時局變化 中國將因糧食產業投資獲益
To the people, food is the most important issue under the sky.” So says an old Chinese proverb; but if that is so, the clouds may be darkening. As the world’s population grows – and as its people grow more prosperous and more carnivorous – it will only become more difficult to provide a plentiful supply of food at affordable prices.
中國有句古老的俗語是“民以食爲天”。但如果它說得對，那麼天空可能開始烏雲密佈。隨着世界人口的增長，且人們變得更富足、更愛吃肉，以民衆支付得起的價格供應足夠糧食只會越來越難。In many countries, food security is already an urgent challenge, as the world food price crisis of 2007-08 showed. According to research by the UN Food and Agriculture Organisation, global grain production will have to increase by 70 per cent to meet the rise in food demand caused by population growth, changing dietary habits and urbanisation. The world has no shortage of fertile land and every prospect of meeting that target. But the crops will not plant themselves. Meeting the world’s need for food will require long-term investment – which, in developing countries, will have to increase by as much as 50 per cent from the current level.
糧食安全現已成爲許多國家面對的一項緊迫挑戰，這在2007年至2008年的世界糧價危機中得到了印證。聯合國糧農組織(UN Food and Agriculture Organisation)的研究表明，只有把全球糧食產量提高70%，才能滿足人口增加、飲食習慣變化和城市化所導致的糧食需求上升。世界不缺少良田，很有希望實現上述目標。但農作物需要人去種植。滿足世界糧食需求，需要進行長期投資。在發展中國家，必須將糧食長期投資從現有水平上提高50%。Since governments everywhere are stretched, the private sector and institutional investors have a significant role to play. But it is difficult to attract small and short-term investors to this sector since crop prices are volatile, assets (once acquired) are difficult to dispose of quickly – and that is not to mention the burden of onerous regulation. While some private capital has been drawn to businesses in sectors such as agricultural supply-chain management, processing and distribution, it has by and large shunned investment in the assets most closely involved in increasing the food supply. The drought of capital afflicts the entire industry, from infrastructure, such as irrigation, to grain and animal protein production, to support services such as transport, storage and processing. This is a serious misallocation of funds. All these areas require investment if adequate supply is to be produced.
由於各地政府手頭拮据，私人部門和機構投資者可以從中扮演重要的角色。但這個行業很難吸引到短線小投資者，因爲農產品價格波動劇烈，且資產一旦購入便很難快速處置，更別提還要承受繁重的監管負擔了。儘管有些私人資本被吸引進入了農業供應鏈管理、加工與分銷等領域，但基本不會投資與增加糧食供應密切相關的資產。資本匱乏困擾着整個糧食產業，從灌溉等基礎設施，到穀物與動物蛋白質生產，再到運輸、加工與存儲等支持性服務。這是一種嚴重的資金錯配現象。要想提供充足的糧食供應，就必須對所有這些領域進行投資。
And yet, difficult as this sector is, for long-term and patient investors it can offer bounteous returns. For the past four decades, farmland in the US and other advanced markets has outperformed investments in stocks and bonds. This has attracted the attention of some of the world’s savviest investors. Pension funds in North America, the Nordic region and Australia are cultivating portfolios of agriculture investments. Some have developed their own vehicles. Others have formed consortiums with peer funds. Many are reaping handsome rewards.
儘管糧食產業是個困難的投資領域，但它能給專注長線的、耐心的投資者提供豐厚的回報。過去40年，美國等發達市場國家的農田投資收益高於股票與債券投資。這已引起世界上一些最精明投資者的注意。北美、北歐和澳大利亞的養老基金開始構建農業投資組合。有些基金建立了自己的專門投資工具。也有些基金與同行組建了投資財團。許多基金開始收穫可觀的回報。China Investment Corp oration is a long-term financial investor with a diversified portfolio. We believe the agriculture sector offers stability, a way of hedging against inflation and a device for spreading risk. We are keen to invest more across the entire value chain – in partnership with governments, multilateral organisations and like-minded institutional investors – in areas that will help to unlock the industry’s potential, increase the food supply and offer attractive returns.
中投公司(CIC)是一個進行多元化投資的長線財務投資機構。我們認爲，投資農業可以獲得穩定回報，有效對衝通脹，並分散風險。我們希望對整個價值鏈進行更大投資，與各地政府、多邊機構和志同道合的機構投資者合作，共同投資於那些有利於釋放農業潛能、增加糧食供應和提供可觀回報的領域。While we are focusing on existing assets, we are also keen to work with the right partners to invest in greenfield projects.
我們不但關注於投資既有資產，而且也樂於跟合適的夥伴一道投資新建項目。Food security is a global issue that no one can afford to ignore. While CIC invests to make stable financial returns over the long term, we also strive to shore up food security in places that we invest in, and contribute our share to local job creation and economic growth.
糧食安全是一個誰也不敢忽視的全球性問題。中投公司在通過投資獲得穩定的長線回報的同時，也努力增進所投資地區的糧食安全，在創造就業和推動經濟增長上爲當地貢獻我們的力量。The countries of the world must do more to make sure that their growing populations will have enough food. However, an unmet need is an investor’s opportunity. And investors everywhere will prosper if they can help the people of the world meet one of the most basic needs of all.
世界各國必須加大努力，確保爲不斷增加的人口提供足夠糧食。然而，未滿足的需求對投資者來說便是機會。如果能幫助世界人口滿足最基本需求之一的話，各地投資者都將收穫自己的成功。
