海外之声 | 欧洲就中国投资产生分歧：对安全和竞争的担忧与投资需求之间的冲突（中英双语）

观点速递

本文作者是OMFIF首席经济学家、研究主管Danae Kyriakopoulou。原文刊发于OMFIF Commentary。OMFIF是一家总部位于伦敦的全球金融智库。

作者就欧洲各国针对中国对欧投资产生的争议和分歧进行了探讨。

中文译文如下：

欧洲就中国投资产生分歧

对安全和竞争的担忧与投资需求之间的冲突

Danae Kyriakopoulou

翻译：刘斌

审校：罗添

2018年4月9日

财政和货币政策，尤其关于是否遵循欧盟预算规则和欧洲央行量化宽松等话题，向来都是欧元区核心国和非核心国间产生分歧之处。近来，经济政策领域中又浮现出另一个类似的分歧点，即贸易和投资。争议的话题主要是如何应对中国投资，而希腊成为了聚焦点。

2016-2017年，中国在希腊投资显著增长，尤其在航运、科技、能源等领域出现快速提升。希腊位于亚、非、欧三大洲交界之处，在“一带一路”倡议中发挥重要的作用。2017年，希腊是中国在欧盟第四大的投资接受国，尽管它只是欧盟最小的经济体之一。

去年，欧盟委员会主席让·克洛德·容克表示，欧委会打算于2018年设立新的欧盟投资审查框架，对其认定为关乎公共秩序和社会安全的资产，特别是基础设施、科学技术等领域，将采取更为严格的投资审查。此框架将补充德国、法国和意大利等欧盟国家现有的外资审查机制，使欧盟与美国和日本的做法接轨。

此举主要出自于对中国的担忧。中国对欧盟投资持续增长。2016年，中国在欧投资达到498亿美元，占其对外投资总额的30%左右，相当于其该年在美国和东亚投资的总和。中国通过其两个主权基金，即国家外汇管理局和中国投资有限责任公司，以及其他国有企业，在欧洲收购了许多重要基础设施和科学技术资产的股份。其中包括了德国的一家机器人公司、英国的欣克利角C核电站（Hinkley Point C）以及希腊的比雷埃夫斯港口。

欧洲许多国家的政府担忧中国对敏感行业的控制在加强，而与此同时欧洲企业也在担心竞争会加剧。法国政府已采取措施，阻止中国投资其认定为“战略资产”的领域，包括从机场到酸奶等产业。德国企业尤其担忧中国通过收购获得知识技术转移，加快由世界工厂过渡成为世界科技的中心。美国总统特朗普对华采取的打击措施，也成为了欧洲限制中国投资的动机，这是因为在地缘政治不确定的今天，欧洲想要与美国维持牢固关系。

而欧洲南部的一些国家，正处危机当中，对华态度明显不同。西班牙、希腊和葡萄牙等国经济尚未完全复苏，国内政府投资仍受财政紧缩的限制。这些国家视中国为其急需的资金来源。希腊尤为迫切。希腊政府希望8月份能干净退出第三轮紧急财政援助。紧急财政援助结束后，任何债务减免项目均与希腊国有资产私有化进程密切相关，而这也就需要希腊进一步吸引国外投资。

荷兰以及北欧国家等自由贸易的支持者，也反对欧盟加强对外国投资审查的提议。在一些中欧和东欧国家，欧盟的受欢迎程度逐步下降，它们对此提议也持有类似的反对意见。

然而，即将到来的英国脱欧致使欧盟正在倒向更为谨慎的、具有贸易保护主义倾向的阵营。英国一向是自由贸易的呼吁者，与中国关系密切，同时也是中国在欧投资最青睐的国家。在2011-17年间，中国一共在英国投资78个项目，高于其他任何欧盟国家，甚至高于德国和法国的总和。中国在英投资总额为636亿美元，约占同期在欧投资总额1955亿美元的三分之一。

英国脱欧后可能继续吸引大量的中国投资，特别是如果中国在欧盟面临越来越大的障碍。欧洲核心国对中国的贸易保护主义或出自切实担忧，但必将在旧分歧尚未化解的欧洲带来新的隔阂。

英文原文如下：

Chinese investment divides EU

Worries over security and competition clash with investment needs

Danae Kyriakopoulou

  9 Apr 2018

Fiscal and monetary policies, particularly questions over compliance with budgetary rules and the European Central Bank's quantitative easing, have traditionally divided core and peripheral euro area countries. Similar divisions are now becoming visible in another area of economic policy, that of trade and investment. A major area of contention is China, with Greece at the forefront.

Chinese investment into Greece accelerated significantly over 2016-17, particularly in the shipping, technology and energy sectors. Located at the junction between Asia, Africa and Europe, Greece plays an important role in China’s Belt and Road initiative. In 2017 it was the fourth-largest recipient of Chinese investment into the European Union, despite being one of the bloc's smallest economies.

Last year European Commission President Jean-Claude Juncker indicated the Commission's intention to launch in 2018 a framework for screening foreign investment into assets considered important for public order and security, particularly in infrastructure and technology. This would complement screening rules already in place in several EU countries, notably Germany, France and Italy, and would bring the EU in line with practices in the US and Japan.

The move is motivated by worries about China in particular, whose investment flows into the EU have been steadily growing. These reached $49.8bn in 2016, corresponding to around 30% of China's total outbound investment and equivalent to that attracted by the US and East Asia combined in that year. Through its two sovereign funds, the State Administration for Foreign Exchange and the China Investment Corporation, and other state-owned enterprises, China has acquired stakes in major European infrastructure and technology assets, including a German robotics firm, Britain's Hinkley Point C nuclear power plant and the Greek port of Piraeus.

European governments' concern over China's increased control of sensitive industries is matched by businesses' fear of increased competition. The French government has taken action to block Chinese investment into what it considers to be 'strategic assets', from airports to the yoghurt industry. German firms are especially alarmed by the transfer of know-how through acquisitions and its potential to accelerate China's transition from the world's factory into a technology hub. President Donald Trump's actions against China are another spur to Europe, as it seeks to preserve a strong relationship with the US at a time of geopolitical uncertainty.

In Europe's crisis-hit south, the reality is markedly different. With their economies still not fully recovered and domestic government investment hit by fiscal tightening, Spain, Greece, and Portugal view China as a source of much-needed funds. Nowhere is this felt more acutely than in Athens. The Greek government wants a 'clean exit' from the third bail-out in August and conditionality attached to any post-programme debt relief are linked to progress with the privatization of state assets. This is largely dependent on the country's ability to attract foreign investment.

Free trade proponents such as the Netherlands and other northern European governments also oppose EU proposals for tighter screening rules on foreign investment. The same is true of some central and eastern European countries, where the popularity of the EU has been in gradual decline.

However, Britain's upcoming exit from the bloc is tilting the balance of power in favour of the cautious, more protectionist camp. Traditionally a vocal supporter of free trade and a country close to China, Britain has long been the favourite for Chinese investment. Between 2011-17, it was the destination for 78 Chinese investments, higher than any other EU country and greater than that of Germany and France combined. The total value of these investments was $63.6bn, one-third of the $195.5bn China invested in the EU over that period.

Britain may continue to attract significant Chinese investment after Brexit, especially if China faces growing hurdles in the EU. Core European protectionism over China may be based on valid concerns, but would accentuate new divisions in a continent that is desperately trying to heal existing ones.

内容整理 罗梦宇

图文编辑 罗梦宇

审校  田雯

监制  朱霜霜

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