美国基督教科学箴言报: 中国狂买便宜货
本帖最后由 j小蜜蜂 于 2009-2-26 12:39 编辑各位，抱歉，我有点标题党了。Q60)
【09.2.23美国基督教科学箴言报】中国在全球廉价交易中的收购潮
【标题】中国在全球廉价交易中的收购潮
【链接】http://www.csmonitor.com/2009/0223/p01s03-wosc.html
【翻译】QChen
【声明】本文翻译仅限Anti-CNN内部使用，谢绝转载。
【译文】：
在此签名：中国铝业股份有限公司总裁肖亚庆(左边)在一项$195亿美元收购矿业公司力拓公司(Rio Tinto)股份的交易上达成协议。
Stephen HIRD/REUTERS
中国在全球廉价交易中的收购潮
本月，中国购买了法国，加拿大和澳大利亚公司的股份。
By Peter Ford | Staff writer of The Christian Science Monitor
from the February 23, 2009 edition
北京 -通用汽车公司在做了。世界第二大矿业集团在做了。俄罗斯，巴西, 和委内瑞拉都在做了。中国欢喜之至。
赢利降低以及信贷危机之间的压力下，数量呈上升趋势的受困公司以及国家都转向现金富足的中国以求纾困。随着国外资产较前几年更加廉价，北京现在是国际收购大户。
“全球金融危机…既是挑战，也是机会。”中国能源之首张国宝近日在官方报纸人民日报上写道。“(经济的)放缓...降低了国际能源以及资产的价格，有利于我们寻求海外的资源。”
目前为止，政府集中精力于自然资源的买卖，用大量的现金换取石油以矿产品的供应。但是，中国私有公司也在其它领域利用经济危机的优势：柴油发动机巨人潍柴动力(Weichai Power)，可望购买美国汽车制造商通用汽车公司在艰难时期为求生存而低价出售的一个法国工厂。
尽管中国经济也受到金融危机的冲击，增长几乎减半，“让中国置于一边的是，中国的银行没有受到那么严重的损害，政策性银行似乎还准备好借贷”为支持主要的政府目标，位于华盛顿的布鲁金斯学会的一位中国能源专家Erika Downs说。
例如，中国国家开发银行为中国有史以来最大的国外投资活动筹措资金 – 主要为国有控股的中国铝业公司$195亿美元的竞标购买18%的力拓公司(Rio Tinto)的股份。澳大利亚矿业公司急需现金以为偿还未来两年内$190亿美元的债务。
这项交易，在这里被看成是开创之举，还得获到澳大利亚官员的批准。“这以实例说明了中国国有企业强大的能力….并积累了国有控股公司未来在海外操作的经验，”中国人民日报在本月早前发表的一篇文章上阐述。
另有最近的数十亿元的交易包括该国第二大石油生产企业中国石化公司，收购在叙利亚的加拿大石油公司Tanganyika Oil，以及中国五矿集团公司对于濒临破产的澳大利亚锌矿生产商OZ Minerals公司的竞标。
“从北京流出的资金量暗示了他们确信我们现在是在市场的底部，” 香港澳大利亚麦格理投资银行（Macquarie Bank）的一位分析师Paul Cavey说。由于进口甚至比出口还下降得更快，中国贸易顺差仍在扩大，“他们还是有很多可用资金。”他补充道。
上同，中国政府注资$390亿美元于三项不同的交易来获取今后来自于俄罗斯，巴西以及委内瑞拉的石油供应。
对经济正承受着由于直线下滑的石油价格所带来影响的俄罗斯提供一项$250亿美元的贷款，赢得了俄罗斯在未来25年内每天供应290,000桶石油并修建管道到中国的承诺。
“俄罗斯经济的衰退，下滑的原油价格，以及生产和信贷危机为中国提供了好得多的议价权，” 经纪公司里昂证券(CLSA)中国能源研究所所长Gordon Kwan在上周的研究记录里写道。
在中国副主席习近平到访巴西期间宣布了一项$100亿美元的贷款，获得了巴西相当于每天供应160,000桶原油的抵押契约。习先生还同委内瑞拉的签署了一项交易，中国用另外的$40亿美元结束一项现有的开发资金换取在2015年前高达每天100万桶(石油供应)。
批评家Mr. Cavey称，“相比任何其它东西而言，中国总是想要未来能源方面的保障，”而滑落的资产价格，“打开了世界重要的一部份，”他补充说。“中国会相当大地考虑投资在任何有资源的地方，而不只是其它国家不想去的地方。”
很少人期望北京会投资于陷入困境的金融领域，不过，尽管这样，一些外国银行还是把吸引中国资金当成庇护的港湾。“自然资源对一个国家来说是如此至关重要，他们可以在那里证明投资是值得的，但是他们不能在另外的金融领域交易上证明投资的合理性。”一位独立经济学家Andy Xie说。
Mr. Xie指出，中国的主权财富基金在过去两年内在金融公司上所做的投资，像摩根士丹利(Morgan Stanley)，百仕通集团(Blackstone Group)和巴克莱集团(Barclays)，亏损在50%到2/3之间。
随着中国开始再次进入国际舞台，利用低价的优势，还是看到了中国的竞标将会引起的政治抵制。
2005年，华盛顿的政治压力迫使中国海洋石油总公司撤回了对于美国石油公司优尼科的竞标，虽然中国公司提供了比对手雪佛龙公司更多的资金。
“现在不顾一切地寻求资金的情况是如此严重，” Cavey.表示，但对于可望在国外成为最活跃的国有控股公司来说，“这还将会是一个很难权衡的政治天平”。
特别敏感的是，中国的公司得到国家协助的问题，潜在地给予了他们比西方竞争对手更多的优势。上周，在中国石油天然气集团的网站上登载了一份关于政府尚未公布的石油和天然气开发计划的报告，则暗示了可以预见到的类似协助。
“中国会鼓励企业发展海外资源的开采以及所有权，对于主要的海外能源投资项目提供低息的贷款以及特别优惠的贷款利率”，报告上说。
“有了低价的石油，我们可能看到中国的银行在获取资金方面扮演着更大的角色”，布鲁斯金学会的Downs博士表示说，“如果中国的公司以低息从国有银行里获得资金成了众所周知的话，我们会看到对于这样的支持所带来的不在同一级别竞争的关注。”
【原文】：
Sign here: Chinalco president Xiao Yaqing (left) closes a $19.5 billion deal for a share of Rio Tinto, a mining firm.
Stephen HIRD/REUTERS
China's buying spree in global fire sale
This month China bought stakes in French, Canadian, and Australian firms.
By Peter Ford | Staff writer of The Christian Science Monitor from the February 23, 2009 edition
Beijing - General Motors is doing it. The world's second-largest mining group is doing it. Russia, Brazil, and Venezuela are doing it. And China is loving it.
Squeezed between falling profits and the credit crunch, a growing number of troubled corporations and countries are turning to cash-rich China for a bailout. And with foreign assets cheaper than they have been for years, Beijing is on an international spending spree.
"The international financial crisis ... is equally a challenge and an opportunity," China's energy czar, Zhang Guobao, wrote recently in the official newspaper People's Daily. "The slowdown ... has reduced the price of international energy resources and assets and favors our search for overseas resources."
So far, the government has concentrated on natural-resource deals, securing supplies of oil and minerals in return for large amounts of cash. But private Chinese firms are also taking advantage of the crisis in other sectors: Diesel-engine giant Weichai Power is expected to buy a French plant that US automaker General Motors is selling off in its struggle to survive.
Though the Chinese economy has also been hit by the crisis, cutting growth by almost half, "what sets China apart is that Chinese banks have not been so badly hurt, and the policy banks still seem ready to lend" in support of key government objectives, says Erika Downs, a China energy specialist at the Brookings Institution in Washington.
The China Development Bank, for example, is financing China's biggest-ever foreign investment – a $19.5 billion bid by the mostly state-owned Aluminum Corp. of China for an 18 percent slice of Rio Tinto. The Australian mining company desperately needs the cash in order to pay off $19 billion in debt over the next two years.
That deal, still to be approved by Australian regulators, is seen here as a pathfinder. "It illustrates Chinese state business's strong capacity ... and gathered experience for state-owned firms to operate abroad in the future," explained an article published earlier this month in People's Daily.
Other recent multibillion-dollar deals include the purchase by China Petrochemical Corp., the country's second-largest oil producer, of Canada's Tanganyika Oil, which works in Syria, and the bid that China Minmetals has made for OZ Minerals, an Australian zinc producer on the verge of bankruptcy.
"The amount of money coming out of Beijing suggests they are confident that we are at the bottom of the market," says Paul Cavey, an analyst with Australia's Macquarie Bank in Hong Kong. And with China's trade surplus still wide, since imports have fallen even faster than exports, "they still have a lot of money to play with," he adds.
Last week the Chinese government sank $39 billion of that money in three separate deals to secure future oil supplies from Russia, Brazil, and Venezuela.
A $25 billion loan to Russia, whose economy is reeling from plummeting oil prices, won a promise to supply 290,000 barrels per day for the next quarter-century and to build a pipeline into China.
"The slowdown in the Russian economy, declining crude prices, and production and the credit crunch have lent the Chinese far better bargaining power," wrote Gordon Kwan, head of China energy research at CLSA brokerage, in a research note last week.
A $10 billion loan to Brazil, announced during a visit to the country by Chinese Vice President Xi Jinping, secured a similar pledge to provide up to 160,000 barrels of crude a day. Mr. Xi also signed a deal with Venezuela for up to 1 million barrels per day by 2015 in return for another $4 billion from China to top off an existing development fund.
"More than anything else, China always wants security of resources going into the future," says Mr. Cavey. The crisis, and falling asset prices, "open up a significant part of the world," he adds. "China will think of investing pretty much anywhere there are resources, not just the places that other countries don't want to go."
Few expect Beijing to invest in the troubled financial sector, however, despite the hopes some foreign banks have harbored of attracting Chinese money. "Natural resources are so strategic for a country, they can justify investments there, but they can't justify another financial-sector deal," says Andy Xie, an independent economist.
China's sovereign wealth fund has lost between half and two-thirds of investments it made over the past two years in financial firms such as Morgan Stanley, Blackstone, and Barclays, Mr. Xie points out.
As China begins to move again on the international scene, taking advantage of low prices, it remains to be seen how much political resistance its bids will provoke.
In 2005, political pressure in Washington forced China National Offshore Oil Corp. (CNOOC) to withdraw its bid for the US oil firm Unocal, even though the Chinese firm offered more money than its rival, Chevron.
"The situation is so bad that there is a desperation now to get money," says Cavey. "But it will still be a difficult political balance to strike" for the state-owned firms that are expected to be most active abroad.
Especially touchy will be the question of state assistance for Chinese firms, potentially giving them an advantage over Western competitors. The China National Petroleum Corp.'s website last week carried a report on the government's yet-unpublished oil and gas development plan, which suggested such assistance is foreseen.
"China will encourage enterprises to develop the exploration and acquisition of overseas resources and will offer low-interest loans and preferential lending rates for major overseas energy investment projects," the report said.
"With low oil prices, we may see Chinese banks playing a bigger role" in funding acquisitions, says Dr. Downs at Brookings. "And if it is known that Chinese companies are getting money from state banks at low interest rates, we will see concern that this support creates a playing field that is not level."
难道应该在贵的时候买货吗？ 市场经济中的正常现象的。不能总是我们要买什么就什么涨价呀。再说在你们困难的时候有人买是对你们的帮助啊，就知道酸，都不知道说声谢谢，不文明啊。 这个标题党做的很靠谱啊，赞一个。
andy xie就是大名鼎鼎的谢国忠啦。 買又怎樣??是不是想說我們在乘人之危哩??中國在外併購也做了不少冤大頭啊!!又不見你們這班畜生為我們喊冤!! 石油和粮食价格是谁投机涨起来的？
我们的投机可是给危机中的资源企业注入了资金。 被标题吸引了。。还以为是国内的人在狂买便宜货呐
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