 澳洲政府或半政府债券或票据 • 现金产品（只用于通过管理基金进行的投 资）—现金资产比例不得超过基金净值的20% • 金融衍生品—必须只用于风险控制 • 澳洲证券交易所上市发行的证券 • 澳洲商业地产 投资者不可直接投资于住宅房地产，但是 可以通过管理基金间接投资房地产，前提是用 于投资住宅地产的金额不能超过基金资产净值 的10%。 重大投资移民（PIV）签证的变化 SIV类别仍要求在澳投资500万澳元，但是 除了州政府与领地政府外，澳贸委 （AUSTRADE）的CEO如今也具有提名资格。 SIV项目有了一系列的变化，但最重要的部 分是对于该项目的合规投资的政策变化。 此前，500万澳元的投资额可以投向政府债 券、管理基金以及公司。虽然有的州政府曾对 某些类别的投资金额设有额度规定，SIV的条 款总体上未对此类额度设置要求。 然而按照新政策，至少50万澳元必须投于有 限合伙的风投基金，该基金必须注册在澳洲产 业“早期风投有限责任”和“风投有限责任合 伙企业”项目下。该类投资的底限金额要求预 计将在2年后增加到100万澳元。此外，至少 150万澳元必须投资于专投新兴企业的基金/ LICs。该500万中的剩余资金（上至300万 澳元）必须投向均衡投资类目中。 均衡投资类的合规投资可通过一个或多个管 理基金或上市投资公司来进行。管理基金或上 市投资公司必须投资于以下一个或多个方面： • 在澳洲的证券交易所上市的企业债券、地产 信托基金，或是基础设施信托基金 • 澳洲澳大利亚注册的寿险公司发行的年金产 品，但在签证到期前不能开始年金偿还 • 由澳洲证券交易所上市实体（或其全资澳洲 子公司）发行的公司债券或票据 H I G H E R V I EW B U SINESS | 79

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SIGNIFICANT INVESTOR VISA: STATE AND TERRITORY DISTRIBUTION - 24/11/2012 TO 31/03/2015 重大投资者签证：州和地区分布 - 24/11/2012至31/03/2015 Source: Australia Government, Department of Immigration and Border Protection

Qld 昆州 ° EOIs submitted: ° Invitations: ° Applications lodged: ° Visas granted:

NSW 新洲 135 110 91 38

° EOIs submitted: ° Invitations: ° Applications lodged: ° Visas granted:

<5 0 0 0

1181 ° EOIs submitted: 1108 ° Invitations: ° Applications lodged: 951 428 ° Visas granted:

NT 北领地 ° EOIs submitted: ° Invitations: ° Applications lodged: ° Visas granted:

Vic. 维洲

WA 西澳 ° EOIs submitted: ° Invitations: ° Applications lodged: ° Visas granted:

ACT 首府 81 66 57 24

° EOIs submitted: ° Invitations: ° Applications lodged: ° Visas granted:

TOTAL 总数

SA 南澳 ° EOIs submitted: ° Invitations: ° Applications lodged: ° Visas granted:

° EOIs submitted: ° Invitations: ° Applications lodged: ° Visas granted:

57 52 32 16

BUILDING THE AUSTRALIAN FUNDS MANAGEMENT INDUSTRY

Many of the PIV and SIV permitted investments are required to be held through managed funds, where the trustee or responsible entity of the fund holds an Australian financial services licence (or is exempt from the need to hold one), and has their central management and control in Australia. This was specifically done to promote

A$100 million

772 633 545 245

Fund managers must have at least AUD$100 million in funds under management, or offer products through a responsible entity that meets this criteria. 基金管理方管理的资金 必须至少为1亿澳元，或 是通过满足这些条件的 责任实体来提供产品。

8 0 | HIGH ER VIEW BUSIN E S S

6 <5 <5 0

Tas. 塔洲 2281 1972 1679 751

the Australian funds management industry, and ensure that such significantly sized investments were managed by fund managers who meet Australian funds management legal requirements and standards. In particular, fund managers must have at least A$100 million in funds under management, or offer products through a responsible entity that meets this criteria. This aims to ensure that they have both the capacity and experience to manage sizeable investments.

The trustee/responsible entity must also be unrelated to the investor, their spouse or de facto partner, which ensures that funds are managed at arms’ length in accordance with standard Australian governance principles.

This may cause some consternation amongst investors, given the Chinese preference to retain tight control over their own investments, rather than to outsource this to a third party.

CRACK DOWN ON RESIDENTIAL REAL ESTATE INVESTMENT

A major change has been the quotas on investments in residential real estate. For both 商道

° EOIs submitted: ° Invitations: ° Applications lodged: ° Visas granted:

6 <5 <5 0

• 持澳洲金融服务牌照的评级机构认证的投资 级别的澳洲公司或海外注册公司的债券及 票据 • 澳大利亚房地产（受住宅地产比例不超过 10％的限制） • 现金产品—资产比例不得超过基金净值的 20% • 金融衍生品—只能用于风险控制的目的。 打造澳大利亚基金管理产业 不少PIV和SIV的合规投资都要通过管理基金 进行，其信托或是责任实体必须持有澳大利亚 金融服务牌照（或是具备豁免资格）。此外其 必须能在澳大利亚进行总体管控。这些规定是 专门用以推广澳大利亚的基金管理产业、并确 保如此大规模的投资资金的管理方将是符合澳 大利亚基金管理法的要求与标准的。尤为重要 的是，基金管理方管理的资金必须至少为1亿 澳元，或是通过满足这些条件的责任实体来提 供产品。该规定的目的是确保他们有足够的能 力和经验来管理大规模的投资金额。 该信托受托人/责任实体还必须与投资者及 其配偶或事实配偶之间无关，从而使基金得以 按照澳大利亚标准的管理原则得到公平管理。 由于中国人倾向对自己的投资保留较大的控制

INVESTMENT

投资

SIV and PIV, these must be through a managed fund and are limited to no more than 10% of the value of the fund’s net assets. Further, the investment must not be made for the dominant purpose of deriving financial benefits, or for assisting the investor, investor’s spouse or de facto partner, or any member of any of their families, to reside in or gain legal ownership in Australian residential real property.

From a cultural perspective, investments in property are of course highly sought after by the Chinese, and there has been a flurry of Chinese property investment in Australia.

These changes are seen as the Australian Government’s attempt to cool that market and to redirect investment money to other areas where it is needed.

OTHER OBSERVATIONS ON THE SIV CHANGES

In introducing the new SIV and PIV regime, it appears the Australian government is seeking to encourage investment in emerging companies and venture capital projects. Given the nature of the investments which will

comply with the new regime, the Australian government has shifted its focus to promoting research and development and technology through these visas. However, in relation to the SIV, the permitted investments are decidedly more risky than the government bonds and other investments permitted under the previous regime. The decrease in the size of allowable holdings in the less risky (balanced) investments is also a marked change for the SIV program.

Chinese investors generally dislike the high levels of risk associated with small cap companies and venture capital. It remains to be seen what the up-take under the new system will be – given the minimum investment in these riskier assets is A$2million out of the total A$5million – and whether the interest from mainland China will be sustained. The state governments seem to expect a significant drop in the number of applications. However, it may be that there are applicants who will just accept the A$2million investment in the riskier assets as a cost of obtaining an SIV, and consider it a small price to pay for the benefits that residency in Australia can bring.

THE DISTRIBUTION OF PRIMARY VISA APPLICATIONS AND VISA GRANTS FOR THE TOP FOUR SOURCE COUNTRIES FOR THE SIV 重大投资签证的四大来源 国主投资人签证申请及签证获批的分布

Source: Australia Government, Department of Immigration and Border Protection

PERCENTAGE OF TOTAL VISA APPLICATIONS 签证申请总数的百分比

PERCENTAGE OF TOTAL VISAS GRANTED 获批签证总数的百分比

CHINA 中国

CHINA 中国 90.2%

HONGKONG 香港

88.7%

HONGKONG 香港 3.0%

MALAYSIA 马来西亚

3.3%

MALAYSIA 马来西亚 1.2%

SOUTH AFRICA 南非

1.5%

SOUTH AFRICA 南非 0.8%

SOUTH AFRICA 南非

1.1%

JAPAN 日本 0.5%

0.7% 商道

These changes are an attempt to cool the residential property market. 权、而非将此外包给第三方，该规定可能会引 起投资者的惊愕。 对住宅房地产投资的打压 对住宅房地产的投资额度被视为是重要变 化。无论对于SIV还是PIV投资来说，这类投资 都必须通过管理基金来进行并且受到基金净值 10%的限制。此外，此类投资的主要目的不能 是取得经济利益或是协助投资者、其配偶或事 实配偶以及他们家庭中任何成员买入或居住于 这些澳大利亚住宅房产中。 从文化的角度来看，地产投资无疑是受中国 投资者高度追捧的投资项目，并且中国赴澳投 资地产的行为已经在澳洲市场引起了恐慌。这 些变化可以看出澳洲政府企图使市场趋向冷静 并将投资资金重新导入其他有需要的领域。 对SIV变化的一些其他观察 通过引入新的SIV与PIV制度，可以看出澳大 利亚政府计划鼓励对新兴企业和风投项目的投 资。考虑到合规投资须遵循新政的事实，澳洲 政府已将重点转为通过这些签证促进澳洲的研 发与科技能力。然而，就SIV来说，现在的合 规投资毫无疑问较之之前政策允许的投向政府 债券或是其他领域而言更具风险。被允许投向 风险较小的投资类别（均衡投资）的资金也被 要求减少，这也是SIV项目政策的明显变化。 中国人总体上不喜欢中小型公司带来的与风 险投资相关的高风险。因此考虑到500万总投 资中有至少200万元会被视为高风险投资，新 制度下的申请提交情况、以及来自中国人对申 请该项目的兴趣是否还将持续将有待观察。州 政府看来已对申请人数量的大量下降已有所预 计。不过，也可能有申请人会认为将200万澳 元投向高风险领域是取得投资移民签证的成 本，并且觉得与澳洲的永久居留权所带来的益 处比较，这只是一个很小的代价。 H I G H E R V I EW B USINE SS | 81

Q&A

专访

By Ben Hurley, Higher View Business editor 《商道》编辑：白杰明

澳大利亚，跃向世界的跳板

FIRST AUSTRALIA, THEN THE WORLD Q&A with Fred Bai, partner at Shanghai-based venture capital firm Morning Crest Capital. 上海创投企业——晨峰管理有限公司合伙人Fred Bai问答。

A

ustralia’s start-up community was buzzing with excitement when Sydney-based job-sharing platform Airtasker announced in May it had raised a further A$6.5 million in a funding round led by a Shanghai-based venture capital firm. Morning Crest Capital, founded by Fred Bai and David Wang, joined hands with the NRMA and Australian venture-capital firms Exto Partners, Carthona Capital and Black Sheep Capital. Morning Crest Capital has now invested in seven Australian startups including Pocketbook, GoCatch and SchoolPlaces.

Now with the Australian government’s changes to the Significant Investor Visa and its creation of the

new Premium Investor Visa, more Chinese venture capital is set to flow into the Australian start-up ecosystem. Below, Morning Crest Capital partner Fred Bai talks to Higher View Business about Chinese venture capital in Australia and the challenges and opportunities for Australian startups looking to take on the China market.

Q: Why did you invest in Airtasker?

It was our largest deal so far. There were three elements to our decision.

First of all, the labour market is a very large market in Australia and that probably applies to around the world. So we see a big market for Airtasker. There is huge room to grow.

Also, there’s an element of timing. We do believe now is a good time for the share economy or other business models that seek to maximise the use of existing resources, due to a downturn in the economic cycle. As for the founders Tim Fung and Jonathan Lui, Tim was my colleague from Macquarie Bank, so from that I got to know him quite well and I do see a very capable person.

Q: How does it fit with your overall strategy?

Airtasker founders Jonathan Lui (left) and Tim Fung Airtasker公司创办人 Jonathan Lui（左）和Tim Fung

At Morning Crest we currently are investing in businesses that have great potential - within Australia itself but also when you bring these businesses outside of Australia and into the Chinese market which is 60 times in size, then you will see a big game changer.

We want to locate businesses in Australia 商道

which are two things. First, sound technology.

Second, sound business model. The idea is then to take advantage of the vast market size in China and bring Australian enterprises into China which will give them access to a market they would have trouble entering themselves.

Q: How do you sell the opportunity of investing in Australian tech to Chinese investors?

There’s definitely an appetite but when I first tell people we are investing in tech companies in Australia people are shocked. They say ‘why don’t you buy some stock?’ ‘Why don’t you buy some property?’ We explain to them the different environments for VC around the world. In Europe and the US, valuations are high and so are wages. But in terms of valuation, Australian startups are more fairly valued.

Also we talk about Australian government initiatives like early stage R&D grants. The Australian government is trying to encourage young people to create new things, and I think they have good ground to do that, in Australia the education level is quite high and it’s right up there in terms of innovation and invention. But Australia doesn’t have the market to commercialise new technology or inventions.

Recently there was also a change in immigration policy [with the Significant Investor and Premium Investor Visas that will channel money into venture capital]. That definitely tells the world Australia is trying to encourage innovation and startups.

Q&A

专访

Q: What advice do you give to Australian startups with their eyes on China?

The two markets (Australia and China) are very different in terms of promotion, marketing and invention. In China the competition is fierce.

Because of their ability to get funding, various companies are pumping money into the market, giving out free things to get traffic and users.

But in Australia it’s a different story. I like the way Australian startups operate. Basically these guys know what they want very clearly, they have a clear business model and a clear path to monetise.

Sometimes in China you introduce an idea and suddenly five other people are doing the same thing with much more money and you can get burned. So what we suggest to the businesses we invest in, first of all develop your business model in Australia and prepare very carefully before you enter China. Study the market, study the competitors, and use reliable Chinese domestic relationships and partners whenever possible. It’s crucial for the success of companies entering the Chinese market.

The recently-signed free trade agreement has definitely opened up some opportunities for the expansion of Australian businesses. But enterprises need to go into very niche markets and find their own competitiveness before they even consider entering China.

位

于悉尼的工作共享平台Airtasker于今年 5月宣布在一家上海创投企业主导的 融资中，再次获资650万澳元。这个消息让澳 大利亚创业界摩拳擦掌，兴奋不已。Fred Bai和 David Wang共同创办的晨峰管理有限公司与澳 大利亚NRMA保险公司和澳大利亚创业投资公司 Exto Partners、Carthona Capital以及Black Sheep Capital正式联手。目前，晨峰管理有限 公司已对七家澳大利亚新创企业进行投资，包括 Pocketbook、GoCatch和SchoolPlaces。 随着澳大利亚政府重大投资者签证政策的变化 以及至尊投资者签证（PIV）的诞生，预计将有 更多的中国创业投资流入澳大利亚创业生态系 统。下面，晨峰管理有限公司合伙人Fred Bai与 《商道》畅谈中国创业投资在澳大利亚的未来前 景，以及澳大利亚新创企业攻克中国市场所面临 的挑战和机遇。 为什么投资Airtasker？ 这是我们目前为止最大的一笔交易。三个因素 促成该项投资。

首先，澳大利亚乃至全世界劳动力市场庞大。 因此，我们看到了Airtasker的未来巨大商机， 其发展潜力不容小觑。 还有时间的因素。在当前经济衰退的形势下， 我们确实认为现在是分享经济或其它商业模式最 大化地利用现有资源的大好时机。看看AirBnB （让公众出租住宿的网站）的例子: 最初，人们 也对其商业模式和让陌生人入住家庭的前景产生 怀疑。但是，在经济萎缩的形势下，人们希望尽 其所能增加收入。因此，住宅或度假住宅就成为 了现金流来源。就这一点而言，AirBnB（于金融 危机形势下产生）抓住了适合该商业模式的完美 时间点。 同样我们也认为，在没有足够就业机会的形势 下，工作分享型的经济将会繁荣；特别是，在收 入来源不足之时，人们就会借助工作分享网站揽 活中获取额外收入。 说到两位创办人Tim Fung和Jonathan Lui， 其中Tim是我在麦格理银行（Macquarie Bank）的同事。自那时起我们就非常熟识。他 很有才干。开始时，我们并未开展投资合作。我 想他们并不需要帮助吧。但是后来，他们发展壮 大并开始认真考虑一些问题，并开始募集资金扩 展业务，于是迎来了我们的合作良机。 这一投资举措是否符合你们的全面战略呢？ 目前，晨峰投资的是具有巨大发展潜力的企 业——不仅在澳大利亚境内，还包括60倍于澳洲 的中国市场——而且，当你将目光投向澳大利亚 之外时，你会发现真正的游戏颠覆者。 我们考虑澳大利亚的企业，在于两个因素：一 是技术含量；二是商业模式。这一思想充分利用 了中国庞大的市场规模，并将澳大利亚企业引入 中国，使其拥有进入这一市场的机会——而凭借 其自身进入中国市场并非易事。仓促上阵盲目投 资当然要艰难得多。 为什么中国创业投资关注澳洲新创企业？是否有 其它中国创业投资前往澳大利亚呢？ 中国创业投资和技术公司通常关注国内市场， 而非国际业务，因为中国市场规模如此巨大。 但是近几年里，投资者们开始将目光转向国门之 外，尽管他们关注的是更为成熟的创业生态系 统，如美国、欧洲和以色列等。 或许，他们忽略澳大利亚的原因是觉得澳洲市 场规模不够，而且更重要的是，他们对澳大利亚 的认识还止于这是一个旅游、大宗商品及农业大 国，而非技术强国。事物总是在变化的，但是目 前为止，我们并未见到中国资金涌入澳大利亚创 投界的洪流，但我希望这一现象很快出现。 在动员潜在中国投资者注入资金时，你如何向其 推销投资澳大利亚技术领域的机遇呢？ 中资当然有投资澳洲的需求。但是，当人们得 商道

Fred Bai - Partner, Morning Crest Capital 晨峰管理有限公司合伙人Fred Bai

知我们在投资澳大利亚的技术企业时，往往感 到吃惊。他们会说“为什么不买些股票呢？”， 或者说，“为什么不购置房产呢？”。我们向其 说明全世界各种不同风险投资环境。在欧洲和美 国，这类企业估值很高，薪资也很高。就估值而 言，澳大利亚新创企业的估值更为合理。 我们也会谈到澳大利亚政府的举措，如早期的 研发资助。澳大利亚政府正积极鼓励青年开创新 事物。在我看来，他们这么做不无理由：澳大利 亚受教育水平较高，创新与发明领域也颇有建 树。但是，澳大利亚并不具备将新技术或发明商 业化的市场条件。 最近澳大利亚的移民政策也有所变化（重大投 资者和至尊投资者签证，引导资金流向创业投 资）。这就明确宣告世界：澳大利亚鼓励创新与 创业。 你对澳大利亚新创企业如何看待中国有何建议？ 中澳两国市场在推广、营销和创新方面颇有悬 殊。中国市场竞争激烈。不同企业都在凭借其取 得资金的能力，将资本投向这一市场，甚至提供 免费资源以获得交易和用户。 但是在澳大利亚则完全不同。我喜欢澳大利亚 创业运作的方式。基本上，投身创业的伙计们 非常清楚他们想要什么，他们有明晰的商业模式 清晰及融资途径。在中国，当你提出一个创意， 有时会突然发现其它五个人都在做着同样的事， 而且比你财大气粗得多，可能让你疲于应付。 所以，我们向我们所投资的企业建议：首先在澳 大利亚开发合适的商业模式，并且，在进入中国 之前小心谨慎。研究市场，研究竞争对手，尽可 能借助于可靠的中国国内关系和合作方。 对于进入中国市场的企业而言，要想成功，这一 点至关重要。 最近签署的《自由贸易协定》无疑拓展了澳大 利亚企业发展的机会。但是，在考虑进入中国之 前，相关企业找准自己的明晰市场定位，充分了 解自身的竞争优势至关重要。 H I G H E R V I EW B U SINESS | 8 3

LANGUAGE & CULTURE WELCOME

语言和文化 欢迎

澳大利亚中国总商会简介 澳大利亚中国总商会是中国驻澳大利亚的中资企 业的联合组织，为非盈利性的社团，成立于2006 年。截止2015年8月末，共有297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149家 会员单位，业务范围包括能源、矿产、贸易、金融、 运输、旅游、制造、科技等多个行业。珀斯分会

共54家会员单位，主要由国内大型的矿产、钢铁、 油气等资源类企业组成；墨尔本分会共52家 会员单位，主要以科技、制造、能源类企业为主； 布里斯班分会目前共42家会员单位，主要以能矿 企业为主。 总商会的宗旨是为会员服务，维护会员的合法权 益，促进中澳经济贸易关系的发展和企业间的交流， 为会员在澳大利亚和中国的业务发展发挥桥梁和纽 带作用。 澳大利亚中国总商会现任会长是中国银行澳大利 亚地区行长兼总代表胡善君先生，胡先生同时兼任 悉尼分会会长。

Brief Introduction of China Chamber of Commerce in Australia 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 297 members across New South Wales, Victoria, Western Australia and Queensland. Sydney branch has 149 members, Perth branch has 54 members, Melbourne branch has 52 members and Brisbane branch has 42 members as at the end of August 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 HeadAustralia, Bank of China, and he also chairs CCCA Sydney Branch.

www.chinachamber.org.au

8 4 | | HIGHER HIGH ER VIEW VIEW BUSIN BUSINEESSSS 12

商道

LANGUAGE & CULTURE

语言和文化

译趣横生，精准难求 THERE’S A FINE NOODLE BETWEEN GOOD AND BAD TRANSLATION English speakers often laugh at the funny English translations seen in China. My recent favourite is: “Please wait outside a noodle” (请在一米线外等候). It was actually meant to ask people to wait behind a one-metre line.

Another classic example is that Beijing used to have a “Racists’ Park” - an unfortunate translation of the name of a park showcasing the multiple ethnic cultures in China (中华民族园).

But laughable translations happen the other way as well. At a recent Asia Forum, the message from Tony Abbott in the translated Delegate Guide said “我国的繁荣赖于贸易与 作业” (Our prosperity depends on trade and homework). Unfortunately, “employment” was mistakenly translated into “homework”.

Recently a friend sent a photo of an impeccably dressed Western executive for a top-end carmaker, making a business pitch against the backdrop of a huge screen showing glittering Shanghai skyscrapers and several slogans in Chinese. The audience were all smiling but maybe for the wrong reason. One slogan read: “我们有勉强的员工” (We have reluctant employees). It wasn’t clear what the original meaning should have been – perhaps diligent employees?

Finding a good translator and paying attention to proofreading aside, here are a few key strategies critical to getting your crosscultural communication right in China:

1. Use simple and straightforward English to maximize your chances of getting an accurate translation. Idioms, in-jokes and puns may be powerful tools in your language, but these are more likely to get lost in translation. For example, translated literally, even common terms such as “Chinese wall” (despite its “China” origin) and “at arm’s length” may be hard for your Chinese audience to grasp.

2. When a particular term is crucial, try to elaborate and paraphrase right from the start to facilitate your audience’s clear understanding, especially when there is no obvious equivalent in Chinese.

3. Avoid using local terms and jargon that are unfamiliar to your target clients. Suggesting that, for example, “the ‘two-strike’ rule for listed companies could be very useful for you as shareholders” would do more to perplex your Chinese investors than illuminate them, as baseball is a niche sport in China and probably not many understand its rules.

4. It is in your interest to provide your translator speech notes in advance whenever possible and encourage them to clarify any difficult or confusing terms.

老外到中国常能发现一些令人叹为观止的神 翻译。最近比较出彩的是西安北客站“请在一 米线外等候”（Please wait behind the yellow line）被翻成请在一条“米线”外等 候（Please wait outside a noodle）,一 中文颇好的留学生当场就懵了。江西黄岗山景 区山路“出口”赫然写着“EXPORT”，对， 就是准备立马在那把你装箱外销了。最震撼的 是有个展示各少数民族文化习俗的“中华民 族园”的英文牌子居然写着“Racists’ Park”（种族主义者园）。 话说回来，英译中笑话也不遑多让。最近某 亚洲论坛的代表指南中，澳洲总理的中译前言 寄语有一句文绉绉的“我国的繁荣赖于贸易与 作业“，原文中”the jobs”被译成大家最爱 商道

by Jack Chen

的家庭作业了。昨天一上海朋友用微信从某一 豪华车推介会现场发来一照片“请找亮点”： 一位衣冠楚楚的老外高管正立于一块宽银幕那 么大的投影前发言，台下观众微笑满面。 为啥？那背景是霓虹璀璨的浦东夜色配上几行 中文大字，其中一句该司保证“将依靠良好的 组织结构、勉强的员工开拓成功之路。”显然 是哪个“勤勉”的译员打错字了。 所以翻译无小事，除了寻找好翻译，重译审 外，出国外事营商，在跨文化环境中如何有效 沟通，还有以下可供参考： 如果主要受众是外国人，尽量使用简洁明了 的中文，这样的介绍即使是水平一般的翻译也 能帮您译成准确度较高，容易理解的英文。 您在台上突然冒出一句“过五关，斩六将”， 他估计要晕；可你说“一路克服了种种困 难”，他就会很流畅地译出“ o v e r c o m e various difficulties along the way”。 同理，尽量少用太具中国特色的词汇。比如 你说：“我国商业环境已由草莽步入规范， 外商进入中国市场，也应看清优点，找准痛 点”。这话倒有些华人喜闻乐见的优点，就怕 不好翻译，没译好时恐怕只会让英语听众痛不 欲生。 如果某些字眼实在有必要而且很重要，不妨 一开始就尽量把它的含义向听众解释清楚。 最近刚在悉尼结束的博鳌金融论坛媒体会上， 有中国记者直接用英文向澳洲某金融科技 园区的负责人提问：“What’s your view on Australia joining one-belt-one-road economy?”可怜那老外当场就被雷倒了： 一般老外对“一带一路”恐怕不像我们这样耳 熟能详，直译之前稍作解释或更为妥当。 有可能的话，尽量给译员提供一份您的讲稿 纲要，事先让他们指出可能难翻或易误解之 处，这样到时即便您现场发挥，他们也能八九 不离十地很好配合您。

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 H I G H E R V I EW B USINE SS | 8 5

HIGHER LIFE 气派生活

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

现代经典 MODERN CLASSIC 自1994年起, LANGE1一直是朗格的代表作。 秉承着系列一贯的设计风格, 新一代的LANGE1 配备全新的手动上链机芯。

The Lange 1 has been the face of A. Lange & Söhne since 1994. Now, the New Lange 1 has been endowed with a technically evolved manually wound calibre, while maintaing the inimitable design signature to the watch. watchswiss.com

商道

H I G H E R V I EW B U SINE SS | 87

奢侈品天地

MOST WANTED

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

IF THE SHOE FITS

富乐绅推出的新款鞋履以澳大利亚首都堪培拉而命名,代表着商业的意 思。意大利制造,采用纯鳄鱼皮以手工打造而成,让您不管是在会议室还 是晚上赴宴都舒适时尚。售价:$1,990.95。 Named after Australia’s capital city, the Florsheim’s Canberra shoe means business. Made in Italy and handcrafted in genuine Crocodile, these shoes will take you from the boardroom to dinner in comfort and style. $1,990.95, florsheim.com.au

PERFECT PAIR 宝格丽的袖扣能为您的商务装增添一丝意大利风情。微妙的 八角形袖扣以玫瑰金精心打造，中间镶嵌黑色缟玛瑙，定让 您在芸芸西装客中突围而出。 Add a touch of Italian-flair to your business look with a pair of Bulgari cufflinks. Subtly octagon in shape with a pink gold edge and black onyx centre, this pair certainly stand out from the rest. $4,950, bulgari.com

COOL CAT GP芝柏表久负盛名的猫眼系列推出诱人的新表款。腕表标志性的 椭圆形表壳,表圈镶嵌62颗明亮式切割钻石,表盘以22克拉玫瑰金 精心打造,面盘则采用优雅的珍珠贝母, 华美精致。售价:$POA。 Girard-Perregaux gives us a seductive new version of its iconic Cat’s Eye collection. Its features include a mother-of-pearl dial with its perimeter adorned with 62 brilliant-cut diamonds, a Cat’s Eye case and 22-carat pink gold disc. $POA, girard-perregaux.com

NEW ON THE BLOCK

奢华瑞士腕表制造商FRANCK MULLER在悉尼的首 家精品店现已开张。面积75平方米的精品店位于中央 商务区的中心,繁忙的国王街(KING STREET)上。 Luxury Swiss watchmaker, Franck Muller, has unveiled its first boutique in Sydney. Located on the busy King Street, the 75sqm boutique is situated right in the heart of the CBD. 147 King Street, franckmuller.com

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STATEMENT STYLE

戴上VAROUJAN珠宝商独一无二的珠宝，让您的 整个打扮瞬间变得更精致时尚。左图的两枚戒指 是男士限量戒指系列的其中两个款式。到访位于悉 尼WESTFIELD购物中心的VAROUJAN精品店参 观选购。售价：$POA。

Q&A 问答 皇冠房地产集团总裁IWAN SUNITO经常 出行，他与我们分享计划旅行以及探索异 国城市的心得。 Iwan Sunito - CEO of Crown Group and frequent traveller shares how he likes to plan a trip and explore foreign cities....

Sharpen your look with a unique piece of jewellery from Varoujan Jewellers.

‘Emperor’ and ‘Tyrone’ (pictured) are part of their limited edition collection of gents rings. Visit the Varoujan boutique at Westfield Sydney. $POA, varoujan.com.au

长途旅行的建议？SURVIVING LONG-HAUL TRAVEL... 我喜欢搭乘上午的航班，然后晚上在酒店睡一觉，第二 天醒来格外精神爽利。白天的飞行还能让我在飞机上继 续工作。 I like to fly out in the morning and get a good night’s sleep in a hotel and wake up refreshed. Flying during the day also allows me to work while I’m on the plane.

CLASS OF ITS OWN 这台顶级豪华轿车是车坛极致豪华的典范。藉著無可匹敵的特質，成就了独特 奢华的S-CLASS。其最大的特色是车身更长、行驶更安静、更舒适。您唯一需 要做的事情就是坐上这台独一无二的轿车，然后发出指令“开车！”S-CLASS MAYBACH豪华桥车售价：$450,000。 This luxury saloon takes everything that makes the range-topping S-Class sensational and makes it even more exclusive. It’s longer, it’s quieter, it’s even more comfortable. The only thing that you need to do is sit back and issue the order: “Drive on!” S-Class Maybach $450,000 MRLP, mercedes-benz.com.au/maybach

GOOD SPORT

BOTTEGA VENETTA葆蝶家为您解 决了钱包太小而公事包又太大的烦 恼。2015/2016全新早春系列中推出的男 装斜挎包加入了品牌最具标志性的经典 元素INTRECCIATO皮革编织。 Bottega Venetta offer the perfect solution for when your wallet is too small and your briefcase too big. Their Cruise 15/16 collection introduces a range of mens crossbody bags featuring their signature intrecciato leather.

旅行时不能缺少什么？CAN’T TRAVEL WITHOUT... 出国旅游一定不能缺少我的太太LIANA，如果情况许可 的话我还会带上儿女。我觉得自己一个人旅游很沉闷， 而且对我而言家庭比生意更重要。另外，我觉得一件好 的行李也是值得投资的，包括随身携带的行李。 I don’t travel overseas without my wife Liana and, where possible, our children. Travelling alone is kind of boring for me, and besides, family is more important for me than business. I also think good luggage is worth the investment – and that includes carry-on! 探索异国城市时……EXPLORING A FOREIGN CITY... 我喜欢徒步以及搭乘公共交通工具来探索新城市。我发 现“慢即快”的道理，比起使用其他交通工具，徒步探 索能更快了解一个城市，并且收获更加丰富。 I like to walk around the city and take public transport.

I’ve found that ‘Slow is Fast’. By taking my time to explore a city on foot, I learn much more than if I would have gone by other transport. 喜欢餐厅还是街头小吃？RESTAURANTS OR STREET FOOD? 我两样都会去。我喜欢到最高级以及拥有最美丽的室内 设计的餐厅来寻找建筑灵感和佳肴，我也喜欢到当地的 餐厅品尝当地别具特色的美食。 I go for both. I like to go to the finest and most beautiful interior-designed restaurant to find some architectural inspiration and the best food, but I also like to go to local restaurants with local food.

bottegaveneta.com/au

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

STYLE 时尚单品

Ray ban, $209.95, ray-ban.com/australia

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。

Officine Generale, $313, officinegenerale.com

Freemans Sporting Club, $1,433, freemanssportingclub.com

Common Projects, $441, commonprojects.com

Bogliolo, $1,380, boglioli.it/

Brioni, $3,885, brioni.com

AMI, $170, amiparis.fr/en

Oliver Spencer, $519, oliverspencer.co.uk

John Lobb, $1,656, johnlobb.com

Brioni, $697, brioni.com Want Les Essentiels De La Vie, $581, wantessentiels.com

SUMMER IN THE CITY

Pair lighter shades with denim to freshen up your summer suit

潮动热夏 90 | H IGH ER VIEW BUSIN E S S

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A SUCCESSFUL BUSINESS PRESENTATION BEHIND YOU

AU.CEAIR.COM

NOBLEBRANDS694HVB

10 HOURS OF PAMPERING AHEAD OF YOU

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。

往悉尼的西部进发,您将会发现一个名 为玛吉的小镇,一处品尝香醇佳酿与美 食的人间天堂。 玛吉葡萄园 Mudgee vines

“我们会根据客人的意愿来生产紧 贴潮流、现代感极强的酒款…”

洛根酒庄的酒窖是享受美好时光的最佳地点 Logan Wines’ stunning cellar door is the perfect spot to enjoy some down time

进入玛吉小镇之后不久便来到落根酒庄 离开洛根来到布那麻古(Bunnamagoo), (Logan Wines), 这是小镇里50个葡萄园之中 这里的首席酿酒师Rob Black用了12年的时 的第一个。酒窖经理Jessica Capuzza说, 间来不断完善酒庄的年份招牌酒。Rob说: “我们从1997年开始酿酒,到2006年门市部才 “霞多丽(Chardonnay)一直以来都是我们的 BEST OF THE BARREL... 开业。当年是Peter Logan跟他的爸爸开始 最佳畅销酒。”一直在农场生活的Rob, 拥有 这门生意,现在是Peter跟他的妻子在经营。” 20年的酿酒经验, 他能轻松地品尝出那些是好 “Calre Red”西拉赤霞珠混酿葡萄酒 外观：淡黄色 得到位于萨利山(Surry Hills)建筑公司里的一 酒。他说:“这款酒一直是布那麻古最给力的 香气：梨子，橘子皮和腰果 口感：混合了白桃和柚子的果香味，最后的矿物味余韵 位建筑师Stephen Buzacott的协助, Peter把 酒款。我们坚持采用酒桶进行发酵, 不断改良 悠长 原来他爸爸建成像棚一样的酒窖改装成一座 技术,使其更加精炼以及更加现代化。” 每瓶 $28.60 融合现代感元素的建筑。大面积的玻璃窗及 布那麻古第一次出产霞多丽时, 大概分销了 1827赤霞珠干红葡萄酒2009年 宽敞的甲板俯瞰葡萄园平静的湖泊和大分水 300打。今天, 这个数字已经是翻倍了, 证明 外观：深红色 岭,是个邀请朋友来这里一边观赏美景，一边 玛吉的酒有很大的需求量。Rob说:“这款酒 香气：红樱桃和香料 品尝着葡萄酒或香槟的好地方。 真的是在推动着品牌前进。我很开心因为对 口感：水果味、单宁和酒精之间取得良好的平衡 每瓶 $39.99 现代的元素不只是体现在酒窖。Jessica 玛吉而言这是个很大的贡献,玛吉是澳大利亚 说:“我们会根据客人的意愿来生产紧贴潮 第一个种植霞多丽葡萄的城镇。”来到这里， 玛吉罗伯特奥特雷酒庄霞多丽2011年 外观：水晶般通透的绿色 流、现代感极强的酒款。气泡年份酒是我们 你必定要品尝一下本地区的佳酿。进到任何 香气：柑橘 的招牌酒。”在玛吉参观酒庄是一件美好的 一个在路旁边的葡萄园，都不会让您失望而 口感：核果类和柑橘。杏仁并带有一丝蜂蜜味。 事情，因为这里有各种不同的土地,让每座葡 回。不管是在哪个酒庄，您都能品尝到甘醇 每瓶 $70 萄园都能栽种出独一无二的葡萄。 的美酒，过一个惬意悠长的下午。 92 | HIGH ER VIEW BUSIN E S S

商道

“We produce on-trend styles that follow what our customers want...”

BEST OF THE BARREL...

‘Clare Red’ Shiraz Cabernet Colour: Pale gold Aroma: Pear, orange rind and cashew Palate: Combines flavours of white peach and grapefruit with a very long mineral finish Price: $28.60 per bottle

2009 Bunnamagoo 1827 Cabernet Sauvignon Colour: Dark red Aroma: Red cherry and spice Palate: Great balance between fruit, tannin and alcohol Price: $39.99 per bottle

2011 Robert Oatley The Pennant Mudgee Chardonnay 除了美食佳酿之外，玛吉还有许多有趣的活动 Not just about wines, there are plenty of fun things to do in Mudgee

Colour: Quartz-green Aroma: Citrus Palate: Stone fruit and citrus. Marzipan with hints of honey.

Price: $70 per bottle

Head just three hours west of Sydney and you’ll find a wine lovers’ paradise called Mudgee – just be sure to get there before everyone else does.

塔拉沃拉庄园 TarraWarra

No sooner have you driven into Mudgee that you’ll come across Logan Wines, the first of the town’s 50 vineyards. “We’ve been making wine since 1997, but we’ve had the cellar door since 2006,” says Jessica Golino, cellar door manager at Logan Wines. “Originally Peter Logan started this business with his father, and now Peter and his wife have it.”

Calling on the help of Stephen Buzacott, a Surry Hills architect, Peter transformed the former shed-like cellar door that his father had built into a building that echoes modernism. Soaring glass walls and an expansive deck overlooking the vineyard’s placid lake and the Great Dividing Range invites guests to settle in and enjoy the view while sipping wine or a glass or two of bubbly.

And the modern approach doesn’t stop at the cellar door. “We produce on-trend styles that follow what our customers want,” says Jessica.

Our vintage sparkling is our signature.” It’s the beauty of visiting wineries in Mudgee – thanks to the varying land, every vineyard has its own signature drop that’s different to everyone else. 商道

Across town, Rob Black, chief wine maker at Bunnamagoo Estate, has spent the past 12 years perfecting the vineyard’s signature wine.

“Chardonnay has always been our best-seller,” says Rob. Having spent his life on farms and a good 20 years winemaking, he knows a decent wine when he tastes one. “This style has always worked for Bunnamagoo. We’ve always stuck to our guns and maintained a barrelfermented style that we’ve modernised a little and refined along the way.”

Proving Mudgee’s wines are in high demand, when Bunnamagoo first started producing chardonnay, it distributed about 300 dozen.

Today, that number has doubled. “It really drives this brand,” says Rob. “I’m quite happy about that because it’s a good tribute to Mudgee as it was the first town in Australia to grow chardonnay. It’s the cradle to chardonnay.” And you can’t leave the region without having a glass (or two). Pull into any of the roadside vineyards and you won’t be disappointed with a glass of wine in hand and a long, lazy afternoon spent at one of the many cellar doors.

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

MELBOURNE 墨尔本 专访NO.8餐厅主厨

Q&A WITH JOHN LAWSON OF NO. 8

BY JOHN LAWSON

John Lawson跟我们分享他对澳大利亚出产的热爱、各种美食 以及探讨为何高端现代澳大利亚菜肴在墨尔本仍然大受欢迎。 John Lawson shares his love of Australian produce and hearty home cooking, and explains why high-end modern Australian cooking is still so popular in Melbourne.

您曾经在许多世界级的餐厅工作，是什么让 您踏上成为厨师这条路？ You’ve worked in a number of world-class restaurants. What inspired you to pursue this path? 这是一个很多波折的长故事。长话短说，Le Manoir Aux Quat Saisons餐厅聘请了我，在 那里我跟Raymond Blanc共事，后来一直做 到高级厨师主管，这是我到目前为止在工作上 最被启发的一段时间，直到现在我还会回想过 去寻找灵感。几年后我移居到纽约，跟Daniel Boulud在他荣获米其林三星的餐厅工作，我 94 | HIGH ER VIEW BUSIN E S S

商道

还参与在伦敦Gordon Ramsey餐厅的开张， 之后在那里一直做到副厨师长的职位。签证到 期后，Gordon给我一个在墨尔本的职位，负 责打理Maze餐厅并且在那里当主厨，我便来 到了这里。 That’s a long story with many twists and turns but essentially I got a job with Raymond Blanc at Le Manoir Aux Quat Saisons and worked my way up to Senior Chef De Partie, which was, to date, my most inspiring time working. I still look back to it for inspiration. After a few years I moved to New York to work with Daniel Boulud at his three Michelin star restaurant and I was also involved in the opening of Gordon Ramsay at the London where I worked my way up to Sous Chef. After my visa ran out, Gordon offered me a role in Melbourne to open Maze as the head chef, which is what finally brought me here. 您在No.8 by John Lawson餐厅以及皇冠赌场 所担任的是什么角色？ How did you get involved at No.8 by John Lawson and the Crown Casino? 这是一家历史悠久，并且在墨尔本久负盛名的 餐厅。可是生意却开始有点走下坡。我经常会 看到需要被填补的位置，然后思想我能在这个 空缺中做点什么。因为我在皇冠工作已经有一 段长时间，他们最终让我来填补这个空缺。我 能把餐厅提升至更高层次，并且认真地研究一 下我们食材的来源地，尽量采用本土出产的 食材。 It’s a great restaurant that has been there for a long time and has a massive reputation in Melbourne. But it was in a bit of a decline. I had always seen the space and thought, wow, what a great spot, and had always had a vision of what I could do in that space. Since I have worked with the Crown for a long time, they eventually offered the space to me. I thought that I could take the space to new levels and really aim to look at where we are getting food from and keeping the produce regionally based.

DON’T MISS 不容错过

BEIJING 北京

Fairmont Hotels’ The Cut welcomes chef de cuisine Christoph Zoller. The steakhouse is famous for serving Australian wagyu beef, and Zoller says instead of changing the menu he will just be consolidating it, adding his own twists – a new risotto dish, a weekly changing lunch menu – here and there. fairmont.com 费尔蒙酒店的刃扒房以澳大利亚和牛最为有 名, 新任名厨Christoph Zoller希望在原有的菜 式上作进一步加强，加入自己的元素，而不 是把餐单改头换面。 bring the restaurant forward. I have a background in produce after all my training, so to just take an ingredient and do it justice and not complicate it was always going to go hand-in-hand with my style. Cooking is constant learning; there’s such unique produce around Victoria that lets you create such an amazing menu.

为何本地出产和可持续性对您而言那么重要？ Why is it so important for your produce to be locally sourced and sustainable? 这是我的信念并且希望启发整组人共同带领餐 厅往前迈进。我受训时就已经使用选用当地出 产，将其发挥极致却不过于复杂化，一直以来 跟我的风格相融合。烹饪是一个持续学习的过 程，在维多利亚有许多独特的出产物，让厨师 能创造出各种精妙的菜谱。 It’s something I believe in and something I want to inspire in the whole team here, to

你是如何看待墨尔本饮食界的发展？ How have you seen the Melbourne food scene develop? 墨尔本的厨师之间有着紧密的联系。比起伦敦 或纽约，墨尔本的这个圈子是挺小的。所以每 个人都似乎知道谁做得好或谁做得不好。虽然 这个是一个小城市，可是却充满各式各样的美 食，生活在这里的人也越来越愿意在外面进 餐。只要厨师们和餐厅老板继续努力，这个风 潮将越来越旺盛。如果我们都持续追求更多的 美食，墨尔本的饮食业将会一直发展下去。 Melbourne has a very close-knit community among the chefs. It is quite small compared to London or New York, so everyone seems to know who is doing well and who isn’t. The city might be small, but it has also become a very intense food city where people are loving to eat out more and more. It will only get stronger as long as chefs and restaurateurs keep pushing themselves. It will always develop if we can all continue to strive for more. 商道

SHANGHAI 上海

Take a tasting tour of Scotland without having to leave Shanghai. The Single Malt Whiskies that make up the Classic Malts Selection at Waldorf Astoria’s Long Bar hail from Scotland. Start from the Lowlands with a Single Malt from Glenkinchie and work your way through to the Isle of Islay with Lagavulin, waldorfastoriashanghai.com 上海外滩华尔道夫酒店廊吧为客人提供单 一麦芽威士忌品鉴之旅，当中每一款单一 麦芽威士忌均是由苏格兰直送到达。旅程 从低地产区开始，首先品尝带有花香味的 格兰昆奇，到最后产自艾雷岛（Islay）， 口味层次丰富且带有泥煤味的乐加维林。

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

HOTELS 酒店

UP AND COMING 即将来袭

Private beaches, personal butlers and sky-high lounges – we’ve picked out some of the most luxurious hotels Australia and China have to offer 私家海滩、私人管家服务和高入云端的餐厅—— 我们精心细选澳中两地最能为您带来奢华体验的酒店。

ISLAND LIVING 享有“中国夏威夷”美誉的海 南岛汇聚多家豪华酒店，可是 位于三亚太阳湾的柏悦酒店却 把豪华演绎到极致。酒店位于 宁静的海湾内，拥有内湖及白 沙私人海滩，仿如海边私人府 邸。设有207间客房，大部分 坐拥南中国海令人赞叹的壮丽 景观。此外，17栋风格独特的 别墅都设有专属管家以更贴心 的安排照顾客人所需，无论是 在花园中安排烧烤、茶道或清 晨的鱼市之行，均为您妥善安 排，尽显酒店“享受零负担、 专属于您的奢华”精神。

THE WESTIN, HAIKOU

Hainan Island, widely knows as ‘the Hawaii of China,’ is no stranger to luxury hotels, but Park Hyatt have raised the bar with their opulent new offering set on Sunny Bay, Sanya. Sequestered on a stunning inlet – with an internal lake and a private white-sand beach – the resort is designed to resemble a private mansion by the sea. Majority of the 207 rooms and suites are blessed with unadulterated views of South China Sea. Taking on a ‘relaxed, personalised luxury’ ethos, each of the 17 Park Villas has its own dedicated butler, catering to your needs whether that be arranging a barbecue in the garden, a tea ceremony or trip to the fish market at dawn. From $468 per night. sanya.park.hyatt.com

海口威斯汀酒店即将于今年12月开业，位于 历史性港口城市的市中心，297间客房均坐拥 迷人的海口湾美景。 Set to open this December, The Westin Haikou’s 297-room building will boast sea views over Haikou Bay and will be set downtown in the historic port city. starwoodhotels.com

MARRIOTT, ZHUZHOU 株洲全新开业的万豪酒店拥有无可比拟的城 市景观，位于24层的行政酒廊饱览璀璨城 景，极其壮观。 The real stand-out at Zhuzhou’s latest hotel offering is the Executive Lounge on the 24th floor featuring unbeatable panoramic views of the buzzing city below. zhuzhoumarriotthotel.com

DEEP PIT ICE AND SNOW WORLD, DAWANG MOUNTAIN, CHANGSHA 老工业基地将华丽变身成为一个以冰雪为主 题的旅游度假综合体，包括冰雪世界、水乐 园、室内滑雪中心，还有一座100米高的 酒店。 Filling an old quarry, the ice world, water park and indoor skiing centre will run from cliff to cliff, with a 100-metre-high hotel accompanying the resort. coop-himmelblau.at 96 | HIGHER VIEW BUSIN E S S

商道

OUR WOR L D IS YO U R P L AYG R O U N D Book your next stay at Pullman Melbourne on the Park from $189* +61 3 9419 2000 - pullmanmelbourneonthepark.com.au

SYDNEY HYDE PARK

*Per room, per night. Subject to availability. Conditions apply.

CHINA EASTERN AIRLINES CO. LTD.

中国东方航空股份有限公司

中国东方航空公司增加直飞 新西兰的航班

CHINA EASTERN EXPANDS NEW ZEALAND SERVICE China Eastern has announced the launch of a year-round Auckland to Shanghai service, commencing four-times weekly flights from 26 September 2015.

The airline’s announcement will add an additional 100,000 seats per year on the Auckland/Shanghai/Auckland route, representing an important boost in seat capacity to accommodate growing numbers of Chinese tourists who wish to visit New Zealand.

As an official member of Sky Team Alliance, CEA has extended its network from Shanghai to more than 1,000 cities in 187 countries via close cooperation with Sky Team member airlines.

Ms Kathy Zhang, General Manager Oceania for China Eastern Airlines, says the expansion from a seasonal service to a year-long round offer is due to the strong demand for its service since China Eastern entered the New Zealand market in 2014.

“We have seen New Zealand continues to be a desirable destination for Chinese travellers,” Zhang says. “We’re excited to be able to extend our relationship with New 98 | HIGHER VIEW BUSIN E S S

Zealand by providing regular flights year-round and are celebrating with a limited number of special fares.”

Flight MU780 departing Auckland from Shanghai will fly Tuesday, Thursday, Saturday and Sunday weekly from 26 September. The route will be serviced by Airbus A330-200 aircraft, featuring 29 lie flat beds in business class and 202 economy class seats.

China Eastern is a full service airline and features in-seat entertainment for all seats as well as a generous baggage allowance for its New Zealand originating passengers.

Business class passengers will be entitled to two bags at 32kgs each and economy class passengers will be entitled to two bags at 23kgs each.

A significant presence in the aviation world, China Eastern boasts a fleet of more than 528 aircraft with an average age of less than seven years. The airline serves 90 million travellers annually to more than 170 destinations within China, as well as over 40 international destinations, making it the world’s No. 7 in terms of passenger transportation volume. 商道

中国东方航空公司已宣布将从2015年9月26日 起推出从奥克兰直飞上海的全年航班，每周 四趟。 东方航空此举每年将为“奥克兰-上海-奥克 兰”航线带来额外10万个机位，极大提升其运载 能力，以满足越来越多中国游客前往新西兰观光 的需求。 在全球航空业占据重要一席之地的东方航空拥 有528多架平均服役年龄不到七年的飞机。东方 航空每年为9000万人次的旅客提供服务，飞往 中国境内170多个目的地以及境外40多个目的 地，在客运量方面高居全球第七位。 作为“天合联盟”的正式成员，东方航空通过 与天合联盟成员开展的紧密合作，将其服务网络 从上海延伸到187个国家的一千多个城市。 中国东方航空公司大洋洲区总经理张笑西女士 表示：东方航空自2014年起进入新西兰市场， 而该航线从季节性飞行扩大至全年飞行的原因主 要在于旅客需求的强势增长。 “我们飞往奥克兰的机票非常畅销，因为新西 兰始终是中国旅客青睐的一个目的地。我们很高 兴能够通过提供全年定期航班的方式增进与新西 兰之间的关系，并且当前正通过限量发售部分特 价机票来庆祝此事。” 从9月26日起，MU780航班将在每周二、周 四、周六以及周日从奥克兰飞往上海。东方航空 将为该航线使用空客A330-200型号的飞机；其 商务舱提供29个能够完全平躺的座位，而经济舱 提供202个座位。 东方航空是一家提供全方位服务的航空公司， 所有座位均配备娱乐系统，并针对新西兰出发的 旅客提高了免费托运行李的上限。商务舱的旅客 可以分别携带两件32公斤重的行李；经济舱的旅 客可分别携带两件23公斤重的行李。

A Mobile App Designed for the Chinese Market 为旅澳华人 定制的中文 App There were 859,500 visitors from China in 2014 (an increase of 18.4% from 2013)

Tourism Australia

E-Swipe is the latest and the one and only mobile App on the market that is specifically designed to target three different Chinese demographics. While Members can enjoy discounts and benefits, our Merchants welcome increased traffic and revenue through a new target market.

ES0002

澳新通是专注于澳洲本地生活业务的互 联网公司，立足澳洲，面向在澳华人和 大中华市场。不仅了解华人市场，拥有 华人游客的推广渠道，且在澳洲旅游、 餐饮、购物、生活服务等领域有丰富的 资源和经验。 支付宝是我们的官方支付合作伙伴,支 持人民币结算。

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1. China Foreign Exchange Trade System. www.chinamoney.com.cn as at 31 August 2015. 2. Euromoney FX Poll 2015. Measure of market share from 3,794 votes in 2015. 3. 2015 Global 100 Most Sustainable Corporations in the World, announced at the World Economic Forum in Davos, Switzerland, January 2015. 4. GTR Asia Leaders in Trade, 2015 adjudicated by the GTR Editorial Board. Westpac Insitutional Bank is a division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 2337 14 (“Westpac”). New Zealand: In New Zealand Westpac Institutional Bank refers to the brand under which products and services are are provided by either Westpac Banking Corporation (ABN 33 007 457 141) or Westpac New Zealand Limited (NZBN 942 903 432 4622). The current disclosure statement for the New Zealand division of Westpac Banking Corporation ABN 33 007 457 141 and Westpac New Zealand can be obtained at the internet address www.westpac.co.nz. Both entities are under the prudential supervision of the Reserve Bank of New Zealand. U.K.: Westpac Banking Corporation is registered in England as a branch (branch number BR000106), and is authorised and regulated by the Australian Prudential Regulatory Authority in Australia. WBC is authorised in the United Kingdom by the Prudential Regulation Authority. WBC is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the United Kingdom. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Westpac Europe Limited is a company registered in England (number 05660023) and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. China, Hong Kong, Singapore and India: Westpac Singapore Branch holds a wholesale banking licence and is subject to supervision by the Monetary Authority of Singapore. Westpac Hong Kong Branch holds a banking licence and is subject to supervision by the Hong Kong Monetary Authority. Westpac Hong Kong branch also holds a licence issued by the Hong Kong Securities and Futures Commission (SFC) for Type 1 and Type 4 regulated activity. Westpac Shanghai and Beijing Branches hold banking licences and are subject to supervision by the China Banking Regulatory Commission (CBRC). Westpac Mumbai Branch holds a banking licence from the Reserve Bank of India (RBI) and is subject to regulation and supervision by the RBOI. U.S.: Westpac operates in the United States of America as a federally licenced branch, regulated by the Office of Comptroller of the Currency. Westpac is also registered with the US Commodity Futures Trading Commission (“CFTC”) as a Swap Dealer, but is neither registered as, or affiliated with, a Futures Commission Merchant registered with the US CFTC. Westpac Capital Markets, LLC (‘WCM’), a wholly-owned subsidiary of Westpac, is a broker-dealer registered under the U.S. Securities Exchange Act of 1934 (‘the Exchange Act’) and member of the Financial Industry Regulatory Authority (‘FINRA’),