Invest in 2012 Autumn Edition by John Yang

编者的话 Letter From the Editor

从海湾的石油到东南亚的房地产，中国企业家的投资目的地正以前所未有的速度增长——不论在数量和质量上，都和往日不可同日而语，而中国公司的投资方式也发生着翻天覆地的变化。一般来说，新能源投资这块蛋糕，要咬一口也许容易，但是要真的分一杯羹却需要大量的前期调研和中后期的投入，本期杂志也就境外新能源投资的利弊和来龙去脉作了深入分析，其中特别值得关注的是中国公司在阿拉伯的投资，由于石油作为不可再生资源，已被大多数国家的政府配额出口或严密控制，那么中东石油国家的其它投资资源就不得不应引起我们的关注。此外，本期杂志为您奉上新鲜出炉的北韩投资分析，正是时下业内人士热议的话题。我们的特约作者 Jonathan DeHart 就此进行了广泛的调研和深入的分析，作为对您投资的参考和风向标，我们并不希望就此“鼓励”读者考虑在这片尚未完全开放的商业“处女地”上进行开垦，而是列举大量的事实以佐证作者的观点——采取谨慎和保留的态度，对中小企业来说，一定是最为妥当的。本期杂志还专门就东南亚的商务旅行进行了介绍，眼下中国游客的海外旅行日益普遍，东南亚作为和中国一个时区，具有丰富的旅游资源和完善的商旅设施，从来都是商务、度假两不误的极佳选择，我们要向您特别推荐的，是东南亚旅游胜地泰国和正在崛起的商旅目的地老挝。中国的对外投资早已成为全球热议的话题，本期《境外投资》能给您提供主编 Editor in Chief: John Yang 撰稿人 Contributors: Jonathan DeHart, Allan Air, Tendai Wusakwa, Iain Manley, Frances Emery, Baron Laudermilk, Leo Zhang 美术总监 Art Director: Susan Shen 美术编辑 Art Editor: Tank Hu 研究员 Researcher: Vanessa Fang

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极具参考价值的新闻和资料。阅读愉快！

《境外投资》编辑 John Yang From oil in the Gulf to real estate in Southeast Asia, the investment destinations of Chinese entrepreneurs are growing at an unprecedented rate. The way Chinese companies traditionally have invested has also undergone tremendous changes, as both the quantity and quality of investments have risen. Generally speaking, breaking into the new energy sector may be easy, but if you really want to have a share, it requires an abundance of preliminary research and subsequent inputs. This issue conducts in-depth analysis of the pros and cons, as well as the ins and outs, of investment in alternative energy, with a focus on Chinese companies’ investment in the Arab region. As a nonrenewable resource, oil is subject to export quotas or strict controls by the governments of most countries. Therefore, alternative investment resources in oil-dependent Middle East states should garner attention. In addition, the current magazine offers you freshly compiled analysis of investment in North Korea, which is currently a hot topic amongst industry insiders. Our contributing author Jonathan DeHart conducted extensive research and in-depth analysis on the topic to offer the piece as a reference and “weather vane” for your investment. We don’t intend to “encourage” our readers to consider exploring the “virgin land” which has yet to be fully commercialized. Instead, we cited a large number of facts to substantiate the author's point of view: to adopt a cautious and reserved attitude is the most appropriate for small- and medium-sized enterprises. China’s outbound investment has already become a hot topic in the world and the current issue of Invest In will provide you with news and information of great reference value. Enjoy reading! Editor-in-Chief John Yang editorial@investin.com.cn Autumn, 2012 INVEST IN

聚焦国际金融中心 IFC Spotlight

为什么中国企业应着眼于卢森堡上市 Why China Should Look to Luxembourg for Its Future Listings

43 2

2012, Autumn

季刊 QUARTERLY AUTUMN 2012

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Executive Traveler An exclusive supplement of Invest In magazine

新闻 news 04 全球概览 World NEWS

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圆您亚洲寻梦之旅 Your Asian Dreams Come True

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风情万种的岛屿福地 Thailand, the Ultimate Vacation Destination

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老挝，奢华旅行的全新定义 Laos, Luxury Travel Redefined

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东南亚最佳水疗胜地 Best Spas in Southeast Asia

Luxembourg for Its Future Listings

across the world 观点 opinion

26 卢森堡的投资基金业一撇

or Profit? 封面故事 COVER STORY

Investment Fund Industry 特别报道 SPECIAL REPORT 32 在自由之都自由驰骋

Halsey Group SARL - Page 17 Fiducenter - Page 23

Next Door

Halsey Group SARL - Page 27 KOTRA (Jeju) - Page31

38 押宝红色——朝鲜投资轮盘赌 Betting on Red – Investor

development

roulette in the DPRK

18 为什么中国企业

Ogier - Inside Front Cover

TMF Group - Page 25

in alternative energy

聚焦国际金融中心 IFC SPOTLIGHT

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Your Investment Paradise 10 中国引领全球新能源的开发 Chinese braving the WINDS

Awaits You

Luxembourg’s Unique

06 绿色能源，环保还是逐利？ Green Energy, For Planet

柬埔寨，一个等着你的新目标 Cambodia, a New Destination

您的全球金融产业指南 All the latest news from

49 聚焦自由贸易区 FTZ Focus

43 中国-阿拉伯投资潜力的释放 The Unlocked

Lily Beach - Supplement Inside Front Cover Constance - Page S06-S07 Top IPO - Page S17 Swissotel - Supplement Inside Back Cover Island Hideaway - Supplement Back Cover

应着眼于卢森堡上市

Potential of Sino-Arab

Malta Enterprise -Inside Back Cover

Why China Should Look to

Investments

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新闻 | NEWS

全球概览 Global update 2012 年 7 月 27 日一名来自维斯塔斯（Vestas）公司的消息人士透露，在纽约上市的中国风力涡轮机制造商中国明阳风电集团有限公司有兴趣购买维斯塔斯风力系统公司——生产风力涡轮机的丹麦公司。据这位不愿透露姓名的消息人士透露，明阳将出资 14 至 15 亿欧元收购维斯塔斯。

China Ming Yang Wind Power Group, a Chinese New York-listed wind turbine manufacturer, is interested in purchasing Vestas Wind System, a Danish company who manufactures wind turbines, according to a source in Vestas.

2012 年 7 月 25 日

支持国家中长期发展战略和政策的国有银行中国国家开发银行（CDB）正斥资超过 10 亿美元，帮助小型中国企业离开美国股市，到中国的交易所重新上市。

China Development Bank, (CDB) the stateowned lender that supports state backed medium-to long-term development strategies and policies, is spending more than $1 billion to aid small Chinese companies leave the US stock market and reenlist in the Chinese stock exchange.

2012 年 7 月 19 日

身处困境的美国飞机制造商目前正在与北京卓越航空进行收购交易谈判，这看起来是豪客在 5 月份申请破产后避免关闭其商业飞机生产线的最后一丝希望。

The beleaguered American aircraft maker is currently negotiating a takeover deal with Superior Aviation Beijing, in what seems to be the last hope for Hawker to avoid losing its business jets production lines after it filed for bankruptcy in May.

2012 年 7 月 11 日

根据业内人士透露，中国国家开发银行（CDB）目前正在与美国最大的住房建筑商之一 Lennar 公司进行谈判，希望提供大约 17 亿美元的资本来迅速地启动被延迟的旧金山项目，这个项目将把两个古老的海军基地转变成大型房屋开发项目。

China Development Bank (CDB) is in talks with Lennar Cop, one of the U.S.’s largest homebuilders, for approximately $1.7 billion in capital to quickly begin the delayed San Francisco projects that would transform two old navel bases into major housing developments, according to insider reports.

2012, Autumn

中海油收购 Nexen 是中国企业在北美最大的收购案 Cnooc’s acquisition of Nexen is China’s largest in North America 中

海油收购 Nexen 是中国企业在北美最大的收购案。中海油通过中国最大的离岸收购交易进行加拿大，计划出资 151 亿美元购买加拿大最大的能源生产国之一。毫无疑问，这将重燃针对中国国有企业在北美能源行业所扮演的角色而进行的激烈辩论。如果中海油收购加拿大 Nexen 公司的交易得以完成，这将是中国进入北美油田最为火热的举动。它将让中海油获得世界顶尖的技术，帮助其重组能源业务，并且使其能够与埃克森美孚等巨头在北美地区进行抗衡。 Nexen 公司的董事会已经批准这项交易，而它还需要获得加拿大和美国当局的批准。Nexen 公司在墨西哥湾和美国拥有大量的业务，因此美国官员有可能会调查任何所有权的变更行为。 Nexen 在墨西哥湾的立足点将使得中海油能够抢滩进入长期以来孤立中国企业的美国石油行业。在此前的美国交易中（包括与

Chesapeake 能源的合作以及对 Nexen 所拥有的墨西哥湾油田进行投资），中海油都没有发挥主导作用。在收购 Nexen 公司后，中海油将成为北美的领先者。参与交易的一些人士表示，中海油将收购 Nexen 视为一个平台，能够帮助其在北美业务上超越现在作为一个支持者的角色。其中的一人提到，中海油计划购买更多的公司来扩大业务范围。根据海洋能源管理局的数据，在 Nexen 的交易中，中海油将收购到一家在墨西哥湾拥有重要地位的企业，以及占地 2142 平方英里的勘探领域的部分股权。中海油收购 Nexen 将使其在北美的身份从一个小角色变成与埃克森美孚等公司相提并论的巨头。中国的经济发展对石油有着强大的需求，因此中国政府一直推动这项交易。我们可以预期，随着越来越多的中国消费者购买和使用汽油作为燃料，中国政府将继续鼓励这种类型的交易。

汉龙矿业获得中国政府批准收购桑德斯，并且酝酿降低收购价格 Hanlong Mining gains Chinese approval to buy Sundance, mulling price cut

中

国的汉龙矿业于 8 月 1 日表示，该公司已经获得了该国最高经济规划机构的批准，来完成其对桑德斯资源公司拖延已久的收购，桑德斯是澳大利亚铁矿石开发商。这将促成汉龙锁定非洲大型项目的铁矿石资源。在获得国家发展和改革委员会的批准后，已经拥有桑德斯 17％股份的汉龙需要获得中国国家开发银行的融资，来完成这项价值 13 亿美元的交易。澳大利亚的外国投资

NEWS | 新闻

中海油收购 Nexen 将使其在北美的身份从一个小角色变成与埃克森美孚等公司相提并论的巨头。 Cnooc’s acquisition of Nexen transform once a small player in North America into a leader along with likes of Exxon Mobile. properties, Cnooc did not take a leading role. In

acquiring Nexen, Cnooc will become a leader in North America.

Cnooc views the Nexen acquisition as a

platform which to build a North American business beyond its present position as a supporter, according to various people involved

in the deal. One of these people mentioned that Cnooc plans on purchasing more companies in

nooc’s acquisition of Nexen is China’s largest

open the door to maneuver in North America

offshore acquisition ever with a $15.1 billion plan

Nexen’s board must wait for approval from the

in North America.

Cnooc dived into Canada with China’s largest

to buy one of Canada’s largest energy producers.

This will undoubtedly reignite a passionate debate over the role of Chinese state companies in North America’s energy sectors.

If the deal were completed for Canada’s Nexen

Inc, it would be China’s most zealous move into North America’s oil fields. It would grant Cnooc

access to the world’s top technologies, which will allow it to restructure the energy terrain, and

审查委员会已于 6 月批准了汉龙对桑德斯的收购。桑德斯在一份声明中表示，中国发改委的批准是建立在价格、汉龙确保获得债权融资以及矿业开发权的基础上的。桑德斯在一份声明中表示，该公司和汉龙正在就“合理的价格收购” 进行谈判。根据协议，私人拥有的汉龙需要在 8 月 31 日之前获得中国国家开发银行提供的资金。路透社此前报道，在面临当前全球经济不确定性的情况下，这家中国银行正在犹豫是否应该发放如此巨额的贷款，尤其是它涉及私营企业。

with giants like Exxon Mobil.

The deal that has already been approved by

authorities in Canada and the U.S. Nexen has

significant operations in the Gulf of Mexico, and U.S. officials are likely to investigate any change of ownership.

Nexen’s Gulf of Mexico beachhead would give

Cnooc entry into the U.S. oil patch that has long singled out Chinese enterprises. In its earlier U.S. deals, including with Chesapeake Energy as

well as investment in Nexen’s own Gulf of Mexico

order to continue expanding.

In Nexen, Cnooc would be buying a significant

player in Gulf of Mexico, with at least partial

stakes in exploration areas covering 2,142 square miles, according to Bureau of Ocean Energy Management data.

Cnooc’s acquisition of Nexen transform once

a small player in North America into a leader

along with likes of Exxon Mobile. China has

been pushing for this deal amongst others, as its economy continues to build its thirst and desire

for oil. We can expect Beijing to continue hustling

for these kinds of deals as Chinese consumers increase their purchases of cars and gasoline to fuel them.

hina’s Hanlong Mining said on August 1 that it has won the approval from the country’s top economic planner to complete its long-delayed acquisition of Sundance Resources, an Australian iron ore developer, in a step forward to secure the natural resource in a massive African project. After receiving the approval from the National Development and Reform Commission, Hanlong, which already holds 17 percent of Sundance, needs to secure finance from China Development bank to wrap up the US$1.3 billion deal. Australia's Foreign Investment Review Board approved Hanlong's bid for Sundance in June. The Chinese commission’s approval is conditional on the price, Hanlong securing debt funding and mining development rights, Sundance said in a statement. Sundance said in a statement that the company and Hanlong are in talks about a “reasonable acquisition price.” Under the agreement, the privately-owned Hanlong needs to arrange funding from China Development Bank by August 31. Reuters had earlier reported that the Chinese bank was nervous granting a huge loan amid the current global economic uncertainties, especially when it involves private-sector companies. Autumn, 2012 INVEST IN

观点 | Opinion INVEST IN

绿色能源，环保还是逐利？ Green Energy: For Planet or Profit?

碳

信用额正在成为第一个全球性的税收制度。欧洲和澳大利亚所有的大公司将被分配到碳排放券，当公司达到自己的上限时，

他们将不得不在公开市场上购买碳排放额度，否则将面临管理机构的罚款。如果这项碳计划获得成功，企业被迫跟进，那么绿色能源领域将成为汽车发明以来最大的摇钱树。参与收集可再生能源的公司将受益于在公开市

Allan Air Offshore financial adviser,

场上销售他们从太阳能、风能、水能和地热能中所收集到的能源（碳）。如果您认为碳交易计划一定会获得成功，这些就是你应该进行投资的领域——

solar investor and former

风险投资、设备、制造和服务。

离岸金融咨询专家，太阳能投资家和前新闻记者

受到这项新税收打击，这些行业包括炼厂（油、糖、

journalist

另一方面，那些二氧化碳排放量最高的行业将盐、金属、天然气和植物油）、矿山、化工以及建筑（水泥）。在整个过程中，燃煤电厂排放的二氧化碳量最多，而核电厂接近零碳排放。中国的投资者被视为推动世界绿色能源领域向前迈进的救星。2012 年，中国对海外的投资迅速增长。但是，随着中国投资者迈向海外，看起来他们在国内留下了许多的机会。中国绿色能源公司的数量多于其它任何国家。许多公司正在寻求资金帮助其进行研究和扩张，而许多项目也希望能够连接到国家电网中去。中国辽阔的西部目前相当落后，希望通过碳排

如果您有意为“观点”栏目撰稿，敬请与《境外投资》编辑团队联系，我们的电子邮件是 editorial@mxmedia. com.hk.

放额度获得收益。随着购买碳排放券的成本上升，

If you are interested in contributing an opinion piece, please contact the Invest In editorial team at editorial@mxmedia.com.hk.

的推动力。中国正在开展相关工作，而许多更直言

2012, Autumn

这将最终将迫使许多小企业退出市场——可能是大企业吞并小企业的整合。目前看来，大企业也将一起参与到这个市场中去。清洁能源将成为政府改革不讳国家将通过金融打手、黑色行动、政治制裁、全球征税、价格控制或者直接采取战争的方式来从自然资源丰富的国家获利。

arbon credits are heading towards being the first global taxation scheme. All the large companies in Europe and Australia will be allocated emissions vouchers, and when a company reaches their cap they will have to buy carbon credits on the open market or face fines from the governing body. If this carbon scheme is successful and companies are forced to follow through, the green energy sector will become the biggest money-spinner since the invention of wheel. Companies involved in collection of renewable energy will benefit from selling energy (carbon) credits on the open market that they have collected from sun, wind, hydro and geothermal energies. If you think the carbon trading schemes will be successful, this is where you should be putting your money- venture capital, equipment, manufacturing and servicing. On the flip side of the coin, sectors that emit the most carbon dioxide will be hit with this new tax are refineries (oil, sugar, salt, metals, natural gas, vegetable oils), mining, chemical, constriction (cement). Coal power stations throughout emit the most carbon dioxide, while nuclear power stations are near zero carbon emissions. Chinese investors are seen as the saviours towards moving the world’s green energy sector forward. Investments overseas have grown rapidly in 2012. But, as the Chinese investor looks overseas they are leaving many opportunities in their homeland. There are more green energy companies in China than any

Opinion INVEST IN | 观点

在过去的 10 年中，全球在战争上所花的钱可以给数倍于全球人口的人提供粮食、衣物和能源。我们应该害怕的不是独裁者，而是在全球许多地方推出碳税方案的人们。这可能创造出一个新的商品，就像从魔术师的帽子中变出来的一样。要想阻止碳信用额度成为下一件头等大事，唯一的方法就是没有人买他们。每个人都想交易，但是谁来买？市场使然，碳券的估值很低。中国的决策者对未来保有愿景：这是一个绿色的未来。但这是出于能够获得潜在的利润，还是由于对全球变暖表示出的深切关注? 中国环境保护部副部长潘岳说：“（这是为了）我们的经济转型和生态文明建设。” 但是，就在不久前的 2007 年，潘岳感受到了压力，当时他的环保观点在政治领域受到了边缘化。目前事情发生了一些转机，中国政府计划从 2013 年开始在 7 个主要城市和省份制定排放交易计划。这些计划将覆盖大约 2.5 亿人。2015 年以后，中国政府的目

other country. There are many companies looking for funding to research and expand, and many projects looking to link onto the state grid. The Wild West is trailing behind, looking for some sort of gain through carbon credits, which will eventually push many small businesses out of the market with the rising cost of buying carbon emission vouchers. This may be a consolidation of big business swallowing up little businesses. For now the big players may play along. Clean energy could be at the tip of reform from governments. China is doing its small part, while other more outspoken nations deal with rouge natural energy producing nations by sending financial hitmen, launching black operations, political sanctions, global tax, price controlling, or flat-out war. The money spent on wars

中国的决策者对未来保有愿景：这是一个绿色的未来。但这是出于能够获得潜在的利润，还是由于对全球变暖表示出的深切关注 ?

Chinese decision makers have a vision for the future, a green future. But is it the potential profits to be gained or is there a deep concern to where the world is heading- the global warming theory?

the past 10 years could feed, cloth, and energize the world several times over. It’s not the dictators we should be scared of; it’s the people who introduced carbon tax schemes across many parts of the world. This could be the creation of a new commodity, plucked out of a magician’s hat. The only thing keeping carbon credits from being the next big thing is that no one is buying them. Everyone wants to trade them but who’s buying? The market dictates, and carbon voucher valuations are low. Chinese decision makers have a vision for the future, a green future. But is it the potential profits to be gained or is there a deep concern to where the world is heading- the global warming theory? “Transform of our economy and building of an ecological civilization,” said Vice Minister Pan Yue from China’s Ministry of Environmental Protection. But it was not so long ago that Pan Yue was feeling the pressure, 2007, when he was pushed to the political sidelines for his environmental stance. Things have changed since as the Chinese Government plans to develop emissions trading schemes in seven key cities and provinces from 2013. These schemes will cover around 250 million people. The Chinese Government aims to work towards a nation-wide approach after 2015. Chinese state banks are backing companies and entrepreneurs involved in green energy. The China Banking Regulatory Commission’s 30 point ‘Green Credit Guidelines’ outlines the interest to promote green businesses that could potentially build up a treasury of green credits. At the moment, valuations from different bodies price carbon emissions between $5 USD and $38 USD per tonne, which is quite a contrast, and very Autumn, 2012 INVEST IN

观点 | Opinion INVEST IN

标是建立一个全国性的碳排放计划。中国的国有银行正在支持企业家参与绿色能源项目。中国银行业监督管理委员会制定的 30 条“绿色信贷指南”显示了其推动绿色企业发展的兴趣，这些企业有可能会建立起一个绿色信贷的宝库。目前，根据不同机构的估值，碳排放的价格为每吨 5 美元至 38 美元。价格的差距很大，因此也显得非常具有投机价值。如果没有人购买碳排放额度，那么价格可能会是 5 美元。但是如果公司被迫购买它们，否则就会面临巨额罚款威胁的话，那么成本可能会直接跳涨至 38 美元。存在如此巨大差异的原因是因为这项新税还没有得到充分的落实，与此同时西方公司能够获得免费排碳额度和大量的碳信用券。中国银行业监督管理委员会希望其他国家的政府（主要是欧洲中央政府）严格地执行碳信贷计划，从而能够向企业出售库存和未来的碳信用额度。欧洲欧盟委员会于 2010 年提出碳税，但是其 27 个成员国尚未就碳税达成一致。根据欧盟委员会目前的提案，企业排放二氧化碳将被收取每吨 4 至 30 欧元的费用。一些欧洲国家已经制定了碳税。这些国家包括：丹麦、芬兰、爱尔兰、荷兰、挪威、斯洛文尼亚、瑞典、瑞士和英国。美国美国没有全国性的碳税，但是一些州已经开始征收碳税。美国政府一直没能够获得法律支持来为温室气体排放设定价格或者限额。然而，从 2009 年开始，排放权交易已经在九个州的电力行业进行。加州的排放交易计划将于 2013 年 1 月开始实行。免费能源如果我们的地球重归绿色，仅仅一天，能源的再生和再利用变得免费——但是，我说免费了吗？可再生能源的唯一问题是那些拥有权力的人希望找到一种方法获得利润。我们已经拥有了技术，但它并没有获得足够的资金来实现工业规模。

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speculative. If no one is buying carbon credits it could cost $5, but if companies are forced to buy them with threat of large fines, then the cost could jump to the $38 estimates. The reason there is such a large difference is because this new tax has not been fully implemented, also, Western companies are given carbon breaks and large carbon credit vo u c h e r a l l o c a t i o n s . T h e C h i n e s e Banking Regulatory Commission are banking on other governments, mainly the European central government to have a strong hand in enforcing the carbon credit schemes, and therefore being able to sell stockpiles and future carbon credits to companies.

EUROPE A carbon tax was proposed by the European Commission in 2010, but a carbon tax has not been agreed upon by the 27 member states. The current proposal by the European Commission would charge firms between 4 and 30 Euros per metric tonne of CO2. Several European countries have enacted a carbon tax. They include: Denmark, Finland, Ireland, the Netherlands, Norway, Slovenia, Sweden, Switzerland, and the UK.

USA There is no nationwide carbon tax levied in the USA, although a few states have introduced the tax. The United States Administration has not been able to secure support for legislation to set either a price or a limit on greenhouse gas emissions. However, emissions trading have operated in the power sector in nine states since 2009. California’s emissions trading scheme will start in January 2013. Free Energy

If only we turned green for a day, to renew, reuse, recharge, for free, oops, did I say free? The only problem with renewable energy is that the investor wants to find a way to harness profits, which is fair enough– are the governing leaders of the world doing enough to promote green energy or is the green color of currency more important? A perfect example goes way back more than 100 years to 1906, when Nikola Tesla built a 200 ft structure that could be best described as a wireless free energy transmitter. The project was funded by none other than J.P. Morgan himself. When Tesla was looking for further funding to develop the project on a larger scale, Morgan asked “where’s the meter box? How do we charge for electricity?” The funding was shut down and Tesla’s idea of free energy for the world has never seen the light of day. Atmospheric carbon is a gas at standard temperature and pressure and exists in Earth's atmosphere in this state, as a trace gas at a concentration of 0.039 per cent by volume. We are carbon based life forms, we breathe in oxygen, and we breathe out carbon dioxide. Many see the carbon tax as a tax on breathing. My point is, if the powers that be were so concerned about our environment they would be enforcing green and renewable energy instead of enforcing tax on natural resources which will eventually shut down small businesses who can’t afford the rising cost of carbon credits. It’s already well known that the oil industry destroyed the electric car. For a globalist, looking to consolidate business, banking, politics, one world one dream, to have a global tax on an element as natural as carbon, what’s next? Tax the sun? Oh yes, the man with a solar panel on his roof will be a target once all the big corporations buy into carbon credits,

Opinion INVEST IN | 观点

问题仍然存在：是我们在促进绿色能源方面还做得不够？还是货币上的绿颜色更为重要？一个很好的例子发生在 100 多年前的 1906 年，当时尼古拉·特斯拉（Nikola Tesla）建造了一个高 200 英尺的建筑，我们将其形象地称为无线免费能源发射器。该项目的资金全部由 J.P. Morgan 提供。特斯拉一直在寻找更多的资金来扩大该项目的规模，Morgan 的疑问是：“电表箱在哪里？我们如何收取的电费？”资金流最终被切断，特斯拉关于全球免费能源的想法从来也没有实现。在标准温度和压力下，大气中的碳是一种气体，并且以该状态存在于地球的大气层中。作为微量气体，它的体积浓度为 0.039％。我们是基于碳的生命体，我们吸入氧气，呼出二氧化碳。许多人认为，碳税是一种呼吸税。我的观点是，如果权力所有者更为关注我们的环境，他们开发绿色和可再生能源，而不是对自然资源征税，后者将最终使得那些无法承受不断上升的碳信用额成本的小企业终止运营。众所周知，石油行业破坏了电动车的发展。而全球主义的角度来看，希望整合商业、金融和政治，同一个世界，同一个梦想，拥有一个向碳税那样的全球性的赋税，接下来会发生什么呢？对太阳征税吗？哦，是的，一旦所有大公司开始购买碳信用额度，那些在自家屋顶安装太阳能电池板的人将是目标，然后所有人将被要求减少他们的碳足迹。

碳排放一直以来是各国环保组织头疼的事情，各国政府正加大投入力度，力求在合理的范围内大力发展绿色能源。

The world is seeing an increasing demand for green energy, and green investment may become hot cakes given the policies worldwide.

在能源分布得到完全控制前，这种趋势没有终结的趋势。人们应该清楚一件事——如果存在一个分配碳排放额度的全球性机构，负责执行和管控资金和法规，那么他们会希望自己的想法在整个世界得以实现。这将成为一个新的政治派别，一个全球性的力量。所以，在决定给予他们多少权力时我们必须小心。我完全支持可再生能源的发展。我有一个太阳能手表。我在一家太阳能公司拥有 1000 股，这家公司通过红外线和电磁波收集板已经突破了障碍。我们可以使用现有的技术来为汽车、移动电话、整幢房屋和摩天大楼提供能源。这一切都与钱相关 —— 前提是免费，否则这不会对企业有利。

then individual people will be on the hit list to reduce their carbon footprint. There will be no end in sight until energy distribution is under full control. There is one thing people should be aware of – if there is a global agency allocating carbon credits, implementing and controlling funds and regulations, they will want their ideas across the whole world. It will become a new political faction, with a global presence. So be careful how much power the green movement is allowed to hold. Every

megalomaniac from history thought their ideas were better than everyone else’s. I am all for renewable energy. I have a solar powered watch. I have 1000 shares in a solar company that has broken through the sunlight barrier, with infrared and magnetic wave collecting panels which can collect energy 24 hours a day. We could power cars, mobile phones, whole houses and skyscrapers with the current technology we have. It’s all about the money – and if it were free it would not be good for business. Autumn, 2012 INVEST IN

封面故事 COVER STORY

中国引领全球新能源的开发

Chinese Braving the Winds in Alternative Energy Development

By Leo Zhang

展

望全球能源发展的未来，显而易见的是，可再生能源拥有巨大的潜力，它们能够替代传统的化石燃

料，成为保护环境的可替代能源。可替代能源的概念随着时间的推移发生了一些变化，但是采用可重复使用能源燃料是全球公认的做法，旨在解决高企的二氧化碳排放量、日益严重的污染和全球变暖的问题。根据“21 世纪可再生能源政策网络” 的统计数据，2011 年可再生能源领域的总投资达到了 2570 亿美元，相比 2010 年的 2110 亿美元有所增长。2011 年投资规模最大的国家是中国、德国、美国、意大利和巴西。虽然替代能源种类繁多，但得到最广泛关注和研究的替代能源类别包括风能、太阳能、地热能和生物燃料。在过去的几年里，

2012, Autumn

ooking ahead to the future of energy resources worldwide, it is evident that there is huge potential for sources of renewable energy, which can replace traditional fossil fuels as environmentally friendly alternative power. The concept of alternative energy has changed over time, and the necessity of adopting reusable energy fuels is well recognized in the global efforts to combat high carbon dioxide emissions, worsening pollution, and global warming. According to the "Renewable Energy Policy Network for the 21st Century," total investment in renewable energy reached US$257 billion in 2011, up from

US$211 billion in 2010. The top countries for investment in 2011 were China, Germany, the United States, Italy, and Brazil. T h e m o s t - w i d e ly wa t c h e d a n d explored categories of alternative energy include wind energy, solar energy, geothermal energy and bio fuels, although the full list of alternative sources extends much further. In the past few years, the alternative energy sector has fetched solid returns for investors all over the world except during the 2008 financial crisis, when its performance still outshone most of investment categories. According to a report by UK-based Carbon Trust Advisory, businesses that

封面故事 COVER STORY

替代能源领域已经为世界各地的投资者获取了稳定的回报。虽然 2008 年金融危机时出现了反复，但是其表现仍然胜过大多数的投资类别。根据总部设在英国的 Carbon Trust Advisory 的报告，在可再生能源领域进行投资的企业的平均年回报率可以达到 11％至 12％，甚至有潜力超过 20％。根据这些研究结果，新的财政激励措施、能源市场的发展趋势以及建筑法规将一起促使企业创造属于自己的可再生能源。尽管面临挥之不去的全球经济增长放缓以及日益严重的地区保护主义的影响，中国企业和投资者依然没有停止过在世界绿色能

invest in renewable energy could make average annual returns of 11-12 %, with the potential for returns in excess of 20%. According to the findings, new financial incentives, energy market trends and building regulations are combining to create a compelling case for businesses to generate their own renewable energy. Despite the lingering global economic slowdown and growing regional protectionism, Chinese companies and investors have not stopped seeking opportunities in the world’s green and alternative energy space. China is a leader in the global campaign to p r o m o t e e n e r g y c o n s e r v a t i o n . Government-led initiatives to tap into unconventional resources such as shale gas, to the new attempt to buy into overseas green-technology leaders, the

Chinese are apparently leading the edge during a period when economic weakness makes such long-term investment less attractive.

Wind power As one of the most plentiful and cleanest source of energy, wind power as an asset class has been steadily expanding. A large wind farm would normally consist of several hundred wind turbines, which are connected to electric power transmission grids. Onshore wind farms can provide electricity to isolated areas and also contribute power to the utility companies’ grids. A growing number of offshore wind facilities have been established in recent years as people tap powerful winds in offshore areas and counter the claim that onshore wind farms cast a negative visual impact on the

源和替代能源寻找机会的脚步。在全球推动节能的浪潮中，中国是一个领导者。政府主导了一系列开拓非常规资源的措施，其中包括页岩气。中国企业正在尝试购买海外绿色技术的领导者。当经济疲软使得这种长期投资缺乏吸引力时，中国人显然是处于领先定位的。风能作为最丰富、最干净的能源来源之一，风力发电作为一种资产类别一直在稳步发展。一个大规模的风电场通常会包括几百个风力涡轮机，它们被连接到电力传输电网中。陆上风电场可以向偏远地区提供电力，同时向公用事业公司的电网供电。近年来，随着人们开始利用近海地区的强风，各国建立起了越来越多的海上风力发电设施。海上风电设施也减少了陆上风电场所带来的负面视觉冲击力。根据全球风能理事会公布的数字，全球风力发电装置在 2010 年增加了 22％， 2011 年又增长了 21％。根据“21 世纪可再生能源政策网络”发布的一份报告，截至

不使用燃料的太阳能光伏系统和模块通常可以持续运作 25 至 40 年。安装成本是唯一的主要开支，系统很少需要维护。

The photo voltaic solar energy industry has also been seeing steady cost reductions in the past few years.

2011 年，全球各地 83 个国家已经将风力发

Autumn, 2012 INVEST IN

封面故事 COVER STORY

美国 United States ·江西赛维 LDK 投资 $3300 万购买 Solar Power Inc 70% 的股份 ·无锡尚德在亚利桑那州建立太阳能组件生产厂 ·金风科技想 Uilk 风电场项目投资 $1.05 千万 ·瑞祥风能想德克萨斯风电场项目投资 $7.35 亿 ·金风科技向 Mainstream 噶偶买容量没 106.5 MW 的 Shady Oaks 风电场 · LDK Solar spends $ 33 million to buy 70% shares of Solar Power Inc · Suntech sets up a solar module production plant in Arizona · The Uilk wind farm project of Goldwind with investment of $ 10.5 million · Ruixiang Wind Energy investing $ 735 million in a Texas wind farm project · Goldwind buys the 106.5 MW Shady Oaks wind farm from Mainstream

南非 South Africa

·英利集团与当地的合作商联合投资 $4.35 亿，建立光伏组件生产厂 ·无锡尚德与当地合作商共同投资 $10 亿，建立 100MW 的太阳能光法发电站 ·英利集团在 Prieska 建立 6.21KW 的太阳能光伏发电站 ·英利集团在 De Aar 建立 10MV 的太阳能光伏发电站 ·龙源电力公司和 Mulilo 新能源有限公司一起开发了 6 个风电场项目

电商业化。美国和德国是风电场发展的先驱。但是最近几年以来，中国一直在追赶，进行相关研究和开发工作。2010 年，中国风电的新装机容量超过美国，成为一个世界风电领域的领头羊。根据全球风能理事会的统计，2010 年新增风电装机容量中有一半以上来自除传统的欧洲和北美以外的市场。传闻证据显示，中国正在快速地进行建设，占到风电装机容量增长量的近一半。就在几年前，中国的风电设备制造商们还在努力与全球企业集团展开竞争，这种竞争甚至蔓延到了国内市场。如今，它们本身已经成为世界级的企业，并且在全球范围内进行扩张。然而，自从进入这种快速扩张的阶段，这些风电设备制造商已经到达了一个瓶颈状态。随着行业的成熟，中国的风力涡轮机制造商现在不得不面对遍布整个行业的激烈价格竞争、产能过剩以及政府收紧相关法规的影响。

2012, Autumn

· Yingli Group and local partners jointly invest $ 435 million to establish a PV module production plant · Suntech and local partners jointly invest $ 1 billion to establish a 100MW solar power plant · Yingli Group sets up a 6.21KW solar photovoltaic power plant in Prieska · Yingli Group establishes a 10MV solar photovoltaic power plant in De Aar · Longyuan Power teams up with Mulilo New Energy to develop six wind farm projects

landscape. Global wind power installations increased by 22 % in 2010 and 21 % in 2011, according to figures released by the Global Wind Energy Council. As of 2011, 83 nations around the globe were using wind power commercially, according to a report issued by the ‘Renewable Energy Policy Network for the 21st Century’. The United States and Germany are pioneers in the development of wind farms. Since the late 2000s however, China has been catching up in its own research and development efforts; and surpassed the US in 2010 by installation of new capacity to become a world leader in wind power. According to the Global Wind Energy Council, more than half of all new wind power capacity in 2010 was added outside of the traditional markets of Europe and North America. Anecdotal

evidence shows rapid construction in China; and this also accounted for nearly half of the growth of wind installations. Just a few years ago, Chinese wind equipment makers were working hard to compete with global conglomerates, even within the domestic market. Today, they’ve already become world-class names themselves and have achieved global presence. However, since this rapid expansion phase, these wind equipment makers have started to reach a bottleneck. As the industry matures, Chinese manufacturers of wind turbines now have to contend with countering tough price competition, excess production capacity and government tightening of regulations across the industry. In order to ensure the healthy growth of the wind sector, Chinese top regulators are consulting with local authorities for

封面故事 COVER STORY

德国 Germany ·金风科技投资 $5.661 千万购买 Vensys Energy AG 70% 股权 ·中国光大国际有限公司投资 $1100 万建立装机容量为 3.7MW 的光伏电站 ·无锡尚德收购 KSL-Kutter Automation systems GmbH 主要股权 ·中国科技发展集团，特变电工和金宝利联合投资，开发和兴建太阳能电站 ·中盛光电集团投资建立 1.48MW 的光伏发电站 ·上海日升太阳能集团投资建立 7.8MW 光伏发电站 ·天华阳光与江苏综艺联合投资建立 3.178MW 光伏发电站

· Goldwind spends $ 56.61 million to a 70% stake in Vensys Energy AG · China Everbright International Ltd invests $ 11 million to establish a photovoltaic power plant with an installed capacity of 3.7MW · Suntech acquires a majority stake in KSL-Kutter Automation systems GmbH · China Technology Development Group, Tebian Electric Apparatus Stock Co and Jinbaoli Energy teams up to invest in the development and construction of solar power plants · ET Solar Group invests to build a 1.48MW photovoltaic power plant · Shanghai Sunrise Solar Group invests to build a 7.8MW photovoltaic power plant · Sky Solar teams up Jiangzu Zongyi to establish a 3.178MW photovoltaic power plant

澳大利亚 Australia ·大唐新能源与 CBD Energy 联合投资开发风能和太阳能项目 ·无锡尚德与新南威尔士大学和 Silex 太阳能公司一起投资开展研发项目

为了保证风电行业的健康成长，中国最高监管机构正在与地方主管部门就项目审批进行协商，旨在缓解潜在的产能过剩，并且获得了更多解决问题的时间，来将新安装的涡轮机连接到电网中去。国内市场的艰难竞争正在促使中国企业在海外市场寻求投资机会，它们有可能会收购外国竞争对手，来扩大其全球范围的业务。今年 7 月，丹麦风力涡轮机制造商 Vestas（它也是全球最大的涡轮机制造商）的股票高涨，其原因是媒体报道，中国的明阳风电集团有限公司正在试图以高达 25 亿美元的价格收购该集团的资产。虽然这只是市场猜测，但是这仍然反映了中国企业仍然热衷于扩大其在全球风能行业的地位。据报道，Vestas 已经与银行进行了债务重组谈判，并且虑将自己挂牌出售。中国具有影响力的《财新》杂志援引一位熟悉此事的消息人士和一位行业监管者的话说，明阳曾试图收购 Vestas，该交易的价值在 15 亿欧元至 20 亿欧元之间（约合 19 亿美元

· Datang New Energy teams up with CBD Energy to invest in the development of wind and solar power projects · Suntech teams up with the University of New South Wales and Silex Solar carry out R&D projects

approval of projects that aim to ease potential overcapacity and allow more time to solve the problems connecting newly installed turbines to power grids. The tough rivalry in domestic markets is encouraging Chinese companies to seek investment opportunities in overseas markets and potentially acquire foreign rivals to boost their global presence. In July of this year, shares in Danish wind turbine maker Vestas, the world's largest turbine maker, staged a rally after media reports suggested that China's Ming Yang Wind Power Group Ltd was looking to bid up to US$2.5 billion to acquire the group’s assets. Albeit market speculation only, this does still reflect on the wide held mentality that Chinese companies are still keen to expand in the global wind energy industry. . Vestas had reportedly entered debt

restructuring talks with its banks and that it was considering putting itself up for sale. China’s influential Caixin magazine, citing a source close to the m a t te r a n d a n i n du st ry re g u l a to r, reported that Ming Yang had sought to acquire Vestas in a deal worth between 1.5 billion euros and 2 billion euros (US$1.9 billion-US$2.5 billion). Apart from Ming Yang, China's top wind turbine maker, Sinovel Wind Group and the second-largest, Xinjiang Goldwind Science & Technology Co have also been cited in earlier media reports this year as having possible interest in Vestas. “I think they (Chinese companies) still believe that green energy has a future and may recover if the global economy starts to rebound,” said Stephen Hu, chief analyst with Tianwei Investment Consulting Co. “The current low prices of Autumn, 2012 INVEST IN

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至 25 亿美元）。除了明阳以外，今年早些时候有媒体报道中国最大的风力涡轮机制造商华锐风电集团和第二大的新疆金风科技有限公司也对 Vestas 有兴趣。天威投资咨询有限公司的首席分析师 Stephen Hu 表示：“我认为他们（中国公司）仍然相信，绿色能源拥有未来，并可能随着全球经济开始反弹而实现复苏。一些能源公司目前较低的价格为中国买家创造了黄金机会，但是他们必须选择正确的目标。” 中国公司的收购目标并不局限于风力涡轮机制造商。今年一月，新疆金风科技宣布，公司已经从 Volkswind USA 那里收购了两个 10 兆瓦的风电场。这些风电场被称为 Musselshell 项目，它们位于蒙大拿州的肖马特。该项目是金风科技在美国的第三次收购，此前分别是位于 Minnestota 州 Pipestone 的一个项目和位于 Illinois 州李县 109.5 兆瓦的 Shady Oaks 项目。美国的陆上风电已经发展到一定的规模，它目前是水电以外最有竞争力的可再生能源。根据彭博新能源财经的最新估计，它预期将在 2016 年开始达到“电网平价” —— 也就是成本是等于电网的基准电价。在最近的连任竞选活动中，美国总统奥巴马表示，他希望延续即将到期的联邦风能税收抵免项目。太阳能发电与风电行业一样，光伏太阳能产业的成本在过去几年里已经实现了稳步下降。不使用燃料的太阳能光伏系统和模块通常可以持续运作 25 至 40 年。安装成本是唯一的主要开支，系统很少需要维护。然而，该行业正面临激烈的市场竞争、政府补贴的减少以及一些特定地区供过于求等问题。 5 月，美国宣布将对从中国进口的太阳能电池板征收关税。总共有 59 家中国太阳能公司将受到高达 31％的进口关税的影响。 9 月，欧盟委员会宣布开始对中国出口太阳能电池板进行反倾销调查。此举可能引发中国和这 27 国集团之间的贸易战。该调查源于以德国 SolarWorld 公司为首的欧洲太阳能企业指责中国公司以低于市场水平

2012, Autumn

some energy companies may create some golden chances for Chinese buyers, but they have to choose the right targets.” The acquisition targets of Chinese companies are not restricted to wind turbine manufacturers. In January, Xinjiang-based Goldwind announced that it had acquired two 10-megawatt wind farms from Volkswind USA. The wind farms, known as the Musselshell Project, are based in Shawmut, Montana. T h i s p ro j e c t m a rks G o l dw i n d ' s third acquisition in the US, following a project in Pipestone, Minnesota, and the 109.5MW Shady Oaks project in Lee County, Illinois. Onshore wind power in the US has grown to the point where it is currently the most competitive of all renewable energy sources except hydropower. According to recent estimates by Bloomberg New Energy Finance, it is on a path to reach “grid parity” -- the point where its cost is equal to the baseline price of power on the grid -- starting in 2016. During his recent reelection campaign, US President Barack Obama said that he wants to renew the technology’s soon-to-expire federal production tax credit. Solar power Like the wind power sector, the photovoltaic solar energy industry has also been seeing steady cost reductions in the past few years. Photovoltaic systems that use no fuel and modules can typically last 25 to 40 years. The cost of installation is really the only significant expense, as there is very little maintenance required. However, the sector is now grappling with tough competition, decreased government subsidies and oversupply in some selected regions. In May, the US announced that it would impose duties on solar panel imports from China. A total of 59 Chinese solar companies were affected by the 31% import duty

In September, the European Commission announced the opening of an anti-dumping investigation into Chinese solar panel exports, a move that could trigger a trade war between China and the 27-nation bloc. The investigation stems from a claim by European solar firms led by Germany's SolarWorld that accuses Chinese companies of selling panels below market prices and seeks tariffs on Chinese products. Chinese companies, including Yingli Green Energy and Suntech Power Holdings, in July warned of a whole-scale trade war after their European rivals filed the complaint, saying this would cause huge losses to both parties. Chinese firms said the claim is unfounded and it is the open market and increased competition that made solar energy affordable in the EU. Chinese solar companies have reacted with two different responses: some are planning to outsource their manufacturing abroad in a bid to circumvent anti-dumping duties while others are exploring new markets. China's Suntech Power Holdings, the world's largest solar panel maker, said that its global sourcing channels will allow it avoid the tariffs. Another Chinese company, China Sunergy Co, also said it's considering building a module assembly plant in the US. More Chinese companies are considering outsourcing in places like Malaysia and Taiwan, according industry insiders. However establishing producing hubs outside of China is likely to increase costs and some experts warned that Chinese companies shouldn't rely too much on that strategy. "We shouldn't rely on outsourcing" said Li Junfeng, President of the Chinese Renewable Energy Industries Association. "There are many conditions in the US ruling, and they could adjust them over time in favor of American producers if they notice the outsourcing trend." In August, Sunergy said that it would

封面故事 COVER STORY

图片 Photo by Rosanne Wong

的价格的销售面板，并且要求对中国产品征收关税。在欧洲的竞争对手提出申诉后，包括英利绿色能源控股有限公司和无锡尚德太阳能电力控股有限公司在内的中国企业于 7 月发

中国的太阳能公司已经采取了两种不同的反应：一些企业计划将制造过程外包至海外市场，从而规避倾销税，而其他企业选择开拓新的市场。

Chinese solar companies have reacted with two different responses: some are planning to outsource their manufacturing abroad in a bid to circumvent antidumping duties while others are exploring new markets.

出全面贸易战争的警告，称这将给双方造成巨大的损失。中国企业认为这种申诉是没有根据的，它们认为开放的市场和日益激烈的竞争是欧盟地区太阳能成本下降的主要因素。中国的太阳能公司已经采取了两种不同的反应：一些企业计划将制造过程外包至海外市场，从而规避反倾销税，而其他企业选择开拓新的市场。作为世界上最大的太阳能面板制造商，中国尚德电力控股公司表示，公司的全球采购渠道将帮助它躲避关税。另一家中国公司中国中电光伏有限公司也表示，它正在考虑在美国建设一家模块组装厂。一些业内人士表示，越来越多的中国公司正在考虑将生产外包至马来西亚和台湾等地区。但是，在中国境外设立生产中心可能会增加成本。一些专家警告说，中国企业不应该过分依赖这一战略。中国可再生能源学会理事长李俊峰表示：“我们不应该依靠外包。美国的裁决包括许多情况，如果他们发现外包的趋势，他们可以在一段时间内进行调整，使其有利于美国的生产商。” 今年 8 月，中电光伏表示公司将为罗马尼亚和马其顿的项目提供 50 兆瓦的太阳能电池组件，此举旨在进一步扩大其在东欧的市场份额。此举正值各国政府减少对太阳能行业的补贴，迫使西方的太阳能企业开拓新兴市场

supply 50 megawatt solar modules for projects in Romania and Macedonia as part of its latest bid to expand its market share in Eastern Europe. The move came amid a trend that many solar companies in the West are exploring emerging markets, which also include Bulgaria, Czech Republic and India, in efforts to counter the reductions in government subsidies. Germany plans to reduce subsidies by up to 30% as high consumer demand leaves it unable to support green energy. The UK also lowered the feed-in tariff for solar photovoltaic panels by a quarter on August 1. China, the world’s biggest maker of solar panels, has cut the subsidy for demonstration sun-power projects approved this year by 21 percent amid a decline in the prices of components. Sunergy will supply the modules to its Bulgarian partner V2M and its affiliates in this quarter and the fourth quarter. The company said that it held market share of more than 11% in Bulgaria in 2011. Many Chinese industry leaders are calling for Europe not to follow the US

in restricting Chinese imports of solar products. “Jobs and profits will be lost if the European Commission ruled in favor of a complaint made by European solar firms”, Sun Guangbin, Secretary General of the China Chamber of Commerce for the Import & Export of Machinery and Electronic Products, said at a recent news conference. "If they implement trade restrictions, demand for solar products will not be met as only a small number of firms will profit from it, which will push up costs. Many people in Europe will lose their jobs as upstream and downstream firms will suffer," Sun said, adding that China's imports of solar equipment and related services helped support 300,000 jobs across Europe. Almost 60% of China's solar exports, worth US$35.8 billion, were shipped to the EU in 2011. Nuclear power and green technology Chinese investors have also been active in other alternative energy industries with an aim to diversify their sources of power and capture emerging opportunities which may prove to be potentially Autumn, 2012 INVEST IN

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（其中也包括保加利亚、捷克共和国和印度）。由于消费者的高需求使其无法支持绿色能源，德国计划削减补贴额的幅度高达 30％。英国也于 8 月 1 日开始降低对太阳能光伏板的退税额，降幅达到了 25％。作为全球最大的太阳能电池板制造国，中国对今年批准的示范阳光发电项目中的组件补贴额下调了 21％。电光伏将于在本季度和第四季度向其保加利亚合作伙伴 V2M 及其附属公司提供模块。该公司表示，2011 年在保加利亚的市场份额超过了 11％。中国的许多行业领导者都在呼吁欧洲不要跟随美国对从中国进口的太阳能产品进行限制。中国机电产品进出口商会太阳能产品分会秘书长孙广彬在最近的一次新闻发布会上表示：“如果欧盟委员会做出有利于欧洲太阳能企业的决定，那么欧洲将损失更多的就业机会和利润。” 孙广彬说：“如果他们实施贸易限制，对太阳能产品的需求将无法得到满足，只有少数公司会从中获利，这将推动成本的上升。欧洲的许多人将失去他们的工作，上游

中国投资者同样一直在其他替代能源产业积极地寻找机会，旨在使能源来源多样化，并且把握市场先机，抢先进入这些有利可图的行业。

Chinese investors have also been active in other alternative energy industries with an aim to diversify their sources of power and capture emerging opportunities.

和下游企业将遭受打击。他补充说，中国进口太阳能设备及相关服务帮助整个欧洲创造了 30 万个就业机会。 2011 年，中国太阳能产品出口中大约有 60％去往欧洲，价值为 358 亿美元。核电和绿色技术中国投资者同样一直在其他替代能源产业积极地寻找机会，旨在使能源来源多样化，并且把握市场先机，抢先进入这些有利可图的行业。核能是一个在最近几年吸引了大量关注的行业。6 月，媒体广泛报道，中国正在寻求入股英国最大的核电项目之一，当时两家中国的行业巨头希望联手西方的同行竞投价值为 240 亿美元的合资公司项目。英国政府曾公开表示希望建立新的核电厂。然而，这些项目历来的超支情况、福岛核灾难后的不良报道以及全球经济放缓正在使得西方的开发商很难获得支持这些项目需要的数十亿美元的资金。在福岛事故发生后，德国政府面对来自公共活动家越来越大的压力，要求其改善

2012, Autumn

lucrative in these industries. The nuclear energy sector is one such sector which has attracted a lot of attention in recent years. In June, it was widely reported that China was bidding for a major, participant stake in one of the UK's largest nuclear projects when two Chinese conglomerates teamed up with Western counterparts to bid for a US$24 billion joint venture investment. The British government has publicly spoken out that it wants to see new nuclear plants built, but the history of cost overruns in these kinds of projects, bad publicity in the wake of the Fukushima nuclear disaster, and the slowing global economy have in combination, made it increasingly hard for Western developers to find the billions of dollars of funding needed for these projects. Under increasing pressure from public activists lobbying the German

government to ameliorate usage of nuclear power in the aftermath of the Fukushima accident, German utilities RWE and E.ON put up the Horizon nuclear project for sale in March. The Gloucester-based joint venture owns two nuclear sites in Britain - at Oldbury near Bristol, and Wylfa on Anglesey; where it plans to build new nuclear capacity, up to 6 gigawatts, with an investment of 15 billion pounds (US$24 billion). Nuclear reactor builders Areva and Toshiba-owned Westinghouse have already separately chosen Chinese nuclear enterprises to partner with, to help with their bids for Horizon. Westinghouse has teamed up with China's State Nuclear Power Technology Corp, while Areva has linked up with China Guangdong Nuclear Power Holding Co. If either is successful in their bids, Areva and Westinghouse will probably

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对核电的使用。德国公用事业公司 RWE 和 E.ON 于 3 月将 Horizon 核项目挂牌出售。总部位于 Gloucester 的这家合资企业在英国拥有两家核电站，一家位于 Bristol 附近的 Oldbury，另一家位于 Wylfa 的 Anglesey。该公司计划在那里建设新的核发电能力，可达 6 千兆瓦，投资将达 150 亿英镑（约合 240 亿美元）。核反应堆制造商阿海珐集团和东芝拥有的西屋电气公司已经分别选择了中国核电企业作为合作伙伴，来帮助它们竞标 Horizon 项目。西屋公司联手中国国家核电技术公司，而阿海珐集团则选择了中国广东核电集团有限公司。专家们表示，如果他们之中的任何一方获得了成功，阿海珐和西屋公司将可能会将自己在项目中的股份出售给经验丰富的核电厂运营商，并且确保项目使用它们各自的设计。涉及到中国投资的另一个亮点于 8 月份发生在绿色科技领域。美国电池制造商 A123 系统公司（曾于 2009 年从奥巴马政府那里获得 2.49 亿美元绿色环保技术拨款）从中国汽车零部件生产商万向集团股份有限公司获得了 4.65 亿美元的运营资金。如果所有权证和票据最终转换为股份，总部位于浙江省杭州市的万向集团预计将拥有总部设在马萨诸塞州的 A123 的 80％的股份。对 A123 的救援将会让一家中国大型的非政府公司拥有控股权益。先进的汽车电池行业受制于产能过剩和美国市场对电动车的需求疲软。A123 的发言人 Dan Borgasano 表示，万向将有助于 A123 获得世界各地的业务。 A123 已经开始为上汽荣威品牌的三种车型制造汽车电池。总结虽然对替代能源的投资牵涉到很长的酝酿期，持续有机增长以及有利的政府政策帮助这个行业比许多其他资产类别更好地度过了 2009 年的经济危机。由于对气候变化的担忧将继续推动替代能源产业的投资兴趣，政治领袖们更加努力地工作来解决目前的障碍，以促进替代能源更为广泛的使用。毫无疑问，中国投资者也将继续引领风潮，寻找优质的海外企业和项目。

sell their stakes in the project to an experienced nuclear plant operator whilst ensuring their respective designs are used, experts have said. Another highlighted case involving Chinese investment was announced in August in the green tech field. US battery maker A123 Systems, which in 2009 obtained a US$249 million green technology grant from the Obama administration obtained a US$465 million lifeline from Chinese auto-parts maker Wanxiang Group Corp. Hangzhou, Zhejiang Province-based Wanxiang is expected to own 80 percent of Massachusetts-based A123, if all the warrants and notes are later converted to shares. A123's rescue will give one of China's largest non-government companies a controlling interest. The advanced car battery industry has been hurt in part by too much capacity and weak US demand for electric cars. According to A123 spokesman Dan Borgasano, Wanxiang will help A123 gain business around the world. A123 already makes automotive batteries for three vehicles of the Roewe brand owned by SAIC Motor Corp. Conclusion Although investment in alternative energy involves long gestation periods, continued organic growth of the sector and favorable government policies have helped the industry weather the 2009 economic crisis better than many other asset class sectors. As climate change concerns continue to drive interest in alternative energy industries, political leaders are expected to work even more feverishly to address current barriers in order to foster more widespread use of alternative energy resources. Without doubt, Chinese investors will also continue to lead the pack in their hunt for quality companies and projects overseas.

Autumn, 2012 INVEST IN

聚焦国际金融中心 IFC Spotlight

为什么中国企业应该着眼于在卢森堡上市

Why China Should Look to Luxembourg for Its Future Listings By Anas Almasri

得

益于过去的几十年里让全世界瞩目的高速经济增长，越来越多的中国公司正在走向海外市场，在国外的

证券交易所上市，来筹集急需的资金支持企业的扩展和成长。1993 年，只有 10 家中国企业在全球股票市场上市交易。而到了 2008 年底，这个数字飙升到 510 家。迄今为止，大约有 700 家中国企业在海外市场交易。许多中国大公司都选择在外国的交易所而不是本地的交易所上市，这是因为他们在中国市场进行大笔融资时会面临一些限制，主要是对境外机构投资者进入中国市场的准入限制。此外，和更有经验的国外同行相比，中国的证券交易所效率较低，对投资者的保护不够。这些投资者更喜欢良好的监管环境，那里有严格执行的信息披露制度和会计准则。在海外上市的中国企业中，有 44％选择了香港证券交易所，因此它目前是中国企业最喜欢的交易所，接下来依次是新加坡证券交易所、纽约证券交易所及纳斯达克和伦敦证券交易所。

2012, Autumn

uilding on impressive economic growth at home over the past few decades, Chinese companies have been increasingly venturing out to overseas markets by listing on foreign stock exchanges in order to raise muchneeded funds for continuous expansion. In 1993, a mere 10 Chinese businesses were listed on worldwide stock markets, that figure skyrocketed to 510 by the end of 2008 and an estimated 700 today. Many of China’s big corporations are choosing to list on foreign exchanges instead of local ones, as they face several limitations when aiming to raise large a mou nt s of capital in the Chinese market, largely caused by restrictions on the entry of foreign institutional investors. Additionally, when compared to their much more experienced foreign

counterparts, China’s stock exchanges are less efficient and provide considerably less investor protection to stockholders who would generally prefer to operate in a well regulated environment with firmly enforced information disclosure requirements and accounting standards. With almost 44 percent of overseas Chinese listings opting for the Hong Kong Stock Exchange, it is by far the most preferred exchange for Chinese companies followed by Singapore Stock Exchange, New York Stock Exchange & Nasdaq and London Stock Exchange. Why and when to list Aside from the obvious benefit of increasing capital by gaining access to an otherwise unapproachable wide pool of local and international investors, there

聚焦国际金融中心 IFC Spotlight

为什么上市和何时上市除了能通过接近原本无法接近的本地及国际投资者从而获得更多的资本以外，对寻求上市的企业来说还有其他的一些好处。由于有意遵守海外交易所更严格的规定，发行人的形象和信誉通过上市得到了提升，这会向所有股东证明它是一家值得信赖的公司。它同样提高了发行人的流动性水平，创造公司股票的买卖创造了一个市场。其他的好处包括各个交易所不同的税务优惠和奖励制度、降低公司对从债务融资和贷款中获得资本投资的依赖程度、或者至少加强公司在与金融机构就借贷条款进行谈判时的筹码。许多公司同样认为上市是全球化企业战略的第一步。在某个特定的海外市场上市能够帮助企业增加对这个市场的出口、与当地公司建立合资企业、或者在一个新的区域扩大业务经营的范围。公司决定是否上市的主要因素是基于其资本需求和整体企业规划，但在权衡在交易所上市的利弊时，这并不是唯一的因素。国际证券的门户卢森堡证券交易所创立于 1927 年，在国际证券上市方面已经积累了丰富的经验，能够为规模庞大的发行人提供工具和产品。该国稳定的政治环境和健康的经济环境一直对其

are several other advantages for any company to seek a listing. The issuing company’s image is enhanced upon going public as it intentionally adheres to stricter regulations of overseas exchanges, boosting its credibility among all its stakeholders as a trustworthy establishment. It also improves the issuer’s liquidity levels by creating a market for company shares to be traded on. Other advantages include possible tax related concessions and incentives that are supported through different policies by each stock exchange, and lower company reliance on debt financing and loans to obtain capital investments, or at least strengthening the company’s hand when negotiating with financial institutions over borrowing terms. Many companies also view a listing as the very first step in their strategy to become a global business. Committing to a certain overseas market could be a move aimed at increasing exports to that market, launching a joint venture with

a local counterpart or simply expanding business operations into a new region. A firm’s main deciding factor in whether or not to go public is largely based on its capital needs and overall corporate plan, but it is not the only aspect to be taken into account when it weighs the pros and cons of registering with a stock exchange.

Gateway to international securities C re a te d i n 1 9 2 7 , t h e L u xe m b o u rg Stock Exchange has accumulated vast experience in listings of international securities and provides innovative vehicles and products to a large base of issuers. The country’s politically stable and economically sound environment has been essential to the development of its stock exchange and the rest of the local financial market. One of the main strengths of the Lux Exchange lies in its dedication to protect investors guiding them throughout a safe listing process and beyond. That helped it cement its wide exposure to international public

证券交易所以及本地其他金融市场的发展至关重要。卢森堡证券交易所的主要优势之一是它致力于整个上市过程以及上市以后确保投资者的安全和利益。基于遵守欧盟指令和法规的严格监管和法律结构，卢森堡证券交易所的这种承诺使其获得了国际公共和私人投资者的广泛青睐。作为世界证券交易所联合会和欧洲证券交易联合会的创始成员之一，卢森堡证券交易所积极参与全球交易所行业标准的更改与更新。整体来说，卢森堡以服务为导向的文化而自豪，这清晰地体现在其证券交易所提供的广泛服务和上市选择上，并且得已于该交易所现代化、技术领先的基础设施。根据德勤卢森堡公司和卢森堡证券交易所最近发布的一份报告，在该交易所买卖的证券总数已经接近 44500 个。其中有近 29250 个为债券产品，占所有欧洲证券交易所上市的国际债券总额的 40%。卢森堡证券交易所被公认为是债券上市的全球领

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导者，拥有来自全球 100 多个国家的 3000 个债券发行人，发行债权的货币种类超过了 54 种。此外，它于 1963 年成为首个发行时下流行的欧元债券的交易所，目前大多数上市的新债都是采取这种形式。2011 年，欧元债券占债券总发行量的 57％，金额达到了 5046 亿欧元，而美元债券的比例为 26%，金额达到了 3150 美元（数据来源于卢森堡证券交易所 2012 年概况）。卢森堡证券交易所第二重要的投资工具类型是投资基金，目前在那里上市的有 6400 多个此类的工具。在卢森堡证券交易所上市有两个市场可以选择，其中一个名叫卢森堡交易所（Bourse de Luxembourg），成立于 1929 年。它向证券发行人授予“欧洲护照”。一旦拥有这本护照，只要企业的招股说明书获得欧洲经济区（EEA）任何一个国家当局的批准，就可以在该经济区的任何一个证券交易所上市。EEA 国家包括 27 个欧盟成员国以及挪威、列支敦士登和冰岛。当然，该交易所是欧洲的受规管市场，发行人必须遵守欧盟的招股说明书和透明度义务指令。卢森堡证券交易所营运的第二个市场叫做欧元多边交易设施（MTF），这个市场是针对那些不需要获得欧洲护照但是仍然希望在欧洲公认的证券交易所上市的发行人。卢森堡证券交易所于 2005 年创建了 MTF 市场，它不受欧盟法律和指令的规管，但是需要遵守卢森堡交易所的指导方针。欧元 MTF 市场发行人的招股说明书只需要获得卢森堡证券交易所的批准。相比在卢森堡交易所上市的企业，在 MTF 上市的企业面对更为宽松的报告程序与较低的透明度要求。

2012, Autumn

and private investors, through a firm regulatory and legal structure that follows the European Union’s directives and laws. Being a founding member of the World Federation of Stock Exchanges and the Federation of European Securities Exchanges allows the LuxSE to be heavily involved in any alterations or updates to standard practices of exchanges worldwide. The country as a whole prides itself for its service-oriented culture and this drive is very evident in the broad scope of services and listing options available on its stock market and facilitated by the exchange’s modern and highly technological infrastructure. According to a recent publication by Deloitte Luxembourg and the Luxembourg Stock Exchange, the total number of traded securities on the exchange is close to 44,500. Near 29,250 of those are bonds, accounting for 40 percent of international bonds listed on all European stock exchanges. The LuxSE is strongly viewed as a global leader for listing of bonds, with its 3,000 bond issuers spread across 100 countries worldwide and denominated in more than 54 currencies. It was also the very first exchange to list the nowadays wellknown Euro bonds in 1963; these bonds now form the majority of its new bond listings comprising almost 57 percent of the total bonds issued during 2011 with a value of €504.6 billion, followed by USD denominated bonds accounting for 26 percent and $315 billion (based on the Bourse de Luxembourg Factbook 2012). The second most important type of instruments traded on the LuxSE are investment funds, over 6,400 such vehicles are currently listed there. One of the two markets on offer when listing at the Luxembourg Stock Exchange, named Bourse de Luxembourg, was opened in 1929 and grants the issuer a “European passport” for its securities.

Passporting effectively allows the company to list on any exchange within the European Economic Area (EEA) once its prospectus obtains approval from only one EEA authority. EEA countries include the 27 E.U. Member States in addition to Norway, Lichtenstein and Iceland. Naturally, the Bourse is thus a European regulated market and issuers are subject to the European Union’s Prospectus and Transparency Obligations Directive. The second market operated by the Exchange is the Euro MTF (Multilateral Tra d i n g Fa c i l i t y ) a n d p rov i d e s a n alternative to issuers who have no need of a European passport but still wish to register a listing in a well-recognized stock exchange in Europe. Created by the Luxembourg Stock Exchange in 2005, the MTF market is not regulated by EU laws and directives but instead follows local guidelines of the Luxembourg exchange. An issuer’s prospectus on the Euro MTF is only approved by the LuxSE leading to a less rigid reporting process and lower transparency requirements for the issuing company when compared to the Bourse. Almost 85 percent of all listings on the Luxembourg Stock Exchange are listed on the Bourse, while the Euro MTF claimed the remaining 15 percent mostly comprising listed shares. The global interconnectivity of Luxembourg is one of the main reasons why many businesses choose to go public there. Around 63 percent of issuers on the Lux Exchange are European based, followed by 22 percent in North America, 10 percent in Asia, 4 percent in South America and a little over 1 percent originating from both Africa and Oceania.

GDRs and other listing instruments There are a number of instruments for companies and governments to choose from on the Luxembourg Stock Exchange including fixed income securities,

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在卢森堡证券交易所上市的公司中，有大约 85% 选择卢森堡交易所，而欧元 MTF 市场拥有其余 15% 的份额，主要包括上市公司的股份。卢森堡与全球市场的互通特性是许多企业选择在这里上市的主要原因之一。卢森堡证券交易所大约有 63% 的发行人来自欧洲， 22% 来自北美，10% 来自亚洲，4% 来自南美，剩余的 1% 多一点来自非洲和大洋洲。全球存托凭证及其他上市工具卢森堡证券交易所能够为企业和政府提供许多工具，其中包括固定收益证券、认股权证、股权、存托凭证、股票和投资基金的单位。在决定选择哪种工具进行上市之前，需要根据发行人具体情况的不同，仔细考量每种工具的优点。在接受《境外投资》的采访时，上市专家、德勤卢森堡的合伙人 Pierre Masset 解释说，公司对工具的选择“必须符合其整体战略”。他列举了发行公司或者政府机构需要考虑三个重要的因素，它们取决于寻求上市的不同目的。这些因素是“满足特定工具上市要求的能力、支持上市的（现有）资源以及企业和潜在投资者面临的出售限制及税务影响。” 卢森堡证券交易所是全球存托凭证（GDR）上市的主要中心，GDR 是存托银

warrants, stocks, depository receipts, shares and units of investments funds. Deciding on which type of instrument to list requires a close examination of the different advantages of each instrument with regards to the issuing party’s specific case. In an interview with Invest In, listing expert and Partner at Deloitte Luxembourg Pierre Masset explains that a company’s choice of instrument “must be aligned with its overall strategy”. He cites three important factors that the issuing company or government entity should take into consideration depending on its reasons for pursuing a listing. Those factors are its “ability to meet the listing requirements particular to the instrument, (available) resources to support the listing and the selling restrictions and tax implication for the company and for the potential investors”. The LuxSE is a major centre for the listing of Global Depository Receipts (GDRs), negotiated certificates issued in more than one country by depository

banks representing ownership of a number of shares in a foreign company, w h i c h a re t h e n l i s t e d l o c a l ly a n d traded independently from the original shares. These GDRs trade as domestic shares would, but are offered globally through a network of international banks. The bulk of the 284 depository receipts listed on the Luxembourg Stock Exchange are global ones, with three emerging economies accounting for most of the listings. Confirming that these instruments are popular among companies from developing countries listing in Luxembourg, Masset said that “based on the Factbook 2012 statistics published by the Luxembourg Stock Exchange, global depositary receipts listed on the Luxembourg Stock Exchange, which are issued by companies in India, Republic of Korea and Taiwan, account for 91% of the total quotation lines with a total market capitalisation of €32.2 billion. From the 17 countries, which have listed GDRs on

行在多个国家发行的协商证券，代表对一家外资公司一定数量股票的所有权。然后，这些凭证在当地市场上市，独立于原始股份进行交易。这些 GDR 以本地股票的形式进行交易，但是通过国际银行的网络进行全球发行。卢森堡证券交易所上市的 284 个存托凭证是全球性的，其中的大部分来自三大新兴经济体。 Masset 指出这些工具受到了那些希望在卢森堡上市的发展中国家企业的热烈欢迎，他说：“根据卢森堡证券交易所公布的 2012 年市场概览数据，印度、韩国和台湾企业在卢森堡证券交易所发行的全球存托凭证占发行总额的 91%，市场估值达到了 322 亿欧元。在卢森堡证券交易所发行全球存托凭证的 17 个国家中，有 13 个是发展中国家或者新兴经济体。” 对已经在国内上市的中国公司，卢森堡是不是一个好的选择？他指出除了筹集资金、增加流动性和提高威望，全球存托凭证

卢森堡与全球市场的互通特性是许多企业选择在这里上市的主要原因之一。

The LuxSE is strongly viewed as a global leader for listing of bonds, and it's becoming one of the most popular for foreign firms to list here.

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market”, an advantage of great value for firms listed on the restrictive Chinese exchanges.

上市所能带来其他一些重要的好处。他说， GDR“没有公开上市那么昂贵。相比公开上市，报告和监管要求也没有那么严格。” 他还提到，通过使用 GDR 来向本地经济注入外来投资的趋势越发明显，指出这么做“无需面对外国投资者进入当地市场通常会遇到的障碍，就能够鼓励外国的投资。”对那些在饱受限制的中国交易所上的企业来说，这种优势能够带来很大的价值。中国和卢森堡证券交易所谈及中国企业对卢森堡证券交易所的欢迎程度，卢森堡证券交易所执行委员会成员 Hubert Grignon Dumoulin 在一份电子邮件声明中表示，多年来一共有 32 个不同的中国债券在该交易所上市，其中第一只可以追溯到 1986 年。目前，有 4 个中国债券在该交易所交易。他补充说：“中国企业的股份通常被用来作为备兑权证的标的，这些备兑权证主要由大型投资银行在卢森堡发行并上市。” Dumoulin 还补充说，首个“点心”债券于 2011 年 9 月在卢森堡证券交易所上市，该交易所的市场上目前总共有 25 个以人民币计价的证券正在交易。谈及卢森堡证券交易所采取何种方式来向中国企业进行推荐以及卢森堡交易所与中国本地证券交易所的合作，他认为 “值得一提的是卢森堡证券交

通过使用 GDR 来向本地经济注入外来投资的趋势越发明显，对那些在饱受限制的中国交易所上的企来说，这种优势能够带来很大的价值。

Injecting foreign investment into the local economy through the use of GDRs, an advantage of great value for firms listed on the restrictive Chinese exchanges.

易所已经与上海证券交易所签署了一份谅解备忘录（2006 年）。在这种背景下，两个交易所的代表定期在卢森堡和上海会面，相互交流想法和上市流程的信息。” 上市流程在卢森堡证券交易所，寻求上市的公司必须满足三个方面的要求和流程。第一个涵盖了上市流程开始之前的阶段，主要的目的是为了确保发行人及其董事就有形资产的信息披露、真正的问责制和透明度做好了完全的准备。第二阶段要审查发行人是否符合交易所的要求，能否获得上市授权。这些要求包括交易记录的最低年限、经审计的年度财务报告、根据国际公认的会计标准（如美国通用会计准则）制定的报表以及能够自由转让的证券。卢森堡证券交易所对上市证券的市值也设定了最低标准，上市公司股票的市值至少应为 100 万欧元，债券的市值至少为 20 万欧元。

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the Luxembourg Stock Exchange, 13 have developing or emerging economies.” On whether they might be a good fit for Chinese companies already listed at home, he pointed to the several key benefits of a global depository receipt listing that go beyond raising funds, i n c re a s i n g l i q u i d i t y a n d b o o s t i n g prestige. A GDR is “not as expensive as a public listing” he said, adding that it offered “less rigorous reporting and regulatory requirements than a public listing”. He also mentioned the upside of injecting foreign investment into the local economy through the use of GDRs, stating that they “encourage investment from abroad without having to face the obstacles which often prevent foreign i nve s t o r s f ro m e n t e r i n g t h e l o c a l

China and the LuxSE Commenting on the popularity of the Luxembourg Stock Exchange among Chinese entities, Hubert Grignon Dumoulin, Member of the Executive Committee of the LuxSE stated in an emailed statement that there had been 32 different Chinese bonds listed on the Exchange over the years, with the first one dating back to 1986. Currently there are four Chinese bond issues listed there. “Shares from Chinese companies are regularly used as underlying in the context of covered warrants, which are issued and listed in Luxembourg mainly by large investment banks”, he added. Dumoulin also added that the first “Dim Sum” bond was listed on the LuxSE in Sept 2011, and that the Exchange had a total of 25 RMB denominated securities listed on its market. On the methods used by the Luxembourg Stock Exchange to promote itself to Chinese entities, and the level of cooperation between the Lux Exchange and China’s local stock markets, he believed it was “worth mentioning that the Luxembourg Stock Exchange has signed a Memorandum of Understanding (MoU) with the Shanghai Stock Exchange (in 2006). In this context, representatives from the two exchanges met both in Luxembourg and Shanghai to exchange ideas and information on the listing process.”

Listing procedures The Luxembourg Stock Exchange defines three general areas of requirements and procedures that companies have to meet when seeking a listing on its markets. The first one covers the period prior to the commencement of a listing process and mainly aims to ensure the issuing

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第三阶段针对在交易所或者欧元 MTF 市场成功发行证券的发行人的持续责任。在获得上市后，发行机构将不断被要求定期或不定期公布所有必要的公司信息。这些信息包括所有类型发行人的年度报告和股票发行人的半年报告。批准上市、交易和维护的费用取决于工具的类型和发行人的类别。普通发行人的指出通常要稍稍高于超国家的发行人—— 欧洲联盟、世界银行和国际货币基金组织等国际组织。近期对中国 IPO 的忧虑虽然全球市场对中国企业上市的热情很高，但是这种趋势并不是没有问题的。在过去两年的时间里，中国上市企业的一系列会计丑闻和盈利预警削弱了投资者对中国 IPO 的信心。这在美国市场尤为明显，许多中国公司通过反向并购上市。在这个过程中，外国公司购买已上市的空壳公司，并因此获得上市的权利，而无需通过普通 IPO 所需要经历的严格监管审查。随着一些有问题的反向并购和欺诈行为于去年浮出水面，美国证券监管部门和投资者对海外上市的中国股票变得越来越怀疑，这使得它们的股票价格暴跌。现在，有报道说类似的问题也出现在了香港，在香港联交所上市的四家中国公司宣布，它们的审计公司今年提出辞呈，原因是在公司信息和财务数据披露的准确性方面存在分歧。这些问题同样使得为这些公司承销证券的金融服务机构饱受批评。投资者对中国经济蓬勃发展的巨大热情使得中国企业海外上市的数量在 2010 年创下了记录，但是近几个月里，这种中国影响已经开始减弱，而中国企业海外 IPO 的数量也随之减少。根据彭博社的统计数据显示，2012 年第一季度，中国企业的 IPO 占全球融资总额（110 亿美元）的 5.7%。而相比之下，在 2010 年全球 1990 亿美元的融资额中，中国企业的比例占到了 16%，这还不包括在中国内地的上市。在决定去哪个交易所上市前，计划到海外上市的中国企业必须实施坚实的措施来提高透明度，旨在向国际投资者展示它们的可信度和风险发现能力。否则，几个烂苹果最终会破坏整个中国 IPO 市场。

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party and its directors are completely prepared for tangible information disclosure, real accountability and t r a n s p a r e n c y. T h e s e c o n d p h a s e examines whether the issuer meets the requirements set by the Exchange on obtaining a listing authorization. That list includes a minimum number of years of trading record, audited annual financial reports and statements prepared in accordance with internationally accepted accounting standards such as GAAP, and free negotiability of the securities. The LuxSE also sets a minimum on the market capitalization of the securities to be listed, with market value of shares of a company required to be at least €1,000,000 and that of debt securities at least €200,000. T h e t h i rd s e g m e n t t a c k l e s t h e ongoing responsibilities of issuers who have successfully listed their securities on the Bourse or the Euro MTF. Upon obtaining a listing, issuing entities are constantly required to disclose all necessary corporate information on a periodical or ad hoc basis. These include annual reports for all types of issuers and additional semi-annual ones for issuers of shares. Fees for listing approval, trading and maintenance vary depending on the type of instrument issued as well as the category of the issuer. Ordinary issuers normally pay charges that are a little higher than those faced by supranational issuers – international organizations such as the European Union, World Bank, and International Monetary Fund. Recent concerns over Chinese IPOs Although there has been much enthusiasm surrounding Chinese companies going public around the world, this trend has not been problem free. Several accounting scandals and profit warnings relating to Chinese stocks in the past two years have reduced

investor confidence in Initial Public Offerings (IPOs) originating from China. This is especially true in the U.S. where many Chinese firms go public through reverse mergers, a process involving a foreign company buying an already listed shell company and consequently obtaining listing rights without going through the regulatory scrutiny of a normal IPO launching. American exchange regulators and investors alike have grown suspicious of overseas listed Chinese stocks after a number of faulty reverse mergers and fraud reports surfaced last year, which lead to their stock prices plummeting. Similar issues have now been reported in Hong Kong with four Chinese companies listed on the HKSE announcing that their auditors resigned this year over disagreements on accurate disclosure of company information and financial data. These issues have also placed the financial service providers who underwrote the securities for these companies under fire. Huge investor appetite towards the Chinese booming economy was largely behind the record number of Chinese listings abroad in 2010, but that Chinaeffect has been waning in recent months and along with it the number of new Chinese IPOs outside of China. According to data compiled by Bloomberg, Chinese IPOs accounted for 5.7 percent of the $11 billion raised globally in the first quarter of 2012, compared to 16 percent out of $199 billion global IPO offerings in 2010, excluding those listed in Mainland China. Prior to deciding on which exchange to list, it is essential for Chinese businesses planning on going public abroad to implement solid transparency programs aimed at reassuring international investors of their trustworthiness or risk discovering whether a few rotten apples will ultimately spoil the whole Chinese IPO market.

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卢森堡的投资基金业一撇 Luxembourg’s Unique Investment Fund Industry By Anas Almasri

尽

管地域非常狭小，卢森堡几十年来一直在全球金融中心的各大榜单中名列前茅——不断开拓新的

投资工具并且成功地将它们推向世界各地，从而引领行业的创新潮流。20 世纪 60 年代，卢森堡大公国是第一个推出欧洲债券的金融中心。20 世纪 80 年代，卢森堡将自己转型成为了一个国际银行中心。从此之后，它不断地发展，已经成为全球最强大的投资基金中心之一。金融业对该国的经济贡献最大，它的成功往往被归功于稳定的政治和社会环境，以及不断适应变化、坚定而灵活的监管架构。政府会与市场立法者和私营部门展开定期磋商，这确保现代化金融市场持续发展所需要的健全法律制度。在这种氛围的基础上，方便营商的环境、对全世界的开放以及受过良好教育的劳动力是国际银行、金融中介机构、基金经理和专业服务供应商为什么被这个重要的金融中心所吸引的原因。

2012, Autumn

espite its extremely small geographical area, Luxembourg has for decades been topping global financial rankings on several fronts and leading the industry’s innovation march by constantly pioneering new investment vehicles and successfully promoting them around the world. The first center to launch a Eurobond in the 1960s, the Grand Duchy transformed itself into an international banking hub in the 1980s, and from then onwards i t g re w i n t o o n e o f t h e s t ro n g e s t investment fund centers worldwide. The financial sector is the country’s largest contributor to its economy and its success is often attributed to a stable political and social environment that is governed by a constantly adaptive, firm and yet flexible regulatory framework. The government’s regular consultations with market legislators and the private sector have ensured a healthy legal system for a continually modernizing

financial market. That atmosphere, coupled with business friendliness, openness to the rest of the world, and a highly educated workforce are some of the reasons why international banks, financial intermediaries, fund managers and specialist service providers have all been attracted to this major hub. Today, Luxembourg is the second l a rg e s t i nve s t m e n t f u n d c e n te r i n the world after the United States. T h e I n t e r n a t i o n a l M o n i t o r y Fu n d (IMF) published a recent study on the Luxembourgish financial market stating that it had mostly endured the global financial crisis and preserved its longstanding stability. While the IMF report showed that the investment fund sector was negatively affected during 2011 with some of its registered quotation lines suffering valuation losses as a result of the economic problems in the Euro area, it maintained that the industry had generally recovered.

聚焦国际金融中心 IFC Spotlight

如今，卢森堡是继美国之后的第二大投资基金中心。国际货币基金组织（IMF）最近针对卢森堡金融市场的一项研究表明，该国已经基本经受住了全球金融危机的考验，并且保留了长期的稳定性。尽管 IMF 的报告显示卢森堡的投资基金业在 2011 年受到了负面影响，欧元区的经济问题使得当地注册的一些基金出现了账面亏损，但是该报告认为基金行业总体来说已经复苏。根据卢森堡投资基金行业协会的统计数据，截至今年 6 月底该国投资基金行业的管理资产净值达到了令人惊讶的 2.22 亿欧元，相比 2011 年 12 月底实现了超过 6％的增长。 UCITS 基金和投资者保护可转让证券集体投资计划（UCITS）基金是一种集合投资工具，其结构和管理方式需要满足欧盟指令中规定的一些标准。它为私人投资者提供了高度的保护，因此成为了全球最为公认和最值得信赖的投资基金产品之一。自从推出以后，它们获得了全球金融市场的广泛关注，目前欧洲市场上的大部分基金是采取 UCITS 结构的。它“欧洲护照” 的特征使其发行人能够面对全欧洲的投资者发行产品，在获得一个成员国授权的情况下，就能够在其他欧洲市场销售基金产品。在过去 20 年的时间里，卢森堡一直得益于该国基金业所拥有的各种必不可少的角色，包括上市专家、律师、注册会计师、金融产品开发者和专业的服务供应商。这使得卢森堡逐渐将自己定位成 UCITS 登记、管理和发行最热门的注册地。该国金融中心拥有世界一流基础设施以及为国际投资者提供服务的成熟经验。毫无疑问，这些都帮助卢森堡获得了令人印象深刻的地位。目前，卢森堡的证券交易所拥有 6440 只注册资金，它们来自 11 个不同国家的 452 家发行人。卢森堡金融中心一直坚守保护投资者的核心原则，从自 2011 年 7 月开始要求在该市场注册的所有 UCITS 的基金经理和供应商提供一份描述性的双面 A4 文件，称为主要投资者信息文件（KIID）。这么做的唯一目的是以最简单的方式来介绍基金的投资策略、收费情况、过去和预期的财务表现以及准确地评估选择特定投资工具的相关风险和回报。基金经理被给予了一定的缓冲期，他们从今年 7 月开始需要针对所有的子基金及股票类

According to the Association of the Luxembourg Fund Industry, investment funds in the country reported a jaw dropping €2.22 trillion of net assets under management at the end of June this year, an over 6% rise from their value from end of Dec 2011.

UCITS funds and investor protection Fu n d s t e r m e d a s U n d e r t a k i n g fo r Collective Investment in Transferable Securities (UCITS) are pooled investment vehicles that are required to meet certain criteria stated in the EU Directives on how they are structured and managed. It provides private investors with a very high level of protection and has thus become one of the most internationally accepted and trusted types of products in the investment funds field. They have garnered widespread interest across global financial markets since their inception, and most of the funds currently on offer in European markets are structured as UCITS. Their “European passport” feature enables the issuer to gain access to investors across Europe by allowing the underlying shares or units of funds to be offered on other European markets upon the authorization of the fund in only one Member State. Over the last 20 years Luxembourg has capitalized on the presence within its borders of a unique combination of essential players in the fund industry including listing experts, lawyers, certified accountants, financial product developers, and specialized service providers to gradually position itself as the most popular domicile for registration, administration and distribution of UCITS. Its financial center’s world-class infrastructure and its established expertise in providing services for an international base of investors no doubt aided the country in achieving that impressive standing. It Autumn, 2012 INVEST IN

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UCITS market and more specifically in Luxembourg-based investment funds.

别公布相关文件。用 KIID 取代基金简化版的招股章程帮助潜在的投资者免去从复杂的财务数据和难懂的营销术语中鉴别信息的过程。这种额外的要求只会提升投资者对 UCITS 整体市场的信任度，特别是卢森堡的投资基金。建立和维护 UCITS 卢森堡的 UCITS 有两种合法的形式。第一种是共同契约基金（FCP），它没有法人资格，必须委任专业管理公司进行管理。这种合法形式所需的最低净资产为 125 万欧元，并且必须在获得授权之日起 6 个月内进行注册。第二种形式是开放式投资公司（SICAV），可以由基金管理公司管理，或者由公司自己管理。如果公司不指定基金管理公司，那么在获得授权时它必须拥有 30 万欧元的净资产。在任何情况下，在取得授权后六个月的时间内，规模必须达到 125 万欧元的最低标准。UCITS 可以作为一个单独的基金或者或子基金的多个部分，招股说明书和 KIID 需要清楚地说明各个子基金的投资策略。作为监管机构，金融行业监管委员会负责监管卢森堡的基金业。它要求 UCITS 的推广者必须持有大量的资金，一旦由于基金管理团队的行政或者管理错误导致基金的损失，这些资金可以被用来偿还给第三方。UCITS 的核心管理必须在卢森堡大公国进行。执行官员被定义为 UCITS 或者基金运营托管人的代表，他们必须尽职，在特殊领域拥有充分的经验，确保投资基金计划是积极的。

2012, Autumn

now boasts 6,440 funds registered on its stock exchange issued by some 452 issuers from 11 different countries. Staying true to its core principles with relation to protecting investors, the Luxembourg financial center has since July 2011 requested from all UCITS fund managers and providers domiciled in its market to generate a descriptive double-sided A4 document called the Key Investor Information Document (KIID). Its sole purpose is to present in the easiest possible way a fund’s investment strategy, charges, previous and expected financial performance as well as an accurate assessment of the related risks and returns to choosing any specific investment vehicle. Fund managers were provided a period of implementation that ended in July of this year to begin publishing this document for all their sub funds and share classes. Replacing a fund’s simplified prospectus with the KIID spares the potential investor from the process of dissecting what is often a complex set of financial data intertwined with subtle marketing insinuations. Such an additional requirement will only serve to reinforce investor trust in the general

Setting up and maintaining a UCITS There are two legal forms in which a UCITS can be structured in Luxembourg. The first one is a common contractual fund (Fonds Commun de Placement – FCP) that has no legal personality and must appoint a professional management company. The minimum required net assets of this legal model is €1,250,000 and must be reached within six months from the date of obtaining an authorization. The second form is an open-ended investment company (Société D’investissement à Capital Variable – SICAV) and can either be managed by a management company or simply manage its own fund. This company is required to hold a minimum of €300,000 at the time of authorization if it has not designated a management company and reach a minimum of €1,250,000 in either case during the first six months after securing the authorization. The UCITS could be structured as an individual fund or as multiple segments of an umbrella fund, with the prospectus and KIID required to clearly state the investment strategy of each sub fund. T h e s u p e r v i s o r y a u t h o r i t y, Commission de surveillance du secteur financier, overseeing the fund industry in Luxembourg requires the promoter of a UCITS to hold substantial capital as it is expected to reimburse third parties in case of losses caused from an administrative or managerial mistake by a fund’s management team. It is obligatory for the central administration of the UCITS to be based in the Grand Duchy. The conducting officers or dirigeants, defined as representatives of the UCITS and of the depository or persons who are running the activities

聚焦国际金融中心 IFC Spotlight

UCITS 在提交年度报告时，必须指定一名拥有专业从业记录的外部注册审计师。另类投资包括对冲基金、对冲基金的基金、私募股权和风险投资基金、房地产基金在内的另类基金已经成为卢森堡投资行业的基石。提供创新的资金结构对该国维持其在这些投资工具领域的领先地位显得至关重要，而 2007 年引入的专业投资基金（SIF）成功地实现了这一点。基金注册采取哪种法律形式取决于其计划的投资战略和针对的投资者。UCITS 的

of such a fund, must be respectable and hold adequate experience in the specific fields within which the investment fund plans to be active. A certified external auditor with a professional track record is also needed for the UCITS to submit its annual report. Alternative investments Alternative funds such as hedge funds and funds of hedge of funds, private equity & venture capital funds and real

estate funds have become a cornerstone of the Luxembourg investment industry. Providing innovative fund structures is an essential criterion for the country to maintain its prominence as a leading center for these investment vehicles, and that is exactly what the introduction of the Specialized Investment Funds (SIF) in 2007 successfully achieved. Which legal form a fund is registered under depends on its planned investment strategy and targeted investors.

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另类投资策略需要完全符合欧洲证券监管委员会的指导原则。而相比之下，SIF 基金受到卢森堡监管机构的程度较轻的监管，这也许是该基金仅向成熟的合格国际投资者发售（而不是市场上的一般零售产品）的原因。其他的差异包括是否允许跨境销售、以及对借款及若干投资的限制。在 SIF 推出之前，卢森堡大公国大多数的另类投资基金是以集体投资计划的形式存在的。卢森堡的对冲基金是受监管的投资工具，需要接受监管机构的指导。它们拥有一些重要的特性，包括可以使用卖空、衍生工具及更高的杠杆比例。它们专注于绝对回报，而不是评估相对某一基准的财务表现。它们的管理者能够使用更为广泛的投资渠道来转换投资策略。截至 2011 年 6 月，卢森堡对冲基金资产管理的资产规模超过 708 亿欧元。总共有 1288 只针对对冲基金的基金管理 720 亿欧元的资产，这显示了该国在投资基金领域资产分配方面的强大力量。除了 SIF，私募股权投资和风险投资基金的发起人在投资工具的法定结构方面拥有更多的选择，其中包括风险资本投资公司（SICAR）和非管制的特殊目的公司，比如金融参与公司（SOPARFI），后者被用于私人股权收购和融资目的，其与 UCITS/SIF/SICAR 之间最显着的区别是没有法规和监管。SOPARFI 最为主要的优势在于该工具能够利用卢森堡庞大的“免双重征税协定网络”，卢森堡已经与 60 多个国家签署了此类协定。该特殊目的公司既可以与其他基金结构一起使用，也可以单独作为控股或融资工具进行使用。在过去的 12 年里，在卢森堡注册的房地产投资基金一直呈上升趋势，高于整个欧洲地区的平均增速。房地产基金的数量从 2000 年的 16 个上升到了 2011 年 7 月的 2012 个，目前管理的净资产规模超过了 230 亿欧元。基金的类型分受管制和非受管制，这取决于融资类型、投资者群体、投资计划以及税收方面不同的考虑。随着全球对离岸金融中心的持续打压，以及全球各国同意提升对另类投资的监管，许多不受管制的离岸基金都选择迁册到卢森堡。卢森堡大公国同样也能够提供一系列其他资金，包括养老金及交易所买卖基金（ETF），以及符合伊斯兰教的基金和小额信贷投资基金。

2012, Autumn

Alternative investment strategies for a UCITS need to be in complete compliance with the Committee of European Securities Regulators guidelines. SIF funds on the other hand are subject to lighter supervision by Luxembourg’s supervisory authority, which is probably the reason behind this fund being only offered to well-informed qualified international investors and not available on the market as a general retail product. Other differences include cross border distribution eligibility and restrictions on borrowing and certain investments. Prior to the SIF most alternative investment funds in the Grand Duchy were structured as UCIs. Hedge funds in Luxembourg are regulated investment vehicles subject to the guidance of its supervisory authority and hold some key characteristics including their ability to use short selling, derivatives and increased leverage, their focus on returns in absolute terms rather than evaluating financial performance relative to a benchmark, and their managers’ ability to shift investment strategies utilizing a broader mandate. Hedge fund assets under administration in Luxembourg were over €70.8 billion in June 2011, while 1,288 funds of hedge funds managed €72 billion worth of assets, showing the country’s strength in asset allocation within the investment

fund sector. In addition to the SIF, promoters of private equity and venture capital funds have even more choices in terms of legal structure of their vehicles i n c l u d i n g a n i nve s t m e n t c o m p a ny in risk capital (SICAR) and the nonregulated special purpose companies like a financial participation company (SOPARFI), which is used for private equity acquisitions as well as financing purposes. The most notable difference between the latter form of investment vehicle and the UCITS/SIF/SICAR is the absence of governing regulation and oversight. The main advantage of a SOPARFI exist in the vehicle’s ability to make use of Luxembourg’s large network of double taxation agreements with more than 60 countries. This special purpose company can be utilized in combination with other fund structures or on its own as a holding or financing instrument. Luxembourg domiciled real estate investment funds have been on the rise for the past 12 years, outpacing the average growth in the larger European area. Increasing from just 16 real estate funds in 2000 to 2012 funds as of July 2011, with current net assets under management higher than €23 billion. This type of funds may be set up in an unregulated or regulated form depending on the type of funding it aims to raise, its investor base, its planned investments and its distinct tax considerations. With the ongoing international crackdown on offshore financial centers and the globally agreed upon necessity for increased regulations on alternative investments, Luxembourg has witnessed an influx of many unregulated offshore funds re-domiciling to its market. The Grand Duchy also offers a range of other funds covering pension and exchange-traded funds (ETF) as well as Islamic Sharia-compliant and Microfinance investment funds.

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特别报道 SPecial report

在自由之都自由驰骋

Your Investment Paradise Next Door

2012, Autumn

特别报道 SPecial report

济

州岛独特的地理优势和人文、自然景观使其成为当之无愧的未来之都。韩国计划在未来的数年之内，

将济州岛发展成名副其实的国际自由都市和东北亚的旅游和商务中心，济州岛也是亚洲屈指可数的几个免税商品和货物的贸易枢纽。 2006 年 7 月 1 日，韩国政府正式将济州省划为自治州，由政府授权，济州省政府独立于中央行政权力之外，除外事、防务等，济州岛享有高度的自主权。这些政策无疑为济州岛的投资环境添砖加瓦——其行政权力的高度集中得以大幅提升政府部门的工作效率，以及政府对商业、贸易等行政审批流程的大幅简化。本刊对济州特别自治道国际自由都市部长吴胜益先生的独家专访，也证实了韩国政府开发、开放济州岛的决心和措施，使这一太平洋上的天堂小岛成为华人投资的极佳选择。吴部长表示：“济州岛在去年年末为止有 105 万外国游客到访，其中中国游客占 70%，达到了 74 万人，而 2012 年中国游客的总数可望达到 100 万人！”这一人口总共才 57 万人的太平洋岛屿距离上海市的飞行时间少于 1 小时，而其 180 个国家的免签证政策更让持中国护照的游客趋之若鹜。迄今为止，中国公司在济州岛的投资已经初具规模，包括黑龙江的奔马集团和上海

By John Yang

的绿地集团等在内的知名企业早已捷足先登，

eju Island's geographical proximity to China and its breathtaking, natural landscape gives the province a deserving title of resort city of the future. Within the next few years, South Korea plans to develop Jeju Island into a truly international city, and as both a tourism and business center of choice for Northeast Asia. Jeju Island is one of only a handful of trade hubs for duty-free goods and merchandise in Asia. On July 1, 2006, the South Korean government officially designated the Jeju Province as a Special Self-Governing Province. Except for foreign affairs and military issue which remain under national government control, Jeju Island enjoys a high degree of independence. Under the authorization of the South Korean government, the Jeju provincial government has full and independent administrative power to conduct its own affairs. These policies contribute to a favorable investment environment for Jeju Island. For businesses interested in international trade, a central and independent administrative power enhances bureaucratic efficiency and simplifies the headache of approval processes.

Autumn, 2012 INVEST IN

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染指济州岛的旅游地产和疗养中心等产业。此外，来自上海、北京、山东、辽宁和广东

济州岛的投资优惠 Investment Promotion Zone (Jeju Island)

省的投资者也都看好济州的投资回报，纷纷

投资振兴地区 Investment Promotion Zone

把目光投向这一风水宝地。正如济州特别自治道和大韩贸易投资振兴社在上海举办的投资推介会上所介绍的，包括神话历史公园、彭巴斯综合休养观光园区、吾罗旅游景区开发项目及兔山（山威）旅游景区的投资项目在内，济州岛正以前所未有的胸怀吸引来自世界各地的目光。那么，济州岛到底在哪些优势值得中国的投资者注意呢？答案其实很简单，那就是得天独厚的地理位置（距离东北部都市圈的 2 小时以内的飞行时间）和无与伦比的自然环境，当然还有其极具诱惑力的投资移民条件。

法人税 Corporate tax 取得登记税 Acquisition/Registration tax

财产税 Property tax

得天独厚的地理位置济州位于东北亚的中心点，与中国有着悠久的历史联系。远在 2200 年前，秦始皇已经派遣使者（相传是 500 童男童女）到当地寻

国有财产租赁费 Rents - National property

找长生不老之药。济州于中国最佳蜜月胜地排名前十，更于 2008 年荣登成为上海市民全球蜜月胜地第一位。中国前总理朱镕基曾于 2009 年表示：“济州风景甲天下”。济州岛是世界唯一由联合国教科文组织指定的三个殊荣地区：2002 年被指定为生物保护圈地区，2007 年被指定为世界自然遗产， 2010 年被指定为世界地质公园。不仅如此， 2011 年 11 月，由“世界七大奇迹基金会”

Jeju

Your Neighboring Investment Paradise

2012, Autumn

分摊额 Charges

外国人投资地区 Foreign Investment Zone

3 年免除 100% exempted for 3 years

5 年免除 100% exempted for 5 years

免除 Exempted

2 年 50% 免除 50% excempted for 2 years

0 年期间免除 Exempted for 10 years 50 年期间 50 years

75% 范围内减免 75% exempted

免除：开发分摊额等 Exemption: Development charge and other charges

2 年 50% 免除 50% excempted for 2 years

15 年期间免除 Exempted for 15 years 100% 减免 100% Exempted

按外国人投资比例减免 Exemption and reduction based on the investment of foreigners

50% 减免：农地分摊额等 50% reduction: Farmland development charge and other charges

数据来源：韩国济州特别自治道 Source: South Korea Jeju Special Self-Governing Province

Invest In conducted an exclusive interview with Oh, Seung Ieek, Executive Director of Free International City Bureau (Free International City Division). Mr. Oh commented, “By the end of last year, a total of 1.05 million foreign visitors travelled to the island, among which 70% were from China, reaching 740,000. In 2012, the total number of Chinese visitors is expected to hit 1 million. The Pacific island, with a total population of only 570,000, is within onehour flight from Shanghai. Its visa-free policy, covering 180 countries, has made Chinese passport holders eager to go there.”

Investors across Shanghai, Beijing, Shandong, Liaoning and Guangdong provinces are optimistic about their return on investments which come from the island. This is reflected by the fact that Chinese companies have already invested a considerable amount in Jeju Island. Well-known companies such as Heilongjiang’s Benma Group and Shanghai Greenland Group have taken up the lead, and have invested in Jeju Island’s tourism property sites and healthcare centers. These investment projects include Mythology & History Park, Jeju Healthcare Town Project, Ora

特别报道 SPecial report

发起的票选世界七大自然景观的活动中，济州岛被选为其中之一，和中国的万里长城一样，享有世界七大奇迹的殊荣。一流完善的基础设施济州的基础设施建设也日趋完善，拥有国际机场一座，其中国内线 11 条，国际航线 38 条。济州岛和北京和上海等一线城市也有直航班机，另外，2012 年 7 月开始，济州和上海的游轮航线也已经通航。济州的大规模会议度假设施也可圈可点：拥有可同时容纳

Tourism Site and Tosan Tourism Site; and they are helping Jeju Island attract interest from all over the world. Recently, the Jeju Special Self-Governing Province and Korea Trade Investment Promotion Agency launched a marketing event to promote these projects in Shanghai. Unique geographical location Jeju Island has a deep historical connection with China. A popular story

goes that, as long ago as 2,200 years ago, Emperor Qin Shi Huang sent 500 young messengers to Jeju Island to look for an elixir. It was believed that they eventually settled down in the place where Korea is today. Jeju Island’s geographical proximity to China also makes it a destination of choice for Chinese visitors. Jeju Island is located within a mere two hour flight from the Northeast metropolitan region. Its natural beauty is unparalleled; hence business men and women find the island a very appealing place to mix pleasure with business. Some investors with longer term vision have even chosen it as a place for investment immigration. Jeju Island is among the top 10 honeymoon destinations for people living in China and was ranked first in 2008 as the global honeymoon destination for Shanghai residents. In 2009 former Chinese Premier Zhu Rongji said, “Jeju’s scenery is the finest under heaven.” Jeju Island is the world's only region that has won three kinds of award recognition from the United Nations Educational, Scientific and Cultural Organization (UNESCO). In 2002, it was

投资振兴地区 / 外国人投资地区 Investment Promotion Zone/Foreign Investment Zone

区分

投资振兴地区（济州岛）

外国人投资地区（全韩国）

Difference

目的

Investment Promotion Zone (Jeju Island)

引进核心产业（各种税制上的优惠）

Foreign Investment Zone (whole Korea)

引进外国投资企业（各种税制上的优惠）

Purpose

对象

Attract core industries(Various tax incentives)

外国人、韩国人

Attract foreign investment companies(various tax incentives)

外国人投资地区（全韩国）

Target

审批单位

Foreigners, South Korean 济州岛知事

Foreign Investment Zone(whole Korea)

知识经济部

Approval from

Governor of Jeju

标准五百万美金以上

the Ministry of Knowledge Economy

Requirement

US$5 million and above

US$20 million and above

数据来源：韩国济州特别自治道 Source: South Korea Jeju Special Self-Governing Province

两千万美金以上

Autumn, 2012 INVEST IN

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图片 Photo by Lazio

济州岛是世界唯一由联合国教科文组织指定的三个殊荣地区。济州于中国最佳蜜月胜地排名前十，更于 2008 年荣登成为上海市全球蜜月胜地第一位。中国前总理朱镕基曾于 2009 年表示：“济州风景甲天下”。

Jeju Island is among the top 10 honeymoon destinations for people living in China and was ranked first in 2008 as the global honeymoon destinations for Shanghai residents. Former Premier Zhu Rong Ji praised Jeju as "the most beautiful view in the world". 4300 人的济州国际会议中心和 34 个设施一流的高尔夫球场，而对游客具有相当吸引力的赌场游乐设施，济州达到 8 座，占据了韩国赌场总数的半壁江山。极具竞争力的投资移民条件如果投资济州岛指定区域别墅 50 万美金以上，5 年后即可获得韩国永久居住权。此外，获得居住权之前，可以允许不一直居住在济州岛，政府赋予可以居住 2 年的签证，投资者的配偶和未成年子女也可以获得韩国任何地方的居住签证。5 年后获得永久居留权后，投资者的配偶和子女都能同时获得韩国的永久居留权。此外，济州岛还提供投资振兴地区的优惠制度，吴部长表示：“这个制度的投资对象选择余地很大，其中包括观光业、文化产业、新能源产业等，总数超过 24 个。投资这些产业的金额为 500 万美金，且享受独一无二的减免税政策。”

2012, Autumn

acknowledged as a biosphere region; in 2007, it was bestowed the privilege of a World Natural Heritage site; and in 2010, it was given a status as a World Geological Park. Moreover, in November 2011, Jeju Island was elevated to status of New 7 Wonders of Nature by Swissbased foundation, ‘New 7 Wonders Foundation’, making it enjoy the same privilege of recognition as the Great Wall.

First-class and complete infrastructure Infrastructure construction in Jeju Island is a maturing industry. The island has one international airport, which provides services along 11 domestic and 38 international routes. There are direct flights from Jeju Island to firsttier Chinese cities such as Beijing and

Shanghai. In addition to easy flight travel, during July 2012, the first cruiseliner service between Jeju and Shanghai also started operations. Resort and conference facilities are world class and in terms of conference spaces, Jeju Island has an excellent international convention center which can accommodate up to 4300 people. For those intent on spending quality leisure time on the island, there are also 34 state of the art golf courses and .Jeju Island also boasts of 8 casinos, which interestingly enough, accounts for half of the total number of casinos in South Korea.

Ve r y co m p e t i t ive co n d i t i o n s f o r investment immigration If you invest more than US$500,000 in villas located in particular designated a r e a s , yo u w i l l b e g r a n t e d S o u t h Korea's permanent residency after five years. Investors who are considering immigration do not have to live on the island in order to gain the permanent residency status. The government offers a 2-year temporary residence visa whereby the investor's spouse and children are also able to benefit by automatically receiving visas to live anywhere within South Korea. Five years after acquiring permanent residency, the investor's spouse and children can obtain permanent residency status in South Korea. Jeju Island has a preferential system for investment in promotion zones. “The system targets a wide range of investments, including those in tourism, cultural undertakings, new energy, and utilities. The total number exceeds 24. Investments of US$5 million in these undertakings can enjoy unique tax exemptions and tax cuts”, Mr. Oh said.

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Q&A

By John Yang

闻

名遐迩的东北亚度假胜地济州岛，除了无与伦比的自然风光外，其投资价值也渐渐进入中国投资者的视线。

在国内房地产调控措施不断加强的大环境下，

下一站：天堂

Next Stop: Paradise

专访韩国济州特别自治道国际自由都市本部长吴胜益 Exclusive interview with Oh, Seung Ieek, Executive Director of Free International City Bureau, Free International City Division, Jeju Special Self-governing Province

中国投资者资金的出路无疑成为愈发关注的话题，韩国济州特别自治道国际自由都市 8 月底在上海举办了中国投资者推荐会，《境外投资》（以下简称“镜”）作为独家合作媒体，专访了国际自由都市本部长吴胜益先生：境：济州为什么会选择在上海举办投资说明会？吴：最近几年，来自中国内地的观光客日益增多，中国游客对济州岛优美的自然风光情有独钟，除了旅游业，我们也一直收到大量的中国公司的投资咨询，因此觉得有必要借此机会向中国投资者做一个系统的说明。镜：对济州岛投资有兴趣的中国公司主要来自哪些地方？一般涉足哪些投资项目？吴：济州岛的中国投资主要来自北京、上海、山东、辽宁和广东等省市，主要集中在旅游业，例如酒店、度假村、购物中心和餐饮等。上海的绿地集团的项目正在审批，投资总额约 9 亿美元；山东的百通集团投资额为 2 亿美元；来自黑龙江的奔马集团投资总额 4 亿美元。镜：济州相对其它地方的投资优势主要集中在哪里？吴：中国人无需签证即可入境，且距离上海北京等大城市的飞行距离不超过 2 小时。此外，济州岛的独一无二的投资减免税政策和绿卡政策也对投资者获得丰厚回报创造了条件，在这里生活、工作都非常适宜，是联合国教科文组织指定的世界自然遗产和世界七大奇迹之一。

s a famous resort in Northeast Asia, Jeju Island not only has unparalleled natural beauty, but also investment values that are catching the interest of Chinese investors. Under the backdrop of tightening controls in the domestic real estate market, Chinese investors are undoubtedly paying more attention to alternative channels to invest their money. In late August, the Free International City of Jeju Special Self-governing Province held a roadshow for Chinese investors in Shanghai. As the exclusive media partner, The Invest In (“II”) conducted exclusive interview with Oh, Seung Ieek, Executive Director of Free International City Bureau. II: Why did Jeju choose Shanghai to host the roadshow for investors? Oh: In recent years, the number of tourists from Mainland China has been increasing. Chinese tourists have affection for the beautiful, natural scenery of Jeju. In addition to tourism, we also have received many enquiries from Chinese companies for investment advice in Jeju. Therefore, we feel the need to take this opportunity to make a detailed introduction to Chinese investors.

II: Where are the Chinese companies who have interest in investing in Jeju from? What investment projects are they involved in?

Oh: C h i n e s e i nve s t m e n t s i n J e j u m a i n ly come from Beijing, Shanghai, Shandong, Liaoning, Guangdong and other provinces and cities. They are mainly focused in the tourism industry, such as hotels, resorts, shopping centers and catering. The project of Shanghai Greenland Group is under review and involves US$900 million. The investment of Shandong Baitong Group amounted to US$200 million, and the investment from Heilongjiang Benma Group totaled US$400 million. II: Compared with other jurisdictions, what are the main advantages of Jeju? Oh: Chinese people do not need visas to enter Jeju, and it is within two hours flying distance from Shanghai, Beijing and other major Chinese cities. Furthermore, Jeju’s unique policies directed towards tax exemptions and breaks for investment, alongside its green card policy, pave the way for investors to receive hefty returns. Living and working here are both very comfortable. Jeju is also a UNESCOdesignated World Natural Heritage and is one of the world's new wonders. Autumn, 2012 INVEST IN

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北

方的“梦魇” 2007 年 3 月，总部设在中国东北辽宁省的西洋集团与神秘的朝鲜岭

峰会社成立了一家 4752 万美元的合资企业。企业参与的项目是：朝鲜翁津铁矿的铁矿石开采厂，每年的生产目标为 50 万吨。西洋集团支付了 3714 万美元，相当于该项目实收资本的 75％。这是迄今为止中国企业在朝鲜规模最大的投资，西洋集团负责工厂的建设、设备安装，并且派遣了 100 名工人。而岭峰会社提供土地，进行矿山勘探，并且将 30 年的管理权交给了西洋集团。朝鲜政府于 2009 年 10 月批准了这项

押宝红色—— 朝鲜投资轮盘赌 Betting on Red – Investor roulette in the DPRK

合同，并且得到了人民常务委员会的保证，

By Jonathan DeHart

西洋集团觉得这是一个很好的投资。然而， 2011 年 9 月，事情突然急转直下，朝鲜政府要求对合同进行 16 项变更。这些变更包括：收取铁粉销售额的 4~10% 作为原材料使用费；土地租赁费每年每平方米 1 欧元；工厂使用海水费用每立方米 1 欧元。西洋集团拒绝接受这样的要求。朝鲜政府随即于今年 2 月 7 日采取行动单方面解散公司。警方切断了工厂用水、用电和通讯网络。 3 月 3 日凌晨 2 点，20 名武警在朝鲜公司官员的带领下冲进了西洋员工的宿舍，趁着夜深人静把这些正在熟睡的工人赶出了这个国家。此后不久，余下的 10 名西洋集团的官员则从新义州驱逐出境。西洋集团后来在网上公开将其进军朝鲜采矿业的举动称为“噩梦”。由于缺乏足够的处理纠纷的机制，该集团无法在朝鲜解决这个争端，因此它在中国申请了相关仲裁。目前还没有可行的解决方案，看起来也不太可能会有。欢迎来到投资朝鲜的世界。尽管面临这种恐怖的故事以及不可靠的统计数据，成百上千家无畏的外国合资企业如今依然在朝鲜运作着。而朝鲜政府正在忙于吸引更多的企业。紧紧追随北京的脚步，朝鲜的“最高领导人”，已故领导人金正日的儿子金正恩正在采取措施来去除紧邻中国边境的两个国家特别经济区发展的障碍，这两个经济区分别是罗先经济贸易区以及黄金坪、威化岛经济区。虽然大多数经验丰富的观察家对此持有等待和观望的态度，倾向于悲观（或是现实？）。目前仍有迹象表明事情正在逐渐发生转变。今

2012, Autumn

“Nightmare” in the North In March 2007 the Xiyang Group, based in China’s northeastern Liaoning Province, entered a $47.52 million joint venture with the shadowy Ling Feng Cooperative Group of North Korea. The project: an iron ore extraction plant at North Korea’s Wengjin iron mine, with a production target of 500,000 tons annually. Throwing down 37.14 million USD, or 75 percent of the project’s paid-in capital, Xiyang’s investment was the largest to date made by a Chinese firm in North Korea, which officially refers to itself as the Democratic People’s Republic of Korea (DPRK). Xiyang built, equipped and staffed the plant with 100 workers, while Ling Feng provided land, conducted mine exploration, and ceded managerial rights to Xiyang for 30 years. With a contract that was ratified by the North Korean Parliament in October 2009 and guaranteed by the People’s Standing Committee, Xiyang felt the bet was a good one. In September 2011, however, the tables abruptly turned when Pyongyang demanded 16 changes to the contract. Among them: a 4 to 10 percent cut of all product sales in exchange for raw

materials, one euro (USD1.29) per square meter of leased land annually and one euro per cubic meter of sea water used by the plant. When Pyongyang banned sales altogether and took the firm’s right to release waste water into the sea, the joint venture was effectively forced to close. The Xiyang Group refused to accept the demands. Pyongyang responded with a vengeance, unilaterally dissolving the corporation on February 7 of this year. At 2 am on March 3, 20 armed police officers, led by an official from the North Korean company, stormed into the sleeping Xiyang staff’s living quarters to forcefully whisk them out of the country in the dead of night. The remaining ten Xiyang officials were deported through the city of Sinuiju shortly thereafter. The Xiyang Group, publicly venting online, later called its foray into the DPRK’s mining sector a “nightmare”. Unable to address its case in North Korea due to insufficient mechanisms for handling disputes, the group has since filed for arbitration in China. No workable solution is forthcoming, nor is there likely to be one. Welcome to the world of investing in the DPRK.

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gain investors’ trust, or if the regime’s renewed vigor is the old guard in a new guise.

年年初，朝鲜新一届的领导层为经济特区起草了对投资者更为友好的法律，而已被冷落多年的基础设施项目也得到了改善。我们仍然需要观察朝鲜是否能够改变自己的方式来获得投资者的信任，抑或政府新的活力仅仅是酒瓶装新酒而已。通向罗先的道路总的来说，不是每家涉足朝鲜的公司都会拥有像西洋集团那样倒霉的结局。一些公司从始至终保持繁荣。虽然中国占朝鲜资本流入的很大一部分，来自俄罗斯、埃及、泰国、德国和其他国家的企业也在这个神秘的国家做生意。相比西洋集团进入朝鲜的命运多舛，埃及电信集团 Orascom 公司是最为突出的反面例证之一。埃及 Orascom 电信和朝鲜国有的韩国邮政和电信公司之间的合资电信服务供应商 Koryolink 目前拥有超过一百万的用户，他们中的许多人接入了朝鲜 2009 年完工的 3G 移动通信网络。说起在朝鲜比较成功的外商合资企业，朝鲜经济观察网站的编辑 Curtis Melvin 又提到了 PyongSu 合资公司，这是一家由香港制药公司与平壤制药公司成立的合资企业。在来自瑞士、经验老道的 Felix Abt 的指导下，PyongSu 成为第一家满足去全球公认药品质量标准 GMP 的朝鲜企业，也是第一家在与海外企业竞标中获得合同的朝鲜制药公司。朝鲜希望在这份名单中添加更多成功的故事。今年 8 月，金正恩的姑父和顾问张成

Despite such horror stories and the fact that reliable statistics are unavailable, hundreds of intrepid foreign joint ventures are operating in North Korea today. And Pyongyang is busy courting more. Taking a cue from Beijing, the DPRK’s “supreme leader” and son of the late Kim Jong-il, Kim Jong-un is taking steps to address the obstacles to developing two of the nation’s special economic zones (SEZs) along the border with China, namely the Rason Economic and Trade Zone and the Hwanggumphyong and Wihwa Islands Economic Zone. While most seasoned observers hold a wait-and-see attitude, leaning towards pessimism (or realism?), there are signs that a gradual shift could be underway. T h e n e w leadership in Pyongyang drafted more investor-friendly laws for the SEZs earlier this year, and has seen infrastructure improvements on projects which have languished for years. In the same breath, the Xiyang debacle and a failed missile launch also occurred earlier this year. With intense conflict between aspirations and actuality, it remains to be seen whether the DPRK can change its ways and

The road to Rason On balance, not every firm that sets foot in North Korea ends up like the hapless Xiyang Group. Some firms have been downright prosperous. While China is responsible for the lion’s share of the capital inflow, companies from Russia, Egypt, Thailand, Germany, and beyond are doing business in this enigmatic nation. Egyptian telecommunications group Orascom provides one of the most significant counterexamples to Xiyang’s ill-fated foray into the North. A joint venture between Egyptian Orascom Telecom and North Korea’s state-owned Korea Post and Telecommunications C o r p o ra t i o n , t e l e c o m m u n i c a t i o n s provider Koryolink now has more than one million subscribers, many of whom connect to the nation’s 3G mobile telecommunications network that was completed in 2009. Curtis Melvin, editor of the website North Korean Economy Watch, added the PyongSu Joint Venture Company, formed by a Hong Kong-based pharmaceutical company and Pyongyang Pharmaceutical Company, to the list of the DPRK’s re l a t ive ly s u c c e s s f u l fo re i g n j o i n t ventures. Under the direction of Felix Abt, an old hand in the DPRK from Switzerland, PyongSu became the first North Korean firm to reach GMP, the universally recognized pharmaceutical quality standard, and was the first pharmaceutical company from the DPRK to win bids for contracts against overseas firms. According to a report compiled by Paul Tjia, founder of Dutch offshore consulting firm GPI Consultancy, the Autumn, 2012 INVEST IN

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泽带领了一支由 50 朝鲜官员组成的代表团到北京参加中朝共同开发和共同管理罗先经济贸易区和黄金坪、威化岛经济区联合指导委员会第三次会议。根据专门研究朝鲜经济政策和商业发展的新加坡非政府组织 Choson Exchange 的一份针对朝鲜年轻人的报告显示，今年罗先贸易博览会的组织者声称，参展商的数量从 2011 年 126 家上升到了 130。今年该博览会的外籍参展商数量也有轻微上扬，其中包括来自捷克、台湾和瑞典的展商。该报告称：“今年的博览会上出现了更多的零售交易。在拥有了去年的经历后，当地人清楚地意识到博览会一个无与伦比的购物机会，相当于在三天里拥有一个大的购物中心。” 然而，朝鲜最重要的贸易伙伴正是它的邻居：那就是中国。今年上半年，中国与朝鲜之间的双边贸易额与去年同期相比增长 24.7％，达到了 31 亿美元。然而，朝鲜最强的谈判筹码并不在于生产或贸易，而存在于地下。悉尼大学专门研究朝鲜的讲师 Leonid Petrov 在 8 月 8 日亚洲时报上发表的一篇文章说，朝鲜可能拥有大约 200 种不同的矿物质，其中包括零星的稀土金属。根据韩国国家统计办公室估计，截至 2008 年，朝鲜丰富的矿产资源可能价值超过 6 万亿美元。仅 2011 年前 9 个月，朝鲜对中国的矿产资源出口达到 842 万吨，相比 2010 年的 479 万吨和 2008 年的 248 万吨增长显着。同时，中国与朝鲜之间的双边贸易在最近几年里也出现了飙升。雾里看花：信心危机随着第二届罗先国际贸易博览会是一个进步的标志，但是它是一个艰苦的过程。Choson Exchange 执行董事 Andray Abrahamian 写道：“‘蜜月期已经结束’。这是一名投资者对 2012 年罗先博览会的一个总结。这并不意味着投资者不再对罗先保有梦想，只是罗先与自己的蜜月已经结束了。” 经过了一系列法律体系的改善以及从中国到罗先柏油路的铺设，Abrahamian 继续说： “大量投资涌入这里的情况只是一种想象。经济特区的确获得了投资，但那是来自缺乏真正变革力量的中小型企业。” 中国问题专家、“朝鲜：半岛的偏执，现代史”的作者 Paul French 补充说：“简

2012, Autumn

DPRK also has a growing information technology (IT) sector, with a number of joint-venture IT firms, including Nosotek, established with a German entrepreneur, and Hana Electronics, with investment from the UK. In the hope of adding yet more success stories to the list, this August Kim Jong-un’s uncle and advisor Jang Song Thaek led a group of 50 DPRK officials to Beijing for the third meeting of the China-DPRK Joint Steering Committee on Cooperation in Development and Management of the Rason Economic and Trade Zone and the Hwanggumphyong and Wihwa Islands Economic Zone. However, based on the lackluster results from past attempts at reform, Melvin said, “I am hopeful but skeptical that these economic zones will result in more trade and investment between the DPRK and China.” Indeed, these projects have been little more than pipe dreams until recently. After a sluggish start and more than a year after construction began, the road leading from China to Rason is now finally completed and paved. Just last month (August 2012) the zone hosted the second annual Rason International Trade Fair. According to a report by the Choson Exchange, a Singaporean NGO which focuses on the DPRK’s economic policy and business development for young North Koreans, organizers of this year’s Rason fair claimed that the number of exhibitors rose to 130 from 126 in 2011. The fair was also host to a slight uptick in foreign exhibitors this year, including Czech, Taiwanese and Swedish. “There was much more retail activity at this year’s fair,” the report said. “After experiencing last year, local people clearly realized the fair is an unparalleled opportunity to shop – the equivalent of having a shopping mall come to town for

three days.” Yet, North Korea’s most important trading partner is right next door: China. Bilateral trade between China and the DPRK rose 24.7 per cent to $3.1 billion in the first half of this year, compared with a year earlier. However, the DPRK’s strongest bargaining chip lies not in manufacturing or trade but underground. Leonid Petrov, a lecturer in Korean studies at the University of Sydney, wrote in an article published in the Asia Times on August 8 that the DPRK could be home to around 200 different minerals, including a smattering of rare earth metals. South Korea’s National Statistical Office has estimated that the DPRK’s vast mineral wealth could potentially be worth more than $6 trillion as of 2008. During the first nine months of 2011 alone, the DPRK exported 8.42 million tons of mineral resources to China, up significantly from 4.79 million tons in 2010 and 2.48 million tons in 2008. Meanwhile, bilateral trade between China and the DPRK has surged dramatically in recent years. S m o ke a n d m i r ro r s : a c r i s i s o f confidence While the second Rason International Trade Fair was a sign of progress, it is a painstaking process. Choson Exchange Executive Director Andray Abrahamian writes, “’The honeymoon period is over,’ was the summary of 2012 in Rason by one investor. This wasn’t meant to reflect an end to investors’ dreaminess about Rason, but of Rason’s honeymoon with itself.” After a wave of legal improvements and the construction of the paved road leading from China to Rason, Abrahamian continues, “It was imagined that bigtime investments would come flooding in. Investment does continue into the

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单地将一片土地指定为特殊经济区是不够的。在有人投资前，你需要基础设施 - 电力、管道、服务、道路、运输环节和更多的东西。” 在一份题为“网络、信托和贸易：中国－朝鲜融合的微观经济学”的研究报告中，作者 Stephan Haggard, Jennifer Lee 和 Marcus Noland 得出了这样的结论：在接受调研的 300 家中国企业（大多数为小型私人企业）中，绝大部分的企业认为它们在朝鲜的投资经历是负面的。在朝鲜经营的企业的投诉主要围绕基础设施的缺乏，不一致的政策以及不足或根本不存在的争端解决机制。所有这一切都包含在 Haggard, Noland 和 Lee 进行的这项研究中。担任美国加州大学圣地亚哥分校国际关系与太平洋研究学院朝鲜半岛－太平洋项目主任的 Haggard 在接受《境外投资》电子邮件采访时表示：“基础设施 ( 方面的投诉 ) 甚至高于腐败的法律环境。但是，这两方面的数字都很高。其他一些小事情——比如无法或很难使用手机——也是相当重要的。”

在朝鲜经营的企业的投诉主要围绕基础设施的缺乏，不一致的政策以及不足或根本不存在的争端解决机制。

The major complaints of firms operating in the DPRK revolve around lack of infrastructure, inconsistent policies and insufficient or nonexistent dispute resolution mechanisms.

谈到罗先经济特区，Noland 在专注于朝鲜的博客“朝鲜：见证转型”上写道：“15 年过去了，我们还在谈论铺路和修复铁路桥梁，这证明了朝鲜领导层在经济方面的不称职。”该博客是由彼得森国际经济研究所主办，Noland 是该研究所的副所长和高级研究员。 Noland 继续说：“然而，真正的问题在于一旦高速公路和铁路建成后，政府是否会使用它们作为载体促进经济的发展，抑或它们只是收取车辆通行费的机制？”西洋集团广为流传的“噩梦”预示了后一种情况，这是教科书式的腐败案件。西洋集团的交易必须通过多层次的疏通。首先，岭峰会社臭名昭著的法定代表人李成奎签署了一份非法合同，其中规定西洋集团将在合资公司中拥有 75％的股份。然而，当时朝鲜的法律将外国投资者的持股比例限制在 70％。接着，李成奎伪造了一份文件，确认了投资的合法性，从而赢得了西洋集团的信任。在此过程中，他也利用职权疏通了各个政府机构。 Haggard 在彼得森国际经济研究所的朝鲜博客中写道：“正是这种体制使得人们无法进行投资。很简单，这些事件的背后是

SEZ, but from small- and medium-sized businesses that lack truly transformative power.” China expert and author of “North Ko re a : T h e Pa ra n o i d Pe n i n s u l a , A Modern History”, Paul French, added that “simply declaring a piece of land a special economic zone is not enough. You need infrastructure - electricity, plumbing, services, roads, transport links and more before anyone will invest.” In a study titled “Networks, Trust, and Trade: The Microeconomics of China-North Korea Integration”, authors Stephan Haggard, Jennifer Lee and Marcus Noland conclude that the majority of the 300 Chinese companies surveyed, most small private firms, considered their experiences with investing in the DPRK to be overwhelmingly negative. “ C h i n e s e f i r m s h ave ex t re m e ly negative views of the policy environment in the country, and essentially make money by circumventing it, including

through bribery,” the study says. “A substantial share of firms does not believe that they have recourse to any third party to settle disputes.” The major complaints of firms operating in the DPRK revolve around lack of infrastructure, inconsistent policies and insufficient or nonexistent dispute resolution mechanisms, all of which are addressed in the study by Haggard, Noland and Lee. "Infrastructure actually figured even larger than corruption and the legal environment. But the numbers were high for both," Haggard, who serves as director of the Korea-Pacific Program at the School of International Relations and Pacific Studies, University of California, San Diego, wrote in an email interview with Invest In. "Small things, like inability or difficulty in using a cellphone, matter mightily." “That fifteen years have passed and we are still talking about paving roads Autumn, 2012 INVEST IN

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赤裸裸的腐败以及与贪婪的人一起做生意的成本。”French 表示： “西洋集团的遭遇绝对是典型的。朝鲜的企业和官员对合同没有什么概念。” 回到基础自从去年 12 月政治权力从其父金正日转移到金正恩的手中以来，平壤似乎变得更愿意倾听投资者的声音，尤其是来自中国的投资者们。日本新闻网 NHK 报道，甚至有大约 200 名朝鲜官员来到中国，学习中国式的经济改革。此外，金正恩正在理清罗先经济贸易区以及黄金坪、威化岛经济区管治委员会的法规和组织结构。在为 38north.org 写的一篇文章中，Bradley Babson 解释说，现行法律提供了更多的一致性，更清楚地界定了特区的发展方向。就罗先的法律而言，自从特区于 1993 年成立以来，该地区的法律已经先后被修改过六次。法律旨在促进其发展成一个服务中国和俄罗斯的港口。而黄金坪、威化岛的法律更倾向于将中国边境区域丹东与平壤和朝鲜的南部连接起来。 Babson 指出，新的法律能够为投资者提供额外的奖励和保护，并且与过去的指导方针有着显著的差异。新的法律允许一些不同业务模式的存在，而这些模式在朝鲜与韩国边界的开城工业区内是被禁止的。新经济特区法律所提供的奖励和保护包括 50 年的土地使用权和转让权、建设不动产的权利、使用不同货币的权利、优惠的税率和关税、以及争端解决机制，其中包括和解、调解、仲裁和法院。 Choson Exchange 的 Abrahamian 告诉《境外投资》：“罗先已经变得非常不同。”他强调了罗先投资法和基础设施的改善，以及它能够更好地融入吉林省的区域经济。他说： “黄金坪的最终结局很难预计，因为目前什么也没发生。” 平壤显然希望获得投资生意。现在的问题是朝鲜的再次努力是否会吸引到新的外国投资者，该国普遍的腐败是否可以被法治和信任所取代。除非发生根本性的改变，朝鲜投资的前景可能仍然避免不了投机取巧和强买强卖的状况。

2012, Autumn

and fixing rail bridges is testimony to the economic ineptitude of the North Korean leadership,” Noland writes of the Rason SEZ in North Korea. The Xiyang deal had to pass through multiple levels. First, Ri Seong-kyu, Ling Feng’s infamously corrupt legal representative, s i g n e d a n i l l e g a l c o n t ra c t , w h i c h stipulated that Xiyang would own a 75 percent stake in the joint venture. However, DPRK law limited foreign investors to a 70 percent stake at the time. Ri then forged a document purportedly certifying the legitimacy of the investment to win Xiyang’s trust, using and likely collaborating with various government bodies along the way. “It is exactly this kind of institutional landscape that makes it impossible to invest,” Haggard writes in the Peterson Institute’s North Korea blog. “Underneath this all, though, is a simple story of naked corruption and the costs of doing business with sharks.” Ac c o rd i n g to Fre n c h , “ X iya n g ' s experience is absolutely typical. North Korean companies and officials have no concept of contracts.” Back to basics Since the transition of power to Kim Jong-Un following the death of his father Kim Jong-il last December, Pyongyang seems to be listening more to investors, e s p e c i a l ly C h i n e s e . T h e J a p a n e s e n e w s n e t wo r k N H K re p o r te d t h a t

approximately 200 North Korean officials have even been brought to China and schooled in the Chinese style of economic reform. Moreover, Kim Jong-Un is attempting to clarify the rules and organizational structure of the governing committees of the Rason and Hwanggumpyong and Wihwa Island zones. In an article written for 38north.org, Bradley Babson explains that the current laws provide more consistency and more clearly delineate the developmental direction of the zones. In the case of Rason’s laws, which have been modified six times since the zone’s founding in 1993, the laws aim to promote its development into a port to service both China and Russia. The laws of Hwanggumpyong and Wihwa Island are geared towards linking the Chinese border region of Dandong with Pyongyang and the DPRK’s south. Babson notes that the new laws provide added incentives and protections for investors and diverge significantly from past guidelines, permitting different business models which are forbidden in the Kaesong Industrial Region, along the DPRK’s border with South Korea. Among the incentives and protections provided under the new SEZ laws are 50-year land use and transfer rights, building property rights, the ability to use different currencies, preferential tariffs and customs duties, as well as dispute resolution mechanisms, including settlement, mediation, arbitration and courts. "Rason is turning out differently a l r e a d y," t h e C h o s o n E x c h a n g e ’ s Abrahamian told Invest In, highlighting Rason's improved investment laws, infrastructure and integration with the regional economy of Jilin province. "The endgame for Hwanggumpyong is harder to see. Nothing has happened yet."

Executive

季刊 QUARTERLY AUTUMN 2012

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圆您亚洲寻梦之旅 Your Asian Dreams Come True 风情万种的岛屿福地 Thailand, the Ultimate Vacation Destination 老挝，奢华旅行的全新定义 Laos, Luxury Travel Redefined 东南亚最佳水疗胜地 Best Spas in Southeast Asia

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2012, Autumn

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圆您亚洲寻梦之旅

Your Asian Dreams Come True By Frances Emery

东

南亚一直是全球最热门的旅游目的地之一。它拥有丰富的标志性旅游目的地，但是大多数地方 —— 诸

如巴厘岛、普吉岛、吴哥和大城府等等 —— 要么是岛屿目的地，挤满了度假村，要么是丛林中慢慢衰退的废墟。不该被遗忘的是，该地区还有许多其他选择，越来越多的中国游客正在注意到那些不受注意的魅力景点。

outheast Asia has long been one of the world’s most popular tourist destinations. It has an abundance of iconic destinations, but most of these – like Bali and Phuket, Angkor and Ayutthaya – are either island destinations, crowded with resorts, or ruins slowly mouldering in the jungle.

The region has a lot more to offer, and an increasing number of Chinese tourists are noticing its less obvious charms. In a recent report by the World Tourism Organisation, the growth of outbound tourism from China was a prominent trend. The organisation expects Chinese people to make a total of 2012 Executive Traveler

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独家特刊 | exclusive SUPPLEMENT 图片 Photo by Philips Wong

世界旅游机构最近发布的一份报告显示，中国人出境旅游的增长是一个突出的趋势。该组织预计，2020 年中国人每年出境游的数量将达到 1 亿人次。相比去年的

中国公民需要出境签证，但是一旦他们来到了泰国、柬埔寨或者上述地区的任何地方，在邻国之间移动将变得很容易，并且能够负担得起。

Chinese citizens require an exit visa, but once they are in Thailand or Cambodia or anywhere else in the region, moving between neighbouring countries is easy and affordable.

7000 万是一个稳步的增长，但是相比 1997 年的数字则是一个惊人的增量——当时只有 500 万中国人去往了海外。中国公民同样出手阔绰，他们很可能会在 2020 年前超越德国和美国的游客，使中国市场成为全球消费规模最大的出境旅游市场。随着出境游客绝对数量的增长，他们对出境游的期望也有所上升。波士顿咨询集团 2011 年的一项调查显示，95％的中国游客带着不满的情绪归国。旅游经营商和酒店业主在满足中国游客的需求方面并没有做出足够的努力（例如提供粥、在房间内提供拖鞋和方便面），与此同时，中国游客对团队游也有越来越多的不满——随着这个市场的成熟，团队游的份额变得越来越低。对这一批新生代的独立游客来说，东南

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100 million overseas trips each year by 2020. That is steady growth compared to last year’s 70 million, but truly astonishing when compared to 1997, when only five million Chinese people went overseas. China’s citizens are also big spenders, and they’ll probably overtake tourists from Germany and the US well before 2020, becoming the world’s largest outbound market by revenue. As outbound tourists grow in raw numbers, so too do expectations. A 2011 study conducted by the Boston

Consulting Group found that 95% of Chinese tourists come home dissatisfied. Tour operators and hotel owners do not do enough to accommodate the needs of Chinese tourists – by serving congee, for example, or offering slippers and instant noodles in their rooms – but there is also a growing dissatisfaction with the group travel, which all markets move away form as they mature. Southeast Asia is the perfect playground for this new generation of independent tourists. Chinese citizens require an exit visa, but once they are

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亚是一个完美的试验地。中国公民需要出境签证，但是一旦他们来到了泰国、柬埔寨或者上述地区的任何地方，在邻国之间移动将变得很容易，并且能够负担得起。大多数国家提供落地签证，最大程度上减少了不便。因为东南亚拥有极具竞争力的低成本航空公司，所有主要的旅游目的地都拥有国际机场，因此游客们可以在有限的时间里游历尽量多的地方。这群更为独立和挑剔的新一代中国游客将会去向何处？在本期副刊中，我们将向您介绍东南亚最好的温泉，到访内陆国家老挝，并且探索热门目的地泰国，后者拥有该地区最发达的旅游业。新一代的中国游客寻找的并不只是获得护照印章和到访一些景点，他们更看重旅游经历，比如骑在大象的背上探索老挝的丛林深处，或者到中国南海旁边的会安做瑜伽。他们还会故地重游。与所有回头客一样，他们会与这个地方和当地的企业建立长期的合作关系，这些企业可能会发现自己得益于这股旅游热潮。

in Thailand or Cambodia or anywhere else in the region, moving between neighbouring countries is easy and affordable. Most offer visas on arrival, with a minimum of fuss, and because Southeast Asia is served by extremely competitive low-cost airlines and has international airports at all of its major tourist draws, it possible to cover a lot of ground over the course of a short stay. W h e r e m i g h t t h i s n e w, m o r e independent and discerning Chinese traveller choose to go? In this supplement we profile Southeast Asia’s best spas,

visit landlocked Laos and explore the exploding popularity of Thailand, which has the region’s best developed tourism industry. The new Chinese tourist is looking for more than just passport stamps and a collection of sites: they prioritise experiences, like exploring the depths of Laos’ jungles on elephant back or doing yoga in Hoi An, beside the South China Sea. They come back too, and are like all repeat visitors they establish longstanding relationships with both the place and its businesses, which may find themselves lifted by a rising tide.

新一代的中国游客寻找的并不只是获得护照印章和到访一些景点，他们更看重旅游经历，比如骑在大象的背上探索老挝的丛林深处，或者到中国南海旁边的会安做瑜伽。

The new Chinese tourist is looking for more than just passport stamps and a collection of sites: they prioritise experiences, like exploring the depths of Laos’ jungles on elephant back or doing yoga in Hoi An, beside the South China Sea.

2012 Executive Traveler

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风情万种的

岛屿福地

Thailand, the Ultimate Vacation Destination By Frances Emery

中

国出境旅游市场的兴旺繁荣已经不是什么秘密。到 2020 年，中国有望成为世界上最大的出境游客

来源地。像许多国家一样，泰国已经从旅游收入中感受到了这个日益增长市场所带来的积极影响。泰国旅游局的官员预计中国游客很快将成为泰国入境游客最大的来源市场。如果 2012 年前六个月的游客数能够预示未来趋势的话，中国的游客数超过马来西亚很可能会早于预期。来自泰国旅游和体育部的数据表明，2012 年 1 月至 6 月，有 112 万中国游客前往泰国，而相比之下马拉西亚游客的数量为 111 万。2012 年的数字已经表明，前往泰国的中国游客数量可能会高于 2011 年。

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t’s no secret that China’s outbound tourism market is soaring, and that China is expected to become the world’s largest source of outbound tourists by 2020. Thailand is just one of many countries that have felt the positive effects of this growing market on the country’s revenue from tourism. Thai tourism officials expect Chinese tourists to soon become the largest source market for outbound tourists to Thailand, and if visitor numbers during the first six months of 2012 are an indication of future trends, the Chinese may be on track to overtake Malaysia’s visitor numbers sooner than expected. Data from the Ministry of Tourism and Sports indicates that 1.12 million Chinese tourists visited Thailand between January and June 2012, compared to 1.11 million Malaysian tourists, with 2012 figures already indicating that the number of Chinese travelling to Thailand is likely to be higher compared to 2011.

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S06 Citizenship & Residency 2012

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自从马尔代夫成为中国游客最为热衷的国际旅游目的地后，包括马来西亚和泰国在内的东南亚旅游目的地也开始将自己标榜成疗养胜地。

The Maldives has become the most popular international country for Chinese tourists.

泰国宽松的签证政策是使其对中国人充满吸引力的因素之一。相比欧洲国家或者美国，中国人的出境申请并不是一个简单的过程。但是，签证政策本身并不足以成为决定因素，仔细研究一下大多数中国游客选择什么地方度假能够帮助我们更为深入地了解这个巨大市场的喜好和倾向。根据今年二月《精日传媒》的一篇文章，中国游客所谓的“疗养性旅游”呈一个增长趋势。相比之下，中国游客此前以疯狂购物而闻名世界。自从马尔代夫成为中国游客最为热衷的国际旅游目的地后，包括马来西亚和泰国在内的东南亚旅游目的地也开始将自己标榜成疗养胜地，能帮助游客释放繁忙工作所带来的压力。而普吉岛、苏梅岛和甲米岛的魅力非常适合人们来这里度过一个放松的假期。阿曼布里度假村是普吉岛的一家豪华酒店，特别受中国游客的欢迎。这个海滩度假胜地以个性化服务而闻名，酒店的布置—— 俯瞰着安达曼海的椰子种植园——能够让你

S08 Executive Traveler 2012

Thailand’s relaxed visa policies are one aspect that makes the country appealing to Chinese, for whom overseas t r ave l i s n o t t h e s t ra i g h t f o r wa r d procedure that it is for European or American passport holders. But visa policies alone are not enough of a draw on their own, and a closer look at where most Chinese tourists choose to go for their holiday provides insight into the preferences and tendencies of this influential market. Ac c o rd i n g to a n a r t i c l e i n J i n g Daily this February, there is a growing tendency among Chinese tourists toward what is termed “therapeutic tourism”, in contrast to the shopping sprees for which Chinese tourists owe much of their reputation. Since the Maldives became the most popular international country for Chinese tourists, Southeast Asian

destinations like Malaysia and Thailand have begun branding themselves as therapeutic retreats, in which the busy, career oriented or stressed can unwind. The breathtaking islands of Phuket, Koh Samui and Krabi are, apparently, well suited to relaxation-oriented holidays such as these. The Amanpuri Resort is a luxury hotel in Phuket that is particularly popular with Chinese tourists. The beach resort has a reputation for personalized service and its setting – a coconut plantation overlooking the Andaman Sea – is almost certain to instill calm. Its emphasis is on cruises, scuba diving and golf within the beautiful natural surroundings – rather than shopping or casinos – which may hold special appeal for Chinese who wish to distance themselves from the familiar trappings of their city lives. Hotels such as the Amanpuri Resort, with its emphasis on nature and outdoor relaxation have proven to be competitive within the Chinese market. And, while world class luxury hotels are almost always equipped with spa facilities, overworked Chinese urbanites seeking rest and recuperation are likely to gravitate towards hotels where exceptional spa facilities in natural surroundings can be treated as attractions in their own right. The popularity of packages that combine t h e ra p e u t i c to u r i s m w i t h m e d i c a l tourism is an extension of this trend. Some of Thailand’s leading resorts have gone in a different direction, and focused their energy on paying meticulous attention to detail, tailoring their services to the needs of mainland Chinese tourists. Hilton Hotels and Resorts, with its “Huanying Hilton” program, has become something of a pioneer within the Chinese tourism market. In August last year, “Huanying

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的心灵感到平静。酒店的重点活动不是购物或者游乐城，而是邮轮、潜水和优美自然环境下的高尔夫运动。对那些希望远离熟悉的城市生活的中国人来说，显得特别有吸引力。由于强调大自然和户外休闲，类似阿曼布里度假村的酒店已经被证明在中国市场很有竞争力。另外，世界级的豪华酒店几乎都配备水疗设施，因此那些过度劳累、寻求休息和休养的中国都市人群可能倾向于这些酒店，自然的环境中的优越水疗设施本身就是一大卖点。而作为这种趋势的延伸，越来越多的人将医疗旅游与疗养旅游相结合。泰国的一些度假村已经选择了不同的方向，一丝不苟地着眼于细节，根据中国大陆游客的需求定制相关的服务。希尔顿酒店及度假村推出了“欢迎希尔顿”（“Huanying Hilton”）的项目，这在中国旅游市场是一种全新的尝试。去年 8 月，13 个国家的 50 家希尔顿酒店推出了“欢迎希尔顿”项目。在泰国，希尔顿普吉阿卡迪亚度假村和希尔顿芭堤雅酒店位列其中。 “Huanying” 普通话的意思是欢迎。希尔顿酒店的目的是为中国客人提供熟悉的家的感觉，特别是客房的水壶和茶叶、拖鞋、

Hilton” was launched in 50 of the Hilton’s hotels in 13 countries. Within Thailand, the Hilton Phuket Arcadia Resort and Spa and the Hilton Pattaya Hotel were among them. “ H u a ny i n g ” m e a n s we l c o m e i n Mandarin, and the Hilton’s program’s aim is to provide Chinese guests with some of the familiar creature comforts of home, specifically in-room kettles and tea, bedroom slippers, Chinese television channels, and Chinese speakers at the hotel’s reception desks. A specially designed breakfast menu caters to Chinese palates and includes congee, fried rice or noodles, a choice of dim sum, fried dough sticks, hard boiled eggs, fresh fruit, and a variety of Chinese teas and soy milk. Huanying Hilton was partly inspired by similar programs that catered to an exploding Japanese market during the seventies and eighties. Identifying exactly which of the

efforts being made within Thailand’s tourism industry are most effective is tricky, but steady growth rates indicate that the country – world renowned for its hospitality – is doing something right. The Tourism of Authority of Thailand will continue to target the lucrative Chinese market in various advertising drives throughout 2012, one of which features a Thai pop star singing in Mandarin with some of the country’s leading tourist attractions as a backdrop. According to People’s Daily newspaper, the director general of the Tourism Authority of Thailand, Suraphon Svetasreni, said it is his intention to continue promoting tourism on the country’s most scenic islands, but also to draw the attention of Chinese tourists to the country’s cultural attractions, centered on historical cities such as Chiang Mai. Therapy, it is said, comes in many forms.

中国的电视节目以及酒店大堂的中文服务。酒店还专门设计了迎合中国人口味的早餐菜单，其中包括粥、炒米饭或面条、点心、油条、煮鸡蛋、新鲜水果以及各种中国茶和豆浆。欢迎希尔顿的部分灵感来自七、八十年代迎合日本市场的类似项目。要准确地判断泰国旅游业正在做出的哪种努力最有效并不是一件容易的事情，但是稳定的增长率显示，以其热情好客而闻名世界的泰国正在做正确的事情。泰国旅游局将通过贯穿于整个 2012 年的各种宣传活动继续瞄准利润丰厚的中国市场，其中包括邀请一名泰国流行歌手以该国的主要旅游景点为背景演唱普通话歌曲。根据人民日报的报道，泰国旅游局总干事 Suraphon Svetasreni 表示，他希望不仅要继续推广该国风景最优美的岛屿，而且要将中国游客的注意力吸引到泰国的文化景点上去，比如以清迈为中心的历史文化名城。换句话来说，疗养是以多种形式出现的。

2012 Executive Traveler

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老挝

奢华旅行的全新定义

Laos,

Luxury Travel Redefined By Frances Emery

老

挝可能是东南亚最小的国家之一，但是旅游业的发展却风起云涌。老挝是该地区唯一的内陆国家，因此

与泰国或印尼争夺那些喜欢在阳光、海水和沙滩的环绕中度过愉快假期的游客并不是这个国家想要做的事情。就一个度假胜地来说，老挝超出了很多人的期望，其中的部分原因是它并没有受到一些规则的限制。该国是东南亚最不发达的国家之一。但与此同时，它拥有不少的豪华酒店和高端生态小屋，甚至能与一些富裕的。邻国相媲美。从景色上来说，老挝让人有强烈文化沉淀的感觉。它的建筑结构微妙融合了老挝和法国的特色，且受到东南亚其它地区的影响。老挝与中国的云南省接壤。尽管中国和老挝各大城市之间的航班数量呈上升趋势，随着该国越来越受中国游客的欢迎，很多人都选择开私家车从昆明直达老挝。对大多数游客来说，老挝主要吸引力在于其未遭破坏的自然风光和丰厚的文化底

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t may be one of Southeast Asia’s smallest countries, but there are big things happening in Laos’ tourism industry. Laos is the only landlocked country in the region, so competing with Thailand or Indonesia for tourists who consider sun, sea and sand the essential ingredients of a good holiday simply isn’t on the country’s agenda. Laos exceeds plenty of people’s expectations as a holiday destination, partly because it is an exception to several rules. The country is among Southeast Asia’s least developed, but at the same time, it has a range of luxury hotels and high end eco-lodges that rival some of its wealthier neighbours. Laos has a visibly strong sense of culture, yet its architecture is a subtle blend of Lao and French, with influences from elsewhere in Southeast Asia too.

Laos shares a border with China’s Yunnan Province, and as the country becomes more popular with Chinese tourists, many are opting to make the journey by private vehicle from Kunming, even though the number of flights between Chinese and Lao cities is on the rise. L a o s ’ p r i m a r y a p p e a l fo r m o s t tourists is its unspoilt natural beauty and rich cultural heritage. Two of the most popular destinations in the country are UNESCO World Heritage sites: the fifth century Khmer temple complex of Vat Phou in the south of Laos, and the town of Luang Prabang in the country’s north. Flowing down the entire length of elongated Laos is the Mekong River – one of Asia’s great and legendary rivers – which is, quite rightfully, a tourist attraction in its own right.

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蕴。该国最为热门的两个目的地是联合国教科文组织的世界遗产：位于老挝南部 Vat Phou 的第五世纪高棉寺庙建筑群和位于该国北部的琅勃拉邦镇。覆盖整个老挝的是湄公河的一段，这是亚洲最具有传奇色彩的伟大河流之一，本身也就理所当然地成为最热门的经典之一。许多游客的老挝之旅是以湄公河为中心的，顺着河流向南一直到柬埔寨，或者顺着它向北到达老挝和泰国的边界，这两种方式能够领略东南亚大陆风土人情的热门选择。对那些需要在同一个假期里将时间分给泰国和老挝的游客来说，沿着湄公河乘坐游船将是一种非常轻松和实际的方式，能够游览这两个国家部分的风景。在优雅地旅行期间，游客同样能够很好地见证和了解沿河的生活。老挝北部地区和 Luang Say 的湄公河游船体验 Luang Say 是两家提供湄公河豪华游船的公司之一，业务遍及老挝北部和南部。那些从泰国开始游程的游客可以选择从清莱或者泰国边境小镇清孔开始他们的 Luang Say 湄公河游。在穿越边境后，Luang Say 长约 34 米的湄公河驳船将在老挝等待游客们。这些驳船是为高端游轮行程专门定制的，拥有一切必须设施，能够确保为客人的舒适和安全。这里露天座位、酒吧和厕所设施一应俱全。一些驳船还拥有屋顶休息区。每个的斜倚座位都能饱览两边茂密河岸的美景。 Luang Say 导游非常职业并且知识渊博，在游船通过两岸村庄时，导游们能够给游客介绍他们所看到的一切当地生活背后的故事。几个小时后，游船停泊于河岸边的一个村庄，那里生活着数个少数民族。在那里，游客有机会了解到当地的风俗人情（比如传统的房屋建筑技术）、购买工艺品和精美的手工刺绣纺织品、或者在休闲漫步中观察乡村的生活。回到船上后，热心的船员将会为游客提供清凉的毛巾和冰凉爽口的饮料，接着是老挝美食的自助午餐。大多数乘客会选择在躺在斜倚上欣赏风景、拍照或在屋顶享受太阳浴，来消磨下午的时光。当太阳落山时，船开始靠近 Pakeng，这是游轮航行的中点。而 Luang Say 度假村是大家过夜的地方。即便在经历了一整天豪华湄公河巡

Many tourists centre a visit to Laos around the Mekong River, and following its course south through the country into Cambodia or north up to Laos’ border with Thailand are both popular ways of getting a sense of mainland Southeast Asia as a whole. For tourists who split their time between Thailand and Laos during one holiday, a cruise along the Mekong River can make for a very relaxing – and practical – way of seeing parts of both countries. It is also an excellent way to witness and learn about life along the river – while travelling in style.

Northern Laos and Luang Say’s Mekong River Cruise Experience Luang Say is one of two companies that offers luxurious cruises along the Mekong River, in both northern and southern Laos. Tourists whose holiday begins in Thailand will start their journey with Luang Say in either the city of Chiang Rai or the border town of Chiang Khong in Thailand, and after crossing the border, one of Luang Say’s 34 metre Mekong River barges will be waiting for its passengers in Laos. The boats are designed especially for these high end cruises, and are appointed with everything to ensure guests are comfortable and safe. They have plenty of open air seating, a bar, toilet facilities

and, on some, a seating area on the roof. Each reclining seat has a view of the lush riverbanks on either side. Luang Say’s tour guides are professional and knowledgeable, and can provide real insight into the local life that visitors see in passing villages all along the river’s banks. After a few hours, the boats stop at one of the villages on the edge of the river, where one or other of Laos’ ethnic minorities live. There, tourists have the opportunity to learn about local customs such as traditional house-building techniques, to buy handicrafts and beautifully hand embroidered textiles, or to wander at leisure simply observing village life. Back on board the boat, the ever attentive crew provides visitors with chilled hand towels and a cold refreshing drink before serving a buffet lunch of Lao cuisine. Most passengers while away the afternoon gazing at the scenery from a reclining seat, taking photographs or relaxing on the roof in the sunshine. Just as the sun is setting, the boat approaches Pakeng, the half way point of the cruise, where Luang Say Lodge is home for the night. Even after a day of sublime river views on a luxurious Mekong cruise, most tourists agree that Pakbeng Lodge manages to at least match up to the afternoon’s cruise experience itself. The lodge is the perfect balance of luxurious and rustic, and each secluded teak and rosewood bungalow is perched above the river, with mountains as the dramatic backdrop. The bungalows are spacious and elegant, with four poster beds and every necessary amenity to ensure guests’ optimum comfort. Dinner is served on the terrace and entertainment i s i n t h e fo r m o f a s h ow i n wh i c h Hmong women, wearing their striking traditional costumes, perform a dance for mesmerised guests. 2012 Executive Traveler

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航、饱览两岸美景后，大多数游客同意， Pakbeng 度假村至少能够与下午的邮轮体验相提并论。度假村是在豪华和乡村之间实现了完美的平衡，每一间僻静的柚木和红木平房栖息在河岸之上，与背后雄伟的群山交相辉映。平房内部宽敞典雅，配有四柱床和一切必要的设施，以确保客人获得最为舒适的体验。游客可以在露台上享用晚餐，并且欣赏娱乐节目，苗族妇女穿着美丽的传统服饰翩翩起舞，让游客心旷神怡。游轮之旅的第二天主要是感受湄公河的氛围，在前往琅勃拉邦的旅途中停留两站。琅勃拉邦是精致的联合国教科文组织世界遗产城市。游客可以继续在 Ban Baw 村庄里了解当地威士忌的制作，还可以仔细观看那些鳞次栉比的手织丝绸服装，这些服装出产于村里的织机上，并且出售给来访的游客，或者被送到附近的城镇。在距离琅勃拉邦还有一小时左右的时候，Pak Ou 洞穴映入眼帘，其对面就是 Nam Ou 河的河口。起初，广阔的岩石岸边出现了一些黑暗的空间。在向上迈步进入岩石深处后，游客们可以看到洞穴的主要特点：成百上千的黄金、青铜、石头和白银小佛像。在人们手电筒的映照下，它们交相闪烁，瞬间奇异和美丽并存。当游船接近琅勃拉邦时，那些对愉快之旅的恋恋不舍很快就烟消云散了。这是因为游船停泊在了老挝最为壮观的城市，它的两侧环绕着河流，这就是琅勃拉邦：皇冠上的宝石。琅勃拉邦琅勃拉邦也许是东南亚最迷人和宁静的城市，而对大多数中国游客来说，它给人的感觉更像是一个小镇，而不是一座城市。几乎每一个街角都有该国文化遗产的印记，历史悠久的市中心到处都是华丽的镀金寺庙和 Chedis。身着藏红花色长袍的僧侣往返于学校或寺庙。根据您行走路线的不同，您将会靠近围绕老城区的两条河流中的一条，它们分别是 Nam Khan 和湄公河本身。在琅勃拉邦以外不远的地方，游客可以找到各种各样的户外活动，来满足他们走进大自然的愿望。这是大部分中国游客选择度假目的地的主要推动因素。无论是骑大象、划独木舟、徒步旅行、山地自行车，还是简单地遵循蜿蜒的河流从容地步行，琅勃拉邦都能够为游

S12 Executive Traveler 2012

Day two of the cruise is mostly spent soaking up the river atmosphere, with two stops en route to Luang Prabang, Laos’ exquisite UNESCO World Heritage city. Visitors can continue to learn about local whiskey making in the village of Ban Baw before perusing row upon row of hand-woven silk garments, made on looms in the village and sold to visiting tourists, or sent to nearby towns. About an hour before reaching Luang Prabang, the Pak Ou caves come into view in the distance, opposite the mouth of the Nam Ou River. At first they appear as a few darkened spaces in vast slabs of rock that form the river’s edge. Upon making their way up a series of step cut into the rock, tourists are able to see the caves’ main feature: hundreds and hundreds of tiny Buddha statues, in gold, in bronze, in stone, and in silver. They glint as people’s flashlights hover over a thousand icons, both eerie and beautiful at the same time. A s t h e b o a t a p p ro a c h e s L u a n g Prabang, any of the usual reluctance that might accompany the ending of an

enjoyable cruise is quickly dispelled, as it docks at Laos’ most spectacular city, encircled by rivers on both sides: Luang Prabang, the jewel in Laos’ crown. Luang Prabang Luang Prabang is, perhaps, Southeast Asia’s most charming and peaceful city, and it certainly feels far more like a town than a city to most Chinese visitors. Examples of the country’s cultural heritage are on display at virtually every street corner, and magnificent gilded temples and chedis abound within the historical town centre. Saffron-robed monks make their way to and from schools or monasteries and, depending on your walking route, you’ll rarely be far from one of the two rivers that wrap themselves around the Old Town, the Nam Khan and the Mekong itself. Just outside Luang Prabang, tourists will find a variety of outdoor activities to satisfy their desire to get out into nature, which is the motivating factor behind a large proportion of Chinese tourists’

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很多来到老挝的游客完全着迷于湄公河的魅力，希望探索这条传奇河流的更多故事。

客提供了许多方法来探索和享受美丽的自然景观。

Many a visitor to Laos has been sufficiently captivated by the Mekong to want to explore more than one section of this legendary river.

老挝南部占巴塞是老挝另一个联合国教科文组织世界遗产，位于琅勃拉邦以南 600 多公里。但是由于拥有通往老挝南部交通枢纽巴色的国内航班，探索这个历史悠久的国家不仅能够在一次旅行中完成，而且可以显得相对轻松自由。在巴色机场，私人交通工具可以将游客运送到占巴塞省的首都，那里拥有古代高棉遗址，并且可以为客人提供一系列高雅的精品酒店。很多来到老挝的游客完全着迷于湄公河的魅力，希望探索这条传奇河流的更多故事。巴色是豪华游轮的另一个起点， Luang Say 提供三日两晚的航行路线，游船从巴色再向南经过老挝，到达著名的四千岛地区。无论是选择轻松的游船行，还是进行更有活力的户外活动，在老挝度假能够帮助游客在豪华和真正本土经历之间获得独特的平衡感。总之，这些安排看上去是一个成功的组合 —— 许多第一次来到老挝的游客在还没有离开前就承诺要下次再来。

choice of holiday destination. Whether it is elephant riding, kayaking, trekking, mountain biking, or simply following the river’s meandering curves unhurriedly on foot, Luang Prabang offers visitors several way to explore and immerse themselves in its natural beauty. Southern Laos Champasak, the site of another of Laos’ UNESCO World Heritage Sites, may be over 600 kilometres south of Luang Prabang, but domestic flights to Pakse, southern Laos’ transport hub, mean that exploring a large swathe of this long country is not only possible in one trip, but is relatively hassle free. From Pakse’s airport, private transport can be arranged to drive visitors to Champasak’s provincial capital, where

the ancient Khmer ruins are located and a range of elegant boutique hotels await guests. Many a visitor to Laos has been sufficiently captivated by the Mekong to want to explore more than one section of this legendary river. Pakse is another starting point for luxury cruises, with a choice of three day and two night cruises run by Luang Say, and cruises from Pakse further south through Laos to the famed Four Thousand Islands region. Whether they choose to take it easy on a series of river cruises, or to engage in more energetic outdoor activities, a holiday in Laos offers visitors a unique balance of luxury and authentic local experiences. Together, they seem to be a winning combination – many a first time visitor to Laos doesn’t leave before making a promise to return. 2012 Executive Traveler

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东南亚最佳水疗胜地 Best Spas in Southeast Asia 东

南亚地区除了拥有丰富的文化遗产外，还有自然之美，这两者难分伯仲。虽然许多游客来到这里是前

往美丽的海滩放松心身，但是越来越多的人发现探索历史遗迹（比如古老的吴哥遗址）以及参加更多充满活力的活动（比如在泰国北部的丛林中徒步旅行）也能带来享受。无论是在泰国、马来西亚、越南还是柬埔寨，对行程满满的假期来说，与众不同的豪华水疗中心是一个理想的补充。这个地区不乏高

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outheast Asia is a region that is rich in both cultural heritage and natural beauty, perhaps in equal measure. While many visitors to the region are drawn by the idea of relaxing on its magnificent beaches, more and more are discovering the rewards of exploring historical sites such as the ruins of ancient Angkor, or partaking in more energetic activities, like trekking

in the jungles of northern Thailand. The region’s outstanding luxury spas are an ideal complement to an activityfilled holiday, whether it is in Thailand, Malaysia, Vietnam or Cambodia. This is a part of the world in which there is no shortage of top quality spas, but even among such an impressive selection, the few below still manage to stand out from the crowd.

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The Dheva Spa, Chiang Mai, Thailand The Mandarin Oriental Dhara Devi’s spa may just be Southeast Asia’s most palatial; its design was, after all, based on an ancient palace in Mandalay. Named after celestial beings and guardians of longevity, the Dheva Spa is often considered Thailand’s first world class spa facility, and is located within one of Chiang Mai’s most lavish five star hotels. But it isn’t just the spa’s name that calls the celestial to mind: the building’s seven-tiered roof was designed to represent Buddhism’s seven steps to enlightenment. In addition to a conventional range of treatments, the Dheva Spa offers holistic therapies and spa programs in their Ayurvedic centre, which include specialised yoga classes and exercise regimes. Facilities include eighteen spacious treatment areas with private whirlpools and steam rooms, as well as dedicated aqua therapy areas equipped with Turkish, Moroccan and Japanese inspired treatments. The Mandarin Oriental Hotel Group has deluxe and first class hotels, resorts and residences in 28 countries around

the world, and offers Chinese language services. The Mandarin Oriental Dhara Devi’s spa is located in northern Thailand, in the heart of Chiang Mai, the country’s cultural centre and former capital of the Lanna Kingdom.

CHI, The Spa, Penang, Malaysia It’s no surprise that CHI, The Spa, holds special appeal with Chinese guests for whom the age old concept of ch’i or qi still bears significance. Traditional Chinese philosophy considers ch’i or qi a universal life force that governs an individual’s well-being and vitality, but if ch’i doesn’t flow freely through the body,

By Frances Emery

品质的水疗中心，但是即便拥有这么多令人印象深刻的选择，下面几个仍然脱颖而出。 Dheva 水疗中心，清迈，泰国文华东方酒店的 Dhara Devi 水疗中心是东南亚地区最宏伟的。毕竟它的设计基于曼德勒一座古老的宫殿。 Dheva Spa 以长寿仙人的名字命名，它通常被认为是泰国第一个世界级的水疗设施，位于清迈最豪华的五星级酒店内。但是让人联想到天空并不只是因

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为该水疗中心的名称：楼房七个层次的屋顶设计代表着佛教的七级浮屠。除了传统的治疗领域，Dheva 水疗中心能够在他们的阿育吠陀中心提供全面的治疗和水疗项目，其中包括专门的瑜伽课程和练习。水疗中心的设施包括 18 间宽敞的治疗室，配备有私人漩涡浴缸和蒸汽浴室。另外还有配备土耳其、摩洛哥和日本风格治疗配备的专用水疗室。文华东方酒店集团在全球各地 28 个国家拥有豪华和一流的酒店、度假村和住宅设施，并且提供中文语言服务。文华东方的 Dhara Devi 水疗中心位于泰国北部清迈的市中心，这里是泰国的文化中心以及兰纳王国的前首都。 CHI 水疗中心，槟城，马来西亚对中国客人来说，“气”的传统观点仍然具有特殊的意义。因此，我们不难理解 CHI 水疗中心为什么对他们有着特殊的吸引力。中国传统哲学认为“气”是万物生命的力量，支配个人的福祉和活力。但是如果“气”不能自由地在身体中流动，疾病和对健康危害

香格里拉沙洋度假酒店位于槟城世界著名的峇都丁宜沙滩上，离该岛的首府乔治敦不远，后者被联合国教科文组织列为世界遗产。

Shangri-La’s Rasa Sayang Resort and Spa is located on Penang’s world famous Batu Feringgi Beach, not far from the island’s capital, Georgetown, a UNESCO World Heritage Site.

往往接踵而来。运动、按摩、水疗和冥想在身体自然更新过程中都扮演着自己的角色，它们组成了 CHI 水疗中心的理念。水疗中心能够提供一系列中国和马来西亚式的治疗项目，用穴位按摩和放松按摩来平衡身体的 “阴”，用刺激按摩来激发身体的“阳”。水疗中心的设施包括 11 间别墅，配备一间私人更衣室、一间治疗室和一个私人花园，总占地面积为 30 英亩，周边是郁郁葱葱的绿化。香格里拉酒店及度假村被认为是亚太地区首屈一指的豪华酒店集团，拥有遍布亚太地区、北美、中东和欧洲的 72 家酒店及度假村，并且提供中文语言服务。香格里拉沙洋度假酒店位于槟城世界著名的峇都丁宜沙滩上，离该岛的首府乔治敦不远，后者被联合国教科文组织列为世界遗产。 Nam Hai 水疗中心，会安，越南 Nam Hai 水疗完美地辉映了周边宁静的环境。水疗中心坐落于越南中部延伸的海岸线上，这里的客人永远不会远离水声：水疗中心的 8 个治疗间被水环绕着。中心位于到处都是锦鲤的泻湖中，每个房间都很明亮的。

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ailments and health complaints often follow. Exercise, massage, hydrotherapy and meditation all play a part in the body’s natural renewal process, and are the elements that make up the CHI, The Spa’s philosophy. The spa offers a range of Chinese and Malay treatments, from acupressure to relaxing massages for calming the body’s yin and invigorating massages for stimulating yang. Facilities include 11 spa villas equipped with a private changing room, a treatment room and a private garden, set within 30 acres of lush grounds. Shangri-La Hotels and Resorts is considered Asia Pacific’s leading luxury hotel group, with 72 hotels and resorts throughout Asia Pacific, North America, the Middle East and Europe, and offers Chinese language services. Shangri-La’s Rasa Sayang Resort and Spa is located on Penang’s world famous Batu Feringgi Beach, not far from the island’s capital,

Georgetown, a UNESCO World Heritage Site.

The Nam Hai Spa, Hoi An, Vietnam The Nam Hai’s spa mirrors the serenity of its backdrop perfectly. Set on an extensive stretch of coastline in central Vietnam, guests need never be far from the sound of water: the spa’s eight treatment pavilions are surrounded by it. Built within a lagoon filled with koi fish, each pavilion is bright and seemingly open to the outside, yet completely private, and includes an open air relaxation deck with a deep soak bathtub. Designed by the French architect Reda Amalou, the space creates the sense that architecture and nature are in perfect harmony. In addition to treatments in the spa, guests can take advantage of a deluxe health club, basketball and tennis courts, jogging paths and complimentary yoga and meditation sessions in an open air setting.

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虽然它们看起来似乎对外界敞开，但却是完全私人的，包括一个露天放松平台和一个深浸泡浴缸。这个空间是由法国建筑师 Reda Amalou 设计的，使得建筑与自然实现了完美的和谐。除了水疗以外，客人可以使用豪华的健身俱乐部、篮球场和网球场、慢跑道以及在室外参与免费的瑜伽和冥想课程。 Nam Hai 是 General Hotel Management Ltd (GHM) 的一个部分，目前在亚洲地区（包括清迈和仰光）运营贴心的豪华度假村和酒店，结合了现代亚洲设计和高度个性化的服务。 Nam Hai 位于靠近会安的海边，这是一个迷人的城市，拥有丰富的文化和历史，这里的古镇是联合国教科文组织认定的世界遗产。 So 水疗中心，暹粒，柬埔寨在结束了一天对吴哥古遗址的游览后，So 水疗中心能够为客人提供一个安静的休息场所。它坐落于索菲特吴哥佛基拉度假村，这可以说是暹粒位置最佳的豪华酒店。水疗中心可以提供一系列西式和当地高棉的水疗项目，包括不同类型的按摩、草药身体磨砂、印度草药油、泥浆敷体和大米身体磨砂等项

在结束了一天对吴哥古遗址的游览后，So 水疗中心能够为客人提供一个安静的休息场所。它坐落于索菲特吴哥佛基拉度假村，这可以说是暹粒位置最佳的豪华酒店。

So Spa is a peaceful sanctuary that provides guests with the ultimate end to a day of exploring Angkor’s ancient ruins. Located within the Hotel Sofitel Angkor Phokeethra, arguably Siem Reap’s best located luxury hotel.

目。该酒店拥有柬埔寨最大无边游泳池。从酒店去往一个 18 洞的高尔夫球场仅需 25 分钟车程，它位于佛基拉乡村俱乐部中。酒店的设施和服务还包括桑拿、按摩浴缸和健身中心，它们都位于拥有高棉法国建筑风格的优美花园中。第一家索菲特酒店于 1964 年开业。如今，国际知名的索菲特酒店及度假村在 37 个国家和地区拥有大约 115 家豪华酒店，其中有许多提供中国语言服务。索菲特吴哥佛基拉度假村位于暹粒市中心，可以方便地前往参与壮观的古老吴哥遗址。

The Nam Hai is part of General Hotel Management Ltd (GHM), which currently operates intimate luxury resorts and hotels in Asian destinations, among Chiang Mai and Yangon, combining contemporary Asian design with highly personalised service. The Nam Hai is located on the coastline near charming Hoi An, a city rich in culture and history, and an Old Town which was named a UNESCO World Heritage Site. So Spa, Siem Reap, Cambodia So Spa is a peaceful sanctuary that provides guests with the ultimate end to a day of exploring Angkor’s ancient ruins. Located within the Hotel Sofitel Angkor Phokeethra, arguably Siem Reap’s best located luxury hotel, the spa offers a range of western and local Khmer treatments, including different

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types of massage, herbal body scrubs, Ayurvedic oil treatments, mud wraps and rice body polishes. The hotel boasts the largest free form swimming pool in Cambodia, and an 18-hole golf course is just a 25 minute drive from the hotel, within the Phokeethra Country Club. Saunas, Jacuzzis and a fitness centre also complement the hotel’s range of facilities and services, all set in landscaped gardens with Khmer-French inspired architecture. The first Sofitel hotel opened in 1964. Today, internationally acclaimed Sofitel Hotels and Resorts have approximately 115 luxury hotels in 37 countries, many of which have Chinese language services. Hotel Sofitel Angkor Phokeethra is located in the town of Siem Reap, within easy reach of the spectacular ruins of ancient Angkor.

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国和阿拉伯世界之间的联系从历史上可以追溯到丝绸之路时代和古代贸易路线，这种关系一直以来

都非常强大，甚至对这两种文明的发展是至关重要的。在如今能源推动的全球经济环境下，我们对一些世界上资源最为富饶的国家与全球最大的能源消费国之间的紧密关系，也丝毫不感到奇怪。然而，能源并不是这些双边关系的唯一支柱。在过去的十年里，中国和 22 个阿拉伯国家组成的阿拉伯国家联盟（涵盖从阿拉伯半岛到非洲的各个国家）之间的贸易总额已经增长了很多倍。这种增长在 2004 年

中国 - 阿拉伯投资潜力的释放 The Unlocked Potential of Sino-Arab Investments By Anas Almasri

首届中阿合作论坛举行后显得更加明显。 2004 年，双边贸易水平仅为 380 亿美元，而 2011 年这个数字达到了 2000 亿美元。阿拉伯世界目前是中国的第七大贸易伙伴，未来的发展前景十分广阔。由于多种原因，如此大的贸易额并没有为该地区赢得来自全球第二大经济体相同数量的投资。根据阿拉伯工业发展和采矿组织统计的数据，2010 年中国的外商直接投资（FDI）中仅有 1% 进入了阿拉伯经济体，总额为 7.83 亿美元，而相比之下亚洲国家的份额为 64%，拉美国家为 15%。一个新的篇章除了丰富资源的吸引力之外，中国从历史上一直将中东和阿拉伯地区作为纯粹的出口市场，是其价廉物美的产品的倾销地。中国企业很少会认真考虑该地区长期投资的机会，而主要倾向于投资能源与贸易相关的项目。在过去的几年里，双方在包括工业、农业、交通运输、采矿、银行和建筑在内的其他行业的巨大合作潜力逐步显现。在今年 5 月在突尼斯举行的第五届阿中论坛上，这种趋势化作了一系列重要的建议和决定。根据论坛部长级会议后发表的联合行动计划，中国和阿拉伯国家联盟已同意建立一个“双边和集体纠纷解决机制”。采取这样的举措将有助于连结两种迥然不同的文化，并且帮助克服跨境商业交易中一些潜在的障碍。双方还同意将 2014 年的双边贸易额提高至 3000 亿美元。为了进一步增强人力资源开发方面的合作，中国代表团承诺在未来的两年时间里向来自不同国家和领域的 5000 名阿拉伯人提供专业的培训。会议正确地指

ating back to the Silk Road era and its ancient trade routes, ties between the Arab world and China have historically been strong and even essential to the development of both civilizations. In today’s energy driven global economy, it is no wonder that relations between some of the world’s wealthiest countries in resources and the

largest energy consumer worldwide are still robust. Energy, however, is not the only pillar of these bilateral relations. Over the past decade total trade between China and the 22 Arab states constituting the Arab league, which spans countries from the Arabian Peninsula to Africa, has increased many folds. This is especially Autumn, 2012 INVEST IN

特别报道 SPecial report

图片 Photo by Peter Miller

出，一些阿拉伯国家急需采取认真的举措，通过支持外国投资者的新法规和政策来重塑其目前令人沮丧的商业环境。中国企业在阿拉伯国家的一些行业（包括基础设施、机械制造、轻工、纺织行业）中的投资已经开始

能源领域的合作是中阿商业关系的重要组成部分。具体来说，2010 年向中国供应原油的 15 家最大的供应商中，有 7 家来自阿拉伯国家。其中，沙特阿拉伯（中国最大的原油供应商）名列首位。

Cooperation in the energy sector is an essential part of Sino-Arab business relations. Specifically, seven out of China’s top 15 suppliers of crude petroleum in 2010 were Arab countries, most notably Saudi Arabia – China’s largest crude oil supplier.

大幅增长，而技术转移项目也得到了改善。超出石油范围的合作能源领域的合作是中阿商业关系的重要组成部分。具体来说，2010 年向中国供应原油的 15 家最大的供应商中，有 7 家来自阿拉伯国家。其中，沙特阿拉伯（中国最大的原油供应商）名列首位，其次是苏丹、阿曼、伊拉克、科威特、利比亚和阿拉伯联合酋长国。另一方面，卡塔尔是中国最大的液化天然气供应商，液化天然气是中国经济的另一大主要能源资源。尽管如此，如果中国能够与这些阿拉伯国家合作，基于这些资源创建

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true following the inauguration of the first China-Arab Cooperation Forum in 2004, when trade levels stood at just $38 billion, and reached $200 billion during 2011. The Arab world is now China’s 7th largest trading partner, with vast potential for future growth. Due to a number of reasons, these large trading volumes have not been accompanied by similarly substantial investments to the region from the w o r l d ’ s s e c o n d l a r g e s t e c o n o m y.

According to numbers compiled by the Arab Industrial Development and Mining Organization, a mere one percent of China’s Foreign Direct Investment (FDI) was channeled to Arab economies in 2010 – totaling $783 million – compared to 64 percent in Asian countries and 15 percent in Latin America. A New Chapter Setting aside the appeal of abundant resources, China has traditionally viewed

特别报道 SPecial report

出一个流向这些经济体其他行业的“涓滴” 效应，那么中国将从这些资源富饶的阿拉伯国家获得更多的东西，而不仅仅是为本国的经济发展提供能源。如果这些国家真的希望得到发展，而中国也真的希望增强其在该地区的低位，阿拉伯世界的能源产业获得的主要能力和竞争优势需要被转移到其他行业。要做到这一点，中国需要对阿拉伯世界的技术和产业化项目进行投资，同时要与当地企业建立合资企业，加快专业知识的双边交流。中国主要的企业可以与阿拉伯企业在发展化学和石化工业方面进行合作，并且推进风能和太阳能的可再生能源技术。就中国 - 卡塔尔投资关系的现状和未来，《境外投资》采访了卡塔尔金融中心（QFC）管理局市场及企业传讯部主管 Stephen Carriere。他预测，中国与海湾合作委员会（GCC）之间强大的双边贸易将使得其他行业中的合作也得到加强，这些行业包括基础设施项目、物流和资本市场。此外，卡塔尔和中国之间某些监管政策的变化使得双方正在开放各自的市场，并且缓解两国之间的投资流动。他提及中国银行业监督管理委员会（CBRC）与卡塔尔中央银行之间，中国证券监督管理委员会（CSRC）与卡塔尔金融市场管理局之间签署的相关协议的重要性。他还解释了中国和中东地区之间的投资关系模型正在如何变得越来越直接，他说：“在卡塔尔，中国资产管理公司拥有巨大的机会。中东的投资者并不了解投资中国的最佳机会，他们通常借助西方的投资经理来进入中国市场。随着那些对本土市场更加了解并且拥有实地经验的中国企业也能够提供相同的服务，这种情况看起来将发生改变。事实上，中东地区的投资者现在更喜欢亚洲的投资经理为其提供服务。” 被问及卡塔尔的哪些领域目前最吸引来自中国的对外投资，Carriere 表示，随着该国的经济增长变得更加多样化，这位中国投资者带来了一些新的投资机会。他说：“在短期内，基础设施和发展中的石油和天然气下游产品是非常有吸引力的，但在中长期，包括酒店和商业服务（特别是金融服务业）在内的诸多行业拥有潜力和巨大的机会。”被问及卡塔尔和卡塔尔金融中心管理局采取了什么样的举措来进一步吸引中国资金，他强调了卡塔尔金融中心管理局能够提供的三个

the Middle East (ME) and larger Arab region purely as an export market and a dumping ground for its cheap products. Chinese businesses have rarely given any importance towards long-term investment opportunities in the area, preferring mostly to target energy or trade related projects. In the past few years, the great potential of cooperating i n o t h e r sectors such a s indu st ry, agriculture, transport, mining, banking, and construction has gradually become evident to both sides. This led to a host of significant recommendations and decisions during the Fifth Arab-Chinese Forum that was hosted by Tunisia in May of this year. According to the joint action plan issued following the Forum’s Ministerial Conference, China and the Arab League have agreed to establish a “bilateral and collective disputes-solving mechanism”. Introducing such an effort would help link the two widely different cultures and aid in overcoming some of the possible obstacles concerning crossborder business deals. Both parties also agreed on boosting their mutual trade up to $300 billion in 2014. In a sign of further enhancing cooperation on human resource development, the Chinese delegation pledged to provide some 5,000 Arab nationals from different countries and fields with specialized training within the next two years. The conference rightly pointed out to the immediate need for some Arab governments to undertake serious initiatives aimed at reshaping their currently discouraging business environments through new regulations and policies that support foreign investors. Some sectors of the economy in the Arab countries including infrastructure, mechanical manufacturing, and light and textile industries have already begun receiving substantial increases in investments by

Chinese enterprises as well as improved technology transfer schemes.

Digging Deeper than Oil Cooperation in the energy sector is an essential part of Sino-Arab business relations. Specifically, seven out of C h i n a’ s to p 1 5 s u p p l i e r s o f c r u d e petroleum in 2010 were Arab countries, with Saudi Arabia –China’s largest crude oil supplier– leading the pack followed by Sudan, Oman, Iraq, Kuwait Libya and the United Arab Emirates. Qatar, on the other hand, is the country’s biggest provider of Liquefied Natural Gas, another major energy resource for the Chinese economy. Nonetheless, China stands to gain a lot more from these Arab resource-rich countries than fueling its own economy if it collaborates with them on creating a “trickle-down” effect from these resources to other segments of their economies. For these states to truly develop and for China to strengthen its foothold in the area, primary competencies and competitive advantages gained in the Arab world’s energy industry need to be transferred to other industries. To do so, China

Autumn, 2012 INVEST IN

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主要优势：基于英国普通法的安全的法律和监管制度；非常利于营商的税收结构；高效的管理。就卡塔尔金融中心管理局而言，他说： “2011 年 9 月，卡塔尔金融中心管理局与浦东新区金融服务局签署了一份谅解备忘录，旨在帮助双方在金融服务领域共同进行市场开发。该谅解备忘录是卡塔尔金融中心和浦东之间加强合作的第一步。”卡塔尔金融中心的官方网站已经完美地诠释了其对中国投资在海湾合作委员会地区和卡塔尔的巨大潜力的看法，它将自己的角色定义为旨在给“卡塔尔和国际企业提供本地和区域性投资机会，包括卡塔尔到 2015 年总金额超过 1370 亿美元的基础设施投资，以及海湾合作委员会地区超过 1.2 亿美元的规划投资。” 投资的“春天” 2011 年年初，阿拉伯之春运动席卷了整个地区，终结了一些阿拉伯国家数十年的暴政和腐败现象。推动革命觉醒的主要因素是阿拉伯青年。突尼斯、埃及、也门和利比亚的国家元首都面临着流亡、被监禁或死亡的命运。这些国家真正的改革正在顺利进行，人们正在追求更好的生活。联合国发展计划署（UNDP）2010 年的研究估计，在 3.59 亿阿拉伯人中，54％的年龄在 25 岁以下。相比而言，发展中国家和发达国家同一年龄组的比例分别占 48％和 29％。如此年轻的社会代表着非常有希望建立起一个拥有巨大机遇、生产力旺盛的成功国家。相反，大多数国家已经无法跟上劳动力市场上日益增长的就业需求。根据联合国发展计划署追踪的 22 个国家中 17 个国家的统计数据显示，平均每五名年龄在 20 至 24 岁的年轻阿拉伯人中就有一人处于失业的状态。这些数字清楚地表明，无论是否进行革命，阿拉伯国家的政府需要为他们的年轻人创造就业机会，并且采取有效措施来确保经济的不断增长。这些是中国擅长的事情。中国可以帮助利比亚、苏丹和也门石油行业实现重要的复苏。突尼斯外国投资促进局（FIPA）总经理 Nourreddine Zekri 在接受采访时表示，该国目前拥有一个“更健康的投资环境”。这个地中海国家除了历史上拥有强大的资产，透明度方面的新动向和现行的法律规则以及良好的治理将会有利于加强突尼斯对国际企业

2012, Autumn

needs to invest in technological and industrial projects in the Arab world, while also setting up joint ventures with local businesses to accelerate know-how exchange between the two sides. Major Chinese companies could cooperate with their Arab counterparts in developing chemical and petrochemical industries as well as advancing renewable energy technologies for wind and solar energies. Invest In spoke to Stephen Carriere, H e a d o f M a rke t i n g a n d C o r p o ra te Communications at Qatar Financial Centre (QFC) Authority about current and future Sino-Qatari investment relations. He predicts that strong mutual trade between China and the Gulf Cooperation Council (GCC) will lead to increased cooperation in other segments of the economy such as infrastructure projects, logistics and capital markets. Adding that certain regulatory changes in Qatar and China are opening up both markets to each other and easing investment flows between the two countries. Noting the importance of “an agreement between the CBRC (China Banking Regulatory Commission) and the Qatar Central Bank and between the CSRC (China Securities Regulatory Commission) and the Qatar Financial Markets Authority”. He also explained how the investment relationship model was becoming more direct between China and the ME, “in Qatar, there are huge opportunities for Chinese asset managers to set up. The best opportunities to invest in China are not being shown to Middle East investors who have typically approached investment managers in the West to access the China market. This looks set to change as Chinese firms can deliver the same services with greater knowledge of their own markets as well as on-the-ground experience; in fact Middle Eastern investors now prefer to be serviced by Asian investment

managers.” Examining which fields in Qatar currently needed the most attention from China’s outbound investments, Carriere mentioned that as the country’s economy grows more diverse, a number of fresh investment opportunities are becoming available to the Chinese investor. “In the short-term, infrastructure and developing downstream oil and gas are extremely attractive, but in the medium- and longterm, the potential across a wide section of segments from hospitality to business services and especially financial services are substantial opportunities” he said. On what strategies Qatar and QFC Authority had in place to attract further Chinese funding, he highlighted three main advantages offered by QFC with its safe legal and regulatory system that is based on English common law, an extremely business friendly tax structure and a highly efficient administration. As far as QFC Authority was concerned, he stated “in September 2011, the QFC Authority signed a Memorandum of Understanding with Pudong New Area Financial Services Bureau to help develop both markets across the financial services base. This MoU is the first step towards greater cooperation between QFC and Pudong.” The immense potential for Chinese investments in the GCC area and Qatar is perhaps put perfectly into perspective on QFC’s official website describing its own role as providing “Qatari and international firms with access to local and regional investment opportunities, i n c l u d i n g o ve r U S $ 1 3 7 b i l l i o n o f prospective infrastructure investment in Qatar through to 2015, as well as over US$1.2 trillion of planned investment across the GCC”. Spring-time Investing In the beginning of 2011, the Arab Spring swept the region to put an end

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截至 2010 年年底，中国在阿拉伯国家的投资总额约为 150 亿美元，而阿拉伯国家在中国的投资总额为 30 亿美元。大大增加的双边投资水平以及通过一个真正全面的方法提升中国对阿拉伯地区的投资价值将为中国企业带来超越直接投资回报的利益。

As of the end of 2010, Chinese investments in Arab countries totaled some $15 billion, while the total value of Arab investments in China amounted to $3 billion. There is a significant increase in mutual fund investment levels, which is adding value to China's investments into the Arab region.

的吸引力。他同样对革命后投资者的情绪表示乐观，他说：“革命后的恐惧在一定程度上动摇了投资者的信心，我们仍然相信，这些所谓的恐惧仅仅在热烈时期所采取的临时反应”。基于国际新闻界对突尼斯的未来保有的乐观情绪，他相信，不需要很长时间就能够建立起新的投资环境。他说：“突尼斯人民已经被推翻了独裁统治，恢复他们的自由，并且恢复了普遍认可的国家法律。透明和自由的选举过程使得突尼斯在国际舞台上重新获得了自己的地位，而这种地位长期以来遭到了违背公平的选举过程的伤害。现在，突尼斯变得更加透明，并且对企业推出了相关的激励机制，因此它将变得更具吸引力。” Zekri 将金融业作为一个例子：这个曾经在很大程度上受到管制的行业目前正在重塑自身，对接国际标准。而其他行业（包括可再生能源、医疗保健和文化）目前正试图在一个更坚实的监管框架下运作。他补充说：“得益于多样化和可靠的基础设施，突尼斯连续保持着各个行业的发展。如今，纺织、机械、电气和航空行业使得该国成为欧

to decades of tyranny and corruption in several Arab countries, and the main factor behind the revolutionary awakening is the Arab youth. Heads of State in Tunisia, Egypt, Yemen and Libya have all fled, been imprisoned or killed. True reform in those countries is well under way, their societies striving for a better life, one where their dignity and rights are sacred, and above all, one in which they can actually afford to lead a decent life. A 2010 study by the United Nations Development Program (UNDP) estimated that 54 percent of the 359 million Arab populations were under the age of 25. In comparison, that same age group in both developing and developed countries accounted for 48 percent and a much lower 29 percent respectively. Such a young society should, in theory, represent a source of hope for a productive and successful nation

with great opportunities. Instead, most countries have been unable to keep pace with the growing employment demands in the labor market. In 17 out of the 22 countries observed by UNDP, on average one out of five young Arab adults aged between 20 and 24 are unemployed. Those figures clearly show the need for Arab governments, revolutionary or not, to create jobs for their youths and introduce effective measures to ensure constant growth in their economies, something China is well versed in. With the experience it obtained during the Chinese economy’s industrial evolution over the past 30 years and utilizing its massive surplus reserves, China is already strategically positioned to aid the Arab region in this respect. All the while providing Chinese companies with greater access to new business prospects and promising investment potential including the rebuilding of infrastructure damaged during the revolutions. China could also contribute to the crucial rehabilitation of the oil sector in Libya, Sudan and Yemen. In an interview with the General Director of Tunisia’s Foreign Investment Promotion Agency (FIPA), Nourreddine Zekri describes the country today as having a much “healthier investment e n v i r o n m e n t ”. S t a t i n g t h a t i n addition to the Mediterranean state’s historically strong assets, new factors of transparency, prevailing rule of law and good governance will only serve to enhance Tunisia’s attractiveness to intentional companies. He was also buoyant on investor sentiment after the uprising, “while post-revolution fears have somewhat shook investor confidence, we remain convinced that these fears are, by definition, temporary reactions taken in the heat of the moment”. Building on optimism in the international press over the future of Autumn, 2012 INVEST IN

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随着这些国家经受了过渡期的考验，他们将在未来带来大量的机会。

China could also establish itself as a key financial player in the Arabian Peninsula. 盟在地中海南部最大的工业品出口商。”突尼斯离岸服务和研发也是该国的强项，他强调这些行业已经吸引了行业中的大腕企业。被问及突尼斯外国投资促进局如何向国际企业和投资者推荐这个北非国家，Zekri 提到了他们欧洲和日本拥有许多活跃的办事处，并且计划在一些阿拉伯和亚洲国家以及北欧地区建立新的中心，希望能够推动更多外国直接投资的流入。统计数字预示着目前正在经历民主觉醒运动的阿拉伯国家将会重新得到投资者的亲睐，投资额更有希望增长。突尼斯外国投资促进局于 6 月份公布的一份新闻稿显示，2012 年 1 至 5 月突尼斯的外商直接投资达到了约 5600 万美元。相比 2011 年同期（当时的经济受到了革命的直接冲击），增幅达到了惊人的 40.8％，相比 2010 年也增长了 12.4％。时间就是一切截至 2010 年年底，中国在阿拉伯国家的投资总额约为 150 亿美元，而阿拉伯国家在中国的投资总额为 30 亿美元。大大增加的双边投资水平以及通过一个真正全面的方法提升中国对阿拉伯地区的投资价值将为中国企业带来超越直接投资回报的利益。例如，该地区的经济变得更加发达将让人们更为富裕，从而希望购买更多的进口产品，其中有不少来自中国的工厂。中国也可以将自己打造成为阿拉伯半岛重要的金融力量，这个地区在全球低迷的经济环境下总体保持了金融的稳定性。随着这些国家经受了过渡期的考验，他们将在未来带来大量的机会。现在是时候了，中国需要为获得这些迫在眉睫的商业机会奠定坚实的基础，并且提升与阿拉伯国家之间的合作。这样的基础将在这个传统上与西方投资联系在一起的地区深深地播下种子，阿拉伯世界目前经历的铺天盖地的变化将为中国做到这一点提供完美的机会。

2012, Autumn

Tunisia, he is convinced that it will not take long before the new investment environment becomes a reality. “The Tunisian people have ousted a dictatorship to regain their freedom and reunite their country with the universal values of Law. The transparent and free electoral process has enabled Tunisia to regain a visibility on the international stage that has long been tainted by breaches of the same process. Tunisia will now be more attractive with higher transparency and incentives in line with the economic issues of business”, he said. Zekri mentions the financial sector as an example of a once largely controlled segment of the economy that is now reinventing itself and adapting to international standards, while other sectors including renewable energy, health care and culture are currently attempting to operate within a more adequate regulatory framework. “Due to a diverse and reliable infrastructure, Tunisia is continuously keeping up with developments across the global industry scene. Today textile, mechanical, electrical and aviation sectors have positioned the country as the biggest South Mediterranean industrial exporter to the European Union” he added. Tunisian offshore services and R&D were also one of the country’s strong points which he emphasized were already attracting the biggest names in the industry. On how FIPA was promoting the North African state to international businesses and investors, Zekri referred to their many active offices across Europe and in Japan with new centers planned for several Arab and Asian countries as well as the Nordic region as they aim to generate higher FDI inflow. He explained that the Agency is contemplating expanding their presence to certain countries including China,

adding that it is “among the five Asian markets FIPA considers a priority in terms of communication and advertising budget”. In an indication that investor appetite will return and indeed grow in those Arab countries that are currently undergoing a democratic awakening, figures announced by FIPA in a news release in June show that the first five months of 2012 have seen FDI levels in Tunisia reach around $560 million. That represents a stunning 40.8 percent spike when compared to the same period in 2011, which bore the hardest economic brunt of the revolution, and 12.4 percent in 2010.

Timing is everything As of the end of 2010, Chinese investments in Arab countries totaled some $15 billion, while the total value of Arab investments in China amounted to $3 billion. A higher economically developed region, for example, would lead to more affluent citizens looking to purchase m o re i m p o r te d p ro d u c t s , m a ny o f which will come from Chinese factories. China could also establish itself as a key financial player in the Arabian Peninsula, an area largely characterized by financial stability amid a still sluggish global economy, and as an investment leader in those Arab countries witnessing dramatic political and societal upheavals, where a great deal of future opportunities are bound to present themselves once the inventible transition periods have been endured. Now is the time for China to set up a strong foundation for these imminent business chances and upgrade cooperation levels with many Arab countries. The current overwhelming changes occurring in the Arab world present the perfect window of opportunity for China to do that.

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柬埔寨，一个等着你的新目标

Cambodia, a New Destination Awaits You

By Baron Laudermilk

柬

埔寨是一个迷人并且充满活力的东南亚国家，人口数量超过 1480 万，全球排名第 68 位。该国的政

府是独一无二的，因为其官方宗教是小乘佛教，约有 95％的人口是教徒。该国的经济增长迅速，主要归因于亚洲游客数量的上升，以及其不断扩大的服务、农业和制造业。但是，由于柬埔寨将继续依赖中国作为其出口基地，中国投资者将拥有更多的投资机会，得益于柬埔寨经济的迅速增长。柬埔寨目前的经济驱动器大约在 2004 年 - 2008 年期间，柬埔寨的经济大约以每年 10％的速度递增，受益于纺织中心、建筑、农业和旅游业的增长。 2005 年 1 月，世界贸易组织关于纺织品和服装的协议到期。这迫使柬埔寨生产商需要与来自中国、印度、越南和孟加拉国的廉价劳动力展开竞争。尽管遭受到这个挫折，该国已经找到了实现增长的方式。 2011 年，橡胶的出口受益于中国的需求，增加了 50％。而旅游产业随着每年外国游客的到来而继续实现增长。尽管该国的

ambodia is a fascinating and dynamic Southeast Asia nation with a population of over 14.8 million, making it the 68th most populated country in the world. Its government is unique as the state’s official religion is Theravada Buddhism, in which an estimated 95% of the people practice. The country’s economy has been growing rapidly due to the rise of Asian tourists and also because of its expanding services, agricultural, and manufacturing industries. But as Cambodia continues to rely on China as an export hub, Chinese investors will have more opportunities to invest in Cambodia’s rapidly growing economy. Cambodia’s Current Economic Drivers From around 2004~2008 Cambodia’s economy grew about 10% annually, driven by the growth of its textile center, construction, agriculture and

tourism industries. In January 2005, the WTO agreement on textiles and clothing expired. This forced Cambodian producers to compete with cheaper labor from China, India, Vietnam and Bangladesh. But despite this setback, the country has found ways to grow. Rubber exports in 2011 increased by 50% due to China’s rising demand in rubber, and the tourism industry has continued to boom as more tourist flock to the country. The country’s GDP by composition sector also makes it vulnerable to China and India’s locations. The GDP composition by sector in Cambodia sits at 30% in agriculture, 30% in manufacturing and 40% in services. Its main export partners are the U.S. (54.5%), Germany (7.7%), and Canada (5.9%). The Asian Development Bank (ABD) predicts that in 2013, Cambodia will grow stronger in garment and footwear Autumn, 2012 INVEST IN

聚焦自由贸易区 FTZ Focus

经济最近得到了扩张，但是该国的经济总量仅为 329.5 亿美元（2011 年的国内生产总值），人均 GDP 仍低于其邻国，仅为 2300 美元。该国 GDP 的组成部分也使得它容易受到中国和印度的影响。柬埔寨 GDP 按照行业可以分为：农业 30％，制造业 30％，服务业 40％。它主要的出口贸易伙伴为美国（54.5％），德国（7.7％）和加拿大（5.9％）。亚洲开发银行（ADB）预测，到 2013 年，柬埔寨的服装和鞋类出口将实现强劲的增长。 ADB 年度经济出版物“亚洲发展展望 2012”指出，该国 2012 年的经济增长将放缓至 6.5％，相比 2011 年的 6.8％有所下降，而随后 2013 年经济增长将小幅反弹至 7.0％。随着中国的劳动力变得更加昂贵，我们可能会看到中国从柬埔寨进口一些便宜的商品。但是截至目前，柬埔寨依然缺乏强大的基础设施来支持中国的需求。美国康奈尔大学讲师 Andrew Mertha 专业研究中国和柬埔寨政治，他告诉《境外投资》：“随着中国劳动力成本的上升，中国很可能从柬埔寨进口更多的商品。但是，随着中国开始不再依靠出口导向的制造业作为主要的经济引擎，受制于柬埔寨的规模和基础设施，满足中国对此类商品需求的能力只能说是有限的。” 柬埔寨的自由贸易协定 2002 年 11 月 4 日，中国国务院总理朱镕基与东盟 10 国（包括柬埔寨）的领导人签署了一份具有里程碑意义的“中国 - 东盟全面经济合作”框架协议，使其成为世界上最大的自由贸易区之一。为了使经济多样化并重新实现经济增长，2005 年柬埔寨颁布了一项法律——“特殊经济区域（SEZs）的建立和管理”。这让某些地区相比国内的其他地区拥有特殊的经济、法律和监管等方面的优势。从那时起，该国已经建立了 21 个经济特区，但是世界银行和柬埔寨当局认为，柬埔寨经济的全部投资潜力尚未被充分挖掘出来。柬埔寨最新的经济特区于 2012 年 5 月 1 日建立在沿海的 Sihanoukille 省，以吸引外国投资者的资金。日本为这个项目提供了 4500 万美元的贷款，日本驻柬埔寨大使黑木雅史表示：“该特别经济区预计将吸引外

2012, Autumn

exports. ABD’s annual economic publication, Asian Development Outlook 2012, stated that the country’s economic growth would moderate to 6.5% in 2012, down from 6.8% in 2011, with a subsequent slight growth to 7.0% in 2013. This projection predicts that the EU and the U.S. economies – Cambodia’s main export partners – will continue t o h ave a n i n c re m e n t a l re c ove r y. Cambodia’s expected growths in 2013 will most certainly occur, as China will slowly begin importing more products from that nation and Europe. As China’s labor becomes more expensive, it’s possible that we may see it importing some cheap goods from Cambodia. But as of now, Cambodia lacks a strong infrastructure to support China’s demand. Andrew Mertha, a specialist in Chinese and Cambodian politics and who lectures at Cornell University in the United States, said, “It is possible that China might import more goods from Cambodia as labor costs goes up in China. But Cambodia’s ability to satisfy China’s demand for such goods as it shifts away from export-led manufacturing as its principal economic engine is at best limited because of Cambodia’s size and infrastructure.” Cambodia’s Free Trade Agreements On November 4, 2002 the Chinese Premier Zhu Rongji and the leaders of the 10 ASEAN nations, including Cambodia, signed a landmark Framework Agreement on ASEAN-China Comprehensive Economic Cooperation, making it one of the largest free-trade areas in the world. Since then Cambodia has been lowering tariffs and establishing economic zones across the country to attract foreign investment. To diversify its economy and reignite

economic growth, in 2005 Cambodia enacted a law called the Establishment and Management of Special Economic Zones (SEZs). This gives certain regions special economic, legal, regulatory, and other advantages compared to the rest of the country. Since then, 21 SEZs have been established, but the World Bank and the Cambodian authorities believe that the full investment potential of Cambodia’s economy has yet to be fully tapped. The most recent new special economic zone in Cambodia occurred in a coastal area of Sihanoukille province on May 1, 2012 to pull capital from foreign investors. Japanese Ambassador to Cambodia, Masafumi Kuroki, whose country provided $45 million in loans for the project said, “The Special Economic Zone is expected to attract foreign direct investment for the production and the export of the manufactured products. Direct connection of the Port is one of the advantages of this SEZ by reducing the cost and time for transport of materials and products. High quality of infrastructure such as water supply and sewage treatment facilities in the zone is another attracting point of this SEZ.” There is little doubt amongst analysts that Cambodia’s SMEs will improve the state of the economy and create many opportunities for foreign investors. The key challenge for Cambodia is to continue to reduce its high 25% poverty rate, and to continue to diversify its economy away from agricultural goods. China’s Opportunities: Investments, Businesses and Ideas Cambodia’s rapidly growing economy h a s m a d e m a ny o p p o r t u n i t i e s fo r Chinese investors and business owners. China is already the largest investor in Cambodia’s infrastructure, which has

聚焦自由贸易区 FTZ Focus

柬埔寨成衣工厂委员会所有权按国籍排列 GMAC Garment Factories in Cambodia by Nationality of Owner

中国 China

66%

台湾 Taiwan

39%

马来西亚 Malaysia

14%

新加坡 Singapore

10%

澳门 Macau

泰国 Thailand

印度尼西亚 Indonesia

孟加拉国 Bangladesh

韩国 Korea

44%

香港 Hong Kong

31%

柬埔寨 Cambodia

13%

美国 USA

英国 UK

菲律宾 Philippines

加拿大 Canada

澳大利亚 Australia

资料来源：美国海军研究生院助理教授 Sophal Ear Source: Sophal Ear, Assistant Professor US Naval Postgraduate School,

国直接投资，从事工业产品的生产和出口。直接对接港口是该经济特区的一大优势。中国的机会：投资，企业和想法柬埔寨经济的快速增长为中国投资者和企业主带来了很多机会。中国在柬埔寨基础设施建设中已经是全球最大的投资者，1994 年至 2011 年 7 月间，柬埔寨的基础设施已经从中国获得了价值 88 亿美元的投资。 Mertha 说：“中国已经重新启动了几个垂死的水电站在中国的发展计划，并且已开始投资于柬埔寨和其他东南亚国家的下游项目。”他补充说：“考虑到中国的‘非条件’和‘不干涉’意味着其建立在柬埔寨的基础设施项目将拥有利润丰厚的长期经营牌照，这将延伸到道路建设、重建柬埔寨的铁路网络，以及港口设施的扩张。” 中国投资者可以在柬埔寨不断扩大的行业中找到机会，这些行业包括服装业、水电大坝、银行及金融业、旅游业、矿产资源以及技术行业。相比其他外国投资者，中国企业已经拥有了柬埔寨大部分的服装工厂。

received $8.8 billion of investments from China from 1994 to July 2011, and this is only expected to continue in the upcoming years. “C h i n a h a s re a c t iva te d s eve ra l moribund plans for hydropower development in China and has only begun investing in downstream projects in Cambodia and elsewhere in Southeast Asia” said Mertha. “And given that Chinese ‘non-conditionality’ and ‘non-interference’ translate into lucrative long-term operating licenses on the infrastructure projects that it builds on Cambodian soil, I do not see any prospects of slowing them down. And this extends to road-building, the redevelopment of Cambodia’s railway network, and the expansion of its port facilities,” he added. Chinese investors can spot opportunities in Cambodia’s expanding industries, such as its garment industry, hydropower dams, banking and finance sectors, its tourism industry, mineral resources, and technology sectors. Chinese businesses already own most of the garment factories in Cambodia compared to other foreign investors. This is expected to continue to augment as the industry expands because of more free trade agreements emerge. The steal sector in Cambodia has been growing rapidly in the last few years as the country’s infrastructure continues to improve. Chinese investors have not been sitting on the sideline as this has been happening. In May 2012 The Export-Import Bank of China announced that it would be investing $235 million to modernize Cambodia’s TV and phone systems. The bank also announced that it would build a steel plant by importing raw materials from overseas to be manufactured in Cambodia and supply the products to regional markets. These trends are expected to mushroom as

Cambodia makes the transition from an agricultural economy to an industrialized economy. Tourism is another industry that Chinese investors will find lucrative. Some analysts have predicted that the Cambodian government approves more foreign investments in the tourism industry than any other in the country. Daniel C. O'Neill, a professor of Cambodian and Chinese politics at the University of the Pacific, said that actually the Cambodian authorities approve most investments in garments and textiles, but Chinese investors will still find rewarding opportunities in Cambodia’s tourism sector as it is expected to rapidly grow in the next few years. “It is not the case that the Cambodian government approves more investments in tourism than in any other sector. Most approved investments are in industries, such as garments and textiles. Tourism makes up a large proportion of the amount of approved investments because of the massive size of a few investments in this sector.” said O’Neil. Plenty of Opportunities in Cambodia Cambodia’s authorities is keen on making Cambodia a strong and productive nation, which means that it will continue to implement policies that will attract foreign investments and international businesses. Chinese investors have already been significantly investing in the country’s infrastructure, resources, technology, and agricultural industries. As Chinese business owners continue to look for a relatively cheap place to produce goods and services, and an economy that is expected to grow, opportunities in Cambodia will increasingly become copious and will undoubtedly bring investors satisfying gains. Autumn, 2012 INVEST IN

会议 C0nference On August 16 and 17, 2012, Golden Finance and Xin Li Cai Magazine of the Ministry of Finance held the first M&As and China Outbound Investment Conference in Beijing.. More than 200 delegates from the government, well-known enterprises at home and abroad and commerce chambers in Beijing attended this major conference. Participants from the government, commerce and academic fields gathered and discussed the successes, failures, and lessons of Chinese enterprises’ overseas investment and provided suggestions and advice for the “Going-out” process of Chinese companies. We also expressed our gratitude to the 司企业亚洲发展总监、中建一局 strong support and sponsorship 集团建设发展有限公司副总经理、 from Crowe Horwath, Salans, 前通用电气业务发展与并购部中 Covington, LexisNexis, Wolters Kluwer, Bureau van Dijk and 国区总监等 20 多位知名跨国企 Greenland Group for the event.

企业并购与海外投资高峰论坛在京举办，众多企业 CFO 及高管应邀出席 Insights into Chinese Outbound Investments:

Global Perspectives from Experienced Professionals 2012 年 8 月 16 至 17 日，由高顿财务培训、财政部《新理财》杂志、联合主办的首届 2012 企业并购和海外投资高峰论坛在北京举行，来自政府、国内外知名企业、驻京商会的 200 余名代表出席了会议。政、商、学界嘉宾云集，论道中国企业并购与海外投资的成败得失，为我国企业 “走出去”的国际化进程出谋献策。同时也感谢 Crowe Horwath, Salans, Covington, LexisNexis, Wolters Kluwer, Bureau van Dijk 以及绿地集团对于本次活动的鼎力支持和赞助。持续了两天的峰会上，与会代表聆听了来自财政部、国务院发展研究中心等部门领导对于企业并购与海外投资最新政策的解读。财政部对外财经交流办公室的领导对“中国企业海外投资的宏观政治风险与战略风险” 发表讲话，就针对如何加强企业海外投资政治与战略风险的防范意识，他强调：对于积极寻求海外并购的中国企业，要明白在海外市场的深海中，随时可能触碰暗礁，要真正扬帆驶向海外，首先要考虑的是风险的合理分散和化解，及早规避风险，防范于未然。同时，浙江吉利控股集团有限公司董事副总裁、远东控股有限公司战略发展部总监、复兴集团国际发展部业务发展总监、中德环保科技股份有限公司执行董事兼 CFO、康宁（上海）管理有限公

业与大型本土企业的并购高管与业界专家发表了精彩演讲，从并购战略、并购框架、法律、文化、财务等各方面深入介绍和分析中国企业和跨国企业在全球各主要市场进行商业拓展所面临的机遇、挑战与最佳应对策略。两天的主题演讲、案例分析、专题研讨、圆桌讨论、项目对接以及面对面的交流，都使与会代表从全方位获得各种宝贵的商业发展与投资机遇信息，代表们会后均表示受益匪浅。高顿财务培训是中国唯一一家系统财务培训提供商。每年针对企业高管、财务人员、非财务人员提供 29 个系列 200 多个主题的财务培训课程。6 年来高顿始终关注经济环境变化给企业财务战略及人才战略带来的挑战，我们以每个企业的经营目标为导向，以客户的成就为荣耀。作为财务培训行业的引领者，在不断满足学员专业类课程外，高顿财务培训还提供《会计师世界》杂志、 GTS 高顿税务峰会，在线学习社区，会计师门户网站以及各类商业领袖平台等多样化的学习服务形式来丰富企业和个人对于财税领域知识渴求，为学员搭建系统性的财务学习平台。高顿始终关注企业需求，承诺与学员共同成长。

Over the course of the two-day conference, senior officials from the Ministry of Finance and the Development & Research Center of the State Council gave speeches on the latest policy trends, corporate M&A, and Chinese overseas investments to delegates. A senior official from the Foreign Financial Exchange Office under the Ministry of Finance delivered an important speech entitled: “Overview of the Macropolitical & Strategic Risks of China Enterprises’‘Going Out’” He stressed the importance of potential political and strategic risks of outbound investment, and if a Chinese company is actively seeking overseas acquisition opportunities,highlevel executives should understand they may touch the reef at any time in the figurative deep sea of foreign markets. In order to sail safely overseas, Chinese enterprises should make risk diversification and resolution a high-level priority in order to circumvent potential political crises as early as possible.

Meanwhile, more than 20 senior executives from worldwide well-known MNC and largescaled local companies thoroughly introduced and analyzed the opportunities, challenges and best solutions for China companies and MNCs

www.goldenfinance.com.cn/index.html 2012, Autumn

to expand their business in the world’s major markets in terms of M&A strategy, M&A framework, legal, cultural and financial issues.During these two days, the VP & CFO of Zhejiang GEELY Holding Group, the Strategic Development Director of Far East Holding Group Co., Ltd, Business Development Director in Global Investments & Strategies Division of Fosun Group, Executive Director & CFO of ZhongDe Group, Director, Corporate Development Asia of Corning China (Shanghai) Regional Headquarters, Deputy General Manager of China Construction First Group Construction & Development Co., Ltd. and former BD and M&A Director of GE delivered keynote speeches, case studies, workshops and panel discussions to help delegates gain all-round access to valuable business information and investment opportunities. Delegates all said they benefited a lot from this excellent event. Golden Finance is the only provider of systematic financial training programs in China. Each year, it provides financial training courses, covering 29 series with more than 200 topics, to senior corporate executives, financial professionals and nonfinancial personnel. In the past six years, Golden Finance has been focusing on the challenges brought forth by the economic changes in corporate finance and talent strategies. We cater to the business objectives of each company and are honored to help our clients achieve their goals. As the leader in the financial training business, apart from constantly meeting students’ demand for professional courses, Golden Finance also provides various other training forums, such as the Global Accountancy Magazine, GTS (Golden Tax Summit), an online learning community, an accountants portal, and other platforms for business leaders. Golden Finance strives to enrich the knowledge of companies and individuals on tax and financial issues while building a systemic financial learning platform for students. Golden Finance has always catered to companies’ needs, and it is wholly committed to the achievement of all client goals and objectives.

境外投资指南 Invest in hand book

Constance www.constancehotels.com Tel: (230) 402 36 36 ct@constancehotels.com

Island Hideaway www.turquoise-experience.com Tel: +960 3314585 uhudh@turquoise-experience. com

Afganistan Investment Support Agency www.aisa.org.af Tel:+ 930 20 210 3404 invest@asia.org.af Antiguia and Barbuda Industrial Development Board (IDB) www.antigua-barbuda.com Tel:+ 020 7258 0070 China Overseas Investment Fair (COIF) http://www.coifair.org Tel: +86-10-59799908 Azerbaijan Export and Investment Promotion Foundation (AZPROMO) www.azpromo.org Tel:+994 12 598 0147, 598 0148 office@azpromo.org Bahrain Economic Development Board www.bahrainedb.com Tel: +973 17 589 969 invest@bahrainedb.com Invest Barbados www.investbarbados.org Tel: +86 21 6133 1873 cboyce@investbarbados.org

Lily Beach www.turquoise-experience.com Tel: +960 3314586 uhudh@turquoise-experience. com

Swiss hotel www.swissotel.com Tel: +41 44 317 6262 Kanchana.Ganglani@swissotel. com

Belize Trade and Investment Development Services (BELTRAIDE) www.belizeinvest.org.bz Tel: 501 822 3737 beltraide@belizeinvest.org.bz Invest Bulgaria Agency (BFIA) www.investbg.government.bg Tel: +359 2 985 5500 iba@investbg.government.bg Cayman Islands Investment Bureau www.investcayman.gov.ky Tel:+ 345 945 0943 investment@dci.gov.ky InvestHK www.investhk.gov.hk Tel: +852 3107 1001 SGalpin@investhk.gov.hk ProExport Colombia www.proexport.com.co Tel: +571 5600 100 informacion@proexport.com.co Cyprus Investment Promotion Agency (CIPA) www.cipa.org.cy Tel: +357 22 441133 info@cipa.org.cy

Fiducenter S.A www.fiducenter.lu Tel : +352 22 55 05 fiducenter@fiducenter.lu

Luxproperty www.luxproperty.biz Tel: +707 201 308 tiejun@kuntai-expo.com

Ogier www.ogier.com Tel: +44 1534 504269 esther.wan@ogier.com

Korea Trade-Investment Promotion Agency (KOTRA) www.investkorea.org Tel: 82 2 3460 7511 sentier8@kotra.or.kr

CzechInvest www.czechinvest.org Tel: +420 296 342 500 fdi@czechinvest.org

Guyana Office for Investment (GO-INVEST) Tel: +592 225 0658, 227 0653/4 www.goinvest.gov.gy

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

Statec Luxembourg www.statistiques.public.lu Tel: (+352) 247-84219 info@statistiques.public.lu

Fiji Islands Trade & Investment Board (FITIB) www.ftib.org.fj Tel: +679 331 5988 info@ftib.org.fj Délégation pour la Promotion des Investissements, Tahiti Invest www.tahiti-invest.com Tel: +689 47 22 20 heiarii@tahiti-invest.com Invest in Germany www.gtai.com Tel: +49 30/200 099 0 invest@gtai.com Grenada Industrial Development Corporation (GIDC) www.grenadaworld.com Tel:+ 473 444 1035 invest@grenadaidc.com

Jordan Investment Board (JIB) www.jordaninvestment.com Tel: +9626 5608400/9 info@jib.com.jo Investment and Development Agency of Latvia (LIAA) www.liaa.gov.lv Tel: +371 67039499 jautajumi@liaa.gov.lv Investment Development Authority of Lebanon (IDAL) www.idal.com.lb Tel: + 961 (1) 983306/7/8 invest@idal.com.lb Lithuanian Development Agency (LDA) www.businesslithuania.com Tel: +370 5 262 7438 info@investlithuania.com

Autumn, 2012 INVEST IN

境外投资指南 Invest in hand book

Halsey Group SARL www.halsey-group.com Tel: +352 22 60 22 david.harvey@halsey-group.com

TMF Group www.tmf-group.com Tel: +44 (0)20 7832 4900 marco.dijkerman@tmf-group. com

Kulim Technology Park Corp. Berhad/Malasya www.khtp.com.my Tel: +604 403 2420 promotion@khtp.com.my General Delegation of Private Investment Promotion/ Mauritania www.investinmauritania.gov.mr Tel: +00 222 525 07 55 /524 87 17 dgpip@investissement.gov.mr

Top IPO www.topipo.cn Tel: +86 1391634408 wei@topipo.cn

Malta Enterprise www.maltaenterprise.com Tel: +356 2542 0000 info@maltaenterprise.com

www.firb.gov.au Tel:+61 2 6263 3795 firbenquiries@treasury.gov.au Palestinian Investment Promotion Agency /PIPA Tel: +970 2 2988791/2 info@pipa.gov.ps Environment and Resource Management www.derm.qld.gov.au info@derm.qld.gov.au Invest in Azores Agency (APIA) www.investinazores.com Tel: +351 296 308 800 apia@investinazores.com

Chambre De Commerce Luxembourg www.cc.lu Tel: 42 39 39 – 1 chamcom@cc.lu

Romanian Center for Export and Foreign Investment Promotion www.traderom.ro Tel: +40 21 318 50 50 office@traderom.ro

Islamic Financial Services Board(IFSB) www.ifsb.org Tel:+60391951400 ifsb_sec@ifsb.org

North-West Development and Investment Promotion Agency/ Russian Federation www.investa.spb.ru Tel: +7 812 622 14 87 info@investa.spb.ru

2012, Autumn

www.invest.gov.tr Tel: +90 312 413 89 00 info@invest.gov.tr

Luxembourg European Investment Bank(EIB) www.eib.org Tel: (+352) 43 79 1 investor.relations@eib.org

Lativa Investment and Development Agency of Latvia www.liaa.gov.lv Tel: +371 67039400 liaa@liaa.gov.lv

Luxembourg for Finance www.lff.lu Tel: + 352 27 20 21 1 lff@lff.lu

Commission de Surveillance du Secteur Financier(CSSF) www.cssf.lu/en Tel :(352) 26 25 1 – 1 contact@cssf.lu

Australia Foreign Investment Review Board

www.investstlucia.com Tel: +758 452 3614 / 758 452 3615 info@investlucia.com

National Development Corporation/ Saint Lucia

Luxembourg National Tourist Office www.ont.lu Tel: (+352) 42 82 82 10 info@visitluxembourg.lu Luxembourg Stock Exchange www.bourse.lu Tel : (352) 47 79 36 – 1 info@bourse.lu

Çukurova Development Agency/ Turquia www.cka.org.tr Tel: +90 322 363 00 39 40 info@cka.org.tr InvestUkraine (Ukrainian Center for Foreign Investment Promotion) Tel: +380 44 537 7313 info@investukraine.org UK Trade & Investment www.ukti.gov.uk Tel: +44 020 7215 8000

Investment Promotion and Major Works Agency (APIX)/ Senegal www.investinsenegal.com Tel: +221 849 05 55 contact@apix.sn

Invest in America www.investamerica.gov Tel: +202 482 5199 aaron.brickman@trade.gov

Seychelles International Business Authority (SIBA) www.siba.net

General Investment Authority (GIA/Yemen www.giay.org Tel: +00967 1 262962/3 invest@investinyemen.gov.ye

Slovak Investment and Trade Development Agency (SARIO) www.sario.sk Tel: +421 2 58 260 100, 101 sario@sario.sk Durban Investment Promotion Agency www.dipa.co.za Tel: +27 31 336 2540 info@dipa.co.za Eteck/ Trinidad and Tobago www.eteck.co.tt Tel: +868 675 1989 info@eteck.co.tt Investment Support and Promotion Agency/Turquia

Corporate Service Providers EMCS International Services LTD www.emcsinternational.com Tel: +356 2133 6472 emcsi@emcs.com.mt Immigration & Relocation Anchor Corporate Services www.anchor.com.mt Tel: +356 212 3239 info@anchor.com.mt Lithuania Invest Lithuania www.ukmin.lt Tel:(+370 5) 262 7438 info@investlithuania.com