Invest In 2014 Spring Edition by John Yang

季刊 QUARTERLY SPRING 2014

热点聚焦：加拿大投资居住两相宜 COUNTRY SPOTLIGHT: Canada Better Living, Better Investment

聚焦国际金融中心：瑞士首屈一指的财富管理中心

www.investin.com.cn

IFC SPOTLIGHT: Switzerland World’s Premiere Wealth Management Center

特别报道：充分利用印度的外国直接投资政策革新获取最大收益 SPECIAL REPORT: Taking Advantages of India’s FDI Reform

中国加速在非洲、印度和美国的基建能源投资 China Accelerates Infrastructure & Resource Investment in Africa, India and the U.S. Spring, 2014 INVEST IN

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2014, Spring

Swiss VIP Dinner Series 瑞士投资私人晚宴：瑞士，通往欧洲市场的门户 2014 年 5 月 16 日，周五 Switzerland Investment Private Dinner: Switzerland, Your Gateway to the European Market 16th. May 2014, Friday

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Spring, 2014 INVEST IN

编者的话 Letter From the Editor

随着 2014 年开年的经济形势降温明显和人民币海外贬值预期的不断加大，在大环境颓势已成定居的情况下，投资者开始更关注海外的机会，而境外地产也再一次成为中国投资者的“众矢之的”，越来越炙手可热。本期杂志的封面故事就中国企业在美国、印度和非洲的基础设施和通讯产业方面的投资作了深入分析。作为新兴市场之一的印度，除了在吸引投资方面和中国保持的竞争关系之外，中国企业，特别是私营企业在这个国家的投资正被越来越看好。本期的特别报道针对印度投资和设立公司等方面的作了案例分析和一系列的法律解析，并对该国相对复杂严苛的税法作了一个基本的介绍，且有针对性地提供了一部分税率的分析和比较。瑞士是欧洲财富管理的大本营。中国和瑞士最近签订的自由贸易协定（FTA）为中国进军欧洲打开了大门，这一期的“聚焦国际金融中心”栏目把镜头转向瑞士，在这里，您能得到关于在这个国家投资的信息，以及瑞士作为人民币海外中心的重要性。加拿大是中国投资者青睐的国家之一，它丰富的自然资源和顶尖的金融服务业，以及政府大力引资的政策，都让加国成为中国境外投资的首选之地。本期杂志也着重介绍

主编 Editor in Chief: John Yang

了加拿大的强势投资行业——农产品行业，并以官方数据和业界权威分析在本

撰稿人 Contributors: John Yang, Jonathan DeHart, Baron

期的“热点聚焦”栏目来一起关注加拿大投资热点。最后，感谢您一直以来对

Laudermilk, Gunjan Sinha, David Alioto, Jason Liu

境外投资的关注，我们坚信 2014 年将以全新的姿态和更为丰富的内容为您的投

美术总监 Art Director: Susan Shen

资锦上添花！

美术编辑 Art Editor: Raymond Cheung

《境外投资》主编 John Yang The beginning of 2014 has seen significant drop in the property investment

market in China, with the expectation of the depreciation of RMB, analysts

believe domestic investors are now turning to overseas opportunities. Overseas property market is once again becoming one of the destinations of Chinese capital, and it’s going to keep that way in the coming years.

This edition’s Cover Story will have an insightful analysis of the infrastructure

and telecommunication investment in the United States, India and Africa. As one of the emerging markets, India is not only a competitor against China in

terms of attracting overseas investment; it’s also a destination for Chinese

investors. Many Chinese firms, especially those from the private sector, are looking into India for opportunities. We have coverage of India’s FDI reforms and a case study detailing Chinese firm’s Indian success as a Special Report.

Switzerland is a basecamp of the world’s wealth management industry. China

has recently signed FTA with Switzerland, which widens doors for Chinese enterprises to enter Europe. Our IFC Spotlight will introduce Switzerland as

an important center for RMB’s internationalization. Canada is one of China’s most favorite investment destinations, its abundant natural resources and top

notch financial services industry have inevitably helped its people become one of the “happiest” in the world. This edition we take a look at Canada’s Agri-food industry and our Country Spotlight section will also give you a big picture of this amazing North American nation.

2014, Spring

Editor-in-Chief

John Yang editorial@investin.com.cn

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季刊 QUARTERLY SPRING 2014

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热点聚焦 country spotlight

新闻 news 04 全球概览 World NEWS 全球投资新闻精选 All the latest news from across the world

观点 opinion 06 为何加拿大不再欢迎中国富人 Why have Wealthy Chinese Become Unwelcome in Canada?

热点聚焦 country spotlight 10 加拿大投资居住两相宜 Canada Better Living, Better Investment 18 整合全球资源服务跨国投资春晖资本卫亚力先生畅谈加拿大并购 Interview with Ophoenix Director, Mr. Wei Yali

封面故事 COVER STORY 26 中国加速在非洲、印度和美国的基建能源投资 China Accelerates Infrastructure & Resource Investment in Africa, India and the U.S. 会议 Conferance 36 2014年度投资会议：知识投资带来最大收益 AIM 2014: An Investment in Knowledge Pays the Best Interest 聚焦国际金融中心ifc spotlight 40 瑞士首屈一指的财富管理中心 Switzerland World’s Premiere Wealth Management Center 52 瑞士投资前景专家问答 Switzerland Q&A with Karolina Frischkopf and Laurent

Knecht, The Future of Investing in Switzerland 特别报道 SPECIAL REPORT 58 充分利用印度的外国直接投资政策革新获取最大收益 Taking Advantages of India’s FDI Reform 70 中国企业为印度电信加油 Chinese Enterprises Powers India’s Telecom 73 境外投资指南 Invest In Hand Book

advertiser directory 广告商目录 Municipality of Maribor - Inside Front Cover Swiss VIP Dinner Series - Page 1 Invest In Canada - Page 21-25 Ruta Curacao - Page 31 Annaul Investment Meeting - Page 39 Vischer - Page 45-49 Barandun von Graffenried AG - Page 55-57 Asia Offshore Association - Inside Back Cover invesTT Trinidad and Tobago - Outside Back Cover

Spring, 2014 INVEST IN

新闻 | NEWS

图片 Photo by Xinhua

全球概览 Global update 2014 年 1 月 8 日中国核工业集团已经以接近 2 亿美元的价格，收购了非洲纳米比亚一个铀矿的大量股份，这是非洲最大铀矿之一。中国黄金集团公司正围绕收购刚果的一个铜矿展开最终谈判。

China National Nuclear Corporation has taken a large stake in one of Africa’s largest uranium mines in Namibia for nearly $200m, and China National Gold is in final talks to buy a copper mine in Congo.

包括浙江、山东、辽宁、河南、福建、四川、广西和云南在内的省级行政区，以及包括苏州、无锡和合肥在内的市级行政区都表示申报自贸区将会是他们在 2014 年的首要任务之一。

尼加拉瓜总统奥尔特加与中国 HKDN 集团董事长王靖共同宣布，尼加拉瓜大运河工程将按计划动工。

Provincial regions including Zhejiang, Shandong, Liaoning, Henan, Fujian, Sichuan, Guangxi and Yunnan, and cities including Suzhou, Wuxi and Hefei have all said that filing FTZ applications is high up their 2014 priority list.

2014 年 1 月 11 日

Nicaraguan President Daniel Ortega and Chinese tycoon Wang Jing say plans to start building a $USD 40 billion canal across the Central American country were on track for late 2014.

2014 年 1 月 15 日

比亚迪计划在巴西投资 1 亿美元，兴建工厂投产电动巴士，有望今年下半年投产。这也将是比亚迪迄今在海外规模最大的投资项目。

在

上海自贸区正式获批之后，全国多地涌现起申报自贸区的热潮，在近期召开的地方两会中，就有包括沿海、中部、沿边的十余个地方把申报自贸区列入今年重点工作。目前已经有 12 个地方自贸区获得国务院批复，进入到多部委联合调研的阶段。

“地方先形成初步思路，然后上报国务院，获得国务院批复后，几个相关部门就开始牵头组织地方调研，并就具体的方案进行反复论证和沟通修改，这个调研和反复修改的过程比较长，大约会持续一年多的时间。” 上述权威人士表示。另据了解，目前，除了天津、广东已经

Chinese auto maker BYD is looking to invest up to $100 million to establish a plant in Brazil capable of producing up to 4,000 electric buses a year.

东风收购案为标致输送新鲜血液

联想计划西非国家尼日利亚（Nigeria）销售两款支持数据功能的手机，及后或拓展至同样处于西非的加纳（Ghana）和科特迪瓦（Ivory Coast）市场。

东

2014 年 2 月 8 日

Lenovo Group Ltd plans to expand its Smartphone business in West African countries like Ghana and Ivory Coast this year as it builds on a surge in demand in Nigeria.

2014 年 3 月 2 日

中坤投资集团董事长的黄怒波近日表示，由于冰岛项目没有任何进展，公司目前正在洽购奥斯陆的一家酒店，并寻找在挪威其他城市的投资机会。

Huang Nubo, Chairman of Beijing Zhongkun Investment Group Co. said, the company is in discussions to buy a hotel in Oslo and is looking for investments in other Norwegian cities as its planned project in Iceland hasn’t made any progress.

2014, Spring

Dongfeng Deal Buys Time and New Blood for Peugeot 风汽车集团已经于近日和法国标致雪铁龙集团（PSA）达成一致，并签署资本结盟谅解备忘录。根据这一协议，东风和法国政府将各自向 PSA 投资 8 亿欧元，持股各占约 14%。正式合同将于 3 月 26 日在法国签署。在完成此次股权收购后，东风汽车将与法国政府、标致家族三大股东共同持有同等比例股份。此次收购完成后，也将成为中国汽车央企最大的海外收购案。东风汽车集团公关部相关负责人告诉记者，此次收购的具体情况以今日东风汽车集团公关部统一发至记者邮箱的新闻稿为准。据介绍，PSA 因欧债危机陷入困境，2012 年起出售了包括房产、子公司股权在内总价值 15 亿欧元的资产，

并计划于 2014 年关闭法国欧奈工厂，在法国裁撤 1.12 万个就业岗位。但在全球销量持续下滑拖累下，上述措施并未根本性扭转其财务困境。值得一提的是，2013 年，PSA 全球销量进一步下滑至 281.9 万辆，但在华销量却获得 26% 的增长至 55.7 万辆。PSA 在寄希望于法国政府救助无果的情况下，最终选择融资重组，而在中国的合资品牌合作方东风汽车则成为其最佳选择。PSA 选择与东风合作，更多的是希望借助东风的帮助进一步拓展亚洲市场，包括中国在内的新兴市场，被 PSA 看成是寻求自救的“救命稻草”。在完成重组之后，标致家族不仅将失去控股大股东地位，其“双倍投票权”所代表的一系列绝对控制权也可能被废除。据知情

NEWS | 新闻

12 个地方自贸区获国务院批复多部委调研 China Approves 12 More Free Trade Zones 完成调研之外，其余大部分的地方自贸区都是刚开始进入到调研阶段。“基本上没有特别的数量限制和时间要求，还是按照成熟一个批一个的思路。但是既然所谓‘试验区’，肯定就不会一下子放开一批，那就失去试验的意义了。”上述人士说，“而事实上，一些地方在提交方案初稿时还是遵循老的思路，要优惠政策的多，真正体现出创新的少，一般都是几易其稿，在两三遍修改之后才有了改革与创新的雏形。” 一面是对自贸区引领创新的期许和高标准要求，另一面则是地方难以抑制的对自贸区的争抢热情。在近期举行的地方两会中， “自贸区”成为被频频点击的热词。包括浙江、广东、天津、苏州、无锡、山东、辽宁、河南、福建、四川、合肥、广西、云南等在内的十余个地方均把申报自贸区列为 2014 年政府工作报告的重点工作。商务部研究院院长霍建国表示，上海自贸区强调的不是免税等优惠政策，而是一种管理体制的创新，是市场开放的一种新举措。如果上海自贸区的措施有效，那么继续将自贸区扩大到沿海、中部、沿边的一些地区，也是具备条件的。在霍建国看来，这些自贸区将来会成为

新的开放举措的试验田，而且这种试验区的产生也是中国经济增长与开放的新的亮点。地方自贸区要体现出改革的内容，体现出制度创新的内容，体现开放的内容，这样就可以在全国此起彼伏地陆续形成一些改革的热点。这会整体带动中国经济快速发展，同时又可以探索出更有效的开放后的管理经验，这些经验会为全国形成统一大市场提供帮助。不过他同时指出，“从地方上来讲，肯定是希望扩大开放，这有利于当地的经济发展，但从国家的整体利益来看需要一个平衡，要考虑到各地监管、掌控、调控的能力有多大，也需要一个开放次序的安排和统筹考虑。”

joint survey of the proposed zones, and hammer

the requirements of an FTZ," added the source.

人士介绍，PSA 的监事会、董事会将都会有东风汽车的成员，PSA 实际上将由标致家族、东风汽车和法国政府共同管理。这也意味着标致家族 1882 年创立该公司以来，可能将首次丧失对标致雪铁龙的绝对控制权。而一旦交易达成，东风汽车将成为控制大型跨国车企的首家中国国有汽车集团。

an official announcement. Peugeot Chief Executive Philippe Varin and former Renault executive Carlos Tavares, who will replace Varin when the deal is finalized, must now explain how the fresh capital can be used to improve the bottom line, analysts said. "Expectations are running high," Londonbased ISI Group analyst Erich Hauser said in a note. "PSA (Peugeot) needs to show a new equity story to keep investors interested." Under the memorandum of understanding signed on Tuesday (Feb. 18th. 2014), Dongfeng Motor Group and the French state would each pay about 800 million euros for a 14 percent stake in a reserved share sale and a rights issue, sources have said. Existing shareholders will get warrants

SA Peugeot Citroen (PEUP.PA) and China's Dongfeng have agreed a 3 billion euro ($4.1 billion) capital tieup that brings the troubled French carmaker new leadership, more time to turn its business around and an end to two centuries of family control. Peugeot, Dongfeng (0489.HK) and the French government have signed a nonbinding outline agreement, two sources with knowledge of the matter told Reuters before

hina's central government has given

the nod to 12 free trade zones (FTZs)

following the one in Shanghai, amid a

spurt of nationwide enthusiasm for such schemes. Tianjin Municipality and Guangdong Province

have been green-lit to set up FTZs, a source

with knowledge of the approval told Xinhua-run

Economic Information Daily on Wednesday (Jan. 22), refusing to leak the remaining 10.

After consent from the cabinet, a group of

central government departments will conduct a

out specific establishment plans in a process that may last more than a year, said the source.

So far, Tianjin and Guangdong have completed

the survey part, which the other 10 have just started, according to the source.

Provincial regions including Zhejiang,

Shandong, Liaoning, Henan, Fujian, Sichuan,

Guangxi and Yunnan, and cities including Suzhou, Wuxi and Hefei have all said that filing FTZ

applications is high up their 2014 priority list.

"China sets no limits on FTZ numbers and no

timetables on building them, as long as they meet Huo Jianguo, head of a research institute with

China's Commerce Ministry, said the emerging FTZs could be testing grounds for further

opening-up policies, and serve as the bright spot of the country's economic development.

Last September, China established the

Shanghai FTZ, the first of its kind, as a national strategic trial to further tap market forces and push market-oriented trade and investment reforms.

entitling them to more stock at the same 7.50 euro price as the reserved issue, a 40 percent discount to their market value, raising up to a further billion euros. The Peugeot family will see its 25.4 percent stake and 38 percent of voting rights diluted to parity with Dongfeng and the French state, ceding control of the company it founded in 1810 as a maker of tools and coffee mills. The rescue deal and a new lending partnership with Banco Santander (SAN.MC) will help Peugeot survive the expiry next year of 7 billion euros in state guarantees keeping its lending arm afloat, sources say. It will also reinforce the Peugeot and Dongfeng Chinese joint venture with increased production, a new research and development centre and expansion into Southeast Asian markets. Spring, 2014 INVEST IN

观点 | Opinion INVEST IN

为何加拿大不再欢迎中国富人 Why Have Wealthy Chinese Become Unwelcome in Canada?

最

近，加拿大政府对于投资移民一刀切的政策，引起了很大反响。这个政策代表了一部分中产阶级的立场，

他们认为，投资移民对国家没什么贡献，交的税比保姆交的还低。近年来，不仅是加拿大，新加坡、澳大利亚、俄罗斯、新西兰等国家先后出台法令，宣布不欢迎单纯的中国富人移民。加拿大的《金融邮报》更是发出了“为什么加拿大不要中国富人”的疑问。炫富炒房惹主流不满从种种迹象看来，主流社会对投资移民来的富人，成见和怨气已非一日之寒。一位在一家温哥华知名 IT 公司工作的专业人士撰文说，周围的同事都是加拿大中产阶级。同事年收入在 8 万到 15 万刀左右不等，

Jason Liu jasonliu365@gmail.com

刘毅博士

加拿大地产营销专家刘毅为加拿大温哥华排名首 1% 的知名房地产专家，《加拿大都市报》专栏作家。有着企业家背景的学者型经纪，擅长用数据说话。 Doctor Jason Liu Canadian Real Estate Marketing Expert Jason Liu is a top-ranking property expert based in Vancouver, Canada, and a renowned columnist of Canada Metro newspaper. Mr. Liu has a strong entrepreneur and academic background, he’s famous for his “let the data speak” opinion.

老板年收入 20 万元，开奥迪跑车，同事大多居住北温、兰里、新威斯敏，基本很少有住温西的，住温西的也是公寓，或者租房子，而不是拥有一套独立屋。员工族裔横跨全世界，有东欧、亚洲、美国来的，绝大多数是加拿大本地人。某次午餐，大家讨论到了政府砍掉了投资移民，同事们对待砍掉投资移民的事情居然出奇的一致，都表示赞同。原因也很简单，就是房子。对于温哥华的普通上班族，温哥华的房价太高了。他们中很多毕业于名校的硕士、博士，在知名大企业工作，居然买不起温哥华的房子，对住在温西大房子的投资移民，心里的怨气很重。《温哥华太阳报》专栏作者麦克马丁（Pete McMartin）也发表题为《温哥华不会怀念投资移民计划》的文章。文章说，每个人都有着同样的不满，皆因这些名贵汽车、豪宅、教育，甚至专门针对富有移民的奢侈品商店。联邦政府上周决定撤掉投资移民类别的时候，正是这种不满占上风。

2014, Spring

ecently, Canadian government’s completely calling off the investment immigration category made a big stir. Such a policy represents the standpoint of part of the middle class, who believe that immigrant investors make little contribution to the country and pay fewer taxes than livein caregivers. In recent years, Canada, Singapore, Australia, Russia and New Zealand, among others, laid down laws one after another to ban pure investment immigration of China’s rich. Canadian Financial Post even raised a question that “Why is Canada keeping out China’s rich?” Flaunting Wealth and Speculating Real Estate Discontent the Mainstream Various traces show that the mainstream society has long-standing prejudice and resentment against the wealthy investorclass immigrants. An employee from a famous IT company in Vancouver once wrote that all his colleagues are middle class Canadian having an annual income ranging from 80,000 to 150,000 dollars. Their boss has an annual income of 200,000 dollars and drives an Audi sports car. Most of his colleagues live in North Vancouver, Langley and New Westminster, but few live in West Vancouver. Even those living in West Vancouver live in apartments or rented apartments instead of a detached house in the possession of them. Employees of the company come from all over the world, including Eastern Europe, Asia and America, but the overwhelming majority of

Opinion INVEST IN | 观点

毫不夸张的说，在欧债危机、美国经济衰退的时代，加拿大经济可以一枝独秀，投资移民拉动消费起了不可忽略的作用。

It is no exaggeration to say that the Canadian economy is undergoing sound development in spite of European debt crisis, and the recession of US economy cannot be separated from investor-class immigrants’ boosting of consumer spending.

投资移民贡献不能低估笔者认为，投资移民交税比住家保姆少的说法是一种误导。从拉动消费方面看，投资移民对社会的贡献不能低估。在 Holt Renfrew 大手笔消费，在 LV 排队购物，买大批奔驰宝马的，有很多中国人。在消费的同时，贡献了 PST 和 GST。他们在此生活，也使餐厅、建筑，保险行业欣欣向荣。毫不夸张的说，在欧债危机、美国经济衰退的时代，加拿大经济可以一枝独秀，投资移民拉动消费起了不可忽略的作用。投资移民备受诟病的炒高房地产，也促

employees are from Canada. During a lunch, they talked about the government’s calling off the investment immigration. Surprisingly, all people applauded the policy. The reason is very simple. That is house. For normal office workers in Vancouver, the housing price is too high. Many of them who have master or doctor’s degree of famous universities and work for well-known enterprises cannot afford a house in Vancouver. Therefore, they have a grudge against investor-class immigrants living in big houses in west Vancouver. Pete McMartin, a columnist of Vancouver

Sun, published an article titled Investorclass immigrant program won't be missed in Vancouver. In the article, he says, “they all give rise to the same resentment. That resentment can be about cars, or real estate, or schooling, or even about the sense that luxury stores are targeting only wealthy immigrants. And when the federal government removed the investor-class immigrant program last week, it played on that resentment, too”.

Contribution Made by Investor-class Immigrants Cannot Be Underestimated I believe the statement that investor-class immigrants pay fewer taxes than live-in caregivers is misleading. Seen from the boosting of consumer spending, the contribution made by investorclass immigrants to the society cannot be underestimated. Many Chinese people spend Spring, 2014 INVEST IN

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进了建筑业装修业及相关产业链的联动，为政府创造了大量的税收。他们还成为中加贸易的桥梁，增加了中加合作机会。说他们在医疗费用上占了便宜，其实这些都是小头，他们有病往往自己出钱回国去治了，在这里等不起。值得反思的价值观冲突对社会贡献良多的投资移民，为什么不受加拿大欢迎？有些事情确实值得华人警惕和反思。一位西人在文章里说，看到前面亚裔年轻人驾驶豪华跑车，不停地超车换线，他很反感。这代表了本地中产阶级的一种情绪，他们看不惯炫富的暴发户。这种豪华跑车，在本地通常要经过奋斗努力，在中年以后才消费得起。亚裔的第二代坐享其成，行为嚣张，不符合加拿大主流的价值观。加拿大的传统鼓

a lot of money in Holt Renfrew, line up in LV stores and buy many Mercedes and BWM cars. Besides consumption, they also pay PST and GST. They live here and drive the development of restaurants, construction and insurance industries. It is no exaggeration to say that Canadian economy undergoing sound development in spite of European debt crisis and the recession of US economy cannot be separated from investorclass immigrants’ boosting of consumer spending. Speculation in real estate, for which investor-class immigrants are mostly criticized, also strengthens the linkage between construction and decoration industries and relevant industrial chains

励做义工，富人搞慈善，捐钱帮助穷人。价值观上与主流社会的冲突，是中国富人不受欢迎的重要原因，值得检讨和反思。先来的移民，不要把后面移民的路给断了。笔者工作的公司，有很多西人经纪。他们是中国投资移民买房的受益者，按道理说应该跟华人比较亲近。但他们讲起华人买房的各种现象，还是义愤填膺。有些卖家为了约好的看房，清洁了三个小时，但中国准买家在华人经纪的带领下，只看了三分钟就走了。理由让卖家难以接受，朝向不好，没有中式厨房。如果他们在约看房子之前，稍微做点功课，看看数据，就不会害得卖家白辛苦了。看房的不尊重别人，经纪也不专业，迟到半个小时，连声对不起都不说。有些看房子的人气势汹汹，对房子百般挑剔，不懂什么档次的房子什么价位这个简单的道理。

价值观上与主流社会的冲突，是中

这类不尊重别人的做法显然与主流的价

国富人不受欢迎的重要原因，值得检讨

值观格格不入。我们来到加拿大，是因为认

和反思。先来的移民，不要把后面移民

同这里的主流价值，民主、平等、自由，多

的路给断了。

元文化，不同族裔相处和谐。大家人人平等，

The conflict of value is an important reason why wealthy Chinese are not welcome by Canadian mainstream society. It is worth self-criticism and reflection. Earlier immigrants cannot shut the door for later immigrants.

互相尊重，在有能力的情况下，济贫扶弱。居高临下优越感让人不快很多投资移民趾高气扬，不知道自己是谁。笔者的一位朋友就曾被一位投资移民问：“你

2014, Spring

and generates considerable taxes. Such immigrants also bridge Chinese trade and Canadian trade and bring about many cooperation opportunities between China and Canada. They are criticized for gaining advantages in Canadian medical system. In fact, however, they often go back to China for medical treatment at their own expenses. They cannot afford to wait in Canada.

Conflict of Values Worth Reflection Making great contribution to the society, investor-class immigrants are still not welcome in Canada. Why? There is indeed something that Chinese people have to be vigilant about and reflect on. In an article, a westerner expresses his antipathy for an Asian young man who drives a luxury sports car and changes lanes to overtake other cars one after another. The article represents an emotion of local middle class. They cannot bear the sight of upstarts showing off their wealth. For local people, they have to work hard for years before they get such luxury sports car at middle age. The second generation of Asian descent reaps where they have not shown and acts in an arrogant way. It goes against the mainstream value of Canada. It is a tradition in Canada to encourage voluntary work. The rich is expected to do charity and donate money to help the poor. The conflict of value is an important reason why wealthy Chinese are not welcome by Canadian mainstream society. It is worth self-criticism and reflection. Earlier immigrants cannot shut the door for later immigrants. In the company that I serve, there are many western brokers. As the beneficiaries of Chinese investor-class immigrants purchasing houses, they are expected to be close with Chinese people. While talking about various phenomena about Chinese house purchasers, however, they are filled with indignation. Some sellers clean

Opinion INVEST IN | 观点

because we identify with the mainstream values here, like democracy, equality, freedom, multi-culture and harmonious coexistence of different races. All people are equal and respect each other. As capacity allows, people help the weak and the poor.

华人小区有很多各种各样的协会、社团，有数目庞大的会长。希望大家都做些实事，让主流了解到投资移民的贡献，也反思自身不足，促进提高华人素质，真正提升华人的社会地位。

In Chinese residential quarters, there are many associations and organizations of various types and a number of group leaders. I hope everyone would do more things that are meaningful and try to let the mainstream society be aware of the contributions made by investor-class immigrants. We should also reflect and improve ourselves so as to raise the social status of Chinese people.

是投资移民还是技术移民？”当朋友告诉他： “是技术移民”时，他的态度马上就变了。说： “那你就要好好打工了，你认识我们很幸运了，我们的房子都是三四百万的。”他的这种居高临下的优越感，实在让人无语。有些新来的投资移民，在饭店对服务生呼来喝去。其实在温哥华，开着奔驰去做洗碗工，甚至刷厕所的，都不鲜见，加拿大首富的孩子也在麦当劳打工。社会平等，不分高低贵贱。加拿大人以会干体力活而自豪，认为会干活是优点，也利于健康。很多华裔移民在中国时不下厨房，来加拿大后也回归家庭了，在朋友聚餐的时候，带上自己亲手做的菜，这是积极融入加拿大的做法。华人小区有很多各种各样的协会、社团，有数目庞大的会长。希望大家都做些实事，让主流了解到投资移民的贡献，也反思自身不足，促进提高华人素质，真正提升华人的社会地位。

their houses for three hours for a houseinspecting appointment, but potential Chinese buyers, led by Chinese brokers, stay for only a couple of minutes and leave with reasons unacceptable to the sellers, such as undesirable orientation or no Chinese style kitchen. If they spend a few minutes checking information available to them before making house-inspecting appointments, it will save the sellers from much idle work. The potential buyers do not show their respect. The brokers are also so unprofessional that they don’t say sorry for being late for half an hour. Some buyers are even hypercritical about the house with overweening arrogance. They don’t understand the simple truth that you get what you pay for. Obviously, such behavior in disregard of others is completely incompatible with the mainstream value. We come to Canada

Superiority Complex on a Commanding Position is Repulsive Many investor-class immigrants lift up their horns. An investor-class immigrant once asked one of my friends a question, “are you an investment immigrant or skilled immigrant?” After hearing the answer, “skilled immigrant”, his attitude had a disastrous decline immediately, saying “then you have to work hard. It is so lucky for you to acquaint with us. You know, our house is worth about almost four million dollars.” Such a superiority complex really makes people speechless. Some new investor-class immigrants boss waiters around in restaurants. Actually, in Vancouver, it is not rare that some people drive a Mercedes car to do the work as dishwashers or even toilet cleaners. The child of the richest man in Canada also worked in Mcdonald's. In an equal society, all people are equal. Canadian people are proud of being capable of doing physical work. They think such capacity is a merit and good for health. Many Chinese immigrants never cook in China. After coming to Canada, however, they gradually observe the customs of the place, bringing dishes cooked by themselves to parties. It is a positive way to fit into Canadian communities. In Chinese residential quarters, there are many associations and organizations of various types and a number of group leaders. I hope everyone would do more things that are meaningful and try to let the mainstream society be aware of the contributions made by investor-class immigrants. We should also reflect and improve ourselves so as to raise the social status of Chinese people. Spring, 2014 INVEST IN

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加拿大投资居住两相宜

Canada

Better Living, Better Investment By Jonathan DeHart

加

拿大从各方面来说都是一个营商的上佳之选。它政治稳定、经济发达、人民友善，劳动力队伍的受教育程

度也名列世界前茅。虽然加拿大的人口相对其国土面积来说比较稀少，但是它广阔的版图和丰富的自然资源，仍然让这个北美洲的大国成为地球上最富有的国家之一。《福布斯》杂志和彭博通讯社最近宣布，这个美国的近邻“是 20 国集团（G20）中最适宜经商的国家”。这份报告并无任何夸大——有大量的数据来证明这一观点。根据权威机构毕马威（KPMG）的一份名为“2012 年竞争之选报告”，加拿大在研发方面的成本位居西方七国集团之末。此外，它还有七国集团中新商业投资方面的最低税率和第二低的营业税。加拿大更有西方七国集团中最低的 GDP 和净债务比。世界经济论坛宣布，加拿大的银行系统连续第七年位居世界最佳宝座。也许经合组织（OECD）数据显示的，加拿大的“国民生活质量位居七国集团之首”

2014, Spring

anada is in many ways the ideal place to do business. It’s stable, dependable, friendly, and the workforce is highly educated. And while its population may be relatively small, the sheer scope of its geographical breadth and wealth of natural resources, ensure the nation that sits atop the North American continent punches well above its demographic weight. Both Forbes and Bloomberg recently declared the United States’ northern neighbor “The best country in the G-20 to do business.” They were not being biased – facts back up this assertion. According to the prestigious KMPG Competitive Alternatives 2012 report, Canada boasts the lowest costs of doing business among all G-7 countries in R&D-intensive sectors. Furthermore, it has the G-7’s lowest tax rates overall for new business investment and the second

lowest corporate tax rate in that elite group of countries. It carries the G-7s lowest ratio of net debt to GDP. And the World Economic Forum declared its banking system to be the world’s soundest for the sixth consecutive year. Perhaps it should come as no surprise that the nation’s quality of life is rated the highest in the G-7 by the Organization for Economic Co-operation (OECD), based on a variety of indicators including housing, income, jobs, environment, education and health. As the world’s eleventh largest economy, Canada’s location hits a geographically sweet spot. From a north-south perspective, sharing a border with the United States and its massive market, and through which it can tap the large and growing market of Mexico via the NAFTA free trade agreement. Together, the three nations contribute economic output of $19 trillion each year.

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并不让人意外，因为根据多个方面的数据显示，加国的居住质量、收入水平、工作机会、环境保护、教育水平和国民保健都稳居七国集团第一位。作为世界第 11 大经济体，加拿大的地理位置让它占尽先机。从南北的角度来看，加拿大和美国接壤，因此直接对接广阔的美国消费市场，并能籍此进入墨西哥和北美自由贸易协定区的国家。加拿大、美国和墨西哥这三个国家每年的经济产量高达 19 万亿美元。从东西向看，加拿大的港口也为更短时间的旅行时间提供方便，从大西洋到太平洋的港口比美国的深水港最多可以缩短两天时间。另外，该国 20 个主要城市中的 17 个距离美国的车程都在 90 分钟以内。加拿大的地理位置让它的自然资源取之不尽用之不竭，其中有超过 100 个投资超过 1 亿美元的项目在 2012 和 2020 年间进行，加拿大已实施的资源相关项目在 2012 到 2020 年之间高达 3500 亿美元。此外，加国也是世界最大的清洁能源使用的国家。该国利用可利用的一切资源，从太阳能、风能、

Looking east and west, Canada’s ports also provide travel times as much as two days shorter for ships traversing the Atlantic and Pacific Oceans than the United States’ deepwater ports. Moreover, 17 of the nation’s 20 major cities are within a 90-minute drive of the United States border. This would seem to be an embarrassment of riches. Yet, Canada’s winning streak shows no signs of letting up. To take one key sector as an example, Canada’s geography has blessed it with immense reserves of natural resources, with the number of projects valued at $1 billion exceeding 100 so far announced for the period of 2012-2020. Canadian resourcerelated projects already announced or in the pipeline for 2012-2020 account for $350 billion. Canada is also home to one of the world’s largest clean energy sectors. The nation harnesses everything from solar rays and wind to moving water via hydropower

加拿大的地理位置让它的自然资源取之不尽用之不竭，其中有超过 100 个投资超过 1 亿美元的项目在 2012 和 2020 年间进行，加拿大已实施的资源相关项目在 2012 到 2020 年之间高达 3500 亿美元。

Canada’s geography has blessed it with immense reserves of natural resources, with the number of projects valued at $1 billion exceeding 100 so far announced for the period of 2012-2020. Canadian resource-related projects already announced or in the pipeline for 2012-2020 account for $350 billion.

and the tides, and even biomass. This is good news. “As the world’s appetite for energy, food and raw materials continues to expand, Canadians are fortunate indeed to be in a position to help meet the demand,” Hartley T. Richardson, Chair of the Canadian Council of Chief Executives says in an officially released report. “But the commodities boom is not the only – nor even the most important – reason for Canada’s recent economic resilience. Sound public policy played an even bigger role.” As Richardson suggests, alongside natural riches, Canada is blessed with considerable political and economic stability through its robust parliamentary democratic political system, and its equally stable – and praised – financial system. Not to mention abundant professional human resources, a top notch education system, excellent transportation links, technological prowess, strong intellectual property protection, openness to skilled immigrants and transparency in official dealings. The nation is also home to thriving agri-food, automotive, financial and medical services, bio-pharmaceutical sectors, with regional hubs of innovation from its east to west coasts. These factors have given Canada an edge that has helped it cope even during the ongoing global economic malaise. In fact, Canada’s economy has performed relatively well when compared to the most developed countries. According to the OECD, Canada led all G-7 countries in economic growth over the past decade (2003-2012) and is projected to have one of the strongest rates of growth among G-7 economies between 2013 and 2015.Furthermore, Canada has been widely heralded for having weathered and recovered quickly from the global economic turmoil of recent years, having recouped more than all of the output and jobs lost during the recession It comes as no surprise that Chinese Spring, 2014 INVEST IN

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水力到潮汐能，甚至生物质能，无一不是该国的能源来源。好消息是，“世界各国对能源、食品、原材料的渴望在持续上升，加拿大人能幸运地为满足这些需求而跻身富国行列。”加拿大议会议长哈利·T·理查逊在一次官方发布会上表示，“但是对商品需求的爆发性增长不是加拿大的唯一——更不是最重要的经济复苏动力。优良的政策才是经济增长的根本原因。” 理查逊认为，和丰富的自然资源一样，加拿大也有稳定的政治和经济体系，这要感谢它富有效率的议会制的民主体制，以及它同样稳定和令人称赞的金融体系。除了加拿大大量的金融行业专业人士大军外，一个高质量的教育体系，极佳的交通运输系统，科技驱动的产业经济，强有力的知识产权保护体系，对技术移民的开放政策和政府交易的高度透明，都是它成为先进国家的原因。加国也是农产品食品业、汽车、金融和医疗服务业、生物医药业的大国，从东海岸到西海岸，地方性的产业集散地星罗棋布。这些因素都让加拿大站在了世界经济的制高点上，帮助它在全球经济危机时从容应对。事实上，加拿大的经济在危机时的表现比大多数的发达国家都要好。根据经合组织的数据，加拿大在过去的十年间（2003~2012）的经济增长率一直领跑西方七国，并有望在 2013~2015 年之间成为西方七国中经济增长最强劲的国家。此外，加拿大也是从全球经济危机中复苏最快的国家，很快恢复了在经济衰退时缩水的产值和丢失的工作机会。毋庸置疑的是，中国对加拿大的外国直接投资（FDI）在最近几年里呈爆发式增长。中国在加拿大股市的直接投资从 2004 年的区区 1.13 亿美元直线上升到 2012 年的 130 亿美元——增长幅度超过百倍。可以确定的是，加拿大不是孤军奋战。《经济学人》杂志去年十月份撰文称，“中国是否进入了洛克菲勒时代？”这个问题直指日本在上世纪 80 年代的大扩张时代，当时日本的三菱地产公司在曼哈顿买下了洛克菲勒中心。这个对比是有据可循的。去年十二月， “国际商务时报”网站上也在头条位置发布了文章：“温哥华火箭般蹿升的房地产价格：是否该怪罪中国大陆的投资者？”很明显，

2014, Spring

foreign direct investment (FDI) to Canada have skyrocketed in recent years. Chinese FDI stock in Canada soared from a meager $113 million in 2004 to $12.0 billion by 2012 – a more than one hundred fold increase. To be sure, Canada is not alone. As The Economist put it in an article last October, “Has China arrived at its Rockefeller Centre moment?” The question is referring to Japan’s heady expansion during the 1980s

when the Mitsubishi Estate Company snatched up the Rockefeller Centre in Manhattan. This reference was appropriate. Last December, an article in The International Business Times posed a similarly poignant question in its headline which reads: “Vancouver’s Skyrocketing Housing Prices: Are Mainland Chinese Investors To Blame?” Apparently, Vancouver now carries the

热点聚焦 country spotlight

温哥华现在的房地产价格位居北美第一位和世界第二位，仅次于香港。在温哥华市西部，一个普通的独立式房屋价格高达200万美元，比五年前上升了 35%。而其东部的住宅价格也已经达到了 85 万加元。虽然温哥华急速上升的房地产价格是富有的个人投资者炒作的结果，根据“2010 年商务部发布的外国直接投资分析公告”的数据，约 3600 家中国公司正活跃在世界 130 个国家。“遗产基金会”分析中国在三个主要产业的海外直接投资为：能源（2845 亿美元），金属（985 亿美元）和科技（135 亿美元）。其 2012 年在海外的房地产市场投资已高达 487 亿美元。 2013 年，中国的海外直接投资总额高达 1000 亿美元。中国的对外投资总额在未来的五年内会继续以每年 20~30% 的速度增长，普华永道的数据也证明了这一点。根据加拿大亚太基金会，一个智囊团的数据，加拿大位列最受欢迎的中国海外投资目的地第九位，其中 6% 的公司有意向在加拿大投资。这些数据和近年来的趋势都表明，加拿大将继续在中国对外投资的大蛋糕上分一杯羹。许多公司，如中国的科技巨人华为也在加拿大蒸蒸日上的科技领域开动“印钞机”。它迅速上升的电子游戏开发——世界第三大开发团队，正以17%的速度迅速上升，根据 “投资加拿大 2012~2013”报告——加拿大 2010 年在健康科技方面的投入是 36 亿美元。公共项目的投入，如“加拿大健康信息公路”和“加

dubious distinction of having the highest real estate prices in North America and the second highest in the world after Hong Kong. On the city’s affluent west side, the average detached home now costs a whopping US$2 million, up 35 percent in just the past five years. On the city’s east side houses go for an average of C$850,000. While these soaring real estate prices in Vancouver are largely the result of wealthy individual investors, according to the Ministry of Commerce’s FDI Statistical Bulletin for 2010, some 3,600 Chinese companies are now doing brisk business in 130 countries. The Heritage Foundation further estimated the total value of China’s total direct overseas investments and contracts in three key sectors: energy (US$284.5 billion), metals (US$98.5 billion) and technology (US$13.5 billion). Its real estate dealings in 2012 reached US$48.7 billion. According to China’s Minister of Finance, China’s total outward FDI in 2012 amounted to US$87.8 billion; Chinese outward FDI expected to continue surging an additional 20-30 percent annually over the next five years, according to PriceWaterhouseCoopers

China. According to a recent survey by the Asia Pacific Foundation of Canada, a think tank, Canada is the ninth most popular FDI destination for Chinese investors, with six percent of Chinese firms opting to invest in Canada. Given these predictions and based on trends in recent years, Canada’s slice of the Chinese FDI pie is bound to keep growing. Companies like Chinese IT giant Huawei cashed in on one of Canada’s thriving industries: information technology. From its booming video game development trade – world’s third largest such workforce, and growing 17 percent through this year, according to Invest in Canada’s 2013-2014 edition – to its strong suits in enterprise application software – Canada spent $3.6 billion on health IT in 2010. Public-funding initiatives such as Canada Health Infoway and the Canadian Innovation Commercialization Program, as well as many similar initiatives at the provincial level, have helped bolster the country’s health IT industry. Huawei’s entry point into this sector was through conducting R&D on Next Generation Network (NGN) wireless data transfer technology. Alongside doubling the size of its

拿大创新商品化计划”，以及许多其它的省级项目，都在为这个国家的健康科技产业贡献力量。华为是通过研发下一代无线网络传输技术而进入这一行业的。同时进行的是，把安大略卡纳塔的通讯研究设施的规模翻倍，并和卡莱顿大学一起启动了一个云计算的研究中心。除信息科技外，专注于清洁能源科技、汽车产业、航空航天、农产品、生命科技和医疗器械行业等，都是加拿大众多支柱产业中的重中之重。而质量也不是唯一的因素。加拿大也是非常具有性价比的投资之选。 Nuvation 工程公司首席执行官 Michael Worry 表示：“对我们设计制造的高端产品来说，我们发现加拿大事实上比中国更具有性价比。”

Nuvation 工程公司首席执行官 Michael Worry 表示：“对我们设计制造的高端产品来说，我们发现加拿大事实上比中国更具有性价比。”

Michael Worry, CEO of Nuvation Engineering told the media, “When it comes to the kind of advanced engineering we do to build high-end products never built before, we’ve discovered that Canada is actually more cost-effective than China.”

Spring, 2014 INVEST IN

热点聚焦 country spotlight

实际上看，先进工程在航天和汽车工业都比较常见，在加拿大也都是支柱产业。加拿大的航天工业在 2002 年到 2010 年间增长了 46%，收入达到了 210 亿美元。日本的三菱重工子公司，MHI 航天工业 2012 年在多伦多开设了制造工厂。 “我们选择多伦多的原因是它能提供高素质的技术工人——他们中许多人都来自世界各地，这对我们来说也是资产之一——这个工厂对我们的客户来说是再合适不过的选择。这是三菱重工航天分部 20 年里第一次尝试在日本以外开设工厂，我们也已经从中看到了高效率和高质量的表现。”三菱重工航天分部总裁 Haruhiko Machiyama 在加拿大投资 2013~2014 年度报告中指出。全球航天科技巨人，如波音和通用电气公司，和其它许多公司一样，都在加拿大设立了分支机构。那么中国的航天科技公司是否也会考虑加拿大呢？加拿大的汽车工业也一样。加拿大汽车工业的历史悠久——可以追溯到 100 多年前——今天该产业占据北美汽车产业总产值的 16%。在 2002 到 2011 年间，该产业获得的投资高达每年 30 亿美元。来自欧洲、日本和美国的汽车巨擎们都在加拿大有很大的投资项目。这不仅仅止步于生产环节。在这期间汽车行业投入的研发费用也高达 4.6 亿美元，该行业中新兴的电力驱动汽车和油电混动汽

2014, Spring

wireless-communications research facility in Kanata, Ontario, Huawei launched a center for researching cloud computing with Carleton University. Besides IT, innovative hubs focused on the clean tech, automotive, aerospace, agri-food, life sciences and medical device industries, among many others, also dot the country. Quality is not the only factor either. Canada can be cost effective too. Michael Worry, CEO of Nuvation Engineering told the media, “When it comes to the kind of advanced engineering we do to build highend products never built before, we’ve discovered that Canada is actually more costeffective than China.” In practical terms, advanced engineering is readily seen in the aerospace and automotive sectors, which are both doing brisk business in Canada. The aerospace industry grew by 46 percent between 2002 and 2010, at which point its revenues hit $21 billion. Japan’s Mitsubishi Heavy Industries’ subsidiary, MHI Aerospace, opened a production facility outside Toronto in 2012 “We selected Toronto because it provided us with the highly skilled workers we need – many of them from around the world, which is also an asset – a facility that fit the bill and

proximity to our client. This is the first trial for MHI Aerospace outside Japan in more than two decades and we’ve demonstrated manufacturing quality and efficiency,” MHI Aerospace President Haruhiko Machiyama was quoted as saying in Invest in Canada – 2013-2014 Edition. Global aerospace giants Boeing, and GE, among many others, also have a large presence in Canada. Could Chinese aerospace firms do the same? The same can be said of the automotive industry. Canada’s history with automobile production is long – stretching back more than 100 years – and today the industry accounts for 16 percent of all automobile production in the North American continent. A whopping $3 billion of capital was invested in the sector annually from 2002 to 2011. Automotive giants from Europe, Japan and the United States have a large footprint in Canada.

热点聚焦 country spotlight

车的研发都获得了业界的一致好评。“加拿大投资 2013~2014 年报告”中提到麦克马斯特大学阿里教授（Ali Emadi）的研究在这个行业比较著名。这也是中国投资者比较感兴趣的热点之一。

加拿大位列最受欢迎的中国海外投资目的地第九位，其中 6% 的公司有意向在加拿大投资。这些数据和近年来的趋势都表明，加拿大将继续在中国对外投资的大蛋糕上分一杯羹。

Canada is the ninth most popular FDI destination for Chinese investors, with six percent of Chinese firms opting to invest in Canada. Given these predictions and based on trends in recent years, Canada’s slice of the Chinese FDI pie is bound to keep growing.

加国的另一个投资热点在生命科技领域。生命科技包括生物制药的研发和医疗器械的生产——安大略和魁北克是加拿大在这个行业的领头羊。据官方数据，这两个省中有超过 300 家生命科技公司和四万名雇员。全球行业领军公司，比如默克公司、辉瑞制药和诺华制药等，都在上述两省有大量投资。得利于地理位置的优势，加拿大的农产品行业也是它最大的产业之一。众所周知，该行业的 297000 名雇员每年能生产价值 973 亿美元的商品，从谷物、食用油到营养补充剂、益生菌产品和各种精制食品等，应有尽有。中国感兴趣的——随着中国中产阶级的出现，他们对进口消费品的需求也愈发旺盛——而加拿大和美国、日本和墨西哥一样，每年都出口大量的加工食品以满足中国国内

It doesn’t stop at production either. With $460 million being pumped into R&D efforts during the same period, high praise has been offered to efforts in the R&D of the emerging electric and hybrid car market. Of note, Invest in Canada – 2013-2014 Edition mentions Dr. Ali Emadi at McMaster University whose research is making a splash in this field. This is an under tapped area for Chinese investors. Another area ripe with FDI potential is the life sciences sector. When it comes to life sciences – an umbrella term that contains biopharmaceutical terrain as well as the

development and manufacturing of medical devices – Ontario and Quebec are the nation’s two main strongholds. According to official data, some 40,000 employees work at more than 300 life sciences companies in these two provinces alone. Global heavy hitters Merck, Pfizer and Novartis have significant investments in Ontario and Quebec as well. Owing to geography, perhaps it should come as no surprise that agri-food is Canada’s largest manufacturing sector. All told, 297,000 people work to generate $97.3 billion worth of agri-food shipments, from grains and oils to supplements, probiotics Spring, 2014 INVEST IN

热点聚焦 country spotlight

的需求。加拿大在 2012 年出口海外市场的加工产品价值高达 243 亿美元。根据联合国食品和农业组织的数据，加拿大是全球扁豆、豌豆、亚麻籽、芥菜籽、燕麦和油菜籽的前三大产地之一。不仅如此，加拿大遍布全国的实验基地更为研发健康产品而全年无休地开动。加拿大食用油事实上就是本国生产的——字面意思就是加拿大生产的食用油，低酸性。今天，加拿大的菜籽油创造的年收入达到了 150 亿美元。中国投资者比较感兴趣的包括：加拿大的特产食品，比如鹅肝酱、白菜、熏火腿和用来制作豆腐的大豆，这也要得益于越来越多的中国移民进入加拿大。对中国投资者来说，加拿大的投资潜力几乎是无穷尽的。但是最近发现，这一趋势遇在最近遇到了阻力。例如，“成千上万的中国百万富翁只要以 80 万加元（75 万美元）的价格向地方政府放贷——该贷款在五年内是免息的——就能移民进入加拿大”，“国际商务时报”撰文表示，但由于来自各方的批评和抱怨实在太多，这一趋势在 2010 年开始就得到遏制。最近，《商业周刊》报道称加拿大政府

除信息科技外，专注于清洁能源科技、汽车产业、航空航天、农产品、生命科技和医疗器械行业等，都是加拿大众多支柱产业中的重中之重。而质量也不是唯一的因素。加拿大也是非常具有性价比的投资之选。

Besides IT, innovative hubs focused on the clean tech, automotive, aerospace, agri-food, life sciences and medical device industries, among many others, also dot the country. Quality is not the only factor either.

将拒绝中国科技公司联想收购黑莓的任何企图，事实上，黑莓和政府有着很深远的关系，这对加拿大来说可能涉及到国家安全。而来自“全球邮报”的一份报道也证实了此事。去年底，加拿大总理史蒂芬·哈勃重申了他对“建设性的民族主义”的支持——该提法最早在 2012 年 12 月出现——特别针对中国，提出减少国有企业购买战略性资产和含油砂的项目。去年 12 月，彭博社甚至报道称，哈勃把开发世界第三大石油储备比喻成建设新的长城。南华早报的一份相关报道称，这一政策将加快中国私人企业进入加拿大的步伐。虽然这些政策对中国人进军加拿大来说是不小的障碍，加拿大先进完善的基础设施、高度稳定的政治体制和对外国移民的开放态度仍将为中国在该国投资的大行其道扫清道路。加拿大高度发达经济，无疑要感谢它坚不可摧的金融体系。穆迪（Moody's）一直以来都把加拿大的银行体系排名为世界第一位，认为：“加拿大的金融资本在今年里呈飞速

2014, Spring

and various fine foods. Of interest to China – with its burgeoning middle class demand for consumer products from abroad – Canada sent a hefty amount of processed food and beverages to China, along with the United States, Japan and Mexico. Altogether, the nation exported $24.3 billion worth of processed items in 2012. Canada falls within the top three countries worldwide in production of lentils, peas, linseed, mustard seed, oats and rapeseed, according to the UN’s Food and Agriculture Organization. Further, innovative R&D is regularly taking place in Canadian laboratory’s dedicated to formulating the next healthy thing. Canola oil was actually made in Canada – literally – and its name means Canadian oil, low acid. Today the rapeseed-derived oil brings the nation’s economy $15 billion annually. Something that may interest Chinese

investors looking for a culinary gold mine: Canadian production of specialty foods like foie gras, kimchi, prosciutto ham and soybeans used to create tofu is on the rise, with new immigrants often behind the facilities built to make such items. It would seem that there is no end in sight in terms of the potential areas awaiting Chinese FDI. But recent developments have imposed ceilings in a few key areas. For one, the “tens of thousands of millionaire ‘investor-class’ migrants from China have entered Canada simply by loaning C$800,000 ($750,000) apiece in cash to the local provincial government – interest-free for five years,” writes the International Business Times. But this practice came to an end in 2010 following a backlash of criticism and complaints. More recently, Business Week reported that the Canadian government said it would reject out of hand any attempted

热点聚焦 country spotlight

扩张的势头，被承认为全球银行业的中心之一。多伦多享誉国际的知名度让它继续在未来的十年里保持高速增长——”Moody's Analytics 以及 Fitch and Standard & Poor's 等机构都给予加拿大高度的认同。2007~2008 年的全球金融危机期间，加拿大没有一家银行倒闭，且加拿大政府计划在 2015~2016 年重新回归增长的轨道。穆迪的报告认为，除去金融危机的因素，到 2020 年，多伦多将在金融服务产业雇佣人口数量方面超越伦敦。到 2012 年为止，该国的金融产业直接雇佣的人口约为 70 万人，为当年 GDP 贡献了 1025 亿美元的产值。作为金融中心，多伦多排名世界第十和北美第四。多伦多交易所是北美第三大和世界第七大交易所，体现了加拿大的经济实力，多伦多股市领跑全球矿业上市公司并在最近表现出在能源和生命科技方面的强劲势头。不仅是多伦多，温哥华是一个风险资本、保险和财富管理产业的超级都市；蒙特利尔的银行业、保险业、证券业、证券业和金融信息科技等表现突出；卡尔加里则在能源融资和资源项目方面拔得头筹。巴克莱银行、法国巴黎银行、花旗银行、思科、德意志银行、三菱日联金融集团、摩根士丹利、荷兰商业银行和韩国外汇银行等都是 2008 年以来加拿大外资金融机构在该国扩张的明证。同样地，中国的金融机构也并没有忽略加拿大这颗明日之星。当中国国家投资公司首次把目光方言海外时，它没有选择许多更为明显的地点，如纽约和伦敦等，而是选择在多伦多开设第一家分支机构。在对这一选择作评论时，中国投资公司总裁 Gao Xiqing 告诉“加拿大投资报告”称： “是有一些在经济特点等方面和加拿大相似的国家，但是在投资环境的友好度方面都不及加拿大。在我们和加拿大政府的交易中，我们和加拿大政府很多部门官员、商务人士都有接触，让我们觉得在这里投资更让人满意和信心十足。” 在加拿大总督 David Johnston 去年十月造访中国时，他在上海对《中国日报》称， “加拿大是世界上对外国投资最开放的国家之一，而且它将继续保持这一美誉。所以我们当然热烈欢迎来自中国的投资。”

takeover of BlackBerry by Chinese computer giant Lenovo due to the fact that BlackBerry is intimately tied up with the government, which would pose potential security concerns. A report in The Globe and Mail confirmed the same. End of last year, Canadian Prime Minister Stephen Harper reiterated his commitment to “constructive nationalism” – first voiced in December 2012 – to curtail the buying of strategic assets and oil sands businesses by state-owned companies, with a focus on China. Last December, Harper likened the task of developing the world’s third largest oil reserves to the building of the Great Wall, Bloomberg reported. A related report in the South China Morning Post suggested that this policy would precipitate a rush by private Chinese firms. While these developments may seem like bumps in the road for Chinese investors with their eyes on Canada, the nation’s infrastructure, stability and openness to new immigrants will likely ensure that Chinese investment in Canada will continue to expand. Perhaps the most significant gear in this well-oiled business machine is Canada’s rock solid financial system. Moody’s consistently ranks its banking system as the most stable worldwide, saying: “Canada’s financial capital has enjoyed a rapid expansion in recent years and is increasingly being recognized as a centre of global banking. Toronto’s international profile will continue to rise through the next decade…” Moody’s Analytics and Fitch and Standard & Poor’s all give Canada top credit ratings. Not one Canadian bank or insurer failed during the global financial crisis of 2007-2008, and the government hopes to return to a budget surplus by 2015-2016. Crisis aside, by 2020 Toronto could overtake London in terms of the number of workers employed in the financial services industry, according to Moody’s Analytics.

As of 2012, 700,000 people were directly employed by the nation’s finance industry, which accounted for $102.5 billion in GDP that year. As a financial center, Toronto ranks fourth in North America and tenth worldwide. Toronto’s bourse is North America’s third largest and the world’s seventh. Reflecting Canada’s strengths, Toronto’s stock exchange leads the world in mining-related listings and has a strong showing in energy and the life sciences. Beyond Toronto, Vancouver is a venture capital, insurance and wealth management powerhouse; Montreal thrives on banking, insurance, and securities and financial IT; and Calgary is a hub for financing energy and resource projects. Barclays, BNP Paribas, Citigroup, Citco, Deutsche Bank, Mitsubishi UFJ, Morgan Stanley, ING Bank, and Korea Exchange Bank are just a few of the foreign financial organizations that have either established or expanded their dealings in Canada since 2008. Similarly, Chinese financial institutions have not failed to notice Canada’s rising financial star. When China Investment Corporation first chose to venture overseas, it bypassed more predictable choices like New York and London, and opted instead to open up shop in Toronto. Commenting on this decision, China Investment Corporation President Gao Xiqing told Invest in Canada, “There are countries with comparable economic characteristics to Canada, but with a lot less friendly environment. In our dealing with the Canadian government, various parts of the government, with the business people, we feel that it’s a lot more congenial to our investments.” During his visit to China last October, Canadian Governor General David Johnston told China Daily in Shanghai, "Canada is amongst the most open jurisdictions in the world for foreign investment, and that will continue to be the case. So of course Chinese investment will be highly welcome.” Spring, 2014 INVEST IN

Q&A 专访

Interview

问：作为中国企业跨国投资和并购的全球资源平台，您能否简单介绍一下您所从事的业务领域和您对这一平台的看法？

答：春晖资本是一家主要基于北京和底特律，专注于全球汽车行业的投资和并购顾问公司，春晖资本成功在多个中美欧汽车投资项目中搭建资本和科技的桥梁。汪大总博士在创办春晖之前，曾在通用汽车、上汽集团和北汽集团主持多项在中国的合资、中国对美欧企业的收购、以及并购后业务的成功整合。春晖资本在交易顾问方面的能力，加上在中国和北美汽车行业丰富的资源和专业度，是在跨境资源配置、交易执行、整合和业务增长方面独特的优势。问：贵公司近期成功为两家中国企业在加拿大的并购牵线搭桥，您认为中国企业在境外，

整合全球资源服务跨国投资春晖资本卫亚力先生畅谈加拿大并购 Interview with Ophoenix Director, Mr. Wei Yali

特别是北美的投资是否将在未来的几年内继续深化？

Q: As a leading global resource platform of China’s

答：在此（中国企业在境外 / 北美的投资）领

cross-border investment and acquisitions, could you

域已经有很多的研究报告。在翰宇国际律所

briefly introduce Ophoenix Capital’s business and

（Squire Sanders）的“2013 年中国对外收

your view towards this platform?

购评论”中，北美和西欧是过去两年分别在

A: Ophoenix Capital is a Beijing and Detroit based

交易量和交易规模方面的首选目的地。我们相信这一趋势将在 2014 年持续。中国以往的境外并购由大型的国有企业在能源和资源领域为主。我们现在看到越来越多的私营企业在各行各业，包括汽车、电子、食品和饮料，以及互联网等行业进行境外并购。特别是对那些有大量现金的私营企业来说，进行技术引进来扩展产品组合和地域扩张来提高市场份额是非常合理的选择。对于汽车行业，中国和北美不仅代表了世界上的两个最大市场，也是中国公司进军国际市场必要攻克的堡垒。北美汽车市场的健康增长、科技竞争力和完备的技术力量等潜在优势，都将继续为寻求北美市场并购机会的中国公司提供驱动力。

leading investment and advisory firm focusing on global automotive industry, with successful track records

bridging capital and technologies between the world’s largest automotive market in China and the rest of the

world. Dr. Dazong Wang, a well-known industry leader, led the founding of the firm after his career at General Motors, SAIC Motor, and Beijing Automotive Group,

卫亚力是春晖资本的总监，在加拿大、中国和美国的高科技企业的投资、战略和商务扩展方面有超过 13 年的工作经验，在多伦多大学获得工商管理硕士学位。

Wei Yali is a Director at Ophoenix Capital, with more than twelve years’ experience of investment, strategy and business development in high tech industries in Canada, China and the USA. He earned his MBA from University of Toronto.

through which he has helped these leading automotive OEMs building, acquiring and

integrating successful cross border businesses. Together with its strengths in transaction advisory, Ophoenix Capital’s rich resources and expertise in the automotive industry in

both China and North America provide unique advantages in cross border deal sourcing, execution, integration and business growth.

Q: Ophoenix Capital has successfully mediated two Chinese firms’ acquisition in Canada; do you think Chinese enterprises will further their investment overseas,

问：最近的两个成功案例中，其中之一是

especially in North America? Which areas of business do you think is of most interest

“合众思壮”对加拿大 Hemisphere GPS 公

to China?

司的收购，世界上卫星导航一向基于美国的

A: A lot of research has been done in this area. In Squire Sanders’ 2013 full year China

GPS，您觉得这项并购案对满足中国卫星导航有什么特殊意义？答：欧洲的伽利略、俄罗斯的格洛纳斯，美国的 GPS，这些系统都只能向消费者提供有限和不太精确的定位数据，世界上大多数非军用的商用定位系统需要至少上述三个系统中的两个

2014, Spring

outbound M&A review, North America and Western Europe are the top target regions by

both deal volume and deal size in the past two years respectively. We believe this trend will continue in 2014.

China’s outbound M&As used to be driven by large state-own enterprises in the sector

of energy and resources. We have seen more and more deals done by private companies

in increasingly diversified industries including automotive, electronics, food and beverage,

热点聚焦 country spotlight

来同时提供支持，才能获得准确的位置信息。合众思壮在以上的三种定位系统和中国的“北斗”卫星定位系统中都是国内的应用领导者。对 Hemisphere 的收购不仅可以加强合众思壮在多个定位系统上的科技力量，也能提升其品牌价值和认知度，并获得许多中国以外的长期客户关系。当然它也能让“合众思壮”扩大产品线，在产品种类和质量两方面向全球客户提供更佳服务。第一颗“北斗”卫星在 2000 年开始运行，比其它三个系统的都晚很多。我们

and internet. Especially for those private Chinese companies with access to capital, it is

logic for them to expand product portfolio through technology acquisition and geographical coverage through market share acquisition.

For automotive, China and North America represent not only the largest two markets

in the world, but also the must-have markets for any Chinese companies aspired to

become global players. Potential synergies from the healthy market growth, technological

competency, and well established know how in automotive industry in North America will continue to drive Chinese companies to look for M&A opportunities.

Q: In two recent cases, one of them being UniStrong’s $20 million investment in

已看到北斗系统得到了广泛应用，且在私人和

Canada’s Hemisphere, the world’s satellite navigation system is always based on the

公共领域都得到了支持。我们相信它肯定会成

GPS of the United States. Could you explain the significance of this case as it relates to

为向中国的汽车行业和许多其它行业提供最多

China’s demand for satellite navigation systems, and the technology based on China’s

功能的系统。

Beidou navigation system?

问：另一个案例，万丰奥特控股集团收购加拿大 Meridian 公司，成为世界级的镁合金零部件龙头企业，这对中国汽车制造有什么意义？答：万丰奥特控股集团是中国汽车行业轻量化材料工业的领军品牌。集团收购加拿大 Meridian 轻量科技是万丰集团在全球轻量化科技产业胜出的自然和战略性选择。过去的二十年间，万丰已成长为铝合金轮毂领域的领导者，在汽车部件制造、自动化、新能源和材料方面进行多样化经营，是世界上铝合金轮毂制造产能最大的公司。它的上市子公司——深交所上市的万丰奥威，在 2013 年的销售达到了 45 亿元人民币。它的客户已经包括许多世界著名的品牌汽车整车厂，比如宝马、本田、丰田、大众、通用和福特。作为创新性轻金属铸造解决方案提供商的领先公司之一，Meridian 为万丰带来了镁合金汽车压铸部件世界上最大的市场份额和生产能力，更有世界认可的镁合金压铸设计、工程和工艺方面的能力。我们认为这两大公司的强强联手将会立于世界行业之巅，为消费者生产更轻、更安全和更环保的汽车。问：中国的汽车产销已经世界第一，但大家的关注度都集中在整车，零部件和高精尖核心部件大部分依赖进口，解决汽车自主零部件企业技术和品牌价值提升的突破口在哪里？答：我们相信境外收购是中国汽车整车厂和供应商们在全球市场上攀上科技和品牌高峰的有效途径。中国在 2009 年就已成为世界最大的汽车市场，预计仍将在未来五年内以每年平均 8%

A: There have been multiple satellite based positioning systems used globally, e.g. Europe’s Galileo, Russia’s Glonass, US GPS. Any of these systems provides only limited and most of time inaccurate access to consumers. Most of the world’s non-military commercial

application of positioning system requires support of at least two of these three different systems at the same time.

Unistrong has been a domestic application leader for all these three positioning systems

as well as China’s Beidou Navigation Satellite System. The acquisition of Hemisphere not

only strengthens Unistrong’s technology know how in multiple positioning systems but also bring its brand and long term customer relationship in many industries outside of China.

It certainly expands what Unistrong can offer its customers globally, in both product types and quality. The first Beidou satellite was in operation in 2000, much later than the other three positioning systems. Nevertheless, we have seen a wide use of Beidou in the past a

few years with the strong support of both private and public sectors in China. We believe it

will definitely be the one providing the most functionalities to customers in automotive and many other industries in China.

Q: In another case, China’s Wanfeng Auto Wheel acquired Canada’s Meridian, which made Wanfeng a world-class Magnesium Alloy parts company. We’d like to have your point of view regarding this acquisition.

A: Wanfeng Auto Wheel is a China market leader in lightweight applications in automotive industry. Adding Meridian Lightweight Technologies to Wanfeng is a natural extension of Wanfeng’s strategic position in lightweight technology globally.

In the past two decades, Wanfeng has grown to become the leader in aluminum alloy

wheels with diversified businesses in automotive parts, automation, and new energy and

materials. It has the largest manufacturing capacity for aluminum wheel in the world and its wholly owned subsidiary, the Shenzhen Stock Exchange listed Wanfeng Auto Wheel, earned 4.5 billion RMB in revenue in 2013. Its customers already includes most of the leading global automotive OEMs like BMW, Honda, Toyota, Volkswagen, GM, and Ford.

As a leading supplier of innovative lightweight cast metal solution provider, Meridian

brings to Wanfeng the largest market share and capacity of magnesium die casting in

automotive parts, and also a world recognized capabilities in magnesium die cast design,

engineering and technology. We see the combination of these two leaders making an even greater leader globally to help make cars lighter, safer, and environmentally friendlier.

Spring, 2014 INVEST IN

Q&A 专访

Interview

的速度增长，几乎是世界平均增速的一倍。中

Q: China’s auto production and sales is now ranked number 1 in the world, but the

国市场的高速增长让许多国内企业对境外收购

focus has always been on finished cars. Auto parts and cutting-edge core parts are

的兴趣日益浓厚。许多中国的供应商通过在技

very much dependant on imports. What do you think will be the breakthrough point

术体系、市场竞争力、客户群方面建立稳固的

for Chinese-made auto parts and their brand value?

基础，在国内和国外市场上都取得了相当的成

A: We believe outbound M&A is a practical option for Chinese automotive OEMs and

功。这些成功让他们有越来越多的信心在发达国家市场，比如北美，寻找自己的收购目标。春晖资本其实为国内的这些行业领军企业提升境外收购的能力，以稳健的行业逻辑选择合适的收购目标、安排更合适的交易架构、计划和执行更具前瞻性和全方位的整合，以及在中国和北美进行更具策略化的商业扩张。问：作为有丰富行业经验的业内人士，中国的许多投资者，特别是私营企业的投资者在进军加拿大市场时需要面对许多问题，您对他们的建议是什么？请从政策层面做一些介绍。答：和其它许多境外收购目标地区相似，加拿大在审批方面有自己相应的法律法规。虽然地理位置上和美国相邻，对中国或其他外国投资

suppliers to move up in technology and brand value in global markets.

China’s automotive market has become the largest in the world in 2009 and it is

expected to grow 8% annually on average in the coming five years, almost twice as the

world’s average. The growth prospect in China motivates many domestic players to grow aggressively through acquisitions.

Many Chinese suppliers have been quite successful in both domestic market and

oversea market in building solid foundations in technology, market access, and coveted customer base. These increasingly give them confidence in acquiring targets in a more developed market like North America.

Ophoenix Capital essentially enhances these domestic leaders’ outbound M&A

competence in selecting better matches with solid industrial logic, arranging the most fit deal structure, plan and execute proactive and comprehensive integration, and strategic partnership in business expansion in both China and North America.

Q: Many investors in China, especially those from the private sectors, are facing many

者来说，加拿大有自己独特的商业文化、金融

problems accessing the Canadian market. As an experienced industry insider, from

系统、法律系统和政治体系。这些独特性在东

the angle of policy, what are your suggestions?

西海岸的各个省也不尽相同。对投资者来说，

A: Like many other outbound target regions, Canada has its own requirements in regulatory

选择潜在的投资目标时对上述差异的理解就显得非常重要。我们一直建议中国的投资者谨慎选择并购交易中的外部顾问，应该选择那些不仅对加拿大相当了解，而且对中国在加拿大的投资方面也有足够经验的外部顾问来合作。中国公司一般会在美国和西欧寻找并购对象。许多中国公司不了解加拿大有成本优势的汽车制造基础，以及极具活力的研发网络和高素质的技术工人队伍。加拿大不仅对中国投资者持欢迎态度，也提供在技术、人力资源、品牌和成本方面的机遇。我曾在温哥华生活和工作过五年，这对我来说绝对是一个“上山下乡改造性”的体验。温哥华是一个非常美丽的城市，城市生活多元化且活力十足，每个周末可以去不同的山上远足，也让我开始热衷双板和单板滑雪运动。在中国传统的风水理论中，温哥华是一个被连绵的山脉、森林和太平洋环抱而具有理想平衡的城市。我当时工作过的公司是一家创立于美国亚利桑那州图森的公司的加拿大子公司，但是该公司后来被日本小松公司收购。我们开发了世界上第一个露天矿商用的全自动装载配送系统。从我个人的经验来说，我知道温哥华是一座世界上最适宜居住、开放、国际化和具有商业竞争力的城市。

2014, Spring

approval and statutory procedures. Although being physically close to the US, for Chinese or any other foreign investors, Canada has its uniqueness in business culture, financial systems, legal systems, and political systems. These may also vary from province to

province, from west coast to east coast. It is critical for potential investor to understand

these differences when they select potential targets. We always advise potential Chinese

investors to carefully select external advisers who not only know Canada well but also have solid experience working with Chinese investment in Canada.

In automotive industry, Chinese companies typically look for potential M&A targets in

the US and Western Europe. Not as many Chinese companies know Canada has a fairly large and cost competitive automotive manufacturing base, as well as a vibrant R&D eco-system and a large skilled and diverse work force. In our view, Canada not only has a welcoming business culture for Chinese investors but also provides many highly competitive opportunities in technology, talent, brand, and cost.

I worked and lived in Vancouver, British Columbia for five years before and it was

absolutely an incredible transforming experience for me. It is such a beautiful city offering

so many choices in all sorts of activities. I could go on to different mountain trails for hiking every weekend. That is also the place I become an avid skier and snowboarder. In Chinese traditional Fengshui, the city of Vancouver is the most balanced city with its surrounding mountains, forests, and the Pacific.

The company I worked for was a Canadian subsidiary of a US company originally

founded in Tucson Arizona but later acquired by Japanese giant Komatsu. We developed the world’s first commercially used autonomous dispatching system for open pit mines.

So I know from my personal experience that Vancouver is among the most livable, open, international, business competitive cities in the world.

Co-published Report

加拿大 Canada 创新农产品和健康食品的领导者 An Agri-Food Innovator and Health-Food Giant

By Jonathan DeHart

加

拿大是世界农产品巨擎，在产量和创新方面均无可匹敌。从谷物、含油种子，到功能性食品和定制产

品，如泡菜和鹅肝酱等，无不胜人一筹。加拿大不仅是世界上主要的产粮区之一，还是蔬菜生产的主要基地。因此加拿大以它对质量的严苛要求和基于北美对接世界市场的地理位置和高素质的人口，稳稳地位居世界农产品大国之巅。根据经合组织——联合国粮农组织的 “农业展望 2012 年报告”，全球农产品增长率将以每年 1.2% 的速度增长至 2021 年。而在此期间，全球人口的增加量将超过 20 亿人。此外，全球工业分析公司（Global Industry Analysts Inc.）预估，全球对功能性食品和饮料的市场将在 2015 年以前达到 1300 亿美元的规模。

anada is an agri-food giant, both in terms of production and innovation. From grains and oilseed to functional foods and niche products like kimchi and foies gras, Canada is not only one of the world’s great bread baskets but also one of its most diverse salad bowls. This comes as no surprise. Canada is renowned for its strict adherence to quality, as well as its integration with North American and global markets and its highly educated workforce. According to the OECD – FAO’s Agricultural Outlook, Summary 2012 edition, the growth of global agricultural production is expected to grow annually

by 1.2 percent through 2021. During that period, population will swell by more than two billion. Further, Global Industry Analysts Inc. has estimated that the global market for functional foods and drinks could be more than US$130 billion by 2015. Spring, 2014 INVEST IN

Co-published Report

这对加拿大来说是利好消息，这个国家的食品和饮料加工工业是第二大产业，其 2012 年所雇佣的人口达到了 297000 人。此外，这个行业占据整个农业 16% 的产能和全国 GDP 的 2%。加拿大农产品出口到全球 185 个国家，总出口额高达每年 246 亿美元。仅 2012 年，加拿大农产品行业就生产了价值 973 亿美元的产品。美国、中国、日本、韩国、墨西哥和俄罗斯是加拿大农产品的主要进口国。这一切都要归功于加拿大极具优势的地理位置和丰富的自然资源。根据“加拿大自然资源年鉴”的数据，这个国家有占全球 46% 的碳酸钾（钾肥）储量——更不用说它全球氮肥和天然气储量第一的地位了。高精尖科技的研发能力是加拿大农业立于不败之地的法宝之一。加拿大有多所大学都在进行食品科学的深入研究，这些大学包括阿尔伯塔大学、不列颠哥伦比亚大学、曼尼托巴大学、多伦多大学、麦吉尔大学和贵湖大学等。加拿大的研究人员成效卓著，研发和生产了多种多样的营养补充剂和天然食品产品，以满足人类的健康需求，这些产品包括从深海中萃取的 Omega-3 脂肪酸，大豆蛋白、基于菜籽油的不饱和脂肪酸，植物固醇，蔬菜油固醇和益生菌等。能够得到迅速及时的临床运用的诀窍是，加拿大尽可能地简化整个流程，根据毕马威“竞争选择 2010 年研究报告”，加拿大在食品科学的临床研究方面的能力超过德国、意大利、日本、英国和美国。这些惊人的数字当然没有逃过全球超过 100 家企业的眼睛，这些企业都在加拿大设立了分支机构。加拿大国际贸易和外务部贸易和经济统计表明，2010 年，加拿大的食品和饮料行业所获得的外国直接投资（FDI）达到了 227 亿美元。现在正是进入加拿大这个日趋繁荣行业的最佳时期。功能性和天然健康食品今天的世界，农产品不仅要保持传统的原料，更以新原料和新材料开发不同的营养类和食品补充剂类产品。在加拿大，大约有 700 家公司正全力以赴满足这一需求，每年的收入高达 35 亿美元。今天，任何关于农产品产业的讨论都离不开对食品和营养的组成作更进一步的了解。这个行业中的两个主要大类，分为功能性食品和天然健康产品，加拿大在这两大类产品中最有发言权。根据“加

2014, Spring

This is great news for Canada, where the food and beverage processing industry is the second largest manufacturing sector, employing 297,000 people in 2012. Further, it accounts for a whopping 16 percent of its total manufacturing shipments and two percent of GDP. That amounts to $24.6 billion in exports of processed food and beverage to 185 countries. As of 2012, the industry’s production and shipment value totaled $97.3 billion. Canada counts the United States, China, Japan, South Korea, Mexico, and Russia as its major export markets. All of this is bolstered by geography and abundant natural resources. According to Natural Resources Canada, the country boasts 46 percent of the world’s potash reserves – not to mention its position as a global leader in nitrogenfertilizer projects and its substantial natural-gas reserves. Cutting edge research and development also play a major role in this flourishing industry. A number of leading universities are deeply engaged in the

food sciences, including the University of Alberta, University of British Columbia, University of Manitoba, University of Toronto, McGill University, and University of Guelph. Canadian researchers have directed their ingenuity to brilliant ends, developing and producing a variety of dietary supplements and natural products for the health conscious, including omega-3 fatty acids from sources found in our oceans, forms of soy protein, canola oil-based unsaturated fatty acid, plant sterols, vegetable oil stanols and probiotics. Easing the process along is Canada’s knack for conducting speedy clinical trials, in which, according to KPMG’s Competitive Alternatives 2010 study, Canada outpaces Germany, Italy, Japan, the UK and the US. These impressive numbers and capabilities have not escaped the notice of almost 100 foreign enterprises that have launched Canada-based greenfield projects in the sector. As of 2010, FDI in Canada’s food and beverage sector totaled $22.7 billion, according to Foreign

Co-published Report

拿大健康报告”，“功能性食品表面看起来和作为普通食谱一部分的传统食品非常相似（或比较相似），在生理学上对人体有益 / 或和基本营养功能食品相比能降低慢性病的风险，例如：是否含有活性化合物。“加拿大健康报告”这样描述：“天然健康食品产品是在食品中提炼或精炼的，并通常作为药物的形式销售，和食品并没有关联的关系。天然健康食品产品对人体生理有益或能提供对抗慢性疾病的蛋白质成分。” 在生产诸如 omega-3 脂肪酸、益生菌和发酵乳饮品的同时，加拿大也引入了全新的产品，从亚麻生物活性物质和基于纤维素的益生菌到基于浆果提取物的多酚粗提液的抗氧化物质等，都有涉足。加拿大也是对抗疾病食品（保健食品）工业的生力军，其中包括对抗灾难性的家禽疾病，如坏死性肠炎等的食品。加拿大在天然食品行业取得的最大成功是它研发的菜籽油产品（也名为“加拿大油，低酸性”）。菜籽油在全球范围内已得到了广泛使用，但最先在 1970 年代由加拿大植物培养师用于工业用途。它之后被逐渐用于工业产品的脂肪酸，由研究人员转变成人类和畜类能够食用的物质。今天，这一神奇的食用油产品占已为加拿大每年经济贡献 150 亿美元，成为吸引国外投资的聚宝盆。这个行业内最著名的公司包括拜尔作物学和巴斯夫化工。这两家公司是大手笔投入加拿大天然健康产品行业的外国投资者的一个缩影。最近的例子包括 Ocean Spray Cranberries 公司，该公司在 2012 年投资 2600 万美元在不列颠哥伦比亚省的里士满建立了一个接收站——该地区是世界上最大的浆果培育基地。与此同时，另一个例子是在加拿大最东面的爱德华王子岛，特殊农作物巨擎 Technology Crops International 在 2011 年建造了一个含油种子加工工厂，生产定制化的精炼食用油。精制食品和其它特产为了适应世界健康食品的潮流，加拿大也在精炼零食产品以包含更多健康和有机成分方面领跑全球。今天，零食并不仅限于传统意义上认为的“垃圾食品”。由大麻籽和根用蔬菜——甜菜、防风草（欧洲萝卜）、胡萝卜和甜土豆等成分制成的健康零食已经大行其道。

Affairs and International Trade Canada, Trade and Economic Statistics. Now is the perfect time to become part of this thriving business community.

Functional and Natural Foods and Health Products In today’s world, agri-food encompasses both growing traditional staples and developing new ingredients and sources of nutrition for various products and supplements. In Canada, almost 700 companies are doing just that and generating $3.5 billion in annual revenue in the process. Any discussion of the agri-food business today necessitates a more sophisticated view of what constitutes food and nutrition. Two major categories within the industry are functional foods and natural health products. Canada excels in producing and designing both of these. According to Health Canada, “a functional food is similar in appearance to (or may be) a conventional food that is consumed as part of a usual diet, and is demonstrated to have physiological benefits and/or reduce the risk of chronic disease beyond basic nutritional functions, i.e. they contain bioactive compounds.” Health Canada describes that “a natural health product is a product isolated or purified from foods that is generally sold in medicinal forms not usually associated with foods. A natural health product is demonstrated to have a physiological benefit or provide protection against chronic disease.” Alongside manufacturing products like omega-3 fatty acids, probiotics and fermented beverages, Canada has brought new products into being, from flax bio-actives and fibre-based prebiotics to berry-based polyphenolic antioxidants. Canada is also a leading combatant in the fight against diseases

plaguing the food industry, including the devastating poultry illness known as necrotic enteritis. But perhaps the most notable achievement on Canada’s list of achievements in the natural health sector is its creation of canola oil (the shortened name for “Canadian oil, low acid”). Canola oil, found in pantries across the globe, was created in the 1970s by Canadian plant breeders who were using it for industrial purposes. By gradually changing the fatty-acid profile of what was initially an industrial product, researchers gradually turned it into an edible substance for both humans and animal livestock. Today, this wonderoil accounts for $15 billion of Canada’s annual economy and acts as a magnet for foreign investment. Among the investors in this lucrative oil are Bayer CropScience and BASF. These two companies are part of a much larger group of heavy-hitting foreign investors pouring money into Canada’s natural health products industry now thriving across the country. One recent example includes Ocean Spray Cranberries, which in 2012 opened a $26 million receiving station in Richmond, British Columbia — one of the world’s largest region for growing the coveted berry. Meanwhile, another example can be seen on the far eastern side of the country in Prince Edward Island, where specialty crops giant Technology Crops International built an oilseed-processing facility in 2011 where it produces custom refined oils. Fine Foods and Other Specialties Riding the wave of health-conscious trends, Canada is on the leading edge of refining snack foods to include healthier and organic options. Today, snacks are not limited to what we traditionally think of as “junk food”. Snacks made with hemp seeds and root vegetables — beets, parsnips, carrots and sweet potatoes Spring, 2014 INVEST IN

Co-published Report

加拿大农产品出口到全球 185 个国家，总出口额高达每年 246 亿美元。仅 2012 年，加拿大农产品行业就生产了价值 973 亿美元的产品。美国、中国、日本、韩国、墨西哥和俄罗斯是加拿大农产品的主要进口国。

Canada has $24.6 billion in exports of processed food and beverage to 185 countries. As of 2012, the industry’s production and shipment value totaled $97.3 billion. Canada counts the United States, China, Japan, South Korea, Mexico, and Russia as its major export markets.

今天，糖果公司，特别是巧克力制造商们，在全球市场上的生意也在蒸蒸日上。加拿大也不例外，其糖果食品出口在过去的五年里以平均每年 3% 的速度增长。2004 年起，欧洲的主要巧克力生产商，如意大利的费列罗、瑞士的百乐嘉利宝和法国的巧克魔，自 2004 年起在加拿大共投资建造了 4.75 亿美元的巧克力生产工厂。加拿大另一个对外国投资者有吸引力的领域是它的特色食品产业。那些生产更具异国情调的食品流水线，比如泡菜、鹅肝酱、意大利熏火腿和用来制作豆腐的大豆等，都得到了当地居民和投资移民们的青睐和支持。还有更多的投资者都在加拿大全国范围内建立分支机构。2012 年 1 月，法国酸奶制造商优诺的分厂 Liberté 宣布，它将花费 4500 万美元以更新其在魁北克的工厂，而美国的嘉吉公司也宣布，将在加拿大的萨斯喀彻温省新增加一个菜籽油加工的精炼工厂，法国的 Diana SAS 集团公司的一个分厂，

2014, Spring

to name a few — provide healthy alternatives. Confectionary companies, in particular chocolate manufacturers, are also doing a brisk trade around the globe today. Canada is no exception, with its confectionary exports growing by three percent on average annually for the past five years. Since 2004, major European chocolate producers Ferrero of Italy, Swiss-based Barry-Callebaut and ChocMod of France have poured $475 million into chocolate production facilities in Canada since 2004. Another intriguing area for new foreign investors in Canada can be seen in the specialty foods sector. Facilities to produce more exotic edibles like kimchi, foie gras, prosciutto, and soybeans used to make tofu are being opened and

supported by both locals and enterprising immigrants. Other major investors are setting up shop across the country. Since January 2012, French yogurt producer Yoplait’s subsidiary Liberté has announced it will spend $45 million to modernize its plant in Quebec, the American firm Cargill announced it will add a refinery facility to its canola-processing plant in Saskatchewan, SPF Canada, a unit of the French Group Diana SAS, will build a new $4 million plant in Quebec to make pet food flavourings, and the American DuPont Pioneer has opened a $15 million facility for the breeding and production of canola and soybeans in Ontario, just to name a few examples. Meanwhile, the French firm Bonduelle said it will spend $13 million to expand its Quebec plant, a move that will help the canned and frozen vegetable giant ramp up production and create new products. And in the eastern province of Prince Edward Island, Indian nutritional ingredients giant OmniActive Health Technologies has opened an R&D center. Foreign investors Kellogg’s, Danone, MonaVie, RFI Ingredients and Bunge all have significant operations in Canada as well. Speaking at the Financial Times’ Global Investment Series: Focus on Canada forum in Chicago, Ferrero’s President and CEO Allan Cosman summed up the chocolatier company’s reasons for choosing Canada over other NAFTA member countries for its new North American facility: “Political and societal context were very important (location factors). Our advantage in Canada, around a multicultural, business-friendly, and multilingual environment, was particularly attractive to Ferrero,” Cosman said. “(Canada’s) parliamentary

Co-published Report

也将投资 400 万美元在魁北克建造一个生产宠物食品调料的工厂，美国的杜邦先锋公司在安大略投资了 1500 万美元的设施以培植和生产油菜和大豆，如此例子不胜枚举。与此同时，法国公司百蔬乐表示，将投资 1300 万美元来扩张其在魁北克的工厂，这一举措将帮助这个罐头和冷冻蔬菜巨头增加产量和开发新产品。在东部省的爱德华王子岛，印度营养品巨头 OmniActive 健康科技公司也开设了一家研发中心。外国投资商，如家乐氏、达能、MonaVie、RFI 食品原料公司和邦基集团等，也都在加拿大有重大的投资项目。在《金融时报》在芝加哥举办的全球投资系列峰会：“聚焦加拿大”论坛上，费列罗总裁和首席执行官 Allan Cosman 总结了该公司为什么选择 NAFTA 成员国之一的加拿大开设新北美工厂的原因： “政治和社会环境也是非常重要的（地理位置因素），我们在加拿大的优势，这里

system, with a federal and provincial structure, was understood by Europeans and considered successful and stable.” Alongside these practicalities, Cosman also pointed towards some of Canada’s softer – yet equally compelling – selling points. The combined effect of these factors led Ferrero to select Brantford, Ontario as the site of the facility, in which the company initially invested $400 million, before carrying out later expansions in 2010 and 2012. “The country was viewed as modern and progressive,” Cosman said. “Several third-party studies reinforced qualityof-life ratings as amongst the highest worldwide. These factors, combined

with a strong financial argument, made Canada the preferred location for the North American plant investment.” Canada has a lot to offer and welcomes investment and offers a great base to North American markets. To learn more, speak with an advisor in Canada’s Trade Commissioner Service in your market for comprehensive, confidential and free of charge services for investors, including: help in making the right government contacts in Canada; referrals to independent investment professionals such as lawyers, bankers and accounting firms; help in arranging site selection visits; as well as information and advice about doing business in Canada.

的多元文化、有利营商和多语言的环境，对费列罗来说都是非常有吸引力的。”Cosman 表示，“（加拿大的）议会体制，联邦和省级行政区的架构，是欧洲人很熟悉的，也是被证明是非常成功和稳定的政体。” 在说到这些优点的同时，Cosman 还举出了加拿大的一些软件方面——也是同样极具说服力的卖点。这些优点相加，都让费列罗决定在安大略的布兰特福特作为工厂选址，该公司的先期投入是 4 亿美元，在 2010 和 2012 年又在原有的基础上追加了投资。 “这是个现代化的先进国家，”Cosman 表示，“许多第三方的研究表明加拿大的生活质量排名位居世界前列。这些因素和加拿大强有力的金融环境，都让它成为北美工厂实业投资的最佳地点。” 加拿大的投资优势非常之多，它力求吸引投资且是进入北美市场的重要基地。如您想获取更多信息，请和您当地的“加拿大贸易专员服务”（http://www.international. gc.ca）取得联系，以获得全方位、良好保密性和免费的投资顾问服务，它们包括：帮助和正确的加拿大政府部门取得联系；介绍独立的投资专业机构，如律师、银行和会计事务所等；帮助安排营商地点的选址考察，以及提供一切关于在加拿大投资和营商方面

加拿大是世界农产品巨擎，在产量和创新方面均无可匹敌。从谷物、含油种子，到功能性食品和定制产品，如泡菜和鹅肝酱等，无不胜人一筹。

Canada is an agri-food giant, both in terms of production and innovation. From grains and oilseed to functional foods and niche products like kimchi and foies gras, Canada is not only one of the world’s great bread baskets but also one of its most diverse salad bowls.

的信息和顾问服务。

Spring, 2014 INVEST IN

中国加速在非洲、印度和美国的基建能源投资 China Accelerates Infrastructure & Resource Investment in Africa, India and the U.S. By David Alioto

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封面故事 COVER STORY

今

日中国正在把发展后的巨额财富投入全球经济中。中国已在去年超越美国，进出口贸易总量排名蹿升

至全球第一。但是与此同时，中国的制造业作为中国经济的主要推动力之一则在挣扎中不断萎缩。为了支持经济的长久发展，中国正在寻求全球范围内的能源、自然资源、食品市场以及其工业品在国外的市场销路。习近平主席早在去年就已经表示，要把经济和金融改革作为政府的主要工作之一，鼓励中国公司更多地在境外投资。因此，中国公司在境外的投资项目无论从数量还是质量上都在逐渐提升。中国已经在本国的基础建设方面作了大量投资。中国政府把近四万亿投资额中的相当一部分投向境外——主要集中在非洲、印度和美国。中国的投资策略对每个国家都不尽相同。就非洲来说，对基本的基建项目，比如管道、铁路和机场等投资，以求进入非洲令人垂涎的自然资源领域——获得能源、劳动力资源和为其本国的工业产品寻求新兴市场。在印度和美国，中国在政治和商业环境方面在这两个世界大国寻找机会。如果成功，中国公司将能获准在未来几年内进入上述两国九万亿美元的基建项目，其中印度占一万亿，美国占八万亿。非洲中国境外投资的主要方向集中在非洲诸国。非洲拥有全球超过 40% 的自然资源，60% 的可耕地资源，一亿人口的潜在购买力和低廉的劳动力价格。非洲大陆是世界上劳动力队伍增加最快的地区，有五亿人正处于壮年。在未来的 25 年内，非洲的劳动力人口将和中国和印度旗鼓相当。非洲的物流基建设施效率相当低下。在非洲国家进行的货物运输非常困难和昂贵，更不要说跨境运输了。差劲的基础建设和现代运输系统建设缺乏足够的资金，妨碍了高效率供应链系统的发展和货物的进出口。非洲没有集中统一的运输基建设施和大型的海运和空运港口——除了南非和苏伊士运河之外，其它各国乏善可陈。除了港口之外，非洲的公路运输网只有不到五分之一是由水泥或柏油铺设的。根据国际货币基金组织的数据，2013 年非洲各国之间由于没有交通设施的连接，让撒

中国公司在境外的投资项目无论从数量还是质量上都在逐渐提升。中国已经在本国的基础建设方面作了大量投资。中国政府把近四万亿投资额中的相当一部分投向境外——主要集中在非洲、印度和美国。

China has already invested huge sums in its own infrastructure. The Chinese government has now prioritized allocating a major portion of the $3.8 trillion in reserves toward overseas investment – with a key focus on Africa, India and the United States.

hina today is translating its expanding wealth into global economic clout. The Country last year overtook the U.S. as the world’s biggest trading nation. However, China’s manufacturing industry which has long been the economy’s major engine is struggling. In order to support the growth of their economy, China is seeking natural resources, energy, food and markets for its products outside the country. President Xi Jinping expressed last year a primary goal to reform the economy by liberalizing financial flows and encouraging Chinese companies to invest more outside of China. As a result, deals done by Chinese firms are steadily rising in profile and size. China has already invested huge sums in its own

infrastructure. The Chinese government has now prioritized allocating a major portion of the $3.8 trillion in reserves toward overseas investment – with a key focus on Africa, India and the United States. China’s investment strategy is different for each country. In the case of Africa, it is building the initial infrastructure of pipelines, railroads and ports to gain favorable access to Africa’s vast resources – securing energy, labor resources and new markets for its manufacturer’s products. In India and the United States, China is navigating the political and business climates of two of the largest economies in the World. If successful, Chinese firms will be allowed to participate in over $9 trillion of Spring, 2014 INVEST IN

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哈拉以南地区的贸易增长率持续低迷，低于 5.3%。当然，中国正和非洲各国的领导之间达成共识，大刀阔斧地进行一系列基础建设投资，让非洲惊人的经济潜力和自然资源得到有效利用和发展。 2013 年 3 月，坦桑尼亚总统贾卡亚·基奎特和中国国家主席习近平在坦桑尼亚的基建项目上签订了 16 项协议，并就桑吉巴岛签订了另外三项协议。这些协议为中国在巴加莫约的 100 亿美元投资扫清了道路。中国在 2013 年对该项目的先期港口建设的投入已经达到了 5 亿美元。该港口计划于 2017 年建成，届时港口的吞吐量将从每年的 80 万标准箱上升到 2000 万标准箱。坦桑尼亚是中国全球化战略中对非洲战略的重要一环。坦桑尼亚海岸线附近最近探明了约为 40 万亿立方英尺的天然气资源储量。中国石油天然气公司（中石油）正在当地建设一个总长为 532 公里的连接港口城市姆特瓦拉和达累斯萨拉姆的输油管道。 “我们正处于历史的转折点。”中国国家主席习近平在和坦桑尼亚总统会谈时说道。他表示，非洲是世界发展最快的地区之

infrastructure projects planned over the next several years in India ($1 trillion) and the U.S. ($8 trillion).

Africa A core focus of China’s investment interest has been the continent of Africa. Africa has about 40 percent of the global reserves of natural resources, 60 percent of uncultivated agricultural land, the growing purchasing power of a billion people and a low cost wage environment. The continent has the fastest-expanding labor force in the world with more than 500 million people of working age. In the next 25 years, Africa will have just as much workers as China and India. The logistics infrastructure in Africa is very inefficient. It is very costly and difficult to get transport flowing within African countries, not to mention across the borders. Poor infrastructure and lack of funds to develop modern

transportation systems hinders efforts at creating efficient supply chains to seamlessly flow goods in and out. Africa suffers from the lack of a centralized transportation infrastructure as well as a lack of major ocean ports and air transport hubs – outside of South Africa and the Suez Canal. Beyond the ports, less than onefifth of Africa's road network is paved. According to the International Monetary Fund, the trade barriers between countries and lack of transport integration limited the growth rate in sub-Saharan Africa for 2013 to 5.3%. However, China is forging alliances with Africa Leaders and making infrastructure investments in order to leverage the tremendous resource and economic potential in Africa In March 2013, Tanzanian President Jakaya Kikwete and Chinese President Xi Jinping signed 16 agreements for

一，就像一头“疾驰的非洲狮”。他还说道，中国首任主席毛泽东和坦桑尼亚第一任总统朱里尔斯·尼雷尔的亲密伙伴关系。高度赞扬了两国之间对帝国主义的抗争和发展中国家之间的共同利益。“我们是朋友。”他表示，“我们是平等互利的伙伴关系。” China Briefing 报道称：“作为对发展基建的回报，中国已收获在自然资源开发和石油资源方面令人眼红的执照。比如，安哥拉几乎和沙特阿拉伯一样大，作为中国的主要石油出口国之一，安哥拉是中国在非洲最大的原油供应国，中国进口了安哥拉石油出口总量的 43.8%。两国之间的贸易双边关系在 2010 年就超过了 1200 亿美元。” 除了和石油相关的项目外，在长达 27 年的内战和对整个国家基建设施的破坏后，中国在安哥拉的重建项目中也举足轻重。 “最主要的投资项目包括本格拉铁路的重建，该项目是连接安哥拉的大西洋港口城市洛比托和刚果共和国和赞比亚铁路网的枢纽。该项目投资总额为三亿美元。”

2014, Spring

中国境外投资的主要方向集中在非洲诸国。非洲拥有全球超过 40% 的自然资源， 60% 的可耕地资源，一亿人口的潜在购买力和低廉的劳动力价格。

A core focus of China’s investment interest has been the nation of Africa. Africa has about 40 percent of the global reserves of natural resources, 60 percent of uncultivated agricultural land, the growing purchasing power of a billion people and a low cost wage environment.

封面故事 COVER STORY

中国全球投资概览

Overview of Chinese Outbound Investment 未来 17 年内美国每年所需的基础建设投资额为 4550 亿美元 Infrastructure Investment Needed in the U.S. (Next 17 Years): $455 Billion Per Year

全球 60% 的荒地，40% 的自然资源储备量 60% of World’s Uncultivated Land, 40% of World's Natural Resources

未来五年，印度所需的基础建设投资额为每年 1000 亿美元 Infrastructure Investment Needed in India (Next 5 Years): $100 Billion Per Year

美国

United States

非洲 Africa

双汇国际以 71 亿美元收购猪肉处理商 Smithfield Shuanghui's $7.1 Billion takeover of pork processor Smithfield. 中国福耀玻璃集团收购 GM 卡车组装厂 Fuyao Glass acquired GM Truck Assembly Plant

中国计划在巴加莫约投资 100 亿美元建设港口 China to Finance and Build $10 billion Port at Bagamoyo

印度 India

中国计划在安得拉邦对多个领域进行投资，约为 1600 亿美元 China is prepared to invest about $160 billion in different sectors in Andhra Pradesh.

中国联合石油有限责任公司正在建设一条贯通姆特瓦拉到达累斯萨拉姆的输气管道，长达 532 公里（333 英里） China National Petroleum Company is building a 532-kilometer (333-mile) pipeline from Mtwara to Dar es Salaam. 中国投资三亿美元重建本格拉铁路 China has invested $300 million in the rebuilding of the Benguela Railway.

2000 年以来，中国和非洲间的贸易总量上升了 20 倍，在 2012 年达到 2000 亿美元。中国已成为非洲最重要的贸易伙伴。印度印度对基础设施建设的巨大需求向中国提供了许多机会。在未来五年，印度对基建方面的投资将达到 5850 亿美元。二月初，中国的一家集团公司向印度政府提交了一份为期五年的贸易和经济规划合作书，在第十二个五年计划（2012-2017）期间，计划向印度提供一万亿美元总投资目标中的 30% 用于基础建设，总额约为 3000 亿美元。这笔资金虽然高于世界上所有国家，但中国仍面对严峻的政治障碍。 “联邦内政部和经济部已经就印度的铁路系统要求政府警惕继续放松外国投资的管制。在产业政策和促进部（DIPP）提交的一份提案中表示，内政部表达了在国家安

development projects on mainland Tanzania, and three agreements for Zanzibar. The deals clear the way for China to finance and build a $10-billion port at Bagamoyo. China has committed to a $500-million installment in 2013 to initiate the port project. The Port is scheduled for completion by 2017 and will increase capacity from 800,000 TEU’s to 20 million TEU’s. Tanzania is one of the focal points of the Chinese globalization strategy in Africa. Recently, enormous natural gas reserves of an estimated 40 trillion cubic feet were discovered off the Tanzanian coast. The China National Petroleum Company is currently installing a 532-kilometer (333-mile) pipeline from

the port city of Mtwara to Dar es Salaam. "Our relations are at a new historic beginning," the Chinese president told his Tanzanian hosts. He noted that Africa is one of the world's fastestgrowing regions, pressing forward like a "galloping lion." Xi reminded his hosts of the warm relationship between the Great Chairman Mao Zedong and Tanzania's first president, Julius Nyerere. He also praised the two countries' shared struggle against imperialism and invoked the common interests of all developing countries. "We are true friends," he said. "We treat each other as equal partners." “In return for developing the infrastructure, China has received lucrative licenses to exploit natural resources and fossil fuels. For instance, Spring, 2014 INVEST IN

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reaching $200 billion in 2012. China has become Africa's most important trading partner.

非洲没有集中统一的运输基建设施和大型的海运和空运港口——除了南非和苏伊士运河之外，其它各国乏善可陈。

Africa suffers from the lack of a centralized transportation infrastructure as well as a lack of major ocean ports and air transport hubs – outside of South Africa and the Suez Canal.

全方面的考虑，认为对待中国在这些敏感行业的投资需要慎重。” 印度内政部认为中国是印度在经济前沿的主要竞争对手，两国还未就边境问题达成共识。有消息表明，来自邻国的在关键领域的外国直接投资，比如铁路，或许会对国家安全构成威胁。内政部还清楚地声明，中国投资不应该被允许涉足边境地区，比如查莫和克什米尔，以及东北部各邦。“ 虽然印度和中国力图在 2014 年实现双边贸易额达到 1000 亿美元的目标，天平却牢牢倾斜在中国的那一头。到 2012-2013 财政年末，中国对印度的贸易顺差约为 390 亿美元。因为两国经济性质的不同，中国并不认为这一顺差会在中短期内得到缓解，印度是服务业为主导而中国是制造业为主导的经济。中国制造业者有极大的机会在印度设立工厂。从劳动力角度来看，中国工人在上海的月平均工资是 275 美元，孟买的月平均工资则为 81 美元（差不多只有中国工人的三分之一）。以低工资而著称的，一度被认为

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Angola is almost as large as Saudi Arabia as one of China's key oil suppliers. Angola is China's top African supplier of crude, and China buys 43.8 percent of Angola’s total oil exports. The bilateral trade between the two countries exceeded $120 billion in 2010”, according to China Briefing. In addition to oil-related projects, China is heavily involved in Angola’s reconstruction effort, after a devastating 27-year civil war that ruined much of its infrastructure. “One of the main investments is the rebuilding of the Benguela Railway, an 840-mile transcontinental railway that links the Atlantic Port of Lobito in Angola with rail networks in the Democratic Republic of Congo and Zambia. The project is expected to cost $300 million.” Since 2000, trade volumes between China and Africa have grown twentyfold,

India India's massive infrastructure requirements offer several opportunities to China. Over the next five years, India is planning infrastructure investment of $585 billion. A Chinese working group submitted a five-year trade and economic planning cooperation plan to the Indian government in the first week of February, offering to finance as much as 30 per cent of the $1trillion targeted investment in infrastructure during the 12th Five-Year Plan (2012-17) of about $300 billion. Although the largest by any one country, China is facing serious political obstacles. “The Union Home Ministry and the Department of Economic Affairs have cautioned the government regarding relaxing the Foreign Direct Investment (FDI) norms in the Indian Railways. In its comment on the proposal of the Department of Industrial Policy and Promotion (DIPP), the home ministry, citing security concerns, said Chinese investments in such a sensitive sector should be viewed with caution. The home ministry has pointed out that China is India's main rival on the economic front and the two countries have unresolved border disputes. Sources said FDI from a neighboring country in a core sector, like the railways, may pose a danger to national security. The ministry also clearly stated that Chinese investments should not be allowed in border areas such as Jammu & Kashmir and the North Eastern states.” While India and China are targeting $100 billion in bilateral trade by 2015, the balance is heavily skewed in favor of China. At the end of fiscal 2012-13, China's trade surplus with India was

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是取之不尽用之不竭的中国劳动力，不再是中国制造业革命的支柱。这导致中国制造业的成本急剧上升——在过去的五年内上升了 40%。 “世界银行把印度在适合营商国家 183 国里面排名第 134 位，在 154 国参与的物流效率排名中列第 46 位。相反，美国和中国在适合营商方面则分列第 5 和第 79 位，在物流效率中美国和中国分列第 15 和 26 位。印度有几个颇具潜力的基础设施建设改进项目正在进行中，以支持该国的物流行业。这些项目包括 Golden Quadrilateral（金色环路）, North-South Corridor （南北通路）和 East-West Corridor （东西通路）铁路；皮帕瓦夫、蒙德拉和哈姆拉港；和班格拉多、海德拉巴、新德里和孟买机场。不仅如

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about $39 billion. China doesn't see this narrowing in the short to medium term due to the nature of the two economies, with India being services led and China a manufacturing economy. A tremendous opportunity exists for China’s manufacturers to set up plants in India. From a labor perspective, the average monthly wage of a Chinese worker in Shanghai is $275 while in Mumbai the average monthly wage is $81 per month (e.g., three times less). China no longer has the inexhaustible supply of young workers who formed the backbone of its manufacturing revolution. This has led to a sharp increase in manufacturing

costs in China - which have risen 40 per cent in the last five years. “The World Bank ranks India 134th out of 183 countries in terms of ease of doing business and ranks the country's logistics performance 46th out of 154 countries. By contrast, the United States and China ranked 5th and 79th, respectively, for ease of doing business and 15th and 26th for logistics performance. Several promising infrastructure improvements are underway to support logistics. These include the Golden Quadrilateral, NorthSouth Corridor and East-West Corridor (roadways); Pipavav, Mundra and Hamra

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China’s manufacturers should draw on the geographic benefits, labor savings and logistics infrastructure, by setting up facilities in India. Most importantly, the increased localized presence of the Chinese firms should bode well in securing infrastructure projects and growing sales in India.

中国的制造业者应该在从地理位置、劳动力成本和物流基建方面在印度投资获利。更为重要的是，更多的中国公司在印度扮演的角色将为他们在印度获取更多基建项目和立足印度建立基础。

此，印度政府还计划在印度的 12 个主要港口进行投资，使集装箱容量翻三番，目标是在 2020 年达到每年 30 亿吨。” 中国的制造业者应该在从地理位置、劳动力成本和物流基建方面在印度投资获利。更为重要的是，更多的中国公司在印度扮演的角色将为他们在印度获取更多基建项目和立足印度建立基础。

ports; and Bangladore, Hyderabad, New Delhi, and Mumbai airports. Furthermore, the Indian government plans major investments that will triple the country's cargo handling capacity at 12 major ports, with the goal of being able to handle three billion tons per year by 2020”.

United States “Two-way infrastructure investment has emerged as one of the most promising opportunities to spur economic growth and job creation in both the United States and China,” U.S. Chamber President and CEO Thomas J. Donohue said. “This type of investment would benefit both of our countries, strengthening our relationship and enhancing global stability and prosperity.” At a minimum, more than $8 trillion in new investment will likely be needed in U.S. transportation, energy, and wastewater and drinking water infrastructure from 2013 through 2030— totaling some $455 billion per year. According to data from the American Enterprise Institute and Heritage Foundation, Chinese outward investment reached $85 billion in 2013, a dramatic increase from a mere $10 billion in 2005. The U.S. has been the No.1 destination, luring more than $14 billion of investment last year alone. “Whereas state-owned companies have dominated in total deal value in the past, that is no longer true. In 2013, more than 70 percent of investment came from private enterprises, responsible for more than 80 percent of a total of 87 deals (of which 44 were acquisitions and another 38 were greenfield projects). Where is the money going? Unconventional oil and gas was a top draw, with $3.2 billion invested in deals that include CNOOC’s (CEO) purchase of Calgary, Alberta-based Nexen Energy’s U.S. operations, Sinopec’s Spring, 2014 INVEST IN

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美国 “双向的基建投资已经作为最具潜力的经济增长动力和创业机会之一，在美国和中国浮出水面，”美国商会主席和首席执行官 Thomas. J. Donohue 表示，“这种类型的投资将让两国同时受益，同时加强我们之间的关系和为全球的稳定和持续繁荣贡献力量。”美国新兴投资最少也要八万亿美元，在交通运输、能源和废水处理和饮用水基础设施方面的投资需求，从 2013 年到 2030 年将达到 4500 亿美元。根据“美国企业研究所和传统基金会” 的数据，中国对外投资在 2013 年达到了 850 亿美元，这是基于 2005 年的 100 亿美元的投资来说一个巨大的飞跃。美国已成为中国的首选投资目的国，仅去年一年就吸引了超过 140 亿美元的中国投资。 “虽然过去中国的国有企业占据对外投资的大头，现在已今非昔比了。在 2013 年，超过 70% 的投资来自私营企业，总数为 87 笔的交易量占据总投资额的 80%（其中 44 笔为并购，其它 38 笔为土地开发项目）。那么钱都流向哪些行业了呢？非常规石油和天然气是主要的吸金行业，总额为 32 亿美元的交易中包括中石油（首席执行官）收购的卡尔加里、阿尔伯塔的尼克森能源公司美国运营部，中石化 (SHI) 和俄克拉荷马城切萨科能源公司（CHK）的合资项目，以及中国国际化工（600500:CH）在西德州的沃尔夫坎普页岩项目。商业地产也是投资热点，旧金山、洛杉矶、纽约和底特律的 18 个项目总额超过 18 亿美元。最大的单笔项目：双汇（000895:CH）以 71 亿美元接管猪肉加工企业史密斯菲尔德公司。 2014 年 1 月份，俄亥俄州官员宣布中国福耀玻璃工业集团，一家汽车挡风玻璃和窗玻璃的制造商，收购缅因州的通用汽车卡车公司工厂的 100 万平方英尺厂房。福耀玻璃集团将在该地块投资两亿美元，让工厂开工运转。像福耀玻璃集团一样的中国公司，美国已成为他们更好，更便宜的地方来建立制造工厂。公司认为俄亥俄州的工厂选址是基于物流成本、工人队伍素质和营商环境的多方考虑而确定的。由曹先生于 1987 年创办的福耀集团，已经掌控了全球市场上汽车玻璃 20% 的份

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(SHI) joint venture with Chesapeake Energy (CHK) of Oklahoma City, and a Sinochem International (600500:CH) stake in West Texas’s Wolfcamp Shale. Commercial real estate was also a big draw, with 18 investments in San Francisco, Los Angeles, New York, and Detroit totaling $1.8 billion. And the single biggest deal: Shuanghui’s (000895:CH) $7.1 billion takeover of pork processor Smithfield”. In January 2014, Ohio officials announced that Fuyao Glass Industry Group, a maker of windshields and windows for automobiles, would acquire about 1 million square feet of the GM truck assembly plant in Moraine, OH. Fuyao Glass will make an investment of $200 million at the site in total to get it ready for production. It is the largest Chinese investment yet in Ohio and one of the largest ever in the US. The plant is expected to begin operations in 2015, employing about 800 people within three years. For Chinese companies like Fuyao Glass, the U.S. has become a better, less expensive place to set-up manufacturing. The company said Ohio's location was 劳动力成本的简单算术

The Simple Math on Labor Costs

selected based on logistics cost, quality of workforce as well as the business environment. Founded by Cao in 1987, Fuyao has captured 20 percent global market share for auto glass. Company chairman Cao Dewan said "This investment is actually due to the demand of our customers. And they believe we should be here, because we provide a large percentage of their products." “It could be the biggest role reversal since, well ... when Nixon went to China. The gap between manufacturing costs in the U.S. and China is shrinking”, explains John Ling, a naturalized American from China who runs the South Carolina Department of Commerce's business recruitment office in Shanghai. Today some 33 American states, ports, and municipalities have sent representatives like Ling to China to lure jobs once lost to China back to the U.S. Besides affordable land and reliable power, states and cities are offering tax credits and other incentives to woo Chinese manufacturers. Beijing, meanwhile, which has mandated that Chinese companies globalize by expanding to key markets around

（美元票面成本）(Nominal USD)

2000

2010

2013E

2015F

长江三角洲的中国薪资（美元 / 小时） China Wages in Yangtze Delta (USD/hour)

$0.72

$2.82

$4.59

$5.98

美国薪资水平（美元 / 小时） U.S. Wages in Logical State (USD/hour)

$15.81

$20.71

$21.85

$22.93

中国生产力（美元 %） China Productivity (% of U.S.)

21%

32%

38%

42%

生产力调整后的中国薪资（美元 / 小时） Productivity-adjusted China Wages (USD/hour)

$3.43

$8.81

$12.08

$14.24

22%

43%

55%

62%

中国劳动力成本占美国劳动力成本的百分比 China Labor Cost as % of U.S. Labor Cost

来源：波士顿咨询集团高级合伙人和执行总裁 Hal Sirkin Source: Hal Sirkin, Senior Partner & Managing Director, Boston Consulting Group

封面故事 COVER STORY

额。公司总裁曹德旺表示，“我们的投资其实是取决于顾客的需求。他们相信我们应该来这里，因为我们制造的产品占据他们的半壁江山。” 一名在上海的南卡罗来纳州商业部招商局官员，美籍华人 John Ling 解释称：“这会是有史以来——至少是尼克森访华以来最大的角色颠倒。中美之间的制造成本差距正日益缩小，” 今天大约 33 个美国的州和市政府已经派遣像 Ling 这样的代表来中国，吸引中国投资者的注意力。除了比较便宜的土地和可信赖的电力系统供应，美国的州和市政府还提供税收优惠和其它激励政策来吸引中国的制造商。根据消息，与此同时，北京方面也鼓励中国公司走向世界，以提供最多高达投资总额 30% 的启动资金的政策来加快中国企业的海外扩张步伐。 2013 年 8 月，世界最大的零售集团沃尔玛，举办了他的首次美国制造商峰会，该峰会的与会供应商超过 500 人，同来自 34 个州和八个政府的官员和代表汇聚一堂，讨论在美国创造就业机会，重组联盟，和驱动经济发展的话题。峰会以后，沃尔玛承诺在未来的十年内增加购买价值为 2500 亿美元的美国本土企业制造的商品。波士顿咨询集团执行总裁 Hal Sirkin 在峰会上发表讲话，并提供了左表以进一步描述中国和美国之间劳动力成本差别的日益缩小。“美国制造”的趋势并非出于爱国，而是由劳动力成本的因素变化，更低的存货占用成本和世界最先进的交通运输网而推动的。不仅福耀玻璃集团认识到在美国购买现成工厂的优势，其它中国制造商也应该认真考虑投资或收购美国的生产设施或公司。美国政府现在的政策对外国投资持支持态度。中国在非洲投资发展的“先锋”角色让人振奋。对比下，中国需要更加鼓励企业以适应全球化供应链和在中国和印度设立更多的本地运营团队——提升效益和创造收益。

the world, is chipping in by offering to finance up to 30% of the initial investment costs, according to Chinese business sources. In August 2013, the World’s largest retailer, Walmart, held its first U.S. Manufacturing Summit, attended by 500 suppliers, 34 states, 8 governors and government officials, who met to discuss opportunities to create jobs, restore communities and drive economic growth within the United States. Following the Summit, Walmart made a commitment to buy an additional USD $250 Billion over the next 10 years in products from American manufacturers. A key presentation was made during the Summit in which Hal Sirkin, Managing Director, Boston Consulting Group, provided the following illustration of the shrinking gap between labor costs in China versus the U.S.:

The “Made in USA” trend is not simply patriotic, but also driven by the changing factors of labor cost, lower inventory carrying costs and the strength of the world’s most advanced transportation network. As Fuyao Glass recognized the benefits of purchasing an existing plant in the U.S., other Chinese manufacturers should seriously consider investment or acquisition of U.S. based facilities or firms. The current political environment in the United States is supportive of outside investment. China has done an excellent job in “spear heading” development in Africa. In contrast, China needs to further encourage their companies to embrace a greater global supply chain vision by establishing more local operations in U.S. and India – enhancing growth and profitability.

David Alioto 现任 Probity 企业集团总裁和首席执行官。Probity 企业集团是一家集成业界专家学者，以提供美国和中国的管理服务咨询为主业的企业。该公司在零售业、制造业和供应链方面有丰富的经验，为业界提供一揽子的专业解决方案。 David Alioto is the President & CEO of Probity Enterprises. Probity Enterprises is comprised of industry experts that provide management services to leading corporations in the United States & China. The Company has comprehensive experience in the rapidly evolving business climate for retail, manufacturing and supply chain solutions. 电子邮件 Email: dalioto@probityenterprises.com 网站 Website: www.probityenterprises.com Spring, 2014 INVEST IN

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2014 年度投资会议：知识投资带来最大收益 AIM 2014: An Investment in Knowledge Pays the Best Interest

由阿拉伯联合酋长国副总统兼总理、迪拜酋长穆罕默德·本·拉希德·阿勒马克图姆殿下赞助 “知识投资带来最大收益” 主办方：迪拜政府 | 执行委员会诚挚地邀请您出席 2014 年度投资会议 “前沿市场和新兴市场可持续发展及包容性增长的投资伙伴关系” 2014 年 4 月 8 日 -10 日，每天早上 9 点到晚上 6 点地点：迪拜世贸中心

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Under the Patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum UAE Vice President, Prime Minister and Ruler of Dubai “An investment in knowledge pays the best interest.” Host Partner: Government of Dubai | The Executive Council You are cordially invited to the Annual Investment Meeting 2014 “Investment Partnerships for Sustainable and Inclusive Growth in Frontier and Emerging Markets” 8 – 10 April 2014, 9am – 6pm Daily, at Dubai World Trade Centre

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一次战略性的商务大会 10000 名决策人 100 多位高层官员 120 个国家一个会晤、学习、交流、探索、缔结商业协议以及进行商业创投的论坛 · 新兴市场投资报告 · 新的合作伙伴关系 · 投资项目

Al Mansoori 表示： “即将在迪拜举行的 2020 年世博会让国外投资者蜂拥而至，踊跃投资阿联酋的服务行业。”

Al Mansoori: “Dubai winning Expo 2020 bid whets appetite of foreign investors to invest in UAE services sectors”

· 投资利益关系人 · 高层网络 · 高投资回收率 · 著名的全球对外直接投资专家超过 100 位高层次发言人，充满挑战性的研讨会，激发来自于下列人士的争论： 1. Bertrand Piccard, 精神病学家、热气球驾驶员及讲师 Solar Impulse 的发起人、主席及飞行员 “Winds of Hope Charitable Foundation” 慈善基金会主席联合国亲善大使 2. Karl Sauvant，“Vale Columbia Center” 的常驻高级研究员，专注于可持续国际投资研究，在对外直接投资方面拥有 40 年的专业技术经验 3. MukhisaKituyi，联合国贸易暨发展会议秘书长、肯尼亚治理研究院首席执行官 4. Arancha Gonzales，瑞士国际贸易中心执行董事 5. 袁越，广州市对外贸易经济合作局副局长 6. Mahendra Siregar，印度尼西亚共和国投资协调委员会主席 7. Louis T. Wells 教授、 Herbert F. Johnson 教授，哈佛商学院荣誉退休的国际管理学教授、国际商务研究院研究员、外交关系委员会委员 8. Carolina Arriagada Peters，英国伦敦的官方宣传机构 London & Partners 欧洲、中东、非洲及拉丁美洲宣传负责人参与以下活动并从中获益： ·2014 年 AIM 投资报告 /AIM 工程投资报告—— 在 AIM 开幕式上获得赠阅本 · AIM 展览——探索全世界的商业机遇

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with 40 years of expertise on FDI 3. MukhisaKituyi Secretary-General of UNCTAD, Chief Executive of the Kenya Institute of Governance 4. Arancha Gonzales, Executive Director, International Trade Centre, Switzerland 5. An Yuan Yue, Deputy Director General of Bureau of Foreign Trade and Economic Cooperation of Guangzhou

阿联酋经济部部长苏尔坦·阿尔·曼苏里

H.E Sultan bin Saeed Al Mansouri Minister of Economy, UAE

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会议 C0nference

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Municipality 6. MahendraSiregar, Chairman of Investment Coordinating Board, Republic of Indonesia 7. Professor Louis T. Wells, Herbert F. Johnson Professor of International Management, Emeritus, Harvard Business School, Fellow of the Academy for International Business, Member of the Council on Foreign Relations 8. Carolina Arriagada Peters, Head of Europe, Middle East, Africa & Latin America at London & Partners, the official promotional organization for London

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2020 世博会：改变生活 EXPO 2020: CHANGING LIVES 2020 年迪拜世博会将成为集交互性及机动性为一体的平台，有助于开辟机会及缔结新的合作伙伴关系，以期在未来实现增长及可持续发展 · 可持续性——持久的能源和水资源 · 机动性——物流和运输的智能系统 · 机遇——新的经济发展道路 “2020 世博会，在阿联酋及其区域内开启建立潜在合作伙伴关系的新机遇” 2014 年 4 月 9 日，星期三地点：Al Multaqua Hall 时间：中午 11:30 到 12:45

Dubai Expo 2020 will be a platform for connectivity and mobility to help pioneer opportunities and new partnerships for growth and sustainability for the future. • Sustainability - lasting sources of energy and water • Mobility - smart systems of logistics and transportation • Opportunity - new paths to economic development

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2020 世博会支持者，请在 www.aimcongress.com 进行在线登记

Supporter of EXPO 2020, Register online www.aimcongress.com

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聚焦国际金融中心 IFC Spotlight

瑞士首屈一指的财富管理中心

Switzerland

World’s Premiere Wealth Management Center

过

去的几年里，瑞士已成为中国在欧洲最重要的商业伙伴，两国关系随着合作的深入逐渐加强。去年夏

天，中瑞两国就签订“自由贸易协定” （FTA）的双边关系签署协议，该协议将为两国贸易的大幅增长打下坚实基础，而瑞士政府也在 2012 年提出把瑞士建成人民币在欧洲的交易和投资集散地的设想。这些事实无不清楚地表明了瑞士向中国投资者敞开大门的立场，鼓励中国商界人士和政府部门认真考虑，把瑞士作为他们潜在的投资目标和中国企业在欧洲的人民币中心。虽然瑞士仍然努力挺进在成为人民币海外集散地之一的道路上，中瑞两国的央行则已经就货币兑换达成一致，和其它欧洲的潜在竞争对手相比，伦敦、法兰克福和卢森堡也对在成为人民币的海外中心而虎视眈眈，中国投资者似乎觉得瑞士更胜一筹。瑞士：世界私人银行和财富管理中心的大本营多年来，权威人士和学者们都在为各个国际大都市，如伦敦、新加坡、香港、东京甚至上海这些城市中，哪个城市的财富管理能力更强，能提供更好的财富管理产品而争论不休，但毋庸置疑的是，仅从数字来看，瑞士作为世界领先的财富管理中心的地位至今无人能够撼动。瑞士以它的高额回报、苏黎世和日内瓦如画的风景和世界最佳财富管理和私人银行服务机构等因素而当之无愧，成为最富盛名的财富管理中心之一。根据德勒（Deloitte）的名为“2013 年德勒财富管理中心排名：瑞士的国际私人财富管理竞争力报告”数据，瑞士以它开放的市场、高度的包容力、稳定的政体和理想的

2014, Spring

n the last few years Switzerland has become one of China’s most important European business partners and the relationship appears to be looking brighter every month. Last summer the two countries established a bilateral Free Trade Agreement (FTA CH-CN) that will increase trade between the two economies, and Switzerland’s government in 2012 made an outline for establishing the country as a European hub for RMB trade and investment. These events are clear signs that Switzerland has opened its doors to Chinese investment and is encouraging the Chinese business community and the government to take Switzerland seriously in considering it as a potential European RMB hub and a center of Chinese business in Europe. Although Switzerland is still in the process of becoming a major RMB hub while a currency swap agreement is negotiated between the two Central Banks and while it competes with other potential RMB centers in Europe, including London, Frankfurt and Luxembourg, Chinese investors can find a plethora of opportunities in Switzerland. Switzerland: The World’s Premiere Private Banking and Wealth Management Center Pundits and scholars have been debating for years that London, Singapore,

Baron Laudermilk

Hong Kong, Tokyo and some even say Shanghai, have superior wealth management capabilities and products than Switzerland, but Switzerland is still the world’s leading wealth management center if one looks at the numbers. Switzerland continues to be

聚焦国际金融中心 IFC Spotlight

税务和法规框架而继续保持其领先世界的财富管理能力。瑞士的财富管理和私人银行业比世界上许多金融中心更成熟，因为它用多个商业模式来确保其最佳的客户服务标准，它的客户关系经理们受过的良好培训和对客户和私人定制服务和产品的高度理解。瑞士的银行为它们的高净值人士客户（HNWI）和超高净值人士客户（UHNWI）提供许多其它地方无法提供的成熟产品，其中包括面向全球市场和各行各业的跨国对冲基金、成熟和高回

able to attract the world’s best wealth management and private banking talent because of the country’s high pay, the clean and beautiful sceneries in Zurich and Geneva, and because of its longstanding reputation of having the top talent in the world in finance. According to the Deloitte’s report called, The Deloitte Wealth Management Centre Ranking 2013: Measuring Competitiveness of International Private

瑞士以它的高额回报、苏黎世和日内瓦如画的风景和世界最佳财富管理和私人银行服务机构等因素而当之无愧，成为最富盛名的财富管理中心之一。

Switzerland continues to be able to attract the world’s best wealth management and private banking talent because of the country’s high pay, the clean and beautiful sceneries in Zurich and Geneva, and because of its long-standing reputation of having the top talent in the world in finance.

Wealth Management in Switzerland, Switzerland maintained its position as the world’s leading wealth management center due to its open markets, its providers capabilities, the country’s stability, and its ideal tax and regulatory framework. The wealth management and private banking industry in Switzerland is more sophisticated and advanced than other global financial centers because it utilizes multiple business models to ensure that it has excellent customer service and that its relationship managers are highly trained and knowledgeable about custom and tailored services and products for its clients. Swiss banks offer sophisticated products for their high-net-worthclients (HNWI) and ultra-high-net-worth individuals (UHNWI) clients that can not be found in many countries, including multinational hedge funds, complex, high yielding derivatives, real estate, equities, fixed income products, mutual funds and ETFs that have access across the globe into exotic markets and businesses. A report from the Swiss Bankers Association called The Swiss Financial Centre-Ready for Renminbi, says Swiss banks are tailoring their services to meet the demands of specifically Mainland Chinese clients. The report states, “Now Banks in Switzerland offer a wide range of products and services that will help to further establish the RMB in Switzerland and strengthen the internationalization of the Chinese currency. Banks with presence in the People‘s Republic of China, Hong Kong or Singapore, are expanding their product shelf in Switzerland.” One of the main strengths of Switzerland’s financial system and wealth management industry is that although the country does not accept tax evaders’ capital, the financial center Spring, 2014 INVEST IN

聚焦国际金融中心 IFC Spotlight

报的金融衍生产品、房地产、固定收益产品、互惠基金和交易所交易基金等产品。由瑞士银行协会发布的一份名为“瑞士金融中心——为人民币做好准备”的报告指出，瑞士的银行为来自中国大陆的客户推出一系列的定制化产品。报告认为：“现在瑞士的很多银行提供广泛的产品线和服务，为人民币在瑞士的立足和国际化进程提供支持。来自中国内地、香港或新加坡的银行都已经开始积极向瑞士进军。” 瑞士金融系统和财富管理行业的一大优势是，虽然这个国家不接受避税者的资本，它却仍然确保客户最大限度地保护自己的隐私。瑞士驻华大使馆金融顾问和经济发展处副处长 Karolina Frischkopf 表示：“ 隐私和信息保护仍然是瑞士金融服务业的最大财富。” 瑞士蓬勃的生物科技产业渴望投资瑞士金融业的投资范围非常广泛，但是这个国家也有其它足够吸引投资者目光的投资机会。这里开放投资的先进行业有许多，其中包括精密机械等，但是发展最快的产业则是

现在瑞士的很多银行提供广泛的产品线和服务，为人民币在瑞士的立足和国际化进程提供支持。来自中国内地、香港或新加坡的银行都已经开始积极向瑞士进军。

Now Banks in Switzerland offer a wide range of products and services that will help to further establish the RMB in Switzerland and strengthen the internationalization of the Chinese currency. Banks with presence in the People‘s Republic of China, Hong Kong or Singapore, are expanding their product shelf in Switzerland.

生物科技。因为新兴市场乃至发达国家市场对先进产品和服务的愈来愈大的需求而保持高度增长的势头。和美国一样，瑞士是生物科技行业的全球领导者。得利于高素质和高技术的劳动力队伍，瑞士在生物科技领域活跃的公司有大约 250 个。在把生物科技作为未来主要的发展行业后，瑞士政府致力于为这个行业创造最佳商业环境。瑞士闻名世界的化工和制药公司，以及国际化视野和先进技术让它成为生物科技领域投资的不二选择。海外投资者们很容易地就能在瑞士找到处于成长阶段的生物科技企业，由于资金的短缺，这些企业中很大一部分都在寻求风险资本的投资。前任罗氏制药首席财政官和现任的 HBM BioVenture 董事会主席 Henri B. Meier 在“2013 年瑞士生物科技报告”中指出，瑞士的生物科技行业正在寻求新的投资者，为行业带来新技术和创新科技的启动资金支持。“瑞士的风险投资公司不多，在生物科技 / 制药领域的尤其少见。刚进入市场的公司能获得的风险资本非常有限，投资都倾向于面对国外。现在是在瑞士的生物科技行业找到正确合作对象的绝佳时期。”

2014, Spring

ensures that its clients maintain their privacy. Karolina Frischkopf, Financial Counselor, Deputy Head of Economic Section from the Embassy of Switzerland said: “Privacy and data protection are still main assets of Switzerland’s financial services industry.” Switzerland’s Booming Biotech Industry Open for Investment Switzerland has a wide range of investments in finance, but the country also has other major investment opportunities for investors. The country has many advanced industries that are open for investment, including, precision machinery, but its main high-growth industry is biotech. This industry is growing rapidly as emerging markets and even developed markets need these advanced services more and more. Switzerland is a global leader in biotechnology along with the United

States. With a highly educated and skilled workforce, Switzerland is also home to approximately 250 small and medium-sized enterprises with activities in the biotech area. Having identified biotechnology as a key factor for future development, the Swiss Government has undertaken various efforts to create an attractive business environment in this field. The proximity to the prestigious Swiss chemical and pharmaceutical companies and to national and international knowledge clusters makes Switzerland an ideal place to invest in biotechnology. International investors will find it easy to find a growing and emerging biotechnology company in Switzerland as many of them are seeking venture capital, which is currently in short supply. Henri B. Meier, the former CFO of Roche and today’s Chairman of the Board of HBM BioVenture, said in the Swiss

聚焦国际金融中心 IFC Spotlight

未来的欧洲人民币中心：瑞士苏黎世尽管人民币仍由中国央行进行集中管制而可供投资的选择不多，人民币已吸引了相当数量的国外城市，都表达了希望进行人民币贸易和投资的愿望。伦敦、卢森堡、巴黎和法兰克福都发表了声明，希望成为人民币在欧洲的交易集散中心城市。而许多中国投资者和中国企业界则把注意力放在瑞士，认为它才有可能是欧洲名副其实的人民币中心。显而易见，瑞士位于欧洲心脏的便利性地理位置，它稳固的金融服务行业、坚挺的货币和多元化的产业，都让它成为海外人民币中心的不二选择。Frischkopf 表示：“瑞士已准备好成为人民币在欧洲的中心国家之一。瑞士在跨境私人财富管理方面的领导地位将继续保持——得益于我们庞大的养老基金、保险公司、主权财富基金、家族办公室和公司的财富管理团队。瑞士也处于世界商品贸易中心的领导地位，因此很显然，瑞士金融中心能为人民币的海外扩张提供必要的支持，以此推动中国的贸易和投资健康稳健地发展。不仅瑞士的商界对中国的开放市场有越来越浓厚的兴趣，瑞士政府也很清楚地表明

Biotech Report 2013, that biotechnology industry is seeking for new investors who can fund emerging start-ups that are brining new technologies and innovations in the industry. “Switzerland has only a few venture capital companies and even fewer which focus on a sector like biotech/pharma. Venture capital for early-stage companies hardly exists in this country, investments tending to be made abroad. This is the time for investors to seek the right people to find lucrative long-term investments in Switzerland’s’ biotechnology industry. Europe’s Future RMB Center: Switzerland’s Zurich Despite the fact that the RMB is still largely dictated by the Chinese central bank and gives its investors few investment options, the RMB has attracted a large number of global cities that are committed to trade and invest in the currency. London, Luxembourg, Paris, and

瑞士是世界最佳财富管理中心 Switzerland is the World’s Best Wealth Management Center

Frankfurt have all made statements that they are the proper cities to be the European trading hub for the RMB. Yet many Chinese investors and China’s business community are paying attention to Switzerland’s actions towards becoming Europe’s RMB center. Simply, Switzerland’s ideal and convenient location in the heart of Europe, its strong financial services industry, its strong currency, and diversified industries, make it an obvious location for a RMB center. Frischkopf said: “Switzerland is well-positioned to be a RMB center. The country maintains a leading role in cross-border private wealth management. It benefits from an abundance of expertise in managing institutional assets for pension funds, insurance companies, sovereign wealth funds, family offices and corporates. It has become a leading center for commodity trading. Quite obviously, the Swiss financial sector can support the further extension of RMB business 图表 1 FIGURE 1

成功领域 Success Areas

总排名 Overall Ranking

财富管理中心 Wealth Management Center

竞争力得分（平均值） Competiveness score (weighted)

A- 营商环境 A-Business environment

B- 提供能力 B-Provider capability

C- 稳定性 C-Stability

D- 税务和法规 D-Tax and regulation

新加坡 Singapore

2.7

3 4 5 6 7 8 9

瑞士 Switzerland 香港 Hong Kong

2.5

3.7

美国 United States

5.0

卢森堡 Luxembourg

5.7

英国 United Kingdom 巴林 Bahrain 阿联酋 UAE

巴拿马和加勒比 Panama and Caribbean

3.8

5.2 7.2 7.4

3 7 6 8 9

1 6

2 3 5 8 7 9

3 2

9 8

来源：《德勒报告：2013 年德勒财富管理中心排名：瑞士的国际私人财富管理竞争力报告》 Source: Deloitte, The Deloitte Wealth Management Centre Ranking 2013: Measuring Competitiveness of International Private Wealth Management in Switzerland

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聚焦国际金融中心 IFC Spotlight

中瑞之间的货币互兑将成为瑞士做为人民币海外中心的重要一步，因为货币互兑协议允许大量的人民币进入瑞士，而海外的中国银行分支机构将负责处理这些交易。

A currency swap between Switzerland and China would be a major step in Switzerland becoming a RMB center, as currency swap agreement allows high volumes of RMB to enter a country, while an offshore branch of a Chinese bank is needed to process RMB transactions. 希望成为人民币中心的立场。Frischkopf 还提到：“瑞士政府承诺为这一发展趋势提供必要的法律框架支持。近期和中国进行的金融对话为加强两国之间金融领域合作打下了基础。此外，两国的央行还就货币互兑等事宜进行洽谈。” 的确，瑞士在和中国之间货币贸易方面的动作稍有延迟，但是最近瑞士和中国央行就货币互兑启动了对话。这让瑞士成为人民币集散中心地位的设想又明朗了许多。 2013 年 12 月初，瑞士国家银行（SNB）表示它和中国人民银行（PBOC）正在就货币互兑进行洽谈，但是拒绝透露互兑的货币总量或具体施行的时间表。瑞士的银行业表示中国的商业银行已经非官方地向他们发送有关将来在瑞士设立营运分支机构的“鼓励性信号”。希望他们能比中国银行的表现更好，中国银行在 2012 年由于连续四年的失败而撤回了其在日内瓦的运营。中瑞之间的货币互兑将成为瑞士做为人民币海外中心的重要一步，因为货币互兑协

2014, Spring

overseas and thus foster trade and investment in China.” Not only are Swiss businesses interested in working more with China to open markets, but also Switzerland’s government has made it clear that it attends on becoming a RMB center. Frischkopf mentioned: “The Swiss Government is committed to providing the necessary institutional framework for this development. The newly established financial dialogue with China provides a strong base for strengthening financial sector cooperation between our two countries. Furthermore, there are currently talks between the two Central Banks on a currency swap agreement.” Indeed Switzerland is behind the curve on setting up a currency trade swap with China, but recently Switzerland’s

central bank opened talks with its Chinese counterpart to swap currencies. This has raised Swiss hopes of attaining a RMB hub status. In early December 2013, the Swiss National Bank (SNB) said it had engaged with the People’s Bank of China (PBOC) to set up a swap arrangement, but declined to reveal what volume of currencies would be swapped or how long it would take to achieve this result. The SBA said commercial Chinese banks had unofficially sent “encouraging signals” about setting up operations in Switzerland in the future. It is hoped they would fare better than the Bank of China, which sold its Geneva operations in 2012 after a failed four-year stint in Switzerland. A currency swap between Switzerland and China would be a major step in Switzerland becoming a RMB center, as currency swap agreement allows high volumes of RMB to enter a country, while an offshore branch of a Chinese bank is needed to process RMB transactions.

The Opportunities that Derive from China and Switzerland’s FTA On July 6, 2013 Federal Council member Johann N. Schneider-Amman and Chinese Trade Minister Gao Hucheng signed a bilateral Free Trade Agreement (FTA CH-CN) between Switzerland and China. Switzerland is therefore the first continental European country with which China has completed such an agreement. The FTA CH-CN agreement has just been ratified by the Swiss Parliament in March 2014 and is expected to come into effect in July 2014. Once the FTA goes into effect, as much as 99.7% of Chinese exports to Switzerland will be exempted from tariffs, while 84.2% of Swiss exports to China will not have any tariffs.

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瑞士拥有得天独厚的条件，便于中国企业在此设立欧洲总部 Switzerland Has Excellent Conditions For Chinese European Headquarters 中国企业设立欧洲总部或者分销中心，瑞士是理想国度。

高素质、多元文化背景的雇员瑞士拥有优质的中小学校、知名的高等院校、特有的双轨教育体系以及世界最高品质的生活环境，对于国外人才具有强烈的吸引力。瑞士通过其卓越的产品和服务在国际人才市场上胜出，将大量尖端人才吸引入它高素质、高技能的劳动力大军。此外，在欧洲范围内，瑞士的劳动力堪称最富有多元文化背景并且可使用最多种语言。瑞士的外国人比例约为 23%，在欧洲国家中排名第三，仅次于卢森堡和列支敦士登。苏黎世、巴塞尔和日内瓦的大都会区域均为多元文化和多种语言社区，在那里英语几乎随处可闻，并且在几乎所有瑞士跨国公司，英语已经成为公司官方语言。值得注意的是，尽管瑞士是由德语、法语和意大利语人群所组成，但是在跨语种情境中，人们更喜欢使用英语交流。

开明的劳动法，高水平的劳动生产率，合理的工会组织，历来不存在罢工行为瑞士拥有欧洲最开明的劳动法，工会化程度低，工会温和，所有这些都鼓励用工，成为瑞士低失业率（3.3％ /2012 年 12 月）的主要原因。与欧盟 27 国平均 10.7％的失业率，或奥地利的 4.5%、德国的 5.4％（所有数据于 2012 年 11 月）相比，都是非常低的。下面对这些特点做出具体说明。

- 工会代表无权参与管理决定瑞士公司没有设立员工委员会的法定义务，但是在拥有 50 名以上员工的公司中，员工可以选举员工代表。员工及员工代表（若有）拥有法定的知情权。雇主应当及时告知雇员履行其工作的须知事宜，并且必须每年一次告知雇员公司业绩对其岗位可能产生的影响。此外，在以下情形中，雇员及雇员代表（若有）拥有某些特定的法定知情权和咨询权： • 公司将被以资产转让或兼并的方式出售； • 雇主计划进行大规模裁员；以及 • 与选择退休基金管理人以及某些职业健康和安全问题相关的事宜。不过，除了公司不能在未征得员工及员工代表（若有）同意的情况下更换退休基金管理人之外，员工及员工代表（若有）在公司的管理工作方面（即使影响其工作环境）都没有法定的话语权。

- 无法定最低工资无遣散费不同于欧盟大部分成员国，瑞士没有法定最低工资。今年年末，瑞士

2014, Spring

Switzerland is an ideal place for establishing European headquarters or distribution centers of Chinese companies.

Highly Qualified, Multicultural Employees Switzerland has excellent schools and leading universities, a unique dual education system and one of the world’s highest qualities of life easily attracting talent from abroad. Powered by the pressure from global competition for the best quality of products and services it is the source of Switzerland’s qualified and skilled work force. In addition, Switzerland’s work force is one of the most multicultural and multilingual in Europe. Switzerland’s proportion of foreigners is approx. 23% which ranks third in Europe after Luxemburg and Liechtenstein . The metropolitan areas of Zurich, Basel and Geneva are multicultural and multilingual societies where English can be heard almost everywhere, and English has become the standard corporate language of almost all major international Swiss companies. It is noteworthy that although Switzerland is made up of German, French and Italian speaking parts, English is more prevalent in each of them than the languages of the other linguistic areas.

Liberal Labor Law, High Labor Productivity, Reasonable Labor Unions and Traditional Absence of Strike Actions Switzerland has one of Europe’s most liberal labor laws, a low degree of unionization and moderate unions, all of which encourage hiring and essentially contribute to Switzerland's unemployment rate of 3.3% (December 2012) which is exceptionally low compared to the European Union's average of 10.7% (EU of 27), 4.5% in Austria and 5.4% Germany (all November 2012) . These features will be further explained below.

- No Workers' Councils with a Say on Managerial Decisions There is no statutory duty for Swiss companies to have workers’ councils, but in companies with more than 50 employees they may elect a workers' repre sentation. Employees and workers' representation (if any) have a statutory general information right to be timely informed about matters that need to be known for the performance of their jobs, and once a year they must be informed of how the company's results may affect their jobs. Further, they have some specific statutory information and consultation rights in the following cases: • The employer company is about to be sold by way of an asset deal or merger; • The employer plans large-scale layoffs; and • The selection of pension fund carriers and certain matters of occu-pational health and safety. Nevertheless, neither employees nor the workers' representation

Schützengasse 1 P.O. Box 1230 8021 Zurich / Switzerland 电话 Tel: +41 58 211 34 00 传真 Fax: +41 58 211 34 10

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(if any) have a statutory right to have a say in management matters (even if affecting their work place environment) except that the employer company may not exchange a pension fund carrier without their consent.

Felix W. Egli 是菲谢尔律师事务所高级合伙人及中国业务主管苏黎世办公室 Senior Partner and Head China Desk VISCHER Zurich Felix W. Egli 电话 Tel: +41 58 211 34 90 电子邮件 E-mail: fegli@vischer.com

居民将针对一项最低工资为 4000 瑞士法郎的议案进行投票。然而，我们相信，瑞士公民将会反对此项议案，因为该议案将会导致瑞士传统的低失业率（目前为 3.2%）上升。而且瑞士是欧洲所有国家中终止劳动合同最简单且最便宜的国家。只要遵守有关的通知期，劳动合同可以随时终止，不需要理由，也不需要支付遣散费。

- 通知期短在第一个工作年内，法定通知期为一个月；从第二起至第九个工作年内，通知期为二个月；自第十个工作年起，通知期为三个月。劳资双方可约定变更以上法定通知期，但不得少于一个月，条件是对于劳资双方必须适用相同的通知期。通常，与非管理层雇员约定的通知期为一个月或两个月，基层管理人员的通知期为三个月，较高层管理人员的通知期为六至十二个月，最高层管理人员的通知期为十二至二十四个月。在整个通知期限内，雇主有权要求雇员带薪休假（“花园假期”）。对于雇员获得的或者意图避免获得的经济效益可观的工作任务而产生的任何收入，雇主可以将其从“花园假期”的薪水中扣除。

- 温和的解雇保护法定解雇保护限于以下情形： • 雇员怀孕期间至分娩后 16 周内； • 雇员正在服兵役，以及服兵役时间超过 11 天的，在服兵役之前或之后的 4 周内； • 在工作第一年内，雇员生病和发生意外事故请假的前 30 天（总计）内； • 在工作第二年起至第五年内，雇员生病和发生意外事故请假的前 90 天（总计）内；或 • 自工作第六年起，雇员生病和发生意外事故请假的前 180 天（总计）内。

- No Statutory Minimum Wages and No Severance Pay There are, in contrast to most EU member states, no statutory minimum wages. Later this year the Swiss people will have to vote on a popular initiative aiming to introduce a constitutional minimum wage of CHF 4'000 per month. Nevertheless, we are confident that Swiss voters will turn it down, realizing that such a minimal wage would increase the traditionally low Swiss unemployment rate of currently 3.2%. Nowhere in Europe it is as easy and inexpensive to terminate employment agreements as in Switzerland. Terminations, respecting the applicable notice period, may be given at any time, without giving reasons and without any severance pay. - Short Notice Periods Statutory notice periods are 1 month during the first year of service , 2 months in the 2nd through 9th year of service and 3 months from (including) the 10th year of service. Such statutory notice periods may be set aside by mutual agreement provided that the notice period is not less than one month and further provided that no different notice periods are agreed for notices given by the employee. Usually, agreed notice periods are 1 or 2 months for employees without management functions, 3 months for lower management, 6 - 12 months for higher management and 12 - 24 months for top level management. The employer is entitled to put the employee on garden leave during the entire notice period. The employer may deduct from the garden leave salary any income from oth-er gainful activities which the employee obtains or intentionally avoids obtaining. - Moderate Dismissal Protection and Continued Pay Obligations The statutory protection from dismissal is limited to the following events: • The employee’s pregnancy and 16 weeks after childbirth; • The employee’s military service and, if lasting more than 11 days, the four weeks preceding or following it; • The first 30 days (in aggregate) of a sickness and accident leave during the 1st year of service; • The first 90 days (in aggregate) of a sickness and accident leave during the 2nd–5th year of service; or • The first 180 days (in aggregate) of a sickness and accident leave after (including) the 6th year of service. During these termination protection periods the employer is obliged to pay the salary for a limited period of time which has been determined by courts to range slightly below the length of the applicable termination protection period, but with respect to military service and pregnancy, social security has stepped in, covering the continued pay obligation in whole or in part (depending on the amount of the relevant salary). Sickness and accident leave insurance covering 80% of the salary during a maximum of 720 days within a period of 900 days of sickness or accident leave is Spring, 2014 INVEST IN

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在解雇保护期内，雇主必须要继续支付雇员一段时间工资，时间长短由法院决定，通常略短于解雇保护期。但是，兵役与怀孕两项，社会保险会视工资高低，承担全部或部分工资的续付义务。疾病和意外事故保险通常可以覆盖 900 天中最多 720 天病假或意外事故休假中 80% 的工资；保险费通常由雇主和雇员等额分担。

- 工会化程度低瑞士工会代表员工利益进行集体劳动协议谈判，要求改善法定工作时间、带薪休假权、通知期及退休事宜，并要求引进最低工资制度。不过，由于工会的谈判力有限，谈判结果通常十分温和。2009 年，仅有 16% 的就业人员加入了工会（数据来源：瑞士联邦数据统计局）；2011 年，

customary; pre-miums are usually borne in equal shares by the employer and the employee.

- Low Unionisation Swiss unions negotiate collective employment agreements improving statutory working hours, holiday leave entitlements, notice periods and retirement matters to the benefit of the employee side, and introducing minimum wages. Nevertheless, the results are as a rule moderate, as the unions’ bargaining power is limited. In 2009, only about 16% of all gainfully employed persons were unionized and in 2011 only about 20.9% of employees who were full-time – or working at least 50% of full time hours – were employed under col-lective employment agreements .

仅有约 20.9% 的全职雇员或者工作时长超过 50% 全职工作时间的兼职雇员加入了集体劳动协议（数据来源：瑞士工会联合会）。

- 生产效率高瑞士不仅拥有欧洲最开明的劳动法之一，还拥有欧洲最高的劳动生产率，这是由于（i）瑞士雇员平均每周工作 41.7 小时（2012 年），与欧盟成员国雇员平均每周 39.7 小时的工作时间（2011 年）差异明显；（ii）法定休假通常仅有四周时间（20 岁以下的雇员可享受五周的休假。 50 岁以上并加入了集体劳动协议的雇员以及签订了个人劳动协议的管理人员通常可享有每年五周或六周的休假）；并且（iii）瑞士没有罢工的传统。不存在罢工行为这一优势起源于 1937 年金属与机械行业关税合作伙伴所签署的“和平”承诺协议，该协议宣布放弃罢工与停业行为以有利于开展诚信谈判。2007 年（瑞士和欧盟有关情况均有据可查的最近年份），瑞士每千名雇员的年平均罢工天数仅为 2 天，与欧盟成员国平均 34 天的罢工天数形成了鲜明对比。

- High Productivity Switzerland not only has one of Europe’s most liberal labor laws, it also has one of Europe’s highest labor productivity rates, which is due to: (i) 41.7 average weekly working hours (2012) in contrast to an EU average of 39.7 hours (2011) ; (ii) statutory holiday leave entitlements of, as a rule, four weeks only (five weeks for those less than 20 years old. Employees over 50 under collective employment agreements, as well as managers under individual employment agreements, are usually granted five or six weeks annual holiday leave); and (iii) a traditional absence of strike actions. The absence of strike actions is rooted in the 1937 contractual "peace" commitment between the tariff partners of the metal and machinery industry renouncing on the right to strike and lockouts in favor of good faith negotiations. In 2007 – the most recent year with relevant available data for both Switzerland and the EU – Switzerland’s number of annual strike days per 1,000 employees was 2 compared to an average 34 in the EU member states .

Situated in the Geographical Center of Europe 位于西欧的地理中心瑞士处于欧洲的心脏地带，分别于德国、法国、意大利和奥地利接壤。苏黎世的洲际机场是瑞士以及德国南部地区的国内与国际交通枢纽，通达世界所有主要城市，其中包括北京、上海和香港。其他规模稍小的国际机场位于巴塞尔和日内瓦。从苏黎世机场起飞，欧洲所有国家的首都均可以在 1-2 小时之内抵达。国内与国际公路与铁路运输极为便利，因为业已建立了覆盖面广泛的公路与公共交通网络，城际铁路至少每小时发一班车，而地区性的火车发车速度则更为频繁。瑞士耗费了巨资建设铁路和公路，使其穿越阿尔卑斯山脉，建成了创纪录的最长隧道并将欧洲北部与南部联结在一起。虽然瑞士没有滨海区域，但是她的三处巴塞尔 - 莱茵港口与集装箱装卸设施使得进出瑞士的海运运输成为现实。莱茵河自巴塞尔至鹿特丹全程通航，航程 830 公里，耗时 3-4 天，反向则耗时一周。中古时期，莱茵河港口就使巴塞尔成为北海与地中海之间的重要枢纽。

欧盟市场的经济一体化过去数年间，我们观察到，很多中国投资者担心由于瑞士未加入欧盟，

2014, Spring

Switzerland is located right in the heart of Europe, sharing borders with Germany, France, Italy and Austria. Zurich’s intercontinental airport operates as Switzerland’s and southern Germany’s national and international transport hub with excellent connections to all major cities of the world including Beijing, Shanghai and Hong Kong. Other, smaller, international airports are situated in Basel and Geneva. From Zurich airport almost all European capitals can be reached by a 1-2 hour flight. Domestic and cross border road and railway transportation is easy due to a wide network of highways and excellent public transportation networks with intercity trains departing at least hourly and regional trains departing even more frequently. Switzerland spent billions on railways and highways crossing the Alps in record-breaking long tunnels connecting northern and southern Europe. Although Switzerland has no sea front, its three Basel Rhine harbors and container handling facilities enable maritime transportation from and to Switzerland. The Rhine is navigable from Basel to its Rotterdam mouth, the passage taking about 3-4 days from Basel to Rotterdam (830 kilometers) and one week in the opposite direction. Ever since mediaeval times, the Rhine harbors

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have made Basel an important terminal between the North Sea and the Mediterranean.

Economical Integration in the European Union's Markets

吴帆是菲谢尔中国业务部顾问苏黎世办公室 Counsel China Desk VISCHER Zurich 吴帆 Wu Fan 电话 Tel: +41 58 211 36 45 电子邮件 E-mail: fwu@vischer.com

瑞士向欧盟的出口可能遭到歧视。确实，瑞士不是欧盟成员国，但由于瑞士与欧盟之间有一系列的双边条约，瑞士和欧盟之间已经实现自由贸易和人员来往。在人员自由流动方面，瑞士制度的特点是，对欧盟 / 欧洲自由贸易联盟的公民实行自由移民法则（或有例外），对其它外国公民（第三国公民）则实行出入境管制。想在瑞士寻求就业的第三国公民，只有在没有适职的瑞士居民或欧盟公民时才可能获得工作许可，而且，如果申请许可时间超过 4 个月，还取决于所在州是否剩有配额（瑞士 26 个州每年分配限额）。 2014 年 2 月 9 日，瑞士各州公民对一项旨在减轻过去六年内欧盟大规模移民压力所作的宪法修正案进行了投票。瑞士立法者有三年时间来制定新宪法的实施法案。但是该实施法案须符合瑞士与欧盟之间关于人员往来的协议，否则欧盟可能终止其与瑞士的所有双边条约。幸而，新宪法的措辞为实施法案合乎欧盟 - 瑞士双边条约留有空间。一方面，新宪法并未排除利用瑞士经济自我调节效应。另一方面，尽管该宪法要求为欧盟公民流入量设年度上限，但只要实际流入量未挑战上限，就不构成对双边条约的违反。因此，为合乎瑞士 - 欧盟双边条约，实施法案需确保一个足够大的年度上限，允许欧盟移民的自然增长，许可费也可以根据需求定价。另一个可选方案是将年度上限交由瑞士经济自我调节。由于欧盟公民只有在获得工作的条件下才得以移民瑞士，自我调节将会在没有任何强制规定的情况之下减少工作机会。在这个体系下，政府只是间接干预，并且是在符合欧盟条款的方式下进行间接干预（见上）。即使政府干预不总是能够严格符合欧盟条约，如果在数年间只偶尔出现违背，欧盟也不可能因此终止与瑞士的所有双边关系。综上所述，我们对于 2017 年 2 月 9 日瑞士将实施合乎与欧盟双边协议的新宪法毫无疑虑。欧盟是瑞士最大的贸易伙伴，瑞士为欧盟的第四大贸易伙伴（仅次于美国、中国和俄罗斯）。

We have in the past seen some Chinese investors fearing that Swiss exports may be discriminated in the EU as Switzerland has not acceded to the EU as a member state. However, although it is true that Switzerland is not a member of the EU, this does not, due to a set of various bilateral treaties between Switzerland and the EU, adversely affect free trade and free movement of persons between Switzerland and the EU. With respect to the free movement of persons Switzerland is characterized by, as a rule, the freedom to immigrate for EU/ EFTA nationals (certain exceptions apply) and immigration control applying to all other foreigners seeking access to the Swiss employment market, with work permits being issued only to qualified applicants for which no Swiss or EU/EFTA nationals are suitable or available and in the case of applications for stays exceeding four months in twelve only subject to limited quotas allocated to each of the 26 Swiss states. Nevertheless, on February 9, 2014, the Swiss people and Cantons voted for a constitutional amendment designed to prevent the past six years' massive immigration from the EU from continuing. The Swiss legislator has a three years grace period to implement the new constitutional law. Should the legislator be unable to implement the new constitutional law in a way compliant with the Swiss/EU treaty on free movement of persons the EU would have the right to terminate all their bilateral treaties with Switzerland. Nevertheless, the wording of the new constitutional law leaves room for an EU compliant implementation. On the one side, its wording does not prohibit self-regulation by the Swiss economy. On the other side, even if the implementing law would request yearly maximum work and stay permit numbers for EU nationals, the Swiss/EU treaty on free movement of persons would not be breached as long as such maximum numbers are not exhausted. Therefore, Swiss/EU treaty compliance may be reached by implementing laws providing for a largely sufficient growth rate for EU immigration permits whenever yearly maximum permit numbers are set and for permit fees pricing EU work permits proportionally to demand. As an alternative path, the implementing law could, as far as EU immigrants are concerned, refer the setting of yearly maximum permit numbers to self-regulation by the Swiss economy. As they have only a right to immigrate if they are offered a job, self-regulation would reduce jobs offered without any relevant governmental restriction. In such a system, the government would only intervene subsidiarily and its interventions could still be conceived in an EU compliant manner (see above). But even if such governmental interventions were not always strictly EU compliant, the EU would barely terminate all bilateral treaties with Switzerland if non-compliance happened only once within a couple of years. Therefore, we have little doubt that by 9 February 2017 Switzerland will have implementation laws acceptable to, and accepted by, the EU, all the more that the EU is the largest trade partner of Switzerland and Switzerland the fourth-largest trade partner of the EU (behind the US, China and Russia). Spring, 2014 INVEST IN

聚焦国际金融中心 IFC Spotlight

议允许大量的人民币进入瑞士，而海外的中国银行分支机构将负责处理这些交易。中瑞签订 FTA 后带来的机遇 2013 年 7 月 6 日，中国商务部部长高虎城与瑞士联邦委员兼经济部长施耐德阿曼在北京正式签署《中华人民共和国和瑞士联邦自由贸易协定》。瑞士成为第一个与中国签订该协议的欧洲大陆国家。2014 年 3 月，瑞士国会批准了该 FTA，并将于 2014 年 7 月正式生效。一旦该 FTA 生效，瑞士参与降税的出口产品比例达 84.2%，中方达 99.7%。中国商务部部长高虎城与瑞士经济部部长施耐德·阿曼在两国国旗前为签订自由贸易协定干杯庆祝。近日发的一份报告《中瑞自由贸易协定：瑞士进出口工业的绝佳机遇》中，毕马威盛赞该项条约，认为将大大地促进中国商界在瑞士的工作及投资机会。“ 中国与瑞士的 FTA 为瑞士的产品和服务进入中国这个庞大且日渐增长的市场提供了更好的机会，并且加速两国之间的贸易。更使瑞士能够扩大与中国这个现存的重要贸易伙伴之前的商贸往

2013 年 7 月 6 日，中国商务部部长高虎城与瑞士联邦委员兼经济部长施耐德·阿曼在北京正式签署《中华人民共和国和瑞士联邦自由贸易协定》。瑞士成为第一个与中国签订该协议的欧洲大陆国家。

On July 6, 2013 Federal Council member Johann N. Schneider-Amman and Chinese Trade Minister Gao Hucheng signed a bilateral Free Trade Agreement (FTA CH-CN) between Switzerland and China. Switzerland is therefore the first continental European country with which China has completed such an agreement.

来。”有鉴于此，中瑞 FTA 提供了一个得到双方认可规范的市场。供应链的相关分析即可显示出这些特定的优势，以及相应的竞争力提升。如今两国间已经有诸多工业产品方面的最惠国待遇，在双边条约生效后将被取代。在瑞士承诺给中国优惠条约下，大多数从中国出口到瑞士的产品已经享受了零关税。在 FTA 生效后，诸如纺织品和鞋类，从中国的特定地区出口到瑞士的，也能享受到优惠条约。也就是意味着，瑞士不再对这些产品进行征税。中国投资者和商人会从 FTA 中得利。零关税以及瑞士的高端技术自由进口渠道，能够满足中国商业的需求并且加速中国的工业转型和升级。目前超过 60 家中国企业在欧洲市场拓展了业务，并在瑞士设立的分公司。在 FTA 生效后，该数字将会显著上升。瑞士商务促进中心投资促进处主任 Laurent Knecht 先生认为，FTA 将继续为中国投资者和决策者建立提供寻找瑞士投资机会的框架。“自贸协定将以刺激两国之间的贸易和投资流动的方式来为两国经济带来更

2014, Spring

In a recent report called, SwitzerlandChina Free Trade Agreement: A great opportunity for the Swiss import and export industry, KPMG praised the agreement and stated that it will significantly boost the opportunities for Chinese businesses to work in and find investment opportunities in Switzerland. “The comprehensive FTA CH-CN agreement will provide better access for Swiss goods and services to the large and fast-growing Chinese market, and facilitate trade between the two nations. It enables the Swiss economy to expand commerce with an already important trading partner. To this end, the FTA CH-CN provides a regulated playing field that is recognized by both parties. Analysis of the supply chain can uncover selective advantages and so increase competitiveness. There is currently an autonomous

preferential arrangement as Most Favored Nation (MFN) for industrial goods, which will be replaced with the introduction of the bilateral agreement. Most goods originating from China have already now a zero tariff rate for import into Switzerland under the preferential treatment Switzerland grants to China. With the entry into force of the FTA products such as textiles and shoes, coming from the right Origin, would also be handled as preferential goods when it comes to customs duties on entry into Switzerland. This means that from then on Switzerland would also levy no tariffs on these goods. Chinese investors and business owners will benefit from the FTA. Zero tariffs and free import channels for cutting-edge technology from Switzerland will satisfy the growing needs of Chinese businesses and help

聚焦国际金融中心 IFC Spotlight

大的推动力。”他指出，“约有 70 个主要的中国公司在瑞士设立公司，中国投资者（公司和企业家）能就此探索更多的项目机会。” 中国总理李克强去年在访问瑞士期间签订的两国之间的自由贸易协定，肯定会让瑞士作为欧洲的首选投资目的地，加强在中国企业心目中的地位。中瑞之间未来的商机中瑞之间的友好商业关系将会继续为中国商务人士和投资者提供更多诱人的投资机会。中国是继美国和日本后的世界第三大研发投资大国，在瑞士，它可以找到能够快速发展其研发能力的投资项目。瑞士的金融产品也会继续吸引中国的富裕投资者。在 FTA 生效之后，我们相信，越来越多的中国投资者和商业领袖将会在瑞士寻求人才、资源、技术和专业服务。 Knecht 总结说，“瑞士欢迎更多的中国公司在不久的将来来瑞士建立其欧洲总部，瑞士已经是全球的国际总部中心。” 瑞士银行的人民币产品和服务 Swiss Bank’s RMB Products and Services

accelerate the country's industrial transformation and upgrading. Currently more than 60 Chinese companies have expanded their business in the European market by setting up branches in Switzerland. The number is expected to grow significantly following the FTA in months to come. Laurent Knecht, Investment Promotion Director, Swiss Business Hub, said that the FTA would continue to construct a framework that allows Chinese investors and business decision makers to explore business opportunities in Switzerland. “The FTA will give additional impetus to the economic relations between China and Switzerland by stimulating trade and investment flows between the two economies.” Knecht added, “About 70 major Chinese companies set up in Switzerland and 图表 2 FIGURE 2

人民币贸易相关产品货架 Renminbi Trade-related product shelf 产品 / 服务 Products/Services

人民币现有账户 Renminbi current accounts

离岸人民币支付服务 Offshore renminbi payment services 离岸人民币贷款 Offshore renminbi lending

贸易金融和出口金融（大部分由美元、瑞士法郎或欧元交易，但是如果市场需求上升，人民币产品将被推出） Trade finance and export finance (to date primarily in US dollars, Swiss francs or Euro, but renminbi products will be introduced if market demand grows) - 进出口信用证：可转让的对接和备用信用证；进出口跟单托收；担保；赔偿保证书 - Import and export letters of credit: transferable back-to-back and standby letters of credit; import and export documentary collections; guarantees; letters of indemnity

- 制造商出口信贷，买卖双方的由瑞士出口风险保险公司出具的保单 - Export finance loans to producers, sellers and buyers contingent upon insurance by Swiss Export Risk Insurance agency - 证券化保证 - Securitization guarantees

- 出口信贷和商业信贷（非由瑞士出口风险保险公司保险） - Export finance commercial credits (not insured by Swiss Export Risk Insurance angecy) - 研究和顾问服务 - Research and advisory services

来源：瑞士银行协会 Source: Swiss Bankers Association

more new projects are explored by Chinese investors.” Indeed the first of China’s Premier visit to Switzerland last year to signal the signing of the FTA brought strong awareness of Switzerland to the Chinese business community.

The Future Business Opportunities Between China and Switzerland Clearly the growing friendly business relations between Switzerland and China are going to continue to create enticing investment opportunities for Chinese business owners and investors in the European country. Since China is already the third largest research and development spender, right behind the USA and Japan, they will find many opportunities to rapidly develop their research capabilities in Switzerland. The financial products in the country will also continue to attract wealthy Chinese investors, and when the FTA effects are felt between the countries’ economies, we will see even more Chinese investors and business leaders seeking talent, resources, technology and expertise in Switzerland. Knecht concluded, “Switzerland will welcome more affiliates of Chinese companies in the near future as well as see more well established Chinese companies in Europe setting up their regional headquarters in Switzerland, which has proven to be a center of global and regional multinational headquarters.” Spring, 2014 INVEST IN

专访

Interview

问：瑞士最近和美国签订了“海外账户纳税法案”（FATCA），世界上有许多投资者对瑞士在保护投资者隐私方面的措施感到担忧。您是否认为这是个问题？如果是这样，中国投资者在瑞士的财富管理行业和银行业投资方面能获得哪些裨益？答：Karolina 小姐：隐私和数据保护仍然是瑞士金融服务行业的宝贵财富。但是我们并不能容忍避税者钻这个系统的空子。根据国际标准，我们将履约和一些国家在税务信息上作双边交换。瑞士的其它强项还包括金融行业的服务质量具有极强的竞争力，我们对国际市场的深刻理解，稳定的政体，强有力的货币和法律体系——我们是欧洲中部最富有的国家之一，没有任何外债。问：瑞士政府在 2012 年发布了把苏黎世在 2016 年之前建成人民币海外中心的愿望。瑞士的人民币中心和其它城市，比如伦敦和卢森堡等相比，有什么不一样的地方和独特吸引力？答：Karolina 小姐：人民币的国际化进程将使它在未来几年内在世界市场上迅速扩张。几个主要在亚洲和欧洲的金融中心，包括瑞士

瑞士

Q&A Baron Laudermilk

投资前景专家问答

Switzerland

Q&A with Karolina Frischkopf and Laurent Knecht The Future of Investing in Switzerland 《境外投资》有幸和瑞士大使馆经济处副主任 Karolina Frischkopf 女士和瑞士商务促进中心投资促进处主任 Laurent Knecht 先生，就中国投资者在瑞士的投资前景和瑞士作为人民币海外中心之一的机遇，进行了一个简短的采访。两位官员都热忱欢迎来自中国的投资，并在内容方面给予本刊有力的支持。以下为我们的对话。

Invest In had the opportunity to interview Ms. Karolina Frischkopf, Deputy Head of the Switzerland Embassy’s Economic Section, and the Investment Promotion Director at the Swiss Business Hub, Mr. Laurent Knecht, about the future of investment of Chinese investors in Switzerland and the status of Switzerland becoming a major RMB center in the near future. Below is an outline of the conversation.

在内，都把自己作为人民币的海外集散地—— 每一个金融中心都以独有的特点来达成这一目标。瑞士对此也胸有成竹。因为我们在跨境私人财富管理、退休金资产管理、保险公司、主权财富基金、家族办公室和公司、商品贸易等方面的都处于国际领先地位，瑞士的金融行业能帮助人民币业务在海外的进一步扩张，以此支持在中国的贸易和投资。瑞士政府致力于为这一发展势头提供必要的政策和法律支持。和中国新近的金融对话为加强两国之间在金融领域的合作提供了强有力的支持。此外，两国央行之间的货币交换协议也正在酝酿之中。最后，也是非常重要的是，我们预计中瑞贸易在自由贸易协定（FTA）生效后会有一个爆发性的增长。这也将对瑞士发展成为人民币的海外中心提供更大的支持。问：去年中国和瑞士之间签订的自由贸易协定，是两国政府关系和商业领域的里程碑。但是在签订自贸协定后，瑞士该如何吸引中

2014, Spring

瑞士商务促进中心投资促进处主任 Laurent Knecht 先生

瑞士大使馆经济处副主任 Karolina Frischkopf 女士

Mr. Laurent Knecht, Investment Promotion Director at the Swiss Business Hub

Ms. Karolina Frischkopf, Deputy Head of the Switzerland Embassy’s Economic Section

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Q: With Switzerland signing America’s FATCA regulation, many global investors are worried Switzerland’s secrecy advantages are disappearing. Do you think this is true? And if so, what are some of the other major advantages that Chinese investors can acquire by investing into Switzerland’s wealth management sector and banking industry? A: Ms. Karolina Frischkopf: Privacy and data protection are still main assets of Switzerland’s financial services industry. But we don’t accept that tax evaders take advantage of our

system. We will exchange tax information with some countries bilaterally regarding the international standards. Switzerland’s other assets are the highly competitive service

quality of its finance industry, the internationally diversified know-how, political stability,

strong currency and legal certainty – and we are a wealthy country in the middle of Europe without any debt troubles.

Q: Switzerland’s government in 2012 outlined a blueprint that stated that Zurich will become a RMB center by 2016. How will Switzerland’s RMB center be different and more attractive than London’s and Luxembourg’s? And where is the stage of development now on its transformation to becoming a RMB center? A: Ms. Karolina Frischkopf: The ongoing internationalization of the Renminbi will lead

markets for Renminbi worldwide to expand rapidly over the coming years. Several financial centers mainly in Asia and Europe, including Switzerland, are positioning themselves as Renminbi hubs - each one offering its respective strengths to foster this development.

Switzerland is well-positioned in this regard. Due to its leading role in cross-border

国的高净值人士的投资呢？另外，根据我们手头的数据，目前只有 60 家中国公司在瑞士建立，这一数字在自贸协定签订后有没有增加？现在的数量是多少，预计会有多少呢？答：Laurent 先生：自贸协定将以刺激两国之间的贸易和投资流动的方式来为两国经济带来更大的推动力。在我们和其它自由贸易伙伴（现在已和 38 个伙伴签订了 28 个自贸协定）的经验来看，由于自贸协定改进了法律框架和法规的安全性，和缔约国之间的贸易和投资相比平均值来说的增长更为迅速。这对外

private wealth management, its expertise in managing institutional assets for pension funds, insurance companies, sovereign wealth funds, family offices and corporates and its niche as a leading center for commodity trading, the Swiss financial sector can support the further extension of Renminbi business overseas and thus foster trade and investment in China.

The Swiss Government is committed to providing the necessary institutional framework for this development. The newly established financial dialogue with China provides a strong base for strengthening financial sector cooperation between our two countries.

Furthermore, a currency swap agreement between the two central banks is on its

way. Last but not least, we expect Sino-Swiss trade to receive a boost when the Free Trade

Agreement with China takes effect. This should further support Switzerland’s development as a Renminbi hub.

Q: The free trade agreement that was signed last year between China and Switzerland

国直接投资来说也更为明显。约有 70 个主要

is a milestone between the two countries governments and corporations. But how

的中国公司在瑞士设立公司，中国投资者（公

will the FTA attract Chinese high-net-worth individuals’ capital? Also, currently,

司和企业家）能就此探索更多的项目机会。

according to my data, only 60 Chinese companies have set up shot in Switzerland. Has

中国总理李克强去年在访问瑞士期间签订的

this number increased since the signing of the FTA? What are the number now and

两国之间的自由贸易协定，肯定会让瑞士作

the forecasted number?

为欧洲的首选投资目的地，加强在中国企业

A: Mr. Laurent Knecht: The FTA will give additional impetus to the economic relations

心目中的地位。问：中国的投资者在瑞士投资时还有哪些别的好处？请在房地产投资、商业投资或银行业方面举例说明。答：Laurent 先生：从很多方面来看，瑞士都

between China and Switzerland by stimulating trade and investment flows between the

two economies. Our experience with existing free trade partners (currently 28 FTAs with 38 partners) shows that due to the improved framework conditions and enhanced legal

security created by FTAs, trade and investment grew faster with preferential partners in comparison to the overall average. This is also true for foreign direct investment. About

70 major Chinese companies set up in Switzerland and more new projects are explored Spring, 2014 INVEST IN

聚焦国际金融中心 IFC Spotlight

是一个充满吸引力，地理位置优越的国家。比如在创新和研发领域、在工作环境、基础设施建设方面，以及它位于欧洲的中心位置和它稳定的政治经济环境和生活水平，无不傲视全球。事实上，瑞士是世界上营商方面

by Chinese investors (companies & entrepreneurs). Mr. Li Keqiang’s last year visit to

Switzerland and the signing of the FTA certainly enhanced the awareness of Switzerland as a good business location in Europe toward the Chinese business community.

Q: What are some other major advantages that Chinese investors can acquire by

最具吸引力的国家之一，这也是许多官方排

investing in Switzerland? Examples would be investing in real estate, businesses, or

名所能证明的，这些排名无不清楚地表明瑞

even in the banking center.

士在竞争力、创新力，乃至国家政局的稳定

A: Mr. Laurent Knecht: In many respects Switzerland is a country with many attractive

性方面都首屈一指。任何在瑞士投资的中国公司或企业家都将能从上述优点获益，两国之间的自贸协定大约在今年夏季的时候正式生效，届时他们所获得的好处将更加惊人。问：中国在瑞士投资的前景如何？在近期和远期会否继续增长？请详细说明。答：Laurent 先生：中国公司的发展非常迅速，他们都渴望生产更为复杂精密的产品。因此，中国已成为继美国和日本之后，研发经费花

location advantages. This is shown, for example, in research and innovation, in the working conditions, infrastructure, the central location within Europe, in the economic-political environment and the standard of living. The fact that Switzerland is one of the most

attractive business locations in the world is also proved by various rankings, which make clear statements about the competitiveness, innovation or the stability of a country. By

investing in Switzerland any Chinese company or entrepreneur could benefit from those

advantages which will be further enhanced once the FTA between our two countries enters into force, probably in the course of the summer 2014.

Q: What is the future of Chinese investment in Switzerland? Do you see it continuing

费的第三大国，根据“全球创新力指数 2013

to expand in the near and long term future? Please elaborate.

年报告”（巴黎“欧洲工商管理学院”数据），

A: Mr. Laurent Knecht: Chinese companies are developing at a fast pace and are eager to

瑞士作为世界上最具创新力的国家，是中国建立海外研发中心的理想选址之地。此外，中国对欧洲的直接投资自 2007 年以来也出现了显著的增长。随着中国公司在欧洲知名度的不断提升和得益于欧洲消费者的高收入，中国公司对欧洲品牌、知识产权和技术的并购将渐成趋势。瑞士将一如既往地欢迎来自中国的投资，现在，越来越多的在欧洲的中国公司已在瑞士设立了地区总部，而瑞士也将作为欧洲乃至全球的跨国公司总部所在地，继续领跑全球。

2014, Spring

manufacture more complex products. As a consequence, China is today the third-largest R&D spender in the world only behind the USA & Japan and in this specific expertise

Switzerland, as the most innovative country worldwide according to “The Global Innovation Index 2013” (INSEAD, Paris), would be an ideal location for any Chinese company for a

research center. Besides, Chinese ODI to Europe has dramatically increased since 2007. This trend not only concerns acquisitions of European brands, knowledge and technologies as more and more Chinese companies are also present in Europe aiming at developing their activities and benefiting from European high-income consumers. Therefore, Switzerland

will welcome more affiliates of Chinese companies in the near future as well as see more well established Chinese companies in Europe setting up their regional headquarters in Switzerland which has proven to be a center of global and regional multinational headquarters.

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- Low taxation for production, trading and holding companies

Switzerland also offers one of the lowest corporate tax rates in the world. Depending on the company’s domicile, the ordinary tax rates may be as low as 12% - 16%. Moreover, certain corporate functions may benefit from special low taxation, such as licensing of intellectual property rights (tax rates of below 10%), group financing activities (tax rates of 2% or less) or holding companies (tax rates of close to 0%). Hence, Switzerland is deemed as the top and ideal location for gateway to Europe by multinational companies. Not surprisingly, the number of Chinese companies domiciled in Switzerland is steadily increasing. It includes, amongst others, companies like Lenovo, Trina Solar, Asus, Hainan, Yuanda, Maipu, Baoshida, Huawei, ZTE, Haidian, Suntech, Neusoft, Sinopec, GMT, or Acer. By strategizing their position, the border EU suppliers or multinational companies which have foot prints in Switzerland may optimally slice up their value chain to enjoy the same benefits under the FTA as Swiss suppliers do as long as the products have undergone substantial transformation in Switzerland.

The Benefits of Using Switzerland as Business Platform For the fifth year in series, Switzerland tops the overall ranking in “The Global Competitiveness Report 2013-2014” of the World Economic Forum and is there named the most innovative nation in the world. What is the formula that makes the small country in the heart of Europe so successful? - One of the most attractive business environments

Apart from its central and strategic location in Europe and its close ties with the EU, enabling Switzerland to benefit from most of the advantages available to the EU member countries, the key reasons for Switzerland’s attractiveness include: • A stable political system and a highly competitive economy with a strong currency; • A highly-skilled, multi-lingual and flexible workforce, ensuring high productivity; • The complete and sound infrastructure of an efficient transportation system with convenient connections to all major European and Asian cities; • World-renowned universities, technical institutes, R&D institutions and technology clusters supporting its industry, enabling investors to acquire new skills, and making Switzerland a hot spot for innovation; • A liberal and straight-forward business law providing high flexibility.

- Excellent Double Tax Treaty (“DTT”) network, including DTT

with China and Hong Kong providing efficient structuring opportunities for profit repatriation The new DTT between Switzerland and China and Hong Kong provide further specific benefits for Chinese investors doing business in Switzerland. A Swiss company held by a Chinese or HKG parent company enjoys a WHT as low as 5% (China) or 0% (HKG) on dividend payments, given that the investment amounts to a minimum share of 25% (China) or 10% (HKG) in the Swiss company. As dividends paid by a Hong Kong company are exempt from any WHT, the profits may be repatriated at low tax costs.

Deep-dive the Value Chain and Take the Pre-emptive Opportunities The FTA will surely inject vitality into bilateral or even trilateral economic and trade ties. To enjoy the substantial and significant benefits under the FTA and to emerge as the winner in the competition of the next wave, the companies should deep-dive their current value chain and the accessed or the would-access markets with professional support to review the business plan from the legal and tax perspectives.

Remy Baerlocher is Partner and Head of Taxation and Rachel Chiao is Senior Client Advisor– Greater China at Barandun von Graffenried AG, an international law and tax consultancy firm with offices in Zurich and Berne.

BARANDUN VON GRAFFENRIED LEGAL & TAX Zurich │ Berne Switzerland

www.bvgag.ch remy.baerlocher@bvgag.ch rachel.chiao@bvgag.ch

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充分利用印度的外国直接投资政策革新获取最大收益 58

2014, Spring

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Taking Advantages of India’s FDI Reform

By Asia Briefings/Gunjan Sinha

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印

度经济在去年有着较为明显的起伏，第四季度的数据显示，该国经济政治方面都在为印度 2014

年的外国投资埋下伏笔。在全球经济复苏的大环境下，对印度出口和投资需求方面的增长也呈稳定上升的势头。高盛集团和印度储备银行预期，在 2014 年印度的 GDP 增长率将达到 5.5%，并在未来的几年内保持高达 7.5% 的增长率。在印度投资需要战略性的全局考虑和对它多样化环境的充分理解，该国最近在外国直接投资（FDI）方面的政策变动也为外国投资开放了一些重要的商业领域。本文介绍了一些印度外国直接投资政策方面的重要政策更新，列举了在该国设立公司的多种投资选择。我们还将看看在印度开设全资子公司和公司运营方面的需要缴纳的几个税负种类。印度外国直接投资政策更新印度外国直接投资（FDI）在去年（2013 年）的政策更新开放了几个重要的投资领域。 2013 年更多的政策更新重新定义了和分类了资本在“控制”方面的法律定义和上限，也强调了外国机构投资者（FII）和考虑 FDI 的公司在单一和多品牌零售贸易法规方面的重要性。

未改变的 FDI 上限

Unchanged FDI Caps

领域 / 行业 Sector/Industry

投资上限 Investment Cap

民用航空 Civil Aviation

49%

国防 Defense

26%

机场 Airports

74%+

平面媒体 Print Media

26%

布朗菲尔德医药公司 100% Brownfield Pharmaceuticals 多品牌零售业 Multi-Brand Retail

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51%

fter a turbulent year of India’s economy, strong quarterly growth of figures and encouraging political developments appear set to make 2014 one of the most promising years for foreign investments in recent memory. Driven by the expectation that Indian exports and investment demand will increase steadily alongside a pick-up in the global economy, Goldman Sachs and the Reserve Bank of India expect GDP growth will reach 5.5% in 2014 and maintain a pace of 7.5% over the next few years. Making a strategic decision about investing in India requires both an understanding of the diverse options, and the recent changes in FDI policy

that open several key business sectors to increase foreign investment. Here we explore some important amendments to India’s FDI policy, and outline the various investment options for business establishment. And we’ll also look at several taxes that apply to wholly owned subsidiary companies and their operators. Recent Changes in India’s FDI Policy Amendments in India’s FDI policy last year (2013) opened a number of key business sectors to increase investment. Additional 2013 policy changes that alter the legal definition of control as pertaining to the determination of sectorial caps, as

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FDI 的途径和形式进入印度的 FDI 以如下一个或两个 FDI 的途径表现：

well as regulations for single and multi-brand retail trading are also important for foreign institutional

investors (FII), and firms considering FDI.

之前和修改后的印度主要商业领域投资政策对比图

A comparison of the previous and revised policies in key Indian business sectors are outlined in the chart below

领域 / 行业 Sector/Industry

2013 年新政 2013 Revised Policy

原政策 Previous Policy 投资上限 Investment Cap

审批途径 Approval Route

投资上限 Investment Cap

审批途径 Approval Route

商品交换 Commodity Exchanges

49% (FDI + FII) FDI Caps 上限 : 26% FII Caps 上限 : 23%

政府 Government

49% FDI Caps 上限 : 26% FII Caps 上限 : 23%

自动 Automatic

电力交换 Power Exchanges

49% (FDI + FII) FDI Caps 上限 : 26% FII Caps 上限 : 23%

政府 Government

49% FDI Caps 上限 : 26% FII Caps 上限 : 23%

自动 Automatic

资产重组 Asset Reconstruction

Up to 不高于 49%

74% (FDI + FII)

政府 Government

自动 Automatic

49% to 100%

政府 Government

保险 Insurance

26% (FDI)

自动 Automatic

26% (FDI + FII)

自动 Automatic

Up to 不高于 49%

自动 Automatic

Up to 49%

自动 Automatic

Above 高于 49% 且低于 and up to 74%

政府 Government

Above 高于 49% 且低于 and up to 100%

政府 Government

快递服务 Courier Services

100%

政府 Government

100%

自动 Automatic

测试营销 Test Marketing

100%

政府 Government

100%

自动 Automatic

国有企业石油精炼 Petroleum Refining by Public Sector Undertakings

49%

政府 Government

49%

自动 Automatic

26%

自动 Automatic

Above 高于 26%

政府 Government

电信服务 Telecom Services

国防产品制造 Defense Production

26% (FDI)

政府 Government

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外国投资的审批途径 ·政府途径：对在商业领域进行的投资首先需要获得外国投资促进属（FIPB）的许可 ·自动途径：针对在不需要印度政府审批的在商业领域进行的投资，需要在公司建立以后和发行原始股的时候发布存档通知这些区别在解读最新的外国投资政策时愈发重要，由于外国投资资本和批准途径通常以行业和投资者而言各不相同。 “控制”的重新定义 “控制”的重新定义也会被用于 FDI 在那些需要投资上限的现有行业中。在 2013 年的修改案之前，公司被认为是由印度公民在该公司以 51% 控股的方式“控制”，且有权指定该公司大部分的董事会成员。在今年发布“控制”的更广义定义的情况下，“控制”现在不仅包括有权指定公司的大部分董事，还包括以控股、管理权力、持股人协议或投票协议等方式来控制公司的管理或管理决策。印度公民必须以这个全新定义的“控制”来履行公司的控制权，这才被认为是当地“控制”的公司。总之，曾经被认为是“印度”的公司现在则有可能在新的 FDI 上限政策和其它下游投资方面的限制下成为外国控制的公司。投资由印度公司发行的股份遵从印度的“外国交换管理法案”（FEMA）所介绍的指引条例。寻求公众资本融资渠道的公司应该把发行价格基于 SEBI 的指引。寻求融资的未上市公司基于“抵折现金流量法”，不能以低于市场公允价值的价格发行私人股权，且价格须由 SEBI 注册商户或注册会计师来决定。由非印度公民向印度公民购买的未上市股权必须在基于 SEBI 条款的基础上以市场价格进行交易。在 SEZ 运作的单位可以以依据资本财货进口估算价值的价格发行股票。这一估算必须得到“发展理事委员会”的首肯和分管的海关官员的认可。在收到投入资本之后的 180 天之内，必须正式发行股票，否则资金将会被遣返回投资方。

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FDI Routes and Forms FDI into India falls under one of the two FDI routes: Approval Routes for Foreign Investment · Government Route: For investment in business sectors requiring prior approval from the Foreign Investment Promotion Board (FIPB) · Automatic route: For investment in business sectors that do not require prior approval from the government, but the filing of a notification after the incorporation of the company and issue of initial shares These distinctions are important when interpreting recent changes in foreign investment policy, as foreign investment caps and approval routes often vary by both industry and investor. Changes in the Definition of “Control” A Changed definition of “Control” is also expected to apply to FDI in sectors where a sectorial cap currently exists. Prior to the 2013 amendments, companies were considered to be “controlled” by resident Indian citizens held 51% stake in the firm and had the power to appoint a majority of directors in

印度的人口结构也意味着印度正发展成为一个“必须去”的投资目的地，而不仅仅是一个候选国家。

India's demographics dictate that India is developing into a “must have” destination rather than an alternative.

that company. Under the broadened definition of control introduced this year, “control” now includes not only the power to appoint a majority of directors, but also the ability to control the management or policy decisions via shareholding, management rights, shareholder agreements, or voting agreements. Indian citizens must exercise “control” under all limbs of this new definition for a company to be considered domestically “controlled”. Consequently, companies previously considered to be “Indian” may now be viewed as foreign controlled and subject to FDI caps and other restrictions on downstream investment. Investing The issuance of shares by Indian companies falls under the compliance guidelines outlined in the Foreign Exchange Management Act (FEMA). Companies seeking capital through the public route should base the issuance price on SEBI guidelines. Unlisted companies seeking capital may not issue private shares at a price less than fair value based on the discounted cash flow method, and price will be determined by a SEBI registered merchant or chartered accountant. The acquisition of unlisted shares by a non-resident from an Indian resident must be exchanged at market price based on the SEBI guidelines. Units operating in SEZs may issue shares at a price based on the valuation against the import of capital goods. This valuation must receive approval from a Development Commissioner Committee and the appropriate customs officials. Shares

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在向外国投资者发行股权时，发行公司有 30 天时间提交 FC GPR 表格，该表格概括了该公司的主要活动和相关信息，由合格的当地 RBI 办公室提交。一份申明符合公司法案 1956 号和公司法案 2013

在印度投资需要战略性的全局考虑和对它多样化环境的充分理解，该国最近在外国直接投资（FDI）方面的政策变动也为外国投资开放了一些重要的商业领域。

Making a strategic decision about investing in India requires both an understanding of the diverse options, and the recent changes in FDI policy that open several key business sectors to increase foreign investment.

号，且一直有效的证书也将同时提交。发行公司还应该获得一份确认发行股价和上述规则相符合的证书。怎样在印度设立一个外商独资公司创建一个全资子公司印度法律规定，如果在那些允许 100% 外国直接投资（FDI）的领域运作，外国投资者能以私人有限公司的形式设立全资子公司（WOS）。随着印度放松对外国直接投资上限的要求，现在外国公司能在电信服务和资产重组领域设立 WOS。设立一个私人有限公司的过程比较漫长和复杂，需要经历的步骤比较多。首先，先要指定最少两名董事，且在印度的“董事识别号码”（DIN）电子存档系统中进行注册。设立私人有限公司的最低要求包括两名董事、两名股东（可以和董事为同一人），以及最低 INR 100,000（十万卢比）股权资本。

must be officially issued within 180 days of receipt of invested capital, or the funds must be refunded to investors. Upon the issuance of shares to foreign investors, the issuing company has 30 days to file Form FC GPR, which outlines the company’s activities and relevant details, through the appropriate regional office of the RBI. A certificate declaring compliance with the Companies Act 1956 and Companies Act 2013, as applicable from time to time, shall be submitted at the same time. The issuing company shall also obtain a certificate confirming the price of issue is in line with the prescribed guidelines.

How to Set Up a Wholly ForeignOwned Business in India Establishing a Wholly Owned Subsidiary Under Indian Law, foreign investors are able to establish wholly owned subsidiary companies (WOS) in the form of private limited companies if they operate in sectors that permit 100 percent foreign direct investment (FDI). With India’s recent loosening of FDI caps, companies are now also able to establish WOS in the telecom services and asset reconstruction sectors. Establishing a private limited company can be a lengthy and complicated process involving multiple steps. First, a minimum of two directors Spring, 2014 INVEST IN

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其次，还需要选择一个能反映公司主要业务的公司名称，和 ROC 以及一份解释公司业务功能的简介来验证公司名称的合理性和有效性的文件一同提交。在公司名称成功注册后，申请人的公司有 60 天的时间来提交公司章程（MOA）和组织章程（AOA），并进行下一步的正式步骤。公司章程和组织章程必须在所需要的 RoC 费用和印花税费用支付后盖章生效，两份表格必须由至少两名认股人在一名公证人的情况下签署。在这个为期 10 天的空窗期内，以下文件也必须由公司事务部（Ministry of Corporate Affairs）网站注册且支付相应的注册费用： ·表 1——和 MOA 和 AOA 一起提交的公司注册申请表 ·表 18——注册办公地点的申明（证明其地址等） ·表 32——公司董事会的详细情况在成功提交上述文件后，RoC 将签发一个“公司和公司识别码证书”（企业标识）。这一流程一般来说需要 7~8 周的时

must be appointed and registered through India’s e-filing system for Director Identification Numbers (DIN). Minimum requirements for the establishment of a private limited company include the existence of two directors, two shareholders (who may be the same person as the directors), and a minimum share capital of INR 100,000 (1 Lakh). Second, a suitable name must be selected that indicates the main objectives of the company, and submitted with the RoC along with a brief description of the business’s proposed functions to verify both the name’s appropriateness and availability. Upon successful name registration, the applicant company has 60 days to file its Memorandum of Association (MOA) and Articles of

Association (AOA), and proceed with formal incorporation filings. Both the MOA and AOA must be stamped with the appropriate duty after the needed RoC fees and stamp duty have been paid, and both forms signed by at least two subscribers with a witness. Within this 10-day time window, the following documents must also be filed with the Ministry of Corporate Affairs web portal along with the requisite filing fees: · Form 1 - Application for incorporation along with the MOA and AOA · Form 18 - Notice of situation for the registered office (proof of address, etc.) · Form 32 - Details of the company’s board of directors Upon successful submission of

间，私人有限公司可以在公司成功建立之后立即开始其经营活动。适用税赋虽然印度从 1991 年开始就一直致力于政府政策的改革，这个国家的税务结构仍然是全世界最复杂和难以理解的国家。甚至对于最聪明老道的商人来说，要理解印度庞大复杂的法律法规和政策流程仍然非常费力。没有参考专业顾问意见的外国公司一路走来，经常会多缴税款或多缴相关的罚金和利息。下表介绍了在印度建立一个私人有限公司（WOS）时应该考虑的各个税种。股息分配的税负实体公司需要在股息分配方面需要缴纳的税负。当然，在股东分红的情况下，相关的收入是免税的。现在施行的有效的股息分配税是 16.995（15%，外加 10% 的附加税和 3% 是教育税）。和经济开发区开发商收取的利润相关的，向 DDT 支付的费用是不免税的。为了避免由征收 DDT 税负而产生的

2014, Spring

甚至对于最聪明老道的商人来说，要理解印度庞大复杂的法律法规和政策流程仍然非常费力。没有参考专业顾问意见的外国公司一路走来，经常会多缴税款或多缴相关的罚金和利息。

Understanding the wide variety of laws, regulations and procedures can be confusing for even the savviest of business operators. Foreign companies that do not seek specialized advice often end up overpaying on taxes or on the associated penalties and interest that go along with them.

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双重征税情况，可以允许在计算税负时，由国内公司在任何财政年度从其子公司收到的股息，应该被允许从分配的股息中扣除。这一情况的条件取决于国内公司遵从 DDT 且该公司并不是其它任何公司的子公司。最低公司税所有申报低或零利润的公司都要交纳最低公司税（MAT）。现在，MAT 是在账面利润上收取 18.5%，外加附加税和教育税。 MAT 是针对那些可征税额度低于正常收入税条款范围，且低于 18.5% 的账面利润。此外，MAT 对在 2012 年 4 月 1 日及之后在经济开发区开发商 / 单位获取的收入征收。版税和技术服务费税负在国内的税法中，和没有永久居留地的非居民相对，在印度有永久居留地要缴纳的非居民版税 / 技术服务费是基于不同的基数来收取。除非由印度政府特批的项目，否则是得不到税收优惠的。所支付的费用要缴纳由非居民所来自的国家和印度签订的免征税协议规定。财产税财产税在每年的 3 月 31 日计算（此处指的是估值日期）。财产税是针对那些净资产超过 INR 3,000,000（300 万卢比）的个人和公司，按 1% 的额度收取。 “净资产”的提法是基于在累积负债的基础上特定资产的溢出价值来定义的。资产包括旅馆和居民房屋、汽车、黄金和白银珠宝 / 金银 / 器皿、游艇、飞机、城市土地和手头的现金。债务指的是在“净资产”中包括的有义务支付的特定款项。间接税关税关税是由政府对进出口印度的货物收取的税种。根据印度关税法案（CTA）所规定的分类，进出口印度产品的关税税额不尽相同。在从印度出口的情况下，关税适用于极为有限的集中货物。印度的关税和国际承认的，由世界关税组织所公布的 “统一商品描述和编码系统税率表”保持

the above documents, the RoC will issue a Certificate of Incorporation and a Corporate Identification Number (Corporate Identity). The process generally takes 7 to 8 weeks to complete, and private limited companies are permitted to commence business immediately following their successful incorporation.

Applicable Taxes While India has been liberalizing its governing policies since 1991, the country’s tax structure remains among the most complex and difficult to navigate in the world. Understanding the wide variety of laws, regulations and procedures can be confusing for even the savviest of business operators. Foreign companies that do not seek specialized advice often end up overpaying on taxes or on the associated penalties and interest that go along with them. What follows is a brief description of the various taxes which should be taken into consideration when incorporating a private limited WOS company in India.

Tax on the Distribution of Dividends Corporate entities are subject to a tax on the distribution of dividends. However, in the case of shareholder dividends, the associated income is exempt from tax. The current effective rate of the Dividend Distribution Tax is 16.995 percent (15 percent plus a 10 percent surcharge and an education cess of 3 percent). No exemption from payment of the DDT is granted for the profits relating to SEZ developers. To avoid a situation of double

taxation being created by the DDT, it is permitted that, for the purpose of computing the tax, any dividend received by a domestic company during any financial year from its subsidiary shall be allowed to be deducted from the dividend to be distributed. This is provided the dividend received by the domestic company has been subject to DDT and the domestic company is not the subsidiary of any other company.

Minimum Alternate Tax (MAT) All companies declaring low or zero profits are subject to the Minimum Alternate Tax (MAT). Presently, MAT is levied at 18.5 percent of book profits plus the applicable surcharges and education cess. The MAT is levied on companies whose tax payable under normal income tax provisions is less than 18.5 percent of book profits. Additionally, MAT is applicable to SEZ developers/units for income arising on or after April 1, 2012.

Taxation of Royalties/Technical Fees Under domestic tax law, the royalties/ technical fees that are payable to non-residents with a permanent establishment in India are taxed on a different basis compared to non-residents without permanent establishment in India. Concessional tax rates apply if the agreement relates to a matter that has been approved by the government of India. The payments made are subject to tax avoidance agreements entered into by the non-resident’s country. Wealth Tax Wealth tax is calculated on March 31st of every year (referred to as the valuation date). Wealth tax is charged Spring, 2014 INVEST IN

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一致。印度中央政府有权对特定货物的所有或关税的一部分施行免税。此外，关税的优惠政策在印度和其它国家签订的各种双边和多边贸易协定的规定下实施。关税在进口或出口货物的交易价值的基础上进行征收。在关税法案 1962 号的规定下，交易价值是以进出口为目的的货物价值所衡量的唯一依据。虽然印度根据世界贸易组织在关税估值方面的规定保持一致，中央政府还设立了独立的关税估值规定，对所有进出口货物均有效。印度没有关税方面的统一税率，因此对产品的征税额度有一系列的组成部分。关税的种类如下：基础关税（BCD） BCD 是由 1985 年第一计划关税法案（CTA）规定所收取的税收组成部分，对货物到岸价值进行征收。反倾销税（CVD） CVD 是等同于，且为了应对在印度生产的商品所需要缴纳的消费税。CVD 是基于货物到岸价值和 BCD 的情况下进行计

我们已经看到了中国飞速发展的后遗症——大范围的环境污染和乡村和自然资源的逐渐枯竭。与此同时，印度在 5~7% 之间徘徊的发展速度则有些相对缓慢，我反而相信这才是可持续和更可取的发展模式。

We have already seen the aftermath of the incredible growth of China—mass pollution and growing degradation of the countryside and natural resources. By contrast, India’s wavering 5 to 7 percent growth has seemed rather sluggish. I believe that is a more sustainable and preferable growth pattern.

算的。

教育税（EC） EC 税率为 2%，中级和高级教育税（SHEC）为 1% 也在 CVD 上征收。此外，2% 的 EC 和 1% 的 SHEC 也在关税的合计总量上进行征收。一项 4% 的追加关税（ADC）同时也要被征收。消费税主要增值税（CENVAT）是由中央政府针对在印度生产或制作的可移动和易销货物所征收的税种。该税的消费税税率对消费税规定下的货物种类进行征收。消费税主要基于八位数的统一制度代码。大部分的消费品消费税在货物包装上印刷的 MRP 的基础上征收。在对基础消费税（BED）为目标所征收的 MSRP 可以在 20~50% 的范围内得到减免。 MSRP 所评估的货物之外的货物通常根据货物销售给独立买家时的“交易价值” 来征收。另外，中央政府有权固定税收价值来按价（“根据价值”）对特定的货物进行征收。偶尔地，对特定货物能得到部分或完全的消费税减免的通知也能得到发布。2% 的 EC 和 1% 的 SHEC 也需要在

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to both individuals and companies at the rate of 1 percent of the amount by which the “net wealth” exceeds INR 3,000,000. The term “net wealth” is basically defined as the excess value of certain assets over accumulated debt. Assets include guest and residential houses, motorcars, jewelry/ bullion/ utensils of gold and silver, yachts, boats, aircraft, urban land and cash in hand. A debt is an obligation to pay a defined sum of money arising from the assets included in “net wealth.” Indirect Taxes Customs Duty Customs duty is levied by the central government on the import and export of goods from India. The rate of customs duty applied to imported and exported products depends on its classification under the Customs Tariff Act. (CTA) In the

case of exports from India, duty is levied only on a very limited list of goods. The Customs Tariff is aligned with the internationally recognized Harmonized Commodity Description and Coding System of Tariff Nomenclature promulgated by the World Customs Organization. The Indian central government has the power to exempt any specified goods from the whole or part of the customs duties. In addition, preferential/ concessional rates of customs duty are available under the various bilateral and multilateral trade agreements entered into by India. Customs duty is levied on the transaction value of the imported or exported goods. Under the Customs Act 1962, transaction value is the sole basis of valuation for the purposes of import and export. Although India has adopted general principles of valuation for

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总消费税的基础上进行征收。中央消费税是增值税（VAT）的修改形式，制造商被允许在本地货源的货品和进口商品支付的 CVD 上进行积分。 CENVAT 积分能被用于在印度生产的最终产品上的清关完税。根据 2004 年施行的商品和服务税整合的税收法规，完税的最终产品的制造商符合申请 CENVAT 积分的要求，针对制造商在制造最终产品时所使用的服务或和其产品制造相关，以及最终产品清关完税，直到产品移除为止。增值税 2005 年 4 月 1 日，联邦级别的销售税由增值税（VAT）在印度大部分联邦内得到替换。泰米尔纳德邦、本地治里邦和北方邦都把联邦销售税替换为 VAT。在 VAT 制度下，在该联邦内所购买的货物所需要支付的 VAT 符合 VAT 积分的要求。输入 VAT 积分能在货物销售时支付 VAT/ 中央销售税收时使用。这确保了只有增加的价值部分才被征税。现在，进口印度的货物是不用缴纳 VAT 的。出口的 VAT 也是零。这意味着出口货物不用缴纳 VAT，制造用于出口的货物或者用于出口所购买的货物所产生的 VAT 会对购买者进行退税。印度各联邦对 VAT 收取的税款各不相同：分别为 1%， 4%，5% 和 20%。营业额阈值的应用适用于小型贸易商，让他们免于缴纳 VAT。税赋组合方面，收取的税率很小，对他们收

公司种类 Type of Company

内资公司 Domestic Company

外资公司 Foreign Company

goods that are in accordance with the World Trade Organization’s agreement on customs valuation, the central government has established independent Customs Valuation Rules applicable to the import and export of goods. India has no uniform rate of customs duty, thus duty applicable to any product is based on a number of components. The types of customs duties are as follows: Basic Customs Duty (BCD) - BCD is the basic component of customs duty levied at the effective rate stipulated in the First Schedule to the Customs Tariff Act, 1985 (CTA) and applied to the landed value of the goods. Countervailing Duty (CVD) - CVD is equivalent to, and is charged to counter the effect of, the excise duty applicable on goods manufactured in India. CVD is calculated on the landed value of the goods and the applicable BCD. Educational Cess (EC) - EC at 2 percent and Secondary & Higher Education Cess (SHEC) at 1 percent are also levied on the CVD. Further, EC at 2 percent and SHEC at 1% are also levied on the aggregate customs

duties. An Additional Duty of Customs (ADC) at 4 percent is also charged.

Duties of Excise Central Value Added Tax (CENVAT) is a tax levied by the central government on the manufacture or production of movable and marketable goods in India. The rate at which excise duty is leviable on the goods depends on the classification of the goods under the Excise Tariff. The Excise Tariff is primarily based on the eight digits Harmonized System Code. The excise duty on most consumer goods is charged based on the MRP printed on the good’s packaging. Abatements are admissible at rates ranging from 20 percent to 50 percent of the MSRP for the purposes of charging Basic Excise Duty (BED). Goods other than those covered by an MSRP assessment are generally charged based on the “transaction value” of the goods sold to an independent buyer. In addition, the central government has the power to fix tariff values in order to charge ad valorem (“according to value”) duties on specific goods. Occasionally, notifications granting partial or

可征税收入 Taxable Income Below INR 10 Million

Exceeds INR 10 Million

Exceeds INR 100 Million

低于 1000 万 INR

超过 1000 万 INR

超过 1 亿 INR

30%

32.45%（30% 加上 5% 的附加税和 3% 的教育税） 32.45% (30% plus Surcharge of 5%, plus education cess of 3%)

33.99%（30% 加上附加税 10% 和 3% 的教育税） 33.99% (30% plus surcharge of 10 %, plus education cess of 3%)

40%

42.02%（40% 加上附加税 2% 和 3% 的教育税） 42.02% (40% plus surcharge of 2%, plus education cess of 3%)

43.26%（40% 加上附加税 5% 和教育税 3%） 43.26% (40% plus surcharge of 5 %, plus education cess of 3%)

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取的小额税款以替代 VAT。服务税服务税最先在 1994 年开始实施，基于一个服务种类的缴税列表进行收取，该列表中所列特定的服务将需要缴税。在 2012 年印度政府预算公布时，同时还宣布了一个新的税制，该税制规定所有的服务行业都会被征税，除非他们属于无需缴税的列表之中，或他们被规定是免税的项目。无需缴税列表表示所有该列表中的服务，不包括在该列表中所规定的特定项目，将需要缴税。当然，除了在无需缴税列表中所列的项目之外，也会有一些特定的减免税和组合税项目，由“印度中央税务和关税委员会” （CBEC）所规定的要求实施。无需缴税列表服务分类 1. 和农业相关的服务如下： ·直接和任何农产品制作相关的农业行为，包括耕种、收获、打谷、植物保护或种子试验。 ·农场劳动力的供给 ·在农场里进行的农业加工过程和不涉及改动农产品本来性质的活动，仅仅是处理后让它适合初级市场销售的活动 ·农业机械的承租或租赁，或在空地上有或没有和其使用有关的建筑架构 ·农产品的装载、卸货、包装、储藏或仓储 ·农产品衍生服务 ·由任何农产品销售委员会或董事会或由农产品收购或购买的佣金代理商所提供的服务 2. 由输电或配电设备所传输或分配的电力传输 3. 提供的货物运输服务： ·经由公路，除货物运输或快递公司外所提供的服务 ·经由飞机或轮船，从印度以外地区运送至印度海关清关站点 ·由内陆水路投资的服务

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complete exemption to specified goods from payment of excise duties are also issued. EC at 2 percent and SHEC at 1 percent are applicable on the aggregate excise duties. The central excise duty is a modified form of Value Added Tax (VAT) where a manufacturer is allowed credit on the excise duty paid on locally sourced goods as well as on the CVD paid on imported goods. The CENVAT credit can be utilized for payment of excise duty on the clearance of dutiable final products manufactured in India. In light of the integration of the goods and services tax initiated in 2004, manufacturers of dutiable final products are eligible to apply CENVAT credit to the service taxes paid on input services used in or in relation to the manufacture of final products as well as on clearances of final products up until the point of removal. VAT On April 1, 2005, the state level sales tax was replaced by VAT in the majority of the states in India. The states of Tamil Nadu, Pondicherry and Uttar Pradesh have all replaced the state sales tax regime with a VAT. Under the VAT regime, the VAT paid on goods purchased within the state is eligible for VAT credit. The input VAT credit can be utilized against the VAT/Central Sales Tax payable on the sale of goods. This ensures that only the value addition is taxed. Currently, there is no VAT on imports into India. Exports are zero rated. This means that while exports are not charged VAT, VAT charged on inputs purchased and used in the manufacture of export goods or goods

purchased for export is available to the purchaser as a refund. State VAT is charged at varying rates: 1 percent, 4 percent, 5 percent and 20 percent. Turnover thresholds have been implemented so as to keep small traders out of the VAT regime. A tax under a composition scheme, at a lower rate, may be levied on small traders in lieu of the VAT.

Service Tax Service tax was initially introduced in 1994 and was based on the positive list of services, wherein the specified services were made taxable. During the announcement of the 2012 budget, a new service tax regime was introduced wherein all services will be taxed unless they are specified within the negative list or are otherwise exempted. The negative list of services means that all services, excluding those specified in the negative list, will be subject to service tax. However, in addition to items included in the negative list, there may be certain exemptions, abatements and composition schemes issued by the Central Board of Excise and Customs (CBEC). Services in the Negative List Category 1. Services relating to agriculture by way of: · Agricultural operations directly related to production of any agricultural produce including cultivation, harvesting, threshing, plant protection or seed testing · Supply of farm labor · Processes carried out at an agricultural farm and such like

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goods transportation or courier agency · By an aircraft or a vessel from a place outside India up to the customs station of clearance in India · By inland waterways Investment

中国 - 印度经贸、投资与合作峰会 2008 年在北京召开，当时的中国副总理回良玉和印度总理辛格出席了会议。

The China-India Economic, Trade & Investment Cooperation Summit is held in Beijing, China, Jan. 14, 2008. Chinese Vice Premier Hui Liangyu and visiting Indian Prime Minister Manmohan Singh attended the summit. 印度 2014 年商务展望 Dezan Shira & Associates 创始合伙人和印度办公室执行合伙人 Chrise Devonshire -Ellis 指出，印度在迈向经济复苏的路上不可避免地会产生无数机遇和风险。和中国相反，中国是一党专政，印度则是民主国家，且在过去的 20 年间未选举出一个多数派政府。这些问题都为印度进行当机立断的改革产生了阻碍；当然这些问题也让印度以更深思熟虑的方式来面对经济发展。我们已经看到了中国飞速发展的后遗症——大范围的环境污染和乡村和自然资源的逐渐枯竭。与此同时，印度在 5~7% 之间徘徊的发展速度则有些相对缓慢，我反而相信这才是可持续和更可取的发展模式。希望从印度革命性的外国直接投资环境中获利的公司应该确保寻找合适的税务专家、会计师和商务顾问。印度正在重蹈中国在过去 20 年里所获得的人口红利，而其人口结构也意味着印度正发展成为一个“必须去”的投资目的地，而不仅仅是一个候选国家。

operations which do not alter essential characteristics of agricultural produce but make it only marketable for the primary market · Renting or leasing of agricultural machinery or vacant land with or without a structure incidental to its use · Loading, unloading, packing, storage or warehousing of agricultural produce · Agricultural extension services · Services by any Agricultural Produce Marketing Committee or Board or services provided by a commission agent for sale or purchase of agricultural produce 2. Transmission or distribution of electricity by an electricity transmission or distribution utility.

3. Services by way of transportation of goods: · By road, except the services of a

India’s 2014 Business Outlook Chrise Devonshire-Ellis, Founding Partner of Dezan Shira & Associates and Managing Partner of India Offices, points out that India’s path to economic recovery is inevitably paved with countless opportunities and risks. In contrast to China, which is a one-party state, India is a democracy and has not been able to elect a majority government in over twenty years. Such issues prevent India from making immediate reforms; yet perhaps these issues also enable it to take a more considered approach to its development. We have already seen the aftermath of the incredible growth of China—mass pollution and growing degradation of the countryside and natural resources. By contrast, India’s wavering 5 to 7 percent growth has seemed rather sluggish. I believe that is a more sustainable and preferable growth pattern. Firms seeking to take advantage of India’s increasingly liberal FDI environment should ensure they seek out the appropriate tax experts, accountants and business advisors. India is inheriting the work force dividend of cheap young labor that China has had over the past twenty years, and the demographics dictate that India is developing into a “must have” destination rather than an alternative.

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中国企业为印度电信加油 Chinese Enterprises Power India’s Telecom

在

印度各地的颠簸公路上艰难旅行了几个小时以后，徐华栋最后得出的结论是：“这个国家非常有趣。”

“在这里，贫富差距之大难以想象，但是大多数人不为财富左右，几乎每个人都知足长乐，”这位来自中国著名的机械和发电机制造公司，华丰动力的总裁如是说。“他们还有极好的勤俭节约的习惯。如果有东西损坏，首先想到的是修理，而不是买新的。这让维修服务在这个国家创造的机会更加凸显。” 华丰动力总部坐落于中国山东潍坊市，已向印度全国出口了 38500 个用于电信行业的电机设备。如果这些电信基站发生故障，印度全国受影响的手机用户将达到 1 亿人。华丰动力还在印度全国设立了 174 个服务站，雇佣的当地人人数超过 1500 人，这些人提供 24 小时的全天候维修服务。创立于 1920 年，华丰动力现在已成为中国非公路用柴油电机设备的领军企业之一。该企业在印度的业务始于 2007 年，首

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fter countless hours being bounced and shaken on dilapidated roads around India, Xu Huadong finds the country "interesting." "There is a huge gap between the rich and poor, but most people seem happy regardless of their wealth," says the chairman of Chinese machine and generator manufacturer Power HF. "They also have a very good habit of saving. If something is wrong, they like to repair it, and will repair it many times. This provides a good opportunity for maintenance services." Power HF, based in Weifang City, East China's Shandong Province, has exported 38,500 engines to India for use in telecom base stations across the country. If those base stations break down, more than 100 million Indian mobile users will

By Courtesy of Xinhua

be affected. The firm has also set up a network of 174 service stations employing more than 1,500 local people across India to provide 24-hour maintenance services. Founded in 1920, it has developed into one of the leading manufacturers of the off-highway diesel engines in China. Its business in India started in 2007, when the Reliance Group, one of the top three telecom companies in India, ordered the engines. In 2005, China's engine and generator industry saw a trend of excess production capacity as a result of massive investment at a time when Power HF was seeking opportunities overseas. Like many other Chinese manufacturers, most of its business then was limited to exporting. The big order from India prompted a rethink.

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批订单来自于印度的信实集团（Reliance Group），该企业于当年向华丰动力订购了一批电机机械设备。 2005 年，中国的电机和发电机产业普遍面临产能过剩的问题，起因是在该行业的投资过于庞大，就在当年，背水一战的华丰动力开始寻求开拓海外市场。和其它中国制造型企业相似，华丰动力的大多数业务开始注重出口。而来自印度的大笔订单让他们的精神都为之一振，开始重新考虑企业的发展方向。徐华栋表示：“购买复杂机械，比如发电机的买家需要高质量的售后服务。大多数中国企业还是依赖纯出口带动销售，但是在国际市场上的运作经验告诉我们，服务才是我们的利润来源。”足迹踏遍五大洲的徐华栋在决定投资印度售后服务之前，曾进行过周详的市场调查工作。印度糟糕的公路网建设意味着区区 200 公里的路往往需要超过 7 小时的开车时间。在某些地方，工人甚至需要徒步才能到达电机维修的目的地。此外，印度还有非常复杂的语言系统，印度人所使用的语言和方言超过 1600 种，外国公司在有效沟通方面往往根本无从下手。但是这一状况同时也意味着机遇。落后

"Buyers of complicated products like engines must need after-sales service. Most Chinese enterprises still depend on exporting products to make money, but international experience tells us that service is the source of more profit," says Xu. Already well traveled, Xu conducted a thorough market investigation before deciding to open a service business in India. The poor roads in India meant it often took more than seven hours to drive 200 kilometers. In some places, workers had travel on foot to repair the engines. Plus, India had a very complicated language system with more than 1,600 languages and dialects and foreign companies had no preferential policies. But these conditions also offered opportunities. The backward infrastructure needed development. The population of 1.2 billion was a huge market. And English was an official

language in the polyglot nation. More importantly, laws to protect intellectual property rights were strictly enforced. After finally deciding to open a branch in India, Xu spent about a year selecting management personnel. "We didn't send any Chinese, because we needed personnel who spoke fluent English and had a deep understanding of India and the technology. It's too hard to find such people in China," says Xu. Through introductions by friends, Xu interviewed many Indian candidates. "But I had an intuition that the Indian personnel had some doubts about our Chinese enterprise." The Indian prospects were invited to China. After seeing the country's development and the modern enterprise, they were confident about working for Power HF. The Indian market demands respect for the culture. "Indians value family.

的基础设施需要更新换代；12 亿人口也是一个巨大的市场——而在这个多语言的国家英语仍是通用的官方语言。更为重要的是，这个国家对知识产权有着非常严苛的法律保护。在最终决定在印度设立分公司后，徐华栋在选择管理人员方面甚至花费了一年时间。“我们没有空降任何中国人来印度，因为我们需要会讲流利英语和对印度市场和相关科技有足够理解的人员来完成工作。在中国，这样的人并不多。”徐华栋表示。口口相传和朋友介绍的结果，让徐华栋有机会面试了许多印度当地的工作申请人。 “但是我有种直觉，发现印度人对中国企业有相当大的疑虑。” 印度候选人随后被邀请来中国参观考察。在切身感受中国的发展状况和现代化的企业环境之后，他们对在华丰动力工作也开始信心十足了。印度市场需要外国人对当地的文化保持足够的尊重。“印度人很看重家庭。只要印

印度市场需要外国人对当地的文化保持足够的尊重。我们必须保持足够的耐心并尊重员工的选择，因为这是他们传统文化的一部分。

The Indian market demands respect for the culture. we must be patient and respect the choice of the employees, because it's their culture.

度员工生日，婚礼，纪念日或生病，他们都

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会请假。如果员工的时间和公司的安排发生冲突，我们必须保持足够的耐心并尊重员工的选择，因为这是他们传统文化的一部分。” 徐华栋如是说。在和当地五家公司的竞争中，这家踌躇满志的中国企业致力以高质量，高效率和高性价比取胜。尽管如此，在人民币大幅升值的今天，中国公司在外国营商的压力之大也可想而知。徐华栋说，印度卢比在 2013 年一年内就贬值了差不多 20%，人民币则在同期升值了 5%，仅这一项就吞噬了公司利润的 25%。 “我们被迫在提升管理效率的同时降低运营成本。但是万事都有底线，我们的价格优势正在慢慢失去，所以正考虑在全球范围内开设工厂。”徐华栋补充道。印度市场现在占华丰动力公司总收入的 30%，这里的工厂规模也比较大。 “现在我们主要为电信基站的电机设备

华丰动力正积极寻求其它国家和地区的机遇，非洲是他们的下一个重要海外市场。

The firm is eying other countries and regions, with Africa as the next key market.

提供维修服务。在不久的将来，我们希望基于公司现在在印度的全国性网络，为这些基站的空调设备、天线和其它设备提供维护服务。”徐华栋表示。他还希望帮助其它中国企业开拓印度市场。“解决中国机械设备制造企业产能过剩问题的唯一方法就是走出去，”他表示，“我们在印度的网络和团队，让我们能成为中国机械设备和农用机械制造商在印度的销售和服务中间商，因为电机设备永远是他们产品的基本组成部分。” 华丰动力正积极寻求其它国家和地区的机遇，非洲是他们的下一个重要海外市场。 “我们希望能复制印度的成功模式，但不同的国家将采取不同的措施来调整以免水土不服。”徐华栋补充道。在华丰动力进入印度时，这家公司对产品进行了重新设计，以适应当地的炎热和潮湿的自然环境。还由于印度对噪声污染有严格的标准，他们提高了出口印度市场产品的抗噪标准。徐华栋表示， “我们现在正开拓埃及市场，必须要接受高温、大风、沙漠和灰尘的考验。”他还补充道，技术工人在埃及要比印度难找，因此对维修服务人员的培训是优先考虑的因素之一。徐华栋认为： “中国制造的机械产品已经处于世界领先水平。但是如果想真正走向世界，中国机械制造商们必须更加专注于服务。”

2014, Spring

Whenever an Indian employee has a birthday, wedding, anniversary or illness, they ask for a leave. If there is contradiction between the needs of the employees and the company, we must be patient and respect the choice of the employees, because it's their culture," Xu says. Competing with about five local rivals, the Chinese firm tries to win with high quality, timely and relatively cheap services. However, with the appreciation of the RMB, Chinese companies are under pressure abroad. Xu says the Indian rupee devalued about 20 percent at one stage in 2013, while the RMB appreciated 5 percent, eroding 25 percent of the gross profit margin. "We are forced to improve management efficiency and lower operation costs. But there is a limit. Our price advantage is diminishing, and we are considering opening production plants globally," Xu says.

The Indian market now comprises more than 30 percent of the total revenue of Power HF, which has bigger plans. "Currently we mainly provide maintenance services for the engines of the telecom base stations. In future, we hope to offer maintenance of airconditioners, antennas and other equipment at the stations, based on our established network," says Xu. He also wants to help other Chinese enterprises expand abroad. "The only way for Chinese equipment manufacturers to deal with the problem of excess production capacity is to go abroad," he says. "With our network and team in India, we can be sales and service agents of Chinese manufacturers of engineering and agriculture machinery, since the engine is the basis of their products," Xu says. The firm is eying other countries and regions, with Africa as the next key market. "We want to copy the successful model in India, but adjustments must be made according to the situation in different countries," Xu says. When Power HF entered India, the enterprise redesigned its products according to the hot and humid environment. Since India has stricter noise restrictions, it also adjusted their engines to reduce noise. "Now we are entering Egypt and we must take the heat, wind, sand and dust into consideration," says Xu, adding skilled workers were harder to find in Egypt than in India, so training maintenance workers will be given priority. "The quality of Chinese machinery is already world level. But Chinese machinery manufacturers must focus on service if they want to go abroad," Xu says.

境外投资指南 Invest in hand book

invesTT Trinidad and Tobago http://www.investt.co.tt Tel: +1 868 6380038 info@investt.co.tt

Annual Investment Meeting http://www.aimcongress.com Tel: +971 43923232 info@aimcongress.com

Municipality of Maribor http://www.maribor.si Tel: +386 22201000 mestna.obcina@maribor.si

Barandun von Graffenried AG http://www.bvgag.ch Tel: +41 442665646 remy.baerlocher@bvgag.ch

Amoko Group http://www.amoko.com Tel: Tel: +371 67321010 nadya@amoko.com

ProExport Colombia http://www.proexport.com.co Tel: +571 5600100 informacion@proexport.com.co

China Overseas Investment Fair (COIF) http://www.coifair.org Tel: +86 10 59799908

Minsitry of Trade and Industry/ Faroe Islands http://www.vmr.fo Tel: +298 306600 vmr@vmr.fo

Azerbaijan Export and Investment Promotion Foundation (AZPROMO) http://www.azpromo.org Tel: +994 1 25980147, 1 25980148 office@azpromo.org

Délégation pour la Promotion des Investissements, Tahiti Invest http://www.tahiti-invest.com Tel: +689 472220 heiarii@tahiti-invest.com

Bahrain Economic Development Board http://www.bahrainedb.com Tel: +973 1 7589969 invest@bahrainedb.com

Invest in Germany http://www.gtai.com Tel: Tel: +49 30 2000990 invest@gtai.com

Cayman Islands Investment Bureau http://www.investcayman.gov.ky Tel:+ 345 9450943 investment@dci.gov.ky

Investment and Development Agency of Latvia (LIAA) http://www.liaa.gov.lv Tel: +371 67039499 jautajumi@liaa.gov.lv

InvestHK http://www.investhk.gov.hk Tel: +852 31071001 SGalpin@investhk.gov.hk

Investment Development Authority of Lebanon (IDAL) http://www.idal.com.lb Tel: + 961 1 983306/7/8 invest@idal.com.lb

Ruta Curacao http://www.ruta-curacao.com Tel: +5999 4611451 Info@ruta-curacao.com

Vischer http://www.vischer.com Tel: +41 582113400 info@vischer.com

Swiss Business Hub http://www.s-ge.com/en Tel: +41 44 3655151 info@s-ge.com

Asia Offshore Association http://www.aisaoffshore.org Tel: +852 30732008 info@asiaoffshore.org

Lithuanian Development Agency (LDA) http://www.businesslithuania. com Tel: +370 52627438 info@investlithuania.com Kulim Technology Park http://www.khtp.com.my Tel: +604 4032420 promotion@khtp.com.my General Delegation of Private Investment Promotion/ Mauritania http://www.investinmauritania. gov.mr Tel: + 222 5250755/5248717 dgpip@investissement.gov.mr Commission de Surveillance du Secteur Financier(CSSF) http://www.cssf.lu/en Tel: +352 26251–1 contact@cssf.lu Chambre De Commerce Luxembourg http://www.cc.lu Tel: +42 3939–1 chamcom@cc.lu

Islamic Financial Services Board(IFSB) http://www.ifsb.org Tel:+603 91951400 ifsb_sec@ifsb.org Australia Foreign Investment Review Board http://www.firb.gov.au Tel:+61 262633795 firbenquiries@treasury.gov.au Palestinian Investment Promotion Agency /PIPA Tel: +970 22988791/2 info@pipa.gov.ps Environment and Resource Management http://www.derm.qld.gov.au info@derm.qld.gov.au Invest in Azores Agency (APIA) http://www.investinazores.com Tel: +351 296308800 apia@investinazores.com Romanian Center for Export and Foreign Investment Promotion http://www.traderom.ro Tel: +40 213185050 office@traderom.ro

Spring, 2014 INVEST IN

境外投资指南 Invest in hand book

Luxembourg Stock Exchange http://www.bourse.lu Tel: 352 477936-1 info@bourse.lu Invest In Canada http://www.investincanada.com investincanada@international. gc.ca

Investment Promotion and Major Works Agency (APIX)/ Senegal http://www.investinsenegal.com Tel: +221 8490555 contact@apix.sn Seychelles International Business Authority (SIBA) http://www.siba.net Slovak Investment and Trade Development Agency (SARIO) http://www.sario.sk Tel: +421 258260100/258260101 sario@sario.sk

North-West Development and Investment Promotion Agency/ Russian Federation http://www.investa.spb.ru Tel: +7 812 6221487 info@investa.spb.ru National Development Corporation/ Saint Lucia http://www.investstlucia.com Tel: +758 4523614/4523615 info@investlucia.com Luxembourg European Investment Bank(EIB) http://www.eib.org Tel: +352 43791 investor.relations@eib.org Luxembourg for Finance http://www.lff.lu Tel: +352 2720211 lff@lff.lu Luxembourg National Tourist Office http://www.ont.lu Tel: +352 42828210 info@visitluxembourg.lu

2014, Spring

Durban Investment Promotion Agency http://www.dipa.co.za Tel: +27 313362540 info@dipa.co.za Eteck/ Trinidad and Tobago http://www.eteck.co.tt Tel: +868 6751989 info@eteck.co.tt Investment Support and Promotion Agency/Turquia http://www.invest.gov.tr Tel: +90 312 4138900 info@invest.gov.tr Lativa Investment and Development Agency of Latvia http://www.liaa.gov.lv Tel: +371 67039400 liaa@liaa.gov.lv Çukurova Development Agency/ Turquia http://www.cka.org.tr Tel: +90 322363003940 info@cka.org.tr

InvestUkraine (Ukrainian Center for Foreign Investment Promotion) Tel: +380 445377313 info@investukraine.org

ProMexico http://www.promexico.gob.mx Tel: +86 10 65326466 ari.saks@promexico.gob.mx

UK Trade & Investment http://www.ukti.gov.uk Tel: +44 02072158000

PromPeru http://www.promperu.gob.pe Tel: +86 10 65323477 dpita@promperu.gob.pe

Invest in America http://www.investamerica.gov Tel: +202 4825199 aaron.brickman@trade.gov

Invest Barbados http://www.investbarbados.org Tel: +86 21 61331873 cboyce@investbarbados.org

General Investment Authority (GIA) Yemen http://www.giay.org Tel: +967 1262962/3 invest@investinyemen.gov.ye

Malta Enterprise http://www.maltaenterprise.com Tel: +356 25420000 info@maltaenterprise.com

Corporate Service Providers EMCS International Services http://www.emcsinternational. com Tel: +356 21336472 emcsi@emcs.com.mt Immigration & Relocation Anchor Corporate Services http://www.anchor.com.mt Tel: +356 2123239 info@anchor.com.mt Lithuania Invest Lithuania http://www.ukmin.lt Tel:+370 52627438 info@investlithuania.com ProExport Colombia http://www.proexport.com.co Tel: +86 10 65329767 beijing@proexport.com.co ProChile http://www.prochile.gob.cl Tel: +86 10 65325857 gmatamala@prochilebj.cn

Cyprus Investment Promotion Agency (CIPA) http://www.cipa.org.cy Tel: +357 22441133 info@cipa.org.cy CONSTANCE http://www.constancehotels.com Tel: +230 4023636 ct@constancehotels.com Plum Property Solutions http://www. plumpropertysolutions.com Tel: +65 91262519 jch@plumpropertysolutions.com Swissotel http://www.swissotel.com Tel: +662 6942222 bangkok-leconcorde@swissotel. com

Asia Offshore Summit Bangkok, June 3rd & 4th, 2015

AOA Delegate Registration Fees: · Prebooking - USD 1,800 · After August 30th - USD 2,000

Program Overview

Who Should Sponsor & Attend

The Asia Offshore Association is back! We are pleased to announce our return with the highly anticipated Asia Offshore Summit in Bangkok in June 2015. Through reprsentations, workshops, and panel discussions, the topics to be addressed include the most pressing issues in Asia’s outbound offshore investments.

Senior Level Managers of the Following:

The two-day summit will gather Asia's leading financial intermediaries with the international trust companies, bankers, lawyers, and corporate service providers for an exclusive and indepth conference examining the full spectrum of investment, trade, and wealth management coming out of Asia. The Asia Offshore Summit has been designed to explain to Asia’s top financial intermediaries on how they can benefit from the unique asset management and Offshore Professionals product offerings available in the world’s international offshore financial centers.

· Investment Promotion Agencies · International and Offshore Law Firms · Trust & Fiduciary Service Providers · Wealth Management Professionals · Corporate Service Providers · Other Offshore Professionals and Entrepreneurs · Tax Advisory & Consultants · International Accountants · Immigration Consultants

For more information, please contact Spencer H. Hall via Email at spencer.hall@asiaoffshore.org

www.asiaoffshore.org

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2014, Spring