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中国货币政策从“稳健”转为“从紧”
中国政府宣布，已将货币政策由“稳健”调整为“从紧”。这再度表明，政府担心目前两位数的经济增长会进一步加速。本周在北京召开的中央经济工作会议正式作出了这一决定。它表明，中央政府越来越担心，在建筑业热潮升温的背景下，作为经济增长的主要推动力，投资也在再度升温。政府还担心，目前仅限于食品的通货膨胀将会扩大到其它领域。中央政策表述的变化体现了这方面的担忧，也将给包括央行在内的政策制定者以更大的行动空间，以指导地方金融机构的贷款业务。
中国经济在今年前三个季度的增速为11.5%。根据路透社(Reuters)昨天发布的一份投行经济学家调查报告，所有受调查者都认为，中国2008年的经济增速将会再次超过10%。持久的通货膨胀尤其令人担心。由于食品价格持续走强，11月份的通胀率料将突破8月份和10月份的6.5%，再创新高。最新月度统计数据将于下周发布。本次经济工作会议之后发表的一份声明指出：“政府要采取有力措施抑制价格总水平过快上涨，加强……基本生活必需品和其他紧缺商品的生产。”
China's monetary policy from "prudent" to "tight"
China has announced it has shifted its monetary policy stance from “prudent” to “tightening” in another sign that Beijing is concerned about the acceleration of an economy already growing at double-digit rates.The decision, formally taken at an annual economic conference in Beijing this week, signals growing concern that investment, the prime driver of growth, is picking up pace again on the back of rising construction.The government is also concerned that inflation, which has so far been confined to food, could spill over into other sectors. The change in language symbolises such concerns and will give policymakers, including the central bank, greater leeway to dictate the lending practices of local financial institutions.
The economy grew 11.5 per cent in the first three quarters of this year. In a poll of investment bank economists published by Reuters yesterday, all said they expected growth to exceed 10 per cent again in 2008. Persistent inflation is of particular concern, with new monthly figures for November, due to be released next week, on track to break the highs of August and October of 6.5 per cent, because of continued strong food prices.“The government should take powerful measures to restrain the general level of prices from increasing too fast, and strengthen the production of life necessities...” a statement released after the conference said.
上海拟斥资10亿美元在海内外投资
上海市政府正在组建一家金融投资公司，计划拿出大约10亿美元在海内外进行投资。
Shanghai’s city government is setting up a financial investment company with about $1bn to spend on investments in China and overseas.
这个新投资机构将被命名为“上海金融控股集团”(Shanghai Financial Holdings)。在此之前，中国中央政府采取了一系列举措，通过新成立的中国国家投资公司(China Investment Corporation)和全国社保基金(National Social Security Fund)，大力促进海外投资。
The new agency, to be called Shanghai Financial Holdings, follows moves by the central government in Beijing to promote overseas investment through the newly established China Investment Corporation and the National Social Security Fund.
上海金融控股还将接管上海国际集团(Shanghai International Group)的金融资产。上海国际集团是上海市政府现有的控股公司，将被一分为二。
The agency will also manage financial assets transferred from Shanghai International Group, the provincial government’s existing holding company, which is being split into two.
这些资产包括上海浦东发展银行(Shanghai Pudong Development Bank)等银行，以及申银万国(Shenyin Wanguo)等证券公司。
These assets include banks such as Shanghai Pudong Development Bank and securities firms such as Shenyin Wanguo.
有关官员表示，上海金融控股还将承担一个职责，就是支持上海企业走出国门。预计浦发银行董事长吉晓辉将受命执掌上海金融控股。
Officials said Shanghai Financial Holdings, which is expected to be headed by Ji Xiaohui, chairman of Shanghai Pudong, would have a role in supporting Shanghai companies as they go abroad.
知情人士表示，上海市政府把这个机构视为其推动上海成为国际金融中心战略的一部分。然而，有关官员承认，如果中央政府不取消资本控制并允许人民币自由兑换，这一愿望就不太可能成真。
People familiar with the matter say the provincial government sees the agency as part of its strategy of promoting Shanghai as an international financial centre. However, officials concede that is unlikely to happen until the central government removes capital controls and allows the renminbi to trade freely.
其它地方政府也在寻求国务院(State Council)批准成立专业投资基金。
Other regional governments are also seeking approval from the State Council to establish specialised investment funds.
山西和广东都在成立能源基金，而四川希望成立一只科技基金。天津已经成立了一只投资基金。
Both Shanxi and Guangdong are launching energy funds while Sichuan hopes to establish a technology fund. Tianjin has launched an investment fund.
上世纪八九十年代，中国曾批准成立了一些有“窗口”之称的信托投资公司，但它们进行的海外投资大多不成功。
China allowed so-called window or trust and investment companies in the 1980s and 1990s, but they made largely unproductive investments abroad.
一些熟知中国情况的外国银行家表示，不知道这些新的投资机构是否有正规制度，以防止投资不善。
Some foreign bankers with China expertise say it is not clear whether the new investment agencies have formal systems in place to prevent poor investments.
“它们缺乏透明度、缺乏责任制、缺乏治理，”一家大型国际银行的高管指出。“现在还不知道它们将会怎样披露关联交易。”
“They lack transparency, and accountability and governance,” said a senior executive at one major international bank. “It isn’t clear how they will disclose related party transactions.”
然而，其他专家表示，这一阶段的海外投资可能会得到更加专业的管理。
However, other experts say this phase of overseas investment is likely to be more professionally managed.
纳斯达克开设北京代表处
随着各方吸引迅速增长的中国公司赴海外上市的争夺战愈演愈烈，纳斯达克(Nasdaq)昨日成为最新一个在北京开设代表处的全球证交所。
Nasdaq yesterday became the latest global exchange to open a representative office in Beijing, as the battle to lure fast-growing Chinese companies to list on overseas markets intensifies.
中国政府最近修改了有关规定，允许国外证交所在中国内地设立营销办事处。侧重科技行业的纳斯达克以及纽约证交所(NYSE)率先抓住了这一机会。
The technology-focused US exchange and the New York Stock Exchange are the first foreign groups to exploit a recent change of rules that permits non-Chinese bourses to establish marketing offices on the mainland.
纳斯达克副董事长、前美国国会议员迈克尔?奥克斯利(Michael Oxley)称，通过北京代表处，纳斯达克可以向那些希望进入这个“大联盟”的中国企业宣传美国的资本市场。
The office will allow Nasdaq to publicise US capital markets to Chinese companies wishing to enter the “big league”, according to Michael Oxley, the vice-chairman and a former US lawmaker.
近年来，已有几百家中国企业蜂拥至香港上市。而今年，在上海和深圳上市的内地企业也越来越多。
In recent years, several hundred Chinese companies have flocked to list in Hong Kong. This year, an increasing number of mainland companies have listed in Shanghai and Shenzhen.
相比之下，国际证交所很难吸引到中国公司前往上市，尤其是美国的证交所，原因是很多公司高管认为，自己的公司会受到繁重的监管，还要面临美国的诉讼环境。
International exchanges have, by comparison, struggled to attract Chinese issuers, with those in the US in particular hit by perceptions among business executives that their companies would be subject to onerous regulation as well as the country’s litigious environment.
奥克斯利否认，对过度监管的恐惧会损害纳斯达克魅力攻势。他是美国2002年颁布的《萨班斯-奥克斯利法》(Sarbanes-Oxley Act)的联合提案人。
Mr Oxley, co-author of the Sarbanes-Oxley Act in the US in 2002, rebuffed concerns that fears of over-regulation would hurt Nasdaq’s charm offensive.
“你可以看到，自从实行《萨班斯-奥克斯利法》以来，全球的监管标准都有所提高，”他说道。“通过在美国上市，公司会达到最高监管标准。好的治理有益于公司。”
“You have seen an increase in regulatory standards worldwide since the introduction of Sarbanes-Oxley,” he said. “By listing in the US, companies reach the highest regulatory standards. Good governance is good for business.”
纳斯达克今年吸引了19家中国公司进行首次公开发行(IPO)，数目比去年提高一倍，也使得在纳斯达克上市的中国企业总数达到52家。
Nasdaq has attracted 19 initial public offerings of Chinese companies this year, double that of last year, raising the total to 52.
以前，纳斯达克吸引了相当一部分内地科技公司前去上市。不过，投资银行家们认为，上个月，中国领先的“BtoB”电子商务网站阿里巴巴(A)在香港的上市取得了极大的成功，有助于香港吸引类似的IPO，对这家美国证交所构成了挑战。
It has traditionally at-tracted a significant proportion of mainland technology companies, although investment bankers believe last month’s hugely successful listing in Hong Kong of A, China’s leading business-to-business website, could help the city attract similar IPOs at the expense of the US exchange.
沙特组建特种部队保护石油设施
沙特阿拉伯已开始新建一支逾35000人的特种安全部队，以保护其石油设施免受可能发生的袭击。
Saudi Arabia has begun setting up a new 35,000-strong specialised security force to protect its oil facilities from potential attacks.
此举凸显出基地组织(al-Qaeda)袭击海湾地区石油设施的威胁，以及伊朗与美国之间的紧张局势不断升级的局面，沙特对其石油设施安全的担忧不断加剧。
The move underlines the kingdom's growing concern about the security of its installations in the face of threats from al-Qaeda to attack oil facilities in the Gulf, and rising tensions between Iran and the US.
以前曾有人担心，美国和伊朗之间的军事对抗可能导致伊朗针对海湾地区的美国利益采取报复行动，其中包括美国在沙特的利益。
There have been fears that military confrontation between Iran and Washington could provoke Tehran to retaliate against US interests across the Gulf, including in Saudi Arabia.
上述安全部队的招募工作数月前开始。一位沙特战略事务顾问昨日表示，目前已有逾5,000人正接受训练，学习使用新型监控设备和危机管理知识，该项目是由美国防务集团洛克希德-马丁(Lockheed Martin)管理的。总部位于尼科西亚的中东经济调查(MEES)表示，上述培训是一个美国政府合同的一部分。MESS首先披露洛克希德-马丁涉足了上述安全部队的培训工作。
Recruitment for the security force began several months ago. It already has more than 5,000 personnel, who are being trained in the use of new surveillance equipment and crisis management under a programme managed by US defence group Lockheed Martin, a Saudi strategic affairs adviser said yesterday. The training is part of a US government contract, according to the Nicosia-based Middle East Economic Survey, which first revealed that Lockheed was involved in training the force.
昨日记者未能立即联系到洛克希德以获取置评。
Lockheed was not immediately available to comment yesterday.
上述顾问补充称，估计沙特将在新装备和部队上投入约40亿-50亿美元。沙特是全球最大的石油输出国，拥有全球25%的已探明石油储量。
The kingdom, which is the world's biggest oil exporter and has 25 per cent of the world's proven oil reserves, is investing an estimated $4bn-$5bn in the new equipment and the force, the adviser added.
沙特已拥有逾75000人的陆军，18000人的空军，15500人的海军以及一支16000人的防空军。
Saudi Arabia already has a 75,000-strong army, an air force of 18,000, a navy of 15,500 and an air defence force of 16,000.
美国政府7月份宣布了一笔拟议中的交易，估计价值为200亿美元，合同方是海湾合作委员会(Gulf Cooperation Council)的6个国家，其中包括沙特，以提升该地区的安全。
Washington announced a proposed arms deal in July, estimated to be worth $20bn, with the six countries of the Gulf Cooperation Council, which includes Saudi Arabia, to boost security in the region.
自2003年发生一系列针对西方居住区的袭击以来，沙特加大了对伊斯兰武装分子的打击力度。
Saudi Arabia has stepped up its crackdown against Islamist militants since a series of attacks against western residential compounds in 2003.
中国成为第二大风险投资目的国
昨日公布的一项调查显示，尽管去年英国初创企业的融资额增长了27%，达到约14亿英镑，但中国仍取代英国，成为世界第二大风险投资目的国。总部位于剑桥的创业研究中心Library House表示，如果印度的风险资本投资延续2006年90%的增速，到2009年，印度的排名也将超过英国。这项调查是由瑞银财富管理(UBS Wealth Management)委托进行的。调查预计，英国今年的风险资本投资可能降至10亿至12亿英镑，相当于2003年的水平。培育创业文化一直是“新工党(New Labour)”的宏伟蓝图之一，但此项调查将引发人们担忧英国的创业活动不仅落后于美国，还落后于以更快速度增长的亚洲经济体。
调查报告指出，中国和印度的崛起分流了英国初创企业的资金。这与英国风险投资家所谓该领域正在强劲复苏的说法大相径庭。英国领先风险投资公司DFJ Esprit的首席执行官西蒙?库克(Simon Cook)表示：“风险资本已走向全球。美国资金向印度和中国进行了大量投资，我预计欧洲资金明年也将出现类似情况。” 近年来，大规模杠杆收购基金的快速兴起令风险资本相形见绌。英国风险投资家在互联网泡沫破裂后遭受严重亏损，他们一直未能摆脱人们的这种观念：他们的回报比大型杠杆收购基金低。Library House高级分析师罗杰?弗兰克林(Roger Franklin)表示，从今年上半年的风险资本投资水平推断，英国2007年的风险资本投资可能会减少10%至20%。这可能直接源自中国和印度风险投资活动的快速增长。中国去年的风险资本投资增长了50%至60%。
弗兰克林表示：“中国和印度的增长水平如此之高，可能会从更成熟的市场吸引部分资金。特别是美国的风险投资，也许已经将资金从欧洲转向了亚洲。”
China overtook the UK as the world's second-biggest destination for venture capital investments last year, in spite of a 27 per cent rise in British early-stage company funding to about ￡1.4bn, a survey revealed yesterday.Library House, the Cambridge-based entrepreneurship research centre, said India was also due to overtake the UK by 2009 if Indian venture capital investments continued to grow at the 90 per cent rate seen in 2006.The report, commissioned by UBS Wealth Management, forecast that UK venture capital could decline to ￡1bn-￡1.2bn this year, equivalent to 2003 levels.Fostering an entrepreneurial culture has been one of New Labour's main ambitions and the report will raise concerns that the country is falling behind not only the US but also faster growing Asian economies.
By arguing that funding for British start-up companies is being cannibalised by the rise of China and India, the report clashes with claims from British venture capitalists that their sector is recovering strongly.Simon Cook, chief executive of DFJ Esprit, a leading UK-based venture capitalist, said: "Venture capital has gone global. There has been a lot of capital invested in India and China by US funds and I expect that to come to Europe next year."Venture capital has been overshadowed in recent years by the rapid rise of big leveraged buy-out funds. Haunted by losses suffered after the bursting of the dotcom bubble, venture capitalists in Britain have struggled to escape the idea they make lower returns than their bigger LBO cousins.Roger Franklin, senior analyst at Library House, said extrapolations from venture capital investment levels in the first half of 2007 suggested the UK was on track to see a decline of 10 to 20 per cent this year. This could be a direct result of the rapid growth in Chinese and Indian venture capitalist activity. Chinese VC investments rose by 50 to 60 per cent last year.
"With that high level of growth in China and India it is possible that they could be sucking some money out of more mature markets," said Mr Franklin. "US venture capital funds, in particular, may have been moving money from Europe to Asia."
中国的“钢铁公主”
作为中国最富有的女性之一，陈宁宁(Diana Chen)并不是人们印象中典型的钢铁大王。
Diana Chen, one of China’s richest women, is not your typical iron industry baron.
陈宁宁今年36岁，是受过西方教育的“高干子弟”她已故的外祖父吕东曾于上世纪60年代和70年代担任原冶金工业部部长。
Ms Chen, 36, is a Western-educated “princeling”, as the children and grandchildren of China’s communist elite are known. Her late grandfather, Lu Dong, was China’s metallurgy minister in the 1960s and 1970s.
今年夏天，陈宁宁对香港上市的中国东方集团(China Oriental Group)发起了敌意收购。此前，她与持有东方集团45%股权的主席韩敬远闹翻。东方集团控制着湖北省一座中等规模的钢铁厂。
This summer, Ms Chen launched a hostile takeover for Hong Kong-listed China Oriental Group, which controls a mid-sized steel mill in Hebei province. Her bid came after a falling out with Han Jingyuan, Oriental’s chairman, who controls 45 per cent of the company.
在由陈宁宁外祖父等保守派中央计划官员打造出的钢铁产业中，这种举动颇不寻常。但这位中国“钢铁公主”的职业路径就颇不寻常。 Such manoeuvres are unusual in an industry forged by conservative central planners such as Ms Chen’s grandfather. But then so is the career path of China’s “iron princess”.
上世纪90年代早期，陈宁宁到纽约理工学院(New York Institute of Technology)攻读MBA学位，毕业后回香港与母亲一同创办了嘉鑫钢铁集团有限公司(Pioneer Iron & Steel Group)。她的母亲在大学期间曾学习冶金专业，但此前从未涉足该行业。在此后短短10年时间，嘉鑫钢铁成为中国最大的铁矿石民营进口商。去年，《福布斯》杂志(Forbes)估计，陈宁宁个人财富高达2.16亿美元。
In the early 1990s, Ms Chen studied for an MBA degree at the New York Institute of Technology before returning to Hong Kong to start Pioneer Iron & Steel Group with her mother, who had studied metallurgy in university but was not previously involved in the industry. In little more than a decade since, Pioneer has become one of the largest private importers of iron ore into China. Last year Forbes magazine estimated Ms Chen’s wealth at $216m.
“这其实就是通过非传统手段进入一个传统行业，”陈宁宁表示，“从前，所有人都从事简单的贸易。我们利用无形资产和技术帮助（武汉钢铁集团和鞍钢新轧等国有企业）获得贷款，并对其进行改造，准备进行首次公开发行(IPO)。”
“It was a matter of using non-traditional means to approach a traditional industry,” Ms Chen says. “Before, everyone just did simple trading. We used intangible assets and skills to help [state-owned companies such as Wuhan Iron and Steel Group, and Angang New Steel Company] get loans and to reform themselves to prepare for IPOs.”
陈宁宁表示，这些服务都是免费提供的，但它们有助于建立关系，并使她对这些公司有了深入了解。到世纪交替之际，钢铁行业开始在中国经济发展的推动下复苏，当时，嘉鑫处在将中国钢铁制造商与外国铁矿企业结合的良好位置。她表示：“到2003年，中国大约15%至20%的铁矿石由我们进口。”
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