歐洲增長乏力盼望中國投資拉動

FRANKFURT — Equipment made by Putzmeister has been used to help smother out-of-control nuclear reactors in Chernobyl and Fukushima, but the German company had no technology to protect it when the global economic meltdown struck in 2008.

法蘭克福——在切爾諾貝利和福島，人們曾用普茨邁斯特(Putzmeister)公司製造的設備來處理失控的核反應堆，但當2008年全球經濟危機來襲時，這家德國公司卻沒有什麼方法來保護自己。

Putzmeister, based in the town of Aichtal, south of Stuttgart, suffered more than a 50 percent plunge in revenue and had to cut its German staff of about 2,500 by roughly half. Then, a rescuer came from an unlikely place: China.

普茨邁斯特的總部位於斯圖加特南部的埃爾西塔鎮，當時公司營收驟降逾50%，不得不把其2500名德國員工裁減了大約一半。然後它遇到一個救星，來自一個意想不到的地方：中國。

In a deal that has become emblematic of Europe's increasing openness to Chinese investors, Sany Group, a maker of construction equipment based in Changsha in Hunan Province, bought Putzmeister in 2012.

總部設在湖南長沙的建築設備製造商三一集團，在2012年收購了普茨邁斯特，這宗交易已經成爲了歐洲日益向中國投資者開放的象徵。

The apparent success of the combined company since then is one reason why Premier Li Keqiang of China received a warm welcome when he visited Berlin and Hamburg this month. Despite some remaining friction, Germany and Europe in general have largely overcome fears that Chinese investors would steal technology, close costly European factories and ship the production to China.

被併購後，這家公司似乎取得了成功；中國總理李克強本月訪問柏林和漢堡時，受到了熱烈歡迎，這也是原因之一。儘管還存在一些摩擦，德國和歐洲已經在很大程度上克服了恐懼感，之前他們曾擔心中國投資者會盜竊技術，關閉成本高昂的歐洲的工廠，並把生產環節轉移到中國。

"With the difficult situation in the world economy that we see at the moment, it's a sign of stability that economic cooperation between Germany and China is developing very well," Chancellor Angela Merkel of Germany said on Oct. 10 after announcing a host of new treaties and business contracts between the two nations, including orders for Airbus planes and an extension of Volkswagen's joint venture in China with the FAW Group Corporation until 2041.

“當前世界經濟處於困境之中，但德國和中國之間的經濟合作發展良好，這是局面穩定的一個跡象，”德國總理默克爾說，她此前剛宣佈中德簽訂了一系列新的條約和商業合同，其中包括空中客車(Airbus)獲得飛機訂單，10月10日她又表示，大衆(Volkswagen)與中國一汽集團的合資企業合同延長到2041年。

One reason that Europeans have become more welcoming of the Chinese is that they need the help. Economic growth is weak, the population is aging, and business investment is tepid. Besides money, Chinese investors help European companies get better access to China and other Asian markets.

歐洲人之所以變得更加歡迎中國人，原因之一在於，他們需要獲得幫助，來應對經濟增長乏力、人口老齡化，以及不溫不火的商業投資。除了資金之外，中國投資者還可以幫助歐洲企業更好地把握中國和亞洲其他市場的機會。

Partly as a result, Europe has surpassed the United States as China's largest trading partner, and Europeans appear to be eager for more. "I think it's fair to say Europe is welcoming Chinese investment," said Jeremy Clegg, a professor at Leeds University Business School in Britain who has studied the subject.

這在一定程度上是歐洲超過美國成爲中國最大貿易伙伴的原因，而歐洲人似乎希望更進一步。“可以說，歐洲正在歡迎中國的投資，”研究過這一課題的英國利茲大學商學院(Leeds University Business School)教授傑里米·克萊格(Jeremy Clegg)說。

Another reason the Chinese are welcome is that, at least so far, they have proved to be unobtrusive, almost invisible, managers. At Putzmeister's main plant in Aichtal, there is just one Chinese executive and five Chinese trainees, said Uwe Misselbeck, the company's head of human resources.

中國人受歡迎的另一個原因是，至少到目前爲止，事實證明他們是比較低調、幾乎隱形的企管人士。普茨邁斯特人力資源主管烏韋·米賽爾拜克(Uwe Misselbeck)表示，在該公司位於埃爾西塔的主廠區，只有一名中國管理人員和五名中國見習員工。

"We're still eating with knives and forks," Mr. Misselbeck said last month at an event in Frankfurt organized by consulting firm KPMG before Mr. Li's visit. The session was part of a campaign to counter lingering stereotypes about Chinese owners.

上個月在李克強訪德之前，米賽爾拜克在法蘭克福參加由審計公司畢馬威(KPMG)組織的活動時說，“我們仍在用刀叉吃飯。”此次會議是一個宣傳活動的一部分，目的是要反駁長期以來對中國老闆的刻板印象。

Putzmeister specializes in equipment to pump concrete at construction sites, which was used to contain nuclear radiation at Chernobyl in 1986, in what is now Ukraine, and to pump massive amounts of water to cool the malfunctioning reactor at Fukushima, Japan, in 2011.

普茨邁斯特專門製造建築工地的混凝土澆鑄設備，1986年在現位於烏克蘭的切爾諾貝利，該設備曾被用於控制核輻射，2011年在日本，它還被用來抽取大量水，冷卻福島核電站出現故障的反應堆。

"The Chinese colleagues treated us very cordially," Mr. Misselbeck said of the takeover by Sany. He compared them favorably with investors from the United States, "who want to tell you how the world works."

米賽爾拜克提到三一重工收購一事時說，“中國同事對我們很熱情。”他將他們與那些“想要告訴你世界如何運轉”的美國投資者作比較，流露出對前者的讚賞。

The United States remains by far the largest source of direct investment in Europe, accounting for more than one third of the total in 2012, the most recent year for which complete information is available. That compared to a 2.6 percent share for China.

迄今爲止，美國仍然是歐洲直接投資的最大來源，2012年，其投資金額在總投資額所佔的比例超過了三分之一，而中國投資所佔比例爲2.6%。2012年是能獲得完整信息的最新一年。

But investment from China has grown at a much faster rate than that from any other country. The value of Chinese Holdings in the European Union more than quadrupled from 2010 to 2012, to 26.8 billion euros, or $34 billion at current exchange rates, according to Eurostat, the official statistics agency.

但中國投資的增長速度比其他國家快得多。據官方統計機構歐洲統計局(Eurostat)透露，2010年至2012年，中國在歐盟持有的股票的價值翻了三倍多，增至268億歐元（按照當前匯率計算約合2085億元人民幣）。

Chinese companies have invested in ports in Genoa and Naples in Italy and in Athens. They have bought Italian makers of steel products, German manufacturers of patio furniture, and Hungarian chemical producers. Hamburg, which hosted Mr. Li on Oct. 11 at a "China Meets Europe" meeting, has more than 500 Chinese companies in the city and surrounding area, according to the local chamber of commerce.

中國公司投資購買意大利熱內亞、那不勒斯及雅典的港口。他們收購了意大利鋼製品製造商、德國戶外傢俱生產商，以及匈牙利化學品生產商。10月11日，德方在漢堡召開了主題爲“中國遇見歐洲”的會議，歡迎李克強總理。據當地商會透露，漢堡及周邊地區有500多家中國公司。

And investment from China could get a further boost as the Chinese government streamlines the approval process that domestic companies must go through before they invest abroad, according to KPMG.

據畢馬威透露，隨着中國政府簡化國內公司在進行海外投資前必須通過的審批過程，來自中國的投資會進一步增加。

Chinese investors have also drawn attention with a number of high-profile deals and their willingness to buy troubled companies. One of the most attention-getting acquisitions was in 2010 when Zhejiang Geely Holding bought Volvo Cars from Ford Motor.

中國投資商開展了很多備受矚目的交易，而且願意購買陷入困境的公司，他們因此獲得關注。浙江吉利控股集團於2010年從福特汽車(Ford Motor)手中收購了沃爾沃汽車公司(Volvo Cars)，這是最受關注的收購案之一。

In August, when Volvo unveiled its first completely new model under Chinese ownership at an event in Stockholm, the Chinese presence was so discreet it was invisible. No Chinese executives appeared. Volvo executives presented the new car, a sport utility vehicle called the XC90, as the embodiment of Swedish aesthetics and engineering.

今年8月，沃爾沃在斯德哥爾摩推出了自歸中國公司所有以來的首款新車型，中方非常低調，近乎隱形。現場沒有中方的管理人員。沃爾沃的首席執行官介紹了名爲XC90DE運動型多用途車，稱這款新車是瑞典美學與工程的結晶。

Hakan Samuelsson, the chief executive of Volvo Cars, implied that the company had more freedom under Geely's ownership than under Ford.

沃爾沃汽車公司首席執行官哈坎·薩繆爾森(Hakan Samuelsson)暗示，與福特相比，公司歸吉利所有後擁有更多自由。

"They have given us a new role as a stand-alone company," Mr. Samuelsson said of Geely during a meeting with a small group of journalists. "We are not a sort of division executing commands from some center."

“他們給了我們一個新角色：一家獨立自主的公司，”在與一小羣記者的會議上，薩繆爾森提到吉利時說。“我們不是一個只能執行某個核心機構命令的部門。”

In an example of how Chinese ownership can open up new markets for European companies, China has become the largest market for Volvo Cars. The top-of-the-line XC90 will be built in Sweden, but other Volvo models are already being manufactured in China and the company is considering exporting some of the Chinese-made models to the United States.

中國已經成爲沃爾沃汽車的最大市場，這也證明了中國的投資可以爲歐洲公司打開新的市場。最豪華的XC90車型將在瑞典生產，但沃爾沃的其他車型已經在中國投產，公司正考慮向美國出口一些中國生產的車型。

The Chinese-European trade relationship is not without tensions. European investors complain that they face far more restrictions investing in China than vice versa, as well as a disadvantage competing against Chinese companies that are government owned or receive government subsidies.

中歐貿易關係也存在緊張。歐洲投資者抱怨，他們在中國投資時受到的限制，要遠遠多於中國在歐洲投資時受到的限制，還有在與政府擁有或補貼的中國企業競爭時所處的劣勢。

European officials have accused China of imposing restrictions on the export of raw materials in violation of rules pertaining to members of the World Trade Organization. They have also accused China of selling solar panels at dumping prices, a practice that has created severe problems for German producers of solar equipment.

歐洲官員曾指責中國對原材料出口設置的限制，違反了世貿組織成員國需要遵守的規定。他們還指責中國傾銷太陽能板，這種做法給德國的太陽能設備製造商造成了嚴重的麻煩。

When Mr. Li visited Berlin on Oct. 10, against a background of pro-democracy protests in Hong Kong, Ms. Merkel was careful to mention that they had also discussed human rights issues.

李克強10月10日訪問柏林時，香港正在舉行親民主抗議活動，默克爾謹慎地提到，他們還討論了人權問題。

Chinese officials have also made accusations against European companies. In September, price regulators in Hubei Province imposed a fine of $40.5 million on the Audi unit of Volkswagen, saying that the automaker had reached monopolistic agreements with 10 dealerships to maintain high prices for cars and replacement parts.

中國官員也曾對歐洲企業發出指責。今年9月，湖北省的物價監管機構對大衆(Volkswagen)旗下的奧迪(Audi)罰款4050萬美元，稱這家汽車生產商與10家經銷商達成了壟斷協議，以維持整車及備用配件的高售價。

Progress has been slow on an effort to negotiate a new comprehensive investment agreement between the European Union and China that would ease some of these frictions, while simplifying transactions and providing more protections to investors.

中國和歐盟就一份新的綜合投資協議的談判一直進展緩慢，這份協議或將緩解一些摩擦，同時簡化交易程序，爲投資者提供更多保護。

State-owned Chinese companies are the largest investors in Europe in monetary terms, and even private companies like Sany have close ties to the government. That leads to persistent suspicion that Chinese investment is part of a stealth effort to exert influence in the European economy.

從資金數額來看，中國國有企業是歐洲最大的投資者羣體，而即使是三一重工這樣的私營企業，也與政府有着密切的關係。這引發了一種長期存在的懷疑，即中國的投資是對歐洲經濟施加影響的隱祕計劃的一部分。

But at the local level the light touch applied by Chinese managers seems to have helped assuage such concerns.

但在當地，中國管理者採取的無爲而治的策略，似乎緩解了這樣的擔憂。

Mr. Clegg, the University of Leeds professor, said the restraint displayed by Chinese owners reflected their own relative newness to international business.

利茲大學教授克萊格說，中國所有者表現出來的剋制，反映出他們對跨國生意是相對陌生的。

That sets them apart from, say, American investors who may make acquisitions specifically because they think they can improve the way a company is managed.

這就讓他們與美國的投資者區別開來。美國的投資者實施收購，可能就是因爲他們覺得自己能夠改善一家公司的管理方法。

"Unlike the American model, the firms from China are not going abroad with managerial talent, with decades of experience," Mr. Clegg said. "They would still say they have more to learn."

“與美國模式不同，來到海外的中國企業沒有管理上的過人才幹，也沒有幾十年的豐富經驗，”克萊格說。“他們還在說自己有許多東西需要學習。”