歐洲是中國眼裏的新非洲
China is known for its patience. A century is but a page in the book of its history. We Europeans are much more edgy. First we lamented that our manufacturing jobs were stolen by China. Then we worried about the Chinese shopping spree for raw materials in Africa. And now we are trying to come to terms with the fact that China is buying European businesses in all shapes and forms.
中國人以耐心著稱。在那本中國歷史的書中，一個世紀只佔一頁篇幅。我們歐洲人就急躁得多。首先，我們哀嘆歐洲製造業工作崗位被中國偷走了。接着，我們操心中國人在非洲大肆採購原材料。如今我們正努力接受一個事實：中國正在收購各種各樣的歐洲企業。
Europe should not complain. This is all part of globalisation and capitalism, the two pillars of our economic success in the past 100 years. Nevertheless, now that China might be seen as the champion of free trade and state-driven capitalism, we should pay close attention to what happens next, or what is already happening. And react accordingly.
歐洲不應抱怨。這都是全球化和資本主義的組成部分，這兩者正是支撐我們在過去100年取得經濟成功的兩根支柱。然而，既然中國可被視爲自由貿易和國家資本主義的捍衛者，我們應當密切關注接下來會發生什麼，或者說目前正在發生什麼，並且相應地做出反應。
For decades, China has been folding Africa into its supply chain for raw materials – mainly oil and minerals. But it is currently mining Europe for its precious metals and gems: talent, intellectual property, market shares, technology, brands, established businesses and value chains.
幾十年來，中國一直在把非洲納入自己的供應鏈，從非洲獲取原材料，主要是石油和礦物。如今，中國正在歐洲挖掘這裏的“寶藏”：人才、知識產權、市場份額、技術、品牌、成熟企業和價值鏈。
The gear shift is palpable. China is no longer just the world’s low-cost sweatshop. The shopping list in Europe includes high-tech, higher value added industries and services. A great number of investment bankers, lawyers, and due diligence professionals in London, Frankfurt and Paris are suddenly involved in projects with Chinese principals.
這種換擋是可以察覺的。中國不再只是世界的低成本血汗工廠。中國在歐洲的收購清單覆蓋高科技、高附加值的產業和服務業。在倫敦、法蘭克福和巴黎，大量的投行家、律師和盡職調查專業人士突然投入到了中國委託人的項目中。
China is focused on Europe because the essentially protectionist Committee on Foreign Investment of the United States puts all Sino-US transactions under scrutiny and in effect places a “wall” in the path of Chinese investment. The change of control in the White House will not make investment in the US any easier.
中國注目歐洲，是因爲本質上持保護主義立場的美國外國投資委員會(Committee on Foreign Investment)對所有中美交易進行審查，實際上等於在中國企業投資美國之路上豎起了一面“牆”。白宮換人不會使投資美國變得更容易。
This makes our continent lucrative for acquisitive Chinese funds. This week we can see it at Slush in Helsinki, one of the biggest start-up events in Europe, which has drawn many Chinese investors over the years. Two years ago I spent a day there with China’s vice-premier. Yet Europe appears to be taken by surprise by all this interest. It lacks US-style controls and tools for deliberation.
這讓歐洲大陸對中國收購資金變得有吸引力。我們在近日赫爾辛基初創企業研討會(Slush)上就可看到這一點。作爲歐洲規模最大的初創企業盛會之一，Slush這些年來吸引了很多中國投資者到會。兩年前，我曾陪同中國副總理出席了一天會議。不過，歐洲似乎對中國投資者的興趣感到意外。歐洲沒有美國那樣的控制措施和審議工具。
Europe is waking up to the new reality and its implications, as demonstrated by high-profile cases such as the attempted Chinese takeover of German chipmaker Aixtron. The economy ministry withdrew support after alleged reports that the US intelligence service had warned the government that the technology could be used for military purposes.
歐洲開始意識到這種新現實及其意義，一些備受矚目的交易就說明了這一點，比如中資有意收購德國芯片企業愛思強(Aixtron)的交易。德國經濟部收回了對該交易的支持，有報道稱，美國情報部門提醒了德國政府，相關技術可能被用於軍事目的。
Other takeovers pose fewer problems. For instance, Tencent, the Chinese investment holding company, this year bought a majority stake in Supercell. While the Finnish group’s flagship game, Clash of Clans, is a multiplayer test of strategic skill, the acquisition has little strategic importance in the real world.
其他收購案帶來的問題要少一些。比如，中國的投資控股公司騰訊(Tencent)今年收購了Supercell的多數股權。儘管這家芬蘭集團的旗艦遊戲《部落戰爭》(Clash of Clans)是一款考驗戰略能力的多人對戰遊戲，這起收購案在現實世界幾乎不具有重要戰略意義。
The big question is how Europe should react.
主要問題是歐洲如何應對。
The first thing to do is to be aware that the aqcuisitions are taking place and that they are systematic. This is not necessarily a bad thing; Europe needs an injection of foreign capital. At the same time it is important to understand that many, but by no means all, of the transactions are state led and targeted at intellectual property and IT. These could have a strategic impact and should thus be dealt with carefully.
第一點是要明白，這些收購正在確實發生，而且是成批的。這未必是壞事；歐洲需要外來資金的注入。同時，有必要搞清楚，很多交易——但絕不是全部——是政府主導的，意在獲取知識產權和IT技術。這些交易可能產生戰略性的影響，因此應當謹慎地處理。
Second, Europe should not burn bridges by taking knee-jerk protectionist measures. Few predicted that the Chinese would emerge as advocates of free trade while the US turned inward. The best option would be a new deal between Europe and the US based on security, foreign policy and trade – but if the administration of Donald Trump decides to scrap the Transatlantic Trade and Investment Partnership with Europe, we will have to look elsewhere. In terms of size and scale, China is the obvious direction in which to look.
第二點，歐洲不應條件反射地採取保護主義措施、燒斷橋樑。很少人預料到，中國人會成爲自由貿易的倡導者，而美國卻把目光轉向國內。最佳選項是歐洲和美國在安全、外交政策和貿易方面達成一項新協議，但如果唐納德.特朗普(Donald Trump)政府決定拋棄《跨大西洋貿易與投資夥伴關係協定》(TTIP)，我們將不得不把目光投向別處。從體量和規模上看，歐洲的目光顯然應該投向中國。
Third, Europe should seek common solutions. The natural reaction is to go native, to come up with national as opposed to common rules. This would be the wrong approach. Europe would become a patchwork flea market instead of a co-ordinated internal market. The left hand would not know what the right hand was doing. And in any case history has shown that protectionism leads nowhere.
第三點，歐洲應當尋求達成共同解決方案。自然的反應是各自爲政，各自擬定本國應對策略，而不是制定共同對策。這將是錯誤的。歐洲將成爲一個大雜燴般的跳蚤市場，而不是協調一致的內部市場。左手將不知右手在做什麼。況且歷史已證明，保護主義沒有出路。
Perhaps it is finally time for Europeans to be patient; to understand that the balance of economic power is shifting. It is not about blue-collar work moving continents. It is about white-collar companies changing owners. That is imbedded in the basic nature of global capitalism.
也許，歐洲人終於到了必須拿出耐心的時候了；要理解經濟力量格局正在發生變化。重點不是藍領工作從一個大陸流向另一個大陸，而是白領公司換了主。這種變化根植於全球化資本主義的基本特性之中。
The best way to react is to remain cool, calm and collected – to assess the situation, understand what is going on and try to come up with a joint approach. My hope is that this happens sooner rather than later. My fear is that we are already too late. This is yet further proof that markets are often a step ahead of the regulators.
最佳對策是保持沉着、冷靜、泰然處之，要評估形勢、理解當前正在發生的事情，努力制定共同方針。我希望歐洲儘快這麼做。但我擔心我們已爲時太遲。這進一步證明，市場經常比監管機構快一步。
