上海投資競爭力位居新興市場城市之首
Beijing’s efforts to shift the focus of China’s economy from basic industries, construction and exports to domestic consumption, services and higher value added appear to be showing up in data on foreign investment.
In a recent study by fDi Magazine analysing the investment competitiveness of 131 cities worldwide, Chinese cities took six of the top 10 slots in emerging markets, with Shanghai and Beijing placed fourth and 12th respectively in the overall global ranking.
fDi Magazine最近一項研究分析了全球131個城市的投資競爭力，結果顯示，中國城市在新興市場十強當中佔據6席，而上海和北京在全球總排名中分別名列第4和第12。The study ranked cities on an assessment of their economic potential, business friendliness, human capital and lifestyle, cost-effectiveness and connectivity.
這項研究基於對經濟潛力、商業友好度、人力資本和生活方式、成本效益及連通性的評估對城市進行排名。
China’s strong showing at the city level appears to contradict country-level data from the same source showing that China is no longer the world’s most attractive destination for greenfield investment, having lost that title to India. Foreign investors announced greenfield projects in India worth a total of $32.7bn in capital expenditure in the 12 months to December 2015. In the same period, China attracted announced investments of $20.8bn.
中國城市的強勁表現似乎與同一來源的國家層面的數據相悖，後者顯示，中國不再是全球最具吸引力的綠地投資目的地，這項桂冠由印度摘得。在截至2015年12月的12個月裏，外國投資者在印度宣佈的綠地項目資本支出總計327億美元。同期，中國吸引到的已宣佈的投資爲208億美元。Yet a drill down into the city-level data explains the discrepancy.
不過，探究一下城市層面的數據就可看出爲何存在這種差異。Shanghai, which ranked first among EM cities, has experienced a shift in the type of FDI it attracts in recent years, from manufacturing investments to more services-led operations. Manufacturing projects, which in 2011 made up nearly 18 per cent of all Shanghai’s announced investments, made up just 7.5 per cent in 2015.
在新興市場城市榜單上名列榜首的上海，近些年吸引的外商直接投資(FDI)種類有所變化，從製造業投資轉向更多由服務業拉動的項目。2011年，在上海宣佈的所有投資中，製造業項目佔將近18%，2015年這個比例僅爲7.5%。While business services and headquarter operations held relatively steady, sales, marketing and support investments became a more prominent investment activity. Such operations accounted for 40 per cent of Shanghai’s announced investments in 2015 compared with 25 per cent in 2011.
企業服務和總部業務相對穩定，銷售、營銷和支持投資成爲更加突出的投資活動。這些項目占上海2015年已宣佈投資的40%，2011年的比例爲25%。This suggests not only that China’s economic transition is taking place at the city level, but also that Shanghai and other Chinese cities now offer a more sophisticated and developed environment for investors. Between 2011 and 2015, Tianjin attracted 184 investments, Suzhou 182 and Guangzhou 178. In this time, manufacturing operations as a share of total investment decreased, while R&D, headquarters and education investments increased.
這不僅表明中國經濟轉型正體現在城市層面上，還表明上海和其他中國城市現在爲投資者提供了更高端、更發達的環境。2011年至2015年，天津、蘇州和廣州分別吸引了184筆、182筆和178筆投資。其間，製造業項目佔總投資的比例下滑，研發、總部業務和教育投資佔比上升。Driven by intensional government policy as well as China’s decreasing cost competitiveness in manufacturing, the country is in the midst of a transition away from being the world’s factory and towards a more services-led economy. Manufacturing still leads the list of activities undertaken by greenfield investors in China, according to fDi Markets, but the sector split is tilting away from heavy industry to services and technology.
受政府政策及中國製造業成本競爭力下滑的推動，中國正在經歷經濟轉型，從世界工廠轉向一個更多由服務業拉動的經濟。根據fDi Markets的數據，製造業仍是在華綠地投資者的首選領域，但重工業的佔比正在下降，服務業和科技業的佔比在上升。Between 2011 and 2015, business services was China’s top FDI sector when counted by announced inbound greenfield projects, surpassing industrial machinery, with financial services ranking fourth and software and IT services sixth. As China’s commercial capital it is natural that Shanghai would be leading this transition. More Chinese cities look to be following suit.
2011年至2015年，企業服務是在華FDI首選領域（根據已宣佈的外商綠地項目計算），超過了工業機械，金融服務位列第4，軟件及IT服務位列第6。作爲中國的商業首都，上海自然將引領這次轉型。其他中國城市看上去也將效仿。
