Higher View Business - Issue 9

I S S UE NINE . JU LY 20 17

HIGHER VIEW 商道 AT THE HIGHEST LEVEL

更上一层楼

李克强总理对澳大利亚 的访问为深化两国的 合作关系铺平了道路。

Premier Li Keqiang’s Australian visit paved the way for deeper collaboration between the two nations

#09

ADVERTISING FEATURE

揭开外汇公司的神秘面纱 UNCOVER THE MYSTERY OF CMC MARKETS The mysterious and unpredictable financial market is rather daunting: in front of each trader, there are six computer screens, with different charts tracking the trends of global financial products. What a dazzling scene for beginners in the forex market. Today, we will visit CMC Markets’ office in Sydney to explore its mystery.

CMC Markets is a leading global provider of CFDs and forex trading with its office in Martin Place in downtown Sydney. CMC Markets’ own Next Generation trading platform is far ahead of other platforms in the market and has won multiple awards from professional magazines in different countries around the world.

Today we will talk to Cheng Biyi, Head of Greater China at CMC Markets, about the forex industry. 金融市场神秘莫测，让人望而生畏；每个交易员面前的6个电脑屏幕，用不同图表追踪着全球金融产品的走势，让外 汇新人眼花缭乱。我们这次带您走进CMC Markets位于悉尼的办公室，一探外汇公司神秘面纱下的趣闻。 CMC Markets的办公室位于悉尼市中心的Martin Place, 是全球领先的差价合约和外汇交易提供商，CMC Markets 自行研发的“新一代”交易平台远远领先于市场其他平台，在全球不同国家的行业杂志评选中均屡获殊荣。 今天我们访问的是CMC Markets大中华区总裁程必逸，和他一起聊聊外汇行业的那些事儿。

H

Higher View 意境杂志

C

Cheng Biyi 程必逸

For forex beginners, CMC Markets is still new to them – would you please tell us more about CMC Markets?

H

对与外汇投资新手而言，CMC Markets还是有些陌生，能否给我们介绍一下 CMC Markets？

CMC Markets was established in London by Peter Cruddas in 1989 as an online trading firm of financial products. As of now, it has had a history of 27 years. So far, CMC Markets has set up branch offices in 13 countries, which, depending on where they are located, are under the supervision of different national financial regulators, including FCA in Britain, ASIC in Australia, MAS in Singapore, FCAC in Canada, FMA in New Zealand, BaFin in Germany and AMF in France, etc. In 2007, Goldman Sachs Group showed much interest in CMC Markets and finally became one of its main shareholders. In 2010, CMC Markets’ own Next Generation trading platform became an iconic product. With the powerful features of the platform, CMC Markets’ clients can match markets of different asset categories from all over the world from one trading account for cross-market investment portfolio by utilising capital leverage. Currently, the financial products on our trading platform mainly cover five major asset categories; namely forex, shares, indices, treasuries and commodities.

C

CMC Markets是在1989年由Peter Cruddas在英国伦敦创立的金融产品在线交易 公司，至今已经有27年的历史。到目前为止，CMC Markets已经在全球13个国家

设立了分支机构并接受所在国国家金融监管机构的监管,这其中包括英国的FCA,

澳大利亚的ASIC,新加坡的MAS,加拿大的FCAC, 新西兰的FMA, 德国的BaFin和法 国的AMF等。CMC Markets在2007年成功吸引了高盛集团的股权参与，成为了公

司的主要股东之一。2010年公司自主研发的新一代交易平台（Next Generation） 成为了公司的品牌标志性产品，通过该平台的强大功能，CMC Markets的客户能

够实现从一个交易帐户对全球分属各个不同资产类别的市场进行对接，从而通过

以运用资金杠杆的模式建立起跨市场的投资组合。目前交易平台所提供的交易产 品主要覆盖五大资产类别：外汇，股票，指数期货，大宗商品期货和债券。

H What distinguishes CMC Markets from other brokers? What is your core competitiveness?

对于CMC Markets而言，区别于其他经纪商的特点是什么？CMC核心竞争力在 何处？

C Compared with other brokers, CMC Markets is different in terms of product, platform and service. We have more than 10 million products – you name it. Our platform represents the most state-of-the-art technology in the industry, and we provide professional and highquality services. All of this provides our clients with a completely different trading experience from other brokers. Our Next Generation trading platform is the most advanced in the market, and is developed by ourselves from the view of professional traders. The platform

广告

integrates such functions as real-time economic calendar, real-time custom Reuters news, client mood index (trading trends of high-profit clients will be updated once a minute), automatic recognition of trading patterns, automatic execution of all transaction receipts, transaction execution within a millisecond, zero trader intervention, in-depth market research, interface module linkage, powerful price warning, stop loss limit and advanced chart tools, etc. Our Next Generation trading platform represents the highest technical level of trading platforms in the market today. Meanwhile, from the aspect of security, our clients’ funds will be deposited into a separate trust account under supervision to ensure its high security. What’s more, our financial strength will also help ease clients’ concern over the security of their funds. 和其他经纪商相比，CMC Markets无论从产品，平台还是服务都是与众不同的。 我们的产品超过万种，可以说是应有尽有，我们的平台追求的是当前领域最高水

平的技术，而我们的服务追求的是专业和高质量，这都将为我们客户带来和其他

经纪商完全不同的交易体验。CMC Markets想给交易者带来的是我们从专业交易

员体验角度自主研发的市场上最先进的交易平台——新一代交易平台，该平台融合 了实时经济日历，实时可定制的路透社新闻，客户情绪指标（每分钟更新显示高盈 利客户的交易趋势），交易形态自动识别，交易单100%自动执行，毫秒级成交速

的方式来执行每一笔交易，那个时候，根本没有象现在能够在平台上通过市场深

和高端图表工具等等功能，可以说是代表了目前市场上交易平台中的最高技术水

过一家家的询价来比较，而零售市场大部分使用的还是电话交易模式，在线交易

度，零交易员干预，提供市场深度，界面模块联动，强大价格警示功能，临界止损

平。同时，从客户资金安全角度，我们已经真正做到了客户资金单独隔离保存在监 管信托账户，确保客户资金高度安全，而我们本身雄厚的资金实力让客户更不用 担心自己的资金安全问题。

Would you please share your insights on the development trend of forex trading?

H

您对外汇交易发展的趋势有何洞见？

From the aspect of technology, I remember in 1999 when I just joined a bank and served as a forex trader, all forex transactions were executed through phone or Reuters terminals. Each transaction with a counterparty was executed by conversion enquiry. Back then, there was no way to know the market liquidity directly, or to obtain the best quotes within a short time on a platform, like we do today. You had to enquire and compare one by one. Most of the transactions in the retail market were still executed through phone and online trading was just in its early stage. Nowadays, the technology is highly developed and both the inter-bank transactions and retail market transactions can be executed on a trading platform. Moreover, trading platforms have integrated such functions as liquidity analysis, chart analysis, financial information, best offer matching and mobile transactions, etc., which enable the forex market participants to track the market trends anytime, anywhere. Talking about the trading patterns, particularly on the level of institutional trading, program and quantitative trading are gradually replacing the roles of traders. In the ever-changing market, the biggest foe of a trader is him/herself. If he/she cannot put his/her mood and pressure under proper control, even experienced traders may suffer a disastrous defeat. However, if a transaction is executed by a program, instead of a trader, the biggest foe will cease to exist.

Developed strategies will be followed regardless of any market fluctuations, while a trader will only be responsible for the timely modification of parameters to prevent deviation between the program and the market.

C

从技术方面来说，记得在1999年我刚加入银行担任外汇交易员的时候，那时候的

外汇交易都是通过电话或路透社终端来进行，每次和对手行交易都是以对话询价

度直观的了解市场的流动性， 也没有办法能够以最短时间获得最佳报价，必须通 刚刚起步。当前技术高度发展，让无论是银行机构间交易还是零售市场交易都可

以通过交易平台来完成，而平台上更是综合了流动性，图表分析，金融资讯，最佳 报价撮合，移动端交易等等功能，使得外汇市场参与者能够随时随地的把握市场 脉动。而在交易模式上，特别是在机构交易的层面上，程序量化交易正在逐步取

代交易员。由于面对变化多端的市场，交易员所面临的最大敌人是自己，如果不能 很好控制自己的情绪和压力，经验再丰富的交易员都会折戟沉沙，而如果由程序

来代替人来执行交易，则摒弃了这一最大的人性缺陷，任市场如何波动，都能按照 制定好的策略来应对，而交易员的职责只需要及时修改参数来保证程序和市场不 发生背离。

H Congratulations on your successful listing on the London Stock Exchange. For forex brokers, what are the differences between being listed and unlisted?

首先恭喜CMC Markets在伦敦证券交易所顺利上市，对于外汇经纪商而言，上市 的和未上市的有何区别？

As a listed forex broker, all data, including the operational performance and financial conditions of the company, is open and transparent, and will be audited by a third-party accounting firm and then published to investors on an annual or quarterly basis according to the regulatory laws and regulations where the company is listed. It is the duty and responsibility of listed companies to do this. Take CMC Markets, for example: we publish annual reports of the past years on our official website to show our strong business growth and excellent asset quality. It is also a reflection of our self-confidence. Funds raised through the listing can also be re-invested into the company's technology and business development, etc., which will then improve the overall operation of the company.

C

首先，作为上市的外汇经纪商，所有的数据包括公司运营状况及财务状况都是公

开透明并经过第三方权威会计公司审计的，并根据上市所在地的监管法规按年或 季度向投资者公布，这是上市公司的义务和责任。以我们CMC Markets为例，我

们官网上公布了CMC Markets历年的年报，显示了我公司强劲的业绩增长能力和 优质的资产质量，这也是公司自我信心的一种体现。同时通过上市的资本运作所

筹得的资金可以再投入到公司的技术开发和业务开拓等领域当中，让公司的整体 运营进入一个更加良性循环的过程。

WELCOME

欢迎

LUXURY IN THE AIR MATCHED ONLY ON THE GOUND WITH OUR FREE LIMOUSINE SERVICE FOR CORPORATE CLIENTS* * When travelling Business or First Class

AU.CEAIR.COM

欢迎辞——中国东方航空公司 * When travelling Business or First Class

经过60载的发展，中国东方航空公司从一家最早仅有七架飞机的小型航空公司逐步 壮大成为全球知名的航空公司之一。2016年，东航的562架飞机共将1亿多旅客安全 送到了逾1000个国内和国际目的地。自2017年1月起，东航每周将有三趟从悉尼到武 汉的直飞航班。因此，东航目前每周共有44个航班从悉尼、墨尔本和布里斯班直飞大 部分的中国城市。感谢每位尊贵的旅客对东航一如既往的支持！ 欢迎选择东航，我们将为您献上一段愉快之旅！

Welcome from China Eastern Airlines In 60 years, China Eastern Airlines has grown from a small aviation company, with just seven vessels making up its first fleet, to one of the most recognisable airlines in the world. In 2016, we transported over 100 million passengers in 562 vessels to more than 1000 domestic and international destinations. To kick off 2017, we’re thrilled to announce that our three weekly direct flights from Sydney to Wuhan have commenced, as of January, putting China Eastern Airlines at the top of the list of airlines flying from Australia to China, with 44 weekly flights departing Sydney, Melbourne and Brisbane. We would like to thank each of our valued travellers for your continuous support. We hope you have a great start to your pleasant journey with us!

WeChat

Facebook

6 | HI GHER VIEW BUSINES S

商道

CONTRIBUTORS

内容概要

CONTENTS 内容概要 IN THIS ISSUE 24

COVER STORY 封面故事

COMMON DESTINY 共同的命运

Chinese Premier Li Keqiang’s five-day official visit to Australia in March this year represented the first to the country by a Chinese premier in 11 years.

Addressing the Australia China Economic and Trade Cooperation Forum (ACETC), Premier Li said as the largest developing country in the world, China takes promoting economic and social development and improving people’s livelihood as its top priority.

The Forum also heard from Australian Prime Minister Malcolm Turnbull and featured two panel sessions comprising senior Chinese and Australian business leaders.

Organised by the Australia China Business Council (ACBC) in collaboration with the China Council for the Promotion of International Trade (CCPIT) and generous sponsors, the forum welcomed 400 Chinese and Australian business leaders and representatives of Chinese state-owned enterprises and private companies.

Higher View Business reports on the substantial outcomes achieved for both nations as a result of Premier Li’s visit and the ACETC Forum. 李克强今年三月份对澳大利亚进行的为期五天的正式访问是过去11年 来中国总理首次造访澳大利亚。 在中澳经贸合作论坛（ACETC）上，李克强总理表示, 作为全球最大 的发展中国家，中国将推动经济社会发展以及改善民生视为头等大事。 澳大利亚总理马尔科姆 ∙ 特恩布尔亦在此论坛上发表了讲话。中澳两 国一些知名商界领袖亦出席了该论坛的两个小组会议。 本论坛系由澳中国工商业委员会（ACBC）携手中国国际贸易促进委 员会（CCPIT）以及其它赞助方共同组织，并迎来了400位中澳商界领袖 以及来自中国的国企以及私营企业的代表。 《商道》杂志全面报道了李克强总理访澳期间以及在中澳经贸合作论 坛上两国所取得的一系列重大成果。

商道

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

CONTENTS

内容概要

42

34 FERTILE GROUND 沃土 The recent Sino-Australasian Entrepreneurs Summit held in Sydney in March of 2017 offered a constructive platform between the entrepreneurs of China and Australia.

Waiyee Chen discovers a platform where conversations were open, constructive and relations were warm.

2017年3月份悉尼召开的中澳 企业家峰 会为中澳企业家打 造了一个建设性的平台，推动 两国企业家展开热烈而开放 的对话。陈惠仪亦出席了此次 峰会。

42 UNSUNG HEROES OF THE CHINA EXPORT STORY 对华出口贸易中的无名英雄 New research from Westpac and the University of Sydney reveals that the “tried and true” wisdom about the importance of Australia’s export of services into China misses a large and important part of the equation.

34 REGULARS 固定栏目

FEATURES 专题报道

10 CONTRIBUTORS 投稿人

50 OPPORTUNITY KNOCKS

13 NEWS 新闻 88 HIGHER LIFE 气派生活

西太平洋银行与悉尼大学联手的新研究揭示出，对于澳大利亚对华服务出口 重要性的认知中，那些貌似“屡试不爽”的智慧实际上忽略了一大块极为重 要的组成部分。

安娜·格姆罗帕塔指出：作为公认的最 佳风险管理实务标准的创始者，澳大利 亚是那些寻求跨境学习的中国保险业 人士的理想合作伙伴。

敲敲门，机遇在 The Australian economy is attractive in a variety of ways, but it faces losing its market share due to lack of infrastructure investment.

Partnering with China could be the answer, writes Darryl Judd.

62 DATA IS KING 数据为王

达里·贾德认为，澳大利亚经济在诸多方 面都颇具吸引力，但由于基础设施投资 的匮乏，澳大利亚的市场份额被不断蚕 食。与中国合作或是一个互利双赢的解 决之道。

56 JOURNEY OF SELFDISCOVERY 段自我发现之旅

96 90

Australia is an ideal partner for China-based insurance professionals looking for cross-border learning, as it is the originator of best practice risk management standards, Anna Game-Lopata reports.

Smart companies will develop genuine one-on-one relationships with consumers, delivering on their unique needs across entire marketplaces.

And it will all be due to data analytics. 有大智慧的公司会与消费者建立真正一 对一的关系，籍此成为整个市场上能够 满足他们独特需求的企业。这一切都要 归功于数据分析。

68 PRIVATE EQUITY – THE NEXT PHASE 私募股权投资 —— 下一阶段 According to a recent report from Siguler Guff & Company, LP, investors can prosper in China’s new

92

根据尚高资本近期发布的一份报告，中 国新的私募股权投资环境很适合广大 投资者进场——只要他们能够适应中国 不断变化的格局以及他们很可能要面 对的一系列新风险。

76 FRUITFUL RELATIONSHIP 硕果累累的关系 The appetite for imported wines in China is fervent and Australian wines feature very strongly, with doubledigit growth. Brown Brothers has been at the forefront of the market for more than 15 years. 进口葡萄酒在中国掀起狂潮，澳大利亚 葡萄酒势不可挡，在中国市场上实现了 两位数的增长。澳洲布琅兄弟酒庄十五 年来一直都是这一领域的领头羊。

84 EXPAT LIFE 生活在别处

Globalisation has made it inevitable for China and Australia to welcome each other’s expats, who are assumed to command enviable benefits not ordinarily provided in their country of origin. Nicole van Cuylenburg explores what it’s like for both parties. 全球化令中国和澳大利亚不可避免地 迎来了各自的外派人员；他们亦被认为 坐享那些国内鲜少提供、令人称羡的福 利。妮可·范·考伦堡向我们介绍了些 外派人员在两国的情况。

94 8 | HI GHER VIEW BUSINE S S

private equity environment as long as they adapt to the changing landscape and the new set of risks and challenges they may well face.

商道

CONTRIBUTORS

第九期 Issue 09

投稿人

2.

1.

3.

4.

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. NICOLE VAN CUYLENBURG

at Siguler Guff. He is actively involved in operational and financial processes for the firm’s emerging markets funds.

Prior to joining Siguler Guff in 2012, Ging was a Senior Research Analytics Associate at Cambridge Associates LLC, an independent financial consulting firm, where he researched and analysed various private equity managers, strategies and markets.

Ging holds a B.A. in Mathematics from Providence College.

妮可·范·考伦堡

A digital communications specialist who has produced content for editorial, web, social media, PR and more, Nicole has revelled in the written word since childhood.

In more recent years, she has lived the expat life in the Philippines and Qatar, and has travelled extensively to destinations including New York, LA, Istanbul, Oman, Amsterdam, Paris, Japan, Cambodia and India.

约翰·宁是尚高资本的业务专员。他目

at Siguler Guff. He is the portfolio manager of the firm’s emerging markets multi-manager funds and separate accounts, and a member of the Investment Committees for the firm’s BRIC Opportunities Funds.

He has extensive experience in international private equity. Prior to joining Siguler Guff in 2012, Ralph worked at Cambridge Associates LLC, an independent financial consulting firm, where he co-led international research efforts.

妮可·范·考伦堡是数字通信专家，为

前积极投身于尚高资本新兴市场基金的

拉尔夫·杰格是尚高资本常务董事，

社论专栏、网络、社交媒体、公共关系等

运营和财务事务。在2012年加入尚高资

是该公司新兴市场多管理人基金与专用

撰稿。她从小就在文字上体现出浓厚的

本之前，高德翰在剑桥联合咨询公司（一

账户的投资组合经理，以及公司金砖四

兴趣。近年来，Nicole旅居菲律宾和卡

家独立的财务咨询公司）担任高级研究

国机遇基金投资委员会成员。凭借其在

塔尔。她游历广泛，到过许多地方，包括

分析师，主要工作是研究与分析各种私

国际私募股权投资领域的丰富经验，杰

纽约、洛杉矶、伊斯坦布尔、阿曼、阿姆

募基金、战略和市场。宁先生拥有普洛威

格先生负责公司新兴市场投资的投资组

斯特丹、巴黎、日本、柬埔寨和印度等。

顿斯学院的数字专业学士学位。

合建立、采购、分析和监控。2 012年加

2. WAI-YEE CHEN

4. DARRYL JUDD

独立的金融咨询公司——剑桥联合咨询

陈惠仪

达里·贾德

公司，担任公司国际研究团队领导。

Wai-Yee Chen is an investment author and a Derivatives Specialist Adviser with almost two decades of investment experience. She is a qualified CPA and holds an Accounting degree and a Masters of Applied Finance. Wai-Yee is a trusted adviser to Australian and international clients and a well-respected contributor for the Australian Financial Review and other business media.

Darryl is currently COO, Logistics Executive Group. in 2015, he was named one of the “Top 50 influential individuals in Asia’s Supply Chain, Manufacturing & Logistics industry” in SCM World’s prestigious SCM Thought Leader publication. With 28 years of executive leadership and consulting experience, his expertise lies in the link between supply chain best practice and human capital management.

入尚高资本以前，杰格先生任职于一家

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

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

与我们联系。

10 | HIGHER VIEW BUSIN E S S

陈惠仪是 衍生工具投资的撰 稿人及

达里·贾德现为Logistics Executive

专家顾问, 有二十多年的投资经验，她经

集团首席运营官（COO）。2015年，他

常受邀参加电台、电视及网络栏目介绍

被SCM世界著名刊物《SCM思想领导

其投资观点，分享经验。陈惠仪有注册

者》任命为“亚洲供应链、制造和物流

会计师资格并拥有会计学士学位及应用

业最具影响力人物50强”之一。达里有

金融学硕士学位，她也是《澳大利亚金

着28年的行政领导和顾问经验，其专业

融评论报》及其它商业媒体备受尊敬的

知识领域包括经营战略与供应链最佳做

撰稿人和专栏作家。

法以及人力资本管理。

3. JOHN GING

5. RALPH JAEGER

约翰·宁

拉尔夫·杰格

John Ging is an Operations Associate

Ralph Jaeger is a Managing Director

商道

6. ANNA GAME-LOPATA 安娜·格姆罗帕塔

Anna Game-Lopata is the Editor of Higher View Business. With nearly 30 years of experience, her career spans talk radio, ABC TV, editing trade magazines and digital content writing.

Anna cut her publishing teeth in logistics and supply chain management, becoming a wellrespected advocate in the Australian space. Along with invitations to MC and cover industry conferences, her articles were published in a book, Dynamic Supply Chain Alignment, by global thought leader Dr John Gattorna. Her professional writing credentials also cover finance, agriculture, property, insurance and anything else she puts her mind to. 安娜·格姆罗帕塔是《商道》杂志的 编辑。拥有近30年丰富经验的安娜曾经

CONTRIBUTORS

投稿人

5.

6.

7.

8.

Higher View Business 商道 Issue 09 Strategic Advisor 战略顾问

Jingmin Qian

Editor 编辑

Anna Game-Lopata

Staff Writers 特约撰稿人 Constantina Pilatos

Design 设计 Millie Jia

从事过电台节目主持、澳大利亚广播公 司电视主持、贸易杂志编辑以及数字内 容作者等工作岗位，之后尝试进军物流 和供应链管理出版界，成为一位倍受尊 重的澳大利亚倡导者。除了应邀请参加 MC以及报道各种行业会议之外，她的

with the responsibility of growing the bank’s footprint and supporting Westpac’s customers in Asia. In 2014, Bala’s role was expanded to cover Westpac’s Europe and North American operations.

融服务和媒体。他也是澳大利亚领先的 数据与分析公司Quantium的顾问以及 NRMA的董事，在若干高增长型创新公 司均有权益。蒂姆曾与全球领先的企业 合 作 ，包 括 澳 洲 出 版 广 播 有 限 公 司 （PBL）、时代华纳和微软公司等。

文章被全球思想领袖John Gattorna

巴拉吉 ∙ 斯莞米娜莎是西太平洋银行

博士整理出书，取名为《动态供应链联

国际业务总裁 —— 全权 负 责 银 行在 亚

10. ALLY ZHANG

盟》。她的专业文章亦涵盖了金融、农

洲、欧洲和美洲的业务。他于2012年加

张爱玲

业、地产、保险以及她所专注的其它各

入西太平洋银行任亚洲区总裁，负责银

种领域。

行在亚洲的业务发展和客户支持。2014

Ally Zhang is a Managing Director at Siguler Guff and head of the firm’s Shanghai office. She is a member of the Investment Committees for the BRIC Opportunities Funds and oversees the firm’s investment activities in China. Ally has direct investment experience, extensive knowledge of the consumer industry and established relationships with fund managers, entrepreneurs, industry experts, local intermediaries and government officials within China’s investment community.

年，巴拉吉的职责扩大，负责拓展西太

7. ANDREA MYLES

平洋银行在欧洲和北美的业务。

安德烈·米斯特

Driven by her passion and a slight frustration with the transactional nature of the Australia-China relationship, Andrea Myles co-founded the China Australia Millennial Project (CAMP) to connect leading talent in both nations via this world-first, cross-cultural leadership programme. She has lived in China for more than five years, has working Mandarin and holds two bilingual Masters degrees. In 2014, Andrea was named one of Australia’s 100 Most Influential Women.

9. TIM TRUMPER 蒂姆 ∙ 川布尔

Tim is an experienced CEO, Advisor and Non-Executive Director in high-performance global and Australian companies spanning: Big Data, Internet, Digital Transformation, Automotive, E-commerce, Financial Services and Media. He is an Advisor to Quantium, Australia’s leading data and analytics company, a Director of the NRMA and holds interests in several high growth innovative companies.

张爱玲是尚高资本常务董事以及公司 上海办事处负责人。她也是金砖四国机 遇基金（BRIC Opportunities Fund） 投资委员会成员，负责公司在中国投资 活动的监督运营。张女士拥有直接投资

出于对澳中关系的热情以及其中不尽人

蒂姆 ∙ 川布尔是全球及澳大利亚一系

的经验和中国及亚洲消费型行业的广博

意之处的些许遗憾，安德烈·米斯特合

列高绩效企业经验丰富的CEO，顾问和

知识。并与中国投资界的基金管理人、

伙创立了“中澳千禧计划” （CAMP），

非执行董事，专业领域包括：大数据、因

创业者、行业专家、当地仲裁机构以及

通过这一世界一流的双边创新和跨文化

特网、数字化转型、汽车、电子商务、金

政府官员等有着良好的关系。

领 导 项目，将 两 国 的 领 导人 才 联 系 起 来。她曾在中国生活超 过五年，会说日 常 普 通 话 ，并 拥 有 两 项 双 语 硕 士 学 位。2 014年，安德烈被评为“澳大利亚 100位最具影响力的女性”之一。

8. BALAJI (BALA) SWAMINATHAN

9.

10.

Illustrations 插图

Gregory Baldwin @ The Illustration Room,

Sub Editor 副编辑 Greg Barton

Advertising 广告

Max La-Brooy +61 2 8188 3664 max@citrusmedia.com.au Crystal Wong +61 2 8188 3662 crystal@citrusmedia.com.au

Production Manager 生产经理 Ian Scott

Financial Controller 财务总监 Stuart Harle

Publisher 出版者

Jim Flynn +61 2 8188 3671 jim@citrusmedia.com.au Translation by Jack Chen (陈晓杰).

Printed by Megacolour.

Distributed by Gordon & Gotch.

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. © 2017 Citrus Media. All rights reserved. No article or images may be reproduced wholly or in part without prior written permission from the publisher. While every care was taken during the preparation of this magazine, Citrus Media cannot be held responsible for the accuracy of the information or any consequence arising from it.

All views and opinions expressed herein are the personal views of the writer/photographer/illustrator and do not necessarily reflect the views or opinions of China Eastern Airlines or CCCA. Higher View Business is an independent publication and is in no way endorsed by China Eastern Airlines.

巴拉吉 ∙ 斯莞米娜莎

Bala is President for Westpac’s International businesses – with overall responsibility for its businesses in Asia, Europe and the Americas. He joined Westpac as the President for Asia in 2012

商道

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

VIEWPOINT

VIEWPOINT 视点

视点

NEWS, INSIGHTS, GLOBAL THINKING

INSIGHT 洞察

PORT ADELAIDE’S IDEA OF BRINGING AFL TO CHINA PAYS OFF

阿德莱德港口队将澳式橄榄球联 盟赛事带到中国的点子大获成功

By Angus Grigg 作者：安格斯 ∙ 格里格 Australia’s Port Adelaide Football Club (Port) has attracted $4 million and 12 new partners to the club, and created a vehicle for greater bilateral engagement.

Chief executive Keith Thomas and his chairman David Koch have championed the idea of “sports diplomacy” and using Port as a vehicle to build a better relationship between the two countries. Their starting point was how to grow the club. Realising they couldn’t compete for sponsorship dollars with their more fancied rivals like Collingwood or West Coast in the crowded Australian market, Port looked overseas and quickly realised China was the obvious place to go.

They then positioned the club as a conduit for Chinese companies wanting to improve their community standing in Australia, and for Australian companies going the other way.

In a bilateral trade relationship worth $137 billion, Port was able to ensure the Shanghai game breaks even in its first year. 澳大利亚的阿德莱德港澳式橄榄球俱乐部（“港口队”）刚刚获得了 400万美元的赞助并引进了12家新的合作伙伴，为中澳两国更进一步 的双边往来打造出一项全新的媒介。 总裁Keith Thomas以及董事长David Koch一直以来都是“体育 外交”概念的忠实拥趸，并利用“港口队”为契机来帮助中澳两国之间 建立更为紧密的关系；他们的出发点就是如何扩大俱乐部。 在意 识 到在 澳 大利亚本土赞助市场上无法与科 林伍德 队 （Collingwood）或者西海岸队（West Coast）等劲敌分庭抗礼之后， 港口队把目光瞄向海外，并迅速意识到中国是其首选目标。 于是，他们将球队定位为一个可帮助中国企业改善在澳社会形象 （以及帮助澳大利亚改善在华社会形象）的媒介。 中澳两国去年的双边贸易总额已达到1370亿美元，这就是为何港 口队能通过在上海举办赛事在第一年就能确保实现收支平衡。

12 | HIGHER VIEW BUSIN E S S

商道

VIEWPOINT

视点

NEWS BRIEFS 新讯妙闻

INDUSTRIAL OUTPUT ROBUST IN CHINA 中国工业产出稳健发展 National Development and Reform Commission (NDRC) Vice Chairman Ning Jizhe has released China’s industrial output for January and February 2017.

According to the approximations, which Ning said were in line with expectations, industrial output grew more than six per cent in the period.

The unemployment rate in 31 major cities was about five per cent.

Ning added that fixed asset investment growth kept pace with the final few months of last year and that economic growth still mainly relies on domestic demand. 国家发展和改革委员会（NDRC）宁吉喆副主任公布了 2017年一、二月份中国工业产值。 根据近似值来看，宁吉喆副主任所言与预期一致，在此期 间中国的工业产值增长超过6%。 31个主要城市失业率约为5%。 宁吉喆副主任还表示，固定资产投资的增长与去年最后几 个月相当，经济增长仍然主要依赖内需。

GRADUATES TARGETED TO TEACH ENGLISH 澳毕业生投身英语教育 Unemployed graduates in Queensland are being targeted by the China Recruitment Group to work in China teaching English in kindergartens, schools, colleges and universities.

China Recruitment is currently registering anyone with Certificate IV Teaching English as a Foreign Language (TEFL), Teaching English to Speakers of Other Languages (TESOL) or a Certificate in English Language Teaching to Adults (CELTA).

Any university bachelor degree is also acceptable and graduates will have all expenses paid so they can start teaching in China when the school term there opens on September 1, 2017.

EATING IS CHINA’S FAVOURITE PASTIME 中国的“民以食为天”

昆士兰州未就业毕业生成为中 国 招 聘 集 团（ C h i n a Recruitment Group）在中国幼 儿园、中小学及高等院校执教英语 的目标。 中 国 招 聘 （ C h i n a Recruitment）正在为TEFL（英语 作为外语教学）、TESOL（英语作 为 第 二 外 语 教 学 ）四 级 证 书 或 CELTA（剑桥大学成年人英语语言 教学）证书持有人进行登记。 各大学学士学位也可接受，毕业 生所有相关费用均予报销，2017年 9月1日新学期开始在中国任教。

A new report finds in 2016 China’s 1.37 billion population spent 3.5 trillion yuan ($507 billion) dining out in restaurants.

The research, from Beijing-based Dianping and Meituan, which offers food-ordering and delivery services, also revealed China’s favourite food is hot pot, which had 22 per cent of the restaurant market share.

World Bank figures show the total amount China spent eating out last year was greater than the gross domestic product of a number of countries, including Sweden and Norway. 一项新的报告发现2016年中国13.7亿人饭店用餐花费达 35000亿元（5070亿美元）。 该研究数据来源于中国提供点餐和送餐服务的大众点评 网与美团网。研究显示中国最受欢迎的餐食为火锅，在饭店 市场占有率达22%。 世界银行数据显示，去年中国人外出用餐花费总额超过 许多国家的国内生产总值（GDP），包括瑞典和挪威。

14 | HIGHER VIEW BUSIN E S S

商道

VIEWPOINT

视点

NEW SPECIES OF DINOSAUR DISCOVERED IN CHINA 中国发现新物种恐龙 A new species of dinosaur has been formally identified more than 25 years after it was originally found in Henan, China.

Named Beibeilong sinensis, which translates to “baby dragon from China”, the fossilised infant dinosaur was originally discovered in 1992 and is said to be over 90-million-years-old.

Experts were originally unable to pinpoint a specific species but it has now been described in the journal Nature Communications as a giant bird-like dinosaur that laid eggs.

The adult would have weighed more than 1,000kg, according to the journal.

中国河南发现的新 物种恐龙历 经25年之后正式确认。 该幼龙化石被命名为“中华贝贝 龙” （Beibeilong sinensis），最 初发现于1992年，据考有90 0 0多 万年的历史。 起初专家无法精准确认其具 体 种类，但 是目前这种巨型鸟类 一样的产卵恐龙已刊登于国际顶 级学术期刊《自然通讯》。 据期刊所载，这种恐龙成年重量 超过1000千克。

CHINA HOSTS LEADERS TO DISCUSS OBOR 多国领导齐聚北京， 共商“一带一路” China hosted 29 heads of government and dozens more ministers and officials at a two-day summit in Beijing to showcase President Xi Jinping’s One Belt One Road (OBOR) initiative.

Nearly 70 countries and international organisations have signed up for the mega-infrastructure project that aims to build a network of trade routes to connect Asia, Africa, the Middle East and Europe.

Opening the summit, Xi pledged $124 billion in funding toward the initiative.

China has already signed contracts worth $US926 billion for OBOR projects with more than 60 countries, including a port in Sri Lanka and a high-speed rail link between Singapore and Kunming in China’s southwest.

Australian Trade Minister Steven Ciobo was receptive to exploring commercial opportunities of OBOR but said any decisions would remain incumbent on national interest.

COAL-FIRED POWER PLANTS TO BE CUT 燃煤发电厂告一段落 The official China Securities Journal has reported that the country will suspend approvals for new coal-fired power plants in 29 provinces with the aim of reducing overcapacity and pollution.

As many as 25 provinces have been put on “red alert” by the National Energy Administration (NEA) while another four regions were put on “orange alert”.

NEA data shows average utilisation rates at China’s predominantly coal-fired thermal power plants fell 4.6 per cent last year, while capacity rose 5.3 per cent to 1,054 GW. Utilisation rates had dipped further in some regions in the first quarter of 2017.

据 中 国 官 方 证 券 报 报 道 ，为 减 少 产 能 过 剩 和 污 染 ，中 国 将 暂停批准全国29个省份新建燃煤 发电厂。 国家能源局预警煤电风险，25 省“亮红灯”上榜，其它四省风险 预警结果为橙色。 国家能源局数据显示，去年中国 主要燃 煤火力发电厂平均利用率 下降4.6%，而产能上升5.3%达到 1054吉瓦（GW）。 2017年第一季度某些地区利用 率甚至更低。

商道

29国元首和政府首脑以及众多部长官员齐聚北京，参 加为期两天的峰会活动，共同展示习近平主席的“一带一 路” （OBOR）倡议成果。 近70个国家和国际组织签署了大型基础设施项目合作 协议，旨在建立连接亚洲、非洲、中东和欧洲的贸易路线 网络。 峰会发言中，习近平主席承诺为“一带一路”投入1240 亿美元资金支持。 中国已经就“一带一路”项目与60多个国家签署协定， 合同价值达9260亿美元，包括斯里兰卡港口以及新加坡 与中国西南部城市昆明之间的高速铁路项目。 澳大利亚贸易部长Steven Ciobo 乐于探索“一带一 路”的商业机会，但表示任何决定均应以国家利益为前 提定夺。 H I G H E R V I EW B USINESS | 15

VIEWPOINT

视点

Chinese investors contributed to the majority of foreign investment approvals for the 2016 financial year, with plans to invest $47.3 billion in Australia.

The latest Foreign Investment Review Board annual report shows the investment is mainly in real estate, mostly in residential development assets.

The figure is similar to the previous year when $46.6 billion in approvals was awarded to Chinese investors.

While this puts China far ahead of the second-biggest foreign investor, the US, which has had $31 billion in investments approved, the US still owns four times more Australian assets than China does.

CHINA TOPS AUSTRALIA’S FOREIGN INVESTMENT LIST 中国位居澳大利亚外国投资榜首

得益于2016财年的大量外国投资批准，中国在澳投资计 划达473亿澳元。 外国投资审查委员会最新年报显示，中国对澳投资主要 在房地产领域，大多为住宅开发资产。 该数据与上年度中国投资者获批项目金额（466亿澳元） 相当。 中国因此远远领先于第二大境外投资者美国（获批投资 额为310亿澳元），而美国拥有的澳大利亚资产仍是中国四 倍以上。

CHINA PLANS TO MINE ASTEROIDS 中国计划小行星采矿 China has unveiled plans to build a base on an asteroid “in the near future”, with the intention of aiding interstellar travel and mining precious metals potentially worth trillions of dollars.

The designer of the Chinese Lunar Exploration Program, chief commander Ye Peijian, reveals that an unmanned craft could potentially be landed on an asteroid where metals like palladium, platinum and others used in items such as smartphones and cars could be mined.

China Daily reports that Peijian says the program aims to study ways to send robots or astronauts to mine suitable asteroids and transport the resources back to Earth in the near future.

Earlier this year, Peijian said that China could conduct one exploration mission between 2020 and 2025, though no further details, such as the exact date or the asteroid, are known. 中 国 透 露 计 划 将 于“ 近 期 ”在 一 颗 小 行 星 上 建 立 基地以支持星际航行和贵金属勘探（价值获高达数万亿 美元）。 中国探月工程总设计师兼总指挥叶培建透露，无人驾 驶飞行器可能登陆某个小行星，开采钯、铂及其它用于智 能手机和汽车上的稀有金属。 《中国日报》报道说，叶培建表示该计划旨在研究方 法，在不久的将来，把机器人或航天员送到合适的小行星 从事开采工作，并把矿产带回地球。 今年年初，叶培建表示，中国可能在2020年至2025年 之间进行一次类似的探索任务——确切日期和小行星具 体详情尚未可知。 16 | HIGHER VIEW BUSIN E S S

AUSTRALIAN VINTAGE JOINT VENTURE 澳大利亚佳酿有限公司合资合作 A share placement has raised $16.5 million in Vintage China Fund, a new venture between Australian Vintage, which sells wine brands including McGuigan, Nepenthe and Tempus Two, and the entrepreneurs behind China’s biggest online wine retailer Vintage China Fund director Jiang Yuan will become a director at Australian Vintage, aiming to boost its distribution clout in China.

Total Australian wine sales to China in 2016 jumped 40 per cent to $520 million, and export sales to China from all wine producers in Australia were up 43 per cent to the end of March, according to official figures from Wine Australia show. 商道

佳酿中国基金将购入澳大利亚 佳酿有限公司价值1650万澳元的 股份。 佳酿中国基金董事袁疆将同时 出任澳大利亚佳酿有限公司董 事。此举旨在提升佳酿葡萄酒在 中国市场的影响力。 2016年，澳洲出口中国的葡萄 酒销售额激增40%，达到5.2亿澳 元。澳大利亚葡萄酒局（Wine Australia）官方数据显示，今年 澳大利亚所有葡萄酒生产商出口 中国的销售额增长势头不减，截 至3月底，已上涨43%。

VIEWPOINT

视点

BANK PLEDGES NEUTRAL POLICY 银行承诺中性政策

MARGARET RIVER WINEMAKERS LOOK TO CHINA 玛格丽特河酿酒商看好中国 China is now the biggest export destination 中国现已成为澳 大利亚最大的 for Australian wine, and Margaret River 葡 萄 酒出口目的地，玛 格丽特 河 winemakers are hopeful for their future. （Margaret River）的酿酒商对未 Aiming to tap a market tipped to grow to 来踌躇满志。 35 million consumers within five years, the 为进入五年内消费者数目可达350 14 winemakers, ranging from some of the 万的庞大市场，来自澳洲不同区域的 region’s smallest to biggest, are stocking their 14家酿酒商将自己的产品投向中国 product in four stores branded “Margaret 的4家“玛格丽特河酒庄”店出售。 River Wines” in China. 酿酒商们计划在今年年底以前 The winemakers plans to open another six by 另外开设6家玛格丽特河酒庄店， year’s end, and up to 300 within three years. 未来三年则将增加到300家。

CHINESE SCHOOLKIDS MOVE AUTHOR TO TEARS 中国学童令澳洲作家感动落泪 Indigenous Australian author Bronwyn Bancroft was moved to tears by the enthusiastic response from Chinese school children during a recent visit to Beijing.

The Mandarin translation of Big Rain Coming, one of 30 children’s books Bancroft has created, was launched recently as part of Australian Writers’ Week in China.

The children gasped at the photographs of animals and spontaneous clapping thundered in the Fangcaodi school hall when paintings of life as a Bundjalong woman were projected onto the big screen.

Last year, China became the top overseas market for Australian book rights deals, beating Britain and the United States based on the number of deals signed.

澳大利亚原住民作家布朗温·班 克罗夫特（Bronwyn Bancroft ） 在近期访问北京时，面对中国学童 的热情响应，感动落泪。 最 近，作为“澳 大利亚作家周” 活动的一部分，班克罗夫特创作的 3 0 本儿 童 读 物之一《 下大雨了》 （Big Rain Coming）中文译本在 中国面世。 当班克罗夫特所描述的邦加隆 （澳大利亚原住民）女人生活画面投 射到大屏幕上时，孩子们看着画中 的动物，忍不住发出了惊呼，芳草地 小学礼堂里爆发出雷鸣般的掌声。 按成交数量来看，去年中国击败 英国和美国，成为澳大利亚图书版 权交易的最大海外市场。 商道

China’s central bank says it will maintain a prudent and neutral monetary policy and keep liquidity basically stable, reinforcing its intent to dampen speculative investment while keeping the economy adequately funded.

The People’s Bank of China said it will also strengthen oversight to prevent risks in shadow banking, including asset management products, according to its firstquarter monetary policy implementation report.

The PBOC also said it will continue to push for deleveraging to fend off financial risks, but with appropriate “speed and rhythm” to stabilise market expectations. 中国央行表示将保持稳健中性的货币政策，维护其流 动性基本稳定，在实现经济充分运作的同时，加强对投 机投资的限制。 中国人民银行表示也将加强监督，根据其一季度中国 货币政策执行报告防控资产管理产品等影子银行风险。 中国人民银行还表示将继续争取去杠杆化以规避金融 风险，但是将遵循适当的“速度和节奏”以稳定市场预期。

QIXING ENERGY BUILDS TITANIC REPLICA 七星能源复原泰坦尼克号 China’s Sichuan Province-based Romandisea resort is building the first full-size replica of the Titanic to allow tourists to relive the ill-fated ship’s maiden voyage, right down to a simulated crash.

Measuring nearly 883 feet long by 93 feet wide, the $160 million project is the centrepiece of The Unsinkable Titanic theme park and sits on the bank of the Qijiang River.

The ship contains a ballroom, observation deck and first-class cabins, all fitted with historically accurate fixtures.

Qixing Energy Group spent years purchasing the Titanic’s blueprints and hired Hollywood production designer Curtis Schnell to accurately reproduce it. 位于中国四川省的“浪漫地中海”—— 七星国际文化 旅游度假区将建造复原全球首个1：1原型的泰坦尼克号， 向游客重现“永不沉没”的泰坦尼克号处女航并模拟其 撞击冰山而沉没。 新邮轮883英尺长，93英尺宽，耗资1.6亿美元，是“永 不沉没的泰坦尼克号”主题游乐园的中心项目，停靠在四 川省大英县郪江岸边。 邮轮包括宴会厅、观景台和头等舱等，全部按照历史 场景精准重现。厨房服务也按照欧洲旅客喜好提供。 七星能源投资集团耗时数年购置泰坦尼克号图纸残 本，并聘请好莱坞制作设计师Curtis Schnell 精准复制 泰坦尼克号。邮轮于去年12月开始建造。 H I G H E R V I EW B U SINE SS | 17

VIEWPOINT

视点

INSIGHT 洞察

CHINESE INVESTORS IN AGRIBUSINESS TOLD TO WIN A SOCIAL LICENCE OR RISK REJECTION BY RURAL COMMUNITIES 中国农业投资者被告知需赢得社会许可， 否则项目将可能被当地社区否决

By Sarina Locke – ABC Rural 作者：萨莉娜·洛克 ─ ABC Rural

A global public affairs firm has told Chinese investors there is no office that awards a social licence to buy Australian farms, so they will need to win over rural communities.

Alistair Nicholas of Powell Tate said Australia needed foreign investment in agriculture, but there was growing animosity from the Australian public.

“The past year has proved tumultuous for Chinese investments into Australia,” Mr Nicholas said in the report.

He delivered the report at a conference in Beijing on outward investing.

He was referring to the Federal Government’s rejection of two bids for the Kidman and Co cattle empire, and NSW Ausgrid power distribution.

There have also been failed bids to expand dairy production.

He said the public “seemed concerned about poorly conceived and executed approaches to investment in Australia by Chinese parties”.

According to the recent KPMG, University of Sydney study Demystifying Chinese Investment report, a record 12 Australian agribusinesses have sold to Chinese interests, totalling $1.2 billion in the past 12 months. It is a jump of 60 per cent in a year.

Mr Nicholas of Powell Tate said Chinese foreign investment was still dwarfed by US and European companies.

18 | HIGH ER VIEW BUSIN E S S

商道

一

家全球事务企业已告知中国投资者：没 有任何一家机构负责发放购买澳大利 亚农场所需的“社会许可执照”，因此 中国投资者需自己争取当地农业社区的支持。 来自Powell Tate的Alistair Nicholas表示：澳 大利亚农业亟需外国投资，但澳大利亚民众的不 满声浪日益增加。 Nicholas先生在报告当中指出： “对于中国投 资者而言，去年是充满动荡的一年。” 他在北京的一场对外投资会议上发布了该报告。 他专门提到了被澳大利亚联邦政府所否决的 Kidman & Co牧场以及新南威尔士州Ausgrid配 电公司的两项并购案。 一些旨在扩大乳品生产的并购案亦以失败告终。 他指出： “来自中国的投资无论在规划还是执 行方面都有欠考虑，令澳大利亚民众深为不满。” 根据毕马威与悉尼大学近期发布的一份名为 《解密中国在澳大利亚的投资》的报告，在过去 的12个月期间，已有12家澳大利亚农务企业被卖 给中国投资者，总价值达到12亿美元，同比增长 了60%。 来自Powell Tate的Nicholas先生表示：中国 开展的对外投资依然远逊于美国和欧洲企业。

VIEWPOINT

视点

A LESSON IN WHAT NOT TO DO Mr Nicholas said many experts in foreign investment pointed to Ningbo Dairy Group – a company that met big opposition to establish an intensive 1,000-head dairy in a barn, and build a bottling plant at the picturesque Kernot in South Gippsland.

“The group had won their foreign investment review board approval (and invested in five dairy farms).

“They seemed [unaware of Australian sensitivities]; talking about expanding the herd size and bringing in Chinese agricultural practices, and then they started making statements about bringing in Chinese workers,” Mr Nicholas said.

“The group’s efforts were not helped by ham-fisted media interviews given by its executives prior to the council vote.”

He said the Ningbo executives were critical of Australian labour practices and costs of labour, and of Australian farm practices without understanding how they work and why, the whole concept of “stewardship of the land”.

NEED TO BECOME PART OF COMMUNITY Mr Nicholas said Chinese investors “need to demonstrate they bring more than just money to the table”.

He highlighted successes like Moon Lake buying VDL dairy in Tasmania, and New Hope co-investing family dairies in NSW, and Shandong Ruyi buying Cubbie Station, the cotton irrigation property in Queensland.

“What I’m trying to tell them is that this is really about engaging and becoming part of Australian society and community, (keeping local management), not just about coming in with big plans.”

Chinese investors need to demonstrate they bring more than just money to the table. 了解禁忌的一堂课 Nicholas先生指出许多外国投资专家都援引 了宁波牛奶集团的例子；这家企业计划在南吉普 斯兰风景如画的科诺特建造畜棚来饲育1000头 奶牛，以及一座牛奶装瓶工厂，但受到强烈反对。 “这家集团获得了外国投资审查委员会的批准 （并投资了五个奶牛场）。” Nicholas先生表示： “他们似乎[对澳大利亚人 的敏感性一无所知]，大肆宣称要扩大牛群规模 并引进中国的农业做法，然后又开始宣布要引进 中国劳工。” “当地议会投票之前，该集团的高管在应对 媒体采访时发布的一些口不择言的说法更于事 无补。” 他表示宁波牛奶集团的高管在对澳洲农场运 营做法的深层原因缺乏了解，及对本地农民作 为“土地监护者”理念一无所知的情况下， 就急 于对本地劳工规则、人力成本以及农场运营方法 提出批评意见。 成为当地社区的一份子 Nicholas先生指出中国投资者“亟需证明他们 带来的不光只是桌子上的钱。” 他亦强调了月亮湖公司收购塔斯马尼亚州VDL 乳业、新希望集团共同投资新南威尔士州家族牧 场、山东如意科技集团收购昆士兰州棉花灌溉项 目库比棉场等等一系列的成功案例。 “我想表达的是，投资的要义就是要成为澳大 利亚社群的一份子， （雇佣属地管理人员），而不 只是带着宏伟计划上门。” 商道

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

VIEWPOINT

视点

作 THE MEANING INSIGHT 洞察

OF INNOVATION 创新之新意

By Andrea Mylest 作者：安德烈·米斯特

The China Australia Millennial Project (CAMP) is a mega-accelerator developing 100 budding entrepreneurs over a 100-day online and offline programme each year.

Its jam-packed itinerary locates dynamic young Australian and Chinese delegates across both nations and equips them with the skills they need to navigate Australia’s most important economic relationship – that with China – and a world of new possibilities.

As CAMP CEO, I’m proud of the programme I co-founded with four other women in 2015.

I believe it’s time for fresh, diverse voices. Through empowering the flourishing young talent pool in Australia and China, CAMP fosters innovation and future leadership by creating a space for brilliance.

Rather than asking “Who will be the next Jack Ma? Who will be the next Mark Zuckerberg?”, I believe we should be asking “What if Mark met Jack when they were 20 and that day was today? What would they create?”

This is where we will see innovation in action, with the making of mega-unicorns created across borders for a connected millennial audience.

CAMP has big goals. We’re seeking to accelerate 100,000 millennials through the programme by 2025 and shift the number of Australian SMEs engaging with China from less than ten per cent to 30 per cent in that time.

LIKE-MINDED PARTNERS I make it my mission to appeal to progressive organisations who prioritise innovation.

Our partners are actively involved in the delivery of CAMP as delegates undertake the programme focused on innovation, entrepreneurship and cross-cultural leadership.

Delegates look at current and emerging global challenges or trends that impact both countries, such as e-commerce, media, tourism, agribusiness, climate change, education, sustainable resilient cities and a host of others, under the tutelage of Ernst & Young Global Ltd (EY) mentors and industry experts.

EY lead partner Gerald Marion says the way entrepreneurs inspire others with their vision, leadership and achievements is a key reason for his company’s involvement in CAMP. Entrepreneurs demonstrate an extraordinary determination, passion

20 | H IGH ER VIEW BUSIN E S S

商道

为超级加速器的中澳千禧计划 （CAMP）每年通过一个为期100天的 线上+线下项目来帮助100位初出茅庐 的创业者。 满满的日程安排将充满活力的澳中青年代表 汇聚一堂，并向他们提供在澳大利亚最重要经济 关系（亦即中澳关系）中探索前进所需的技能，以 及一个充满新的可能性的世界。 我于2015年与其它四位女性共同发起了这个项 目。作为中澳千禧计划的首席执行官，我对这个 项目深为自豪。 现在是时候倾听各种全新和不同的声音了。通 过提升澳大利亚和中国青年才俊的能力，中澳千 禧计划潜心打造一个卓越平台，籍此来推动创新 并培养未来的领军人物。 我们没有问“谁将是下一个马云？谁将成为下 一个扎克伯格？”这样的问题。我相信我们应当 问的问题是：如果20岁的扎克伯格遇到20岁的马 云，而且双方见面之日正是今天，两人会碰撞出 怎样的火花？他们又能够创造出哪些新奇的事 物？ 这样的时刻恰恰正是创新的诞生之机：通过将 千禧一代人紧密联系在一起，我们正在打造一个 跨越国界的“超级独角兽”。 中澳千禧计划已提出宏伟目标。我们计划在 2025年前通过该项目帮助10万名”零零后一代”， 并将进军中国市场的澳大利亚中小企业数量从目 前的不到10%增加至届时的30%。 志同道合的合作伙伴 我把吸引那些将创新视为第一要务、不断进取 的公司来参与这个计划视为自己的使命。 我们的合作伙伴们以代表身份积极参与和实 施这个专注于创新、创业以及跨文化领导力的中 澳千禧计划。 在安永全球有限公司导师和行业专家的指导之 下，代表们将着眼于那些影响两个国家的现有及 新兴的各种全球挑战或者趋势，包括电子商务、 媒体、旅游、农业经营、气候变化、教育、可持续 弹性城市等等。 安永首席合伙人Gerald Marion表示：创业者 利用其愿景、领导力和成就来鼓舞他人的方式是 安永选择参加中澳千禧计划的重要原因。 “创业者们表现出非凡的决心、热情和动力， 令他们在他人早已放弃之时仍能继续前行；正因 为如此，他们在推动经济和社会进步以及多元化 发展方面扮演着举足轻重的角色。” “创业者们创造新的就业机会、带动经济增长 并推动创新发展。” 上海：创新速度 在中国东方航空公司的支持下，代表们在项目 期间进行了两次会晤——上海（三月份）和悉尼 （六月份）各为期一周 (与悉尼知名的缤纷灯光音 乐艺术节同期)。 今年，代表们领略了中国的强大创新能力，并 参观了火箭发射台、XNode等各种共用工作空间 和创业空间，以及科技巨头暨中澳千禧计划赞助

VIEWPOINT

视点

and drive that keeps them going when others might give up – and because of this, they play a crucial role in supporting and diversifying our economy and communities.

Entrepreneurs create new jobs, fuel growth and drive innovation.

SHANGHAI: THE SPEED OF INNOVATION With the support of China Eastern Airlines, delegates met face-to-face twice during the programme, for a week each in Shanghai in March and Sydney in June, coinciding with the city’s popular Vivid festival.

This year, delegates learnt firsthand just how potent the Chinese innovation sector is, with visits to launchpads, co-working and start-up spaces such as XNode, and the Hangzhou headquarters of tech-giant and CAMP supporter Alibaba.

Alibaba Group Australia and New Zealand Managing Director Maggie Zhou says the e-commerce giant’s founders have a vision of making it easy for small businesses to thrive globally.

The partnership with CAMP exemplifies this by focusing on entrepreneurs.

For Ben Whitley, a Swisse Wellness delegate, the trip to Alibaba was the most memorable aspect of the Shanghai Summit and he especially appreciated gaining an understanding of how its ecosystem works.

“At Swisse, I deal with customers who work on Alibaba platforms on a day-to-day basis, so I was keen to experience it for myself,” Whitley tells me.

“Visiting Alibaba, I realised that previously I truly didn’t understand how many touchpoints they have with their customers. They have such a broad business spectrum – I had no idea of the scope.”

Whitley was also overwhelmed with the focus on ideas at the Chinese innovation hubs and co-working spaces.

“The speed with which they innovate was unbelievable. I don’t think we really understand innovation. The innovation hubs in Shanghai are spitting out 40 ideas a day, versus we come up with 40 ideas a year.”

Health and wellness was another key topic on the Shanghai agenda.

Swisse and CAMP co-hosted a “Healthy China 2030: Where Innovation Meets Science” panel, delving into opportunities for business innovation and scientific research collaboration.

SYDNEY SUMMIT: SEE THE FUTURE In June, the delegates came together again, after 80 days of working online on Intersective’s Practera platform, for the Sydney Summit, where they spend a week at the University of Technology Sydney (UTS), cementing their projects and, importantly, their relationships for the future.

Professor Attila Brungs, UTS Vice-Chancellor and President, says that the programme helps fast-track the creation of powerful bilateral networks for entrepreneurs.

“One of the aspects of UTS’ entrepreneurship focus is bringing together people from different backgrounds and perspectives. The CAMP programme does this in spades, building strong relationships into China.”

With the support of the City of Sydney, CAMP took its focus on innovation to the community via a public event entitled “See the Future” at Sydney’s iconic Town Hall on June 13th, before the week culminated in teams pitching their best ideas at Town Hall in front of an audience of venture capitalists and businesses.

Winning entries will be profiles in the next issue of Higher View Business.

方阿里巴巴的杭州总部。 阿里巴巴集团澳大利亚新西兰事业部董事总经 理周岚表示：各家电子商务巨头的创始人都致力 于让小企业的全球化发展之路走得更轻松。 阿里巴巴与中澳千禧计划达成的合作充分验证 了这一点——以创业者为本。 对于来自瑞乐健（Swisse Wellness）的代表 Ben Whitley而言，阿里巴巴之行是其在上海峰 会期间最为难忘的回忆；他尤其感谢此行让他有 机会了解到阿里巴巴生态系统的运作方式。 Whitley表示： “在瑞乐健，我接触的顾客每天 都通过阿里巴巴的平台展开工作，因此我很高兴 能够亲自体验一番阿里巴巴的平台。” “通过阿里巴巴之行，我意识到以前我根本就 不了解阿里巴巴与顾客之间有着如此众多的交 集。阿里巴巴的业务范围之广超乎我的想象。” 中国各种创新中心和共用工作空间内云集的各 种创意亦给Whitley留下了深刻印象。 “他们的创新速度快得令人难以置信。我不认 为我们真的了解什么是创新。上海的各大创新中 心一天就能诞生40个创意，而我们一年才能挤出 40个创意。” 健康是上海之行的另一项关键主题。瑞乐健和 中澳千禧计划共同主办了一个名为“健康中国 2030：当创新邂逅科技”的座谈会，深入探讨了 业务创新与科研合作方面的机遇。 悉尼峰会：放眼未来 今年六月，在通过Intersective的Practera在 线平台互动工作80天之后，代表们再次聚集在一 起参加悉尼峰会。他们将在悉尼科技大学（UTS） 呆上一周的时间，以便完善他们的项目，更重要 的是巩固他们的未来关系。 悉尼科技大学校长Attila Brungs教授表示：该 项目加速推动了以创业者为导向的强大双边网络 的诞生。 “悉尼科技大学的创业精神的侧重点之一就 是汇聚来自不同背景以及持不同看法的人士。中 澳千禧计划无疑做到了这一点，并帮助中澳两国 建立了深厚的联系。” 在悉尼市的支持之下，中澳千禧计划将于6月13 日悉尼标志性的市政厅举办一个名为“放眼未 来”的公共活动，以便向公众展示其推动创新的 努力；届时各个团队将在市政厅当着一众风险投 资家和企业之面大力推介他们的最佳创意。 成功创意将有望登上下一期的《商道》杂志。

商道

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

VIEWPOINT

CHINESE ORPHANS THE SUBJECT OF A NEW BOOK 中国孤儿成新书主角 A new book China Baby Love, by Australian writer Jane Hutcheon, highlights the efforts of a grandmother from regional Queensland to care for orphans in China.

The images of a one-week-old child left under an open window in a wet blanket on TV was the initial motivation for Linda Shum to dedicate 20 years of her life to abandoned children.

The book relates how Shum, who had never left Australia, made the decision to move to China and work in an orphanage despite the misgivings of her family. 由澳大利亚作家Jane Hutcheon出版的一本名为《中 国宝宝的爱》的新书讲述了一位来自昆士兰州的“奶奶” 如何不遗余力地照顾中国的孤儿。 一名出生仅一周、裹在湿毯子内的婴儿被遗弃在一个敞 开的窗户之下...电视上播出的这个画面深深触动了Linda Shum，并促使她在未来的20年内不遗余力地照顾各种 弃婴。 尽管家人忧心忡忡，但从未离开过澳大利亚的Linda Shum毅然决定搬到中国，并进入一家孤儿院工作。

视点

ENTREPRENEUR AIMS TO PROVE TAI CHI SUPERIORITY 企业家意欲为太极正名 The multi-millionaire founder of drinks empire Tiandi No 1 Chen Sheng is looking for volunteers to save the name of martial arts by defeating a boastful Mixed Martial Arts (MMA) fighter.

The fighter, Xu Xiaodong, became a celebrity after beating a master of the ancient art of tai chi in a highly controversial battle which lasted just 20 seconds.

The competition, which sparked heated debate, was intended to prove whether tai chi could be a match for the modern, highly aggressive MMA discipline.

Via Weibo, Chen said the winners of five different bouts against Xu Xiaodong would earn a reward of 1.5 million RMB, while the loser would pocket 500,000 RMB.

饮料巨鳄天地壹号的创始人陈 生正在寻找志愿者打败一位自负 的MMA（综合格斗）拳手，以挽留 传统武术的颜面。 在一场极具争议的格斗比赛当 中，拳手 徐晓冬仅用了2 0 秒的时 间就击败了一位太极武术大师，从 此一战成名。 这场引发激烈讨论的比赛最初 是为了证明太极能否对抗极具攻 击力的现代综合格斗术。 陈 生 通 过 微 博宣布，连 续五个 回合都打败 徐晓冬的胜出者将 能拿到150元人民币的奖金，即便 落败亦能拿到50万元人民币的出 场费。

MAIDEN FLIGHT FOR FIRST JET 首架国产客机的处女飞 China’s first domestically produced passenger plane recently completed its maiden test flight. Thousands watched the plane successfully fly over Pudong International Airport as state TV broadcast its take-off and return 80 minutes later.

Built by the state-owned Commercial Aircraft Corporation of China (COMAC), the twin-engine C919 jetliner has been a topic of national pride in China.

Chinese president Xi Jinping reportedly endorsed the project before taking office, visiting the company and stressing the value of China’s ability to produce high-value technology products. 中国首架国产客机近期完成了它的首次试飞。 在数千人的注视下，这架飞机成功掠过浦东国际机场， 并于80分钟之后返航。中国中央电视台对此次试飞进行 了报道。 由国有企业中国商用飞机有限责任公司建造的这 架 C919双引擎喷气式客机为中国人民带来了巨大的民族自 豪感。 据称，国家主席习近平在就职之前就批准了这个项目， 并曾去参观了这家公司，强调了中国有能力建造高价值科 技产品的重要意义。 22 | HIGHER VIEW BUSIN E S S

AUSTRALIA AND CHINA TO WORK TOGETHER ON CYBERCRIME 澳中携手打击网络犯罪 Canberra and Beijing will share information to assist in the fight against cybercrime, according to a joint statement issued at the inaugural Australia-China High-Level Security Dialogue in April.

The statement also commits the two nations to cooperation on legal and judicial issues in an effort to combat terrorism and fight transnational crime.

The inaugural dialogue was launched by Australian foreign minister Julie Bishop, attorney-general George Brandis and with Secretary Meng Jianzhu, head of the Chinese Communist Party’s Central Commission for Political and Legal Affairs . 商道

根 据 四月份 召开 的中澳首次 高级 别安 全对 话 会上 发布 的一 份 联 合声明，两国将 共享信息 以 便打击网络犯罪。 通 过该 联 合声明，两国宣布 将 在法律和司法事务方面展开合作， 籍此来打击恐怖主义和跨国 犯罪。 中澳首次 对 话 会由澳 大利亚 外交部长J u l i e B i s h o p、司法部 长 G e o r g e B r a n d i s 以 及中国 中央 政法委书记孟建柱共同 出席。

VIEWPOINT

视点

CHINA EXPLORES AUSTRALIAN CARBON CAPTURE TECH 中国看中澳大利亚的碳捕获 技术

AUSTRALIA TO SAMPLE CHINESE ELECTRONIC MUSIC 中国电子音乐即将登陆澳大利亚 China’s biggest electronic dance music (EDM) festival, Budweiser Storm, has announced that it is sending its act to Australia in 2017.

The festival, which is run by Chinese EDM promotions company A2LiVE, will take place in Sydney later this year, with more details about when and where yet to come.

This is the first year the festival will take place outside mainland China. Over the last few years, Storm festival has expanded significantly, hosting events in five major Chinese cities last year to around 250,000 people.

中国最大的电子音乐节——百威 风暴电音节——宣布其将在2 017 年登陆澳大利亚。 由中国电音推广公司A2LiVE运 作的这项活动将在今年晚些时候 在悉尼举办，但具体时间和地点仍 未确定。 这也是百威 风景电音节首次在 中国大陆以外举办。在过去的几年 里，百威风景电音节的规模显著扩 大。去年百威风暴电音节在五个城 市举办，累计观众达到25万人次。

China’s top steelmaking companies held talks with Australian experts in Beijing recently on the introduction of technology to help the country meet carbon emission targets.

Among them was BHP Billiton, which is investing $9.5 million to foster carbon capture and storage knowledge and technology via Peking University.

Half of the world’s steel is made in China and emissions from industry, excluding the energy sector, contribute to about a quarter of all global carbon dioxide emissions.

The world’s first large-scale CCS facility at a steel plant began operating late last year in Abu Dhabi. 中国多家炼钢巨头最近在北京与澳大利亚专家进行了 会谈，探讨如何引入相关技术来帮助中国实现其碳排放 目标。 其中，必和必拓将向北京大学投资950万美元，以便研 究与碳捕获和封存相关的知识和技术。 全 球一半的钢 铁产自中国。钢 铁制造 业的二氧化碳 排放量（能源行业除外）约占全球二氧化碳总排放的四分 之一。 全球第一个为炼钢厂配套的大规模碳捕获和封存设施 去年在阿布扎比开始投入运营。

AUSTRALIA AND CHINA COLLABORATE ON FILMS 中澳两国开展电影合作 An ambitious list of 14 Chinese-Australian co-productions are in the planning stages.

The films will mostly be shot in Australia from Chinese screenplays using Chinese actors.

China will predominantly provide funding, but will utilise the local industry’s technical skills substantially.

Just five films have been shot since the countries signed a co-production treaty ten years ago.

They include the drama 33 Postcards, featuring Guy Pearce and Zhu Lin, and The Dragon Pearl with Sam Neill and Wang Ji.

中澳两国电影人 正在雄心勃勃 的筹划合拍14部电影。 这些电影将主要在澳大利亚摄 制，并使用中国的剧本以及中国的 演员。 中国将负 责提供 拍 摄 资 金，但 也将充分利用当地电影业的技术 能力。 自两国十年前签署合拍协议以 来 ，两 国 仅 完 成 了 五 部 电 影 的 摄制。 这 些电 影 包括由盖∙皮尔斯 和 朱 琳 主 演 的《 幸 福 卡片》，以 及 由山姆 ∙ 尼尔和王姬主演的《寻龙 夺宝》。 商道

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

Illustration STORY

by Gregory Baldwin COVER 封面故事 @ The Illustration Room

24 | HIGH ER VIEW BUSIN E S S

COVER STORY 封面故事

商道

H I G H E R V I EW B U SINESS | 24

COVER STORY

封面故事

共同的命运

COMMON DESTINY

Li Keqiang’s five-day official visit to Australia in March represented the first to the country by a Chinese premier in 11 years. It has produced substantial outcomes for both nations in a wide range of areas. 李克强今年三月对澳大利亚进行的为期五天的正式 访问是过去11年来中国总理首次造访澳大利亚。 此次访问在一系列广泛领域取得了丰硕成果。

By Anna Game-Lopata 作者：安娜·格姆洛帕塔

A

s the largest developing country in the world, China takes promoting economic and social development and improving people’s livelihood as its top priority, which requires an external environment of long-term peace and stability.

Those are the words of Chinese Premier Li Keqiang, who addressed the Australia China Economic and Trade Cooperation Forum during his official visit to Australia in March.

Premier Li’s visit is the most important by a Chinese leader since that of President Xi Jinping in 2014.

“China will unswervingly adhere to the path of peaceful development, stands ready to make joint efforts with Australia and other countries to establish the awareness of a community of common destiny, and become the ballast of Asia-Pacific security and propeller of world peace,” Premier Li told the forum.

“The two countries should actively accommodate themselves to and participate in economic globalisation,

25 | HIGH ER VIEW BUSIN E S S

作

为世界上最大的发展中国家，中国的首要任务是集 中力量促进经济和社会的健康发展、不断改善人 民生活，这需要一个长期和平稳定的外部环境。 在今年三月份对澳大利亚进行正式访问期间，中国总理李 克强出席了中澳经贸合作论坛并发表了以上讲话。 自习近平主席于2014年访问澳大利亚以来，李克强总理 可谓是访澳中国领导人当中最重要的一位。 李克强总理在论坛上指出： “中国将始终不渝走和平发展 道路，愿同澳方等各国一道树立人类命运共同体意识，做亚 太安全的压舱石、世界和平的推进器。” “两国应当积极适应和参与经济全球化，解决好全球化 进程中遇到的问题，使其向更加包容普惠、公正合理的方向 发展。” “两国应当用好双方资源禀赋迥异、产业高度互补的优 势，进一步放宽投资准入，大力促进双向投资。” 论坛铺平发展道路 于2017年3月有24日下午和晚上在悉尼威斯汀酒店召开的 中澳经贸合作论坛（ACETCF）是李克强总理访澳期间安排 的最大规模的商务活动。

商道

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

COVER STORY

and properly solve the problems in the globalisation process so as to promote its development in a more inclusive, beneficial, fair and reasonable way.

“The two countries should make full use of their endowment in different natural resources and the advantages of high complementarities in industrial, further ease market access and vigorously enhance two-way investment.”

FORUM PAVES THE WAY

Held at the Westin Hotel in Sydney on the afternoon and evening of March 24, 2017, the Australia China Economic and Trade Cooperation Forum (ACETCF) was the largest business event to take place as part of the Premier’s visit.

The Forum was organised by the Australia China Business Council (ACBC) in collaboration with the China Council for the Promotion of International Trade (CCPIT) and supported by a number of generous sponsors.

Themed “Innovation: New Pathways to Cooperation”, the forum also heard from Australian Prime Minister Malcolm Turnbull and featured two panel sessions comprising senior Chinese and Australian business leaders.

Several eminent Chinese and Australian political and industry leaders attended the event, including Premier of New South Wales Gladys Berejiklian, and other State Premiers, Chinese and Australian Ministers and Chinese Provincial Governors.

One hundred and fifty Chinese business leaders, 200 Australian business leaders and 50 representatives of Chinese state-owned enterprises and private companies with a presence in Australia also attended the forum and panels.

TRADE LIBERALISATION

This year marks the 45th anniversary of China’s diplomatic ties with Australia.

News agencies from both countries celebrated the visit, noting that exchanges between Chinese Premier Li Keqiang, Australian politicians and local business leaders boosted the two countries’ relations.

According to Business Council of Australia CEO Jennifer Westacott Premier, Li’s visit was “timely and important”.

“The two countries have reaffirmed the importance of free trade and open market, and the importance of not retreating into isolationism,” Westacott told China’s Xinhua news agency.

At the ACETCF, Premier Li affirmed the strength of the Australia-China relationship.

At a time of global instability, he said, our relationship is “stable and enduring” and can “withstand the tests of international vicissitudes”.

26 | H IGH ER VIEW BUSIN E S S

在这场主题为“创新：合作新途径”的论坛上，澳大利亚 总理马尔科姆∙特恩布尔也发表了重要讲话；一些中国和澳 大利亚商界领袖也出席了其中的两场专题讨论会。 几位知名中国和澳大利亚政界和商界领袖也拨冗出席，其 中包括新南威尔士州州长Gladys Berejiklian和其它几位州 长、中国和澳大利亚相关部长，以及来自中国的几位省长。 150位中国商界领袖、200位澳大利亚商界领袖以及50位 已进军澳大利亚的中国国有企业和私营企业的代表出席了 此次论坛以及相关的专题讨论会。 贸易自由化 今年是中国与澳大利亚建交45周年。 两国的新闻媒体纷纷表示李克强总理、澳大利亚政界领 袖与当地商界领袖之间的交流有力推动了两国关系的发展。 在澳大利亚商业理事会首席执行官Jennifer Westacott 看来，李克强总理的此次访问“及时而重要”。 Westacott向新华社表示： “两国重申了自由贸易和开放 市场的重要性，以及不应倒退回孤立主义的重要性。” 在中澳经贸合作论坛上，李克强总理肯定了中澳两国之间 所建立的紧密关系。 他表示：在全球局势不稳的背景之下，两国关系“稳定而 持久”，能够“经受住国际风云变幻的考验”。 “尽管全球化可能会带来种种问题，但人类已利用他们的 聪明才智找到了解决之道。” 2016年，中国的GDP实现了6.7%的增长；中澳两国的双 边贸易实现了9%的增长，高于两个国家的GDP增速。 “通过这种方式，中澳两国正在帮助树立人类命运共同 体的意识。” 李克强总理补充表示：中国希望推动中澳贸易关系更上一 个台阶，并籍此向全世界证明自由贸易可以惠及所有的人。 大力支持自贸协定 特恩布尔总理阐述了《中澳自由贸易协定》业已取得的初 步成果，包括96%的双边贸易商品如今已可以免税或者优先 进入对方国家。 例如，仅在2016年，澳大利亚樱桃出口额就增长了86%， 护肤品出口额也增长了82%。 李克强总理认为两国的双边关系可以从贸易进一步迈向 投资与创新领域；特恩布尔总理对此深为赞同，表示“李总 理与我对创新怀有十足的信心”。 他表示： “随着中国的中产阶级开始寻觅更多、更优质的 商品和服务，澳大利亚也在力争成为一个更为多元化、更富 创新的国家。” 最后，特恩布尔先生力挺中国关于保持和加强全球贸易的 呼声：

商道

China will unswervingly adhere to the path of peaceful development.

封面故事

“我们都知道贸易保护主义的后果。贸易保护主义无法帮 助我们走出低增长的陷阱，而只会把这个陷阱挖得更深。唯 有贸易才是我们的解决之道。” 新华社报道称李克强总理对澳大利亚的访问不仅加强了 全球对于贸易促进和贸易自由化的信心，同时在中澳关系更 趋紧密的背景下，两国企业也将迎来更多的商业机遇。

11 years Li Keqiang ’s five-day official visit to Australia in March this year represented the first to the country by a Chinese premier in 11 years. 李克强今年三月对澳大利亚进行的为 期五天的正式访问，是中国总理11年 来率先访问的国家。

“Despite the problems that can come with globalisation, humans have the wisdom and ability to find solutions.”

Amid China’s 6.7% growth in 2016, two-way trade between Australia and China grew by 9%, which was higher than the GDP growth of either of the two countries.

“In this way, China and Australia are helping to raise awareness that we are in a global community with a common destiny.”

Premier Li added that China was eager to take the trade relationship with Australia to an even higher level of prosperity, and in this way to show the world that free trade can deliver benefits to everyone.

CHAFTA CHAMPIONS

Prime Minister Turnbull pointed to the early success of ChAFTA, with over 96% of goods trade in both directions now entering duty free or with preferential status.

This has seen, for example, exports of Australian cherries increase by 86% in 2016 alone, and exports of skin care products increase by 82% in the same period.

Turnbull also echoed Premier Li’s assertion that the bilateral relationship can move beyond trade to investment and innovation by noting that “President Li and I are strong believers in innovation.”

“At at the very same time as China’s middle class is demanding more and better quality goods and services, Australia is striving to become more diversified and more innovative,” he said.

Finally, Mr Turnbull added his voice to China’s calls to maintain and strengthen global free trade: “We know what protectionism delivers. It’s not a ladder to get out of the low growth trap. It’s a shovel to dig it deeper. We have to make the case for trade.”

Xinhua news agency said Premier Li’s visit to Australia has enhanced not only global confidence in trade facilitation and liberalisation, but also business opportunities for both sides amid closer China-Australia ties.

贸易与创新 在过去的八年里，中国一直都是澳大利亚最大的贸易伙 伴。中国是 澳 大利亚商品 —— 无论是 铁 矿石还 是 红葡 萄 酒——的忠实客户，而中国向澳大利亚出口服装、电信设备 和零配件等商品。 在中澳经贸合作论坛上，李克强总理与特恩布尔总理约 定将通过世界贸易组织、亚洲太平洋经济合作会议部长会议 以及区域全面经济伙伴关系协定（RCEP）等机制共同推动 全球和区域贸易与投资的自由化。 新华社报道称：“两国也将加强‘一带一路’倡议与澳大 利亚‘北部大开发’计划的对接，以及两国创新战略之间的 合作。” “两国也将积极拓展能源资源、基础设施、农牧业和科技 创新等领域的合作。” “两国也同意加强教育、文化、旅游、安全、执法、反腐和 国防领域的交流与合作，推动联合国、G2 0、亚太经合会 议、东亚峰会以及其它双边机制层面的沟通与协调，并共同 促进世界和平、稳定与繁荣。” 能源、安全与农业 新华社报道称：除了宣布建立中澳能源部长级对话机制 之外，两国也同意建立中澳创新对话机制以及中澳高级别安 全对话机制。 “在农业领域，双方签署了《中国农业部与澳 大利亚农业和水利资源部关于实施农业合作 项目的行动计划（2017-2019）》。” 在科技合作方面， “两国同意继续在 中澳 科学与研究基金下开展 合作，分别提供最多60 0万 美元经费支持先进制造、医 疗技术与医药、资源与能源 等优先领域的合作。”

商道

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

COVER STORY

TRADE AND INNOVATION

China has been Australia’s largest trading partner for the past eight years. It is a loyal buyer of Australian goods, from iron ore to red wine. China exports clothing, telecom equipment and parts to Australia.

At the ACETCF, Premier Li and Prime Minister Turnbull agreed to advancing global and regional trade and investment liberalisation through the WTO, APEC and Regional Comprehensive Economic Partnership (RCEP).

Xinhua also said “The two sides will also enhance synergy between China’s Belt and Road Initiative and Vision for Developing North Australia, and between their innovation strategies.

“Cooperation in energy, resources, infrastructure, agriculture, animal husbandry and scientific and technological innovation would also be expanded after the visit.

“The two sides also agreed to enhance exchanges and cooperation in education, culture, tourism, security, law enforcement, anti-corruption and defence as well as at subnational levels, step up communication and coordination at the UN, G20, APEC, East Asia Summit and other multilateral institutions, and jointly promote world peace, stability and prosperity.”

ENERGY, SECURITY AND AGRICULTURE

Xinhua also reported that while announcing the establishment of the China-Australia Ministerial Dialogue on Energy, the two countries agreed to establish the China-Australia Innovation Dialogue and the China-Australia High-level Security Dialogue.

“In the agricultural area, the two sides signed the Plan of Action (2017-2019) on Implementing Agricultural Cooperation Projects Between the Ministry of Agriculture of China and the Australian Department of Agriculture and Water Resources,” China’s key news agency reported.

96%

The early success of ChAFTA has seen over 96% of goods trade in both directions now entering duty free or with preferential status.

ChAFTA早日取得成功，现 在进入免税或优惠地位的货 物贸易总额已达96％以上。

助力牛肉出口 《澳大利亚金融评论》（AFR）报道称：李克强总理访澳 期间敲定的新贸易协议每年将为澳大利亚牛肉出口商带来 额外4亿美元的收入，并将“令澳大利亚成为第一个同时也 是唯一一个全面占领亚洲冷冻牛肉市场的国家”。 “目前澳大利亚有47家综合性（肉类加工）企业以及23个 冷冻仓库有能力向中国出口肉类产品，但只有11家获得出口 冷冻肉的许可。” 《澳大利亚金融评论》指出： “中澳联合声明将加快另外 15家澳大利亚冷冻肉经营企业（11家综合性企业、4家冷冻 仓库）的审批进度，同时也将加快经农业和水利资源部认定 符合冷冻肉标准的所有企业的冷冻肉出口审批。” 《澳大利亚金融评论》补充指出： “两国签署了一项检疫 合作协议。据澳大利亚各部长表示，该协议将显著改善中澳 两国之间的双边农业贸易，尤其是澳大利亚的肉类出口，并 促进粮食保障与安全。” “联合声明也将解除当前存在的一系列贸易限制，从而有 力促进澳大利亚肉类和家畜的出口，包括向中国出口牛肚、 驴肉以及可食用皮类等产品。 “ “其将为澳大利亚肉羊出口协议的签署铺平道路。” 中国已成为澳大利亚最大的羊肉出口市场，2016年的贸易 总额达到2.4亿澳元。中国也是澳大利亚的第四大牛肉出口 市场，同年贸易总额达到了6.7亿澳元。 商界领袖呼吁合作 《澳大利亚金融评论》报道称：出席论坛的澳大利亚商界 领袖表示，在两年半前所签的自由贸易协定的基础之上，李 克强总理此行有助于中国企业与澳大利亚最重要的贸易伙 伴建立合作关系。 参加论坛的中国企业强烈表示希望与澳大利亚公司在研 发项目方面开展更为紧密的合作，并督促两国开展传统贸易 关系以外的合作。 双方讨论了加强农业和制造业合作以及洁净煤技术开发的 前景，并呼吁两国大学与大企业之间开展更为深入的合作。 大约2 0 0位澳大利亚商界领袖出席了此次论坛，包括力 拓 集 团 总 裁 J e a n - S e b a s t i e n J a c q u e s 、F MG 集 团 董事长And rew Fo r rest以及澳佳宝首席执行官 Christine Holgate。 他们表示澳大利亚需要尽更大的努力去把握中国风起云 涌的无限商机。 澳佳宝的在华业务已从五年前占全部业务的近0%迅速增 加至2016年的40%。在李克强总理访澳之后，澳佳宝的在华 业务还将迎来更为强劲的增长。

2 8 | HIGHER VIEW BUSIN E S S

商道

封面故事

On science and technology cooperation, “the two countries agreed to continue the collaboration under the China-Australia Science and Research Fund in prioritised areas of advanced manufacturing, medical technology and pharmaceuticals, and resources and energy, with a budget of up to six million US dollars from each side.’

BOOST TO BEEF EXPORTS

The Australian Financial Review (AFR) reported that the new trade agreement struck during Premier Li’s visit would see Australian beef exporters gain an additional $400 million a year and will “make Australia the first and only country to have full market access for chilled beef into the Asian megamarket.”

“There are currently 47 integrated (meat processing) establishments and 23 cold stores which can export meat to China, but only 11 are permitted to export chilled meat.

“The Joint Statement will expedite approval of an additional 15 Australian frozen meat establishments (11 integrated, four cold stores), and progress approvals for chilled meat export for all establishments that meet the chilled meat standard as verified by the Department of Agriculture and Water Resources,” the AFR stated.

The AFR added: “the two countries [also] signed an agreement on quarantine inspection and cooperation, which Australian ministers said would significantly improve two-way agricultural trade between Australia and China, particularly for Australia’s meat exports, and promote food security and safety.

“The Joint Statement will unlock a number of trade restrictions currently in place to support Australian meat and livestock exports, including advancing Australia’s access for tripe exports to China and initiating trade in donkey meat and edible skins to China.

“It would also establish a protocol for the export of Australian slaughter sheep and goats.”

China is already Australia’s largest sheep meat market, worth $240 million in 2016, and is our fourth largest beef market, worth $670 million in the same year.

BUSINESS LEADERS CALL FOR COLLABORATION The AFR reported that Australian business leaders at the forum said Premier Li’s visit was crucial for building relationships with Australia’s most important trading partner and building on the free trade agreement signed two-and-a-half years ago.

Chinese businesses at the event reinforced the desire to work more closely with Australian companies on research and development projects, and urged both countries to look outside the traditional trade relationship.

They discussed the prospect of strengthening links in agriculture, manufacturing and in the development of clean coal technology, and called for greater collaboration between universities and big business.

更大的雄心壮志 但是，根据《澳大利亚金融评 论》的报道，Christine Holgate 表示澳大利亚应当抱有更大的雄 心壮志，从中国风生水起的旅游 市场当中分得更大的一杯羹。 为实现这一目标，Holgate认 为澳大利亚政府可以简化签证申 请程序，并鼓励开发更多的六星 级酒店。 澳大利亚每年吸引逾百万中国 游客前来观光，但仅占到中国旅 游市场的1%。 在李克强总理访澳期间，澳佳 宝、澳 大利亚邮政与中国电商巨 头阿里巴巴刚刚宣布将联手利用 区块链技术来追踪出口到中国市场的产品， 籍此来打击假冒伪劣产品。 澳大利亚邮政的包裹业务负责人Bob Black向《澳大利 亚金融评论》表示：只有一小部分的澳大利亚企业向中国销 售产品；许多大企业根据没有意识到电子商务无需投入大量 资金就可以帮助他们赢得13亿的中国消费者。 Black谈到：“与大企业相比，小企业似乎更了解电子商 务。在过去，很多大企业都在海外市场折戟沉沙，因此很多 人都认为海外市场不做好。但在过去的四到五年时间里，市 场已变得越来越开放；你根本不需要到海外市场建立实体 办事处。” 创新讨论会热议科技 在主题为“科技、创新和商业化：在传统和全新产业领域 创造新的机遇”的第一场专题讨论会上，新南威尔士州大学 副校长Ian Jacobs指出了中国和澳大利亚在科研领域的三 种协同性。 他指出两国都在通过万众创新和大众自主创业来推动经 济的多元化发展。两国数十年来也在政府、机构和民间层面 建立了深厚的合作关系。此外，澳大利亚在“发现”科学领 域的不俗实力也与中国将科研成果快速转化为高科技应用 产品的强大实力甚为般配。 Jacobs教授指出：澳大利亚应当根据中国的需求来开展 研究工作，并确保各种新的研究发现能够迎合中国日新月异 的需求。 神雾科技集团的吴道洪强调称：中国需要各种新技术来 应对空气污染和固体垃圾问题。 他表示：澳大利亚拥有丰富的自然资源；两国可以在洁净 煤技术领域开展合作，并开发煤压缩新技术来降低煤的运 输成本和难度。

China is set to soon become the largest spender on R&D. 商道

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

COVER STORY

This year marks the 45th anniversary of China’s diplomatic ties with Australia.

DURING PREMIER LI’S VISIT, THE TWO NATIONS: • Agreed on a major agricultural package to increase the number of companies that can import Australian beef to China • Agreed to work together on agricultural research and food standards • Agreed to bring forward the review of ChAFTA’s service and investment chapters • Announced up to $6 million each in funding over three years for the Australia-China Science and Research Fund to focus on advanced manufacturing, medical technology, pharmaceuticals, resources and energy • Agreed to establish a new Ministerial Dialogue on Innovation • Reaffirmed that our two nations will work together to conclude an ambitious Regional Comprehensive Economic Partnership; and in addition to all of this • Minderoo and leading Chinese e-commerce firm JD.com agreed to establish a $500 million fund to develop premium Australian food products.

30 | HIGH ER VIEW BUSIN E S S

志同道合 与此同时，AustralianSuper董事长Heather Ridout AO也敦促澳大利亚企业把眼光放得更长远一些，不要只顾 与中国建立短期的贸易合作，而是要寻找真正志同道合的 合作方向。 她还谈到中国大力推行的创新运动将刺激澳大利亚着力 改善企业与大学之间的关系。 Ridout强调澳大利亚亟需清除诸如签证限制之类的种种 障碍，从而促进学术机构之间的学生流动与合作。 新希望集团董事长刘永好谈到了中国企业在投资澳大利 亚之时需要寻找并留住澳大利亚人才的意义所在。 到2030年之时，中国的中产阶级将达到3亿人，并将催生 出对优质食品的海量需求，而澳大利亚的食品质量和安全标 准将成为其满足此种需求的一项重要资产。 投资讨论会彰显信心 在主题为“在消费型全球化经济环境下的双边贸易与投 资前景”的 第二 场 专 题 讨 论 会上，力拓 集 团首席 执行官 Jean-Sebastien Jacques对于两国之间的商品贸易关系 怀有十足信心——即便中国正在朝着消费主导型的增长模 式转型。 但是，他预测这种商品贸易关系将迎来从规模到价值的 转变。换而言之，未来消费者所需的将是更高质量的资源， 而那些能够创造额外价值的企业才能成为最终的赢家。 中国中钢集团公司董事长徐思伟对这些看法深表赞同。力 拓集团与中钢集团在30年前首次签订了合资协议，近期又 续签了这份协议。 他强调：这份协议的成功续签以及两家企业的成功合作 有赖于两国政府所提供的持续支持，以及两家企业对于当地 社区所主动承担的社会责任。 澳佳宝首席执行官Christine Holgate指出：澳大利亚与 中国正在经历各种相似的健康挑战，比如人口老龄化以及 糖尿病等慢性病的日益流行。 她也强调了健康人口与国家繁荣之间的密切联系，而中国 政府对此了然于心。 Holgate在论坛上谈到： “在医疗方面，澳大利亚深受中 国人民的信任——我们严格的食品和制造标准正是我们在 这一领域的一项宝贵财富。”

$400 million

The new trade agreement struck during Premier Li’s visit would see Australian beef exporters gain an additional $400 million a year. 李鹏总理访华期间的新贸易协议将使 澳大利亚牛肉出口商每年再获得4亿美 元的收入

商道

封面故事

共同的价值观 华润（集团）有限公司副董事长 罗 熹 表 示：华 润 去 年 就 投 资 了 GenesisCare；这些澳大利亚企 业所提供的优质医疗服务对于中 国市场而言极为重要，因为中国 日益壮大的中产阶级队伍正在寻 找更好的医疗服务。 最后，中国保利集团董事长徐念沙 向与会者表示：虽然在外汇储备急剧下滑 的形势之下中国多多少少收紧了资本管制， 但李克强总理已明确表示中国将继续大力支 持中澳两国之间的贸易与投资。 徐指出： “对于所投资项目的质量，投资者有 可能会变得更加挑剔。”

About 200 Australian business leaders attended the event, including Rio Tinto chief executive Jean-Sébastien Jacques, Fortescue Metals chairman Andrew Forrest and Blackmores CEO Christine Holgate.

They said Australia needed to do more to capitalise on the business opportunities in China.

Blackmores, which saw its business in China surge from almost zero five years ago to a volume accounting for 40% of its total business in 2016, is expecting an even stronger growth following Premier Li’ s visit.

AUSTRALIAN AMBITION COULD BE GREATER

The AFR reported that Christine Holgate said Australia should be more ambitious and target a bigger slice of the booming Chinese tourism market.

Holgate went on to say that this could be done by simplifying the visa entry process and encouraging the development of more six-star hotels.

Australia attracts more than one million Chinese tourists a year, which is about 1% of the country’s tourist market.

At the time of premier Li’s visit, Blackmores, Australia Post and Chinese e-commerce giant Alibaba had just announced a partnership aimed at cracking down on food fraud by using blockchain technology to track produce being sold into China.

Australia Post’s parcels business chief Bob Black told the AFR that only a fraction of Australian companies were selling products into China and many big firms did not realise e-commerce meant they did not need to invest heavily to access the country’s 1.3 billion people.

“Small businesses seem to get it more than big business.

In the past so many big businesses have failed going overseas so there is this view it is very hard to do – but the market has opened in the last four to five years; you don’t actually have to have bricks and mortar there,” Black told the AFR.

更深入、更有意义的关系 作 为总 结，澳 大 利 亚中国工商业 委 员会 的 会 长 J o h n Brumby表示：此次论坛的关键成果之一就是两国政府乃至 企业之间将有机会建立更深入、更有意义的关系。 Brumby指出： “此次论坛有逾400位澳大利亚和中国商 界领袖莅临出席，为两国企业之间建立富有意义的商业联系 创造了一次绝佳的机会。” “在这方面，关于建立中澳部长级创新对话机制的决定 也是一项重要的进展。” “正如在整个论坛期间所强调的，创新是两国打造更强 经济前景的关键所在。中国很快将成为全球最大的研发投资 国；通 过建立更紧密的研发合作，中澳两国必 将从中受益 匪浅。”

INNOVATION PANEL POINTS TO TECH

At the first panel – Technology, Innovation and Commercialisation: Forging New Opportunities Across Traditional and New Sectors of Engagement – University of New South Wales Vice Chancellor Ian Jacobs identified three synergies between China and Australia in the area of research.

He pointed to a shared drive in both countries to diversify their economies through mass innovation and entrepreneurship; decades worth of strong relationships at the governmental, institutional and person-to-person levels, and Australia’s strength in “discovery” science, which matches perfectly China’s ability to translate research quickly into high-tech applications.

Professor Jacobs noted that it is important that Australia work to align our research with China’s needs, and maintain a pipeline of relevant new discoveries that can match the speed of China’s demands. 商道

在李总理访问期间，两国： • 同意主要农业包装，以增加可以将澳大 利亚牛肉进口到中国的公司数量 • 同意在农业研究和食品标准方面共同 努力 • 同意提出ChAFTA服务和投资章节的 审查 • 澳大利亚 - 中国科学和技术基金会每 三年多出600万美元，专注于先进的制 造，医疗技术，制药，资源和能源 • 同意建立新的部长级创新对话 • 重申我们两国将共同努力，缔结一个雄 心勃勃的区域综合经济伙伴关系; 并且 除了所有这一切 • Minderoo和领先的中国电子商务公 司JD.com同意建立一个价值5亿美元 的基金来开发澳大利亚优质食品。

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

COVER STORY

封面故事

Wu Daohuong of Shenwu emphasised China’s need for new technologies to deal with air pollution and solid waste.

Given Australia’s abundance of natural resources, he said, there is potential for partnerships in clean coal technology, and in developing new ways that coal can be concentrated to make transporting it cheaper and easier.

Australia is highly trusted by the Chinese people when it comes to health care.

MEETING OF MINDS

Meanwhile, AustralianSuper Chair Heather Ridout AO urged Australian businesses to move beyond merely short-term transactional relationships with China and seek a genuine meeting of minds.

She also spoke of the potential for China’s huge innovation efforts to be the spur Australia needs to foster better relationships between business and universities.

Ridout emphasised the need to remove impediments such as visa restrictions in order to increase the flow of students and cooperation between academics.

Liu Yonghao, Chairman of New Hope Group, spoke of the value for Chinese businesses of seeking and retaining Australian knowledge when investing into Australia.

With 300 million people in the Chinese middle class by 2030, there will be a huge demand for high quality food, and Australian food quality and safety standards will be an asset in meeting this demand.

INVESTMENT PANEL REVEALS CONFIDENCE

The second panel – The Future of Bilateral Trade and Investment in a Consumption-based Globalised Economy – saw Rio Tinto CEO Jean-Sébastien Jacques express confidence in the commodities relationship between the two nations, even in the context of China’s shift to consumption-led growth.

He predicted that there would, however, be a shift in the commodities relationship from volume to value. That is, the demand will be for higher-quality resources, and the winners in this environment will be those who can offer additional value.

Chairman of Sinosteel Xu Siwei echoed these comments and celebrated the recent renewal of the joint venture agreement between Rio Tinto and Sinosteel, which was first signed 30 years ago.

He emphasised that the success of this agreement, and of the relationship more broadly, depends on the ongoing support of both governments and on companies taking responsibility for supporting their local communities.

Christine Holgate, CEO of Blackmores, noted that Australia and China are experiencing similar health challenges, with ageing populations 32 | HIGHER VIEW BUSIN E S S

and the rise of chronic diseases such as diabetes.

She also noted the link between a healthy population and a prosperous one, which is well understood by the Chinese Government.

“Australia is highly trusted by the Chinese people when it comes to health care – our high food and manufacturing standards are a real asset in this space,” Holgate told the forum.

SHARED VALUES

Luo Xi, Vice Chairman of China Resources (Holdings) Co., said that the high quality of health care exhibited by Australian companies such as GenesisCare, in which China Resources invested last year, is extremely valuable to a Chinese market seeking to better service an increasingly middle-class population.

Finally, China Poly Group Corporation Chairman Xu Niansha assured the audience that although capital controls in China have tightened somewhat following a rapid drop in foreign reserves, China will, as Premier Li made clear, continue to support trade and investment between Australia and China.

“Investors may be more selective with regards to the quality of the projects in which they invest,” Xu said.

DEEPER, MORE MEANINGFUL RELATIONSHIPS

With his concluding words, ACBC President John Brumby said one of the key outcomes of the forum was the opportunity to build deeper and more meaningful relationships at government-to-government and business-to-business levels.

“With over 400 Australian and Chinese Business leaders in attendance, the forum was an excellent opportunity to build meaningful business connections,” Brumby said.

“The decision to establish a Ministerial Dialogue for Innovation between Australia and China is an important development in this context.

“As highlighted throughout the forum, innovation is key for both countries to build a stronger economic future.

China is set to soon become the largest spender on R&D, and by forming strong research partnerships both Australia and China stand to benefit.”

商道

COVER STORY

封面故事

商道

H I G H E R V I EW B USINESS | 33

BUSINESS

沃土

FERTILE GROUND

The recent Sino-Australasian Entrepreneurs Summit, held in Sydney in March 2017, offered a constructive platform between the entrepreneurs of China and Australia. It carried the optimism of ChAFTA, the afterglow of excitement of Premier Li’s visit and that sense of purpose to the platform where conversations were open, constructive and relations were warm.

2017年3月份在悉尼召开的中澳企业家峰会在中国和澳大利亚 企业家之间打造出一个建设性的平台。这场峰会借李克强总 理令人兴奋的访澳行余温犹在之际举行，洋溢着对《中澳自由 贸易协定》的乐观之情，更有对这个平台所树立的使命感；两 国企业家展开了开放、建设性的对话，并建立了紧密的关系。

By Waiyee Chen 作者：陈惠仪

I

Commerce of a status quo position for goods n the days before Sydney was to receive (that is, on a less stringent personal parcel some of China’s key business status) going into China via online channels. entrepreneurs, China was headlining The Sino-Australian wave of Australia’s media; not just for optimism was then further ignited the much anticipated Since by the successful outcomes of the imminent arrival of China-Australia Free Trade Chinese Premier Li Agreements (ChAFTA), Keqiang to Australia for struck between Prime trade talks but there when the two countries connected Minister Turnbull and was also a certain sizzle at the political level and then Premier Li during his visit. on the Australian economically withe burgeoning The ChAFTA, which is Stock Exchange. trade, the Suno-Australian relationship has morphed slightly more than a year old Several of the Chinato another level. (since 20 December 2015), facing stocks – Blackmores, will now further boost bilateral A2 Milk and Bellamy’s, who are trades following outcomes negotiated exporters of vitamins, milk powder during Premier Li’s visit. and infant formula – surged in the order of In that productive environment, the 5-15%. This rally came at the back of the Sino-Australasian Entrepreneurs Summit, announcement by China’s Ministry of 34 | HIGHER VIEW BUSIN E S S

1972

商道

在

中国一些重要企业家抵达悉尼之前， 中国已是 澳 大利亚 媒 体 的 报 道 热 点——不仅仅是因为中国总理李克强 即将访问澳大利亚展开贸易对话，更因为澳大 利亚证券交易所已经躁动起来了。 向中国出口维生素、奶粉以及婴儿配制食品 的澳佳宝、A2 Milk和贝拉米等多家公司的股票 暴涨了5-15%。此种涨势要得益于中国商务部所 发布的、关于电商渠道入华商品将维持现状的 公告（也即基于不太严格的个人包裹进入中国）。 随后，李克强总理访澳期间与特恩布尔总理 达成的、与《中澳自由贸易协定》相关的一系列 合 作 成 果 激 发了两国又一 波 的乐 观 情 绪。于 2015年12月20日签署的《中澳自由贸易协定》 距今已生效一年多；在李克强总理访澳期间达 成的成果基础上，该项协定将进一步推动双边 贸易的增长。 在这个丰硕成果的基础上，澳中工商业委员 会支持的中澳企业家峰会不仅令两国企业家有 机会就澳中合作所带来的种种好处展开对话， 各方还深入探讨了推动两国关系走向成熟的各 种挑战。 这场峰会的亮点介绍如下： 文化优势 中国消费者收入水平节节攀升，以及对安全 食品有增无减的需求，日益彰显出澳大利亚持 续提供优质产品及相关服务的重要性。

商业

supported by the Australia China Business Council, supported dialogue, openness and discussion, not just of the benefits of collaboration but of challenges that mature the bond between Australia and China.

These are some of the key takeaways of the summit:

CULTURAL STRENGTHS

Rising income levels and continued demand for food security in China is highlighting the importance of consistently bringing in high-quality produce and related services.

“China simply cannot produce enough on its own,” said event speaker Dr Hwa Erh-Cheng, Chief Economist of Baoshang Bank Limited (Baoshang).

However, according to Dr Hwa, “an equally important part of this food chain to China is more than the supply of food, it’s the provision of finance to the supply chain.

“Innovation in banking is not only necessary but it ensures financial assistance is given to the full food supply chain, all the way from production to point of sale.”

Baoshang, a city commercial bank based in Baotou in the Inner Mongolia autonomous

The forging of strategic partnerships form the basis for the next wave of the Sino-Australia relationship. region, is known for its unique brand of banking to SMEs and retail business.

In addition to modern risk management principles, Baoshang also profiles its customers, making cultural recognition part of the decision.

For example, having genuinely become involved with the borrower’s business and family, the bank is able to take into consideration the great importance of the borrower’s intention to pay, as well as its cash flow analysis.

Family loyalty, a habit of saving and investing for the future of the next generation are strong elements of the Chinese culture. The demonstration of these cultural strengths greatly underpins Baoshang’s extension of financial assistance to these micro businesses. 商道

作为峰会的主讲人之一，包商银行首席经济 学家华而诚博士指出： “中国自身无法生产出足 够的商品。” 但是，华博士也表示： “在这个对华食品供应 链当中，不仅食物的供应很重要，向供应链提供 资金也很重要。” “银行业的创新不仅有其必要性，同时也能确 保整个食品供应链全面获得资金支持，从生产 环节一路到销售环节。” 包商银行是一家位于内蒙古自治区包头市的 城市商业银行，并以其面向中小企业和零售业 的独特定位而知名。除了现代化的风险管理原 则之外，包商也对客户进行分析，并基于文化认 知情况做出相应决策。 例如，只有在真正接触借款人的企业和家庭 之后，银行才可以深入了解借款人还款意向并 对其现金流进行分析。 忠于家庭、储蓄习惯以及对下一代的未来投 资等等都是中国文化当中的重要组成部分。只 H I G H E R V I EW B U SINESS | 3 5

»

Developing 商业 the future of Australia China business

BUSINESS

The ACBC is the premier business organisation in Australia dedicated to promoting and developing two-way trade, investment, and economic cooperation with China.

Become a member today www.acbc.com.au ACT 36 | HIGHER VIEW BUSIN E S S

NT

NSW

QLD

TAS 商道

SA

VIC

WA

BUSINESS

商业

5000 Traditional Chinese Medicine (TCM) has been approved in Australia since 2012 and the number of certified TCM doctors in Australia is estimated to be 5000. 中医自2012年起就获得了澳大利亚的认 可，同时澳大利亚获得认证的中医医师 数量已达到5000多人。

CONSUMER INSIGHT

Australia’s many start-ups, especially in the financial sector, can greatly benefit from such deep insight. A good fintech company that marries a deep level of cultural understanding and recognition with its business credentials can propel itself to a great fintech company that works in China.

Li Bing, Chairman of Beijing Card Union Technology, further added to the point that the spirit of co-innovation is not merely the responsibility of government policies.

Integration begins with industries, driven by businesses and entrepreneurs who understand and have insights into the needs of consumers.

Cultural recognition therefore may be businesses’ only insurance for continued adaptability to China, a country that is undergoing a cultural and economic rebalancing and transformation of opening its doors to the world after 40 years.

Li Zhen Xi, Chairman of Baoshang, said the high demand for and the use of internet in China, particularly among its millennials, is changing the finance industry. Loan applications are turning around more quickly, while opening an account and making transactions can now be done from places far away from branches and cities. China’s transformation is quicker than any of the developed countries and its cultural shift will post challenges to businesses, Australia’s included, that either miss or are unaware of it.

有当借款人展现出这些良好文化特征之时，包 商银行才会向其名下的小微企业施以援手。

There is new capital available for investments in China from the savings of the middle class and insurance companies.

深入了解客户 对客户的深入了解将会大大惠及澳大利亚许 多初创企业——尤其是那些从事金融行业的企 业。一家优良的金融技术企业如过能具备深入 的文化了解和认知，并以商业诚信为本，就可能 跃升为卓越的金融技术公司，在中国大展宏图。 北京卡联科技股份有限公司董事长李兵补充 表示：共同创新的精神不能只依赖政府政策来 发扬。产业整合需源于产业自身，并由那些理解 和了解消费者需求的企业和创业者所推动。 因此，文化认知或许是企业始终能在中国市 场立于不败之地的唯一保障。而对外开放40年 之后，中国正在经历一场文化和经济上的再平 衡和转型。 包商银行董事长李镇西表示：中国对互联网 的巨大需求和深入利用——尤其在千禧一代年 轻人当中——正在改变着中国的金融业。贷款 的申请速度变得更快；开户和交易如今均可以 在远离分行和城市的地方完成。中国的转型速 飞速发展，中澳关系已经提升到另一个高度。 度远超任何一个发达国家，而其文化转型又将 峰 会 的另一 位 主讲人 安 德 鲁·罗 伯 表 示： 给那些对此一无所知的企业（包括澳大利亚的 “合资将成为下一种模式。” 企业）带来形形色色的挑战。 罗伯指出：澳大利亚的很多服务都达到了世 界级的水平，但服务出口依然在低位徘徊。 下一种增长模式 澳大利亚有很多服务项目可供输出到中国， 自1972年以来，两个国家就在政治层面上建 比如医疗保健，医师、护士以及老年人居家护工 立了联系，随后的经济往来带动了两国贸易的 的培训，教育和自我发展等等。

THE NEXT MODEL OF GROWTH

Since 1972, when the two countries connected at the political level and then economically with burgeoning trade, the Sino-Australian relationship has morphed to another level. 商道

H I G H E R V I EW B USINESS | 37

»

BUSINESS

商业

Made by hand for those who value perfection.

Observe the glide motion second hand of a Spring Drive watch. It is unique, a precise expression of how time naturally flows. Our master watchmakers create these mainspring-powered timepieces by hand.

They are accurate to within one second per day. Across the immaculately polished surfaces of the dial courses an intricate play of light and shadow that speaks of the subtle aesthetics of Japanese craftsmanship.

Dedication to perfection pursued for more than half a century. grand-seiko.com 9R65 Spring Drive Accurate to + / - 1 second per day.

3 8 | H IGH ER VIEW BUSIN E S S

商道

BUSINESS

商业

“Joint venture partnership (JV) is the next model,” declared the Hon. Andrew Robb, another speaker at the event.

Robb said that many of Australia’s services are world class, yet services exports are still low.

Australia has a lot to offer China in terms of services like healthcare, the training of doctors and nurses, and workers in aged and home care, education and self-development.

“We can also offer business skills, concepts and cultures for entrepreneurs and the application of technology in solving environmental issues, development of agriculture, biotech and much more,” Robb said.

“There is much to be shared; technical knowledge, intellectual property and experience. However, investments are needed to further nurture them, adapt and integrate into the cultures and local nuances of China.”

Finding the right partner to grow with is not just a matter of financial considerations,

The Sino-Australasian Entrepreneurs Summit supported dialogue, openness and discussion. but also that of a strategic partnership as there is no shortage of capital.

shake up a partnership and grow it into one of the highest quality.”

NEW CAPITAL

TIME TO CO-INNOVATE

In fact, according to Zheng Jinqiao, Chairman of Richlink Capital Group, “there is new capital available for investments in China from the savings of the middle class and insurance companies.”

But partnering with a strategic investor requires a different strategy. Wang Zhulin, Chairman of Yinhua Fund Management, pointed to the “Pearl Model of Change”, which describes a partnership growing “little by little, step by step” in the same way a beautiful natural pearl is formed in nature by layers and layers of fluid nacre coating.

However, the process of transformation into a natural pearl does not begin until a foreign substance or irritant slips into the oyster shell.

“Anxiety about working in and with foreign cultures and practices” is natural, Wang says, but it is “exactly the substance needed to

The Sino-Australia relationship has a rather unique blend of flavours. While China has a long history of creativity, Australia offers a flare of young artistic vibrancy. Delegates therefore called for a platform for dialogue and mutual learning.

Guo Jiaxue, Chairman of GuangYuYuan Chinese Herbal Medicine said, “Not only do I want to promote healthy Australian food through all my 300 branches in China, but equally with the opening of our first traditional Chinese clinic in Sydney, Australia, I wish to pass on Chinese culture and the deep tradition of Chinese medicine to Australians.”

Traditional Chinese Medicine (TCM) has been approved in Australia since 2012 and the number of certified TCM doctors in Australia is estimated to be 5000.

Guo intends to not only import more 商道

罗伯表示：“我们也可以为企业家提供各种 商业技能、概念以及文化的培训，以及应用相 关技术来解决环境问题，发展农业和生物技术 等等。” “我们有很多东西可以分享：技术知识、知识 产权以及经验等等。但是，我们需要通过投资 来进一步发展这些东西，并将其融合到中国的 文化之中。” 寻 找合 适 的 合 作 伙伴 一同成长，这不仅仅 关乎财务上的考虑，同时也关乎一种战略合作 关系。 新资本 事 实 上，根 据 嘉富 诚 资本集 团（R i c h l i n k Capital Group）董事长郑锦桥的说法， “中产 阶段的储蓄以及保险公司为中国的投资提供了 新的资本。” 但是，与战略投资者合作需要采取一种不同 的策略。银华基金管理股份有限公司的董事长 王珠林提出了一种“珍珠演变模式”，也就是说 合作关系是“一点一点、一步一步”地发展起来 的，就如同美丽的天然珍珠是由一层一层的珍 珠质包裹形成的一样。 但是，天然珍珠的形成过程始于杂质或者异 物进入了牡蛎壳。 王珠林表示： “在外国文化和习惯之下工作自 然会让人焦虑，但这正是培养一种合作关系并 将其升华所需的关键因素。” 共同创新的时代 中澳关系糅合了不同的特色。中国有着一个 悠久的创新历史，而澳大利亚也表现出它年轻、 艺术气质般的活力。因此，与会代表们纷纷呼 吁成立一个对话和共同学习的平台。

»

H I G H E R V I EW B U SINESS | 39

BUSINESS

products like fish oil into China but is also exploring opportunities to manufacture the company’s products in Australia.

“The strong regulatory regime in Australia gives confidence to Chinese consumers,” Guo said.

HIGH TECH FARMING

The use of the internet in farming is also meeting the need for food security in China.

Consumers want to know where their food comes from, the soil it was planted in and the quality of water used for irrigation.

Confidence is further boosted by innovation in technology and financing such as a one-year-in-advance prepayment “credit card” for food from Aka Holdings, a company founded in Beijing, which allows consumers to order directly from the farm.

Agritech is an important part of food security. Prevention of bacteria and diseases in crops, controlling direct sunlight and rain and process automation all require the use of technology and innovation, which in turn increase the profitability of farmers.

“AKA’s role in this food chain is not only in the delivery of food from farm to plate for consumers but also its ambition to deliver directly from the farms of Australia to the kitchens of everyday households in China,” says its Chairwoman, Dr Jiang Yuhong.

The internet allows consumers to not only order and purchase from their mobile phones but to track the source of the food they are buying from, anywhere in the world.

MARKET POTENTIAL

According to Isaac Huang of Swisse Health, “Science and innovation in health products” is a key factor driving the success of its brand.

Anxiety about working in and with foreign cultures and practices is natural. 广誉远中药股 份有限公司董事长郭家学表 示： “我不仅有意通过中国的300家国医馆来推 介健康的澳大利亚食品，同时也有打算在悉尼 开设我们在澳大利亚的第一家国医馆，籍此来 向澳大利亚人民传递中国文化以及悠久的中医 传统。” 中医自2 012年起就获得了澳大利亚的认可， 同时澳大利亚获得认证的中医医师数量已达到 5000多人。 郭家学不仅打算将鱼油之类的更多商品进口 到中国，同时也有意在澳大利亚生产广誉远公 司的产品。 他指出：“澳大利亚严格的监管制度让中国 消费者大为放心。” 高科技农业 在农业领域，互联网的应用也满足了中国对

40 | HIGHER VIEW BUSIN E S S

商道

商业

于安全食品的需求。消费者希望了解他们购买 的食品从何而来、种植作物的土壤情况以及灌 溉用水的品质。 技术 和融资领域的创新也进一步提振了消 费者的信心，比如一家位于北京的阿卡控股公 司就推出了提前一年付款的食品“信用卡”机制， 允许消费者直接向农场下订单。 农业技术是食品安全的重要组成部分。预防 细菌和虫害、控制日照和雨淋以及加工自动化 等等均需要应用科技和创新，并进而提升 农场主的盈利能力。 董事长J i a n g Yu h o n g 表示： “ 阿卡在食品供 应 链 当中所 扮 A2 milk and bellamy's who 演 的角色不仅仅 是将食品 从 are exporters of vitamins, 农场交付到消费者的餐桌上， milk oower and infant 同时 也有计 划将食品直 接 formula, surged in the order of 从 澳 大利亚农场送 到中国 千家万户的厨房之中。” 互联网不仅令消费者可以通 过手机订购 食品，同时 也能追 溯到所购食品的源头，无论其来 自于全球哪个地方。

5-15%

Wind turbines on cattle farm for producing alternative energy Taralga NSW Australia 牛场的风力发电机用于生 产替代能源，Taralga，新南威尔士州，澳大利亚

Swisse’s collaboration with Australia’s leading institute, the CSIRO, to research novel ingredients and advanced manufacturing demonstrates this commitment to its leadership in the industry. Co-innovating is essential to delivering success in an industry that caters to consumers in different countries and cultures.

Best-selling vitamins in Australia may not be so in China – however, it’s also true that poor selling products in Australia can be best-selling products in China.

While many may be aware of the benefits of

40

years

China is undergoing a cultural and economic rebalancing and transformation of opening its doors to the world after 40 years. 对外开放40年之后， 中国正在经历一场文化 和经济上的再平衡和 转型。

eating tomatoes with a beautiful skin, there are still a number of “Chinese consumers who peel off the most nutritious part of the local fruit, its skin, before eating,” shared the Hon. Andrew Robb.

It was an apt metaphor describing the potential that is yet to be realised between the two countries.

Deep integration, cultural recognition, co-innovation and the forging of strategic partnerships form the basis for the next wave of the Sino-Australia relationship.

What Australia is and has, beyond its clean and healthy environment and innovations in technology and science, combined with China’s rate of growth and appetite, is a joint-powerhouse for the world to behold.

Delegates rounded up the two-day Summit with a harbour cruise in Sydney, under slightly cloudy skies intercepted by occasional rays of sunshine. In this befitting atmosphere of beautiful air, the freshest of food and the sound of clinking wine glasses filled with the best vintages of Australian wine, it is hoped that many warm relationships were solidified and deals sealed. 商道

市场潜力 来自Sw i s s e H e a l t h 的 I s a ac H u a n g 认 为“保 健产品的科 学与创新 ”是 帮助 Sw i s se 品牌大获成功的关键。Sw i sse携手澳 大利亚 知名研究所 ——澳 大利亚联邦科学及工业研 究 组 织（C S I R O）——深入研 究各种 创 新 配 方以及先进制造技术，充分彰显出公司对于保 持行业领先地位的孜孜追求。当一个行业需要 面对来自不同国家和文化背景的消费者之时， 共同创新将是企业在这个行业取得成功的关键 所在。 在 澳 大利亚畅 销的维 生素产品未必能够 在 中 国 继 续 畅 销 ；但 是 ，也 有 一 些 在 澳 大 利 亚 滞 销 的 产 品 却 便 成 为了中 国 市 场 上 的 畅销产品。 虽然很多人都知道带皮吃西红柿的种种好处， 但安德鲁·罗伯议表示仍有大量的“中国消费 者在吃澳大利亚水果之前会将其最有营养的果 皮剥掉”。 这个说法恰如其分地隐喻了两国之间尚未加 以利用的种种潜力。 深 度 融 合、文化 认 知、共 同 创 新 以 及 打 造 战略合作关系等等将为下一波的中澳关系铺平 道路。 除了洁净、健康的环 境以及科 技创新以 外， 澳大利亚的特色是什么，澳大利亚还拥有什么？ 这个问题的答案再加上中国的经济增速和巨大 需求，两国必将打造出世界为之侧目的共同经 济增长引擎。 在为期两天的峰会之后，与会代表们游览了 悉尼的海港，悠闲地沐浴在云隙中投下的几缕 阳光之下。在良辰美景、新鲜食物以及澳大利 亚上等葡萄酒的觥筹交错之间，大家都纷纷祝 愿未来能够建立更为紧密的关系，并达成更多 的交易。 H I G H E R V I EW B U SINE SS | 4 1

INDUSTRY

42 | HIGH ER VIEW BUSIN E S S

商道

INDUSTRY

工业

对华出口贸易中的无名英雄

UNSUNG HEROES OF THE CHINA EXPORT STORY Research conducted by the University of Sydney and Westpac has taken a deep dive into the relationship between the services sector and export trade with China. 悉尼大学携手西太平洋银行深入研究了服务部门和出口贸易与中国之间 的关系。安娜 ∙ 格姆洛帕塔向您一一道来其中的细枝末节。

By Anna Game-Lopata and Balaji (Bala) Swaminathan 作者：安娜 ∙ 格姆洛帕塔和巴拉吉 ∙ 斯莞米娜莎

N

ew research from Westpac and the University of Sydney titled Domestic Services: the Unsung Heroes of our China Export Story reveals “tried and true” wisdom about the importance of Australia’s export of services into China, but misses a large and very important part of the equation.

According to the paper, Australian services exports to China have grown 10% per year over the past five years. China is Australia’s largest export market for services at a value of approximately AUD$10 billion, accounting for 12% of our total exports to China.

“The services sector is a key part of the Australian economy. It represents 70% of Australia’s economic activity and, according to DFAT, accounts for 20.9% of Australia’s total exports,” the paper states.

“Similarly in China, the contribution of services has doubled from 2010 to 2015 and now accounts for 51% of GDP and 4.1% of total imports.”

Accounting for 87% of our services exports

西

to China, education and other travelrelated services are well-recognised as the most significant and “celebrated” aspect of the Australia-China export story.

Together they earn more export revenue than coal or other non-ferrous mining or food and beverage exports.

Meanwhile, services such as finance, health and aged care are growing from a relatively low basis, so make up a much smaller share of Australia’s exports to China.

Despite considerable growth potential as new markets open in China, the paper points out that the realisation of this potential depends on pioneering Australian and Chinese companies to conceive and build these markets.

However, the research paper contends that domestic services, defined as the value-added services embedded in our exports of goods and services, for example, as intermediates in agriculture, manufacturing and merchandise exports, are the fastest-growing component of world trade. 商道

太平洋银行与悉尼大学联手开展了一 项名为“国内服务：对华出口贸易中 的无名英雄”的研究，深入揭示了关 于澳大利亚对华服务出口重要性的认知中，那 些貌似“屡试不爽”的智慧实际上忽略了一大 块极为重要的组成部分。 根据该报告，过去五年间，澳大利亚对华服务 出口以每年10%的速度递增。中国是澳大利亚 服务业最大的出口市场，总市值约达到100亿澳 元，并占到澳大利亚对华出口总额的12%。 该报告指出：“服务业是澳大利亚经济的关 键组成部分，占澳大利亚所有经济活动的70%； 根据外交贸易部的数据，服务业占到澳大利亚 出口总额的20.9%。 “同样，在中国，从2010到2015年期间，服 务业对GDP的贡献度翻了整整一倍，现在已高 达51%，并占出口总额的4.1%。 教育和旅游相关服务在澳大利亚对华服务出 口中占到87%的比重，因此被视为澳大利亚对 华出口贸易当中最重要、最“为人称道”的组成 部分。这两个行业所赚取的出口收入超过了煤 炭或者其它有色金属矿产或者食品和饮料等商 品的出口收入。 与此同时，金融、医疗和老年保健等服务由 于起点相对较低，因此仅在澳大利亚对华出口 贸易中占很小的比重。 尽管中国所开放的一些新市场具备巨大的增 长潜力，但这份报告指出这种潜力的发挥需要 依赖澳大利亚和中国的一些先驱企业共同努力 去规划和拓展这些市场。 H I G H E R V I EW B U SINE SS | 4 3

»

INDUSTRY

A$10 billion

China is Australia’s largest export market for services at a value of approximately AUD$10 billion. 中国是澳大利亚服务业最大的出口 市场，总市值约达到100亿澳元。

Westpac International General Manager Balaji Swaminathan asserts that the link between Australia’s domestic services and the value they add to Australia’s relationship with China is an important measure of national prosperity that is often overlooked.

“While we cannot underplay the importance of tourism, education and the growing demand for healthcare services, it is important to understand the bigger contribution coming from the service inputs into manufacturing, raw produce, minerals, food and livestock,” he says.

44 | HIGHER VIEW BUSIN E S S

“Services such as quality controls, quarantine, transport, logistics, packaging, cold storage and anti-tampering technology all come into this equation.

“Clearly this has important implications for Australia’s prosperity and fostering strong trade relationships with the growing economies in Asia.”

Using estimates built on 2015 Australian trade data and ratios constructed from the latest OECD Trade in Value-Added (TiVA) 2011 database, the Westpac-University of Sydney research finds that in 2015, Australian domestic services accounted for 28% of value added in Australia’s total export of goods and services to China, amounting to AUD$25.9 billion.

“In other words, for each dollar worth of total Australian exports to China, 28 cents of the value added are contributed by domestic services,” says Swaminathan.

“This compares to AUD$9.8 billion worth of direct services to China in 2015, which is largely related to travel-related services and education.” 商道

但是，这份研究报告认为国内服务——澳大 利亚商品和服务出口贸易当中所附带的一些增 值服务，比如农业、制造业和商品出口贸易当中 的中间商——是全球贸易活动当中增长最快的 组成部分。 西太平洋国际银行总经理Balaji Swaminathan表示：澳大利亚国内服务及其 给澳中关系所带来的增加值之间的关联性是衡 量国家繁荣的一项重要指标，而这个指标经常 受到我们的忽视。 他表示：“虽然我们不能低估旅游、教育以 及日益增长的医疗服务需求的重要性，但最重 要的是要了解与制造业、初级产品、矿产、食品 和畜牧等行业产出相关的服务业所做出的更大 贡献。” “诸如质量控制、检疫、运输、物流、包装、 冷藏和防伪技术之类的服务均属于这类重要 领域。” “显而易见，在推动澳大利亚的繁荣发展以 及 加强与亚洲新兴经济体之间的贸易联系方 面，服务业的重要性不容小觑。” 根据2015年的澳大利亚贸易数据以及经合 发组织最新贸易增加值数据库（2011年）所计 算出的相关比率，西太平洋银行与悉尼大学的 这项研究发现：2015年期间澳大利亚国内服务 占到澳大利亚对华商品和服务出口总额当中增 加值部分的28%，达到259亿澳元。 Swaminathan指出： “换而言之，在澳大利 亚对华出口贸易的每一美元当中，有20%的增 加值系由国内服务所贡献。” “与之成鲜明对比的是2015年期间澳大利亚 对华直接服务出口总额达到98亿澳元，绝大部 分与旅游服务以及教育相关。” 该研究报告详尽阐述了在所有主要出口行业 背后提供默默支持的各项国内基础服务。 在不同的行业当中，农业的增值服务占比最 高，达到27%，紧随其后的是制造业（26%）以 及商品出口（21%）。 该报告当中提到：“在对华农产品出口贸易 中所赚到的每一澳元当中，各种增值服务就占 到了27%的比重；它们为农业生产提供了各种 必要的投入——从种子到牲畜饲料，从不动产 到专业的商业和研究服务，从运输到冷藏，再 到保险、金融、银行等等，不一而足。” “该领域还出现了一些颠覆性的服务，比如 数字农业服务以及可以对产品进行追溯的精密 农业；这些都是显著增强澳大利亚出口能力的 各种创新技术之一。” 这项研究亦指出“制造、专业服务、研究、不 动产以及设备租赁等产业部门的贡献度与建立 供应商网络的批发零售链的贡献度不相伯仲； 紧随其后的是金融、保险以及其它金融服务和 物流服务。” “这些服务对于澳大利亚在制造出口贸易当 中保持竞争力至为重要，目前在澳大利亚对华 出口贸易的每一美元当中占到26%的比重。在 总体商品出口方面，服务在贸易增加值当中占 到五分之一的比重。”

工业

The research paper also reveals an elaborate domestic services infrastructure in all major export sectors.

Drilling down to different industries, agriculture is shown to have the highest value-added services component with 27%, followed by manufacturing with 26% and goods export with 21%.

“The value-added services that contribute 27 cents to every dollar earned in agricultural exports to China relate to the infrastructure that provides inputs into rural production from seeds to animal feed, real estate to professional business and research services, transport to cold storage, insurance, finance, banking to mention the major ones,” the paper documents.

“Among the disruptors in this area are digital agriculture services and precision agriculture, with digital traceability of produce just one example of innovative technologies that have enhanced our export capabilities.”

The research also shows that manufacturing, professional services, research, real estate and renting of equipment contribute approximately the same proportion as the wholesale and retail chain, which provides access to supplier networks, followed by finance, insurance and other financial services and logistics.

“Crucial for our competitiveness in manufacturing exports, these services currently contribute 26 cents to every export dollar to China. In overall goods exports, services account for one-fifth of value added.”

Of particular interest in terms of goods exports is that R&D and business services make up more than one-third of the services contribution.

教育和旅游相关的 服务行业占澳大利亚对 中国服务贸易出口的

»

87%

KEY RESEARCH FINDINGS • 2015 trade data and a breakdown constructed from the OECD TiVA database finds services such as transport, storage, communication, financial intermediation, trade, business services and research in total contributed more to our export volume than the direct services export.

• The contribution of domestic services to our exports makes our cooperation with China more resilient and less vulnerable to potential fluctuations in specific markets such as resources or education and tourism.

• Compared to its share of product exports, Australia is not yet exporting a huge amount of services to our overseas trade partners, yet services are contributing a lot more to the production story than previously understood.

• S ervices account for 60% of Australia’s GDP and 17% of Australian total exports in 2015. In China, services have doubled from 2010 to 2015 and now account for 51% of GDP and 4.1% of total imports.

• Over the same period, Australian services exports to China have grown 10% per year, making China our largest export market for services at a volume of AUD$10 billion and accounting for 12% of our total exports to China.

• When talking about services trade with China, we generally only refer to the tip of the iceberg. There is another story to tell apart from direct services exports like tourism, education and healthcare.

商道

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

INDUSTRY

The research clearly identifies that valueadded services increasingly have a dynamic of their own, as their contribution keeps rising even when merchandise exports are fluctuating.

“Our figures show that services interaction with China is deeper and our services industries are more embedded in our export structure than can be seen from the direct services exports alone,” Swaminathan says.

“Stronger bilateral relations and integration with China is translating to growth of higher value-added service industries, leading to innovation and the transfer of service capabilities across industries.

“More open trade with China has diversified Australia’s exports and domestic service sector, making it more competitive and resilient to the ever-changing global trade landscape,’ he says.

“Australian businesses have unprecedented direct access to Chinese consumers.”

Swaminathan adds that Australia has a natural advantage when it comes to domestic services. “The perception of Australia as a provider of clean, green and healthy products for Chinese consumers is supported by big data capture, traceability and sophisticated infrastructure from farm to smartphone,” he says.

“The sophistication and improvements across our manufacturing sector as well as our resources exports have been led by digitisation and constant innovation.”

He says this is well-suited for the average Chinese consumer.

“Two-thirds of China’s online payments happen on mobile phones, contributing to an online retail market worth roughly US$889 billion.

“This has been enhanced by the adoption of smartphones and the Internet of Things, which have led to the proliferation of innovation and disruption across China’s service industries.

“Add this to the rise of e-commerce platforms such as Alibaba and Tencent, and Australian businesses have unprecedented direct access to Chinese consumers.”

Swaminathan says rebalancing in China is a transition that increasingly fulfils its own 46 | HIGHER VIEW BUSIN E S S

services needs through domestic sources.

“For Australian companies, looking to compete against home-grown Chinese services becomes a question of innovation, connecting through digital and e-commerce platforms, and finding sectors where one has a strong point of difference.

“In an economic environment characterised by innovation and disruption, only services ensure adaptability, competitiveness and sustainability across all export industries: • Adaptability. Increasing the services component in production makes our merchandise exports more adaptable to innovation, market disruption and changing consumer demands. Services enable merchandise production and services provision to flexibly cater for changing consumer and producer demands.

• Competitiveness. Building new competitive advantages in services reduces our reliance on resources-based comparative advantages. Services make Australian exporters more responsive to global competitors who rely on the scope and sophistication of their services.

Sophisticated services create entry barriers to domestic industries. 商道

在商品出口方面，最值得一提的是研发和商 务服务在服务业出口当中占到了三分之一以上 的比重。 该项研究显示：各种增值服务已逐渐闯出自 己的一方天地；即便在商品出口有波动的情况 之下，它们所占的比重依然呈现出上升态势。 Swaminathan表示：“我们的数据显示澳 大利亚与中国之间的服务互动日益加深；与直 接服务出口相比，我们的各项服务产业在出口 结构当中更为根深蒂固。” “澳大利亚与中国之间所建立的更紧密双边关 系正在推动着一系列高附加值服务产业的发展， 带动了各行各业的创新以及服务能力的转移。” 他表示：“澳大利亚与中国之间更为开放的 贸易往来推动了澳大利亚出口贸易和国内服务 业的多元化发展，提升了竞争力，并令其更能适 应千变万化的全球贸易环境。” Swaminathan补充表示澳大利亚在国内服 务方面有着与生俱来的优势。 他提到： “中国消费者将澳大利亚视为清洁、 绿色和健康产品的代名词，而大数据采集、可 追溯性以及从农场到智能手机普及等基础设施 的完善更令澳大利亚产品如虎添翼。” “数字化以及持续创新带动了制造业以及资 源出口行业的日臻成熟和完善。” 他表示这一点尤为吸引大部分的中国消费者。 “中国三分之二的线上付款都是通过手机来 完 成；移动 支付为线 上零 售 市场 贡 献了大 约 8,890亿美元的销售额。” “智能手机和物联网的普及进一步加强了这 种趋势，从而带动了中国服务业越来越多的创 新和突破。” “借助阿里巴巴和腾讯等电商平台的崛起， 澳大利亚企业亦在以前所未有的方式走向中国 消费者。” Swaminathan认为：中国的再平衡战略就 是通过国内资源来逐渐满足自身的服务需求。 “对于澳大利亚企业而言，与中国本土服务

工业

28%

In 2015, Australian domestic services accounted for 28% of value added in Australia’s total export of goods and services to China.

2015年期间澳大利亚国内 服务占到澳大利亚对华商 品和服务出口总额当中增 加值部分的28%。

• Sustainability. A dynamic services sector enables the building and transfer of service capabilities across service industries, from domestic markets into export markets and vice versa. For an economy with limited resources such as Australia, capacity building and facilitating spill-overs across industries are crucial for accessing new markets and integration in emerging supply and value chains.

“These points are particularly important for surviving and remaining relevant to an economy like China that is finding a new balance through innovation and disruption,” Swaminathan says.

“Bear in mind that China is not only an end-user market but also a conduit to global value chains – so doing well in China will leave Australian exporters stronger and more competitive in global markets.”

In summary, Swaminathan argues that China’s economic rebalancing is generating greater demand for serviceintensive goods and products.

“The increasing ‘servicification’ of product value chains in Australia secures our reputation for quality consumer goods, high-end manufacturing, premium agricultural products and tourism and education,” he says.

“As economic power continues to shift from west to east, the impact of Australia’s proximity and connectivity with China will expand across business, industry and broader society. This should build confidence in the broader value to Australia’s economy that comes with free trade with China.

“As these flows grow in volume and connectivity, the biggest opportunity evolving for our customers in China is happening right here in Australia.”

To find out more about Westpac in Asia visit www.westpac.asia/sydneyforum

企业竞争俨然是一个关乎创新的问题，即如何 通过数字和电商平台连接消费者，并寻找那些 澳大利亚企业具备显著优势的领域。” “在以创新和颠覆为主要 特点的经济环 境 下，唯有服务业能够在所有的出口产业当中确 保其适应性、竞争力以及可持续性： • 适用性。提高产品当中的服务占比可以让澳 大利亚的商品出口更能适应创新、市场波动 以及不断变化的消费者需求。服务令商品生 产和服务提供可以灵活地迎合消费者和生产 者千变万化的需求。 • 竞争力。在服务业领域打造新的竞争优势可 以减轻澳大利亚对于其在资源领域相对优势 的依赖。服务业令澳大利亚出口商更有能力 与那些提供齐全和精细服务的全球对手展开 竞争，而精细的服务历来会造成国内企业进 入某些产业的高门槛。 • 可持续性。充满活力的服务部门推动了各服 务行业的服务能力建设以及从国内市场到出 口市场（反之亦然）的转移。对于一个资源有 限的经济体而言——比如澳大利亚，推动各 行各业的能力建设和扩散可以帮助企业进军 新的市场，并整合新兴的供应链和价值链。 他表示：“这几点对于澳大利亚继续与中国 这样的经济体保持密切往来尤为重要，因为中 国正在通过创新和突破来寻找新的平衡。” “需要谨记的是，中国不仅仅是一个最终市 场，同时也是通往全球价值链的一个门户；因 此，在中国市场上表现良好的澳大利亚出口商 将在全球市场上表现出更强的竞争力。” 作为总结，Swaminathan认为中国的经济

再平衡战略正在推高其对于服务密集型商 品和产品的需求。 他表示：“澳大利亚产品价值链的日益‘ 服务化’保障了澳大利亚在优质消费品和顶 级农产品供应以及旅游和教育领域建立的 声誉。” “随着经济中心从西方转移到东方，澳大 利亚与中国相邻的优势将会扩大并惠及企 业、工业以及广大社会，而与中国开展的自由 贸易将为澳大利亚经济创造更大的价值。” “随着这些往来互动的扩大及深入，中国 消费者带来的史无前例的巨大商机正在澳 大利亚悄然涌现。” 欲知与亚洲西太平洋银行相关的详细信息， 欢 迎 访 问 ：w w w . w e s t p a c . a s i a / sydneyforum。

Australia has a natural advantage when it comes to domestic services.

关键研究发现 • 利用2015年的贸易数据以及通 过经合发组织贸易增加值数据 库得出的分类数据，我们发现运 输、仓储、通讯、金融媒介、贸 易、商务服务和研发等服务部门 对出口总额的贡献度要高过直 接服务出口。 • 国内服务对澳大利亚出口贸易的 贡献令我们与中国之间的合作 更具弹性，并且更不易受到具体 市场（比如资源、教育、旅游等 等）潜在波动的影响。 • 与产品出口所占的比重相比，澳 大利亚对海外贸易合作伙伴的 服务出口在规模上并不算很大， 但是与之前相比服务业的贡献 度已经提升不少。 • 2015年，服务业在澳大利亚

商道

GDP当中占到60%的比重，在出 口总额当中占到17%的比重。在 中国，从2010到2015年期间，服 务业对GDP的贡献度翻了整整 一倍，现在已高达51%，并占到 了出口总额的4.1%。 • 在相同时期内，澳大利亚对华服 务出口以每年10%的速度递增。 中国是澳大利亚服务业最大的 出口市场，总市值约达到100亿 澳元，并占到澳大利亚对华出口 总额的12%。 • 在谈到与中国开展的服务贸易之 时，我们通常只提及冰山一角， 因为澳大利亚除了各种诸如旅 游、教育和医疗直接出口的服 务，服务业的贡献还涉及许多其 他重要方面。

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

Nab Commercial Property Survey: Q1 2017

by NAB Behavioural & Industry Economics Short-term confidence among property developers rose, with just over 1 in 2 (52%) looking to start new projects in the next 6 months. Development pipeline still dominated by residential projects - with just over 6 in 10 projects expected to commence in this sector. More than 1 in 4 (28%) developers are looking to source more capital in the next 6 months.

But funding conditions now considered to be harder than at any time since Q4’11 - particularly for debt borrowing - and are expected to become even harder in the next 6-12 months.

Commercial property market sentiment climbed to a new high in Q1’17,with NAB’s Commercial Property Index rising +6 to +27.

Capital growth expectations revised up in CBD Hotels, Office andIndustrial. Retail unchanged.

Stronger growth predicted for Office inNSW, VIC and QLD, with Industrial gains led by VIC and NSW. In Retail,positive growth in NSW, VIC and WA to offset falls in QLD and SA/NT.

Confidence also lifted in Office, Industrial and CBD Hotels, but fell inRetail where household consumption continues to slow to a moderatepace across most states and territories.

By state, sentiment is still highest in NSW (a new high) and VIC. Itrallied in WA (but still negative) and fell in SA/ NT and QLD. Confidencewas highest in NSW and VIC and lowest in WA (and negative).

By sector, gains were driven by much higher sentiment in Office and a modest improvement in Industrial.

CBD Hotels down, but still very solid and highest across all sectors.

Sentiment in Retail was unchanged.

National Office vacancy tightened in Q1’17 with falls in VIC and NSWoffsetting rises in QLD and SA/ NT and persistently high rates in WA.

Office tipped to provide best income growth, with solid growth inNSW and VIC continuing amid reports of strong competition for space and shortages. Expectations also lifted in Industrial, especially in NSW,but Retail rents to soften, led by weaker outcomes in QLD and WA.

higher sentiment higher in sentiment Office (up in +21 Office to +35), (up particularly +21 to +35),in particularly in it climbed where where +14 it climbed to an all +14 timetohigh an all +61 time (ledhigh by +61 (led by the eastern seaboard the eastern states. seaboard CBD hotels states.continues CBD hotels to continues outto out-conditions boom boominconditions Office) andinVIC Office) (up +1 and toVIC +17). (upIt +1 to +17). It perform, although perform, sentiment although fellsentiment -38 to a still fell very -38 to solid a still very solid improved in WA improved (up +12 in to WA -49) (upbut +12remains to -49) very but remains weak. very weak. +50. Modest +50. gainsModest were also gains seen were in Industrial also seen (up in Industrial +9 to (up Sentiment +9 to fell Sentiment steeply infell SA/NT steeply (down in SA/NT -24 to(down -24) and -24was to -24) and was +14) but unchanged +14) butinunchanged Retail (+17). in Confidence Retail (+17).also Confidence alsomodestly lower modestly in QLDlower (downin-1QLD to 0). (down Property -1 to experts 0). Property in experts in stronger in Office, stronger Industrial in Office, and Industrial CBD Hotels, and but CBDlower Hotels, in but lower NSWin and VICNSW remain andthe VICmost remain confident the most looking confident ahead looking ahead Retail where Retail household whereconsumption household consumption continues to continues slow to to followed slow to by QLD. followed WA still

by QLD. the most WA still pessimistic the most(and pessimistic (and a moderate pace a moderate across most pace states acrossand most territories. states and territories.negative) state, negative) with the state, outlook with negative the outlook in all negative sectors.in all sectors.

MARKET OVERVIEW - INDEX BY SECTOR & STATE

NAB PROPERTY INDEX NABCOMMERCIAL COMMERCIAL NAB COMMERCIAL PROPERTY PROPERTY INDEX

INDEX

COMMERCIAL INDEX - STATE COMMERCIAL COMMERCIAL PROPERTY PROPERTY PROPERTY INDEX - STATE INDEX - STATE 80

100

100

80

90

90

60

60

80

80

70

70

40

40

60

60

20

20

50

50

0

0

40

40

30

30

-20

-20

20

20

-40

-40

MARKET MARKET OVERVIEW OVERVIEW - CAPITAL - CAPITAL & VACANCY & VACANCY EXPECTATIONS EXPECTATIONS -60The national -60 Office 10 10 have Property experts Property experts liftedhave theirlifted expectations their expectations for capitalfor capital The national vacancy Officerate vacancy fell torate 9.3% fellinto Q1’17, 9.3% to in Q1’17, to

growth ingrowth the 0nextin1-2 theyears next for 1-2 CBD yearsHotels for CBD (2.7% Hotels & 3.5%), (2.7% &-80 3.5%), 5.2% in Retail 5.2% in Retail 5.7% in and Industrial.

5.7% in Industrial.

Lower Office Lower Office 0 -80 and Office (2.3% Office & 2.4%) (2.3% and & 2.4%) Industrial and (1.0% & 12 1.5%), (1.0% Retail & 21.5%), vacancy invacancy VIC (5.8%) in VIC and(5.8%) NSW (6.6%), and NSW offset (6.6%), offset in Next 2 yrs in Q4'16 Q1'17 Q4'16 Next Q1'17 Qtr Industrial Next Next Qtr Next Next yrs 12 Retail Next 2 yrs Q4'16 Q1'17 Next Qtr increases Next 12increases Q4'16 Q1'17 Next Qtr Next 12 Next 2 yrs mthswere however mths expectations expectations (0.5% in both (0.5% years) in both were years) however QLD (13%)QLD and(13%) SA/NTand (12.7%), SA/NTand (12.7%), persistently and persistently high rateshigh rates mths mths unchanged.

Office expectations Office expectations lifted in NSW lifted (4.2% in & (4.2%CP&Index in WA (15%). in WA Retail (15%). vacancy Retail fell vacancy inQld VICNSW fell (4.3%), in VIC QLD (4.3%), (4.8%) QLD (4.8%) Office unchanged.

Retail Office Industrial Retail CBD Industrial Hotels CBD CPNSW Index Hotels Australia Victoria Australia NSW Victoria SA/NT Qld WA SA/NT WA 3.9%), VIC3.9%), (1.8% VIC & 2.6%) (1.8%and & 2.6%) QLD (1.2% and QLD & 1.8%), (1.2%while & 1.8%), while and WA (7.0%), and WA but(7.0%), rose inbut NSW rose (5.7%). in NSW Industrial, (5.7%). Industrial, 3 3 better outcomes better outcomes in Industrial in Industrial reflected gains reflected in VIC gains (1.7% in VIC (1.7% vacancy rose vacancy in QLD rose (8.5%) in QLD and(8.5%) WA (7.9%), and WA but(7.9%), fell in but fell in & 2.4%) and & 2.4%) NSW (2.4% and NSW in both (2.4% years). in both In Retail, years). positive In Retail, positive NSW (4.4%) NSW and(4.4%) VIC (4.8%). and VIC Overall, (4.8%).vacancy Overall,rates vacancy in rates in returns in returns NSW (1.1% in NSW & 1.0%), (1.1%VIC & 1.0%), (0.7% VIC & 0.9%) (0.7%and & 0.9%) WA and WA Office andOffice Industrial and Industrial markets are markets expected are to expected fall in the to fall in the (0.7% in both (0.7% years) in both to offset years)falls to offset in QLD falls & SA/NT. in QLD & SA/NT. next 1-2 years next and 1-2 years remain and unchanged remain unchanged in Retail. in Retail.

MARKET OVERVIEW - CAPITAL & VACANCY EXPECTATIONS CAPITAL VALUE EXPECTATIONS (%)

CAPITAL CAPITAL VALUE EXPECTATIONS VALUE EXPECTATIONS (%) (%)

VACANCY RATE EXPECTATIONS (%) VACANCY VACANCY RATE EXPECTATIONS RATE EXPECTATIONS (%) (%)

4.0

12.0

12.0

3.0

3.0

10.0

10.0

2.0

2.0

8.0

8.0

1.0

1.0

6.0

6.0

0.0

0.0

4.0

4.0

4.0

2.0

2.0 estimates for estimates survey period for survey period 0.0

MARKET MARKET OVERVIEW OVERVIEW - RENTS - RENTS & SUPPLY & SUPPLY -1.0

-2.0

-2.0

0.0

Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q1'10 Q3'11 Q2'10 Q4'11 Q3'10 Q1'12 Q4'10 Q2'12 Q1'11 Q3'12 Q2'11 Q4'12 Q3'11 Q1'13 Q4'11 Q2'13 Q1'12 Q3'13 Q2'12 Q4'13 Q3'12 Q1'14 Q4'12 Q2'14 Q1'13 Q3'14 Q2'13 Q4'14 Q3'13 Q1'15 Q4'13 Q2'15 Q1'14 Q3'15 Q2'14 Q4'15 Q3'14 Q1'16 Q4'14 Q2'16 Q1'15 Q3'16 Q2'15 Q4'16 Q3'15 Q1'17 Q4'15 Next Qtr Next 12Q1'16 mths Q2'16 Next 2 yrs Q3'16 Q4'16 Q1'17 Next Qtr Next 12 mths Next 2 yrs

-1.0

Office property Officecontinued property continued to record the to record fastestthe growth fastest ingrowthProperty in experts Property believe experts that believe national thatOffice national market Office market

-3.0 -3.0 rents in Q1’17, rents with in Q1’17, NSWwith (2.3%) NSW and(2.3%) VIC (1.3%) and VIC leading (1.3%) leading supply conditions supply conditions are broadly are“neutral”, broadly “neutral”, as large overas large overQ4'16 Q1'17Qtr Next Qtr Next 12 2 yrs Q1'17 Next Next 12 the wayQ4'16 and theWA way(-1.8%) and WA and (-1.8%) SA/NTand (-1.8%) SA/NT trailing.

(-1.8%) It trailing. is2 yrs Next It is hangs in WA hangs (and in to WA a lesser (and to extent a lesser QLD extent and SA/NT) QLD and SA/NT) mths mths

also tipped also to provide tipped tothe provide best returns the best in returns the nextin1-2 the next 1-2 continue to continue offset by to shortages offset by shortages in NSW and in a NSW balanced and a balanced Office Office Retail Retail Industrial Industrial CBD Hotels in CBD Hotelsmarket in market OfficeSupply Office Retail conditions Retail Industrial Industrial years, led years, by veryled solid by very growth solid ingrowth NSW (4.7% in NSW in both (4.7% both VIC. in VIC. conditions Supply in all other in sectors all other were sectors were years) andyears) VIC (3.0 and&VIC 3.4%).

(3.0Expectations & 3.4%). Expectations have also have liftedalso lifted also broadly also“neutral” broadly “neutral” in Q1’17 and in Q1’17 are expected and are to expected to 4 4 for Industrial for Industrial property, with property, growth with led growth

by NSW led(2.9%

by NSW & (2.9%remain & soremain in the next so in1-5 theyears next -1-5 except yearsCBD - except Hotels CBD where Hotels where 2.8%) and2.8%) VIC (2.0% and VIC & 2.3%).

(2.0%The & 2.3%). outlook Thefor outlook Retail rents for Retail rents the market the is market currently is “somewhat” currently “somewhat” over-supplied over-supplied and and has however hassoftened, however softened, mainly reflecting mainly reflecting weaker outcomes weaker outcomes predicted predicted to remainto soremain over the sonext over1-5 theyears next amid 1-5 years amid in SA/NT (-3.1% in SA/NT & -2.3%) (-3.1%and & -2.3%) WA (-3.8% and WA in both (-3.8% years). in both years).reports ofreports an injection of an of injection new supply of new in 2017. supply in 2017.

MARKET OVERVIEW - RENTS & SUPPLY

GROSS RENTAL EXPECTATIONS (%) 3.0

SUPPLYSUPPLY CONDITIONS SUPPLY CONDITIONS CONDITIONS

GROSS RENTAL GROSS EXPECTATIONS RENTAL EXPECTATIONS (%) (%) 3.0

2.5

2.5

2.0

2.0

1.5

1.5

1.0

1.0

0.5

0.5

0.0

0.0

-0.5

-0.5

-1.0

-1.0 Q4'16 Office

5 years

5 years

3 years

3 years

12 months 12 months

Current

Q1'17 Q4'16

Next Qtr Q1'17

Office Retail

Next 12 Next Qtr mths

Next 12 2 yrs Next 2 yrs Next mths

Retail Industrial

Industrial

Current

Quite -1.50 Quite Somewhat Somewhat Quite Somewhat Somewhat -2.00 -2.00 -1.00-1.50 -0.50 -1.00 0.00-0.50 0.50 0.00 1.00 0.50 1.50 1.00 2.00 1.50Quite 2.00 Neutral Neutral Over Over OverOverUnder Under UnderUnderSupplied Supplied Supplied Supplied Supplied Supplied Supplied Supplied CBD Hotels CBD Hotels Industrial

Industrial Retail

Retail Office

Office

5

5

INFRASTRUCTURE

T

he miraculous narrative of China’s progress as a country that has dragged itself from a third world status to today’s economic powerhouse has been the greatest, most awe-inspiring economic success story of our generation. Since the 1990s China quadrupled its one million kilometres of highways and built a high-speed rail network from scratch, which it plans to extend to 30,000 kilometres by 2020. The sheer size of the stations, their efficient management and the fast trains that run up to speeds of 300 kilometres per hour are a testament to China's extraordinary infrastructure build over the past two decades – which has become representative of the country's rapid economic development and improved living standards across the country.

50 | H IGH ER VIEW BUSIN E S S

中

国成功地从一个第三世界国家晋升为 当今的经济发动机；这个传奇是我们 这一代人叹为观止的经济成就。90年 代以来，中国100万公里的公路网已经增加了三 倍，同时从零开始建设高速铁路网，并计划到 2020年之时高铁总长达3万公里。气势恢宏的 车站、高效的站点管理以及时速高达30 0公里 的高铁……这些都是中国过去二十年里基础设 施建设成果的明证，及其经济飞速发展和生活 水平全面提高的标志。 一带一路 中国的“一带一路”倡议与其战略远景高度 契合，堪称一项雄心勃勃的计划。中国政府号 召一带一路的沿 途国家共同打造一个由海、 陆、空走廊所组成的一个高效网络，籍此进一 步推动沿途各国之间的互联互通。 在“一带一路”倡议下，中国基础设施成就已 数不胜数：从肯尼亚一个新建的深水港口，到 遍布东非的多条铁路，再到几内亚比绍的众多 商道

30,000 kilometres Since the 1990s China quadrupled its one million kilometres of highways and built a high-speed rail network from scratch, which it plans to extend to 30,000 kilometres by 2020.

90年代以来，中国100万公里的公 路网已经增加了三倍，同时从零 开始建设高速铁路网，并计划到 2020年之时高铁总长达3万公里。

基础建设

By Darryl Judd 作者：达里·贾德

敲敲门，机遇在—— 澳大利亚的基础设施缺口

OPPORTUNITY KNOCKS–AUSTRALIA’S INFRASTRUCTURE GAP

The Australian economy is attractive in a variety of ways, but it faces losing its market share due to lack of infrastructure investment. Partnering with China could be the beneficial answer for both parties, writes Darryl Judd. 达里·贾德认为：澳大利亚经济在诸多方面颇具吸引力，但由于基础设施投资的匮乏，澳大利亚吸引 外资的市场份额被不断蚕食。与中国就此领域扩大合作或是一个对双方互利双赢的解决之道。 ONE BELT ONE ROAD

In keeping with its long-term view, China’s "Belt and Road Initiative" is an ambitious plan. The Chinese government has called on countries along the proposed routes to establish a secure and efficient network of land, sea and air passages, lifting their connectivity to a higher level.

Already examples of China's infrastructure success with the "Belt and Road" abound – from a new deep-water port in Kenya to railways throughout East Africa and roads and hospitals in Guinea-Bissau. The figures are vastly unfathomable, with the ExportImport Bank of China contributing trillions in financing, including direct investment, soft loans and commercial loans.

The amount of money invested into Asian infrastructure between 2015 and 2025 will be worth about 60% of the world's

infrastructure spending. According to PwC and Oxford Economics, in roads alone the Philippines, aided by Chinese investment, will increase its infrastructure spending by about 300% between 2010 and 2025, and China by about 250%. In fact, many countries in Asia, in particular, seem to be competing for Chinese investment.

Projections by the OECD suggest that Asia's share of the global middle class will grow from around 35% in 2015 to 80% by 2050. The result is that the long-term strategic partnership with China is fast pacing the development of the Asia market compared with Australia.

While the Australian economy is attractive, it is losing its market share due to lack of infrastructure investment. Australia’s solid economic performance, a diversified economy and low-risk environment bode well for 商道

公路和医院。这些数据不易彻底弄清：中国进 出口银行提供了数万亿美元的融资，包括直接 投资、优惠贷款以及商业贷款等等。 2 015 -2 0 25年 期间，预计投入到亚洲基 础 设施建设的资金将达到全球基础设施支出的 6 0 %。根 据普华永道和牛津经济研究院的分 析 ，仅 在 公 路 方 面 ，在 中 国 投 资 的 带 动 下，2010-2025年期间菲律宾的基础设施支出 将增长约300%，而中国将增长250%。实际上， 亚洲许多国家似乎都在争抢中国的投资。 经合组织的预测分析显示，亚洲在全球中产 阶级总数的所占比将从2015年的35%左右跃升 至2050年的80%。相较于澳大利亚，亚洲各国 与中国建立的长期战略合作关系正在加快亚洲 市场的发展步伐。 虽然澳大利亚经济不乏吸引力，但由于基础 设施投资的匮乏，澳大利亚的市场份额被不断 蚕食。澳大利亚的经济表现稳定，经济结构多 元，有低风险的经济环境，更不用说连续26年 的经济增长以及AAA的主权信用评级；而且， H I G H E R V I EW B U SINESS | 51

»

INFRASTRUCTURE

尽管澳大利亚人口仅占到世界人口的0.3%，但 其GDP却在全球经济当中占据了1.7%的份额。 这些都是澳大利亚的优势所在。 但是，由于执政者频繁更替以及缺乏朝野两 党共同支持，导致不少政策短视，也意味着基建 投资往往举步维艰。因此，澳大利亚长期以来 都忽略重大资产方面的投资，在基础设施管理 方面缺乏凝聚力以及行之有效的策略。 根据澳大利亚统计局的数据，中国目前是澳 大利亚 第五 大 投 资来源国，在 投 资存量当中 占 到 4 % 的 份 额 。排 名前 四 位 的 分 别 是 美 国 （24%）、英国（13%）、日本（10%）以及荷兰 （6%）；中国与新加坡（4%）并列第五位，并高 于加拿大（3%）。 矿业 投 资 依 然 稳 踞 在中国的 投 资 议程 之 上；2015年中国对矿业部门的投资达到了12.9 亿澳元。澳大利亚的基础设施建设对于中国投 资者而言颇具吸引力，近年来的中国投资当中 就包含岚桥集团以5.06亿澳元取得了达尔文港 99年的租赁权。澳大利亚一个多世纪以来首次 以政府身份投资13亿美元建设一条连接南澳大 利亚州与达尔文港的铁路（该项目早在一个世 纪之前就开始规划），而这个港口收购项目紧 随其后。虽然澳大利亚许多人批评这个项目，但 政府向私营部门融资的创举颇具里程碑意义。 虽然澳 大利亚 政 府的此项投资令人印象深 刻，但其远远不及中国的投资。这或许就是中国 2013年首次宣布“一带一路”计划之时没有将 澳大利亚纳入其中的原因，即便亚洲已在澳大 利亚前12大出口市场当中占去10个席位。欲成 为一位极具竞争力的亚洲贸易伙伴，澳大利亚 Shanghai overpass at night in China 中国上海立交桥夜景

business, with 26 years of uninterrupted economic growth and a AAA sovereign risk profile. Australia is well placed, as even though it is home to only 0.3% of the world's population, its GDP accounts for 1.7% of the world's economy.

However, the imposition of short-term policy windows – as a result of changing governments and lack of bipartisan support – means that investment in infrastructure has suffered. As a result, there is a long-term neglect of significant asset investment and a lack of cohesion and strategy in infrastructure management.

According to the Australian Bureau of Statistics, China now ranks as Australia's fifth largest investor, with 4% of investment stock. It sits behind the United States (24%), the United Kingdom (13%), Japan (10%) and the Netherlands (6%), equal to Singapore (4%) and ahead of Canada (3%).

Mining remains on China's investment agenda. A total of AU$1.29 billion was invested 52 | HIGHER VIEW BUSIN E S S

In the next decade 6,000 TEU container ships will be calling into Australia, compared with the current levels of 4,500 TEU vessels at Australian ports. in the sector in 2015. This makes the Australian infrastructure sector attractive to Chinese investors, with recent ventures including the 99-year lease of the Darwin Port to the Landbridge Group for AU$506 million.

The port acquisition followed Australia’s first investment as a country in over a century of more than $1.3bn in a railway linking South Australia and the Darwin port, which was first planned more than a century ago. While many critiqued the project within Australia, it was ground-breaking in terms of the extent to which government was able to incorporate private sector financing.

While such investment by the Australian 商道

Total domestic land freight is expected to grow to service Australia’s expanded population by

80%

between 2011 and 2031.

基础建设

60%

The amount of money invested into Asian infrastructure between 2015 and 2025 will be worth about 60% of the world’s infrastructure spending.

2015-2025年期间， 预计投入到亚洲基础 设施建设的资金将达 到全球基础设施支出 的60%。

government is impressive, it comes nowhere near that of China. This may be why the country was not included in initial versions of the One Belt One Road Strategy when it was initially announced in 2013, even though Asia presently represents ten of Australia's top 12 export markets. There is an urgent need for investment and a comprehensive National Freight and Supply Chain Strategy to guide infrastructure investment and reform, if Australia is to realise its place as a competitive Asian Trade Partner.

Mark Birrell is the chairman of Infrastructure Australia, and he says that greater foresight will be essential when it comes to infrastructure planning in order for Australia to have a thriving economy over the long term.

“Infrastructure has to be developed and planned with a long-term focus,” he says, “avoiding the problems of previous election campaigns where projects were developed in isolation and the needs of infrastructure users gained little publicity.”

Australia’s infrastructure problems are only going to increase.

亟需通 过一项全面的“国家货 运 和供 应链 战 略”来指导国内的基建投资与改革。 Mark Birrell是澳大利亚基础设施委员会的 主席。他表示：为了让澳大利亚经济长期保持 繁荣，基础设施规划必须高瞻远瞩。 他表示：“开发和规划基础设施应关注长期 发展。避免之前竞选运动当中所出现的种种问 题——比如某些孤立进行的项目开发，而对基 础设施用户的实际需求置若罔闻。” 澳大利亚的基础设施问题只会越来越多。 公路货运 作为大宗商品和其它商品的重要生产和出口 国，澳大利亚预期2030年之前公路货运量增长 50%，铁路货运量增长67%。铁路货运量的增 长主要得益于矿产和农产品出口的持续增长， 以及人口增长所带动的消费品需求的增长。 在国内，澳大利亚正在经历前所未有的人口 增长，预计到2031年之前总人口将超过3000万 人。这意味着澳大利亚的四大城市（悉尼、墨尔 本、布里斯班、佩 思）的人口未来将迎来将近 50%的增长。 为了迎合人口的增长，预计2011-2031年期间 国内陆上货运量将增长80%。如果澳大利亚未 能对陆运基础设施进行相对应的投资，则此种 急剧增长可能导致日益加大的运输压力。这个 问题亟需解决，因为一些重要城市每年产生的 拥堵成本将从2011年的137亿美元增加到2031 年的540亿美元。 澳大利亚绝大部分的经济活动都集中在一些 主要城市；根 据澳 大利亚基 础设 施审计署的 数 据，这 些 城 市 对 经 济 的 贡 献 将 在 2 011年

The Australian Logistics Council has estimated that the logistics industry contributes close to 14.5% of GDP annually.

8 , 5 4 0 亿 美 元 基 础 上再 增 加16 , 21 0 亿 美 元 （2031年）。因此，澳大利亚亟需投资和改革 来提升各项能力并更好地管理国内需求。 澳 大利亚物流 理事会 预计 物流业每年对 GDP的贡献率将达到14.5%。因此，对该领域 基础设施的投资将给澳大利亚经济带来复合的 效益。

ROAD FREIGHT

As a major producer and exporter of bulk commodities and other merchandise, Australia expects road freight to grow by 50% and rail freight to increase by 67% by 2030. Rail freight growth is driven by continued growth in mineral and agricultural exports, and demand for consumer goods driven by population growth.

Domestically, Australia is experiencing unprecedented population growth, with the country on target to expand to more than 30 million people by 2031. This will mean that the population of Australia's four largest cities, Sydney, Melbourne, Brisbane and Perth, will increase by close to 50%. 商道

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

»

INFRASTRUCTURE

According to PwC and Oxford Economics, in roads alone the Philippines, aided by Chinese investment, will increase its infrastructure spending by about 300% between 2010 and 2025.

Total domestic land freight is expected to grow to service this population by 80% between 2011 and 2031. As favourable as this sounds, such rapid growth may result in increasing major transport disruption and delays if there is not an equal investment in land freight infrastructure. It is critical that this is addressed, as the annual cost of congestion in capital cities could exceed $53 billion by 2031, up from $13.7 billion in 2011.

Domestically, the majority of economic activity occurs in the country's major cities, according to the Australia Infrastructure Audit, which found they contributed $854 billion to the economy in 2011 and are projected to add $1,621 billion in 2031.

Investment and reform are therefore 54 | HIGHER VIEW BUSIN E S S

desperately needed to increase capacity and better manage domestic demand.

The Australian Logistics Council has estimated that the logistics industry contributes close to 14.5% of GDP annually.

Spending on infrastructure in this area will, therefore, have a compounded benefit on the Australian economy.

铁路货运 通过铁路运输的货物比重保持稳定，但在澳 大利亚一些重要港口城市却呈现出下降趋势。 这个事实与未来12年内货运量将会翻番的预测 形成鲜明对比。因此，如果澳大利亚不采取任 何措施的话，到2020年之时，拥堵将带来20 0 亿美元的成本；根据荷银集团的最新报告，未 来10年内澳大利亚将需要投入3,800-4,550亿 美元的资金用于建设各种公共基础设施。

RAIL

The percentage of freight carried on rail is static or declining as far as Australia's capital city ports are concerned. This is juxtaposed with the well-documented projection that the freight task is expected to double in the next 12 years or so. As a result, congestion is set to cost $20 billion by 2020 if no action is taken and, according to the latest ABN Amro report, between $380 billion and $455 billion will have to be spent on public infrastructure over the next ten years.

SHIPPING

Australia is not prepared to cope with forecast challenges, given major container terminals such as Melbourne are already reaching capacity. In the next decade 6,000 TEU container ships will be calling into Australia, compared with the current levels of 4,500 TEU vessels at Australian ports. This growth will 商道

船舶货运 澳大利亚尚未准备好迎接预料之中的种种挑 战，因为一些主要的货柜码头（比如墨尔本）早 已达到最大吞吐量。在未来十年内，进入澳大 利亚各大港口的船舶将从目前的4,500标准箱 船舶升级至6,000标准箱船舶。此种升级将给 许多主要港口城市的普通货物和标准用户泊位 带来挑战，即便船运是目前为止最环保的一种 运输方式（基于一公里每吨计算）。 升级港口和铁路之间的物流链以及在泊位上 开发更完善的装卸设施势在必行，并且刻不容 缓。投资港口建设是澳大利亚参与亚洲地区经 济增长的关键途径。 机遇 为了满足此种需求，澳大利亚正在以全球独 创的方式向私营部门融资，籍此来启动一系列 重大基础设施的建设。澳大利亚政府已承诺将 在2013 -14年到2019-20年期间为当前和未来 的基础设施建设投入逾500亿澳元，通过改善

基础建设

challenge the current decline of general cargo and standard user berths in many capital city ports, even though shipping is by far one of the most environmentally friendly forms of transport on a per tonne-kilometre basis.

Upgrading the logistics chain between port and rail, as well as developing better handling facilities at the berth, are vitally necessary and overdue. Investing in ports is the critical means of participating in the region's wider growth.

THE OPPORTUNITIES

To meet this need, Australia is leading the world in the way it engages with private sector investment to fulfil major capital works.

The Australian Government has committed over A$50 billion for current and future infrastructure investments for the period 2013-14 to 2019-20 onwards to address the improvements required for Australia to remain competitive. This investment is combined with contributions from government and the private sector.

If the country does not rapidly catch up with the advancements being made by its competitors in the Asia Region who have already partnered successfully with Chinese investors to create more efficient price points and services, it will lose its market standing in the region. There is some debate as to whether Australia can close the gap in time to meet the rate of demand in the Asia Region.

In its 2016 report, Infrastructure Australia stated that by 2031, Asia would represent about two-thirds of the world's middle-class population, creating a massive demand for Australian produce and skills. If Australia is to take advantage of this growth, it needs to be infrastructure ready.

A$50 billion

The Australian Government has committed over A$50 billion for current and future infrastructure investments for the period 2013-14 to 2019-20 onwards. 澳大利亚政府已承诺将在2013-14年 到2019-20年期间为当前和未来的基 础设施建设投入逾500亿澳元。

Partnering between China and Australia will forge a mutual advantage to meet the service requirements of these new consumers.

Such a collaboration would enable Australia to fund its gap in logistics infrastructure and overhaul these at a pace that would ensure it is ready to take advantage of the stratospheric opportunities that lie ahead in a growing market, while China would benefit from a solid source of investment return.

基础设施来保持澳大利亚的竞争优势。此种投 资将由政府携手私营部门共同展开。 如果澳大利亚未能快速赶上亚洲地区内各个 竞争对手的发展步伐——这些竞争对手早已成 功牵手中国投资 者开始提供质优价廉 的服 务 ——则澳 大利亚将 在亚洲地区失去立足之 地。各方都在热议澳大利亚能否及时弥合差距 以满足亚洲地区的需求。 在2016年的报告当中，澳大利亚基础设施委 员会指出到2031年之时，亚洲将拥有全球三分 之二的中产人士，从而催生出对澳大利亚商品 和服务的巨大需求。欲 充分把 握 这项增长机 遇，澳大利亚就要先把基础设施搞好。 通过合作来弥合缺口 作为一个岛国，澳大利亚依赖于完善的海港 和机场与全球开展贸易往来。其经济竞争力与 国家供应链基础设施、港口、铁路、公路和机场 紧密相关；这些基础设施帮助澳大利亚将商品 和服务输送到国内和国外市场。 日本、韩国、新加坡、马来西亚、泰国和中国 等国家日益富足而苛刻的消费者希望能够快速 而实惠地购买到高质量的商品，包括新鲜的食 品。这种需求为中国和澳大利亚等国家携手合 作、迈向共赢提供了充足的理由。 中国与澳大利亚之间互惠互利的合作将满足 这些新消费者的需求。此种合作有助于澳大利 亚为其物流基础设施建设和改造吸引资金，从 而确保澳大利亚充分把握增长型市场中蕴藏的 大量机遇，而中国亦将获得稳定的投资回报。

PARTNERING TO MEET THE GAP

As an island nation, Australia is dependent on well-functioning seaports and airports to trade with the world. Its economic competitiveness is closely linked to the quality of its national supply chain infrastructure, its ports, railways, roads and airports. They connect Australian goods and services to domestic and overseas markets.

The increasingly wealthy and demanding consumers in countries such as Japan, the Republic of Korea, Singapore, Malaysia, Thailand and China want high-quality products, including fresh produce, as quickly and as cheaply as possible. This offers a great reason for countries such as China and Australia to unite for mutual gain. 商道

H I G H E R V I EW B USINESS | 55

INDUSTRY

一段自我发现之旅

Recognised as the originator of best practice risk management standards, Australia is an ideal partner for China-based insurance professionals looking for cross-border learning. 作为公认的风险管理最佳实务标准的发源地，澳大利亚是那些寻求跨境学习的中国 保险从业者的理想合作伙伴。

By Anna Game-Lopata 作者：安娜 ∙ 格姆洛帕塔 56 | H IGH ER VIEW BUSIN E S S

商道

Illustration by Jessica Hu

JOURNEY OF SELF-DISCOVERY

工业

US$58 trillion

A widening protection gap estimated at US$58 trillion in the APAC region. 亚洲地区的保障缺口正在 不断扩大，共计达到58万 亿美元左右。

在

R

isk management as a function still has a long way to go across Asia Pacific (APAC).

So says Stacey Huang, Executive Director of the Pan-Asia Risk and Insurance Management Association (PARIMA), a not-for-profit professional organisation that operates out of 15 countries spanning China to India and Japan to the Philippines and Indonesia.

“There is a common perception that Asia is less mature in risk management compared to our western counterparts in Europe, US and Australia,” Huang says, “but we are growing, developing our standards and stepping up to raise our risk maturity.”

In this environment, Huang says China is increasingly hungry to develop and strengthen its risk management practices.

亚太地区，作为一项职能的风险管理 仍有很长的一段路要走。 以上这句话出自泛亚风险和保险 管理协会（PARIMA）执行董事Stacey Huang 之口。这家非盈利专业机构已将触角伸至15个 国家，包括中国、印度、日本、菲律宾以及印度 尼西亚。 Huang表示： “业界普遍认为与欧洲、美国 和澳大利亚等西方国家相比，亚洲在风险管理 方面不太成熟。但是，我们也正在发展自己的 标 准 ，并正 在 加 快 步 伐 提 高 风 险 管 理 的 成 熟度。” Huang指出，在此背景环境之下，中国正愈 发渴望发展并加强自己的风险管理实践。 “中国的国内经济发展很快，但企业并没有 将发展风险管理标准列为优先考虑。在风险管 理实践方面，各家企业纷纷发现自己并不符合 供应商和客户的标准；因此，变革势在必行。”

Historically, the concept of insurance has never been well received in the Asian culture 商道

向顶尖高手学习 Huang表示：考虑到澳大利亚距离亚太地区 甚近，并且在 风 险管 理 标 准演 变上也 颇有建 树，故而泛亚风险和保险管理协会正在寻求与 澳大利亚开展合作，以便让该职业在中国乃至 整个亚太地区得到更好的理解。 Huang指出： “澳大利亚标准协会与新西兰 标准协会共同制订了AS/NZS 4360:2004标准， 也就是ISO 31000:2009国际风险管理标准的 前身。” “与此同时，香港和新加坡等地成为了国际 企业以及大企业进军亚洲市场的业务中心。这 种情况给亚太地区带来了不小的压力，因为企 业需要迎合国际标准，并需开展更为有力的风 险管理实践。” “泛亚风险和保险管理协会的策略 是为 中国风险经理提供一个共同的平台，从而加强 相互 之间的互 动，并 在 亚 太市场之内 相互学 习。这也是我们成立泛亚风险和保险管理协会 的初衷。” H I G H E R V I EW B USINESS | 57

»

INDUSTRY

Chinese risk managers are increasingly concerned about emerging and growing risks such as cybercrime, business interruption and digital disruption.

“China’s domestic economy is growing strongly but businesses haven’t prioritised an investment in developing risk management standards. Companies are finding they aren’t compliant with their suppliers and clients [in terms of risk management practice], so something needs to be done.”

LEARNING FROM THE BEST

Given its proximity to APAC, and its place in the evolution of risk management standards, Huang says PARIMA is seeking partnership opportunities in Australia to help develop a better appreciation of the profession in China and the region overall.

“Standards Australia and Standards New Zealand jointly developed AS/NZS 4360:2004, which was the precursor for ISO 31000:2009, the international risk management standard,” Huang says.

“Meanwhile, places like Hong Kong and Singapore became business hubs for global and large corporations to develop their presence in Asia. This means there is greater pressure for the region to be compliant and have more robust risk management practices.

“PARIMA’s strategy is to provide a common platform for Chinese risk managers to allow for greater interaction and cross learning within the APAC market. That is what PARIMA is for and why we exist.”

A partnership recently created with ANZIIF, a leading Australian insurance educational and membership body with a presence in China, is therefore seen as a great asset.

“PARIMA and ANZIIF agree risk managers require certain fundamentals of good governance, enterprise risk management (ERM) and risk financing,” Huang says.

“They must also understand risk frameworks, reporting and how to operate in the supply chain. On top of that we want risk managers to comply with an ethical code of practice the same way lawyers and accountants do.”

58 | HIGHER VIEW BUSIN E S S

SUCCESS BREEDS SUCCESS

Born and educated in Singapore, Huang began her career as a management consultant helping businesses with transformation and growth initiatives.

“My projects exposed me to various industries and I have worked closely with companies in the FMCG, finance, healthcare and government sector,” she says.

“Although I have worked and lived in many countries from Africa to the UK and Europe, I still firmly believe in Asia’s growth and potential, which prompted me to return back to Asia four years ago.”

Huang has always been intrigued by success stories. When she was approached by PARIMA to help roll out its development and expansion strategy, she jumped at the opportunity.

“PARIMA is dedicated to elevating risk management as a profession,” Huang says.

“We aim to strengthen and enhance the culture of risk management by creating opportunities for education and dialogue within the community.

“I was inspired by the chance to contribute to PARIMA’s growing success and help build the identity of risk management professionals in China and across APAC.”

APAC PROTECTION GAP

It is a well-known fact that the APAC region is 商道

澳大利亚与新西兰保险金融学会（ANZIIF） 是一家已在中国建立分支机构的知名澳大利亚 保险教育和会员组织。我们将与其建立的合作 关系视为一项重要的资产。 Huang表示： “PARIMA和ANZIIF都认为风 险经理需要掌握与良好治理、企业风险管理以 及风险融资相关的基本知识。” “他们也需了解风险框架、风险报告以及如 何在供应链上经营。除此之外，我们希望风险 经理像律师和会计师那样遵从相关的执业道德 规范。” 成功环环相扣 在新加坡出生并完成教育的Huang最初是 一位帮助企业进行转型和发展的管理顾问。 她谈到：“我所负责的项目让我有机会接触 形形 色色 的行业，令 我得以与快 速 消费品、 金融、医疗和政府等行业的企业开展了深入的 合作。” “虽然我曾经在许多国家工作和生活过—— 包括非洲、英国和欧洲——但我依然坚信亚洲 的发 展 潜力。这个 信念 促使我四年前回到了 亚洲。” H u a n g 总 是 会 被各种 成 功 故 事所 吸引。 当PARIMA找到她，要求她帮忙制订PARIMA 的发 展和 扩张 战 略之 时，她 欣 然 接受了这个 机会。 Huang表示： “PARIMA致力于将风险管理 作为一项职业进行提升。” “通过在这个圈子当中创造各种教育和对话 机会，我们立志加强风险管理的文化。”

工业

“我很高兴能有机会为 PARIMA的成长贡献一己 之力，并 帮助中国以 及 亚 太地区的风险管理从业者 获得认同。”

massive and complex, enjoying robust growth, with many economies and even individual cities developing extremely rapidly in the past five to ten years.

Huang argues that APAC countries have higher risks compared with western countries, yet the region has the biggest protection gap.

“Look at the Lloyd’s City Risk Index or Swiss Re’s Protection Gap studies,” she says.

“Half the world's GDP at risk is in Asia. The top four cities with the world’s largest exposures are also in Asia.

“At the same time, you see a widening protection gap estimated at US$58 trillion in the region. These are clear indices that emphasise how, as a region, [Asia is] quite exposed and unprepared.”

As examples, Huang points to disasters such as the 2015 explosion in Tianjin and the Thailand floods of 2011, where payouts mostly went to global and foreign companies.

“The local small businesses were unprotected and suffered a great deal,” she says.

“Many failed to recover. They were either bought out or forced to go to the government, which became a big tax on the local economy.

“Compared to the foreign companies, they were much slower to get back to the market. We can be better at this.”

INSURANCE-AVERSE CULTURE

Huang says the situation can partly be explained by the way Asia Pacific cultures, including China, view insurance as a cost rather than a necessity.

“Historically, the concept of insurance has never been well received in the Asian culture,” she says. “As a result, there is a tendency not to trust it, handin-hand with misconceptions about its value.”

On top of this, Chinese risk managers are increasingly concerned about emerging and growing risks such as cybercrime, business interruption and digital disruption but there are no adequate solutions for mitigating against such risks.

“At the same time, they are experiencing increasing pressure by regulators to be more compliant, especially as businesses expand overseas,” Huang says.

“Companies in China, and more specifically risk managers, are given the complex task of protecting their organisation amidst an uncertain and evolving environment.

“It is highly complicated to navigate and steer organisations these days, which calls for risk management to rise beyond compliance, and audit to be more strategic and ingrained within businesses.” 商道

亚太地区的保障缺口 一个众所周知的事实就是，亚太地区 大而复杂，并且经济增长较快；许多经济体 乃至一些城市在过去的5 -10年期间都经历了 高速增长。 Huang认为与西方国家相比，亚太国家面临 着更高的风险，但亚太地区存在着最大的保障 缺口。 她提到： “只需看看劳埃德城市风险指数，或 者瑞士再保险公司的保障缺口研究报告，我们 便能知道其中的端倪。” “全球有一半”的高危GDP来自亚洲。全球 风险最大的“四大城市”也位于亚洲。 “与此同时，亚洲地区的保障缺口正在不断 扩大，共计达到58万亿美元左右。各种各样的 指数清晰地反映出亚洲地区是如何地高危且毫 无防备。” H u a n g 举了2 015 年的天 津 爆炸事件以 及 2011年的泰国洪灾为列，大部分拿到保险赔款 的都是一些国际企业和外国企业。 她指出： “当地小企业并没有购买任何保障， 因此蒙受了巨大的损失。” “ 许 多企 业因此一 蹶 不振。它们 要 么被收 购，要么被收归国有，成为向当地经济征收的一 笔重税。” “与外国企 业相比，他 们回归市场 的 脚 步 则要慢上许多。在这一方面，我们完全可以做得 更好。” 与文化相悖的保险 Huang指出这种局面一部分要归咎于亚太 地区的文化；包括中国在内的很多国家都将保 险视为一项成本，而非一项必要的保障。 她指出： “从历史上看，亚洲文化从来就没有 待见过保险这个概念。”

Risk management as a function still has a long way to go across Asia Pacific.

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

»

INDUSTRY

Risk management professionals need to continually be equipped to keep up with the market.

ENTER PARIMA-ANZIIF PARTNERSHIP Huang says PARIMA is making a difference through awareness and education.

“Risk management professionals need to continually be equipped to keep up with the market and its changes,” she says.

“Through conferences, educational programmes and events, PARIMA is working towards developing and recognising the profession so that companies can be encouraged to see the value in risk management.

“By learning from experts in the industry and their peers, risk managers will have knowledge of the latest trends, best practices and a professional network to rely on.

“That will result in better risk management standards overall, not just an improvement in individual companies’ ability to protect themselves.”

The agreement with ANZIIF opens the way for structured education for Chinese 60 | H IGH ER VIEW BUSIN E S S

“因此，亚洲的风气就是不信任保险，并对 保险的价值存在误解。” 除此之外，中国的风险经理正日益开始关注 一些新兴的风险，比如网络犯罪、业务中断以 及网络攻击等等，但并没有什么妥善的解决方 案可以应对此类风险。 Huang表示：“与此同时，监管机构又给他 们施加越来越大的合规压力，尤其当企业要向 海外扩张之时。” “中国的企业——更具体的说是那些风险经 理——面临着一项复杂的任务：在一个充满不 确定性并且不断演变的环境下为企业做好保障 工作。” “近年来，企业的管理已变得高度复杂化，这 就需要我们让风险管理超越合规与审计的范畴， 使之成为企业根深蒂固的战略性组成部分。” PARIMA和ANZIIF之间的合作 Huang表示PARIMA系通过意识培养和教 育来促成改变的发生。 她指出：“风险管理从业者需要不断学习才 能跟得上市场的脚步及其变化。” “ 通 过 各 种 会 议 、教 育 课 程 和 活 动，PARIMA致力于推动这项职业的发展，让企 业得以看到风险管理的价值所在。” “通过向业内专家及其同行学习，风险经理 将能够了解最新的趋势、最佳实践及其可以依 赖的一个职业社交网络。” “ 这 些 工作 不仅 可 以帮 助 企 业 提 高自我 保障的能力，更有望促成更优秀风险管理标准 的诞生。”

商道

工业

For China it’s about making sure that risk management professionals become recognised as experts. professionals to gain a competitive edge against their peers in this field. It is a measurable way to demonstrate competence and standards,” Huang says.

“Although the certification is open for both members and non-members, members will be able to take the certification at a discounted rate.”

PROMOTING IDENTITY

professionals aiming to create a risk management “designation” or job profile dedicated to ethical and bestpractice standards.

NEW RISK MANAGEMENT COURSE

In five modules, the new PARIMA-ANZIIF Certified Risk Professional (PA-CRP) course covers topics such as integrated risk management, operational risk, risk treatment and financing practices and risk management frameworks and documentation.

“ANZIIF and PARIMA believe that an established certification should be available to demonstrate the professionalism and legitimacy of risk professionals in the business world,” Huang explains.

“PARIMA partnered with ANZIIF to create the PA-CRP because it encompasses a body of knowledge we believe every risk manager should have.”

Huang says that, for now, the PA-CRP course is meant for corporate risk managers – and that it currently does not extend to service providers such as insurers, brokers or consultants.

The main goal of the PA-CRP course is for corporate risk managers to have a recognised set of capabilities that distinguishes them as professional risk managers.

“It will also allow risk management

A deeper challenge is to establish the risk profession as a true profession.

Huang says that will be the key challenge for the entire APAC region, where there is no standardised job title, job description or even pay grade for risk managers.

“Our PARIMA members have various job titles such as CEO, COO, CFO, Chief of Security, Head of Risk, Special Projects and Compliance,” she says.

“They are all responsible for risk management in their company, yet they are labelled differently. You would not have the same problem with other professions such as finance or HR. “We need to reach a stage where people start valuing the role of risk managers and understand what they do, where they fit in the organisation and what makes a good risk manager.

“Certification is just one of the ways we can get there.”

While there has been some traction in Taiwan, Singapore and Hong Kong, there is still a journey for other regions such as China and Indonesia.

“For China it’s about making sure that risk-management professionals become recognised as experts, and gain credibility and respect in their field,” Huang says.

“The accreditation achieved from the PA-CRP course enables professionals as individuals and within a broader community to show evidence of their commitment to maintaining standards to a high level in their practice. Ultimately this will be of benefit to everyone.” 商道

与ANZIIF达成的协议为中国从业者的结构化 教育提供了可能，从而促成风险管理“职位”或 者 专 注于 伦 理 及 最 佳实 践 标 准之类岗位的 诞生。 全新的风险管理课程 全新的PARIMA-ANZIIF认证风险专家（PACRP）课程设置了五个模块，涵盖了综合风险管 理、运营风险、风险处置和融资实践以及风险 管理框架和文件等各项主题。 Huang解释称： “ANZIIF和PARIMA认为一 套完善的认证体系应当能够证明风险从业者在 商业世界当中的专业性与合理性。” “PARI M A之所以携手ANZI I F打造出PACRP课程是因为它提供了每一位风险经理所应 具备的一系列知识。” Huang指出目前PA-CRP课程仅面向企业的 风险经理，并不提供给保险人、经纪人或者顾 问之类的服务提供者。 PA-CRP课程的主要目标是让企业风险经理 具备一系列获得认可的能力，使之成为专业的 风险经理。 Huang谈到： “该认证也能帮助风险管理从 业者在面对该领域的同行之时具备一种竞争优 势，因为该认证通过一种可衡量的方式证明了 从业者的能力与水准。” “虽 然会员与非会员均可以参加该认证课 程，但会员可以享受折扣。” 提升身份 我们所要面对的一个更大挑战是如何把风险 职业发展成为一个真正的职业。 Huang表示亚太地区的风险经理都没有标 准化的职务名称、职务描述乃至薪资等级，而 这将是整个亚太地区所面临的一项关键挑战。 她指出：“我们的PARIMA会员有着形形色 色的头衔，比如首席执行官、首席运营官、首席 财务官、安全总监、风险主管、特殊项目与合规 主管等等，不一而足。” “这些人都负责企业内部的风险管理工作，但 他们却被贴上不同的‘标签’，而其它职业完全就 不会存在这种情况——比如财务或者人力资源。” “我们希望将这个职业推进到这样一个阶 段——大家开始重视风险经理这个角色并了解 他们的工作内容——唯有如此他们才能融入企 业并成为一名优秀的风险经理。 ” “认证只是我们借以实现以上目标的途径 之一。” 在这方面，台湾、新加坡和香港等地已经取 得了一定的进步，但中国和印度尼西亚等国家仍 有一段很长的路要走。 Huang指出：“对于中国而言，首要任务就 是确保风险管理专业人士被当作专家来看待， 并在其工作领域获得公信与尊重。” “通过PA-CRP课程所取得的认证可以帮助 从业者在一个更大的圈子内证明自身对于维持 较高从业标准的承诺。这一点最终将惠及所有 的人。” H I G H E R V I EW B USINESS | 61

TECHNOLOGY

数据为王

DATA IS KING

Smart companies will develop genuine one-on-one relationships with consumers, delivering on their unique needs across entire marketplaces. And it will all be due to data analytics. 拥有大智慧的公司会与客户建立真正一对一的关系，籍此成为整个市场上能够满足 他们独特需求的企业。这一切都要归功于数据分析。

By Tim Trumper and Anna Game-Lopata 作者：蒂姆 ∙ 川布尔和安娜 ∙ 格姆洛帕塔

如

I

f you believe the legendary CEO of General Electric, Jack Welch, business is easy. You find out what the customer wants and give it to them fast.

But in a diverse nation like China, which boasts 1.39 billion people and counting, zeroing in on consumers’ needs can be anything but easy.

According to Tim Trumper, who is an advisor to Australia’s leading data and analytics company Quantium, an applied analytics revolution is transforming the way we understand consumers and society as a whole.

Trumper, who has an “absolute passion” for data-driven innovation and strategy, 62 | H IGH ER VIEW BUSIN E S S

says that by combining trillions of data points from myriad sources, we can increasingly predict and better service the needs of individuals and communities.

And with machine learning, a growing area within the field of artificial intelligence (AI) in which software, when fed large amounts of data, can mimic the human brain’s ability to learn, accuracy will get better and better.

“Quantium is a long way along the experience curve in helping Fortune 500 companies around the world embrace the data revolution,” Trumper says. “We are helping organisations embed analytics and artificial intelligence to not just better understand their customers but to re-shape their industries.” 商道

果您对通用电气的传奇CEO杰克∙韦 尔奇笃信有加，那么做生意再简单不 过了：找出顾客需要什么，然后迅速 满足他们的需求。 但是，在中国这样一个拥有13.9亿人口的大 国，计算并追踪顾客的需求绝非一件易事。 澳大利亚知名数据分析公司Quantium的顾 问Tim Trumper指出：一场应用分析革命正在 改变我们了解消费者乃至整个社会的方式。 Trumper对于数据驱动型创新和战略怀有 “绝对的热情”，并指出通过整合从无数来源 获得的数万亿数据点，我们将日益可以预测并 且更好地服务于个人和社会的需求。 机器学习技术是人工智能（AI）领域一个飞速 发展的分支；在输入大量数据之后，软件可以模 拟人类大脑的学习能力，从而不断提高准确性。 Trumper表示：“在帮助全球福布斯50 0强 企业发起数据革新方面，Quantium已经积累 了长期的经验。我们帮助他们利用分析学和人 工智能来更好地了解顾客的需求，同时籍此来 重塑他们所处的行业。” 什么是数据分析？ 无论是大数据、人工智能、机器学习还是应 用分析，各家咨询机构都想在这个发展迅猛的 领域当中闯出一方天地，而各种“流行术语”也 开始层出不穷。 Trumper提到： “Quantium在数据分析这 个领域已经耕耘了逾13年之久，并始终保持着 领先地位。我们的发展势头十分喜人，如今更 已晋升为全球领导者，60 0位员工遍布澳大利 亚、印度、新西兰和南非；亚洲和北美洲的客户 也正日益成为我们的关注对象。” 在此期间，尽管新的术语层出不穷，但基本 含义并无变化，实际上都是关于大规模搜集优

高科技

Quality data, applied intelligently, will be the key success factor for most businesses.

WHAT IS DATA ANALYTICS?

Whether it’s big data, artificial intelligence, machine learning or applied analytics, there are plenty of buzzwords in vogue as consultants seek to carve out a niche in a fast-growing field.

“At Quantium we’ve been a pure play at the vanguard of data analytics for more than 13 years,” Trumper says. “We have posted rapid growth and we are now a global leader with 600 staff in Australia, India, New Zealand and South Africa – and we are growing, with strong interest from clients in Asia and North America.”

Over that time, despite the proliferation of new terms coined, Trumper says the fundamentals haven’t changed. It’s about curating quality data at scale and using the best available data scientists and technology platforms to put it to work. Combining the best of human and artificial intelligence, if you like.

“At Quantium our goal is to bring to life our credo: Data Powering Possibilities. Our work helps redesign products, systems and services.

It has the potential to completely re-shape entire industries and societies for the better.”

WOOLWORTHS TAKES UP THE MANTLE

To understand the potential competitive advantage data analytics might afford a business, it’s pertinent to note that Australia’s leading supermarket chain, Woolworths Group, has placed its faith in Quantium, with the

Australian Financial Review reporting it had taken a 50% stake in the organisation, reportedly worth over $AUD200 million.

To breathe new life into its once struggling customer loyalty programme, Woolworths is now utilising Quantium’s solutions to deliver tailored, focused communications to shoppers. Quoted in the Sydney Morning Herald newspaper, the retail giant’s director of customer loyalty and data Ingrid Maes said the conversion rate was so good the new system “paid for itself in less than three months”.

“Woolworths approached Quantium with a challenge,” Tim Trumper says.

“Marketers typically use demographics to communicate with consumers based on the behaviours of a group of people ‘like them'.

Many say they are marketing one-on-one because they are sending individual e-mails to segments of customers – but this is not genuine personalisation.

“Our client [Woolworths] wanted to personalise communications to up to 9.7 million loyalty programme members based on their unique personal buying history and predictions of what they are likely to buy in the future.” 商道

质数据并利用最优秀的数据科学家和技术平台 令其发挥作用。如果您愿意的话，您可以将最 优秀的人力资源与最强的人工智能合二为一。 “在Quantium，我们的目标是饯行以下信 条：数据创造无限可能。我们的工作是帮助客 户重新设计产品、系统和服务，并极有可能彻 底改善和重塑整个产业和社会。” Woolworths承接衣钵 数据分析可以为企业带来潜在的竞争优势。 澳大利亚知名连锁超市集团Woolworths就对 Quantium抱以巨大的信心；根据《澳大利亚 金融评论》的报道，Woolworths收购了后者 50%的股权，总价值超过2亿澳元。 为了让曾经举步维艰的顾客忠诚度计划重新 焕 发 生 机 ，W o o l w o r t h s 当 前 正 在 利 用 Quantium的解决方案向购物者推送量身订制 的购物资讯。根据《悉尼先驱晨报》的报道，这 家零售巨头的顾客忠诚度和数据主管I ng r id Maes表示由于新系统的转化率很高，故而该 系统“不到三个月时间即能收回成本”。 Tim Trumper表示： “Woolworths是带着一 个难题找到Quantium的。” “市场营销人员通常都是根据一群与顾客‘ 相似’之人的行为与顾客保持联络。许多人认为 这种行为就是一对一营销，因为营销人员是向 某个顾客群体发送单独定制的电子邮件，但这 并非真正的个性化营销。 H I G H E R V I EW B U SINESS | 6 3

»

TECHNOLOGY

高科技

“我们的客户（Woolworths）希望根据970 万忠诚度计划会员的个人购物历史来推送个性 化的资讯，并预测他们未来所会购买的商品。 500万种选择 Trumper表示：Quantium“优秀的数据科 学家们”已打造出一台强大的处理引擎，其能 够在一秒钟时间内基于数百种不同变量在4.5 万种商品当中做出50 0万种选择，同时又能通 过每种选择不断学习。 他指出： “换而言之，如果我们可以接管世界 上每个人的选择权，则他们每秒要做出15种选 择才能跟上这台引擎的速度。” 这种计算能力在实践当中可以为我们带来什 么呢？ Trumper解释称： “它每周可以生成一份个性 化的商品目录推送给每位会员，并且它也会根据 数万亿的数据点精确预测出顾客当时可能需要的 商品，并向数百万的购物者直接推荐相关商品。” 最终的结果令人惊喜。Trumper表示： “顾客 变得更加活跃起来，因为推荐的商品与他们更 为相关。这是数据分析领域的前沿应用；这让

FIVE MILLION DECISIONS

Trumper says Quantium’s “talented data scientists” created an engine capable of making five million decisions a second in respect of 45,000 products against hundreds of independent variables while learning from each decision.

“To put it another way, if we were to harness the decision-making power of every person in the world, they would need to make fifteen decisions every second just to keep up,” he says.

WHAT DOES ALL THIS COMPUTATIONAL POWER DELIVER IN PRACTICE?

“It has created a unique, personalised catalogue sent to each member, each week,” Trumper explains. “And it sends personal offers directly to millions of individual shoppers based on trillions of data points to precisely predict what products are most relevant at that moment to the customer.”

And the results are very pleasing.

“Customers are more engaged, as the relevance of messages they receive has increased,” Trumper says. “This is the frontier of data and analytics, and brings to life William Gibson’s famous maxim; ‘The future is already here – it's just not evenly distributed’.

“Smart Chinese businesses will embrace the future of data analytics early, grabbing more than their fair share,” he says.

64 | HIGHER VIEW BUSIN E S S

Applied analytics makes sense of the wealth of information we now have at our fingertips.

SOLVING CHINA’S GREATEST CHALLENGES

Human beings have always found great innovation from observing patterns. For millennia, we have been working on the data available to create a better world and commercial advantage. Our ancestors knew that spring was the time to plant new crops, that the pattern of the moon is linked to the tides, and the summer solstice arrived yearly.

The linking of diverse, de-identified data sets allows us to see patterns we could never see before, and doing so could play a role in tackling many of China’s greatest challenges.

“Consider the health needs of a growing and rapidly ageing Chinese population,” Trumper says by way of example. “Our Quantium Health Outcomes business is looking at ways to reduce the stress on community health budgets and insurers by using data to encourage healthier lifestyles, adherence to medical treatment schedules and to reduce waste in health services provision.”

When you think about what could be achieved by linking large scale medical 商道

我不禁想起威廉 ∙ 吉布森的名言：未来已经在 这里，它只是分布不均。” 他补充道：“一些聪明的中国企业将会早早 应用数据分析技术，并籍此在自己应有的市场 份额之外更上一层楼。” 解决中国的一些最大挑战 人类往往是通过观察而发现了一些伟大的创 新。几千年来，人类一直在利用已有的数据来打 造一个更美好的世界并建立商业优势。我们的 祖先深知春天是播种新作物的好时节，月相的 变化与潮汐密切相关，并且每年都有夏至。 通过将各种各样的匿名数据集进行关联分析， 我们将可以发现之前所未能察觉的种种模式，并 可以帮助解决中国所面临的诸多重大挑战。 Trumper举了一个例子： “比如说中国不断壮 大的老龄人口的保健需求。我们的‘Quantium 健康成果’事业部正在研究如何利用数据来倡 导更健康的生活方式、严格遵循医疗方案并减 少医疗服务方面的浪费，籍此来减轻公共卫生 预算以及保险公司所面临的压力。” 将大型医疗数据库与（比如）购物车内商品 的卡路里摄入量进行关联可以为我们带来什么 呢——您必将感受到这种作法在预防保健方面 所具备的巨大潜力。

基础建设

商道

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

TECHNOLOGY

高科技

databases with, for instance, calorific intake from shopping baskets, you get a feel for the incredible potential of this approach in preventative health.

In northern China, water security is a perennial concern, as is environmental pollution in the nation’s major industrial cities. Through the intelligent application of data, we could learn how, when and why businesses and citizens consume resources, using the insights to better coordinate and potentially re-shape entire value chains, reducing waste and resource intensity.

Data analytics could also help smooth China’s rapid urbanisation through more efficient planning, transportation and services infrastructure based on the needs and behaviours of these emerging communities.

Data showing the performance of an engine in a jet plane or measuring the heat off a train’s braking systems can enable safer transport, better resource allocation and predictive mitigation of risk.

“Overall, the societal implications will be profound,” Trumper maintains. “The Information Age made people’s lives more complex and arguably had a detrimental effect on human relationships. Applied analytics makes sense of the wealth of information we now have at our fingertips, reducing the noise.

It will remove unnecessary and irrelevant distractions, freeing up time for the things that matter and improving quality of life.”

BACK TO BUSINESS

It is hard to imagine any industry that would not benefit from greater investment in data analytics.

“There are strong uses for data in any consumer-facing business,” Trumper confirms. “Quantium works extensively with consumer goods companies such as Procter & Gamble and Unilever, as well as energy, insurance, industrial and telecommunications companies, along with government departments and more.”

And the world is moving fast. For the first time in history, the five biggest companies listed in the USA are all technology companies – and each places data at the centre of everything they do. Increasingly, all companies will need to place data and technology at the centre of their strategies.

“Quality data, applied intelligently, will be the key success factor for most businesses,” Trumper says. “In recognition of this huge potential, the Chinese Ministry of Industry and Information Technology (MIIT) has developed a five-year plan to grow ‘big data’ into a trillion-yuan industry. This vote of confidence suggests data analytics will not be a fringe debate in Chinese boardrooms.

Rather, it will be the beating heart of strategy.”

Trumper adds that at Quantium, the mantra is ‘the best data wins’, and the more data, the better.

“Diverse data allows directors to ask better quality questions. However, it’s crucial to remember that even the best data, applied poorly, can fuel strategic blunders.

“That’s where companies like Quantium come in. We have been developing advanced data analytics solutions since the field began and we offer some of the most experienced data scientists anywhere in the world. We know which questions to ask and where to look for value.

“To paraphrase Jack Welch, we help businesses find out what the customer wants and support them with strategies to give it to them fast.”

Smart Chinese businesses will embrace the future of data analytics early.

66 | HIGHER VIEW BUSIN E S S

商道

在华北地区，水资源安全问题长期以来都倍 受关注，而中国许多主要工业城市的环境污染 问题也是如此。通过对数据进行智慧应用，我 们将可以了解到企业和民众如何、何时以及为 何使用相关的资源，然后籍此更好地协调和重 塑整个价值链、减少浪费以及减轻对资源的严 重依赖。 数 据 分 析 可 以 让中 国 的 快 速 城 市 化 之 路 走得更加顺畅——根据新建社区的需求和行为 进行更有效的规划、提供更高效的交通和服务 设 施。与喷 气式飞 机引擎 性能或者火车制动 系统温度相关的数据可以帮助我们实现更安全 的运输、更合理的资源分配以及预防性的风险 缓解。 Trumper表示： “总体而言，数据分析意义重 大。信息时代让大家的生活变得更加复杂，并可 能给人际关系带来不良影响。但应用分析可以 帮助我们寻找信息背后的财富，并籍此来减轻 外界对它的中伤。这也有助于去伪存真，让我 们可以专注于那些真正重要的事情，并进而提 高生活品质。” 回到正题 我们很难想像有哪个行业无法通过加大对数 据分析的投资而从中受益。 Trumper肯定地表示：“在任何需要直面顾 客的企业，数据的用途十分广泛。Quantium 与宝洁、联合利华等消费品巨头乃至各种能源、 保险、工业和电信企业——甚至是一些政府部 门等等——都开展过广泛的合作。” 全球的发展步伐犹如白驹过隙。美国证券市 场上排名前五的企业都是科技公司——有史以 来的第一次——并且每家公司都将数据放在其 日常工作的核心位置。广大公司也日益需要把 数据和科技放在自身发展战略的核心位置。 Trumper表示：“如能得到有效应用，则那 些 优质数据将成绝大部分企业迈向成功的关 键。在 充分意 识 到 数 据所具备的巨大 潜力之 后，中国工业和信息化部推出了一项关于将‘大 数据’发展成为一个万亿元规模产业的五年计 划。这标志着数据分析将不再是中国企业董事 会会议上的边缘话题；相反，它将成为企业发 展战略的重中之重。” Trumper也补充称Quantium的信条就是 “唯有最好的数据才能胜出”，并且数据是多 多益善。 “多样化的数据可以帮助主管提出质量更高 的问题。但是，需要谨记的一点是：哪怕拥有最 好的数据，如果应用不当的话，您也可能会犯下 重大战略失误。” “而Quantium这样的公司则精于此道。自 该领域崭露头角以来，我们就不断推出各种先 进的数据分析解决方案。我们在全球各地都有 经验最为丰富的数据科学家。我们知道要提出 何种问题以及从何处寻找价值。 ” 他补充道：“正如杰克∙韦尔奇曾经说过的， 我们帮助企业找出顾客需要什么，并通过各种 策略迅速地满足他们的需求。”

OA.CEAIR.COM 商道

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

NOBLEBRANDS1031HVB

IT’S NOT BUSINESS CLASS, IT’S WORLD CLASS

INVESTMENT

私募股权投资——下一阶段

PRIVATE EQUITY– THE NEXT PHASE According to a recent report from Siguler Guff & Company, LP investors can prosper in China’s new private equity environment – as long as they adapt to the changing landscape and the new set of risks and challenges they will face.

根据在全球进行各种战略性私募股权投资的机构尚高资本（Siguler Guff & Company）近期的一份报告，中国新的私募股权投资环境适宜广大投资者 发展——只要他们能适应中国不断变化的格局，以及他们或将面对的各种新 风险和挑战。

By Ralph Jaeger, Ally Zhang, John Ging and Anna Game-Lopata 作者：拉尔夫·杰格，张爱玲，约翰·宁和安娜 ∙ 格姆洛帕塔

I

n its recent paper The Next Chapter for Private Equity in China, Siguler Guff & Company, LP observes the past decade has seen private equity (PE) in China become one of the most attractive areas of investment worldwide.

The paper’s authors, Ally Zhang, Ralph Jaeger and John Ging, report on considerable industry growth, with PE and venture capital firms in China now numbering more than 10,000. However, the paper also points to a period of significant transition, which is impacting the recent drivers of economic growth that previously supported extraordinary investment opportunities.

Baidu, Alibaba, and Tencent currently own

9/10 of the top mobile applications in China.

6 8 | HIGH ER VIEW BUSIN E S S

This shift, which comprises a slowdown in the Chinese economy plus wide-ranging reforms in China’s regulatory landscape, has created a challenging environment for PE investment, offering compelling opportunities that require “different and sometimes new stages, sectors and strategies”.

Siguler Guff & Company, LP was one of the earliest multi-manager PE investors on the ground in China, having opened its Shanghai office in 2006.

Its research paper is based on the strength of nearly five decades of combined investment and operational experience in China, where the company’s local team currently maintains more than 30 relationships with General Partners (GPs).

PRIVATE INVESTMENT OPPORTUNITIES IN CHINA

According to the paper, PE in China has traditionally favoured growth-stage companies due to their proven business models, cash-generating ability, measurable business demand and clear use of proceeds.

“Since 2010, over 5,000 growth-stage private investments were made in China and 商道

在

其最近的“中国私募股权投资未来篇 章”一文中，尚高资本提出过去十年 中国的私募股权投资（PE）成为最受 全球投资者青睐的领域之一。 作者张爱玲、拉尔夫·杰格和约翰·宁对重要 的行业发展作出报道：目前中国的私募股权和 创业投资公司数目超过10,0 0 0。但是，它也指 出了一个重要的过渡时期——过去一些推动经 济增长的新因素对特殊投资机会予以支持，而 现在则对这些驱动因素产生影响。 这种转折，包括中国经济的减速以及中国监 管环境的大范围改革，为私募股权投资创造了 具 有 挑 战 性 的 环 境，提供了颇 有吸引力的机 会——需要“不同的、有时甚至是全新的阶段、 领域和策略。” 尚高资本是最早在中国从事多管理人私募股 权投资的企业之一，于2006年开设上海办事处。 其研究论文以在中国近五十年的综合投资实 力与运作经验为基础。目前，公司的中国本土团 队与30多个普通合伙人（GPs）保持着良好的 关系。 中国的私人投资机遇 根据尚高资本该文，中国的私募股权因为其 成熟的商业模式、盈利能力、可度量的商业需求 以及明确的资金用途，在传统上往往偏好于成 长期的企业。

投资

total capital invested in growth deals was more than twice the amount invested in venture capital (VC) deals.”

However, the research points out that in recent years “many PE managers who invested in traditional growth-stage companies have struggled to achieve their target return thresholds”.

“This has forced PE managers to adapt their strategies and to focus on opportunities in early-stage companies in high-growth sectors.”

For example, the emergence of large internet companies in China has transformed the VC investment ecosystem, “igniting competition for early-stage, technology-focused VC firms from later-stage growth investors seeking to cash in” on the new wave of China’s social, media and consumer behaviour.

In the VC space, Siguler Guff observes that the healthcare and technology industries (incorporating media and telecommunications) have become increasingly popular targets for GPs. With handset volume growth stalled and the smartphone market increasingly

Private equity (PE) in China has become one of the most attractive areas of investment worldwide. saturated, the paper argues that the mobileinternet category is entering its “next phase”.

“Already, China’s internet giants have built comprehensive ecosystems and now control a dominant proportion of user traffic.”

For example, Baidu, Alibaba, and Tencent currently own nine of the top ten mobile applications in China.

“Clear winners have emerged in major verticals; for example, Didi in transportation, Taobao/Alibaba in e-commerce, Meituan and Dianpin in food delivery, and Ctrip in travel.”

Going forward, the paper argues the most attractive opportunities in China’s technology space will be driven by the following factors: 1) a transition from the consumption of physical things to experiences; 商道

“自2010年以来，中国共出现5000多家 成长期私人投资，投资于成长期交易的总资 本额是创业投资（VC）交易额的两倍多。” 但是研究指出，最近几年， “许多投资传 统成长期企业的私募股权管理人已经在努 力实现其目标回报阈值。” “ 这 就 迫 使 私 募 股 权管 理 人 进 行 策 略 调整，重点关注高增长行业中初期企业的 机会。” 例如，中国大型网络企业的出现转变了创 业投资生态系统， “开启了从后期成长型投 资者在中国社会、媒体和消费者行为的新浪 潮中牟利，到早期以技术为中心的创业投资 企业的竞争”。 在创业投资空间，尚高资本提出卫生保健 与技术行业（包括媒体和无线电通讯）日益 成为倍受普通合伙人青睐的目标。 H I G H E R V I EW B U SINESS | 69

»

INVESTMENT

$1.1

trillion Total healthcare expenditure in China will reach $1.1 trillion by 2020, up from $640 billion in 2015, representing a compound annual growth rate of 11.4% 到2020年中国医疗保健总开支将由 2015年的6400亿美元上升到1100亿 美元，复合年增长率为11.4%。

2) the development of key enabling technologies like smart home, data analytics and financial technology; 3) the identification of new consumer behaviour patterns and new areas of disruption by “rebels” from incumbent categories; 4) the consolidation of mobile traffic sources and improvement of user stickiness.

To successfully invest in the region, the

投资

paper suggestsGPs who invest in specific stages of start-ups should have expertise within their stage of focus, as later-stage start-ups tend to be more competitive due to better performance visibility.

“On a more micro level, GPs should have the ability to effectively allocate resources in order to optimise portfolio company operations while uncovering the company’s market potential.

“More than just being capital providers, GPs should serve as active advisors providing necessary guidance to their portfolio companies.”

Siguler Guff has identified three strategies that traditional growth funds in China are beginning to explore: 1) an operationally-focused strategy; 2) a sector-focused strategy; and, 3) an adaptation strategy, which may include M&A, private investment in public equity (PIPE), and buyout investments.

OPERATIONALLY-FOCUSED FUNDS PARTNERING WITH INDUSTRY LEADERS

“We have witnessed a trend where PE firms are adding experienced corporate leaders to their staffs,” the paper says. “Many of the most successful PE firms also maintain a network of outside operating partners to better execute post-investment plans.

手 机销量 增长 停滞、智能手 机市场渐 趋 饱 和——该文章认为移动互联网即将进入其“下 一阶段”。 “中国的互联网巨人‘已经’建立起广泛的生 态系统，目前在用户业务量上独占鳌头。” 例如，百度、阿里巴巴和腾讯占有中国90%的 移动应用市场。 “在主要纵向市场已经出现明确的领先者， 例如，交通领域的滴滴、电子商务领域的淘宝/ 阿里巴巴、食品配送领域的美团网和大众点评 网以及旅行旅游领域的携程旅行网。” 该文章还进一步提出，中国最具吸引力的投 资机会将由以下因素驱动： 1）从实物消费向体验消费的过渡； 2）诸如智能家居、数据分析、金融技术等关 键支持技术的开发； 3）新的消费者行为模式以及因现有消费类 别被“颠覆”而涌现的“受颠覆”新+领域的 确定；以及 4）移动流量来源与用户粘度提高的合并； 文章指出，对具体阶段新创企业进行投资的 普通合伙人应具备相应阶段的专业知识，因为 后期的新创企业由于更好的性能可视性，将更 具竞争性。 “在微观层面上，普通合伙人应具备有效分 配资源的能力，从而在挖掘公司市场潜力的同 时，实现投资组合公司的运营优化。” “不仅仅是资本提供者，普通合伙人还应该 是积极主动的顾问，能够向其投资组合公司提 供必要的指导。” 尚高资本提出中国传统的增长型基金着手探 索的三个策略： 1）以运营为中心的策略； 2）以产业为中心的策略；以及 3）适应策略，可能包括并购、私人投资公开 股票（PIPE）以及并购型投资。 以运营为中心的基金与行业领导者携手 “可以看到私募股权公司纷纷为其团队注入 经验丰富的企业领导者，”该文章说。 “大多数 成功的私募股权公司还运营着外部业务伙伴网 络，从而更好地执行投资后计划。” “无论哪种情况，这些行业领导者都为企业 提供了宝贵的、独特的、即便是最为训练有素 的投资专业人士也可能缺乏的运营知识。具体 而言，这 些 领导 者 知道 如何在 经营中加速 增 长，在不利之处扭亏为盈。可以看到普通合伙人 纷纷以不同的方式实施这一策略。” 文章指出传统的私募股权公司聘请外部顾问 支持其投资组合公司的业务扩张和投资计划改 善，并以此作为成功策略。

Sector-focused funds have become increasingly popular in the market.

70 | H IGH ER VIEW BUSIN E S S

商道

»

基础建设

澳大利亚中国总商会简介 Brief Introduction of China Chamber of Commerce in Australia

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，为非营利性的社团， 成立于2006年。截止2017年5月，共有309 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。 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。其中，悉尼 分会共141家会员单位、墨尔本分会共57家 会员单位、珀斯分会共50家会员单位、布里 斯班分会目前共61家会员单位，会员业务涉 及能源、矿产、贸易、金融、通信、运输、房 地产、制造、旅游农牧业等多个领域。总商 会目前有34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。目前总商会成立了4个委员会，分别是 法律与合规委员会、航空业委员会、资源与 能源委员会以及女企业家委员会。 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 行悉尼分行行长兼澳大利亚地区总代表胡 善君先生，胡先生同时兼任悉尼分会会长。

China Chamber of Commerce in Australia (or CCCA for short) was founded in 2006 and is a non-profit national organisation jointly formed by trade associations representing Chinese investors across Australia. The CCCA has 34 directors in its management, with four branches and currently 309 members across New South Wales, Victoria, Western Australia and Queensland. Sydney branch has 141 members, Perth branch has 50 members, Melbourne branch has 57 members and Brisbane branch has 61 members by the end of May 2017.

The business scope of the membership covers a wide range of industries including energy, mining, trade, finance, communication, transportation, real estate, manufacturing, tourism, agriculture and animal husbandry.

Recently, CCCA established four Committees, which are Legal and Compliance Committee, Aviation Committee, Resourse and Energy Committee, and the Women Entrepreneur Committee.

The Mission of the CCCA is to provide services to its members, protect their legal rights, promote the development of the bilateral China-Australia economic trade relationship, and enhance commuination between companies in both countries. The organisation aims to serve as a bridge between Australia and China to facilitate the business development of its members in the two countries.

The Chairman of CCCA is Mr.Hu Shanjun, is the General Manager and Country Head of Bank of China in Australia, and he also chairs CCCA Sydney Branch.

一带一路 | Belt and Road 2017年5月14日,在北京举办了“一带一路”国际合作高峰论坛。来自100多个国家的各界嘉宾齐聚，共商 “一带一路”建设合作大计，此次论坛将为中澳合作开创新的起点。 “一带一路”建设秉持共商、共建、共享 原则，全方位推进务实合作，打造政治互信、经济融合、文化包容的利益共同体、责任共同体和命运共同体。 On May 14, 2017, the “Belt and Road Forum” was held in Beijing. The event was well attended by guests from more than 100 countries, representing a cross section of organisations from various industries and Government to discuss the construction of the “Belt and Road “ project. The forum helped strengthen the cooperation for the global initiative between China and Australia. The “Belt and Road” initiative allows the bilateral relationship increase trade and investment by greater collaboration of ideas with pragmatic solutions, increasing mutual political engagement and trust, and enhancing cultural diversity and inclusion in the community.

www.chinachamber.org.au

12 | HIGHER VIEW BUSIN E S S

商道

H I G H E R V I EW B U SINE SS | 71

INVESTMENT

14%

The medical devices market is projected to grow 14% annually between 2013 and 2020. 某些分支产业增幅更 高。例如，医疗器械 市场2013-2020年期 间预计将实现14%的 年增长。

“其他普通合伙人则建立具有专业知识领域 覆盖面广的内部团队，包括人力资源、企业策 略、市场营销、物流供应以及IT管理等投资组合 公司可能需要利用的方方面面。” “拥有内部团队的普通合伙人也常常需要打 造不同领域的外部运营伙伴网络，以助其实施 新的策略，为投资组合公司增值。”

Firms with sector-focused investment strategies communicate and make investment decisions more efficiently.

72 | HIGHER VIEW BUSIN E S S

“In either case, these industry leaders offer valuable and unique operating knowledge that even the most highly experienced investment professionals can lack.

Specifically, these leaders know how to accelerate growth in businesses and turn around failing ones. We have seen this strategy implemented in various ways by GPs.” The paper points to traditional PE firms that hire outside consultants who can aid in business expansion and improvement plans for their portfolio companies as a success strategy.

“Other GPs have built in-house teams with wide ranging areas of expertise including human resources, corporate strategy, marketing, supply, and IT management, which portfolio companies can leverage as needed.

“GPs with in-house teams oftentimes also maintain networks of external operating partners across various sectors that can be tapped to help implement new strategies and add value to portfolio companies.” 商道

专门以产业为中心的基金 文章说以产业为中心的基金日益受到市场的 欢迎，因为普通合伙人认为是时候向医疗保健 和绿色技术等具有高门槛的专门行业进军。 “为提升其专业程度，私募股权公司纷纷吸 纳非投资领域具有某一产业专业知识的、经验 丰富的专业人士。例如，关注医疗保健领域的 许多普通合伙人，本身就具备医学背景，并且/ 或者，聘请具有深厚医学背景的投资团队。” “我们的一般建议是，以产业为中心的投资 策略公司，其投资决策的沟通和制定应比通用 基金更为有效。” “另一方面，通用基金得益于更广泛的交易 流，在投资环境发生改变时进行资本再分配更 具有灵活性。” “以产业为中心的基金可能偶尔也需承受产 业限制带来的更高价格，而通用基金则可以在 评估达到临界值时转向某一特定投资。” “有趣的是，我们发现越来越多的通用基金 倾向于以产业为中心，其中许多在目标行业相 关的领域更加训练有素。” 医疗保健产业潜力凸显 尚高资本认为，医疗保健产业对私募股权投 资者尤其具有吸引力。 “首先，对于投资者而言，通过上市证券获 得该产业市场经验并不容易且代价不菲。新兴 市场公共 指数 对医疗保健产业的渗透明显不 足。”作者提出。 “这种不足导致上市医疗保健企业估值颇高。” “例如，截至2016年12月，上海证券交易所 挂牌的医疗保健企业以超过8 0倍的平均市盈 率进行交易。” “相比之下，纽约证券交易所上的医疗保健 行业的平均市盈率约为30倍。” “而且，即使是在高价上市公司存在的市场，

投资

SPECIALISED SECTOR-FOCUSED FUNDS

The paper says sector-focused funds have become increasingly popular in the market as GPs recognise an opportunity to invest in specialised industries with high barriers to entry such as internet, healthcare and green technology.

“In order to become more specialised, PE firms are adding seasoned professionals with non-investment, sector-specific expertise to their staffs. For example, many of the GPs focusing on the healthcare sector have medical backgrounds themselves and/ or hire investment team members with extensive medical backgrounds.

“Our general observations suggest that firms with sector-focused investment strategies communicate and make investment decisions more efficiently than generalist funds.

“On the other hand, generalist funds benefit from broader deal flow and have more flexibility to reallocate capital as the investment climate changes.

“Sector-focused funds may occasionally also have to tolerate higher prices given their sector focus constraints, whereas generalist funds might pass on a particular investment if the valuation reaches a critical threshold.

“Interestingly, we are seeing a trend where generalist funds are becoming more sector-focused, with many of these funds becoming more disciplined with regard to their target industries.”

like pharmaceuticals in China.”

As the ageing population demands international-calibre drugs and medical services, the Chinese healthcare sector is forecasted to grow well above the country’s GDP growth.

To demonstrate, the Siguler Guff paper cites a 2016 report from the International Trade Administration, which projected that total healthcare expenditure in China will reach $1.1 trillion by 2020, up from $640 billion in 2015, representing a compound annual growth rate of 11.4%.

“Certain subsectors are forecasted to experience higher growth rates. For example, the medical devices market is projected to grow 14% annually between 2013 and 2020.”

它们也往往集中于某些分支产业，例如中国市 场的药品行业等。” 老龄化的人口需要国际水准的药品和医疗服 务，中国的医疗保健市场预计将远远超过该国 的GDP增幅。 尚高资本的文章引用美国国际贸易署 （International Trade Administration ）2016 年的报告以示说明。报告预测，到2020年中国 医疗保健总开支将由2015年的6,400亿美元上 升到11,000亿美元，复合年增长率为11.4%。 “某些分支产业增幅更高。例如，医疗器械市 场2013-2020年期间预计将实现14%的年增长。” 创新的趋势 新兴市场的慢性健康问题和慢性病与成熟 市场日渐相似。因生活方式导致 疾 病 的趋势 明显，如心脏病、哮喘、糖尿病、癌症和行为 问题等。

Traditional growth funds have started to use M&A and cross-border strategies to accelerate growth in portfolio companies.

HEALTHCARE SECTOR POTENTIAL IS NOTABLE

In particular, Siguler Guff believes the dynamics of the healthcare sector will prove particularly attractive for PE investors.

“First, it is both difficult and expensive for an investor to gain exposure to the sector through listed securities. Public indices in the emerging markets are significantly underweight in their exposure to healthcare,” the paper’s authors argue. “Such a scarcity has led to fairly rich valuations among listed healthcare companies.

For example, the healthcare companies listed on the Shanghai Stock Exchange traded at an average P/E multiple of more than 80x as of December 2016.

“This compares to an average P/E multiple of approximately 30x for healthcare businesses on the New York Stock Exchange.

“Furthermore, even in markets where highly-priced listed companies exist, they tend to be concentrated in certain subsectors, 商道

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

»

TECHNOLOGY

TREND TOWARDS INNOVATION

Chronic health issues and diseases in the emerging markets are increasingly similar to those in developed markets. There is an evident trend of lifestyle-driven disorders such as cardiac diseases, asthma, diabetes, cancer and behavioural issues.

Driven by higher disposable income and broader coverage of commercial insurance in China, the Siguler Guff paper also points to the “gradual shift from generic drugs and traditional Chinese medicines towards Western drugs with immediate and higher efficacy”.

“Growing public demand for safer and more effective drugs has placed great pressure on the Chinese FDA and the social insurance system for reform. Due to the fast-rising healthcare spending, the government is pressured to find high-quality local products to replace expensive, globally-priced innovative drugs.”

As a result Siguler Guff describes a noticeable increase in the calibre of medical innovation in China.

“This has been driven in part by Chinese entrepreneurs who return to China from abroad with ambitions to create new products and/or drugs in China.

74 | HIGH ER VIEW BUSIN E S S

高科技

“In 2015, there was a significant acceleration in the regulatory process for local innovative drug manufacturers that are able to demonstrate the ability to develop new drugs with similar efficacy rates to their multinational counterparts.”

Since 2010, over

5,000 growth-stage private investments were made in China.

NEW APPROACHES ADOPTED BY TRADITIONAL GROWTH FUNDS

1. M&A With organic growth becoming more challenging to achieve, traditional growth funds have started to use M&A and cross-border strategies to accelerate growth in portfolio companies.

This practice is relatively new and is still largely unproven for Chinese companies.

The risks associated with M&A in China lie in the integration process after the merger.

Data on Western PE funds show that only 30% of acquisitions are ultimately successful.

In China, the challenges could be even greater, such as the potential for opaque financial reporting, and embellishment of selling stake holders during negotiations.

Cross-border transactions entail additional risk, as they attract extra regulatory scrutiny, and can provoke cultural conflicts and operating team issues. Encouragingly, 商道

尚高资本也指出， “随着可支配收入的增加 以及商业保险覆盖面的扩大，中国的药品销售 逐渐由非专利药和中药向疗效更快更高的西药 转移。” “公众对更安全、更有效药品的需求不断增 长，使得中国国家食品药品监督管理总局和社 会保险制度改革承担巨大压力。医疗保健开支 的迅速攀升迫使政府寻找优质的本土产品，以 替代昂贵的全球定价创新药物。” 最后尚高资本指出，中国的医疗创新水准明 显提升。 “部分原因在于中国创业者的推动；他们从 海外回归祖国，雄心勃勃，想要在中国开发新 的产品和/或药品。” “2015年曾出现中国本土创新药品生产商加 强监管的重要举措。这些药品生产商具备研制 新药的能力，其药品疗效的有效率与其跨国同 行相当。”

INVESTMENT

投资

traditional growth funds have started to strengthen their internal expertise and operating teams to execute such M&A deals.

2. PIPEs In certain traditional sectors, public companies can present lower valuation multiples and better established operations, making them attractive targets for private investment.

The most astute GPs have been able to benefit from this strategy.

In order to succeed, GPs must maintain discipline, structure deals directly with corporations, and insist on favourable terms.

These terms may include higher structured returns, more current pay, equity-debt hybrid securities, influential governance within the company, and more flexible exit opportunities.

3. Buyouts Buyouts are beginning to present a unique investment opportunity in China. In the past, few “true” buyout opportunities existed, and the ones that did, did not attract much attention.

The lack of buyout opportunities was driven, in part, by entrepreneurs unwilling to sell a controlling stake in their businesses while valuations were increasing.

GPs did not often pursue these transactions, given the abundance of other compelling investment opportunities available, namely high-growth companies that were in need of expansion capital.

Buyout transactions are typically more complicated and require more resources to complete. Siguler Guff believes the following factors will make buyouts attractive in the next chapter of PE in China: • Former growth companies entering a stage with bottlenecks or constraints for further growth succession issues with first-generation entrepreneurs • Increasing availability of professional managers • Multiple arbitrage between different capital markets creating opportunities for private deals • Government push for industry consolidation, especially in traditional manufacturing sectors • The need to deploy more capital per deal for large PE funds • Increasing access to leverage (though still limited).

For the full research paper, visit www.sigulerguff.com

传统型增长基金采取的新办法 1. 并购 尚高该文指出，实现企业自然发展的挑战更 加激烈，于是，传统型增长基金开始采取并购 和跨国策略，以加速其投资组合企业的发展。 文中提及， “这一举措问世未久，对中国企业 而言在很大程度上未经市场证明。与并购相关 的风险在于合并之后的融合过程。 西方私募股权基金的数据表明仅有30%的收 购最终取得成功。在中国，所面临的挑战可能 更大，例如：谈判过程中的财务报告不透明以及 利益相关者包装出售的可能等。 跨国交易因为受到额外的监管审查，往往还 存在其它风险，可能引起文化冲突和运营团队 问题等。值得欣慰的是，传统型增长基金已经 开始加强其内部专业知识和运营团队以执行此 类并购交易。” 2. 私人投资公开股票 在某些传统部门，上市公司可能意味着估值 倍数更低、运营更加完善，这就使得他们对私 人投资而言更具吸引力。 尚高该文指出，那些极为精明的普通合伙人 能对这一策略善加利用。 “为此目的，普通合伙人必须训练有素，直 接与公司进行交易，并坚持优惠条件。 这些条件可能包括更高的结构化回报、更及 时的资金偿付、股权债权混合证券、公司内部 治理影响力以及更为灵活的退出机会等。” 3. 收购 尚高指出，收购（并购型投资）在中国意味着 一种独特的投资机会。过去，很少存在“真正 的”收购机会，也并未引起更多的关注。 “缺少收购机会的部分原因是：企业估值日益 增加，而创业者不愿意出售其企业的控股权。 鉴于其它投资机会的巨大吸引力——例如： 需要资本扩充的高成长型公司，普通合伙人并 未对此类交易过于热衷。 收购交易一般更为复杂，需要更多的资源才 能完成。” 尚高资本认为以下因素将使收购在中国下一 阶段的私募股权投资中大放异彩： • 以前的成长型公司进入进一步发展的瓶颈期 或制约期，出现第一代创业者的继承问题； • 专业经理人越来越多； • 不同资本市场之间的多重套利为私人交易的 进行提供了机会； • 政府大力推崇行业合并，尤其是传统制造产业； • 大型私募股权基金每宗交易都需要更多的资本； • 利用杠杆作用的增加（尽管仍然有限）。 （因篇幅有限，所有参考引文出处请参阅本期 英文原文标注及脚注） 完 整 研 究 论 文 ，请 登 录 h t t p : / / w w w . sigulerguff.com/。

商道

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

BUSINESS

硕果累累的关系

FRUITFUL RELATIONSHIP

76 | HIGHER VIEW BUSIN E S S

商道

商业

The appetite for imported wines in China is fervent and Australian wines feature very strongly, with double-digit volume and value growth. Brown Brothers has been at the forefront of the market for more than 15 years. 进口葡萄酒在中国掀起 狂潮，澳大利亚葡萄酒 名列前茅，其销量和销售 额均呈两位数增长。澳洲 布琅兄弟酒庄（Brown Brothers）十五年来一直 处于开拓中国葡萄酒市 场的前沿。

By Anna Game-Lopata 作者：安娜·格姆洛帕塔

B

rown Brothers is an iconic name in the Australian wine industry, with a distinguished and successful four-generation family business that was founded by John Francis Brown in 1889.

It was under the guidance of his son, John Charles Brown, that Brown Brothers established its reputation as a producer willing to experiment with innovative grape varieties. This experimentation and sense of adventure carries across the whole business, from cellar doors in Milawa and the Yarra Valley in Victoria to Tasmania.

FAMILY VALUES PLUS INNOVATION

As a founding member of Australia’s First Families of Wine, the third and fourth generations of the family keep tradition alive but are proud to have forged a reputation, locally and abroad, as varietal wine specialists and winemaking innovators.

Brown Brothers sells in excess of 40 wines

布

in China, having nurtured export 琅兄弟酒庄（Brown Brothers）是澳 partnerships for over 15 years. In its 大利亚酿酒行业的标杆。酒庄于1889 128th year, the business has just had a 年 由 约 翰 ∙ 弗 朗 西 斯 ∙ 布 琅（J o h n fifth-generation family member participate Francis Brown）先生建立，已传承四代，是澳 in some work experience in Shanghai. 洲卓越、成功的家族酒庄。 John Andrew Brown, one of the company’s 在创始人的儿子约 翰∙查尔斯 ∙布 琅（J o h n six directors, spent two years living in Fujian, Charles Brown）带领下，布琅兄弟酒庄作为 China, from mid-2007 when his sons were 葡萄酒生产商建立了乐于实践创新型葡萄品种 aged eight and ten. The elder John Yeo Brown 的传承。这种实践精神和探索意识在整个企业 is currently working vintage in the winery 发扬光大，从维多利亚州（Victo ria）蜜拉瓦 as a cellar hand, while his younger brother （Milawa）和雅拉谷（Yarra Valley）一直延伸 Christopher has been working in China as 到塔斯马尼亚州（Tasmania）的酒窖。 a family representative.

Brown’s wife Anneshka taught English 家族价值观+创新精神 at WuYi Shan University while the two boys 作 为“ 澳 大 利 亚 葡 萄 酒 第 一 家 族 联 盟 ” attended a local primary school. （Australia’s First Families of Wine）的创始 “I spent my time there being a father, a 成员，布琅家族第三代、第四代成员在不断保 husband, and working intensely on my little 持其传统的同时，在本土和海外均树立了引以 project,” Brown relates. “I have a keen interest 为傲的良好声誉，成为各类特色葡萄酒和葡萄 in intelligence; what it is, and how it comes 酒酿制领域的创新者。 about. I hope to demonstrate intelligent 布琅兄弟酒庄在中国销售葡萄酒品种达40种 computational fabric.” 以上，15年来与中国建立了良好的出口合作关 WuYi Shan is renowned for Oolong tea 系。在其创始128周年之际，企业还派出一位第 and for the nearby World Heritage-listed area, 五代家族成员赴中国上海参加工作实践。 both of which the family enjoyed immensely. 公司六位董事成员之一的约翰∙安德鲁∙布琅 “Even more so, we enjoyed the open and （John Andrew Brown）自2007年中开始，带 welcoming friendships offered by many of 着当时八岁和十岁的儿子曾在中国福建生活两 Anneshka's students and others in the local 年。大儿子约翰∙约∙布琅（John Yeo Brown）目 community,” Brown says. 前在酿酒厂担任酿酒师助理，而他的弟弟克里 “These friendships afforded great insight 斯托夫（Christopher）则在中国担任家族代表。 into the families, lives and everyday culture 当时，布琅的妻子艾尼西卡（Anneshka）在 of the people in the region. As it happens, our 武夷学院任教英语，两个孩子都在当地一所小 youngest son recently returned to revisiting 学就读。 people and places for the first time since we 布琅说： “我在那里是父亲、丈夫，还积极地 departed in 2009; it was a very interesting 钻研我的小项目。我对‘智能’兴趣浓厚——它 week for him.” 是什么以及如何产生的？我希望能对智能计算 Brown says there were quite literally 构造予以解释。” highlights every day his family were in China. 武夷山的乌龙茶享誉世界，其世界遗产更是 “The place, its people and their food are 举世闻名。而这两样都使布琅一家深深着迷。 challenging, different, surprising, the same, “即使如此，更让人难忘的还是艾尼西卡的学 proud, humble, driven and vulnerable on a 生和当地其他人 对我们的坦诚 欢 迎和友谊。” daily basis. If there were a single highlight, it 布琅说。 would have to be the opportunity to interact “这些友谊让我们对当地人们的家庭、生活和 with grass-roots people and families in their 日常文化有了深刻的了解。正巧我们的小儿子 lives and homes over an extended period.” 最近到中国故地重游。这是自我们2009年离开

»

The Chinese way of business seems more dynamic, organic, flexible and competitive. 商道

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

BUSINESS

商业

TAKE A BREAK FROM WINTER WITH YOUR SSO

2 0 1 7

WINTER NIGHT E S C A P E S

Beethoven & Bruckner

The ‘Rach 2’

Simone Young Conducts

Pieter Wispelwey plays the Bach Cello Suites In this special event at City Recital Hall Pieter Wispelwey (pictured) performs the complete cello suites of Johann Sebastian Bach.

Acclaimed English pianist Imogen Cooper performs Beethoven’s Classically leaning Piano Concerto No.2. Then the renowned conductor Simone Young (pictured) conducts Bruckner’s towering Fifth Symphony.

New World Memories

Robertson conducts Dvorˇák 9 Hear Dvořák’s iconic New World Symphony, Australia’s most popular symphony as voted by ABC Classic FM listeners.

David Robertson conductor

EMIR ATES ME TRO SERIES

17–19 AUG Sydney Opera House

SPECIAL EVENT

APT MASTER SERIES

6 & 7 AUG

23–26 AUG

City Recital Hall

Sydney Opera House

HEAR IT FIRST ON

TICKETS FROM $39*

SEARCH WINTER NIGHTS

sydneysymphony.com OR CALL 8215 4600

TICKETS ALSO AVA I L A B L E AT :

MON–FRI 9AM–5PM

* Selected performances. Prices correct at time of publication and subject to change. Booking fees of $5-$8.95 may apply depending on method of booking. † Additional fees may apply.

78 | HIGH ER VIEW BUSIN E S S

商道

Rachmaninoff’s Second Concerto - possibly the most popular piano concerto of all time – will be played by stunning Chinese-American pianist George Li (pictured).

Then Prokofiev’s popular Fifth Symphony makes for a thrilling second half.

David Robertson conductor PRESENTING PARTNER ONE CIRCUL AR QUAY BY WANDA

31 AUG–2 SEP EMIR ATES ME TRO SERIES

Sydney Opera House

OR SCAN

SYDNEYOPERAHOUSE.COM 9250 7777 Mon–Sat 9am–8.30pm Sun 10am–6pm

C I T Y R E C I TA L H A L L . C O M 8 2 5 6 2 2 2 2 † Mon–Fri 9am–5pm

BUSINESS

商业

EXPERIENCE AFFORDS LIFE-LONG INSIGHT

“People in China think about their lives, actions and place in society in a very different way to the way Australians do,” Brown observes. “To the Chinese, the Australian way is just as absurd, and nearly as interesting.

We are prone to making devastatingly wrong assumptions about people in different cultures. I heard rumours that Chinese people sometimes mix coke with red wine to make it taste better; and that Australians sometimes mix milk in their tea.”

Brown observed that, as it turns out, Australians have a love affair with order.

“We like things to line up, make sense and conform to the rules,” he says. “We like, for example, to talk to a familiar face when we call one of our regular suppliers. But if the familiar face has moved on, then we expect a new face (same smile) in the role to pick up where things left off.

“We Australians get a little uncomfortable when each trade is a new negotiation, at a new price, with alternate suppliers haggling from the sidelines. We get a little uncomfortable when a trade is as much about a web of personal relationships as it is about a web of supply chains. The Chinese way of business seems more dynamic, organic, flexible and competitive.”

Another insight was that Australians have a rather slow style of learning.

“We ask our children to question everything, and to figure things out for themselves. We assure ourselves that they will grow to be strong, independent, creative individuals that can stand on their own two feet.

“The Chinese have a much faster way.

They revere past masters and seek to learn and emulate their ways by rote. Chinese students become more capable much more quickly; and the gifted individuals still float to the top to become masters. (Never play a memory game with a Chinese student). The Chinese live in a complex web of relationships; and not with a prerogative to be isolated individuals.”

WISDOM PAYS OFF FOR BROWN BROTHERS

John Andrew Brown modestly says he hopes his family’s stories and enthusiasm for their time in China rub off just a little on the people they talk with.

“I hope that Brown Brothers people will make fewer assumptions about the way that we do business and talk about wine in China,” he says.

“And I hope that Chinese people will come to appreciate fine wine in moderation, and that we all travel more beyond brochures and resorts.”

But for the company’s General Manager of Emerging Markets, John Scholten, it’s no surprise that Brown Brothers has grown in China due to the great deal of emphasis placed on family values and its enormous

BROWN BROTHERS KEY MILESTONES IN CHINA • Entering the China market early and securing the right distributor partner • Developing a small yet highly skilled team on the ground in China • Understanding the market first and then exporting the right wines • Strategic focus: concentrating on relatively small areas of the market first and then expanding.

之后第一次重访旧友。对他而言那将是非常有 趣的一星期。” 布琅说他在中国的日子每天都有滋有味，这 句话毫不夸张。 “那片土地、那里的人和食物，每一天都让人倍 觉有趣，惊奇不已，让你感觉全然不同又似有所 同，自豪而又谦卑，勃勃进取，有时还敏感脆弱。 如果一定要说最精彩的，那必定是一段较长时 间里与草根人群及其家庭互动生活的机会。” 让我们终身顿悟的体验 “中国人对其社会生活、行为和位置的思考与 澳大利亚人完全不同。”布琅认为。 “对中国人 而言，澳大利亚人的思维方式荒诞又有趣。我 们容易对不同文化背景的人作出完全错误的假 设。我就曾听到谣言说中国人有时会将可乐与 红葡萄酒混合以产生更好的口感；而澳大利亚 人有时会往茶里面加牛奶。” 布琅说事实表明澳大利亚人注重公共秩序。 “我们喜欢按部就班，言之有理，遵守规则。”他 说， “例如，联系固定供应商时，我们喜欢面对熟 悉的面孔。但是，如果熟悉的面孔不在了，我们会 希望带同样的微笑的新面孔能接手遗留的事情。” “如果每一个交易都要与不同的供应商从头开 始讨价还价，进行新的谈判，确定新的价格，我 们澳大利亚人会觉得有点不爽；如果一个交易 中的人情关系网与供应链网一样强大，我们会 觉得有点难受。中国人做生意的方式似乎更为 活跃、更简单、更灵活、更有竞争性。” 另一个体会是澳大利亚人的学习方式相对较慢。 “我们教孩子质疑一切，并且自己去理解问题。 我们坚信孩子终究会成长为强壮的、独立的、有 创造力的个体，能靠自己的双足立于世界。” “中国人对待学习的方式则要快得多。他们尊 敬高手并生搬硬套地去设法学习和模仿高手的 方法。于是，中国学生更有能力、反应更快；颇 有天赋的个体仍然鹤立鸡群并成为高手。（绝 不要与中国学生玩记忆力游戏。）中国人生活在 一个复杂的关系网之中，没啥特权要当个特立 独行的人并不容易。” 智慧成就布琅兄弟酒庄 约翰∙安德鲁∙布琅谦逊地表示希望他们在中国 期间的故事和热情能对与其打交道的人略有影响。 “我希望布琅兄弟酒庄所有人在中国做生意和 谈论葡萄酒的时候少一些假设。”他说， “我也 希望中国人能适当欣赏高级葡萄酒，我们能在 宣传和旅游之外多一些交流。” 但是对于公司新兴市场总经理约翰∙斯科尔滕 （John Scholten）来说，由于对家族价值观的重 视及其出色的智慧和为了解中国消费者而作出的 努力，布琅兄弟酒庄在中国的发展壮大毋庸置疑。 “我们与中方主要合作伙伴的关系始于价值观 和目标一致的两个家族企业之间的合作。”斯 科尔滕说。 “十五年来，企业所有权发生改变，关系也不 断发展。但是，我们和主要合作伙伴有着在中国 共赢的长期承诺。”

»

商道

H I G H E R V I EW B U SINESS | 79

BUSINESS

8 0 | HIGH ER VIEW BUSIN E S S

商业

商道

BUSINESS

商业

“最近在上海的品鉴会上，我们对一些上市公 司的短期观点与家族企业的长期愿景的对比阐 述有所耳闻，”斯科尔滕补充说。 “在中国实现可持续成功不可能一蹴而就。”

wisdom and commitment to understanding Chinese customers.

“Our relationship with our principal Chinese partner started with a collaboration between two family businesses with aligned values and goals,” Scholten says.

“Over 15 years, the ownership has changed and the relationship has evolved.

However, we and our key partner share a long-term commitment to mutual success in China.

“At recent meetings in Shanghai we heard some contrasting expositions between the short-term view of some public companies and the longer term view of family businesses,” Scholten adds.

“Sustainable success in China rarely comes quickly.”

TRUSTED QUALITY

Scholten, who joined Brown Brothers ten months ago, is responsible for carriage of the company’s export and online business.

He has worked in the industry for the best part of 20 years, mostly at Fosters Group (now Treasury Wines). In his last role before joining Brown Brothers, Scholten was involved with establishing e-commerce and logistics solutions for Australian wineries wanting to sell their wines to both China and the domestic market.

Scholten says Chinese consumers see Australian wines as friendly, with an approachable taste profile.

“Aussie wines have trusted quality and are seen as good value for money,” he says.

Brown Brothers’ most popular products in China are its premium fruity wines: Cienna, Moscato and Moscato Rosa.

“We are a leader in this category in China,”

Scholten says. “I think this is because the Chinese consumer we are targeting is looking for approachable wines that go great with the broad range of Chinese cuisines and complement informal, social and fun dining occasions.

“In more recent months we have seen good growth in the popularity of our dry wines as the Chinese palate continues to develop, and we have sharpened our focus on meeting the informal dining occasion.”

LEADERSHIP POSITION

Establishing a leadership position in the fruity category is an achievement Scholten is extremely proud of.

“It is a credit to the foresight of Ross Brown, who has always been confident about the appeal of our wines in China provided we can show them to Chinese consumers and reveal just how well they match with Chinese food,” he explains.

Another proud achievement is the strong results gained from continual review and evolution of the company’s relationships with key Chinese partners.

“The Chinese market changes constantly, so you find you’re continually reassessing your approach,” Scholten shares.

“Building relationships on open communication, transparency and alignment is critical to achieving success.”

CLEAR, SHARED GOALS

Scholten says the key to successful collaborative partnerships in China lies in clear, shared goals and a realistic plan to achieve them. Open and candid communication plus patience are also essential. 商道

可信赖的品质 斯科尔滕于十个月之前加入布琅兄弟酒庄， 负责公司的出口和网络业务。 过去二十年的大好年华里，斯科尔滕一直从 事该行业，大多数时间在福斯特集团（Fosters Group） （现为富邑集团（Treasury Wines））。 加入布琅兄弟酒庄之前其最后职责是为希望开 拓中国和国内市场的澳洲葡萄酒酿造商制定电 商和物流解决方案。 斯科尔滕表示在中国消费者眼中，澳洲葡萄 酒入口温和，口感甘醇。 他说， “澳洲葡萄酒品质值得信赖，物有所值。” 布琅兄弟酒庄在中国最受欢迎的产品是其优 质 果 酒：森 娜（C i e n n a）、莫 斯 卡 托 甜 白 （Moscato）和莫斯卡托桃红（Moscato Rosa） 葡萄酒。 “我们是中国该品种葡萄酒的领军人物。”斯 科尔滕说。“我想这是因为我们面向的中国消 费者青睐入口柔顺、能与各种中国菜完美相配 的的葡萄酒，并且这些葡萄酒还能满足他们非 正式、有乐趣的社交需求。” “最 近 几个月，随着中国消费者的味蕾发展， 以及我们集中精力适应他们的非正式用餐场合， 我们的干型葡萄酒大受欢迎。” 领导者地位 确立酒庄在果酒领域的领导者地位是斯科尔 滕极为自豪的成绩。 “这是罗斯∙布琅（Ross Brown）远见卓识的见 证。他始终坚信我们的葡萄酒在中国具有强大 的吸引力——只要我们向中国消费者充分展示 我们的葡萄酒，让其体会到我们的酒与中国菜 肴完美搭配相得益彰。” 让斯科尔滕引以为傲的另一个成绩是公司与 中国主要合作伙伴的关系持续良性发展，取得 显著成果。

布琅兄弟酒庄在中国发 展的主要里程碑 • 尽早进入中国市场，确定合 适的分销伙伴 • 在中国当地建立小规模但高 技能的团队 • 首先了解市场，然后出口合 适的葡萄酒品种 • 战略重点：首先重点关注相 对较小的市场区域，然后发 展壮大。

H I G H E R V I EW B USINE SS | 81

»

BUSINESS

“It is easy to become excited and overwhelmed in a market as big and vibrant as China,” he says. “[The market] is best approached in digestible chunks – a series of relatively smaller, manageable goals with clear milestones.

“Over the past 12 months, Brown Brothers has identified specific category and volume goals and managed toward achieving them.”

But what advice would Scholten give Australian companies wishing to partner in China?

“Finding the right partners is tough and time consuming,” he warns.

“Aligning on values and common goals isn’t straightforward, as the [Chinese] market is extremely large and potential partners can have very different objectives.

“You may find a suitable partner, but they may only want to play in Beijing, or in the restaurant trade on the east coast, or upscale department stores in Shanghai.

“Once you find a partner, you must observe the correct procedures to prepare your product for approval and launch it into your target market via the right channel – this can take a considerable amount of time and it is easy to miss key launch windows.”

ECOMMERCE CHALLENGE

Scholten says that in recent times, e-commerce channels have disrupted traditional distribution models by creating price transparency and relatively simple logistics networks that enable B2C and C2C exchange.

商业

“Brands can be quickly devalued in this environment and navigating it is tricky,” he says. “I anticipate some channel convergence in China as bricks’n’mortar sellers go online and pure-play e-commerce sellers set up shopfronts.

“A good example of this is AliBaba’s HeMa ‘Hippo Fresh’ supermarkets in Shanghai.”

CONSUMER FOCUS

Scholten adds that at Brown Brothers, great importance is attached to understanding the consumer in each of its target segments and connecting with them.

“Our experience in China is no different,” he says. “A key learning is that there is no generic Chinese wine consumer.

Consumers in Shanghai differ to those in Chengdu – we work hard to understand their drivers, conversations and occasions and actively participate in these without being intrusive.

“We invest a lot in understanding the consumer and talking to them face-to-face.

We try to understand the importance of influence groups and work hard at leveraging these through social media, tasting programmes and other activity.”

And Brown Brothers is planning further expansion in China.

“Brown Brothers has recently prioritised China as a focus export market,” Scholten reveals.

“We are very optimistic about China and plan to launch some new and exciting wines into the market.”

“中国市场瞬息变化，所以你必须随时评估调 整应对市场变化的行为。”斯科尔滕与我们分 享经验时说到。 “在坦诚沟通、开放透明与合作结盟的基础上 建立双方关系，是取得成功的重要因素。” 明确、共同的目标 斯科尔滕说在中国成功合作的关键是明确的 共同目标以及为实现该目标而制定的切实可行的 计划。开诚布公的交流沟通与耐心也颇为重要。 “面对中国这样一个庞大鲜活的市场很容易让 人激动兴奋或不知所措。”他说。 “进入（这样一个市场）最好是分而化之—— 从一系列相对较小的、容易实现的目标着手，制 定明确的发展里程碑。” “过去12个月，布琅兄弟酒庄已经确定了具体 的品种和销量目标并为实现这些目标而努力。” 但是斯科尔滕对想要在中国开展合作的澳洲 企业提出了什么建议呢？ “找到合适的合伙人是一个艰难且漫长的过 程。”他提醒道。 “保持一致的价值观和共同目标也并不简单， 因为（中国）市场极为庞大，潜在合伙人可能有 着完全不同的目标。” “你可能是寻找合适的合伙人，但他们可能只 想在北京，或是东部沿海地区的饭店，或是上 海的高档商场‘到此一游’。” “一旦找到合伙人，你必须遵守正确的流程准 备产品审核，并通过恰当的渠道将其投放目标 市场——这可能需要相当长的时间，也容易错 过最佳投放时机。” 应对电商挑战 斯科尔滕说，近来电商渠道因为透明的价格 和相对简单的物流网络实现了B2C和C2C交易， 对传统的销售模式产生冲击。 “在这一环境下，品牌迅速贬值，运营操作颇 为棘手。”他说。 “我预计中国会出现一些品牌 趋同化现象——实体卖家纷纷上线，纯电商卖 家则开设店面。” “一个很好的例子是阿里巴巴旗下的‘盒马鲜 生’超市，开设于上海。” 消费者聚焦 斯科尔滕补充说，布琅兄弟酒庄重点关注对 各目标区域消费者的了解并与其联系。 “我们在中国也是如此。”他说。 “一个重要认知是 中国的葡萄酒消费者并非千篇一律。上海的消费者 与成都的不同——我们会试图了解他们的消费动机、 交流和场合并以不令人反感的方式积极参与。” “我们花大力气了解消费者，并与他们面对面沟 通。我们设法了解影响群体的重要性，并努力通过 社交媒体、品鉴计划及其它互动对其进行平衡。” 布琅兄弟酒庄正在计划进一步壮大中国市场。 “中国已作为布琅兄弟酒庄重点出口市场，列 入酒庄近期优先事项。”斯科尔滕透露。 “我们对中国市场颇为乐观，计划向该市场投 放一些新型独特的葡萄酒品种。”

82 | HIGH ER VIEW BUSIN E S S

商道

商道

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

CULTURE

驻外生活

EXPAT LIFE Globalisation has made it inevitable for China and Australia to welcome each other’s expats. Nicole van Cuylenburg explores what it’s like for both parties. 全球化令中国和澳大利亚 不可避免地迎来了彼此的 外派人员。妮可·范·考伦 堡向我们描述这些外派人 员在两国的生活感受。

By Nicole van Cuylenburg 作者：妮可·范·考伦堡

8 4 | HIGH ER VIEW BUSIN E S S

M

ention the term “expatriate” or “expat lifestyle” and different connotations are conjured, depending on whom you’re talking to.

Much of today’s society worldwide associates expats and their careers abroad with enviable benefits not ordinarily provided in their country of origin.

These often include salaries with a generous uplift, subsidised or free accommodation in desirable postcodes, domestic help, a car, additional living allowances, and perhaps the international school experience for employees’ children, just to name a few.

But by research and definition, an expat is actually deemed as someone of any skill level working outside of his or her native country.

Whether they have relocated of their own accord or are hosted by a company makes no classifying difference.

In the case of Chinese expats in Australia, and their Australian counterparts working north of the equator, different cultural backgrounds make for varying emphasis on drawcards. 商道

当

提到“驻外人员”或者“驻外生活方式” 之 时，我 们 往 往 会 联 想 出 不 同 的 含 义——这一切要取决于您到底在和谁

聊天。 现在，大部分人都会把驻外人员及其海外职 业生涯与国内鲜少提供、令人羡慕的福利关联 起来。 这些福利通常包括大幅涨薪、位于高档社区 内的补贴住房或免费住房、佣人、汽车、额外生 活津贴……甚至让其子女有机会入读国际学校， 不一而足。 但是，根据相关的研究和定义，驻外人员实 际上只是一位具备一定技能水平并在国外工作 的人员。无论他们是主动请缨还是由企业派遣 出国，二者之间并无什么大分别。 无论是旅居澳大利亚的中国人还是在赤道线 以北工作的澳大利亚人，不同的文化背景亦导 致了吸引他们驻外的不同侧重条件。 机遇与沟通 近几年来，中国快速崛起的市场经济吸引了一 众跨国公司和品牌纷纷在北京、上海、深圳和 香港这样的繁华都市设立办事处以及区域总部。 这就需要那些能力较强的外国人才到中国奉 献自己的专业技能，领导并发展相关的人力资 源。在中国力争发展双语社会的背景之下，母语 是英语的人士往往具备更大的优势。

文化

OPPORTUNITY AND COMMUNICATION

Over the years, China’s rapidly emerging market economy has seen multinational corporations and growing brands spawn branches and regional headquarters in the likes of bustling Beijing, Shanghai, Shenzhen and Hong Kong.

This has necessitated highly skilled foreign individuals to lend their expertise, to lead and to develop manpower. Native English speakers often bear more advantages as China pushes for a more bilingual society.

Sydney-born Courtney Terrey moved to Hong Kong in September 2015 after eight years in London. While it was her husband’s job that prompted the move, she was hired in just six weeks by a European business-tobusiness (B2B) quality control and compliance service provider.

“Hong Kong has allowed me the opportunity to work for a global company, where before I’d worked with small to medium enterprises,” says the senior marketing manager.

Timothy Pope, a journalist and business news presenter at a government-run media group, shares the same view on opportunities.

The 28-year-old Melburnian moved to Shanghai in 2015. With contacts from the

It’s only recently that Courtney’s gotten used to the idea of “saving face” and what it means for her Chinese team.

For the uninitiated, this Asian concept revolves around the fervent need to avoid humiliation, and to keep dignity and reputation intact.

“I’ve been training my team that it’s okay to give feedback, or put your hand up if you do something wrong; there’s no finger pointing or blaming as a result. It’s taken time to get this message across as it’s not something that’s part of their culture,” she shares.

Saving face applies to managers too, as Timothy has seen.

“In China, you don’t tell your boss that they’re wrong, especially not in a group setting. It’s seen as causing your boss to lose face. Appearance and hierarchy are very important. I don’t think Australians realise how flat their workplace structures are.”

Emma Liu, a Qingdao native who works in Melbourne’s renewable energy industry, agrees: “Here, I could say ‘no’ and explain to my boss more easily. In China, I would think very hard before doing that.”

But perhaps there are exceptions to this

The Chinese are better at following a recipe, are consistent and disciplined, but Australians are more creative.

Shanghai counterpart of his Melbourne workplace, he secured a job in nine days.

“Because of my skills, I was working in a team of three to produce a new programme that I now present. That would never be offered to me in Australia because the industry there prides seniority. I am definitely getting opportunities in Shanghai that I wouldn’t back home,” he shares.

Both Courtney and Timothy have also realised how Chinese culture comes into play at work.

“They’re there to get the job done, there’s no office banter like there is in Australia.

I found that my Hong Kong and Shenzhen teams were often too nervous to speak about issues,” Courtney says.

cultural difference in communication style and workplace structure.

Michael Wilson, 32, an executive chef at The PuLi Hotel and Spa in Shanghai, has experienced an environment where different mindsets meet halfway regardless of seniority or culture.

He moved from Melbourne in 2012, after his boss received a tip-off about a chef vacancy in Shanghai. A four-day visit and demonstration sealed the deal.

“The Chinese are better at following a recipe, are consistent and disciplined, but Australians are more creative. Chinese techniques will help you cook something, or a European technique might. Having a cross-cultural team bridges everything,” he says. 商道

在伦敦呆了八年之后，悉尼出生的Courtney Terrey于2015年9月份搬到了香港。虽然这次的 搬家缘于她丈夫的一次工作调动，但她在短短 六周时间内就在一家欧洲的B2B质量控制与合 规服务公司内找到了工作。 这位高级销售经理表示：“香港让我有机会 进入一家全球性的企业工作，而之前我只能在一 些小中企业内将就。” Timothy Pope在一家国有媒体集团担任记 者 和 财 经 新 闻 节目的主 持人，并对此 深 表认 同。28岁的他是一位地地道道的墨尔本人，于 2015年来到上海。在墨尔本工作之时所结识的 上海同行的帮助下，他在短短九天时间内就找 到了一份工作。 他表示： “由于我的能力不错，我曾经与其它 两位同事合作来制作我现在主持的新节目，而 在澳大利亚我永远不会有这样的机会；因为在 澳大利亚，这个行业讲究资历。但在上海，我获 得了在澳大利亚所不敢想象的机会。” Courtney和Timothy两人都见识了中国文化 如何在工作中产生影响。 Courtney指出： “他们就是埋头工作，不会 像澳大利亚人那样会在办公室开开玩笑什么的。 我发现我的香港和深圳团队在谈论问题的时候 往往都过于紧张。” Courtney也是最近才了解到“面子”这个概 念，以及面子对于中国团队的重要意义。 讲得直白一点的话，这个亚洲独有概念的含 义就是避免被羞辱以及保护尊严和名誉。 她谈到：“我一直在告诉我的团队要及时反 馈，或者如果你做错事了要举手承认，而我并不 会因此而加以指责或者怪罪。我花了很长时间 才把这个想法传达下去，因为这并不是他们文 化的一部分。” 管 理 人 员 也 十 分 看 重 自 己 的 面 子 —— Timothy亦发现了这一点。

»

H I G H E R V I EW B USINE SS | 8 5

CULTURE

A DIFFERENT MOTIVE

With China exposed to the Western world, Australia being their closest Western neighbour, the latter has proven desirable for holidays and world-class tertiary education – something the Chinese seem to value highly in their experience of Australia.

Adelaide-born Ashley Beecher-Brown has lived in Shanghai for 20 years, working in recruitment technology. In 2011 he co-founded Shanghai Sunrise, an organisation that raises scholarship funds for students from poor families.

“With a large population, finding work is challenging. It’s common for people to leave their families and live away, just to put kids in university, which is celebrated. The Chinese term for making huge sacrifices is ‘eating bitterness’, so the next generation can progress,” he explains.

Yuanbin Wei, a Chinese language teacher in eastern Victoria, explains education from her perspective. Born in Fuzhou, she moved to Melbourne in 2008 to pursue her undergraduate and postgraduate studies, and became a primary and secondary school teacher.

“China places big focus on academic achievements because the teachers’ performance is assessed on the students’ performance. Whereas in Australia, it focuses on all aspects of the child’s development,” she says.

Wendy Yu, a Chinese Australian from Sydney, concurs. She spent three years in Shanghai teaching English as a second language at a bilingual school.

She is now Principal at the International Chinese School in Sydney.

“I found international schools in Shanghai ran like corporations, with various branches in different countries. The parents were 8 6 | HIGHER VIEW BUSIN E S S

clients, with high expectations of teachers’ performance.

“In Australia, obviously you want children to perform, but educating the global child means caring for their social and emotional development, too,” she says.

For all the toil to fund a child’s university education or one’s own career move, it seems the coveted goal for many Chinese is that elusive Australian work-life balance.

“In Australia, it’s more relaxed. You don’t do a lot of overtime, just working hours primarily,” says Phoebe Wan from Hangzhou, a legal secretary in Melbourne.

The contrast is huge, says Chinese Australian Cici Zhang, who moved to Hong Kong from Melbourne in 2014.

“The hours are much longer; 12- to 16-hour days isn’t uncommon for some,” says the fashion designer for a French swimwear and lingerie brand.

Staphanie Yau, a multimedia developer from Hong Kong who’s lived in Melbourne for 22 years, wishes people would realise that more hours in the office doesn’t instantly equate to better quality work.

“The culture of overtime in Hong Kong is really bad. Australia has a much better focus on work-life balance, and better legal measures in place like the FairWork Ombudsman and WorkSafe to ensure employees are looked after,” she said.

A conducive work environment is important, too, as Pisen Hong, a master calligrapher and teacher in Chinese language and philosophy at Victoria’s Kilmore International School, explains. Shanghaiborn, he taught in Suzhou before moving to Melbourne in 1988.

“The Australian working culture presents more opportunity to use your talents less 商道

“在中国，你不能告诉老板他错了，尤其不能在 公开场合这样说，因为这样会让你的老板没面 子。面子和等级都十分重要。我估计澳大利亚人 还没意识到他们的工作关系实际上相当平等。” 来自青岛的Emma Liu在墨尔本从事与可再 生能源相关的工作，她对此亦深为认同。 “在这里，我可以说向老板说‘不’并向他解释， 但在中国，我绝对要三思而后行。” 但是，两国在沟通风格和工作关系上的此种 文化差异亦有其例外之处。 32岁的Michael Wilson是上海璞麗酒店的 行政总厨。在他的工作环境当中，资历和文化无 关紧要，所有人都可畅所欲言。 2012年，他的老板听闻上海有一个大厨的空 缺，于是他就从墨尔本飞到上海；在四天的参 观和展示之后，他最终获得聘用。 他表示： “中国人擅长照搬菜谱、发挥稳定并 且严于律己，但澳大利亚人更富于创新。中国的 烹饪手法可以帮你煮出一道好菜，而欧洲的厨 艺亦不相伯仲。拥有一支跨文化团队可以搞定 一切。” 不同的动机 随着中国开始接触西方世界，作为离中国最 近的西方国家，澳大利亚已成为中国人度假以 及接受世界级高等教育的理想之选。 出生于阿德莱德的Ashley Beecher-Brown 已在上海生活了20年之久，并从事与招聘技术 相关的工作。2011年，他与合作伙伴共同成立 了“初升的太阳（Shanghai Sunrise）”—— 一 个为寒门子弟募集奖学基金的组织。 他解释称： “在人口众多的中国，找工作绝非 易事。中国人往往需要远离家庭在外打拼，只为 了把子女送入大学。在中国，表示做出巨大牺牲 的词叫做‘吃苦’，唯有如此下一代才能跳出 龙门。” 在维多利亚州东部地区教汉语的Yuanbin Wei从她的角度对教育进行了诠释。出生于福 州的她于2008年来到墨尔本读完了本科和硕士 课程，并成为一位小学和中学教师。 她表示： “中国十分重视学业成就，因为教师 的绩效就是根据学生的成绩进行评定的，而澳 大利亚则更侧重于儿童的全面发展。”

Australia satisfies those who crave a less stressful lifestyle.

文化

restrictively, especially in art and creativity.

I really enjoy that.”

GIVE AND TAKE

Ultimately, expat life is a classic case of enjoying the other side of the coin; things we don’t have normally. If you can adapt to change and are receptive to new experiences, the expat life rewards with experiences not available in one’s home country.

Despite its frenetic pace, China presents an exciting cosmopolitan experience. While many people get an average of just ten days annual leave, half of that in Australia, exploring Asia is still easy on weekends.

“I’ve been able to see Hong Kong, Taipei and Bangkok easily, living in Shanghai,” says Timothy.

Australia satisfies those who crave a less stressful lifestyle where personal time can be enjoyed. While people work fewer hours, it’s still hard work; time is just managed differently. The Chinese community here appreciates what Australians may take for granted – clean air, fresh food and somewhere ideal to raise their kids.

Zhining Yang, who moved from Shenyang to Melbourne in 2004 and is a senior investment manager with the Victorian government says: “There’s a reason Melbourne, attracts lots of expats. For me, it’s having personal space, feeling more relaxed, being able to travel more easily.”

来自悉尼的澳籍华人Wendy Yu对此表示赞 环境亦举足轻重。出生于上海的他曾在苏州 同；她之前曾在上海的一所双语学校教了三年 教书，之后于1988年搬到了墨尔本。 的英语。 “ 澳 大 利 亚 的工作 文化 能 够让 你 在 更 少 现在，她已是悉尼国际中文学校的校长。 的限制下有更多的机会展现自己的才华，尤 “我发现上海的很多国际学校把自己当作企业 其是在艺术和创意等方面。我很享受这样的 一样进行运营，并在不同的国家设立了形形色色 文化。” 的分支机构。学生的父母都是他们的客户；他 们对老师亦寄予厚望。” 有得有失 她指出： “在澳大利亚，您自然也希望自己的 最后，在国外生活就如同在体验事物的另 孩子表现出众，但教育孩子亦意味着要关注他 一面一样——也就是那些我们通常所无法拥 们的社交能力和情感发展。” 有的东西。如果您可以适应这种变化并能够 如此辛辛苦苦地供孩子读大学或者实现自己 接纳这种新的体验，则这种旅居生活将会向 的职业发展，许多中国人十分渴望但难以实现工 您回报本国所没有的种种体验。 作与生活之间的平衡，而澳大利亚人似乎享受 尽管中国工作节奏快，但却能带来令人振 到了。 奋的国际化体验。虽然许多人仅有平均10天 来自杭州的Phoebe Wan是墨尔本的一位 的年假(只有澳大利亚的一半)，但在寻常周 法律助理，她表示： “在澳大利亚，工作会更轻 末旅游亚洲也并非难事。 松一些；你不需要经常加班，大部分情况下都正 Timothy表示： “在上海生活的我轻轻松 常上下班。” 松就去了香港、台北和曼谷。” 于2014年从墨尔本搬到香港的澳籍华人Cici 而对于那些渴望摆脱紧张生活状态的人 Zhang表示：反差实在太大了。 士而言，澳 大利亚是他们的乐土；在 这 里， 担任某法国泳装和内衣品牌设计师的她 表 您可以尽情享受个人的时间。虽然澳大利亚 示：“工作时间长多了；某些人经常每天工作 人的工作时间不长，但他们依然勤勉有加， 12-16小时。” 只不过是以不同的方式来管理时间。这里的 来自香港的多媒体开发师Staphanie Yau已 华人圈子尤其看中那些被澳大利亚人视为 经在墨尔本生活了22年；她希望大家意识到更 理所当然的东西——清新的空气、新鲜的食 长的工作时间并不等同于更优质的工作。 物，以及适用养育子女的理想之地。 她认为： “香港的加班文化真的太糟糕了。澳 Zhining Yang于2004年从沈阳搬到了墨 大利亚则更注意工作与生活之间的平衡，同时 尔本，如今已是维多利亚州的一位高级投资 亦有公平工作监察署和工伤保险局等法律机制 经理。他表示： 来保障员工的利益。” 墨尔本吸引大量外来者有其种种原因。对 书法大师、维多利亚州楷模国际学校的汉语 我而言，就是拥有个人空间、心情更为放松， 和哲学教师Pisen Hong认为一个良性的工作 并且出门旅游也更容易。”

MELBOURNE’S LOCAL CHINESE COMMUNITY SHARES A UNIQUE ASPECT OF AUSTRALIAN LIFE. 墨尔本的当地华人与我们分享他们在澳生活的独特一面。

ALEX GU

ALVIN ZHANG

XIAOFENG GU

DAVID LIN

ENGINEERING CONSULTANT

GRAPHIC DESIGNER

REGIONAL MANAGER （区域经理）

INTERNATIONAL STUDENT ADVISOR

Going out for drinks on Fridays after work with colleagues was something new to get used to.

The working culture here is more accommodating to different personalities.

The outdoor life in Australia is great. I’ve taken up rowing.

I love the freedom to arrange my time how I want.

星期五下班后与同事去喝酒 是我需要适应的一个新习惯。

这里的工作文化更能接纳 不同的个性。

澳大利亚的户外生活棒极了； 我已经开始学习划船了。

我喜欢这种可以自由 安排自己时间的感觉。

（工程顾问）

（平面设计师）

商道

（留学生顾问）

H I G H E R V I EW B U SINE SS | 87

ENRICH E VERY MOMENT 精彩每一刻 A DE LU X E F I V E S TA R , H E R I TAG E L I S T E D H O T E L I N T H E H E A RT OF S Y DN E Y

一个位于悉尼市中心, 列入文化遗产的豪华五星级酒店 33 9 Pitt Street Sydney NSW Austr alia 2000 T +61 2 8027 8000

F +61 2 8027 8099

pr imushotelsydney.com

8 8 | H IGH ER VIEW BUSIN E S S

商道

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

世界顶尖 WORLD CLASS 宝玑（BREGUET）的HORA MUNDI 5727让您同享双重时间， 第一眼，您或许很难被他的简洁设计吸引。不同于一般双时区 腕表，HORA MUNDI 5727仅设有一套指针，日期显示圆环则 可谓深藏不露，简易表盘仅在6点钟位置设置了城市框。HORA MUNDI真正的惊艳之处在于其使用的77FO机芯具有的瞬时时 区跳转功能，轻轻一按，城市，时间，日夜指示器和日期即刻同 步转换。白金款售价：88,000澳元。

Breguet’s Hora Mundi 5727 is a dual time, but at first glance you wouldn’t pick it. There’s only one set of hands and the city ring is mostly hidden, except for the small aperture at six o’clock. What is truly magnificent about this piece is that the calibre 77FO inside the Hora Mundi features an instantaneous time zone jump, where you’ll see the city disc, time, day/night indicator and date all change at once. Classique Hora Mundi 5727 in White Gold $88,000, (03) 8844 330, breguet.com

商道

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

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。

GLOBE TROTTER

古驰（GUCCI）的新款COURRIER系列灵感来自于旅行。每个单品都包含丰 富多样的单独刺绣贴花，如旅行邮票，GUCCI明信片和航空邮件式滚边， 由专业工匠精心手工贴制，赋予每件作品独特外观。售价：4,080澳元。 Gucci’s new Courrier collection is inspired by travel. Pieces feature rich, individually embroidered appliques, such as travel stamps, Gucci postcards and airmail trims, skilfully hand applied to each piece by artisans. $4,080, gucci.com/au

IN GOOD TIME ROTONDE DE CARTIER系列是卡 地亚高级制表领域最先进产品的代 表：ASTROEGULATEUR 机芯、三问、 陀飞轮和经典怀表设计。ROTONDE DE CARTIER腕表，大型日期显示、双时区和 昼夜显示，42MM，28K粉红金， 编号：W1556240，售价：32,500澳元 The Rotonde de Cartier collection showcases the most advanced movements in Cartier Fine

THE SIX SCENTS

Watchmaking: the Astrorégulateur, minute repeater, Astrotourbillon and skeleton grande

宝格丽（BULGARI）的LE GEMME系列强势回归， 带来特别策划的男士奢华香氛，灵感依旧来自与 珠宝世家LE GEMME六款最具传奇色彩的标志性 宝石。售价：407澳元。

complication. Rotonde de Cartier watch, large date, retrograde second time zone and day/night indicator 42mm, 28K pink gold, REF W1556240, $32,500, available at Watches of Switzerland, watchswiss.com

Bulgari’s Le Gemme collection is back but this time as a specially curated version for men, based on six symbolic stones of intense colour and a strong expressive history. $407, bulgari.com

NATURAL WONDER

酩悦轩尼诗（MOET HENNESSY）刚刚发布首款限量2013年敖 云系列葡萄酒。敖云意为遨游云际之上，蕴含对其产地香格里 拉的赞颂。其葡萄园位于喜马拉雅山脚下的梅里雪山脚下，是 香格里拉这片土地历史上的第一个酒庄。售价：500澳元。 Moet Hennessy have just released their first limited edition Ao Yun wine, the 2013 vintage. Translating to “flying above the clouds”, Ao Yun is a testament to the wine’s unique origin. The vineyard lies just below the Meli Mountain in the Himalayan foothills, near Shangri-La – the first in the land’s history. $500, lvmh.com

90 | H IGH ER VIEW BUSIN E S S

商道

9 0 | H I G H E R V I EW BUSINE SS

Q&A 问答 PLAY IT SAFE 手机保护壳已不再仅仅是一个保护跌落手机的必 需品，而是一种时尚新主张。路易·威登（LOUIS VUITTON）以EYE TRUNK向其传统旅行箱致 敬。EYE TRUNK手机壳 IPHONE 7 PLUS款 售价：1,510澳元。

腕表之家FRANK MULLER集团董事长与您分 享他与腕表的故事。 The managing director of Franck Muller offers his travel tips, dicusses how he keeps track of the hours abroad and his favourite timepiece.

A phone case is no longer just a practical necessity to protect your mobile from a nasty fall, rather a statement fashion accessory. Louis Vuitton are leading the pack with their Eye Trunk, a tribute to the House origins as trunk designers. Eye Trunk for iPhone 7 Plus $1,510, au.louisvuitton.com

STYLISH TRAVELLER

哪些因素让您热爱您的工作？

托德斯（TOD’S）最新WAVE TROLLEY BAG让您在旅行时 也能有型有格。更方便的是，推 车手柄可轻松拆卸，变身时尚 旅行袋。售价：6,195澳元。

What do you love about your job? 我喜欢为钟表制造业最具创意和独特性的腕表公司 工作。每年我会去到世界各地，在展览会和活动期间拜 访客户。这是一个真正的分享时刻，得到他们对于我们腕 表的反馈并且了解当地市场，对于我们来说至关重要。 I love working for one of watchmaking’s most creative and unique watch companies. All year long, I travel around the world to meet our clients for exhibitions and events. It’s a true moment of sharing and it’s very important to us to have their feedback on our watches and to understand the local market.

Travel in style with Tod’s all new Wave Trolley Bag. Conveniently, you can detach the leather bag from the trolley if you’re after a simple overnight bag. $6,195, tods.com

您会在落地时或飞行中调整腕表吗？

Do you set your watch once you land or while You are in the air?

STAR STRUCK

为向曾经激励了一代又一代如牛顿、爱因斯坦等知名科学家的伟大数学家、 天文学家、占星家、科学先锋约翰尼斯·开普勒（JOHANNES KELPER）致 敬，万宝龙（MONTBLANC）为您全新呈现HIGH ARTISTRY HOMAGE TO JOHANNES KEPLER LIMITED EDITION限量版钢笔。售价：POA。

一旦起飞，我就会把我的法兰克穆勒腕表调整成目的 地的当地时间。通过这种方式，我可以规划即将开始的 日程。As soon as I take off, I always set my Franck Muller to the local time of my destination. This way, I can set myself in the planning of the day ahead.

您个人最喜欢哪一款法兰克穆勒腕表，为什么？ In honour of Johannes Kepler – the astrologer, mathematician and astronomer who inspired many generations of scientists after him, from Newton to Einstein – Montblanc presents High Artistry Homage to Johannes Kepler Limited Edition.

What is your personal favourite Franck Muller timepiece, and why? 这就好像是问一位父亲，谁是他最喜欢的孩子！ 我个 人最喜欢的还是玫瑰金色的CINTREE CURVEX疯狂时 间系列陀飞轮腕表。对我而言，这款腕表凝聚了法兰克 穆勒的技术实力，并且体现了我们研发生产陀飞轮的能 力。This is like asking a father who is his preferred child! My personal favourite would have to be a Crazy Hours Cintrée Curvex Tourbillon in pink gold. To me, this watch summarises the technical prowess of Franck Muller as well as our ability to produce tourbillons in-house.

$POA, montblanc.com

商道

H I G H E R V I EW B USINESS | 91

TEQUILA 龙舌兰

We discover some of the worlds finest spirits and liquors. 我们探寻世界上最优质的烈酒。

NO CHEAP SHOTS Tequila is traditionally associated with wild nights and awful mornings, but Alex Mead explains why that doesn’t have to be the case.

For many people, nights involving tequila don’t conjure up a whole lot of good memories. In fact, memories aren’t something you even identify with a spirit renowned for being taken as a “shot” with a lick of salt and a squeeze of lemon.

But don’t blame Mexico. They do it right; it’s the rest of us who do it wrong. A throwback (literally) from the days when cheap tequila was everywhere, the fact so many still take a shot of tequila when what’s on offer is so varied and diverse could be due to little more than laziness. In Mexico, you may choose one tequila to sip with your light lunch, another as an aperitif to be savoured while easing into the evening, a different one altogether to match your meal, and then a more decadent one to provide a fitting finale.

Good tequila – to enjoy, not endure – is made purely from agave. Much like whisky, it can even be aged in oak barrels.

And don’t think it has to break the bank either – you can get a decent bottle for $36 to $40.

So which to go for? Fortaleza Anejo (40%) admittedly isn’t within the bargain range – it’s closer to $200 or so.

But this is for sipping, remember? So it should last. Hailing from the town of Tequila (yes, it exists), it has spicy and sweet caramel notes, and the fact that it’s made via the most classic method of using a volcanic stone to crush the agave only adds to its allure.

Jose Cuervo, meanwhile, is a familiar brand to many, but the Reserva de la Familia (38%) is its premium tequila at $250. Made from matured blue agave, it’s aged for at least three years in French or American oak and delivered with notes of wood, citrus and spice.

Completing our trio of tequilas is Casa Noble Reposado (40%), a snip at typically less than $100. Aged in a French oak barrel for just under a year, it’s a balanced tequila, sweet, floral and smooth with toasted notes.

These are just three suggestions, but quality tequilas, or anejo if they’ve been aged for longer than a year, are worth looking out for – and you won’t find them lined up in shot glasses alongside a pile of lemons and a salt shaker.

Choose the right one and you’ll love it forever – not just hate it for a second.

92 | HIGH ER VIEW BUSIN E S S

物有所值 说起龙舌兰，脑中浮现的必是放纵的夜晚与糟糕的早晨， 但是Alex Mead将改变你的传统认知。 沉醉于龙舌兰酒的夜晚啊，恐怕大多 数人都不会留下太多美好的回忆。说实话， 喝上“一口”掺着一点盐和几滴柠檬的龙 舌兰酒，就仿佛中了一枪，还谈何回忆呢。 可是也别去责怪墨西哥人，他们没错，错 的是我们。仿佛又回到了价格低廉的龙舌 兰酒随处可见的年代，很多人还是会在让 人眼花缭乱的酒品中选择来上一口龙舌兰 酒，这恐怕更多的还是图方便吧。在墨西 哥，您可以给快餐午饭配一点龙舌兰酒， 在夜晚正餐前选一杯龙舌兰餐前酒，享用 正餐时搭配另外一种龙舌兰酒，最后用餐 结束时再品用一杯更加高贵的龙舌兰酒。 用来享受而非忍受的优质龙舌兰酒完 全使用龙舌兰制成，甚至也可以像威士忌 那样在橡木酒桶中陈年。别担心陈年龙舌 兰酒会昂贵无比，只需36-40澳元就能入 手一瓶相当不错的龙舌兰酒了。 那么该选哪种呢？诚然，价格在200澳 元左右的Fortazela Anejo（40%）不算 便宜。不过一次也不过喝一点点，不是嘛？

所以一瓶是可以享用很久的。口味中散发 着辛辣和焦糖甜蜜的Fortazela Anejo来 自龙舌兰酒的故乡，以最经典的方法酿制 而成。龙舌兰是用火山石碾碎的，更增添 了它的高贵（或者说价格）。 Jose Cuervo是大众品牌，Riserve de la Fanilia（38%）却是一款价格不菲的精 品龙舌兰，采用成熟蓝色龙舌兰酿制而成， 在法国或美国橡木酒桶中陈年3年以上， 口味中混合着木头、柑橘和辛辣的味道。 龙舌兰三重奏的第三位成员是不到100 澳元的Casa Noble Reposado（40%）， 可谓是物美价廉。这款酒在法国橡木酒桶 中陈年不足1年，酒体平衡，甘甜而散发着 花香，口感柔和，口味中带有烧烤的味道。 以上只是推荐给您的3款龙舌兰酒。精 品龙舌兰酒或陈年1年以上的陈年龙舌兰 酒值得花费一番心思去探寻，在一排排柠 檬和盐罐旁边的酒杯里肯定是找不到的。 若是选对了龙舌兰酒，您就会一直爱它， 而不会有片刻懊悔的。

“Tequilia is a spirit renowned for being taken as a shot. Don't blame Mexico. They do it right; it's the rest of us who do it wrong.”

1

2

TRY 1. Fortaleza Anejo This outstanding tequila is hand-made from stone-crushed agave. The Anejo is favoured by lovers of single malts. tequilafortaleza.com

2. Reserva de la Familia This particular version is the most sought after and rarest limited edition, presented in a bespoke, hand-painted wooden box with sliding door and information booklet. cuervo.com

3. Casa Noble Reposado Aromas of vanilla, lemongrass and floral notes are balanced with flavours of sweet cooked agave and toasted oak. casanoble.com

商道

3

品尝 1. Fortaleza Anejo 这款传奇龙舌兰酒由纯手工酿造制成， 备受到单一麦芽的爱好者的青睐。

2. Reserva de la Familia 本款酒是一直最受追捧而又最罕见的限量 版，其包装采用定制款带拉门的手绘木箱， 内部更放置了精美产品册。

3.Casa Noble Reposado 香草，柠檬草和花香调配甜熟龙舌兰与烤橡 木，完美平衡，回味无穷。

商道

H I G H E R V I EW B U SINE SS | 93

CARS 豪车

The latest in automotive excellence from the world’s foremost manufacturers. 前沿座驾，卓越性能，源自世界 顶级汽车制造商。

BENTLEY GOES FURTHER

It’s the first Bentley to run on diesel… but is the economical version of the Bentayga really up to the brand’s magnificent standards?

No matter how healthy your bank account, we live in belt-tightening times. As a nod to this, frugal buyers can now purchase their $335,000 Bentley Bentayga SUV with an efficient diesel engine.

Now you can crank up the air-con, revel in the flawless leather and zip along at up to 270km/h without the worry of ever-rising petrol prices. It’s the small things that make a difference.

Of course, as austerity measures go, this is a pretty painless one. For a start, the 4.0-litre twin-turbocharged V8 diesel is so quiet, you’d have to get your head under the bonnet to notice it. There’s no

compromise with speed, either – the Bentayga is the world’s fastest diesel SUV. With SUVs, though, top speed is rarely a concern. Buyers tend to look at power first – after all, you never know when you might want to tow your yacht to a new marina.

Naturally, the Bentayga continues to impress, with 320kW of power and an incredible 900Nm of torque.

The torque is made usable by an eight-speed automatic gearbox that can get you from a standing start to 100km/h in just 4.8 seconds.

There’s no lag between pressing the throttle and getting the power, either; the Bentayga pushes you back into its plush seats with

genuine urgency. It’s all so undiesel-y.

So what’s Bentley’s secret? They’ve rethought how to force induction through the engine. In a typical diesel, exhaust pressure pushes air through a turbocharger (or turbochargers) to get the car moving quickly. However, the engineers behind the Bentayga diesel have added an electric compressor that can push extra air into the turbocharger within 30 milliseconds of you hitting the go pedal.

That little boost of whoosh when the revs are still low means instant momentum in situations where other diesel drivers are still waiting for their turbo to kick in.

Mind you, if ever there was a car you’d be happy having a marginally longer journey in, it’d be this one. The materials used in the cabin are second to none – as you might expect – while the technology includes a heads-up display, high-resolution maps, and the ability to read road signs to keep you abreast of the speed limit.

And, thanks to all the money you’ve saved by choosing an economical diesel engine, it should feel like no hardship to get the optional Linley Hamper by Mulliner.

Treat yourself – you’ve earned it.

“So what’s Bentley’s secret?

They’ve rethought how to force induction through the engine.”

94 | HIGH ER VIEW BUSIN E S S

商道

宾利，进无止境 作为宾利首款柴油动力车型，经济版添越真的符合宾利 高大上的品牌标准吗？ 不管您的银行账户里有多少钱，我们都得勒紧裤腰 带生活。宾利添越SUV售价高达335,000澳元，节俭的 买家现在可以购买搭配高效柴油发动机的车型。 这样您可以开动空调，陶醉于完美的真皮内饰之 中，同时将速度快速提升到每小时270公里，而不必 担心不断上涨的油价。 这就是所谓的“于细微之处见精神”。 当然，随着紧缩措施的持续，这一改变让人不必面 临痛苦的选择。启动时，这款4.0升双涡轮增压V8柴 油发动机如此安静，以至于您得把头伸到引擎盖下才 能注意到。速度也丝毫没有受到影响，添越是世界上 最快的柴油SUV。 仅管对SUV而言，人们很少关注最高时速。买家首 先考虑的往往是动力。毕竟，您永远不知道何时需要 将您的游艇拖往一个新的码头。当然，添越在这方面 仍然令人印象深刻：最大功率达320千瓦，最大扭矩更 是不可思议，达到了900牛米。 搭配8速自动变速箱，强大的扭矩可以在短短4.8秒 的时间里使时速从零达到每小时100公里。踩下油门，

立刻就能感觉到澎湃的动力，没有任何迟滞——添越 奢华的座椅能够让您真切地感受推背感，完全没有一 款柴油动力车型的感觉。 那么，宾利的秘诀是什么？他们重新设计了发动机 的转速感应方式。典型的柴油发动机通过一个或多个 涡轮增压器利用排气压力推动空气使汽车快速移动。 然而，添越柴油发动机的设计师为其增加了一个电子 涡轮增压器，可以在踩下油门后30毫秒之内将更多的 空气推入涡轮增压器。 发动机转速较低时的呼啸声意味着动力已经即刻就 位，而其它的柴油发动机还在等待涡轮的介入。 要知道，如果您能够开心地驾驶一辆车长途旅行， 那这辆车必是 添 越 无疑。内饰也 正 如您所 料，可谓 极尽奢华，同时采用各种先进技术，包括抬头显示、 高分辨率地图和阅读路标的能力，让您及时了解限速 情况。 选择这款柴油动力车型为您节省了不少的费用，那 么没有理由不选择一体化MULLI NER套 件（MULLI NER HAMPER SET）。善待自己，这是您应得的。

商道

SPECS Engine 4.0 litre twinturbocharged Diesel with E-Compressor Max Power 320 kw @ 3,750-5,000 rpm Max Torque 900 Nm Acceleration 0 - 100 kmh 4.8 seconds Max Speed 270 kmh Kerb Weight 2,499 kb Length 5,140 mm

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

RESTAURANTS 餐厅 Fine dining in Perth, Chengdu and Shanghai 珀斯、成都及上海的高端餐厅。

PERTH 珀斯

BALI ON THE SWAN 珀斯的Ku De Ta绝对不是巴厘岛Ku De Ta的简 单翻版。澳大利亚版的Ku De Ta坐落于天鹅河 河畔，但还是贯彻它的初始概念。室内设计由 伦 敦 建 筑 师 珀 帕 里 姆·拉 玛（ P e r p a r i m Rama）负责，全部使用天然和有机材料，其中 许多材料颇有历史渊源。厨房由行政总厨丹· 费舍尔（Dan Fisher）掌勺，他强调虽然这里全 天的用餐菜单与巴厘岛的有所不同，但其理念 却是相似的。不过有一件东西没有变，那就是 您依然可以在这里畅饮Bintang啤酒。 Ku De Ta Perth is no carbon copy of the original Bali venue. The Australian iteration has traded the Seminyak beachfront for the banks of the Swan River.

It takes the original concept of Ku De Ta and puts an urban spin on it. In regards to the food, there are three separate dining spaces that can accommodate 850 people at any one time. If you’re after a casual bistro setting, there’s The Deck. Seafood and share plates are served at The West and there’s a constantly changing a la carte menu at Dining. Leading the kitchen is executive chef Dan Fisher, who emphasises that the all-day dining menu is different to Bali, but with a similar philosophy. One thing will remain the same: Bintang will be available on tap. kudeta.com.au 96 | HIGHER VIEW BUSIN E S S

商道

博舍为成都带来法国美食。作为新鲜推 出的“从农场到餐桌”式用餐理念的一 部分，Temple Café咖啡厅经营着自己的 香草花园，致力于创造纯正有机的欧洲 菜品。期待一品新菜单上的帕尔马干酪 华夫饼配酱汁蘑菇，芥末伊比利亚猪扒配 黑藜麦和花椰菜及红酒慢炖牛肉卷配 胡萝卜吧。

SHANGHAI 上海

SPANISH FEVER

CHENGDU 成都

GREEN THUMB

食社（Commune Social）人气爆棚，这是在上海您唯 一能品尝到英国名厨杰森·阿瑟顿（Jason Atherton） 精湛厨艺的地方，就在静安区。餐厅的最大特色在于其对 空间的运用来鼓励食客们之间互相互动的公社概念，如 未经加工的水泥原墙和天花板、木质板材和吧台区暴露 在外的灯泡。在可以透过玻璃观察餐厅内部的小露台上 占个座位，品尝如烤骨髓配红色卷心菜与青苹果沙拉、 或是烤鲷鱼配藏红花米与豌豆等地道西班牙小食，大块 朵颐。唯一的缺点，大概就是这家餐厅不提供预订服务， 想要在户外用餐区享受一顿美味而惬意的午餐，就尽早 去占座吧。

The Temple House is bringing French food to Chengdu. Having recently grown their very own herb garden, the Temple Cafe team plan on creating authentic, organic European dishes as part of their fresh “Farm to Table” approach to dining. Expect to get a taste of parmesan waffle with marinated mushrooms, mustard Iberico pork chop served with black quinoa and broccoli, and long-cooked red wine beef roll with orange glazed carrots. thetemplehousehotel.com

Commune Social is hot hot hot – after all, it’s Brit megachef Jason Atherton’s only Shanghai joint, located in the hip Jing’an District. Naturally, for somewhere so du jour, it borrows from a speakeasy-meets-industrial vibe, with cement walls and ceilings, wood panelling and exposed bulbs gracing its bar area. Snag a seat on its diminutive terrace, which gazes through glass back into the restaurant, and get cracking on the mega-delicious Spanish tapas – think baked bone marrow with red cabbage and green apple salad, or grilled snapper with saffron rice and snow peas. The only downside? There’s no reservations, so aim to get there early to bag your alfresco table for a lengthy lunch outdoors. communesocial.com

商道

H I G H E R V I EW B U SINE SS | 97

HOTELS 酒店

UP AND COMING

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。

即将来袭

引领新常态

THE NEW NORMAL

AMANYANGYUN SHANGHAI 上海养云安缦酒店

Sanya is no stranger to avant-garde hotels, but its latest addition is like no other. 时尚前卫的酒店在三亚随处可见， 但其最新开业的酒店却如此与众不同……

Every 32 hours, this 512-room resort pumps ten million gallons of water from the surrounding South China Sea into its own private ocean so guests can kayak, paddleboard and even sail without ever having to leave the grounds.

Needless to say, Sanya Edition is the first hotel of its kind on the island. The list of features at this hotel is impressive: there’s a 2,000m2 spa spanning two levels that includes a meditation garden and 11 treatment rooms; three on-site art galleries with permanent and revolving exhibitions; 17 villas nestled in a terraced hillside, each with a private pool and deck; four restaurants staying true to local cuisine with noodles, dumplings and dim sum on all the menus; and, for the kids, an entertainment zone featuring minigolf, karaoke, a racing circuit, miniature village and bumper cars. From $210 per night, editionhotels.com/sanya

远离上海市区，汇集数十座经典古宅。2017 年第三季度开放。 Outside Shanghai, the property is comprised of ancient buildings. Opening third quarter 2017. aman.com

每隔32个小时，这家拥有512间 客房的度假村将1,0 0 0万加仑的 海水由环绕的南海灌入自己的私 人 海域，足不出户，即可体 验皮 划艇、水上划板，甚至是帆船等 丰富水上娱乐项目。毋庸置疑， 三 亚 艾 迪 逊 酒 店是岛上 第一家 同类型酒店。这家酒店的特色绝 对令人印象深刻：设有冥想花园 和11间理疗室的2,0 0 0平米水疗 中心;三个无间断展览的艺 术中 心；17间依山而建的别墅，每间 都设有私人游泳池和户外活动露 台；四家坚持烹制如面条、饺 子 和点心等地道当地美食的餐厅;当 然，也不能忘了孩子 们，这 里 娱 乐中心有迷你高尔夫，卡拉OK， 赛车场，微型村庄和碰碰车等娱 乐设施。价格：每晚210澳元起。

ROSEWOOD SANYA 三亚保利瑰丽酒店 坐落于海棠湾，占据国际财经论坛中心14 层，坐享无敌海景。2017年第二季度开放。 In Haitang Bay, the resort will occupy 14 floors of the International Finance Forum. Opening second quarter 2017, rosewoodhotels.com

HOTEL JEN BEIJING 北京上东今旅酒店 中国第三家今旅酒店即将占领中国世贸中心 1-22层。 The third Hotel Jen in China will take up the first 22 floors of the China World Trade Center. hoteljen.com 98 | HIGHER VIEW BUSIN E S S

商道

RMB : MORE BEAUTY TO DISCOVER

人民币：精彩继续

Bank of China, Your RMB Bank

中国银行，人民币业务全球合作伙伴 Bank of China, building on its international excellence over a century, leads the RMB internationalization business both at home and abroad, to meet the world’s economic and financial needs. Reputable for a global clearing network, wide-ranging financial products and professional services, Bank of China translates innovative ideas into customized cross-border and offshore RMB solutions that power your trade, investment and financing activities around the world. 中国银行人民币国际化业务，传承百年国际业 务精髓，把握全球经济金融脉 搏，保持海内 外市场领先地位，以遍布全球的清算网 络、内涵丰富的金融产品和权威精湛的 专业服务，用创新思维为您量身打造 综合性跨境及离岸人民币服务方案， 为您的全球贸易和投融资活动提供 新的选择，注入新的活力。

中国银行信用卡微信

Real Market Benefit Westpac is at the forefront of RMB internationalisation, to support growth in the China corridor for Australasian companies.

We understand how important access to the Greater China market is for our customers.

That’s why we’re at the forefront of RMB internationalisation.

Together with being a Market-Maker for AUD/CNY 1 and NZD/CNY2, a leader in Trade Finance3, a China Derivatives licence, and strength in local market expertise, we’re supporting more customers doing business in RMB globally including with China.

Westpac makes it easy for organisations to do business in RMB by drawing on our 40-year track record in Asia and delivering intelligent solutions. We understand the complexities of the RMB internationalisation process and can work with our customers to ensure doing business in RMB is as simple as possible.

Westpac is an active participant in the global offshore RMB market in Hong Kong, a foundational member of Sydney’s RMB Hub and the Sydney RMB Working Committee.

To discover how Westpac can provide your business with greater trade and financial markets access in China, contact our Financial Markets team at marketsadvisory@westpac.com.au Visit us at www.westpac.com.au/rmb

Maker

Maker

Foundational

AUD/CNY Market Maker in China1

NZD/CNY Market Maker in China2

Participant in the Sydney Offshore RMB Hub

No.1

Most Sustainable Bank

Best Trade Finance Bank in Australia3

Highest rated bank globally in 2016 DJSI review for third consecutive year4

Source: 1. As announced by the People’s Bank of China in April 2013. 2 As announced by the People’s Bank of China in March 2014. 3. The Asian Banker Transaction Banking Awards 2016.

4. Announced September 2016, Westpac ranked as global bank industry leader in 2016 Dow Jones Sustainability Indices (DJSI) Review, with our strongest ever score of 95. Westpac Institutional Bank is a division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 2337 14 (“Westpac”). The services and products described in this material are provided in accordance with appropriate local legislation and regulation and may not be available in all countries. New Zealand: In New Zealand Westpac Institutional Bank refers to the brand under which products and services are provided by either Westpac or Westpac New Zealand Limited (NZBN 942 903 432 4622) (“WNZL”). Any product or service made available by WNZL does not represent an offer from Westpac or any of its subsidiaries (other than WNZL). Neither Westpac nor its other subsidiaries guarantee or otherwise support the performance of WNZL in respect of any such product or service. WNZL is not an authorised deposit-taking institution for the purposes of Australian prudential standards. The current disclosure statements for the New Zealand branch of Westpac and WNZL can be obtained at the internet address www.westpac.co.nz. Both entities are registered banks in New Zealand under the Reserve Bank of New Zealand Act 1989. 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 RBI. 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’). WBC774_HBV_A1