第八期 issue 8 | 2017 · 2017-09-27 · special report in this issue summarizing the insightful...

第八期 Issue 8 | 2017

沿线国家合作升级 “一带一路”2.0时代启航

Belt and Road Initiative embarks on new era as transnational cooperation intensifies

在数字革命中存活或茁壮成长数字资本战略助力企业抵御未来冲击

Survive or thrive in the digital revolutionFuture-proof your business with digital capital strategy

从颠覆到大趋势金融科技对未来银行业的影响

From disruption to megatrendsFintech and its impact on the future of banking

欢迎阅览安永大中华区季刊《风向》第八期。每一期

我们都会与您分享前沿洞见，帮助您洞悉行业趋势

与市场机遇，从而拟定战略部署，赢得市场先机。

中国于今年5月首次举办“一带一路”国际合作高峰论坛。论

坛上，安永与国家发展改革委员会国际合作中心、丝路规划研

究中心，以及中国工商银行联合举办了首届“一带一路”产业

金融高级国际研讨会。会议期间来自不同行业的企业领袖就

“一带一路”的未来发展进行了深入研究与充分讨论。本期特

别分享了这次研讨会的讨论内容和前瞻意见，还收录了安永

对“一带一路”沿线国家未来机遇和挑战的精辟观点。为协助

企业全面筹划策略布局，我们同时剖析了“一带一路”倡议下

重点发展项目的投资机会与风险。

在这个迈向数字经济的时代，企业高管为什么需要重新思考商

业模式，企业如何纳入全新的数字能力，匹配灵活的资本战

略——本期也探讨了这一主题。通过制定有效的数字资本议

程，企业能够更好地做出投资决策，并将数字战略视作资本配

置的重要组成部分，支持企业的转型和保持竞争优势。

一段时间以来，“大数据”、“区块链”、“Fintech（金融

科技）”等词汇成为中国银行业界的热门议论话题。在《金融

科技对未来银行业的影响》文章中，我们也剖析这些新科技到

底对银行业意味着是颠覆还是机遇，以及对未来银行业产生什

么影响。

最后，藉此机会感谢您的一贯支持，并希望您喜欢本期内容。

吴港平

安永中国主席

大中华首席合伙人

前言Foreword

Welcome to the eighth issue of On the Beam, the EY Greater China journal with the aim to provide you with the latest business insights and keep you abreast of

industry trends to develop strategies to win in the market.

In May 2017, China held its first Belt and Road Forum for International Cooperation (Forum). During the Forum, EY co-organized the first Advanced International Conference on “The Belt and Road” Industry and Finance (Conference) with the International Cooperation Center of the National Development and Reform Commission, the Silk Road Planning Research Center, and the Industrial and Commercial Bank of China. The event provided an invaluable opportunity for industry and business leaders to engage in an in-depth exchange of views on various aspects of the Belt and Road Initiative. You will find a special report in this issue summarizing the insightful discussion held at the Conference, including views on the opportunities and challenges in the countries along the Belt and Road. To help you develop a comprehensive business strategy, we also analyze the risks and opportunities of the major projects under the Belt and Road Initiative.

In this issue, we also discuss why executives need to reexamine their business models and how they can integrate new digital capabilities with an adaptable and agile capital strategy. With an effective digital capital agenda, businesses will be in a better position to make the right investment choices. Putting digital strategy as a key component of capital allocation will support businesses to transform and stay ahead of the competition.

For some time now, China’s banking sector has been bombarded by technology buzzwords such as big data, blockchain and fintech. In an article about digital technology, we examine what these new technologies mean for the industry, whether they will bring disruption or opportunity to businesses, and how they will transform the future of the banking industry.

Finally, I’d like to take this opportunity to thank you for your continued support and I hope you will find this issue insightful.

Albert Ng Chairman, China Managing Partner, Greater China

2 | On the BEAM 风向


From disruption to megatrends

Fintech and its impact on the future of banking

集思睿智 | Insights >>

沿线国家合作升级“一带一路”2.0时代启航Belt and Road Initiative embarks on new era as transnational cooperation intensifies6

21中国大陆电力体制改革的发展及未来走向

Development and prospects of China’s electricity system reform

25中国大陆《网络安全法》正式颁布

Mainland China adopts long-awaited cybersecurity law

36 中国大陆消费税改革

Consumption tax reform in mainland China

29

46 48 50

业财融合：全球的考察和中国大陆的进展

A global study on finance business partnering and its development in mainland China

第八期 Issue 8 | 2017

Inside...

数字世界World in numbers

4

EY 安永 | Assurance 审计 | Tax 税务 | Transactions 财务交易 | Advisory 咨询

About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

www.ey.com/china

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.

关于安永

安永是全球领先的审计、税务、财务交易和咨询服务机构之一。我们的深刻

洞察和优质服务有助全球各地资本市场和经济体建立信任和信心。我们致力

培养杰出领导人才，通过团队协作落实我们对所有利益关联方的坚定承诺。

因此，我们在为员工、客户及社会各界建设更美好的商业世界的过程中担当

重要角色。

安永是指Ernst & Young Global Limited的全球组织，也可指其一家或以上的成

员机构，各成员机构都是独立的法人实体。Ernst & Young Global Limited是英国一家担保有限公司，并不向客户提供服务。如欲进一步了解安永，请浏览

www.ey.com。

© 2017 Ernst & Young, China. All Rights Reserved. © 2017 安永，中国。版权所有。 APAC no. 03005150 ED None

本材料是为提供一般信息的用途编制，并非旨在成为可依赖的会计、税务或其他专业意见。请向您的顾问获取具体意见。

内文

Managing Editor Albert Ng

Editorial team May KY Chan

Winnie WY Cheung Claudia Chu

Vivian HW Lo Hilda Poon

Design Leane Chan Andy Yeung

Editor’s note: On the Beam is published exclusively for clients of EY. If you would like to

receive copies of our publication or wish to suggest topics of interest to be covered in the future issues,

please write to: The editor, On The Beam, EY at [email protected]

编辑的话：《风向》为安永客户而刊发。如果您

希望获取我们的出版物或希望提出感兴趣的课题，

以便本刊跟进探讨，请电邮安永《风向》编辑，

电邮地址：[email protected]

Printed by Katpot Printing & Design Centre

在新常态下寻找增长对中国大陆工业的增长前景分析

The search for growth under the ‘new normal’ An analysis of growth prospects in China’s industrial sector

39

趁风扬帆迎接文娱产业内容为王的黄金时代

Go with the flow The golden era of a content-driven culture and entertainment industry

43

15 17

实现可持续回报的蓝图安永与国际金融协会合办的

第七次全球银行风险管理年度调查

A set of blueprints for success:

Seventh annual global EY/IIF bank risk management survey

寻找下一个成长引擎新兴亚太区金融业

的机会与挑战

In search of the next growth engine

Opportunities and challenges for the emerging Asia-Pacific

financial sector

10 13


Survive or thrive in the digital revolution

Future-proof your business with digital capital strategy

中国企业智造“出海”新方向

Intelligent manufacturing – China’s new path to globalization

电信企业转型用户体验为本

Digital transformation A customer experience initiative

中国金融科技须知

The rise of fintech in China

致力建设更美好商业世界是安永的宗旨，请登上betterworkingworld.ey.com，

寻找更多灵感、新思维与观点Visit betterworkingworld.ey.com – for

inspiration, fresh thinking and perspectives to build the better working world

如欲了解更多安永的洞见，请登上 ey.com/gl/en/home/ey-insights

并下载我们的手机应用程序Download our mobile applications for EY

insights via ey.com/gl/en/home/ey-insights

关注安永微信公众号，扫描二维码，获取最新资讯。

Follow us on WeChat, scan the QR code and stay

up to date with the latest EY news.

请点击图片阅览相关文章。Please click on the images to read the respective articles.


https://betterworkingworld.ey.com/

http://www.ey.com/gl/en/home/ey-insights

数字世界 World in numbers

智能以前所未有的、更为复杂和规模化的能力进行吸收、分析和决策，并提高了有效性，让电网、运输网络、生产线、健康服务、供应

链和健康信息数据的使用得以优化。

智能也使客户比以前获得更多信息和更多洞见。客户现在可使用这些洞见主动采取行动、调整能源使用、改变旅游习惯或管理健康。

The ability to assimilate, analyze and make decisions in more complex and scalable ways than ever before enhances effectiveness – enabling the optimal use of power grids, transportation networks, production lines, health services, supply chains and health data.

Smart is also empowering customers with more information and greater insight than ever before. The empowered customer can use those insights to take action, adapt their energy usage, change their travel habits or manage their health proactively.

智能改变世界Smart is changing the world

资料来源:“颠覆的增长效应，催生2016年及之后的大趋势” Source: The upside of disruption – Megatrends shaping 2016 and beyond

智能家居 Smart home

到2020年，全球装置的智能电表将有

约7亿，半数以上将位于中国。7

By 2020, the world will have about 700 million smart meters installed with more than half in China.7 智能城市 Smart cities

在纽约市，预测力数据分析将令无家可归的家庭减少一半。6

In NYC, predictive analytics saves 50% more families from homelessness.6

智能制造 Smart manufacturing

到2020年，3D打印总值将达210亿美元。5

3D printing to be worth USD21 billion by 2020.5

智能运输 Smart transport

自动驾驶汽车燃料消耗量减少7%。1 7% reduction in fuel consumption with autonomous vehicles.1

智能能源 Smart energy

有了智能电网，20%的能源不再会被

盗用。3 20% of energy will no longer be stolen with smart grids.3

智能健康 Smart health

以人工智能方式诊断病人的成本减

少38%。9 38% reduction in the cost of patient outcomes with AI diagnosis.9

智能办公室 Smart office

71%采用平板电脑工作的员工使用自

己的设备。11

71% of employees using a tablet for work, use their own device.11

人工智能 AI

对人工智能初创企业的融资从2010年的

4,500万美元到2015年的3.1亿美元，加

幅近七倍。2

Funding of AI startups has risen nearly sevenfold, from USD45 million in 2010 to USD310 million in 2015.2

数据 Data

到2019年，全球IP流量将达到每年2 ZB（泽字节）。8

By 2019, global IP traffic will reach two zettabytes per annum.8

设备 Devices

到2020年，全球各地将有208亿个互

联的设备。10

By 2020 there will be 20.8 billion devices connected worldwide.10

机器人 Robotics

到2025年，全球机器人的开支将达到

670亿美元。4

By 2025 worldwide spending on robotics will reach USD67 billion.4

Note: 1. “Why self-driving trucks will help solve urban traffic problems,” Smart Cities Council, March 2016. 2. “Deep Interest In AI: New High In Deals To Artificial Intelligence Startups in Q4’15,” CB Insights, February 2016. 3. “Smart Grid Technologies,” Navigant Research, 2014. 4. International Federation of Robotics, Japan Robot Association; Japan Ministry of Economy, Trade & Industry; euRobotics; company fillings: BCG, EY Analysis. 5. “2015 Roundup of 3D Printing Market Forecasts and Estimates,” Forbes.com, March 2015. 6. “Big Data Could Help Some of the 200,000 NYC Households That Get Eviction Notices This Year,” Next City, 2015. 7. “Smart Plug In: EY’s Latest Insights for Power & Utilities,” EY, November 2014. 8. “Cisco VNI Global IP Traffic Forecast, 2014-2019,” Cisco, 2015 9. “Artificial Intelligence Framework for Simulating Clinical Decision-Making” Artificial Intelligence in Medicine, 2014. 10. “Gartner Symposium/ITxpo 2015.” Gartner, November 2015. 11. “Global Tablet Forecast 2015 To 2018,” Forrester, September 2015

注: 1. “为何自动驾驶的火车将有助解决市区的交通问题”，Smart Cities Council，2016年3月。 2. “对人工智能的深厚兴趣：2015年第四季度人工智能初创企业交易创新高”，CB Insights，2016年2月。 3. “智能电网科技”，Navigant Research，2014年。 4. 国际机器人基金会；日本机器人协会；日本经济产业省；欧洲机器人协会；波士顿咨询公司信息；安永分析。 5. “2015年3D打印市场预测与预计总结”，Forbes.com，2015年3月。

6. “大数据能有助今年接到迁出通知的200,000个纽约市家庭中的部分家庭”，Next City，2015年。

7. “智能接入：安永有关电力和公用事业行业的最新洞察观点”，安永，2014年11月。 8. “思科可视化网络指数：全球IP流量预测，2014-2019年”，思科，2015年 9. “用于模拟临床决策的人工智能框架”，Artificial Intelligence in Medicine，2014年

10. “Gartner Symposium/ITxpo 2015” Gartner，2015年11月。 11. “2015-2018年全球平板预测”，Forrester，2015年9月

安永《2016年全球消费银行业务调查》调访了全球32个国家和地区共55,000多位消费者。结果显示传统银行受到威胁，

与客户的相关性也在下降。因此，传统银行需要重新思考，在某些情况下，甚至要改革与消费者的互动关系。

EY’s 2016 Global Consumer Banking Survey of 55,000 consumers in 32 countries and regions reveals that traditional banks are under threat and their relevance with consumers is waning. Therefore, traditional banks need to rethink – and in some cases even revolutionize – their approach to consumer relationships.

相关性挑战：零售银行为抵御冲击需采取的措施The relevance challenge: what retail banks must do to remain in the game

资料来源:“相关性挑战：零售银行为抵御冲击需采取的措施” Source: The relevance challenge: what retail banks must do to remain in the game

36% 的客户并不精通金融

产品，也不精通数字化，但必

须具成本效益地为他们服务

36% are neither financially nor digital savvy, yet must be served cost-effectively

16% 的客户同时精通金融

产品与数字化，能很好利用目

前的数字银行服务

16% are both financially and digitally savvy and well placed to use today’s digital banking offerings

82% 的客户在想要购买新

产品时会首先通过线上渠道

进行了解

82% of consumers go online first to research a product

59% 的客户需要人工服务听

取建议或购买新产品

59% of customers need to speak to someone to get advice or take up a new product

但 but

65% 的客户认为数字化服务

非常重要

65% of consumers think having a digital presence is highly important

60% 的客户认为人工服务

非常重要

60% also think physical presence is highly important

但 but

5大原因中的4个原因客户为何考虑利用非银行服务机构与客户体验因素相关

4 of the top 5 reasons Why customers would consider using a non-bank provider relate to customer experience factors

48% 的客户完全相信银行

能为他们安全保管资金

48% of customers have complete trust in banks to keep their money safe

和 and

22% 对银行能提供公正

的咨询意见没有信心或信

心很低

22% have little or no trust that banks will provide unbiased advice

信任 | Trust主要关注因素 It’s a key concern

1

对客户的了解 | Customer understanding对金融产品和数字渠道的接受程度不一 Mixed levels of comfort with financial products and digital channels

2

客户互动 | Customer engagement需要多种渠道 Multiple channels are required

3

<< 影响与客户相关性的驱动因素

Four drivers affecting relevance

客户体验 | Customer experience这是非银行竞争的方式 It’s how non-banks compete

4


The better the question. The better the answer. The better the world works.

最有价值的视点会否就是您还没看到的? Is the most valuable perspective the one you don’t have?ey.com/consulting #BetterQuestions


沿线国家合作升级 “一带一路”2.0时代启航Belt and Road Initiative embarks on new era as transnational cooperation intensifies

国家主席习近平提出“一带一路”倡议三年

多以来，中国企业的海外投资步伐明显加

快，海外并购金额屡创新高，以及据中国商务部显

示，2016年中国在“一带一路”沿线国家新签对

外承包合同总额，高达1,260亿美元，占同期中国

对外承包工程新签合同额比例超过一半，这也同时

反映中国企业走出去发展愈趋炽热，从探索筹划提

升至务实推进阶段，“一带一路”也正式迈向2.0时代。

中国于2017年5月首次举办“一带一路”国际合作高峰论坛

（论坛），汇集了29位外国元首和国际组织负责人出席，就

围绕共建“一带一路”的产业合作、金融支持、项目对接等进

行深入交流。为期两天的论坛过程中，中方与参与国签订了多

份谅解备忘录及合作协议，成果列表共270多项，并同时宣布

第二届“一带一路”国际合作高峰论坛将于2019年举行。

于论坛举行期间，安永与丝路规划研究中心、国家发展改革委

国际合作中心，以及中国工商银行合办首届“一带一路”产业

金融高级国际研讨会（研讨会），与来自不同行业的企业领袖

进行了高端的分享与探讨，成功吸引来自国内外的政府领导、

《财富》世界500强企业、金融机构、知名智库的负责人及媒

体代表600余人参会。


在企业走出去的同时，跨境融资必定是

重要的一环。安永中国主席、大中华首

席合伙人吴港平于研讨会中主持对话环

节，就“一带一路”中国企业跨境融资

的实践，与七位嘉宾共同探讨，主要归

纳为以下三大重点：

1.融资重要角色及发展

国家主席习近平曾经说

过，如果没有一个好的金

融融资，整个“一带一路”倡议只

能成为一个梦想。在过去三年多以

来，融资需求强劲，包括政策性金

融机构和商业性金融机构所提供的

资金融资模式也越来越多，例如

近年非常活跃的债券发行、内保

外贷，还有首次公开上市（IPO）

等，而绿色融资更于未来市场中的

发展具有创新性的影响。

2. 银行角色的发展

纵然在“一带一路”倡议

下，亚洲基础设施投资银

行、金砖国家开发银行以及国际投

资银行，应当为相辅相成的合作，

而非相互竞争。“一带一路”项目

的投资金额庞大，将加大企业对于

跨境融资的需求，但与此同时也为

亚洲基础设施投资银行带来很大

的负担。因此，各个银行的相互合

作，反而能够加速整个项目的进程

并保持其稳定性。

3. 海外投资业务持续性

以往很多中国企业到海外

投资，均没有计划在当地

扎根。在未来，企业在“走出去”

的过程中，不应该仅仅是拿到一个

项目、把它完成就结束，而是要把

这种能力在当地国落地。换言之，

把一些产业移过去，把技术移过

去，在当地国得到一个工程项目的

同时，也带来一方的技术发展。这

样才可能持续下去，达到“利国、

利民、利企业”的愿景。

“一带一路”步入另一阶段，为助力中

国企业海外投资，安永在研讨会上也发

布了最新的“一带一路海外投资机遇”

系列丛书第二册，为一众投资者在“一

带一路”战略上提供意见。

报告指，伴随着“一带一路”进入2.0时代，预期未来各项纲领性文件和政策

配套将陆续发布，参与者将会由现时的

发展中国家延伸至发达国家。同时，中

国将会继续推进于沿线国家的产业园区

建设，以及再度加快实施自贸区战略，

促进双向投资。相信“一带一路”合

作机制，将由中国与相关国家的双边沟

通，逐渐向多边平台和机制发展；而未

来发展重点项目，更会拓展至高科技领

域如大数据、云计算等。

安永报告也综合考虑国家战略导向、区

位布局、经济发展潜力等因素，在66个国家和地区中筛选出俄罗斯、巴基斯

坦，以及以色列，并对其重点产业、市

场环境提出以下评价：

俄罗斯机遇与挑战并存

虽然俄罗斯部分基础设

施有待改进，但从中长

期来看，该国基建市场

的可开发存量十分可

巴基斯坦位于“一带一

路”的重要节点与交汇

点，中巴海陆对接将

对“一带一路”互联互

中俄近期铁路及公路基础设施项目举例

项目名称当前状态

科斯特罗马环城道路项目规划中

“欧洲西部-中国西部”国际交通走廊

已宣布

莫斯科-喀山高速铁路已签协议

艾列戈斯特-克孜勒-库拉基诺铁路项目

已签协议

中巴近期电力基础设施项目举例


卡罗特720MW水电站项目

在建中

Engro Thar 4x330MW 火煤电厂及Engro Thar第二地需矿区项目

在建中

巴哈瓦尔布尔地区奎德-E-阿扎姆900MW 太阳能电站项目

在建中

钦比尔风100MW电场项目

在建中

投资重点领域：基础设施

投资重点领域：能源电力

观。而且，俄罗斯政府一直在积极推动

包括交通基础设施、能源和公用事业以

及建筑类基础设施的项目建设，鼓励国

内外私人投资者以及公私合营（PPP）的形式参与国家建设，因此整体投资政

策整体利好。

巴基斯坦鼓励外商投资

通具有战略意义。但巴基斯坦基础设施

整体水平较为滞后，尤其是电力供应方

面，经常面对电力断供的问题。这样的

基础设施水平已经制约了经济发展。不

过，该地政府为吸引外商投资，已推出

一系列优惠政策包括完善法律体系，给

予地区在投资政策上有一定自主权。


以色列经济基础则相对

较强，人口增长速度也

较快。而且地理位置

正处于亚、欧、非三

以色列高科技产业发展概况


IT及软件以色列已经成为全球网络安全、杀毒软件等网络防御技术领域的高科技中心。

生生生生生命科学以色列是世界第二大医疗器械解决方案供应国，中以两国在医学和公共卫生新设备、药品及技术开发方面已达成合作协议。

环保技术以色列政府出台一系列政策，激励农业科技发展。当地农业用地滴灌技术普及率高达60%，居全球首位。

投资重点领域：高新科技

以色列经济基础较佳

大结合处。同样地，当地政府为鼓励外

商投资，尤其是对高科技和创新领域的

投资，制定了一系列优惠政策，包括推

出相关法律以及成立工业研发项目首席

科学家办公室等。当地央行也采取降低

利率和宽松的货币政策，当前利率仅为

0.1%，企业融资成本低廉，但要留意的

是，企业税负则较重。

随着中国企业陆续扬帆出海，吴港平

指，安永认为中国企业的海外投资前景

非常乐观，但他提醒，企业“走出去”

能否站稳脚跟、开拓市场，关键在于能

否勇于突破和转变，同时企业面对挑

战，需要有强烈的风险防范意识，以实

现未雨绸缪。

Since Chinese President Xi Jinping proposed the Belt and Road Initiative three years ago, the pace of overseas investment among Chinese enterprises has accelerated

significantly and the amount of outbound mergers and acquisitions hit record highs. According to China’s Ministry of Commerce, in 2016 Chinese companies inked new contracts valued at USD126 billion with Belt and Road countries, accounting for over half of China’s total new engineering contracts. As Chinese enterprises’ overseas ventures intensify, they have moved from the exploration and planning stage to the implementation stage, showing that the Belt and Road Initiative has entered the 2.0 era.

China held its first Belt and Road Forum for International Cooperation (Forum) in May 2017, bringing together 29 foreign heads of state and government and representatives from international organizations. The Forum provided an opportunity for an in-depth exchange of views on various aspects of the Belt and Road Initiative, including industrial cooperation, funding support and project matching. During the two-day Forum, China and the participating countries signed a number of memoranda of understanding and cooperation agreements, achieving more than 270 deliverables. It has been announced that the second Belt and Road Forum on International Cooperation will be held in 2019.

During the Forum, EY joined forces with the Silk Road Planning Research Center, the International Cooperation Center of the National Development and Reform Commission and the Industrial and Commercial Bank of China in

co-organizing the first Advanced International Conference on “The Belt and Road” Industry and Finance (Conference). The Conference provided an invaluable opportunity for industry leaders to engage in a high-level and open discussion. The Conference drew more than 600 participants, including local and overseas government officials, leaders of Fortune Global 500 companies, financial institutes, leading think tanks as well as media representatives.

Cross-border financing is crucial for enterprises embarking on their global journey. Albert Ng, Chairman, China and Managing Partner, Greater China, EY, presided over a dialogue session with seven guest speakers on the practical implementation of cross-border financing for Chinese enterprises under the Belt and Road Initiative. What follows is a summary of the three key points discussed.


1.The role and development of financing Chinese President Xi Jinping had mentioned that without proper financing, the Belt and Road Initiative will only remain a dream. Over

the past three years, the demands for financing have been strong and a variety of financing models developed by policy driven financial institutions and commercial financial institutions have emerged. They include bond issuance, a financing structure that allows offshore banks to lend to Chinese companies overseas using China-based guarantees or collateral, and initial public offerings (IPO). Green financing is another model that has innovative implications for future market development.

2. Development of the role of banks Under the Belt and Road Initiative, the Asian Infrastructure Investment Bank, the BRICS Development Bank and international investment banks

should work together and be seen as complementary rather than in competition. The large amount of investment in Belt and Road projects will increase the demands for cross-border financing, and at the same time, bring a heavier burden to the Asian Infrastructure Investment Bank. Therefore, the mutual cooperation of banks can accelerate progress and maintain the stability of the entire project.

3.Business continuity of overseas investment In the past, when Chinese enterprises invested overseas, many of them were not planning to take root in their investment destinations.

This should be changed in the future. Enterprises should go beyond merely completing a project and make efforts in taking root in the local countries. In other words, as the enterprises win overseas projects, they should transfer the industry and technology in order to promote technological development for the locals. By doing so, their businesses may continue to grow and achieve the vision to bring benefits for the countries, the people and the businesses.

As the Belt and Road Initiative enters the next stage, EY continues to help Chinese enterprises invest overseas. During the Conference, we released the second issue of the Belt and Road Overseas Investment Handbook series, providing advice on strategic investment in the Belt and Road countries.

According to the handbook, various programmatic documents and supporting policies are expected to be released as the Belt and Road Initiative enters the 2.0 era. Participants will be extended from the current developing

countries to developed countries. At the same time, China will continue to promote the construction of industrial parks in the Belt and Road countries and speed up the implementation of the Free Trade Zone (FTZ) strategy to promote two-way investment. It is believed that the Belt and Road cooperation mechanism will move from the bilateral communication between China and the relevant countries to multilateral platforms and mechanisms. Key development projects in the future will be expanded to high-tech areas, such as big data and cloud computing.

Israel’s economic base is relatively strong with a rapid population growth rate. It lies at the junction of three

Recent China-Pakistan power infrastructure projects

Projects Status

720-MW Karot hydropower project

Under construction

Engro Thar 4x330MW coal-fired power plant and the Engro Thar Block-II mining project

Under construction

Quaid-e-Azam 900MW solar park in Bahawalpur

Under construction

UEP 100MW wind farm in Jhimpir

Under construction

Development of high-tech technology in Israel

Projects Status

Information technology and software

Israel has become a global high-tech center for computer network defense technology including cybersecurity and anti-virus software development.

Life sciences Israel is the world’s second largest supplier of medical devices solutions. China and Israel have reached a cooperation agreement on the development of medical and public health equipment, pharmaceutical and technology.

Clean technology The Israeli government has introduced a series of policies to encourage the development of agricultural science and technology. Israel is ranked first in the world with a 60% penetration rate of drip irrigation technology at its agricultural land.

Investment focus area: High and new technology

Israel Better economic base

continents – Asia, Europe and Africa. In order to encourage inbound investment, especially in the areas of high and new technology and innovations, the local government has developed a series of preferential policies, including the introduction of relevant laws and the establishment of the Office of Chief Scientist for industrial research and development projects. The local central bank also adopted a low interest rates

Some of Russia’s infrastructure needs to be improved. In the medium to long term, the country’s

Recent China-Russia railway and highway infrastructure projects

Projects Status

Kostroma road bridge project

Planning in progress

Western Europe-Western China transport corridor

Announced

Moscow-Kazan high speed railway

Agreement signed

Elegest-Kyzyl-Kuragino railway project

Agreement signed

Investment focus area: Infrastructure

Russia Opportunities and challenges coexist

infrastructure market development potential is very impressive. Moreover, the Russian government has been actively promoting infrastructure projects, including transportation, energy and public utilities and construction, encouraging private investors and public-private partnerships (PPP) at home and abroad to participate in national construction. As such, the overall investment policy is promising.

Pakistan is located at an important node and intersection of the Belt and Road. Therefore, the land

Investment focus area: Energy power

Pakistan Encourages foreign investment

and maritime connectivity between China and Pakistan is of strategic significance. However, the overall standard of infrastructure in Pakistan is lagging behind, especially in the supply of electricity, causing frequent power outages. Such infrastructure standard has hindered the sustainable development of the economy. In order to attract foreign investment, a series of preferential policies have been introduced, including improving the legal system and giving certain autonomy to local governments in making their investment policies.

朱亞明 Alex Zhu华北区财务交易咨询主管合伙人安永（中国）企业咨询有限公司 Transaction Advisory Services Leader China North Ernst & Young (China) Advisory Limited [email protected]

杨淑娟 Jane SJ Yang政府及基础设施行业主管合伙人安永华明会计师事务所（特殊普通合伙) Government and Public Sector and Infrastructure Leader Ernst & Young Hua Ming LLP [email protected]

沈岩 Linda Shen基础设施行业审计服务合伙人安永华明会计师事务所（特殊普通合伙) Audit Partner, Infrastructure Ernst & Young Hua Ming LLP [email protected]

郝进军 Julie Hao基础设施行业税务服务合伙人安永（中国）企业咨询有限公司 Tax Partner, Infrastructure Ernst & Young (China) Advisory Limited [email protected]

如欲查询“一带一路海外投资机遇”系列丛书以及更多相关报告，请联络安永团队。

Please reach out to your EY contact for a copy of the Belt and Road Overseas Investment Handbook series.

and monetary easing policy, with an interest rate at 0.1%. Despite the low cost for corporate finance, Israel has a higher tax rate for corporate income.

With more and more Chinese enterprises embarking on their global journeys, Albert Ng said that EY is optimistic about the prospects for their outbound investment. He reminded that Chinese enterprises need to be bold for change in order to stand firm and open up new markets in their overseas ventures. They also need to have a strong awareness of risk prevention and take precautions in the face of challenges. EY

Taking into account the national strategic orientation, regional layout, economic development potential and other factors, the latest EY handbook has selected Russia, Pakistan and Israel – three of the 66 countries and regions along the Belt and Road – and assessed their key industries and market environment.



Survive or thrive in the digital revolution Future-proof your business with digital capital strategy

今天的企业领导意识到，数字化正从前端到后端的方方面面影

响着其业务，而且竞争格局也是瞬息万变。他们面临的竞争

日益加剧，竞争者来自那些已经先人一步采纳数字化的企业，其中既

有传统竞争者也有新参与企业。进入市场的障碍已被打破，现在，扮

演颠覆者角色的数字初创企业已经几乎可以即时获取到数以百万的客

户，这是传统企业只能通过多年时间才得以建立起来的宝贵资源。

为了在竞争中取得领先地位，企业高

管需要从根本上重新思考企业的商业

模式，纳入新的数字能力，辅以适应性

强、灵活的资本战略。

资本对数字战略成效至关重要

数字化既不是IT战略也非一次性的投

资。数字转型的规模需要一项长期的资

本战略。实现数字化未来需要精明的资

本分配，筛选适当的战略投资（内部或

外部），为业务增长提供路径。当许多

企业没有对正在冒起的颠覆力量进行思

考时，资本管理和数字战略常常缺乏一

致性。这会导致企业丧失融资能力以达

成其数字化的目标。

企业需要具备全局观念，将数字战略融

入资本议程。一项稳健的数字资本议程

将有助于为投资项目作优次排序，为驱

动长期发展所需的数字化提供持续的资

金投入。为此，企业需要探索其他资

本筹集战略包括首次公开募股、业务结

盟或者通过业务剥离调整现有的投资组

合。

外部增长 — 前行之路

迈向数字经济的步伐无可避免。企业必

须对自己提出的关键问题是，他们是要

自行发展出所需的能力，还是需要购买

这种能力。

要在数字经济中取得成功，企业需要成

为快速创新的前行者，掌握先驱的竞争

优势。然而，考虑到现存的技术、经验

以及发展数字化能力所需的时间，许多

企业认为，并购是最有效的方式，从而

获得数字化能力、资产和技术，缩小差

距，推动业务逐步扩张。

在寻求开放创新模式的过程中，企业能

够利用并购增加创新力和价值。采取这

种方法的通常是极具创新性的企业，他

们通过策略性并购而非单纯的内部发展

来提供许多新产品和服务。

其他外部增长方式同样也在考虑之列。

企业正在其整个价值链中加大利用囊括

客户、供应商和竞争者在内的巧妙的合

作形式，包括结盟关系、合作伙伴关

系、合资企业及特许经营，使企业可快

速建立并扩展其数字化能力，从而保持

竞争力。

87% 正在明确考虑资本分

配计划中的数字转

型需求

67% 计划在今后的两至三

年内通过并购以取得

数字方面能力，而非

靠自行发展

90%

正在面临采用数字

技术企业所带来的

激烈竞争

59% 缺乏应对数字转型所

需的内部能力


通过结盟获取先进的科技技术

在进行并购的同时采取结盟形式，或者

以结盟取代并购，同样具吸引力。有别

于合资企业，结盟通常参与度较低，也

不是永久的，可以为寻求数字转型战略

的企业提供更大的灵活性。通过建立结

盟关系，企业可以规划多种未来的可能

性。企业可以将利用率低的资产，或者

其他人能够更好加之使用的资产作为担

保，交换合作伙伴拥有的效率更高的数

字化能力。有效的战略结盟关系将在允

许各家企业保持自主管理的同时，发掘

新机遇和更有效的流程，以及进入新市

场的途径。

越来越多企业与客户、供应商和机构方

面利用结盟友关系，创造新的商业模式

和生态系统，增加运营效率，整合整个

价值链服务市场，同时加强竞争力。迅

速扎稳脚跟的企业正在通过孵化、协作

和赞助形式投资具有前景的初创企业，

并对其进行整合，以提供先进的数字服

务。

结论

通过制定有效的数字资本议程，企业将

从更加有利的高度做出正确的投资决

策。将数字战略视作资本分配的重要组

成部分，将支持企业的转型和增长。并

购、合资企业及结盟关系，连同有机投

资，均能有助于企业建立创新渠道，有

效地使企业在新的数字世界中延续下去

并繁荣发展。

以下是两个新近发生的例子，阐释了如何成功实现数字化新战略。

一家中国中型的原始设备制造商／原始设计制造商（OEM/ODM）企业正面对客户高度集中的风险以及利润不断下滑等

问题。为打開新的收入机遇，这家企业向外邀请顾问帮助评

估其供应链优势，并设计新的数字路线图。

通过分析市场，该企业可了解到本地市场参与者的能力以及

营运差距，从以在B2B（企业对企业）的平台上，开展相应业

务。而为打开电商市场，该企业依靠外部顾问，将C2B（客户

对企业）众筹企业概念化并运营实施，把亚洲的上游供应商

与全球的中介、设计师及终端客户网络融合起来。

在制定出数字资本议程的基础上，这家企业成功地募集到资

金，自主实施新业务（包括IT平台发展及运营团队建设），多

样化其收入来源，并在全球范围内扩张其产业链。

一家在香港上市的大型零售消费品企业面临了中国大陸电商

的竞争压力。为了应对这一环境，这家大型企业邀请顾问识

别数字化机遇，制定转型路线图和数字资本议程，希望能够

迅速打通中国大陸快速发展的电商市场。

这家企业综合了自身外部市场和内部的能力评估，及其数字

化愿景，决定进行采用外部发展，以合资企业形式在中国自

贸区试点上建立线上对线下（O2O）的市场平台。

在经验丰富的顾问团队指导下，该企业与主要的物流和技术

合作伙伴结盟，实施了新的数字运营和供应链模式。这家企

业通过利用当地政府对电商和数字企业的税收激励，获取成

本优势，将数字化全面融入其商业模式，提供了全新优等的

客户体验。

01

02

Today’s leaders recognize that digital is impacting all facets of their business – from the front end to the back, and the competitive landscape is also changing rapidly. They

are facing increased competition from companies that have been quicker to embrace digital, both old competitors and new entrants. The barriers to entry have been broken down, and disruptors such as digital start-ups now can gain almost instant access to millions of customers that traditional companies only had the luxury of building up over many years.

87% are explicitly consid-ering digital trans-formation needs in capital allocation planning

67% plan to use M&A to buy rather than build digital capability over the next two to three years

90%

are facing greater competition from companies that have embraced digital

59% lacked the in-house capabilities required to respond to digital transformation

To stay ahead of the competition, executives will need to radically rethink their business models to integrate new digital capabilities, supported by an adaptable and agile capital strategy.

Capital is at the heart of an effective digital strategy

Digital is not an IT strategy or a one-off investment. The scale of transformation requires a long-term capital strategy. Enabling a digital future requires smart capital allocation and selecting the right strategic investments – organic or inorganic – offers route to growth. Whilst many companies are not thinking about the disruptive forces at play, capital management and digital strategy are often misaligned. This leads to the inability to drive funding to meet their digital ambitions.

Companies need to take a holistic view and incorporate their digital strategies into their “capital agenda”. A robust digital capital agenda will help prioritize investment, and provide the sustained spending on digital needed to drive long-term growth. To that end, companies need to explore alternative capital-raising strategies, potentially through IPOs, alliances or rebalancing their existing portfolios via divestments.

Inorganic growth – the way forward

The move to digital economy is inevitable. The key question companies must ask themselves is whether they can build the internal capabilities required to succeed or do they need to buy?

To thrive in the digital economy, companies need to be at the forefront of rapid innovation to gain first-mover competitiveness. Given the skills, experience and speed required to develop digital capabilities, many companies view M&As as the most efficient way to get there – by acquiring digital capabilities, assets and technologies to bridge gaps and facilitate progressive expansion of their businesses.

By pursuing a model of open innovation, companies can leverage M&As to enhance digital capability and value. This approach is often taken by very innovative companies that deliver many of their new products and services through strategic acquisitions rather than by pure internal development.

Other inorganic routes offer options. Companies are increasingly seeking smart collaboration opportunities

资本议程将如何支持您的数字化目标

安永财务交易咨询服务（TAS）数字资本议程能够帮助企业应对数字化颠覆，从战略选项中实现价值，具体方式包括：

• 识别数字投资及战略合作伙伴关系

• 复核竞争者的数字化成熟度和生态系统

• 优化融资选项

• 实施数字化和商业尽职调查及增长战略分析

• 评估数字资产及知识产权的价值

• 融合数字业务及能力

• 辅助规划数字情景，评估其对于股东价值的影响

involving customers, suppliers and competitors via alliances, partnerships, joint ventures and licensing options throughout the value chain. This enables companies to fast-track the build-out of their digital capabilities to remain competitive.

Agile alliances to gain advanced technological aptitude

Alliances in addition to and sometimes in place of acquisitions are also proving attractive. Unlike joint ventures, alliances are usually less involved and not permanent, offering greater flexibility to businesses pursuing a digital transformation strategy.


Alliances allow companies to plan for multiple futures. Companies can commit underutilized assets, or assets that others are better positioned to exploit, in exchange for more efficient digital capabilities owned by collaboration partners. An effective strategic alliance will allow each company to maintain its autonomy while discovering new opportunities and more effective processes, as well as access to new markets.

Companies are increasingly leveraging alliances with clients, suppliers, vendors and institutions to create new business models and ecosystems, increasing operational efficiency and integrating the whole value chain to better serve the market, while also increasing competitiveness. Swift-footed companies are investing in promising start-ups via incubations, collaborations and sponsorship and integrating them to provide cutting-edge digital services.

A mid-cap Chinese OEM/ODM manufacturing company was facing high customer concentration risks and deteriorating margins. To unlock new revenue opportunities, the company invited consultants to assist in assessing its supply chain advantages and devising a new digital roadmap.

By analyzing the market, the company gained awareness of the local players’ capability and operation gaps to conduct business on B2B platforms. To penetrate the eCommerce market, the company relied on external consultants to conceptualize and operationalize a new consumer-to-business (C2B) crowdsourcing venture, which integrates upstream suppliers across Asia with a global network of intermediaries, designers and end-consumers.

Having formulated a digital capital agenda, the company successfully raised capital to bootstrap its new venture (including IT platform development and operations team setup), diversify its sources of revenue, and expand its industry chain globally.

A large retail and consumer products company listed in Hong Kong was under competitive pressures from online merchants in mainland China. To resolve this stress, the company invited consultants to identify digital opportunities and develop a transformation roadmap and a digital capital agenda to rapidly penetrate the fast-growing eCommerce space in mainland China.

Having performed an external market and internal capability assessment and aligning it to the corporate digital vision, the company decided to adopt an inorganic growth strategy by engaging in a joint venture to develop and operate an Online-to-Offline (O2O) business marketplace in a pilot Free Trade Zone (FTZ) in China.

Guided by an experienced team of consultants, the company formed alliances with key logistics and technology partners, and operationalized a new digital operation and supply chain model. The company was able to achieve cost advantage by capitalizing on the local government tax incentives for eCommerce and digital enterprises, fully integrate digital into its business model, and deliver new superior customer experience.

01

02

The following are two recent cases illustrating the successful realization of new digital strategy.

关文俊

财务交易咨询服务合伙人

安永企业财务服务有限公司

关文俊先生拥有20年的亚洲战略和管理顾

问经验，着重关注互联网与科技、媒体、通

讯行业。他的专业领域包括数字化及电子商

务相关的财务交易、企业创投、数字化资本

战略、大型并购整合、以及业务与数字化转

型。他成功领导超过100个数字化相关的尽

职调查、战略规划、首席咨询和孵化等项

目，同跨国企业、私募企业、中国国企及亚

洲大型综合企业密切合作。

Ben Kwan Partner, Transaction Advisory Services Ernst & Young Transactions Limited

Ben has 20 years of strategy and management consulting experience in Asia, focusing on the internet and the technology, media and telecommunications (TMT) sectors. He focuses on digital and eCommerce related transactions, corporate venturing, digital capital strategy, large scale merger integration, business and digital transformation. Ben has led over 100 digital related due diligence, strategic planning, lead advisory and incubation projects, working extensively with multinationals, private equity firms, Chinese state-owned enterprises and large Asian conglomerates.

作者介绍 Authors

陈富权

财务交易咨询服务总監

安永企业财务服务有限公司

陈富权先生拥有超过12年的管理顾问、企业

业务规划与财务交易咨询经验，服务对象包

括财富500强跨国企业与中国、美国、加拿大

等地的全球私募企业。他领导或参与过逾50个数字化资本战略及科技与数字化运营尽职

调查项目。他的丰富经验涵盖诸多行业，包

括通讯、高科技、电子商务、金融服务与公

营部门。

Falcon Chan Director, Transaction Advisory Services Ernst & Young Transactions Limited

Falcon has over 12 years of management consulting, corporate business planning and transaction advisory experience advising Fortune 500 companies, start-ups and global private equity investors in China, Canada and the US. He has led or been involved in over 50 digital capital strategy, and technology and digital operation due diligence projects. His industry experience spans across various industries including telecommunications, high-tech, e-commerce, financial services and the public sector.

How the Capital Agenda will support your digital ambitions

The EY Transaction Advisory Services (TAS) Digital Capital Agenda can help businesses respond to digital disruption and realize value from strategic options by:

• Identifying digital investments and strategic partnerships

• Reviewing competitor digital maturity and ecosystem

• Optimizing funding options

• Performing digital and commercial due diligence and growth strategy analyses

• Valuing digital assets and IP

• Integrating digital businesses and capabilities

• Assisting with digital scenario planning and assessing impact to shareholder value EY

Conclusion

By developing an effective digital capital agenda, businesses will be in a better position to have to make the right investment choices. Considering digital strategy as a key component of capital allocation will support the businesses to transform and grow. M&As, JVs and alliances, alongside organic investment, can help build the innovation pipeline and effectively enable companies to survive and thrive in the new digital world.


中国银行业在过去的一段时间内不断地被“大

数据”、“区块链”、“Fintech（金融科

技）”等词汇轰炸。这些技术到底对银行业意味着

什么，是颠覆还是机遇? 将对银行业的未来产生怎

样的影响?

毫无疑问，科技创新正在驱动银行改变其商业模式和价值理

念。现在越来越多的银行业人士将科技创新视为机遇，而非威

胁。越来越多的银行为适应环境的变化，通过转型创新，正面

迎接颠覆性的挑战，从而催生了一系列银行业大趋势，影响银

行业的未来发展。

根据安永的观察，未来银行业的趋势包括以下三个方面。

第一，技术推动银行业务模式的转变。过去几年，众多银行利

用大数据和数据分析等技术，推动产品创新，并针对特定客户

进行定点营销，提升金融服务的“精准性”。2015年以来，

区块链技术越来越受到全球金融业的广泛关注。无论行业巨头

还是初创公司都在积极探索如何利用区块链技术来降低成本、

提高效率。

例如，某全球性银行在过去几年中一直关注区块链技术，并创

建和测试了基于区块链技术的数字货币体系。随着大型国际银

行在区块链领域加紧布局，国内金融机构也在加快研究区块链

技术及对金融业务产生的潜在影响。

第二，客户需求驱动银行变革。随着通信技术的快速发展和智

能设备的迅速普及，客户行为呈现出翻天覆地的变化。安永

最新发布的“2016年全球消费者银行调查”显示，内地95%


From disruption to megatrends Fintech and its impact on the future of banking

的受访者经常使用智能手机，79%的受访者经常使用电脑。因

此，客户越来越多地通过网银或手机银行等电子渠道办理业

务，而不再单独依靠银行实体网点；另外，客户也更倾向于以

多种方式与银行互动，选择产品时也往往也更依赖社交媒体传

播的口碑。

随着一批科技型公司介入金融服务领域，以极致的客户体验分

流客户，使得公众对传统银行的依赖性也日益降低。在这样

的变化面前，怎样满足客户需求，提升客户体验，将是考验

银行提供差异化服务能力的关键，也是未来银行的核心竞争

力之一。

第三，在颠覆性金融技术的影响下，银行越来越注重创新文化

的培育和专业人才库的构建。一些银行正致力于吸引技术专业

人才并构建创新文化。例如，某总部位于香港的银行去年设立

了逾3000英尺的创新中心，供全行各有关部门员工激发动脑

风暴，创新产品，利用现有人才和资源革新原有服务。一些银

行积极与初创企业建立伙伴关系以驱动创新。

又例如，某亚太区银行推行的创投计划，通过招募人工智能、

数据分析、区块链及财富管理等相关领域的初创企业参与，协

助其改良商业模式。银行逐渐成为金融技术初创公司和孵化器

主要的投资者，截至2015年12月，全球共有16家由银行提供

支持的企业加速器投资于金融技术初创公司。

金融科技的精髓，是将尖端科技应用到金融服务的不同范畴，

需要将多个层面的专门知识融会贯通。因此，金融界、科技界

及监管机构间的紧密交流与合作至为重要。安永为此从2016年开始定期举办中国银行业论坛，为业界提供一个交流的平

台，通过坦诚、有建设性的讨论和交流，为银行业的未来发展

和变革提供新的思路。


Undoubtedly, technological innovations are driving banks to transform their business models and value networks. Now, the perception of technological innovations is shifting from that of threat to opportunity among banking professionals. In order to take on the disruptive challenges, more and more banks are changing through innovative transformation so as to adapt to the ever-changing business environment. Such circumstances have spawned a series of megatrends in the banking sector, affecting its future development.

According to EY’s observation, the future trends of the banking sector include the following.

First, technology-driven changes in business models. In the past few years, many banks pursued product innovation by leveraging big data and analytics alongside targeted marketing on specific customers to provide more “precise” financial services. Since 2015,

For some time now, China’s banking sector has been bombarded by

technology buzzwords such as “big data”, “blockchain” and “fintech”. What do they mean for the industry? Will they bring disruptions or opportunities? What impact will they have on the future of the banking industry?

blockchain technology has started to gain extensive attention from the global financial sector. From industry leaders to new ventures, companies are actively seeking ways to make use of blockchain to reduce costs and improve efficiency.

For example, in the past few years, a global bank has been keeping track of the development of blockchain and completed a trial of a blockchain-based digital currency system. As large international banks are making greater efforts in blockchain technology, mainland financial institutions are also actively studying the technology and its potential impact on the financial sector.

Second, demand-driven banking reforms. With the rapid development of telecommunication technology and the rapid spread of smart devices, customer behaviors have undergone dramatic changes. According to EY’s Global Consumer Banking Survey 2016, 95% of mainland Chinese respondents are

Third, under the disruptive impact of fintech, banks are paying greater attention to the cultivation of an innovative culture and the establishment of professional talent banks. Some banks are committed to attracting tech-savvy professionals and building an innovative culture. For example, a Hong Kong-based bank set up an innovation center of 3,000 square feet last year for all of its employees to facilitate brainstorming, innovate products, and transform its existing services using existing talent and resources. Some banks are actively partnering with start-ups to drive innovation.

For instance, an Asia-Pacific bank has launched a venture capital investment scheme to improve its business model by recruiting start-up companies in areas such as artificial intelligence, data analytics, blockchain and wealth management. Banks have become a

陈凯

大中华区金融服务首席合伙人

陈凯先生从事银行和资本市场咨询及审计业

务超过20年，他带领安永大中华区金融服务

团队为大中华区金融机构提供全面的审计、

税务、风险管理及业绩提升咨询，以及并购

交易咨询服务。陈先生是香港、英国、美国

等地会计师公会资深会员，他还担任香港中

国金融协会理事、中国投资协会创业投资专

业委员会副会长等职务。

Jack Chan Managing Partner, Financial Services, Greater China

Jack has been in the banking and capital market consultancy and auditing businesses for more than two decades. In EY, he leads the Greater China financial services team in the provision of comprehensive consultancy on auditing, taxation, risk management and business enhancement for financial institutions in the Greater China as well as consultation on M&A deals. Jack is a fellow member of a number of Certified Public Accountants institutes in Hong Kong, UK and US etc. He is also a director of the Chinese Financial Association of Hong Kong and the Vice Chairman of the Venture Capital Committee of the Investment Association of China.

作者介绍 Author

frequent smartphone users while 79% of them are frequent computer users. As such, customers no longer solely rely on bank outlets. Instead, more and more of them are using e-banking or mobile banking and other electronic channels to manage their accounts. In addition, customers are more inclined to use various ways to interact with banks. And when they make product selections, they tend to rely on the product’s reputation on social media.

As some technology companies are now getting involved in the field of financial services and diverting customers with exceptional customer experience, people are gradually relying less on conventional banking. In the face of such changes, how to satisfy customers’ needs and enhance customer experience will be critical in testing the banks’ capacity to provide differentiated services, and constitute the core competency of future banks.

major investor in fintech start-ups and incubators. As of December 2015, there were 16 bank-backed business incubators globally investing in fintech start-ups.

Fintech is about applying cutting-edge technology to various areas of financial services. To do so, the integration of expertise from different disciplines is needed. Therefore, the close interaction and cooperation among the financial sector, the technology sector and regulatory bodies are of the utmost importance. To this end, EY has organized regular banking symposia in China since 2016 to provide a platform for discussions among industry players. Through the sincere and constructive discussions and exchanges, new ideas and a new train of thought have emerged for the future development and transformation of the banking industry. EY


实现可持续回报的蓝图安永与国际金融协会合办的第七次

全球银行风险管理年度调查

A set of blueprints for success:Seventh annual global EY/IIF bank risk management survey

在过去七年间，安永一直与国际金融协会(Institute of International Finance, IIF)合作，向全球大型金融机构展开一系列年度调查，密切关注银行业在改

善风险管理方面的进展。2016年，来自29个国家的67家银行参与了该项调查，包

括30家全球系统重要性银行当中的23家。调研结果明确表示，随着七年时间过去，

银行业仍需要持续实施变革，并寻求适当的发展蓝图，以开启新的篇章。

增强实施风险管理措施

本年度调查发现，银行正逐渐增强第一

道防线的风险控制责任意识，并提升其

履行这些责任的能力。全球金融危机

前，许多大型银行在风险控制一环中，

一直被视之为第二道防线，因对业务部

门而言，第一道防线仍以专注创造收入

为主，导致这些银行的第一道防线风险

问机责制被逐渐削弱。相反，尽管某些

银行拥有强大的第一道防线问责文化，

但尚未对第二道防线做出足够的投入。

因此，当金融危机来临时，加上监管措

施的干预，这两类银行均同样面临加强

其三道防线的巨大压力。

绘制有效蓝图应对非金融风险

银行业，尤其是全球系统重要性的银

行，一直在竭力应对非金融风险。银行

业承担的罚款、和解费及整改费用总计

已达数千亿美元。根本原因涉及薄弱的

监督和控制、第一道防线问责机制的缺

失、不合理的激励机制、IT系统和数据

缺陷等问题。

针对相关问题，银行正应用一套广泛的

方法来加强其行为风险管理。为降低内

在风险，许多银行已退出某些市场、产

品和地理区域，减少提供某类产品和服

务，或限制所提供产品的复杂性。

因此，所有银行目前均努力将风险管理

责任落实到每个员工身上。第一道防线

必须管理其引发的金融和非金融风险。

第二道防线则须对机构风险全权负责。

在这些要求下，使第一道或第二道防线

或同时均需要进行调整。

本年度调查也表明，实现成功的风险管

理需要通过若干路径。银行必须重新平

衡其三道防线之间及总体防线内的角色

和责任，通过确定风险偏好和提供培训

明确各项责任，以确保嵌入适当的风险

文化以及更有效地采用机构通用流程及

技术平台。

不少全球系统重要性银行，亦已在客

户服务的业务上进行调整，包括实施

客户服务新规定并提高对客户复杂程度

评估的要求。执行新规定下，培训至关

重要，须建立更完善的风险评估机制、

更强大的非金融风险第一道防线问责机

制，以及更多采用数据分析工具亦十分

重要。

显然，银行应竭尽全力管理好非金融

风险。银行必须打破成本高昂的不当

行为循环，这对公司长期持续增长至关

重要。然而，这说起来容易做起来难。

虽然调查结果显示，银行正大力进行尝

试，但也反映出经过多年尝试后，仍难

以找到持久的解决方案。

无论是计量和监控行为或操作风险，还

是强调合规，或应对新出现的网络安全

威胁，银行仍然有很多工作要做。他们

正在继续寻找最佳蓝图，借此可以更有

效地管理非金融风险，以配合该行的风

险偏好及风险文化。

拟定战略性部署

虽然环球经济状况和低利率正在削弱银

行的盈利能力，但监管机构仍在推动其

监管步伐，除了迄今为止对《巴塞尔协

议III》所做的修订，还对银行加强资本

要求，而这一切都对银行的净资产收益

率造成下行压力。虽然这一举措不是为

了增加总体资本要求，但却存在这种可

能。另一方面，投资者对较低的净资产

收益率表示不满，督促银行提高收益。

银行发现自身陷入两难境地中，一边是

提高的资本和流动性要求，另一边是股

东要求增加资产收益率的压力。只有极

少数银行能够在短期到中期内消除这些

压力。

银行下一步必须严格管理成本，如避免

反复承担最近几年大规模行为事件导致

的费用；包括加强第一道防线问责机

制，以及投资于评估及管理非金融风险

的更佳方式。

在战略上，银行可能必须接受在可预见

的未来，他们将不得不对业务组合以及

产品和服务进行持续调整、战略性的采

用可能成为银行新的举措，以及在一段

时间内可能难以找到可持续和可靠银行

回报的蓝图。

自全球金融危机以来，银行业的风险管

理能力已大幅提升。董事会的参与度亦

有所提高，风险及合规职能在广度和深

度上也相应增加。但认为“大功告成”

还为时过早。虽然银行拥有稳固的发展

基石，但未来仍将面临诸多挑战。

本文摘自“实现可持续回报的有效蓝

图：安永与国际金融协会合作开展的第

七次全球银行风险管理年度调查”报

告。


responsibilities clear through the risk appetite and education, ensure there is an appropriate risk culture and make better use of common firmwide processes and technology platforms.

Developing a working blueprint to address non-financial risks

The industry, particularly G-SIBs, has struggled with non-financial risks. In aggregate, fines, settlements and remediation costs have run to hundreds of billions of dollars across the industry. The underlying causes relate to weak oversight and controls, lack of first-line accountability, wrong incentives, and IT systems and data weaknesses, among other issues.

Banks are applying a broad set of approaches to strengthen their conduct risk management. Many have exited markets, products and geographies, reduced the availability of certain products and services, or limited the complexity of products they offer – all with a view to reducing intrinsic risks.

Banks, especially G-SIBs, have made changes to customer facing activities, including implementing new rules on how to treat customers and tightening requirements for assessing levels of customer sophistication. Training has been critical, as has been the development of enhanced risk assessments, strong first-line accountability for non-financial risks and more use of data analytics.

Clearly, banks are going to great lengths to better manage non-financial risks. They have no choice: breaking the cycle of costly misconduct is crucial to their long-term sustainable growth. This task is much easier said than done, however. While the survey results show how much the banks are experimenting, they reveal how elusive success remains after years of trying to find enduring solutions.

Whether measuring and monitoring conduct or operational risk, enforcing compliance or dealing with the emerging threat of cybersecurity, banks still have plenty of work ahead of them. They are continuing the search for a blueprint to managing their non-financial risks and embedding them successfully into their risk appetites and risk culture.

Finding a strategic blueprint

Economic conditions and low interest rates are dampening profitability, and regulators are still pushing their regulatory agenda to require yet more capital on top of the Basel III changes to date — all of which are putting downward

pressure on the ROE. Although this move was not designed to increase the overall capital requirements, it may do so. On the other side, investors are not accepting lower ROEs and are pressuring banks to boost returns.

Banks find themselves caught between rising capital and liquidity requirements and pressure from shareholders to increase ROE. Few, if any, see an end to these pressures in the short to medium term.

Banks have to closely manage costs going forward while managing risks in such in a way that prevents a repeat of the massive conduct event costs of recent years. This means investing in new and better ways of assessing and managing non-financial risks and enhancing first-line accountability.

Strategically, banks may have to accept that, for the foreseeable future, they will have to make ongoing revisions to the business portfolio and suite of products and services. Strategic adoption may be the new game in town. Finding the blueprint for sustainable and dependable bank returns may prove elusive for a while.

The industry has made considerable progress in improving its ability to manage risks since the onset of the financial crisis. Boards of directors are more engaged, and risk and compliance functions have greater breadth in scope and seniority. However, it is way too early to claim “mission accomplished”. Banks have a solid base of progress on which to move forward, while the challenges ahead are myriad.

This is an excerpt from the report A set of blueprints for success: Seventh annual global EY/IIF bank risk management survey. EY

Over the last seven years, EY, in collaboration with the Institute of

International Finance (IIF), has monitored the industry’s progress in improving risk management through a series of annual surveys of large financial institutions globally. In 2016, 67 banks from 29 countries have participated in the survey. This included 23 of the 30 institutions designated as global systemically important banks (G-SIBs). What is clear from the survey is that change needs to continue. Seven years on, the industry is searching for the appropriate blueprints for the next phase of the journey.

Implementing the blueprint for managing risk more effectively

A core finding of the seventh annual global EY/IIF bank risk management survey is that banks are increasingly focusing on making the first line of defense more aware of their risk control responsibilities and enhancing their ability to perform these responsibilities. Prior to the global financial crisis, many major banks had built up second-line control functions, while the first line (businesses) became mainly focused on revenue generation. In those institutions, first-line accountability for risk was slowly eroded. By contrast, some institutions had a strong culture of first-line accountability, but had not invested

enough in the second line. When the financial crisis hit, and the regulatory response kicked in, both types of banks faced considerable pressure to strengthen the three lines of defense.

All banks are now working to make the management of risk everyone’s responsibility. The first line has to manage the risks it creates, both financial and non-financial. The second line has to be fully accountable for enterprise risk. This requires changes in the first or second line, or both.

The survey indicates there are several routes to successful risk management. Banks must rebalance roles and responsibilities across and within their three lines of defense, make individual


自2008年金融风暴以来，欧

美国际型银行陆续进行缩

编重组，以应对各国资本监管要

求及获利能力低落的困境。这些

银行重新评估其于新兴市场的资

源配置，并倾向采用“轻资本”

（capital-light）策略。在美国QE规模缩减、新兴亚洲成长趋缓、

东南亚国家货币贬值的交互影响

下，连带推动外资银行撤离东南

亚新兴市场，东南亚成为亚太地

区各国金融业拓展市场与区域整

合的重要舞台之一。

寻找下一个成长引擎新兴亚太区金融业的机会与挑战

In search of the next growth engine Opportunities and challenges for the emerging Asia-Pacific financial sector

自2008年以来，全球银行业的平均股东权益报酬率(ROE)衰退至

10%以下，而亚太区银行业ROE却仍维持在平均13%的水准；若比较

资产成长率及营收成长率，亚太区银行业的增长速度仍大幅优于全

球平均水平。惟亚太区内各个国家银行业的营运表现则不甚相同。

自2010年至2014年，依据SNL Financial的资料及安永整理分析，

亚太区银行业ROE排名前三个国家分别为菲律宾、泰国以及印尼。

历史总资产及营收年复合成长率(2014-2019)

18%16%14%12%10%

8%6%4%2%0%

资产收入

亚太区

全球

历史平均ROE平均股東權益報酬率

20%

15%

10%

5%

0%

-5%07年财政年度

08年财政年度

09年财政年度

10年财政年度

11年财政年度

12年财政年度

13年财政年度

14年财政年度

亚太区美洲区欧洲、中东、印度及非洲区

全球


亚太新兴市场金融业在过去几年也面临

了若干挑战，包含因为QE规模缩减资

金撤离造成资金成本上升、中国经济成

长趋缓导致东南亚经济成长较预期低、

政局不稳定及资产泡沫化疑虑等。而区

域内各国也由于本土金融业价格竞争导

致获利下降并压缩净利差。然而，亚太

区整体经济局势依旧提供了金融业稳定

发展的环境。据BMI Research及安永

分析，2014年至2019年新兴亚太区银

行业总资产年复合成长率可望达11%，在全球主要市场排名第三；区域内人均

GDP年复合成长率预计可达4.6%，在主

要市场中排名第一。

新兴亚太区金融业整并趋势

因应东协经济共同体的整合与竞

争，东协各国催生国家级金融机构

东协经济共同体(ASEAN Economic Community)于2015年12月31日正

式诞生，东协的金融服务整合是除了

货物及人才自由流动之外的一项重要

基础建设。2011年提出的东协银行整

合框架(ASEAN Banking Integration Framework)透过各国双边协商的方式，

提供合格东协银行(Qualified ASEAN Banks)进入他国市场的优势。

为了因应东协经济共同体所带来的整合

与竞争机会，东协各国无不采用各种鼓

励或增加竞争措施以催生国家级的金融

机构。例如菲律宾已将外国投资本土银

行持股上限由60%增加至100%，并开

放更多的外国银行在菲律宾设立分行或

子行。同时菲律宾及越南政府也提高了

银行的最低资本需求，迫使规模较小的

银行与其他银行进行整并。依据Capital IQ的资料库，东南亚过去三年已发生了

71宗银行及保险业并购案，其中属于各

国于境内整并的案件达43件，占总件数

的61%，主要集中在银行数量较多的印

尼、菲律宾与越南，及金融市场较成熟

的泰国与马来西亚。

平均5年累计ROE(2010-2014)

180%

160%

140%

120%

100%

80%

60%

40%

20%

0%

-20%

欧美国际型金融机构撤离，区域金

融机构崛起

随着近年来欧美国际型金融机构撤离或

缩减在新兴亚太区的投资，来自日本、

澳洲、马来西亚及新加坡的区域银行正

在填补市场的空缺。近五年来，这些财

务健全且资本充足的区域银行，伴随着

既有客户在亚太区的业务成长，持续拓

展在亚太区的布局，例如部分银行随着

制造业移入泰国而进入该市场。这些区

域银行在亚太区已建立了联贷及专案融

资等类型的业务，并持续扩展。

由于台湾市场低迷，日本及澳洲的金融

机构透过设立分行或子行、参股其他金

融机构的方式进入新兴亚洲市场；新加

坡与马来西亚金融市场发展成熟但成长

机会较低，因此新加坡及马来西亚金融

机构也已经加紧布局亚太区致力于成为

区域银行。依据彭博的数据显示，马来

西亚某两大银行及新加坡某大银行已名

列为2014年东南亚前五大权益证券销

售的投资银行。

泰国的银行也积极寻找在东协各国的拓

展机会，而中国大陆的银行为了服务亚

太区的华侨，也建立了在亚太区的据

点。在各国积极布局海外的趋势下，亚

太新兴市场中规模较小的银行便成为潜

在的并购标的。东南亚过去三年已发生

的银行及保险业并购案中，其中24宗属非东协国家投资东协银行，占总数

的34%，主要的投资者来自于日本、台

湾、美国及韩国，投资标的则主要在银

行渗透度较低的印尼、柬埔寨与越南，

及外资集中的马来西亚与泰国，且平均

并购金额高于东协国家的境内整并。

然而，执行并购尚需考量标的所在国对

外资准入的规定，各国政府为保护本国

从业者，常制定各种政策限制外资进入

导致并购实际发生未如预期，例如外

资银行可能会被要求设立资本充足的子

行及聘雇当地的管理团队，或者要求外

资银行提供一定的贷放额度予该国的中

小企业等。这些限制措施将增加并购成

本，甚或改变金融业者在亚太区布局的

计画。

菲律宾

泰国

印度尼西亚

澳大利亚

马来西亚

印度

新加坡

香港

台湾

中国大陆

韩国

亚太区

全球越

南

台湾金融业对外投资放宽

台湾监管机构近年来透过修法及行政管理放宽增加银行业及保

险业资金动能，鼓励台湾金融业者积极布局海外共享亚洲繁荣

的机会，以下简略摘要相关措施:

表一：台湾银行业法规松绑情形

银行业修法前法规放宽后影响

银行法74条修正台湾商

业银行投资

金融相关事

业上限

资本额40% 净值40% 预计可增加

台湾银行业

投资动能。

惟银行业于

资本适足率

计算时，须

自自有资本

调整减除银

行对非控制

金融相关事

业(分类至银

行簿)之投资

资料来源：台湾法规资料库，安永

表二：台湾保险业法规松绑情形

保险业修法前法规放宽后影响

投资标的海外保险公

司、保经、

保代

可投资于保

险、金融控

股、银行、

票券、信

托、信用

卡、融资

性租赁、证

券、期货、

证券投资信

托、证券投

资顾问事业

等(保险相关

事业)

增加并购标

的选择

对外投资

总额

保险业资金

45%经主管机关

核准，投资

对外保险相

关事业不得

计入对外

投资限额

采专案核准

可不受限

制，增加海

外并购动能

投资对外保

险相关事业

业主权益40% 经主管机关

核准，不受

业主权益40%上限之限制

资本适足率

(RBC)调降海外并

购风险系

数，若属控

制性持股，

自0.67降至

0.35，若属

非控制性持

股，自0.57降至0.3

与其他放宽

措施合计

预期将增

加保险业

资本适足率

(RBC)16至19%，提高海

外投资动能

资料来源：台湾法规资料库，安永

资料来源：SNL Financial、安永整理的数据


Historical average ROE

Historical CAGR of total assets and operating revenue (2014-2019)

20%

15%

10%

5%

0%

-5%

18%16%14%12%10%

8%6%4%2%0%

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14APAC Americas EMEA Global

Assets Revenues

APAC

Global

Five-year average ROE (2010-2014)

180%

160%

140%

120%

100%

80%

60%

40%

20%

0%

-20%

Phili

ppin

es

Thai

land

Indo

nesi

a

Aus

tral

ia

Mal

aysi

a

Indi

a

Sing

apor

e

Hon

g Ko

ng

Taiw

an

APA

C

Glo

bal

Mai

nlan

d Ch

ina

Vie

tnam

Sout

h Ko

rea

Since 2008, the Asia-Pacific banking sector has maintained an average return on equity (ROE) of 13% while the ROE of its global counterpart has fallen to below 10%. A comparison of asset growth rate and operating revenue growth rate reveals a significantly higher growth rate of the Asia-Pacific banking sector than the global average. However, operating performance varies among the Asia-Pacific countries. According to EY’s collation and analysis of data from SNL Financial, in the period between 2010 and 2014, the Philippines, Thailand and Indonesia are the top three performing markets in terms of ROE in the Asia-Pacific banking sector.

The emerging Asia-Pacific financial sector has also faced some challenges in the last several years. These included higher capital costs as a result of capital outflow sparked by QE tapering, lower-than-expected growth in Southeast Asian economies driven by China’s economic slowdown, political instability, and asset-bubble concerns. Within the region, all countries experienced profit declines and compressed net interest margins due to price competition in

the local financial sectors. However, the overall economic situation in Asia-Pacific still provides a stable environment for the development of the financial sector. According to analyses by BMI Research and EY, for the period between 2014 and 2019, the compound annual growth rate (CAGR) of total assets of the emerging Asia-Pacific banking sector is expected to reach 11%, ranking third among major global markets; and gross domestic product (GDP) per capita is expected to reach 4.6%, ranking first among major global markets.

Consolidated trends of the emerging Asia-Pacific financial sector

ASEAN countries have spawned state-level financial institutions in response to the integration and competition of the ASEAN Economic Community

The ASEAN Economic Community (AEC) was established on 31 December 2015. The integration of ASEAN financial services is another important infrastructure in addition to the free

movement of goods and talents. The ASEAN Banking Integration Framework proposed in 2011 has provided the advantages of Qualified ASEAN Banks to enter other markets through bilateral negotiations between the countries.

In response to the opportunities for integration and competition brought by the AEC, all ASEAN countries have introduced various incentives and measures to encourage or increase competition to generate state-level financial institutions. For instance, the Philippines released the upper shareholding limit of foreign investors in local banks from 60% to 100% and more foreign banks are permitted to open branches or subsidiaries in the country. In the meantime, both the Filipino and Vietnamese governments have raised the minimum capital requirements for banks. Smaller banks are thus prompted to integrate with other banks. According to the Capital IQ databank, there have been 71 cases of banking and insurance M&A activities in Southeast Asia over the last three years. Among them, 43 involved domestic integration within the countries, accounting for 61% of the total. Such cases mainly took place in

Indonesia, the Philippines and Vietnam where there are more banks, as well as Thailand and Malaysia where the financial markets are more mature.

Withdrawal of European and US international financial institutions and the rise of regional financial institutions

With the recent withdrawals of European and US international financial institutions and the downsizing of their investments in the emerging Asia-Pacific region, the market vacancies are being filled by regional banks from Japan, Australia, Malaysia and Singapore. Over the last five years, the financially sound and well-capitalized regional banks have continued to expand their footprints in the Asia-Pacific region as their clients’ businesses expand in the region. For example, some banks have entered the Thai market as manufacturers relocate their businesses there. For continuous development, these regional banks have also developed businesses such as syndicated loan and project financing in these regions.

Sources: SNL Financial, data collated by EY

Since the global financial crisis in 2008, European and US international banks have been downsizing and

restructuring to meet the capital requirements of all governments and to cope with lower profitability. These banks tend to adopt the “capital-light” strategy for reassessment of their resource allocation in emerging markets. Under the cross influence of the quantitative easing (QE) tapering in the US, the downward growth trend in the emerging Asian economies and Southeast Asia’s currency devaluations, foreign banks are withdrawing from the emerging Southeast Asian markets. This has turned Southeast Asia into one of Asia-Pacific’s most important stages for financial business expansion and regional integration.


Due to the subdued economic conditions of the Taiwan market, Japanese and Australian financial institutions have entered the emerging Asian markets by setting up branches or subsidiaries, or equity participation in other financial institutions. Although the financial markets in Singapore and Malaysia are well-established, they have very limited opportunities for growth. For this reason, Singaporean and Malaysian financial institutions are making greater efforts to expand their footprints in Asia-Pacific as a step to develop into regional banks. According to Bloomberg’s data, two major Malaysian banks and one major Singaporean bank were among the top five investment banks of equity securities sales in 2014.

Meanwhile, Thai banks are also actively seeking opportunities for expansion in the ASEAN countries. Mainland Chinese banks have also established bases in the Asia-Pacific region to provide services to overseas Chinese there. As all countries tend to actively develop their footprints abroad, smaller banks in Asia-Pacific have become the target for M&As. Of the banking and insurance M&As which took place in South East Asia over the past three years, 24 involved investments from non-ASEAN countries, representing 34% of all cases. Such investors were mainly from Japan, Taiwan, the US and South Korea. The major targets of investments were Indonesia, Cambodia and Vietnam where bank permeation is low, and Malaysia and Thailand where the concentration of foreign investments is high while the average acquisition price is higher than the M&As in ASEAN countries.

Nevertheless, when proceeding with M&A activities, the relevant country’s restrictions on foreign capital access shall be considered. For the protection of their domestic businesses, countries often have various policies in place to restrict foreign capital access, resulting in unexpected outcomes of their M&A activities. For example, foreign banks may be required to set up subsidiaries with adequate capital and employ a domestic management team. Alternatively, they may be required to set a loan limit to the local small and medium-sized enterprises (SMEs). These restrictions would raise the M&A costs or even need to change the financial institution’s development plans in Asia-Pacific.

Taiwan relaxes foreign investment restrictions

In recent years, Taiwanese authorities have relaxed the restrictions through law amendments and introducing administrative regulations to promote capital momentum of banks and insurers, while encouraging domestic financial businesses to expand overseas and strive for success in Asia. Below is a summary of the relevant measures:

Table 1: Loosening of legal restrictions for Taiwan’s banking sector

Banking Pre-amendment Post-amendment Effect

Article 74 of the Banking Act has been amended to raise the upper limit of domestic commercial banks’ investments in finance-related business.

Capital amount: 40%

Net value: 40% Greater investment momentum from domestic banking sector is expected. But, investments in non-controlled finance-related business shall be deducted from equity adjustments (they should be categorized to bank accounts) when calculating the bank’s capital adequacy ratio.

Sources: Taiwan Laws & Regulations Database, EY

Table 2: Loosening of legal restrictions for Taiwan’s insurance sector

Insurance Pre-amendment Post-amendment Effect

Target of investment

Overseas insurance companies, insurance brokers, insurance agencies

Permitted to invest in insurance, financial holding companies, banks, notes, trusts, credit cards, financial lease, securities, futures, securities investment trust, securities investment consultancy (insurance-related business)

More choices for M&A targets

Total amount of foreign investment

Capital from insurance business: 45%

Approval from regulatory authority is needed; investments in foreign insurance related business should not be included in foreign investment limits

Project approval not subject to restrictions has increased the overseas M&A momentum.

Investment in overseas insurance-related businesses

Owner equity: 40%

Approval from regulatory authority is needed; not subject to the upper limit of 40% for owner equity

Capital adequacy ratio

Lower risk coefficients for overseas M&A are set; reduction from 0.67 to 0.35 for control shareholding; reduction from 0.57 to 0.3 for non-control shareholding

Together with other easing measures, the risk-based capital (RBC) of insurance sector is expected to increase by 16% to 19%. This will help increase overseas investment momentum. EY

Sources: Taiwan Laws & Regulations Database, EY

何淑芬

财务管理咨询服务总经理

安永财务管理咨询服务股份有限公司

专职于财务审查评鉴，并具有丰富的专业经验，参与

上百件并购案件，负责之并购交易案金额自二百万美

元至二十亿美元。

Audry Ho Partner, Transaction Advisory Services Ernst & Young Transaction Advisory Services Inc.

With ample professional experience, Audry focuses on the appraisal of financial reviews. She has participated in more than 100 M&A cases with transaction amounts ranging from USD2 million to USD2 billion.

吴培源

资深经理

安永财务管理咨询服务股份有限公司

专职于财务审查评鉴服务，并具有丰富的专业经验。

曾参与数十件并购案件，负责的并购交易案规模最高

达十亿美元以上。其中包含许多跨国交易案件。

Aaron Wu Senior Manager, Transaction Advisory Services Ernst & Young Transaction Advisory Services Inc.

With a focus on providing appraisal services of financial reviews, Aaron has ample professional experience and has participated in several dozen M&A cases. He has handled M&A transactions which involved an amount of more than USD1 billion and a number of cross-border transactions.



电力工业市场化改革的起步阶段

电力工业改革的起步阶段，这一阶段持续近25年之久，其主要特征是以“集资办电”为

突破口，初步确立市场主体。发电环节引入有限市场主体，令中央企业在输电、配电以

及售电上，处于行政性垄断地位，而市场环境和监管体制仍然继续使用计划经济模式。

1978年至1987年，中国电力经济发展迅速，电力供应严重短缺，主要问题在电力建设

资金不足。为解决电力严重短缺问题，政府提出了了联合办电、集资办电、利用外资办

电并同时实施了还本付息上网电价政策，解决电力建设资金不足的问题。这一政策的实

施，逐步形成了以中央企业为主体的，以地方、集体、私营、外资等为辅的多元化电源

投资主体，同时打破了单一电价模式，并推动政府监管职能的转变。

1987年至2002年，一方面政府电力监管职能分散在计委、经委和电力部门，另一方面

电力企业经营职能在加强，电力企业政企不分的矛盾比较突出。政府提出了“政企分

开，省为实体，联合电网，统一调度，集资办电”指导电力改革和发展的“20字方针”

。区域电力联合公司被改组为电力集团公司，分别组建了华北、东北、华东、华中、西

北五大区域电力集团。1997年国家电力公司成立，随后电力工业部撤销，其行政管理职

能和行业管理职能分别移交国家经贸委和中国电力企业联合会，此时电力工业从中央到

地方至少从形式上实现了政企分开。

现代电力工业市场体系奠基阶段

中国现代电力工业市场体系奠基起步于2002年，政府出台了比较系统科学的电力体制市

场化改革方案，但是由于认识不同，电力体制改革受到重大的阻力，近14年来仍在争论

中曲折前行。

2002年12月，国务院印发了《电力体制改革方案》（即电改“五号文”），提出了电

力体制改革的总体目标，即是“打破垄断，引入竞争，提高效率，降低成本，健全电价

机制，优化资源配置，促进电力发展，推进全国联网，构建政府监管下的政企分开、公

平竞争、开放有序、健康发展的电力市场体系”，提出了“厂网分开、主辅分离、输配

分开、竞价上网”的16字方针，并规划了改革路径。

但是，这次电力体制改革只是基本上完成了厂网分开及主辅分离，主辅分离一直拖到

2012年才完成，电价机制进行了适应性调整，输配分开和竞价上网基本上没有实质性启

动。其间，国家电网公司撤销了根据电力改革方案成立的五大区域电网公司，调度职能

本部化。

电力体制改革裹足不前，主要原因应该包括：一、电力监管委员会、政府及社会改革力

量在推进电力改革中处于不够强势的地位；二、一度经济高速增长出现的电荒苗头、通

货膨胀预期、2003年8月14日的美加大停电事故、后续的英国伦敦与欧洲电网等多起大

停电、国外电力市场的负面消息、2008年国内南方冰冻灾害的大停电事故以及美国次贷

危机引发的世界性金融或经济危机等事件，都成了延缓改革或反改革的因素。

2013年11月12日，中国共产党十八届中央委员会全体会议通过《中共中央关于全面深

化改革若干重大问题的决定》，11月15日正式发布。中共中央的《决定》、中央财经

领导小组第六次会议以及国家能源委员会第一次会议，再次吹响了电力体制改革的集结

号，《中央全面深化改革领导小组2014年工作要点》以及《国务院批转发展改革委关于

2014年深化经济体制改革重点任务意见的通知》对深化电力体制改革提出了新使命、新

要求。

2015年3月15日，中共中央印发了

中国大陆电力体制改革的发展及未来走向

Development and prospects of China’s electricity system reform

中国大陆电力体制改革自1978年破冰，是一个市

场化的漫长过程。市场化进展的快慢取决于电力

工业及社会经济发展阶段、当局对问题的认知程度和采

取的措施，以及国际社会经济发展环境等因素的综合影

响。中国电力工业市场化，实际上是由市场竞争主体的

完善、市场环境的营造以及监管体制的重塑三个方面重

点战略展开的，只不过在不同时期侧重点有所不同。


电力体制改革的未来走向判断

目前，以电力体制改革综合试点单位为

主的业务探索格局已经初步形成。国家

发改委、国家能源局已批复云南、贵

州、河北、广西、山西开展电力体制

改革综合试点，福建、北京、海南、

山东等省市电力体制改革方案正在等

待批复；已经先行批复深圳市、内蒙

古西部、安徽省、湖北省、宁夏自治

区、云南省、贵州省开展输配电价改革

试点。2016年11月发改委新批复了天

津、青海、湖南电力体制改革试点方

案，目前，电力体制改革试点已覆盖29个省（区、市）和新疆建设兵团；已经

批复广东、重庆、新疆生产建设兵团开

展售电侧改革试点。

为鼓励和引导社会资本投资增量配电业

务，发改委、国家能源局于11月27日印发《关于规范开展增量配电业务改革

试点的通知》，公布了105个第一批增

量配电业务改革试点项目，并对规范开

展试点提出了明确要求。

电力体制改革应该促进电力行业健康发

展，满足社会经济发展的需要。当前，

电力供应过剩的问题比较突出，这说明

当前的电力体制导致了电源过度超前投

资，造成了社会资源浪费和社会福利损

失。

《中共中央国务院关于进一步深化电力

体制改革的若干意见》（中发【2015】

9号文）指出，“深化电力体制改革是

一项紧迫的任务，事关我国能源安全和

经济社会发展全局”。中央9号文件对

电力体制改革进行了顶层设计，提出深

化电力体制改革的重点和路径：在进一

步完善政企分开、厂网分开、主辅分开

的基础上，按照管住中间、放开两头的

体制架构，有序放开输配以外的竞争性

环节电价，有序向社会资本放开配售电

业务，有序放开公益性和调节性以外的

发用电计划；推进交易机构相对独立，

规范运行；继续深化对区域电网建设和

适合我国国情的输配体制研究；进一步

强化政府监管，进一步强化电力统筹规

划，进一步强化电力安全高效运行和可

靠供应。

很明显，中央9号文基本上肯定了2002年国务院5号文件改革做法，但改革的

重点和路径更为谨慎。

随后，2015年11月26日，国家发改委

根据中央9号文要求牵头制定并印发了

六份电力体制改革配套文件：《关于推

进输配电价改革的实施意见》、《关于

推进电力市场建设的实施意见》、《关

于电力交易机构组建和规范运行的实施

意见》、《关于放开发用电计划的实施

意见》、《关于推进售电侧改革的实施

意见》以及《关于加强和规范燃煤自备

电厂监督管理指导意见》。

首先，我们分析一下发电市场。

因为参与竞争的主体主要是中央

和地方国有企业。所以，与之相

关的产权制度、绩效考核制度及

经济责任审计制度等改革十分重

要。

第二，再看一下电力市场环境。

交易机制薄弱，靠充分市场竞争

获得的电量和价格几乎没有，缺

少电力长短期市场、期现市场和

丰富的电力商品品种。所以，与

之相关的调度交易机构独立、电

力产品市场、金融市场都是电量

和价格市场化改革的中心。

第三，对电网和调度交易机构的

监管与售电市场化建设同等重

要。所以，与之相关的输配电价

监管、资金和结算监管及输配电

绩效和调度绩效监管改革也尤为

重要。

展望未来，由于有中央全面深化改革领

导小组的重视和顶层指导，“十三五”

期间电力体制改革的速度定将会超过以

往各个时期，我们拭目以待。

China’s electricity system underwent an ice-breaking reform in

1978. Since then, the industry embarked on a long process of marketization. The pace of such marketization has depended on a combination of factors, including the various stages of sectoral and socio-economic development, the authority’s awareness of the relevant issues and the measures they adopted, as well as the changing global socio-economic landscape. As a matter of fact, the marketization of China’s electricity industry was emanated from three key strategies – improving the competitive entities in the market, shaping the market conditions and remodeling the regulatory system – with different emphases at different times.

The initial stage of the electricity industry’s market-oriented reform

The initial stage of the electricity industry’s reform had lasted for nearly 25 years. The cutting-edge feature of this stage was the initiative to “operate through fund raising” which preliminarily determined the market entities. A limited number of market entities were introduced into the electricity generation segment, with state-owned enterprises (SOEs) still enjoying administrative monopoly in the transmission, distribution and sale of electricity. On the other hand, the market environment and regulation system continued to adopt the planned economy model.

In the period between 1978 and 1987, China experienced serious power shortages due to rapid development of the electricity industry. The crux of the problem lied in the insufficient funds for building electricity facilities. To solve the problem of these severe power shortages, the government proposed solutions including joint operation, operation through fund raising and operation by foreign capitals, along with the policy of on-grid tariffs based on principal and interest repayment.

The implementation of such policy has progressively formed a diversified portfolio of electricity investment entities with SOEs as the main entities, supplemented by local, collective, private and foreign capitals. This has also eliminated the single mode of electricity pricing and promoted the changes in the government’s regulatory function.

In the period between 1987 and 2002, the government’s regulatory functions over electricity industry were shared by the State Planning Commission, the State Economic and Trade Commission and electricity departments. On the other hand, with the strengthening of the operational functions at electricity companies, the absence of a clear-cut distinction between the government and the companies has given rise to some remarkable conflicts at electricity companies. As such, the government promulgated the “20-character” guidelines for the reform and development of the electricity industry – “separation of administration from enterprise operation; provinces as entities; joint grids; centralized dispatch; operation through fund raising”. Local joint electricity companies were restructured into electricity groups. Five major regional electricity groups


In December 2002, the State Council published the Plan for the Reform of the Electric Power Industry (“State Council [2002] No. 5”) which set out the overall objectives of the electricity system reform, namely to “remove monopoly; introduce competition; raise efficiency; reduce costs; improve pricing mechanism; optimize resource allocation; promote electricity development; implement national grid; separate administration from enterprise operation under the supervision of the government; ensure fair competition; open up the electricity market for an orderly and healthy development”. A “16-character” approach was proposed to define the direction of the reform – “separation of plant from grid; separation of main entities from subsidiaries; separation of transmission from distribution; bidding for on-grid”.

However, during this stage of reform, only the objective of plant-grid separation was realized. It was not until 2012 that the separation of main entities from subsidiaries was achieved. Appropriate adjustments were made

to the pricing mechanism, while the separation of transmission from distribution and bidding for on-grid are yet to be implemented. During the time, the State Grid Corporation of China dissolved five regional grid companies established under the reform plan and departmentalized the dispatch functions.

There are two main reasons for the stalemate in China’s electricity market reform. Firstly, the State Electricity Regulatory Commission, government and social reformatory forces were not in a strong enough position to drive the reform. Secondly, various incidents have delayed or resisted the reform, including the signs of electricity crisis under the rapid economic growth, anticipated inflation, Northeast blackout in the US and Canada on 14 August 2003, a series of subsequent blackouts in London and Europe, negative news on overseas electricity markets; a major blackout due to the winter storms in Southern China in 2008 and the global financial and economic crisis sparked by the US subprime mortgage crisis.

On 12 November 2013, the Decision on Major Issues Concerning Comprehensively Deepening Reforms was adopted at the Sixth Plenary Session of the 18th Communist Party of China (CPC) Central Committee and was officially promulgated on 15 November 2013. The CPC Central Committee’s Decision, along with the sixth meeting of the Leading Group for Financial and Economic Affairs and the first meeting of the National Energy Commission, once again sounded the bugle to assemble forces for the electricity system reform. New missions and new requirements of the reform were proposed in official documents, including the Key Tasks of the Central Leading Group for Comprehensively Deepening Reforms in 2014 and the Circular of the State Council on Approving and Relaying the National Development and Reform Commission’s (NDRC) Opinions on the Key Tasks of Deepening Economic System Reform in 2014.

On 15 March 2015, the CPC Central Committee published Several Opinions

were established in Northern China, Northeast China, Eastern China, Central China and Northwest China. In 1997, the State Power Corporation was founded. Later on, the Ministry of Electric Power was dissolved and its administrative management and sectoral management functions were transferred to the State Economic and Trade Commission and China Electricity Council. By then, a separation of administration from enterprise operation has been achieved, seemingly at least, from the central to local levels.

The foundation stage of a modern electricity market

The foundation stage of a modern electricity market was started in 2002 when the government promulgated relatively systematic and scientific reform plans for the marketization of the electricity system. However, the electricity market reform was met with significant resistance due to the differences in comprehending the matter. For nearly 14 years, the reform has been struggling to make progress.

on Further Deepening Power System Reform (“Document [2015] No. 9”). The document stated that “deepening the electricity system reform is an imminent task that determines the nation’s energy security and our overall socio-economic development”. Document [2015] No. 9 provided a top-down design of the electricity system reform and put forward some key points and direction for deepening such reform.

On the basis of further improvement of the separation of administration from enterprise operation, plant-grid separation and the separation of main entities from subsidiaries, an overall principle of “controlling the middle and opening up the two ends” was established. It aimed to systematically open up the pricing of competitive items (excluding electricity transmission and distribution), electricity transmission and distribution businesses to social capitals as well as electricity generation and usage schemes (excluding public welfare and adjustment schemes). It also aimed to promote a relatively independent and standardized operation of trading organizations; to continuously deepen the studies on regional grid infrastructure and electricity transmission and distribution systems suitable for China’s conditions; to further tighten up government surveillance and further strengthen the coordination of electricity planning; and to further enhance a safe and efficient operation and a reliable supply of electricity.

Apparently, Document [2015] No. 9 basically acknowledged the practices set forth in State Council [2002] No. 5, only proposing more prudent emphases and direction of the reform.

On 26 November 2015, the NDRC took the lead to publish a set of six supporting documents regarding electricity market reform based on the requirements of Document [2015] No. 9, namely, Implementation Opinions regarding the Promotion of Pricing

Reform of Electricity Transmission and Distribution, Implementation Opinions regarding the Promotion of Electricity Market Development, Implementation Opinions regarding the Establishment and Regulated Operation of Electricity Trading Organizations, Implementation Opinions regarding the Opening Up of Electricity Generation and Usage Schemes, Implementation Opinions on Promoting the Sale of Electricity Side Reforms and Guidance Opinions regarding Tightening Up and Standardizing the Supervision and Management of Coal-fired Captive Power Plants.

Gauging the way forward of China’s electricity system reform

Currently, a business exploration pattern, mainly based on the pilot areas for comprehensive power system reform, has come into shape. The NDRC and the National Energy Commission have approved the pilot areas for comprehensive power system reform to take place in Yunnan, Guizhou, Hebei, Guangxi and Shanxi. Other provinces and cities including Fujian, Beijing, Hainan and Shandong have their electricity system reform plans waiting for approval. In areas that have already been granted approvals, namely Shenzhen, Western Inner Mongolia, Anhui, Hubei, Ningxia Hui Autonomous Region, Yunnan and Guizhou, pilot points have been established for the electricity transmission and distribution pricing mechanism reform. In November 2016, the NDRC approved the electricity reform pilot schemes in Tianjin, Qinghai and Hunan. So far, the electricity reform pilot scheme has been launched in 29 provinces, regions and cities, in addition to the Xinjiang Production and Construction Corps. Approvals have been granted to Guangdong, Chongqing and Xinjiang Production and Construction Corps to launch the electricity supply-side reform pilot points.


In order to encourage and direct the investment of social capitals in the incremental electricity distribution business, the NDRC and the National Energy Commission published the Notice on Regulating the Launch of Incremental Electricity Distribution Business Reform Pilot Points on 27 November 2016. The Notice announced the first batch of 105 cases of incremental electricity distribution business reform pilot points, and specified the requirements for regulating the launch of pilot points.

The electricity system reform should promote a healthy development of the electricity industry and meet socio-economic needs. The market is currently facing the issue of electricity oversupply. This means that the current electricity system reform has given rise to the excess of resources over investments, resulting in a wastage of social resources and welfare losses.

Firstly, we shall analyze the electricity generation market. With central and local SOEs as the main competitive entities, the reforms of the property system, performance appraisal system and economic responsibility audit system have become very important.

Secondly, the current electricity market conditions demonstrate a weak transaction mechanism. It is almost impossible to rely on market competition to determine electricity volumes and prices. There is a lack of long- and short-term markets, spot and futures markets, as well as a diversified set of electricity commodities. Under such circumstances, the independence

杨豪

大中华区电力行业审计服务主管合伙人

安永华明会计师事务所（特殊普通合伙）

杨豪拥有超过20年的服务于大型中央企业

及国有企业、上市公司客户的丰富经验，在

能源、电力行业审计和财务咨询方面积淀深

厚。他带领团队协助大中华区本土企业及其

全球分支机构完成财务报告审计、评估及改

制咨询、重组并购、战略策划等项目。

Yang Hao Partner Assurance Sector Leader, Power & Utilities Ernst & Young Hua Ming LLP

Yang Hao has over 20 years of auditing and financial advisory experience in serving state-owned enterprise (SOEs) and listed companies. He has accrued broad industry experience in the power and utilities sector. He led engagement teams to assist local enterprises as well as their overseas subsidiaries to fulfill a series of projects covering annual report auditing, evaluation, restructure advisory, M&As and strategic planning.

作者介绍 Author

of relevant power dispatch and trading organizations, electricity commodities markets and financial markets are the foci when carrying out marketization reform for electricity volumes and prices.

Thirdly, the supervision and regulations on grid and dispatch trading organizations and the development of an electricity sale market are equally important. As such, the regulatory reforms of relevant electricity transmission and distribution pricing, capitals and settlement as well as the performance of electricity transmission, distribution and dispatch are also particularly important.

Looking ahead, with the attention of the Central Leading Group for Comprehensively Deepening Reforms and top-level guidance, China’s electricity system reform is expected to move faster during the 13th Five-Year Plan period as compared with any previous periods. EY


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中国大陆《网络安全法》正式颁布

Mainland China adopts long-awaited cybersecurity law

《中华人民共和国网络安全法》（以下简称“网络安全法”）从草案发

布到正式出台耗时超过一年。2015年7月6日，全国人民代表大会

（以下简称“全国人大”）首次公布了《网络安全法（草案）》，向社会公开

征求意见。历经两次审议修订后，全国人大于2016年11月7日正式表决通过了

《网络安全法》。《网络安全法》是全面构建中国信息安全和网络安全方面法

律框架的重大进步。该法涵盖了信息保护、网络安全和网络空间主权等多个法

律领域，并为中国网络及数字法律奠定基石。由于扩大了适用范围，同时规定

了公司违反该法应采取的补救措施，外界普遍认为《网络安全法》是自2012年12月28日《全国人民代表大会常务委员会关于加强网络信息保护的决定》

颁布之后，加强信息保护和网络安全方面最重要的立法。


络生命周期中的任何利益关联者，如公司组

建网络设备到日常使用，所有位于中国境内

的网络均适用《网络安全法》。举例来说，

一家在中国境内设有代表处的德国企业组建

了企业内部网络，员工可以通过电脑、平板

电脑、或智能手机等终端共享客户信息。由

于组建内部网络用于信息分享符合第76条对“网络”的定义，且该网络位于中国境内

符合第二条规定的使用范围，因此《网络安

全法》将得以适用。

个人信息、网络安全和关键信息基础设施间的博弈

企业首先要遵守关于个人信息保护的义务。

《网络安全法》对个人信息的定义进行了界

定，值得一提的是，这一概念曾在草案中被

称为“公民个人信息”，最终确定为“个人

信息”。根据第76条第五款规定，“个人

信息，是指以电子或者其他方式记录的能够

单独或者与其他信息结合识别自然人个人身

份的各种信息...。”因此，企业处理个人信

息，包括处理企业内部雇员的信息时，都必

须按照《网络安全法》第四章的规定承担义

务，并遵循第41条所规定的“合法、正当、

必要”原则，该法全文也贯穿了这一原则。

其他还包括第42条规定，未经被收集者同

意，不得向他人提供个人信息；第43条规定

了有权删除个人信息的主体；第44条规定

了出售个人信息要满足合法性要求；第45条规定了个人信息保密性和安全性义务，以

及其他《网络安全法》和其他有关信息保护

和网络安全的法律法规中个人信息有关的权

利义务。

仅从法规名称来看，《网络安全法》主要目

的在于加强中国境内的网络安全。大部分有

关网络安全保护义务的条款设置在第21条至

30条。第21条第三款规定了“采取监测、

记录网络运行状态、网络安全事件的技术措

施，并按照规定留存相关的网络日志不少于

6个月”；第22条规定了，“网络产品、服

务应当符合相关国家标准的强制性要求”。

从而将隐私相关法律法规与《网络安全法》

联系起来。第24条规定，在遇到个人信息等

数据泄露情况时，网络运营商有义务制定网

络安全事件应急预案。然而，对于境内公司

来说，网络安全保护义务不仅仅体现在《网

络安全法》中，其他有关网络安全和信息保

护的法律法规也有相关规定。另外，根据

《网络安全法》设立的安全等级保护制度，

一些特定类型、被确定为重要级别的公司，

其安全保护义务将会加重。

由于在中国境内设立的公司类型各不相同，

为确保企业和国家的网络安全，根据《网络

安全法》的规定，国家亦将实行网络安全不

同等级保护制度。为使法律与市场状况相适

应，《网络安全法》以是否涉及关键信息基

础建设设施为大前提，将公司分为两类。

《网络安全法》适用于所有类型的企业，但

属于第31条规定的关键信息基础建设设施

企业，需额外承担相关义务，以及《网络安

全法》第三章第二节的所有规定。关键信息

基础建设设施企业，需严格遵守第33条至第

38条的规定，包括第37条有关个人信息储

存义务的规定。

《网络安全法》重新定义了在中国境内，信

息数据应当如何收集、存储、传输、交换和

处理。由于同时覆盖了个人信息保护和网络

安全，《网络安全法》为中国提供了保障国

内网络和网络空间主权的工具。由于《网络

安全法》的适用范围，涵盖了位于中国境内

的内资及外资企业，故可谓同时构建了信息

保护及网络安全方面的全面法律框架。

《网络安全法》于2017年6月1日起正式生

效。《网络安全法》带来哪些预期变化? 将会对哪些企业产生影响? 如何确保企业满足

《网络安全法》的合规性要求? 本文拟通过

全面分析《网络安全法》，明确其对于中国

境内内资及外资企业的影响。值得注意的

是，《网络安全法》不应被作为一部独立的

法律进行解读，而应作为中国有关信息保护

和网络安全一系列法律中重要的一部法律进

行理解。

《网络安全法》扩大对内资和外资企业的适用范围

为明确《网络安全法》的适用范围，理解行

政机构和本法所推行的网络空间主权概念至

关重要。第二届世界互联网大会上习近平主

席在主旨发言中指出，网络空间主权可以理

解为一种网络管辖权概念，即一国在其境内

有权对网络安全进行管辖而不受他国网络安

全管辖的影响。

维护网络安全是《网络安全法》制定的主要

目的之一，该法第一条规定“为了保障网

络安全...制定本法。”而《网络安全法》的

适用范围应按该法第二条规定理解，即限定

于“在中华人民共和国境内...”。位于中国

的公司只要涉及到网络生命周期的任何环节

无论其为内资还是外资企业均将适用《网络

安全法》。

对于位于中国境外的公司，立法机关在制定

《网络安全法》时更注重预防性，该法第

五条规定了面对“...中华人民共和国境内外

的网络安全风险和威胁，...”可采取的应对

措施。为达到保护的目的，该法第47条规

定“网络运营者...，发现法律、行政法规禁

止发布或者传输的信息的，应当立即停止传

输该信息，采取消除等处置措施，防止信息

扩散，保存有关记录，并向有关主管部门报

告。”借此《网络安全法》通过不对非法信

息或网络使用来源采取行动来避免产生域外

效力。这也意味着通过对网络进行监控及管

理，网络运营商将被视为信息检查点，从而

明确划分中国网络安全主权的界线。

从全国范围看，《网络安全法》适用于在中

国绝大多数与网络相关的利益关联者。《网

络安全法》第二条明确规定了本法适用于

“在中华人民共和国境内建设、运营、维护

和使用网络，以及网络安全的监督管理”，

涵盖了中国境内整个网络生命周期。“网

络”一词的含义，该法第76条第一款也进

行了界定，即“网络，是指由计算机或者其

他信息终端及相关设备组成的按照一定的规

则和程序对信息进行收集、存储、传输、交

换、处理的系统。”无论从横向还是纵向来

看，也不管其处于在线或离线状态，包括网


On 1 June 2017, China’s CSL went into effect. What are the expected changes? Who are affected and how should they comply with the CSL? Through a thorough analysis of the CSL, this article will look at the scope of the CSL affecting both local and foreign companies in China. The CSL must not be understood as a standalone law, but as one of the most, if not the most, important piece of legislation in the Chinese data protection and cybersecurity legal cluster.

The extensive scope of the CSL on Chinese and foreign companies

To determine the scope of the CSL, it is essential to understand the concept of cyber sovereignty promoted by the executive body and this law. Cyber sovereignty could be interpreted as is an internet governance concept that promotes the regulation of internet by a state within its border without the influence of foreign state internet

It took more than one year for China’s Cybersecurity Law (CSL) to arise from the state of draft to that of law. First released for public comments by China’s National People’s Congress (NPC) on 6 July

2015, it was amended twice before being finalized and adopted by the NPC on 7 November 2016. The CSL is a major step forward for Chinese law governing data protection and cybersecurity through the provision of an extensive legal framework. Covering multiple fields of law such as data protection, cybersecurity and cyber sovereignty, the law has become a cornerstone of digital law in China. It is perceived to be one of the most important regulations on data protection and cybersecurity since the “Decision of the Standing Committee of the National People’s Congress on Strengthening Network Information Protection” promulgated on 28 December 2012 due to its extended scope and its remedies against companies not complying with the CSL.

governance from the keynote speech of President Xi Jinping made during the second World Internet Conference. Preserving cybersecurity, being one of the main goals set by Article 1 of the CSL – “This law is formulated so as […], to preserve cyber sovereignty” – it is only logical to see that the scope of the CSL is, by Article 2, restricted to the “territory of the People’s Republic of China”. Both Chinese and foreign companies, without distinction of origins, located within China may trigger the CSL if they are related to any part of the network life cycle.

As for companies located outside of China, the CSL is crafted in such fashion that it serves a defensive purpose against “[...] security risks and threats arising both with and without the territory of the People’s Republic of China […]” as defined by Article 5 of the CSL. To serve this shielding purpose, the provision set in Article 47 for example allows “Network operators […]


22) that allows sectorial privacy regulation to be combined with the CSL, or the obligation to “formulate emergency response plans for network security incidents” (Article 24) such as data and personal information breaches. However, those obligations are only a part of the obligation spectrum that covers companies in China, as further obligations are set by the CSL for general companies, and sectorial laws and regulations concerning data protection and cybersecurity can complement the CSL, and a specific range of companies considered critical will be encompassed by enhanced obligations in accordance with the CSL tiered cybersecurity system.

However, the law acknowledges that different types of companies exist in China, requiring different levels of scrutiny and protection to ensure the preservation of companies’ and China’s cybersecurity tiered system. For the law to adapt with the state of the market, the CSL divides companies into two main categories, “critical” and others. While the CSL applies to all companies, companies belonging to the “critical” range of information infrastructures defined by Article 31 will have to comply with supplementary obligations and all articles in section 2 of chapter 3 of the CSL. Critical information infrastructure companies will have to carefully comply with their new obligations set by Articles 33 to 38, including the obligation of personal information localization set by Article 37.

The CSL will redefine how information is collected, stored, transmitted, exchanged and processed in China. Through the coverage of both personal information protection and enforcement of cybersecurity, China gives itself the tools to protect its cyber sovereignty along with its network. By including both local and international companies located in China, the law provides a comprehensive legal framework for data protection and cybersecurity, leaving no stones unturned. EY

林忠

合伙人

瑛明律师事务所

林忠博士专注于国际经济法领域20多年，尤其擅长私募股权、风险投

资、外商直接投资、跨境并购及反垄断法律服务等。林博士致力于为医

药健康、汽车与交通、科技、媒体及通信等行业的投资并购交易提供法

律服务，对相关行业涉及的法律问题具有独到的见解和丰富的经验。

Lin Zhong Partner EY Chen & Co. Law Firm

Dr. Lin Zhong has focused on international economic law for more than two decades, especially in providing legal services for private equity, high-risk investment, foreign direct investment, cross-border M&As and anti-monopoly. Dr. Lin provides legal services for investments and M&A deals in the healthcare, automotive and transportation, technology, media and telecommunication sectors. He has unique insights and ample experiences in legal issues of the relevant sectors.

Galaad Delval 研究员、认证信息隐私专业人员/欧盟

瑛明律师事务所

Galaad供职于瑛明律师事务所，是一名数据保护与网络安全法专家。他

还是数字经济中隐私权影响方面的专家，定期就数据保护合规问题发表

学术论文与相关文章。

Galaad Delval Researcher, CIPP/E EY Chen & Co. Law Firm

Galaad is a data protection and cybersecurity law specialist at EY Chen & Co Law Firm. He focuses on the impact of privacy on the digital economy and regularly publishes scholarly and popular articles on data protection compliance issues.

作者介绍 AuthorsJuggling between personal information, cybersecurity and critical information infrastructure

The first array of obligations companies will have to comply with concerns personal information. First defined as a citizen’s personal information, the term personal information was eventually adopted in the final version of the CSL. According to paragraph 5 of Article 76, it refers to “all kinds of information, recorded electronically or through other means that taken alone or together with other information, allows the identification of a natural person […]”. As such companies handling personal information, even their own employees’ personal information, will have to comply with most of the obligations set by Chapter 4 of the CSL, including the obligation to abide by the principles of “legality, legitimacy and necessity” set by Article 41, which are further described in the same article. Further obligations are set by Articles 42 to 45 such as the requirement for “consent” (Article 42), the subject of the personal information’s right to personal information deletion (Article 43), the legality and legitimacy requirement on the sale of personal information (Article 44), and the obligation to safeguard the safety and confidentiality of collected personal information (Article 45), among other rights and obligations targeting personal information set by other articles of the CSL and other laws targeting data protection and cybersecurity.

But as the name of the law stands, the main focus of the CSL is to enhance the level of cybersecurity throughout China. Most of the obligations concerning cybersecurity are set by Articles 21 to 30, including among other obligations, the obligation to “adopt technological measures for monitoring and recording network operational statuses and network security incidents and store network logs for at least six months” (Paragraph 3 Article 21), the obligation to “comply with relevant national and mandatory requirements” (Article

upon discovering information that the law or administrative regulations prohibits the publication of transmission of, [are to] immediately stop transmission of that information, employ handling measures such as deleting it, to prevent the information from spreading, save relevant records, and report it to the relevant competent departments”. As such the CSL avoids any extra-territorial effect by not acting on the source of the illegal information or network use. It means that through the monitoring and management of their network, network operators ought to serve as information check-point, drawing the line of the China’s cyber sovereignty borders.

As for the national scope of the CSL, it transcends most of the stakeholders in relation with the network in China. Article 2 of the CSL clearly states that the law applies to the “construction, operation, maintenance and usage of networks, as well as network security supervision and management”, covering the full life cycle of the Chinese network. As for the network itself, defined by paragraph 1 of Article 76, it “refers to systems comprised of computers or other information terminals and related equipment that follow certain rules and procedures for information collection, storage, transmission, exchange and processing”. Both vertical and horizontal, the CSL covers every network in China, may they be online or offline, along with all the stakeholders involved in the network life cycle, from the companies setting up the infrastructure, to those making daily use of it. For example, a German company with a representative office in China having set up an air-gap intranet to share client information between employees’ terminals (such as computers, tablets and smartphones) would be covered by the CSL: an intranet is a network of terminals meant to share information as specified by Article 76 and the network is located in China as required by Article 2.


业财融合：全球的考察和中国大陆的进展A global study on finance business partnering and its development in mainland China


的受访者认为，改善财务和业务之间的业务合作是

一个重要事项。

67% 关注业财融合

新技能

的受访者表示，在预测和规范分析中建立技能对

未来至关重要。

57% 的受访者表示，将最先进的科技与流程改进相结

合将是未来财务职能的主要焦点。

58% 最先进的科技

的受访者表示，未来的财务职能的重要元素是

标准化和自动化流程，以及将敏捷和质量纳入

流程。

65% 未来自动化

人才科技

建立未来的财务职能：科技与人的结合

业财融合是指业务部门与财务部门，通过信息化技术和手段实

现业务流、资金流、信息流等数据源的及时共享，基于价值目

标共同做出规划、决策、控制和评价等管理活动，一起保证企

业价值创造过程的实现。财务与业务活动的有机融合已经成为

传统会计从财务核算向价值创造转型的关键。

业财融合：全球的考察

后全球危机时代，企业所面临的政治、经济、社会环境以及变

革的快节奏让经营不再是易事。世界变得愈发扁平1，全球局

势也愈发动荡。这意味着企业寻获竞争优势源泉的机会将愈发

稀缺，而前路暗藏着新的危机。有鉴于此，决策的质量变得愈

发重要，将决定企业成功与否。

为了确保决策不受偏见所左右，而是利用可获取的证据并加以

适当的分析，从利益相关者的利益角度加以衡量，我们需要专

业的严谨精神。借助“业财融合”来落实管理会计学科的相关

理念，可以很好地解决上述问题。

在标准报告和分析工作完成之后，业财融合才开始启动。在这

一节点上，关注的重点从会计处理向过程的管理转移。此时，

管理会计学科的理念应用到业务之中，形成相关见解以供决策

参考及改善绩效。

对许多企业而言2，建立有效的业财融合仍然是一大挑战。这

是因为企业能力有限以及它们认为会计人员可能不具备所需的

商业头脑或软技能。企业和会计人员都需要应对这项挑战，这

一点非常重要。

下图概述了管理会计师可以参与提供哪些服务。

管理会计是当前会计发展的大趋势，而业财

融合是管理会计在企业得以落地的基础。

因此，安永、皇家特许管理会计师公会(CIMA)和上海国家会计学院联手以“业财融合”为主题进行

了专门研究。研究报告以一对一访谈、圆桌会议、

问卷调查、企业案例研究等多种方式完成。

资料来源：全球特許管理會計師（CGMA），《业财融合研究報告》

将会计技能与业务理解结合起来，这可以帮助那些承担财务规

划和分析职责的会计人员，确保以勤勉尽责的方式开展分析，

并专注于股东价值的创造。他们能为重大决策提供信息参考，

帮助企业了解开展绩效管理所需的成本、绩效、风险驱动因素

以及现金流。

装备未来的财务职能

根据安永对32个国家和地区的769名首席财务官和财务负责

人的调查，以及对首席财务官们的深入访谈3，安永设想未来

的财务职能需要拥抱技术创新，以提高效能，提升效率，增强

洞察力。安永预示专业人员需要充分利用科学技术，因此提供

相适应的技能和能力，以推动决策，达成公司的战略目标。

1 《世界是平的——二十一世纪简史》，弗特曼，2005

2 《新技能、现有人才——财务专业人士长期支持企业成功的新任务》，全球特许管理会计师（CGMA），2012

3 《首席财务官的DNA——财务的未来在于新技术还是新员工? 装备未来的财务职能》，安永，2016年

资料来源：安永，《首席财务官的DNA》

设计未来的财务经营模式

在一个更多需求和更紧密联系的世界，基于财务领导人对该环

境作出相对的回应，明日的财务经营模式将与今日的有所不

同。如下图所示，未来的经营模式将受多个驱动因素影响：

• 由于许多企业中的首席财务官角色已扩展至难以单凭一个

人的力量来胜任这项工作，首席财务官将需要调配他们最

好的领导人才进入财务管理部门。

• 随着经济变得更加紧密，以及合作和有效的信息流通变得

越来越重要，财务业务合作伙伴和卓越中心将不仅面向内

部利益相关者提供交界面，并且面向外部利益相关者及其

生态系统合作伙伴。

• 由于财务和会计流程变得越来越自动化，财务的后台职能

将会萎缩，虚拟的劳动力开始取代大量共享服务或外包服

务安排的全职员工。对财务部门工作和人数的关注将提升

至业务合作伙伴关系和卓越中心的层次。

信息系统数据采集、完整性和访问、商业智能、仪表盘

财务会计和运营交易处理和记录 (包括购买到支付、订单到现金、记录到报告流程)、流程改进(六西格玛、精益生产和持续改善)、第一级报告

部门管理和转型

财务部门以外的财务相关职能业务分析师、顾问、统计员

其他学科的专业知识秘书工作、税收、司库、并购、投资者关系

外部报告确保法定账目、报告、收益的完整性

管理信息财务规划与分析 (FP & A)、绩效分析和报告、数据分析

为决策和绩效管理提供支持咨询和规划、评估、成本、风险和项目管理


构思未来财务职能经营模式的原则

战略性业务合作伙伴

下一代的卓越中心

智能财务工厂（全球业务服务）

（首席财务官、财务首席运营官、首席会计官）

高级财务管理部门

高级财务管理部门：为了管理复杂、日益增长和愈发严格的财务领导角色的责

任，财务管理人员需要与首席财务官集中于：

• 外部关系

• 商业模式和数字化创新

• 人才领导

• 生态系统和伙伴关系

• 大趋势响应

• 道德决策

下一代的卓越中心

• 财务分析

• 对企业数据和其他数据来源如客户行为和竞争对手的活动的预测与应用

• 战略风险和应变能力

• 关联报告，包括财务报告和可持续发展的关键绩效指标、利益相关者的管理和跨渠道沟通

• 智能合规和内控包括数据驱动的预警系统

• 财务管理

战略性业务合作伙伴：

• 数据驱动情况和表现建模

• 资源配置以推动创新和数字化主张

• 与业务部门和职能领导联络

内部利益

相关者，包括科技

专家、业务单位和

职能领导

外部利益相关者，

包括科技合作伙伴、

主要供应商、企业家

和创新中心

智能财务工厂：

• 具有全自动交易流程的精益驱动财务服务

• 数据生产和供应、自动化控制、记分卡报告、自助服务数据

• 由财务首席运营官带领

• 外包厂商专注于高价值的和自动化的服务，当中的商业条款专注于价值

战略、运营、人员

业务线战略顾问

风险、财务规划、税务等

今日

明日

首席财务官

业务合作伙伴

卓越中心

财务工厂：共享服务中心和外包

低价值、大规模的交易过程（即无须过多商业判断）

业财融合在中国

2014年10月27日，财政部发布了《关于全面推进管理会计体

系建设的指导意见》，指出“管理会计是会计的重要分支，主

要服务于单位内部管理需要，是通过利用相关信息，有机融合

财务与业务活动，在单位规划、决策、控制和评价等方面发挥

重要作用的管理活动”。我们把“财务与业务活动的有机融

合”简称为“业财融合”。

上海国家会计学院会计信息调查中心对中国企业业财融合问题

进行了问卷调查。从调查对象财务人员的角度看，虽然部分财

务人员已经较好地融入或者在融入业务部门和业务活动中，但

是离理想中的业财有机融合的状态，还有较远的差距。从调查

对象业务人员的角度看，虽然财务人员和业务部门及业务活动

已经有较多的融合，但是财务人员的能力以及积极性主动性需

要进一步的提升。

案例：河北联通的实践

研究报告以中国联通河北分公司（河北联通）为例，阐释如何

在企业中开展业财融合的实践，包括：业财融合的目标是将财

务管理作为实施价值创造的助推器；为了实现业财融合所进

行的财务组织架构的调整，建立“管理会计”加“财务共享中

心”管理模式；建立财务共享中心的路径；按业务链建立专业

财务的路径；以及专业财务的实践。

针对财务组织架构，河北联通把原有的财务部门分为财务共享

中心和财务部两个组成部分，进行了以下调整。

在河北联通业财融合的案例基础上，得出如下启示：

1. 业财融合是大势所趋

不管是大型企业还是中小型企业，传统的核算型会计人员将被

计算机信息系统所替代，对于财务部门和财务人员来说，只有

融入业务的过程中，才能最大限度地发挥财务创造价值的能

力。

2. 传统的财务组织架构必须进行调整以适应业财融合的需要

越来越多的企业财务组织形式分为战略财务、业务财务和共享

财务三大部分：通过战略财务，财务部门参与到企业的未来规

划和战略决策，参与制定企业层面的财务政策和制度；通过业

务财务，财务部门主动介入到业务的事先、事中和事后全过程

管理，实现财务部门从原先的事后被动式反应的工作模式向今

后的事先主动式积极渗透和引导的工作模式转变；共享财务把

分布在各业务单元的财务共性业务，通过信息化手段进行流程

规范、流程优化后，集中实现会计信息的高效快速处理。

3. 走进业务是业财融合的关键

财务人员的知识和能力不转型，则业财融合的财务转型根本无

法实现。财务人员走出财务办公室，走进业务、走进流程、走

进数据、走进系统，是业财融合成功的关键。

（本文章摘录自《业财融合2016：全球的考察和中国的进展》。）

数据处理及生产数据分析应用及价值管理职能

财务共享中心财务部

监督信息及交易质量

设计、优化财务信息系统

服务支撑业务部门

• 会计核算

• 资金结算

• 交易处理

• 内部商城支撑

• 会计档案

• 专业财务支撑

• 预算管理

• 决策支撑

• 财务报表

• 资金管理

• 税务筹划

• 风险管控

• 财务信息系统

• 开发与维持

业务发生

财务系统

核算会计数据

管理会计数据

决策支撑

价值管理

风险管理

专业财务

及交易处理

资料来源：安永，《首席财务官的DNA》


The discipline of management accounting is one of the dominating trends in the accounting profession. It is through finance business partnering that practitioners can establish a solid ground for management

accounting to take shape at enterprises. As such, EY, the Chartered Institute of Management Accountants (CIMA) and the Shanghai National Accounting Institute (SNAI), have jointly conducted a study on finance business partnering. The findings were based on the results of one-on-one interviews, roundtable discussions, questionnaires and case studies.

Finance business partnering refers to the timely sharing of data sources, such as business flows, capital flows and information flows, among business and financial departments through information technologies and means. Guided by the enterprise’s value-based goals, finance business partnering is being enabled through joint management activities, such as planning, decision-making, control and evaluation, for the realization of a value creation process. The organic integration of finance and business activities has become the key for the traditional accounting profession to transform from financial accounting to value creation.

A global study on finance business partnering

The political, economic and social environment following the global financial crisis and the pace of change will not provide an easy era for business. The world has become flatter1 and it is becoming more volatile. This means that there will be fewer opportunities for companies to find sources of competitive advantage and there will be new crises ahead. Increasingly, the quality of decision making will become the discriminator of business success.


It takes professional rigour to ensure that decisions are not subject to bias but have taken in the interests of stakeholders on the basis of proper analysis of the evidence available. The discipline of management accounting as applied through finance business partnering could provide the solution.

Finance business partnering begins after standard reports and analysis have been produced. At this point the focus then shifts from accounting to management. This is when the disciplines of management accounting are applied in the business and insights developed to inform decisions and improve performance.

Providing effective finance business partnering is still proving to be a challenge for many businesses.2 There are capacity constraints and accountants may not be recognized as having the business acumen or soft skills required. It is important that businesses and accountants address this challenge.

The following figure provides an overview of the range of services that management accountants might be engaged to provide.

1 The World Is Flat: A Brief History of the Twenty-First Century, Thomas L. Friedman, 2005

2 New skills, existing talents – The new mandate for finance professionals in supporting long-term business success, CGMA, 2012

3 The DNA of the CFO – Is the future of finance new technology or new people? Preparing for the future finance function, EY, 2016

Combining accounting skills with business understanding enables accountants in financial planning and analysis roles to ensure diligent analysis is conducted with a focus on the value generated for shareholders. They can inform bigger decisions and contribute to understanding the drivers of cost, performance, risk and cash flow needed to enable performance management.

A finance function to support the future

Drawing on EY’s survey of 769 chief financial officers (CFOs) and finance leaders in 32 countries and regions and in-depth interviews with CFOs3, EY envisions a finance function that embraces technological innovations to improve effectiveness, increase efficiency and enhance insight. EY also envisions the people required to make the most of this technology, and provide the complementary skills and competencies to drive decision-making in support of the organization’s purpose and strategy.

Source: Chartered Global Management Accountant (CGMA), Finance Business Partnering: The conversations that count

Source: EY, The DNA of the CFO

of respondents believe that improving business partnering between finance and the business is a major priority.

67% Focus on partnering

New skills

of respondents say that building skills in predictive and prescriptive analytics is critical for the future.

57% of respondents say combining state-of-the-art technology with process improvement will be a major focus for the future finance function.

58% State-of-the-art tech

of respondents say that standardizing and automating processes and building agility and quality into processes will be a significant priority for tomorrow’s finance function.

65% Automating the future

PeopleTechnology

Building the future finance function: technology plus people

Designing the future finance operating model

Tomorrow’s finance operating model will look very different from today’s as finance leaders respond to a more demanding and connected world. As the following figure illustrates, the future operating model will be shaped by a number of drivers:

• As the CFO role in many organizations expands to such a degree that it becomes too big for one individual to do well, CFOs will need to pull their best leaders into a finance executive function.

• As the economy becomes more connected, and collaboration and effective information flows become increasingly important, finance business partners and centers of excellence will provide the interface not only with internal stakeholders, but also external stakeholders and their counterparts in ecosystem partners.

• As finance and accounting processes are increasingly automated, the finance back-office will shrink, as a virtual workforce begins to replace large numbers of full-time employees in shared service or outsourced arrangements. The concentration of people effort and headcount in the finance function will instead shift up into the business partnering and center of excellence layers.

Information systemsData capture, integrity and access, business intelligence, dashboards

Financial Accounting and OperationsTransaction processing and record keeping (including purchase to pay, order to cash and record to report processes), process improvement (Six Sigma, Lean and Kaizen), first level reporting

Department management and transformation

Finance related roles outside the finance functionBusiness analysis, consultants, statisticians

Other subject matter expertiseSecretarial, tax treasury, M&A, investor relations

External reportingEnsuring integrity of statutory accounts, reports, returns

Management informationFinancial Planning & Analysis (FP&A), performance analysis and reporting, data analytics

Decision and performance management supportAdvising and planning, appraisal, cost, risk and project management


Design principles for tomorrow’s finance function operating model

Senior finance executive function: The finance executives manage complex, growing and demanding responsibilities of the finance leadership role. They work with the CFO to focus on:

• External relations• Business model and digital innovation• Talent leadership• Ecosystem and partnerships• Megatrend response• Ethical decision-making

Next-generation centers of excellence:

• Finance analytics• Forecasting, drawing on both enterprise

data and sources such as customer behavior and competitor activities

• Strategic risk and resilience• Connected reporting, including financial reporting and

sustainability KPIs, stakeholder management and communication across multiple channels

• Smart compliance and control, including data-driven early warning systems

• Financial management

Strategic business partners:• Data-driven scenario and

performance modeling• Resource allocation to drive innovation

and digital propositions• Liaison with business units and functional

leaders

Smart finance factories: • Lean-driven finance services with fully

automated transactional processes • Data production and provision,

automated controls, scorecard reporting, self-service data

• Headed by the COO of finance• Outsourcing vendors focused on higher-

value and automated services, with commercial terms focused on value

Strategic business partners

Next-generation centers of excellence

Smart finance factories (Global business

services)

CFO, finance COO,chief accounting officer

Senior financeexecutive function

Internal stakeholders,

including technologists,

business units and functional leaders

External stakeholders, including technology

partners, key suppliers, entrepreneurs and

innovation hubs

Strategy, operations, people

Strategic advisor to the lines of business

Risk, financial planning, tax, etc.

Today

Tomorrow

CFO

Business partners

Centers of excellence

Finance factories: shared services centers and outsourcing

Low-value, high-volume transactional processes (i.e., not requiring judgment)

Finance business partnering in China

On 27 October 2014, the Ministry of Finance promulgated the Guiding Opinions on the Full Promotion of the Development of Management Accounting, stating that “management accounting is an important discipline in accounting. It mainly meets the entities’ internal needs through providing relevant information and performing organic integration of finance and business activities. It plays an important role in the aspects of planning, decision-making, control and performance management.” This “organic integration of finance and business activities” is referred to as “finance business partnering”.

The Accounting Information Research Center of the SNAI has conducted a questionnaire-based survey on finance business partnering at Chinese enterprises. According to finance respondents, although some finance officers have considerably collaborated with, or are engaging in business activities, they are still far from reaching the ideal state of organic finance business partnering. On the other hand, business respondents have seen relatively more partnering of finance officers with the business department and business activities. However, they reckoned that finance officers need to further improve their skills and be more proactive.

Case study: Hebei Unicom adopts finance business partnering

The report also uses China Unicom Hebei (“Hebei Unicom”) as an example to illustrate the journey of implementing finance business partnering at a company. It includes: recognizing that the goal of finance business partnering is to use financial management as a booster to implement value creation; establishing a “management accounting” plus “finance shared services center” management model in the organizational structure adjustment to realize finance business partnering; building a roadmap for the finance shared services center; building a roadmap for professional finance services according to business chains; and the practice of professional finance service.

Based on the financial organization structure, Hebei Unicom has divided the existing financial department into a finance shared services center and a finance department. The following adjustments were made:

Source: EY, The DNA of the CFO

Supervision of information and transaction quality

Design and enhancement of financial information system

Services in support of business departments

• Accounting audit生 Capital

settlement• Transaction

handling• Support for

internal online shops

• Accounting filing

• Professional financial support

• Budget management

• Decision-making support

• Financial statements

• Capital management

• Taxation planning• Risk control• Financial

information system

• Development and maintenance

Occ

urre

nce

of

busi

ness

Fina

ncia

l sys

tem

Deci

sion

-mak

ing

supp

ort

Valu

e m

anag

emen

t

Risk

con

trol

Prof

essi

onal

fin

ance

Man

agem

ent

acco

untin

g da

ta

Aud

it ac

coun

ting

data

and

tr

ansa

ctio

n ha

ndlin

g

Finance shared services center

Data processing and production

Data analysis and value management

Finance department


Hebei Unicom’s example has provided some insights into finance business partnering:

1. Finance business partnering is a major trend

Whether it is a large corporation or a small and medium-sized enterprise, traditional accountants will be replaced by computerized information systems. For finance function and finance personnel, embedding in the business process is the only way to maximize the ability of finance value creation.

2. Adjustments must be made to the traditional financial organizational structure to meet the need of finance business partnering

More enterprises have categorized their forms of finance function into three parts: strategic finance, business finance and shared finance. Through strategic finance, finance function participates in the future planning and strategic decision making of enterprise and the development of enterprise-level financial policies and systems. Through

王韵

大中华区财务管理咨询服务合伙人

安永(中国)企业咨询有限公司

王韵拥有18年财务管理咨询经验，她的咨

询经验包括：财务转型、内部控制与风险管

理、业绩管理、合并与报告、财务共享中心

设计与实施。

Robyn Wang Partner, Finance Advisory Services Greater China Ernst & Young (China) Advisory Limited

Robyn has 18 years of experience in finance advisory services. She focuses on providing advisory services on finance transformation, internal control and risk management, business performance management, consolidation and reporting, shared service design and implementation.

周礼信

大中华区财务管理咨询服务总监

安永咨询服务有限公司

周礼信有超过15年在亚洲地区提供战略项

目管理的服务经验。曾帮助多家客户的CEO和CFO实施财务转型项目和大规模变革管理

项目。他的咨询经验包括：财务转型、业务

智能、采购、财务共享服务、交易前尽职调

查、交易后业务整合、内部控制、大规模变

革项目的实施和市场发展。

Nelson Chow Director, Finance Advisory Services Greater China Ernst & Young Advisory Services Limited

Nelson has over 15 years of experience managing strategic projects in Asia. He has a proven track record in supporting CEOs and CFOs in finance transformation programs and large scale change initiatives. His experience includes finance transformation, business intelligence, procurement/sourcing, shared services, pre-deal due diligence, post-deal integration, internal controls, large scale transformation program implementation and market development.

洪嘉美

大中华区财务管理咨询服务顾问

安永咨询服务有限公司

洪嘉美曾为多家教育机构和体育及娱乐组织

提供绩效提升咨询服务。她的咨询经验包

括：盈利提升、战略采购及分类管理、财务

系统设计和变革管理。

Cynthia Hung Consultant, Finance Advisory Services Greater China Ernst & Young Advisory Services Limited

Cynthia has provided performance improvement advisory services to educational institutions and sports and entertainment organizations. Her experience includes margin improvement, strategic sourcing and category management, finance system design and change management.


business finance, finance function takes the initiative to intervene the management of the whole business cycle. It transforms the operating mode of finance function from making passive response after the process to active penetration and guiding before the process. By process specification and process optimization, shared finance centrally realises the efficient and rapid processing of accounting information on finance common business scattered in different business units.

3. Involving in business activities is the key to finance business partnering

If the knowledge and skills of finance personnel do not transform, finance transformation of finance business partnering cannot be achieved. Finance personnel should step out of the finance office and walk into the business, process, data and system. This is the key to the success of finance business partnering. EY

(This article is extracted from A global study on finance business partnering and its development in China 2016.)


中国大陆消费税改革

Consumption tax reform in mainland China

2013年11月，十八届三中全

会第三次全体会议通过的

《中共中央关于全面深化改革若

干重大问题的决定》中提出“调

整消费税征收范围、环节、税

率，把高耗能、高污染产品及部

分高档消费品纳入征收范围”，

拉开了此次消费税改革的大幕。

财政部、国家税务总局后续发布的取消汽车轮胎、酒精等消费

税税目，三次上调燃油消费税，对电池、涂料新开征消费税，

提高卷烟消费税等文件，均参照了《决定》精神。

近期，财政部与国家税务总局分别下发了化妆品、超豪华小汽

车的消费税改革文件，预示消费税改革作为营业税改征增值税

（“营改增”）后的又一项重大税制改革，正在逐渐加快改革

进程。上述两轮政策出台的时间间隔仅为两个月，可以预期针

对下一轮入围产品（如成品油及酒产品）的消费税改革也将提

上日程。

上述消费税政策的发布日期与生效日期往往相隔时间较短。因

此企业需要提前做好应对，通过分析改革对企业带来的影响和

挑战，积极进行运营、财务方面的调整，实现消费税改革平稳

及顺利过渡。

中国大陆消费税现状

据财政部公布的2016年财政收支情况，全国一般公共预算收

入中的税收收入人民币130,354亿元，其中国内消费税和进口

消费税总计达国家财政收入的10%以上，在2016年全国一般

公共预算收入中的税收收入中排名第三。

国内增值税 40,712 31%

国内消费税 10,217 8%

进口增值税和消费税 12,781 10%

营业税 11,502 9%

企业所得税 28,850 22%

个人所得税 10,089 8%

关税 2,603 2%

其他税 13,600 10%

总共（人民币亿元） 130,354 100%

资料来源：财务部 http://gks.mof.gov.cn/zhengfuxinxi/tongjishuju/201701/t20170123_2526014.html [閱覽日期：2017年1月23日]

目前中国消费税的征收，主要涉及以下

15种行业及税目：

烟

酒

小汽车

贵重首饰及珠宝玉石

鞭炮、焰火

游艇

高尔夫球及球具

高档手表

木制一次性筷子

实木地板

电池

摩托车

成品油

高档化妆品

涂料


改革的原因与方向

消费税的主体功能体现在筹集财政收入，引导正确的生产和消

费，促进节能环保，调节经济结构等方面，这也是中国几次调

整消费税征收范围和具体实施制度的主要原因。但是，随着中

国大众创业，万众创新的稳步推进，以及“互联网+”和大数

据在更多终端产业链的实施和应用，产业结构、消费结构的变

化日新月异，经营业态也逐渐多元化，现行的消费税制度与经

济发展存在不相适应的地方。

首先，中国现行消费税的征税范围大部分是1994年中国建立

消费税税制体系之初确定的，具体税目虽然在近年有所调整和

完善。但是，由于中国经济持续快速发展，人们的消费习惯和

消费结构均发生了很大变化，消费税征税范围滞后于社会经济

发展的矛盾逐渐凸显，问题突出，制约了消费税在更好地促进

资源节约和环境友好型社会建设的职能作用。

其次，一是整体税率结构线条较粗，没有区别归类。二是由于

消费税在生产环节征收，导致主要是对生产者进行征收，调节

机制无法延长到不同类型的消费者中。比如，成品油税率对家

庭个人和对企业负担一样，这无形中增加了其他产业的成本；

又如，对白酒不区分档次一律按20%比例税率和每500克0.5元的定额税率征税，使低档酒生产厂家的税收负担大幅上升，

失去其竞争的价格优势，但从当前实际情况看，由于低档白酒

仍有消费需求的空间，小酒厂或者停产倒闭，或者转入地下生

产，不仅会造成税源流失，还加大了税收管理的难度。

另外，现行消费税的征收环节除卷烟增加了批发环节11%及每

根人民币0.005元的消费税，超豪华小汽车、金银首饰和钻石

及其饰品在零售环节加征、征收外，其他应税消费品仅限于生

产、委托加工和进口环节。给纳税人提供了转嫁或逃避税负的

机会，在实际工作中，纳税人大多采取压低出厂价格、改变产

品名称等方式逃避消费税，税务部门控管和追征难度较大。同

时应税消费税品的生产地与消费地不一致，造成主要消费地未

实际获得税收利益（如地方税随征部分），从而降低了消费地

税务机关进一步加强税收征管的积极性。

最后，针对中国经济增速放缓、需求管理不能彻底解决经济运

行中的结构性问题，中国主席习近平提出的供给侧改革需要新

的税收政策帮助实现调节企业经营成本，鼓励或抑制不同产业

的发展，促进培育战略新兴产业，化解过剩产能的目标。中国

现行的选择性消费税，可以有选择地对特殊的商品征税，并设

置不同的税率，反映出明显的调控意图和政策导向，那么此次

消费税改革的实施可以说是顺应时代、势在必行的。

《决定》提出的“调整消费税征收范围、环节、税率”为本次

消费税改革确定了方向，也正针对现行制度中出现的问题。本

次消费税改革的基本原则是让消费税政策为调节消费者行为、

节约能源资源、减少环境污染、抑制奢侈性消费、调节收入分

配，并引导产业结构调整发挥应有的宏观调控作用。把握改革

的基本原则，可以对重点政策的变化和落地衔接做出更准确、

合理的前瞻，使企业做出更充足的准备迎接改革。

改革的影响

虽然，消费税仅对部分产品征收，且税目范围有限，但是对一

些行业的部分企业（如石化行业），消费税已成为该企业的第

一大税种。

作为“营改增”后的一大重要税制结构性改革，消费税改革已

有所提速。消费税改革政策的陆续颁布，对已入围和即将入围

改革的行业企业必将会带来影响与挑战，如：

• 在定价方面，消费税改革涉及税率和征收环节的调整，企

业需要重新评估并调整定价策略；价格的调整可能会造成

海关估价问题。

• 在运营方面，消费税改革会对日常运营涉及的流程和系统

产生影响，需要进行考量；对销售额和现金流产生影响，

因此库存管理策略也需要重新评估。

• 在合规方面，征收环节的调整将会加大消费税的合规风

险；企业可能需要额外的员工负责消费税的合规工作。

• 在过渡期间，需要完善的过渡方案，以便从容应对消费税

改革；需要提前做好应对，通过分析改革对企业带来的影

响，积极进行运营、财务方面的调整。

In November 2013, the third meeting of the Third Plenary Session of the

18th Central Committee of the Communist Party of China (CPC) adopted the Decision of the CPC Central Committee on Major Issues Relating to the Overall Deepening of Reform (Decision). The Decision marks the beginning of consumption tax (CT) reform by proposing to “adjust the scope, taxation point and rates of CT and include high energy-consuming and high-polluting products and certain high-end consumer goods as taxable items”.

The documents subsequently released by the Ministry of Finance (MOF) and the State Administration of Taxation (SAT) were all based on the principles of the Decision. They included the cancellation of some taxable consumer goods including vehicle tires and ethyl alcohol, three adjustments of fuel CT rates, the inclusion of batteries and coatings as taxable goods as well as a cigarette tax hike.

Recently, the MOF and the SAT have released circulars announcing CT reform on cosmetics and super luxury cars. This is another significant tax reform after the implementation of value-added tax (VAT). In fact, there are only two months between the first round and the second round of the release of CT reform circular on cosmetics and that on super luxury cars. This portended the acceleration of CT reform in China. Based on this momentum, the CT reform on refined oils and alcoholic products is expected to be included in the next agenda.

Since new CT policies may take effect very soon after they are announced, companies should get prepared in advance for a smooth transition by analyzing the impacts and challenges brought by the reform, and adjusting the company’s operations and financial status.

Domestic VAT 4,071.2 31%

Domestic CT 1,021.7 8%

Import VAT and import CT

1,278.1 10%

Business tax 1,150.2 9%

Corporate income tax

2,885.0 22%

Individual income tax

1,008.9 8%

Customs 260.3 2%

Other taxes 1,360.0 10%

Total (RMB billion) 13,035.4 100%

Source: Ministry of Finance http://gks.mof.gov.cn/zhengfuxinxi/tongjishuju/201701/t20170123_2526014.html生 [Accessed date: 23 January 2017]

Current status of CT in mainland China

According to the 2016 fiscal statistics released by the MOF, tax revenue of the general public budget was RMB13,035.4 billion. Domestic CT and import CT accounted for more than 10% of the national revenue and ranked third among the tax items of the general public budget in 2016.

安永的服务

安永一直以来深入地参与了消费税改革立法进程。从

2013年起，安永协助财政部、国家税务总局和多家行业

领导企业对消费税改革进行多项国际研究和比较，包括

分享国际消费税政策和实际操作。安永可以协助涉及改

革行业企业做好改革的准备，确保顺利过渡，为企业提

供税收增值方案。


Currently, China’s CT collection is mainly related to the following 15 items:

Background and direction of CT reform

The main functions of CT include the raising of national revenue, guiding production and consumption, promoting energy-saving and environmental protection, adjusting economic structure and so on. These are also the main reasons why China adjusted the scope of CT and modified the implementation of the tax system. However, as the concept of mass entrepreneurship and innovation developed steadily, “Internet Plus” and big data are implemented and applied to more downstream enterprises and industrial and consumption structures underwent rapid changes, the existing CT regime will no longer be consistent with China’s economic development.

Firstly, China’s existing scope of CT was mainly established in 1994 when

the country first formulated the CT system. In recent years, there has been some adjustments on the specific taxation rules and taxable categories for CT. However, as China’s economy continued to grow rapidly, people’s consumption habits and structure have undergone significant changes. The current scope of CT has not caught up with the socio-economic development, the contradiction has restricted CT from fulfilling the function of promoting an energy-saving and environmentally friendly society.

Secondly, the overall CT rate structure is not so systematical. On the other hand, CT is mainly levied on the producers as it is levied at the production stage. The adjustment mechanism fails to extend it to various types of consumers. For example, the tax rate on refined oil products is the same for individuals, families and companies, which implicitly increased the costs of other industries. Another example is the 20% tax rate and fixed rate of 50 cents per 500g on baijiu (white liquor) without regard to its grading. This has resulted in a large tax burden on low-end manufacturers who, as a result, could only offer less competitive prices. In the actual circumstances, due to the huge consumption demand of lower-end baijiu, small breweries may either close down or shift to underground production. As a result, tax revenue sources will be lost, bringing greater difficulties to tax revenue management.

Under the current CT levying practice, all consumer goods are levied on the production, contracted processing and importation stages except for the additional 11% tax rate with a fixed rate of RMB0.005 per stick for tobacco which is imposed on the wholesalers and the additional taxes imposed on the retailers for the sales of super luxury cars, gold, silver jewelries, diamonds and other accessories. This has given

taxpayers the chance to transfer or evade the CT, which they are entitled to. It is common for taxpayers to evade CT by suppressing the factory prices, changing the product names and so on, making it more difficult for the tax authorities to monitor and claim the unpaid taxes. Moreover, taxable goods are consumed in regions outside their origin. As a result, the tax benefits are not received by the main consumption region (such as local tax levy). Thus the tax authorities in the place of consumption have little incentive to strengthen the control of tax revenue further.

Finally, due to the slowdown of China’s economic growth rate and demand-management’s challenges in solving the structural problems of industrial operation, President Xi Jinping has proposed the new tax revenue regime to support the supply-side reform. The regime also aims to adjust companies’ operation costs, encourage or suppress the development of different sectors, foster the growth of strategic emerging industries and also eliminate the excess capacity issues. Under the current selective CT regime in mainland China, taxes could be selectively levied on specific goods with different tax rates, reflecting the obvious regulatory intention and policy orientation. Therefore, CT reform is imperative to meet the needs of the era.

The Decision has proposed to “adjust the scope, taxation point and rates of CT”. It has set out the direction of CT reform and dealt with the problems under the current system. The basic principle of the reform is to enable CT policy to play its due role of macroeconomic control, to adjust consumer behaviors, save energy resources, reduce environmental pollution, restrain luxury consumption, adjust the distribution of income and guide for industrial structure

adjustment. Following the basic principles of the reform, taxpayers can be more accurate and reasonable in predicting key policies changes and implementation, helping them be better prepared for the reform.

Impacts of the reform

Although CT is only applicable to certain goods and the scope of tax items is limited, it has become a major tax at certain companies such as those in the petrochemical industry.

As one of the important tax structural reforms after the VAT reform, CT reform has been accelerated. The promulgation of recent and subsequent predicted CT policies will bring impacts and challenges to the related industries and companies, such as:

• Pricing: CT reform involves the adjustment of tax rate and levy. Companies have to re-evaluate and adjust their pricing strategies. Price adjustments may cause problems in customs valuation.

• Operation: the reform will affect the process and mechanism involved in day-today operations. Hence, its impacts on sales volume and cash flow should be estimated. Inventory management strategies also need to be re-evaluated.

• Compliance: adjustments to taxable segments will bring greater risks of compliance in CT. Companies may need to have additional officers to handle the compliance tasks regarding CT.

• Transition: a comprehensive transition plan is needed during the reform process. Companies are advised to make good preparations in advance, including analyzing the impact and adjusting operations and financial structure.

EY services

EY has participated actively in the legislative process of CT reform. Since 2013, EY has assisted the MOF, the SAT and some industrial leaders to conduct international studies and analysis on CT reform policies, including sharing international CT policies and practical operations. EY can assist companies to make relevant preparations with the aim of a smooth transition under CT reform, and has extensive practical experience of providing value-adding solutions from a tax planning perspective. EY

Tobacco

Alcohol

Cars

Precious jewelry/jade and stones

Golf and gears

High-end watches

High-end cosmetics

Yachts

Disposable wooden chopsticks

Firecrackers and fireworks

Hardwood flooring

Coating

Batteries

Motorcycle

Refined oil

梁因乐

大中华区间接税服务主管合伙人


梁因乐在为企业提供中国间接税（如增值

税、营业税、消费税以及关税等）咨询服务

方面具有丰富经验，尤其擅长间接税方面的

税务筹划，以及间接税风险管理与合规方面

的咨询服务，及曾为多个行业领域（如石

油天然气行业、汽车行业、酒业、奢侈品

行业）内的企业提供与消费税相关的咨询

服务。

Kenneth Leung Greater China Indirect Tax Leader Ernst & Young (China) Advisory Limited

Kenneth provides companies with consultation services for China’s indirect tax, such as VAT, business tax, consumption tax and customs with his ample experiences in these aspects. He is an expert in indirect tax planning, indirect tax risk management and compliance consultancy. Currently, he is the consumption tax consultant for a number of companies in different sectors, such as petrochemical, automotive, alcoholic beverages and luxury goods.

岳蕾

中国税务服务中心执行总监

Ernst & Young LLP

岳蕾在税务管理和咨询方面积累了15年以上

的从业经验。岳蕾女士对消费税领域有深入

的研究，从2013年起协助中国大陆财政部

和国家税务总局对美国、加拿大、欧盟、俄

罗斯、澳大利亚、日本、韩国、台湾等进行

消费税政策调研，提交调研报告。她亦配合

多个行业的先导企业进行消费税方面的税务

咨询工作。

Andrea Yue Executive Director, China Tax Desk Ernst & Young LLP

Andrea has more than 15 years of experience in tax management and consultancy. With her insight on consumption tax, Andrea has assisted the Ministry of Finance and State Administration of Taxation in mainland China to conduct studies and submit reports on consumer tax policies of the US, Canada, EU, Russia, Australia, Japan, Korea and Taiwan since 2013. She also carries out tax consultancy on consumption tax for a number of leading companies in various sectors.



在新常态下寻找增长对中国大陆工业的增长前景分析

The search for growth under the ‘new normal’ An analysis of growth prospects in China’s industrial sector

全球金融危机之前的十多年是中国工业企业

的黄金时代，工业行业保持了20%以上的

年均增速。然而，全球金融危机让这场盛筵戛然而

止。随着2012年新一届政府的上台，经济增长进

入“新常态”，工业企业也进入了较缓慢增长的经

济环境，增速回落到个位数。未来，工业行业是否

还会有增长的空间? 如果有，是在哪些市场?

中国大陆工业领域的五大趋势

我们对上市的2,313家工业企业进行分析，筛选出在2011至2015年中实现了高增长的118家企业。所谓高增长，是指通

过有机增长实现15%以上销售额和EBIT年复合增长率的企业。

不成功的企业各有不同，而成功的企业总是相似。对这些企业

的增长故事进行总结，我们发现大多数企业都受益于五个大趋

势，包括：环保渐受重视、智慧平安城市建设、消费电子产业

结构变迁、电动车加速、坚强智能电网建设（图表1）。

图表1：工业领域的大趋势（%表示受益于该大趋势的企业数量占

所有高增长企业的比例）

数据来源：Capital IQ，年报，帕特侬-安永分析

自然而然的问题是：未来，这五大趋势是否还具有可持续性? 我们的结论是：不是所有的音乐都会继续，不是所有的趋势都

会延续。

环保

智慧平安城市

消费电子产业

电动车

坚强智能电网

可再生能源

国防升级

工业自动化

农业化学

3G/

4G通信

LED

20%

15%

10%

5%

0%

注：烟气治理的市场规模仅包括EPC收入；其他市场规模为运营收入

数据来源：IEA，发改委，环保部，国家统计局，环境统计年鉴，分析报告，帕特侬-安永访谈，帕特侬-安永分析

烟气处理，包括火电厂和工业锅炉的除尘、脱硫、脱硝，在过

去数年间吸引了大量投资，但未来的增长空间十分有限。最新

的火电和锅炉排放标准已经执行，促使大批燃煤企业在标准生

效之前加装或升级烟气处理设施。根据中电联的统计，截止

2015年底，全国火电脱硫率已经达到83%，脱硝率达到86%，进一步增长的空间有限。

污水处理我们认为仍将保持健康增长，特别是工业污水。工业

污水的合标处理比例还很低，估计只有50%左右；同时工业污

水的定价模式更具弹性，是我们更看好的市场。

固废处理市场整体会快速增长，但危险废弃物处理的机会明显

优于市政垃圾和污泥处理。市政垃圾和污泥处理市场的竞争至

今非常激烈，处理费持续下降。而危废市场的资质、土地、资

金、技术等均进入壁垒，未来将进一步整合，竞争更加有序。

2009

2,050亿

3,370亿

6,170亿

2014 2020预测

8,000

6,000

4,000

2,000

0

环保渐受重视

环保领域主要包括烟气处理、污水处理、固废处理三大市场。

我们认为不同市场的发展差异明显（图表2）。

图表2：中国环保市场规模及增速

年复合增长率

09至14年

年复合增长率

14至20年

12%

12%

5% 16%

18% 25%16% 12%

26% 19%

6% -15%

市政污水

烟气治理

工业污水

市政垃圾

危险废物

污泥

企业占比

16%14% 14%

10% 9%8%

6%4% 4% 4%

3%

人民币（亿元）


智慧平安城市建设

我们定义的智慧平安城市包括两大类市场：以道路和轨道为平

台的智能交通技术，包括道路监控、电子车牌、自动收费、轨

道信号等众多技术；以及以视频监控为主的城市安防技术。

在道路交通领域上，智能交通技术的渗透率将不断提升，市场

规模预计在2018年将超过人民币400亿元。其中车队管理、

交通管理、ETC等技术将实现20%以上的增速，以提升道路交

通的效率和安全。在轨道交通领域，高铁、城际、地铁等多种

轨道交通的运营里程都预计会保持10%以上增速，从而推动对

相关设备、部件、服务的需求。与此同时，随着中国高铁技术

的成熟也将为“走出去”创造机会。

在城市安防领域，视频监控市场的发展尤其迅速。我们预计全

球视频监控市场将保持12%的复合增速，到2020年达到约人

民币2,000亿元，其中仅中国市场就达到人民币900多亿元。

近年来全球各地恐怖袭击频发，将推动对城市安防的需求，而

中国企业在这个领域已经具备国际竞争力。

消费电子产业结构变迁

智能手机是过去十年间推动消费电子产业增长的最主要动力。

但是，这一动力已经在减弱。苹果iPhone手机的销量在2016年第一次出现下滑1；而下一代消费电子则迟迟未现。

看上去消费电子产业似乎增长动力枯竭，但如果向产业上游追

溯，我们认为本土的部件企业会有更大的增长机会。目前美

欧日韩企业在产业链占据主导地位，而中国仅有少数企业能够

跻身国际品牌的供应链。但未来两个因素会推动本土企业的增

长，一是通过自主研发或收购，不断提高自身能力和经验；二

是本土消费电子品牌崛起，从而增加对本土供应商的需求（图

表3）。

图表3：中国消费电子品牌的全球市场份额趋势

电动车加速

电动汽车市场加速发展的趋势仍将持续。我们预计在2020年乘用电动车销量将保持35%以上的增速，以及售出超过100万辆；商用车也将保持25%左右的增速，在2020年售出接近40万辆。

但是我们认为在短期内，电动乘用车市场的不确定性要高于电

动商用车。一方面，我们预计电动乘用车市场的竞争将更加激

烈。传统企业和新兴科技企业（如特斯拉、蔚来）都在加速进

入市场，相比之下商用电动车市场更加集中。另一方面，乘用

电动车的用户接受度面临诸多不确定性，比如充电设施缺乏、

充电时间长等；而商用车，特别是客车的推广更多面向政府用

户（估计2015年70%的电动客车需求来自政府用户2），因此

依靠行政力量即可快速推广。

1 《华尔街日报》: http://www.wsj.com/articles/apple-cuts-ceo-tim-cooks-pay-after-missing-2016-targets-1483710023

2 德意志银行，2016.5.18

手机电视笔记本电脑

30%

20%

10%

02010 2015 2010 2015 2010 2015

26%

15%

20%

4%

11% 10%

数据来源：Euromonitor，Gartner，帕特侬-安永分析

坚强智能电网建设

2009年国家电网公司发布了“坚强智能电网”发展战略，目

标是实现发输配各环节的可靠、高效、清洁、开放、互动。

坚强智能电网的建设主要包括三部分：特高压电网、配电

网、用电及其他。

特高压电网投资额在“十二五”期间接近人民币6,000亿元，而且在“十三五”期间预计增长到人民币7,000亿元。

虽然投资总额继续增长，但增速将回落。特别是在“十三

五”后半期，由于电力需求疲软以及技术争议，预计新项目

开工将明显减缓。

但配电网的投资预计在“十三五”期间将快速增长。根据国

家能源局发布的《配电网建设改造行动计划（2015生至2020年）》，预计总投资额将从“十二五”的接近人民币9,000亿元飙升到“十三五”的人民币1.7万亿元。这会推动电线

电缆、变压、开关等众多中低压电力设备的需求。（图表4）

图表4：中国电网投资预测

数据来源：中电联，国家电网，分析报告，帕特侬-安永分析

未来之路

展望未来，这五大趋势仍会对工业企业产生影响，但影响程度

需要进一步分析。对于希望进入新市场的企业，或者寻找投资

机会的投资者而言，理解趋势、把握趋势，才能制胜未来。

19,930亿

约27,000亿

其他

配电网

特高压

“十二五” (‘11-’15) “十三五” (‘16-’20)

“十三五” 增速

17%

55%

-8%

30,000

20,000

10,000

0

人民币（亿元）


A decade or so before the outbreak of the global financial crisis was the golden age of mainland China’s

industrial companies, which had been growing at an annual growth rate of above 20%. However, the golden era came to a halt as the global financial crisis broke out. Economic growth entered the ‘new normal’ as the new administration came into power in 2012 and industrial enterprises also fell into a “slow growth” environment characterized by single-digit growth rates. Looking into the future, will the industrial sector have room for growth? If so, where?

Five major trends in China’s industrial sector

We have analyzed 2,313 listed industrial companies and sorted out 118 which had realized high growth rates from 2011 to 2015. By high growth rates, it means the companies had achieved an organic growth in both sales and compound annual growth rate (CAGR) of earnings before interest and taxes (EBIT) of 15% or above.

Unsuccessful companies can be very different whereas the successful ones always have similar characteristics. To summarize the growth stories of these companies, most of the companies have benefitted from five major trends, including pressures for environmental protection, construction of smart and safe cities, changes in consumer electronics industry, electric vehicle boom and strong smart grid development (Table 1).

20%

15%

10%

5%

0%

16%14% 14%

10% 9%8%

6%4% 4% 4%

3%

Envi

ronm

enta

l pro

tect

ion

Safe

and

sm

art c

ities

Cons

umer

ele

ctro

nic

indu

stry

Elec

tric

car

Stro

ng &

sm

art g

rid

Rene

wab

le e

nerg

y

3G/4

G co

mm

unic

atio

n

Upg

radi

ng o

f nat

iona

l sec

urity

Indu

stria

l aut

omat

ion

Agr

icul

tura

l che

mis

try

LED

Perc

enta

ge o

f com

pani

es

Table 1: Major trends in the industrial sector (% represents the number of companies which benefit from the major trend within all companies with high growth rate)

Sources: Capital IQ, annual reports, Parthenon-EY analysis

Note: The scale of flue gas treatment market only includes engineering, procurement and construction (EPC) revenue; the scale of other markets includes operating revenue

Sources: International Energy Agency (IEA) National Development and Reform Commission (NDRC), Ministry of Environmental Protection (MEP), National Bureau of Statistics, China Statistics Yearbook on Environment, analyst reports, Parthenon-EY interviews, Parthenon-EY analysis

The natural question to ask is whether these trends are sustainable in the future? And our conclusion is: not all shows must go on, neither do all trends.

2009

205B

337B

617B

2014 2020E

RMB 800B

600

400

200

0

CAGR ‘09-‘14

CAGR ‘14-‘20

12% 12%

5% 16%

18% 25%16% 12%

26% 19%

6% -15%

Municipal sewage

Black coal treatment

Industrial sewage

Municipal refuse

Dangerous waste

Sludge

Growing emphasis on environmental protection

The environmental segment mainly includes three markets, namely flue gas treatment, sewage treatment and solid waste treatment. We believe that development will remarkably differ within the different markets (Table 2).

Table 2: Scale and growth of China’s environmental protection market

Flue gas treatment includes de-dusting, desulfurization and denitrification of fossil fuel power stations and industrial boilers. It has attracted huge investment in the past few years but the room for growth is very limited. Recent implementation of the latest emission standards for fossil fuel power stations and boilers has prompted many coal-fired enterprises to add or upgrade their flue gas treatment facilities before the standards took effect. According to statistics from the China Electricity Council, fossil fuel power stations throughout China had achieved a desulfurization rate of 83% and a denitrification rate of 86% as at the end of 2015 and the room for further growth is limited.

In our opinion, sewage treatment will continue to maintain healthy growth, especially for industrial wastewater. Currently, the compliance rate of industrial wastewater treatment is still very low – estimated to be about 50% only. But we are bearish on this market for its more flexible pricing model.

The solid waste treatment market will grow rapidly as a whole, but hazardous waste treatment market has obviously bigger room for growth than municipal waste and sludge treatment markets. Competition in the latter two has been very intense, with processing fees continued to decline. Hazardous waste treatment market will face further integration and more orderly competition in the future due to entry barriers in terms of resources, land, capital and technology.


Construction of smart and safe cities

We define smart and safe cities as two major markets. One is the smart transportation based on roads and rails, including various technologies such as road surveillance, electronic license plates, automatic tolls, rail signals and so on. The other market is about urban security technologies, notably video surveillance.

In road transportation, the penetration rate of smart transportation technologies will continue to rise. It is estimated that the market scale will exceed RMB40 billion in 2018. Technologies such as fleet management, transport management and electronic toll collection (ETC) are expected to achieve 20% growth rate or even more, enhancing road transport efficiency and safety. In rail transport, it is estimated that growth rate of operating mileage of rail transport such as high-speed railway, inter-city rail and underground railway will remain at a growth rate of 10% or above. This in turn will drive demand for relevant facilities, parts and services. Meanwhile, the ‘going out’ policy will create more opportunities as China’s high-speed railway technologies becoming mature.

In urban security, the video surveillance market is developing in a particularly rapid pace. We estimate that the global video surveillance market will grow steadily at a compound rate of 12% and become a RMB200 billion market by 2020. The market value of China will be more than RMB90 billion. On the other hand, the frequent terrorist attacks around the world in recent years has driven the demand for urban security. Chinese enterprises are well-positioned for competition in the global market in this aspect.

Changes in the consumer electronics industry structure

In the last decade, smartphone has been a key driver for growth in the consumer electronics industry. However, its impact has been weaken. The sales of Apple iPhone witnessed its first fall in 20161, while the next generation consumer electronics is yet to come.

The impetus for the growth of the consumer electronics industry may seem to have waned, but we believe that local parts manufacturers will have greater growth opportunities if the industry pursues upstream development. Currently, the industrial chain is dominated by the US, European, Japanese and Korean companies, only a few Chinese companies can be placed among the international brands in the supply chain. However, two factors will promote the growth of

local enterprises: First, the enhancement of abilities and experiences through research and development (R&D) or acquisitions; and second, a greater demand for local suppliers driven by the emergence of local consumer electronics brands (Table 3).

Table 3: Chinese consumer electronics brands’ global market share trends

Electric vehicle boom

The rapid growth of electric vehicle market will continue. We estimate that the sales growth of electric passenger cars will remain at 35% or above and more than a million passenger electric car will be sold by 2020. The growth rate of electric commercial cars will also remain at 25% with more than 400,000 will be sold by 2020. But we believe that electric passenger cars will face higher uncertainty than the commercial cars in the near future.

On the one hand, we expect the competition in the electric passenger car market to be more intense as both traditional companies and emerging hi-tech companies (such as Tesla and NextEV) are accelerating their access to the market. In comparison, the electric commercial car market is more concentrated. On the other hand, users’ acceptance of electric passenger car is facing higher uncertainty, such as the lack of charging facilities and long charging hours. For electric commercial cars, especially coaches, manufacturers tend to target government users (it is estimated that government users2 accounted for 70% of the demand for the electric coaches in 2015). Therefore the reliance on the demand from administrative forces can boost its popularity.

Strong and smart grid developments

In 2009, the State Grid Corporation of China (SGCC) announced the ‘strong and smart grid’ development strategy, which aims to achieve a reliable, efficient, clean, open and interactive power generation and transmission to all segments. The development of strong smart grid mainly includes ultra-high voltage (UHV) grid, distribution grid, electricity consumption and others.

Investment amount in UHV grids during the 12th Five-Year Period amounted to nearly RMB600 billion and is expected to increase to RMB700 billion in the 13th Five-Year period. Despite continuous growth in total investment will soon slow down, especially in the latter half of the 13th Five-Year Period when less new projects are expected due to weak demand and technological disputes.

On the contrary, increased investments in distribution grids are expected in the 13th Five-Year period. According to the Power Distribution Grid Construction and Renovation Action Plan (2015-2020) promulgated by the National Energy Administration, total investment is expected to soar from nearly RMB900 billion in the 12th Five-Year period to RMB1.7 trillion in the 13th Five-Year period. This will enhance the demand for low- and high-voltage electricity facilities including cables and lines, transformers and switches. (Table 4)

Sources: Euromonitor, Gartner, Parthenon-EY analysis

30%

20%

10%

02010 2015 2010 2015 2010 2015

26%

15%

20%

4%

11% 10%

Mobile phone TV Notebook computer

1 Wall Street Journal: http://www.wsj.com/articles/apple-cuts-ceo-tim-cooks-pay-after-missing-2016-targets-1483710023

2 Deutsche Bank, 2016.5.18

李亚民

副总裁，帕特侬-安永


李亚民是帕特侬-安永上海办公室的副总裁，也是中国工业板块的负

责人。他在北美及亚洲地区有着10多年的咨询服务经验。在帕特侬-

安永，他领导了超过60多个工业行业的项目，包括了覆盖众多细分领

域的商业尽职调查和市场扩张战略制定的项目。

Adam Reeb Vice President, Parthenon-EY Ernst & Young (China) Advisory Limited

Adam is the Vice President of the Shanghai office of Parthenon-EY and head of the Chinese industrial sector. He has more than 10 years of experience in consultancy in North America and Asia. In Parthenon-EY, he had led more than 60 projects in different industrial sectors, including business due diligence and the formulation of market expansionary strategies covering various market segments.

作者介绍 Author

1,993B

About 2,700B

UHV

Distribution grid

Others

12th Five-Year (’11-‘15) 13th Five-Year (’16-‘20)

Growth in 13th Five-Year Period

17%

55%

-8%

RMB 3,000B

2,000

1,000

0

The way forward

Looking ahead, these five major trends will still have an impact on industrial enterprises but the extent of their impact is subject to further analysis. To potential new entrants or investors looking for opportunities, the key to success lies in keeping abreast with the trends and leveraging them at the right moment. EY

Sources: China Electricity Council, SGCC, analyst reports, Parthenon-EY analysis

Table 4: Power grid investment forecast in China


受政策红利的不断驱动以及文化消费升级的内

需拉动，中国大陆文化传媒产业近年来表现

格外抢眼。2014年文化传媒产业市场规模首次突

破万亿元人民币，2015年实现12.3%的增长，其

增速已超过GDP增速，进一步向成为国民经济支柱

性产业的方向发展。

趁风扬帆迎接文娱产业内容为王的

黄金时代

Go with the flow The golden era of a content-driven culture and entertainment industry


Driven by policy benefits and domestic demands for upgraded cultural consumption, mainland China’s culture and media industry has achieved outstanding

development in recent years. In 2014, the market value of the culture and media industry exceeded RMB1

trillion for the first time. In 2015, the industry achieved a growth of 12.3%, faster than the growth

in GDP and moving closer to becoming a pillar industry of the national economy.

能够实现在VR内容产业进行布局，可以预见在VR产业爆

发之际，国内企业将有望在全球产业链占据一席地位。

以横纵向合作放大内容价值：如何将同一IP以多

种的形式表现，从书籍、电影、电视剧到游戏、

动漫、综艺，进而再扩展到商业模式，实现IP价值最大化? 合作无疑是最迅捷有效的方式。例如《盗墓笔

记》作为超级大IP已完成电影、季播剧、游戏、出版、衍

生品等在内的多个领域布局，而这个超级IP商业化的开启

者“欢瑞世纪”与星皓电影、光线传媒联合出品电影，与

光线传媒、大道行知、爱奇艺等投资方联合出品《盗墓笔

记》季播剧，而游戏则是与多个工作室合作共同开发制

作。围绕《盗墓笔记》IP版权销售、广告、游戏、衍生产

品等市场价值估计可超过人民幣200亿元。

以跨境资源共享塑造内容全球影响力：伴随着中

国资本在全球文化传媒产业的愈发活跃，跨境内

容输入输出已成为企业树立全球化形象的重要途

径。不少跨界企业都在或以资本联姻，或以携手拍片，或

以联合推广等方式，与好莱坞牵手合作，以实现内容在全

球市场的变现红利，体现企业极具竞争的文化内容输出能

力。海外收购并购源源不断地将好莱坞先进、成熟的电影

制作经验与方法引入中国市场。跨境资源互补极大的加快

了供给端的数量和质量。

同时，随着新技术、新媒介、新渠道的发展以及各类新玩家的

不断涌入，行业竞争愈加白热化，倒逼企业纷纷转型升级，寻

求新的发展方向和利润增长点。对比国际文化传媒行业的发展

历程，中国正处于垂直整合和产业链高度融合的阶段，上游内

容端的价值愈加凸显，优质内容资源备受重视和关注。

优质内容成为新时代的战略要地

优质内容是企业构筑核心竞争力的保障。我们看到越来越多风

格鲜明、创意独特、洞察前沿的内容制作公司跻身到文化娱乐

产业前列，且仍在持续深挖和培育优质内容以及创新运营，如

华策影视凭借多部影视知识产权（IP），如《何以笙箫默》、

《锦绣未央》等，成功树立在中国文化娱乐产业的龙头地位。

优质内容本身是多渠道变现的关键。我们看到文化传媒的行业

巨头已走向通过深化内容端，打通上中下游所有变现环节，实

现内容端价值最大化的垂直一体化发展形态。以内容作为核心

竞争力，以影片作为基点拓展和延伸IP产业链已经成为美国电

影制片巨头们的竞争策略，通过单部影视作品，联动和辐射周

边产品、主题乐园、游戏娱乐等线上线下各个环节，实现IP多点共生，多层次多渠道的变现。

优质内容也是增加企业赢利点的吸金石。随着行业巨头的全产

业链的布局尤其优质内容的开发和运营，最终将呈现“赢家通

吃”的局面，行业巨头不仅可以获得IP的多点变现，更是可以

通过优质内容带来新的利润增长点，实现市场份额和资本叠

加，以此构筑强大的竞争壁垒。以传统电视传媒出身的湖南卫

视通过优质内容生产，打造自有视频品牌“芒果TV”，产生

巨额的广告和营销收入，实现商业模式与利润增长多元化。湖

南卫视因此成功地实现传统电视传媒企业的升级转型，成为行

业开创者和引领者。

内容为王，竞争之道

当下的中国文化传媒产业发展空间和潜力无限，捕捉时机，深

挖内容，快速布局，趁风扬帆，必能披荆斩棘，突出重围。

快速应变，积极行动，深化内容端能力

以大数据反哺内容创作：互联网时代为内容生产

带来了前所未有的变化，大数据的全面崛起已经

成为文化传媒内容的新趋势。红遍全球的原创美

剧《纸牌屋》便是由大数据引发的“爆款”。制片方和投

资方在拍摄前通过大数据调研，了解到用户对大卫·芬奇

电影和凯文·史派西作品的喜爱，加上刚买到《纸牌屋》

的剧本，因此便将三者融合推出该剧，由此可见大数据对

于内容创作发挥的积极作用。

除此之外，众多国内视频平台均纷纷成立大数据分析中

心，为节目创作提供支撑和依据，并成功打造出多个深受

用户喜爱的影视作品。未来可以预见，随着互联网数据采

集、数据处理以及数据分析技术的升级完善，大数据必然

会更为精准的捕捉观众需求，敏锐的洞察前沿变化，为文

化传媒行业的内容创作带来根本性变化。

以新技术推动内容变革：科技的不断进步从终

端制造方面为内容创作带来了更多的可

能。虚拟现实（VR）无疑是当今技术变革下最受

关注的产物，无论从资本投资还是参与企业来看，VR技术

和VR内容都将逐步成熟并走向爆发式发展。观察当下资本

市场，已经有多家影视、传媒、游戏类企业在进行VR内容

领域的布局，光线传媒、华策影视等已经在VR影视领域开

始大量投入。VR领域备受瞩目的另一关键在于在VR内容制

作领域，国内企业和国外企业目前处于同一起跑线，如果


are currently at the infant stage, it is likely that Chinese companies, if they concentrate on developing VR content, will gain leadership in the global industrial chain when explosive development takes place in the VR industry.

Magnify content value through horizontal and vertical cooperation: How to maximize the value of the same IP by its various forms, from books, films, TV shows to games, animation and variety shows, followed by further extension in the business mode? Cooperation is certainly the fastest and the most effective way. For example, as a high-value IP, The Lost Tomb has been made into a film, a TV drama series, games, publications and other derivatives. H&R Century, the company behind the commercialization of this mega IP, has produced a film of The Lost Tomb with Filmko Film and Enlight Media. It also produced the TV drama with joint investments from Enlight Media, Dongxi Dadao Xingzhi, iQIYI and so on. A game was also developed in cooperation with several production studios. The market value

of IP copyrights, advertisements, games and derivatives associated with The Lost Tomb is estimated to be more than RMB20 billion.

Create global impact with cross-border resources: As Chinese capital is increasingly active in the global culture and media industry, the flow of content across the border has become an important way for enterprises to establish global corporate images. Many cross-sector companies are cooperating with Hollywood’s production houses in the forms of joint capital investment, joint production or promotion in order to realize the content value in the global market and manifest their highly competitive content output capabilities. Meanwhile, overseas M&As have started to import the advanced and sophisticated Hollywood filmmaking experience and methods into mainland China. Complementary resources across the border have tremendously accelerated the quantity and quality of the supply side.

包韵亮

投资战略咨询服务合伙人


包韵亮先生是财务交易咨询合伙人，专注于投

资战略咨询。在中国大陆和亚太地区拥有超过

15年的专业服务经验，尤其擅长国内外投资战

略、新市场准入、商业模式设计、商业尽职调

查、并购可行性分析等咨询领域。他曾为众多

跨国企业、中国国有企业与民营企业提供文化

传媒行业的商业与交易咨询服务。

Jerry Bao Partner, Corporate Finance Strategy Ernst & Young (China) Advisory Limited

Jerry has more than 15 years of experience in professional services in mainland China and Asia Pacific, focusing on the consultancy of domestic and overseas investment strategies, new market entry, business model design, due diligence and analysis of M&A feasibility. He has provided business and transaction consultancy services in the cultural and media industry for many multinational corporations, state-owned enterprises and private companies in mainland China.

赵月

投资战略咨询服务高级经理


赵月女士在战略咨询、并购交易咨询以及海外

投资领域拥有超过10年的工作经验，致力于

为中国大陆客户提供企业战略咨询、商业尽职

调查、海外并购整合等专业交易咨询服务。她

专注通讯、媒体以及文化娱乐行业，曾为知名

大型国有文化传媒集团、跨国公司以及投资机

构提供投资咨询服务。

Carol ZY Zhao Senior Manager, Corporate Finance Strategy Ernst & Young (China) Advisory Limited

Carol has more than 10 years of experience in strategic consultancy, M&A consultancy and overseas investment. She provides professional transaction consultancy services in corporate strategies, commercial due diligence and overseas M&As for her clients in mainland China. She focuses on the communication, media and entertainment industries and has provided investment consultancy services for large domestic cultural and media groups, multinational corporations and investment institutions.

郑晓婕

投资战略咨询服务高级顾问


郑晓婕女士在商业与战略规划、商业尽职调查

领域拥有丰富的经验，在过去三年，她曾服务

于中国国内外文化传媒集团、国有文化娱乐公

司以及私募基金等各种机构，专注于文化娱乐

行业研究，以商业角度为客户提供财务交易支

持。

Charlie Zheng Senior Consultant, Corporate Finance Strategy Ernst & Young (China) Advisory Limited

Charlie has ample experiences in business and strategic planning as well as commercial due diligence. In the past three years, she has provided services to various kinds of institutions including domestic and overseas cultural media group, state-owned culture and entertainment companies and private equity funds. She focuses on the studies of culture and entertainment and provides financial and transaction support to customers from the business perspective.

作者介绍 AuthorsAt the same time, with the development of new technologies, new media and new channels and the continuous influx of new players, competition within the sector is becoming more intense, forcing enterprises to transform or upgrade themselves for new development directions and profit growth. Compared with the development of its global counterparts, China’s culture and media industry is at the stage of vertical integration and intensive industrial chain integration. The value of upstream content is getting more prominent and high-quality content resources are drawing more attention.

Quality content is the new strategic battleground

Quality content can safeguard a company’s core competitiveness. We are seeing more and more content production companies with distinctive style, unique creativity and insight among the forefront of the culture and entertainment industry. They continue to deepen and cultivate high-quality content and innovative operations. For example, Huace Film & TV has successfully established a leading position in China’s culture and entertainment industry with a number of popular works, or intellectual properties (IPs), such as My Sunshine and Princess Weiyoung.

Quality content is the key to channel diversification. Culture and media giants are adopting vertical integration to achieve optimal content value by deepening the content-end and linking all variable components of the upper, middle and

lower streams. Content has become a core competitive power among the major movie studios in the US. Based on their films, they expand and extend the IP supply chain to achieve a multi-point symbiosis and multi-channel diversification using online/offline components such as stand-alone film and television productions, peripheral products, theme parks and games.

Quality content also draws more profits to the enterprise. As industry giants adopt a whole-industry-chain approach, especially for the development and operation of quality content, the end result will likely be a ‘winner-takes-all’ situation. Not only will the industry giants achieve multi-point IP, but they will also build strong competition advantage with greater market shares and capitals realized by gaining more profit growth points through quality content. It is through the production of quality content that Hunan TV, a traditional television broadcasting company, has diversified its business models and profit growth points by creating its own online channel, Mango TV, which brought huge advertising and marketing revenues. Hence, successful upgrading and transformation has turned a conventional TV broadcasting enterprise, Hunan TV, into a pioneer and leader.

Content is the key to success

In view of the unlimited potential of development in China’s culture and media industry, seizing opportunities, deepening content, rapid development and following the trends are the key factors to success in this highly competitive market. EY

The ability to respond promptly, take action and intensify content

Enhance content with big data: The internet era has brought unprecedented changes to content production while the rise of big data has set new trends for media content. The huge success of the TV drama House of Cards is an outcome of data-driven production. The producers and the investors conducted big data analyses and found that their users favored David Fincher’s and Kevin Spacey’s works. Having bought the script of House of Cards, they combined these three key elements and produced a worldwide hit. This has reflected the positive impact of applying data analytics in content creation.

Moreover, local video platforms have set up centers for big data analytics to provide support and references for their productions. This has led to a number of popular films and TV programs. Looking ahead, big data will certainly

understand audience needs even more accurately as the technologies of accessing, processing and analyzing of data upgrade and improve. More precise insight will bring about fundamental changes in content creation of the culture and media industry.

Content reform driven by new technologies: Constant advancement of scientific technologies opens up more possibilities in content production. Virtual reality (VR) is undoubtedly one of the most talked-about inventions in today’s technological reform. VR technology and VR content are progressively maturing and moving towards an explosive development in terms of capital investments or market participation. Currently in the capital market, a number of film and television production companies, media outlets and gaming companies are developing VR contents. Companies such as Enlight Media and Huace Film & TV have started making huge investments in their VR productions. The production of VR content is another focus of attention. As both domestic and overseas companies


航空业“飞出去”是另一明

显趋势。海航集团在过去

一年就通过一连串的国际收

购，向上下游产业延伸。中

国航空业的智造还包括参与

提升海外机场设施以加强国

际物流能力，以及研制大型

飞机。国产C919大型客机

总订单亦已超过500架，订

户包括美国、德国和泰国的

企业。

截至2015年底，中国高

铁营运里程近1.9万公

里，位居世界第一。

中国核电技术亦不断推进，

目前中国投入营运的核电机

组达36台，在建的核电机组

20台，位列世界第一，占全

球在建总数的三分之一。

虽然电信业海外投资的政

治风险及壁垒较高，但近

期民营企业亦开始涉足海

外市场，案例包括总部设

于北京的移动通信营运商

分享通信收购尼日利亚

手机营运商GiCell 80%股权，以及成都鹏博士电

信传媒集团以1,500万美

元收购美国宽带营运商

Giggle Fiber。

中国智造成海外并购新名片

中国对外直接投资流量屡创新高，

已超越日本成为全球第二大对外

投资国。中国商务部公布，2016年1至11月累计对外直接投资额（非金融类）

约为1,617亿美元，较去年同期增长超

过五成。安永预测，2016年全年的对

外直接投资额将超过1,700亿美元1。

早年中国企业出海的热门行业如矿产和

能源，在截至2016年9月的过去六年

间，海外并购所占比重从43%下降到6%，同期科技、媒体和电信、电力和公用

事业，以及汽车和运输占比大幅增加，

显示中国海外投资已逐步从低端“中国

制造”向“中国智造”转型。近年，高

铁、核能、通讯和航空等行业的对外直

接投资也提升了中国智造的国际形象。

中国智造的动力

“一带一路”、“中国制造2025”和

“国际产能合作”战略为中国智造创造

市场潜力和政策环境。这将推动未来的

更多进程。2016年1至11月中国在

“一带一路”沿线国家和地区新签对外

承包工程项目合同7,367份，合同额总

计同比增长40.1%至逾1,003亿美元。

有了沿线的发展中国家这个庞大市场，

数据来源：Mergermarket，数据包含港澳台注：2016年农业金额较大因其包含中国化工收购瑞士先正达交易，金额约430亿美元。

中国企业智造“出海”新方向

吴港平，安永中国主席、大中华首席合伙人

中国正力争2030年前在沿线国家建造

约30台海外核电机组；而预计到2035年前，海外高铁通车里程将达到8万公

里，投资额达2.4万亿美元。

考虑到全球渐增的不稳定因素，推动中

国智造不仅有助稳住当前经济发展，更

是中国经济从中低端向中高端迈进的重

大机遇。然而，企业亦将面临经济、地

缘政治和汇率风险，有效的融资平台和

金融风险管理是企业成功“走出去”的

前提。

香港在中国智造中的角色

香港是中国对外开放程度最高的城市，

在制度、人才、国际交易经验方面的优

势使香港成为内地企业走出去的重要门

户，不少中国智造企业已在香港上市或

成立国际公司，作为国际化进程的基

地。

企业如能好好运用香港这个国际市场的

融资能力，配合全面的管理设计，不但

能有效管理离岸资金、现金池、外汇、

现金流回收等，还可增加税收效率，减

省交易成本，惠及企业盈利。香港最近

通过了向企业财资中心提供优惠的《税

务条例》修正条例，新法例通过后，企

业财资中心向境外相联法团借款所支付

的利息可获税务扣减。而企业财资中心

的利润亦可享50%利得税率减免。

中国企业海外投资逐步向“智造”转型（美元百万）

2011 2012 2013 2014 2015 2016 前三季度

农业 671 540 190 3,067 239 46,613

电信、媒体和科技

2,953 6,306 3,500 13,784 15,494 45,963

电力和公用事业

13,928 6,729 6,165 2,974 7,060 22,336

工业品 8,707 3,535 5,708 4,689 6,442 20,234

消费品 3,215 3,330 8,963 3,874 4,556 14,202

房地产、酒店和建造

1,031 904 1,991 5,102 1,988 13,888

金融服务 2,329 5,304 4,497 8,385 19,742 7,202

采矿和金属 12,034 4,558 5,509 1,414 5,083 6,124

汽车和运输 3,531 3,332 2,749 8,684 15,921 5,714

医疗 334 336 1,445 1,150 4,010 5,461

石油和天然气

16,626 28,742 27,137 6,251 8,270 4,878

其他 928 42 465 3,439 1,899 4,590


安永预测，2016年

全年的对外直接

投资额将超过

1,700 亿美元

据市场估计现时有约100间亚洲企业有意成立财资中心，当中中资及有意落户香港

的比例均达一半。香港完备的金融市场基建可望吸引更多中企在香港设立财资中

心，作为中国智造走向世界的平台。

1. 《中国走出去》4期第6页 (本文刊于2016年12月28日香港《信报财经新闻》。)


China’s outbound direct investment (ODI) has been setting new records

and the country has surpassed Japan to become the second biggest investor in the world. According to China’s Ministry of Commerce, the country’s non-financial ODI has rocketed over 50% year over year (YOY) in the first 11 months of 2016, reaching USD161.7 billion. EY expects that China’s total ODI could well exceed USD170 billion1 in 2016.

Investment targets for Chinese companies on their outbound journey have been shifting away from sectors such as mining and energy, which have been long associated with China. As of September 2016, these two sectors’ combined share of China’s outbound mergers and acquisitions (M&As) has dropped drastically from 43% to 6% for past six years. In comparison, the shares of investment into technology, media & telecommunications (TMT), power & utilities, and automotive & transportation have all increased substantially.

Chinese companies are undergoing a transformation and propelling up the value chain towards “Chinese intelligent manufacturing”. There is plenty of evidence of this change when we consider that the new “go global” targets for many Chinese companies are high-speed rail, nuclear plants, TMT and aviation.

Rising international profile

By the end of 2015, China had built the longest high-speed rail network in the world, totaling 19,000 km. China is the biggest and most active builder of nuclear power plants in the world, with 36 in operation and 20 others under construction. Chinese companies are building one in every three nuclear plants currently under construction around the world.

In the TMT sector, despite the increasing political risks and barriers involved in overseas investment, we have been seeing more private enterprises expand into overseas markets in recent years. The most notable examples include Sharing Mobile, a Beijing-based mobile communications operator acquiring an 80% interest in Nigeria’s mobile operator GiCell and Chengdu-based Dr. Peng Telecom & Media Group’s acquisition of US broadband service provider Giggle Fiber for USD15 million.

Chinese aviation companies are also actively “flying global”. In the past year, HNA Group has successfully built

out its aviation value chain through a series of international acquisitions. Chinese aviation enterprises have been expanding their footprints through investments in overseas airport facilities to enhance international logistics capacity. A few years ago, no one would have predicted the rise in prominence of China’s aircraft manufacturing technology. Orders for C919, large passenger aircraft built by China domestically, have exceeded 500. Enterprises from US, Germany and Thailand are among the mix of international buyers.

The impetus towards intelligent manufacturing

Policy initiatives such as “Belt and Road”, “Made in China 2025” and “International production capacity cooperation” have worked to create an addressable market and a favorable political environment for the rise of intelligent manufacturing. The signs are that these will only lead to more progress in the period ahead. In the first 11 months of 2016, Chinese companies signed 7,367 new engineering, procurement and construction project agreements in countries and regions along the Belt & Road, with a total contract value exceeding USD100 billion, representing a 40.1% increase YOY. To satisfy the enormous appetite for infrastructure within developing countries covered by the Belt & Road initiative, China aims to build 30 nuclear

Intelligent manufacturing – China’s new path to globalizationAlbert Ng, China Chairman, Greater China Managing Partner, EY


power plants by 2030. It is estimated that by 2035, the total length of the overseas high-speed rail will reach 80,000 km, with a total investment value reaching USD2.4 trillion.

“Intelligent manufacturing” ensures stable economic growth, which is China’s goal at the current stage of its development, given the growing uncertainty globally. Moving even further towards intelligent manufacturing and higher value activities presents immense opportunities for China to transform its economy. However, enterprises will encounter economic, geopolitical and exchange rate risks on this course, and an effective financing platform with financial risk management will be key to a successful outbound strategy.

Hong Kong’s role in intelligent manufacturing

Hong Kong still retains its position as the most international city in China. The city’s robust system, large pool of professional talent and extensive experience in international transactions make it the ideal gateway for mainland enterprises to access the global markets. Many Chinese high-end manufacturing enterprises are already listed on Hong Kong’s stock market, or have their international base established in the city.

Leveraging Hong Kong’s advantages as a financing platform, coupled with a comprehensive management plan, companies can efficiently manage their offshore capital, cash pooling, foreign exchange and cash flow, and in this way enhance their tax efficiency, lower transaction costs and improve profitability.

Source: Mergermarket, including data of Hong Kong, Macau and Taiwan Note: The 2016 amount of investment in Agriculture sector comprises ChemChina’s USD43 billion takeover of Swiss Syngenta.

Hong Kong has recently passed amendments to the Inland Revenue Ordinance that provide tax concessions to corporate treasury centers (CTCs). Under the adjustments to the law, interest expenditure under profits tax for CTCs will be deducted, and profits tax reduced by half for the specified treasury activities.

According to market estimates, about 100 Asian enterprises have already shown interest in setting up CTCs, half of them are mainland companies. And of these 50% showed interest in establishing a CTC in Hong Kong. The city’s attractions mean more mainland enterprises are likely to establish CTCs here, and Hong Kong will prove itself to be an ideal platform for Chinese intelligent manufacturing enterprises on their globalization journey. EY

1. Page 6, China Go Abroad (4th Issue) (This article was published in the Hong Kong Economic Journal on 28 Dec 2016.)

Chinese enterprises’ overseas investments shifting to “intelligent manufacturing” (USD million)

2011 2012 2013 2014 2015 Q1-3 2016

Agriculture 671 540 190 3,067 239 46,613

TMT 2,953 6,306 3,500 13,784 15,494 45,963

Power & Utilities 13,928 6,729 6,165 2,974 7,060 22,336

Diversified industrial products 8,707 3,535 5,708 4,689 6,442 20,234

Consumer products 3,215 3,330 8,963 3,874 4,556 14,202

Real estate, Hospitality & Construction

1,031 904 1,991 5,102 1,988 13,888

Financial Services 2,329 5,304 4,497 8,385 19,742 7,202

Mining & Metals 12,034 4,558 5,509 1,414 5,083 6,124

Automotive & Transportation 3,531 3,332 2,749 8,684 15,921 5,714

Healthcare 334 336 1,445 1,150 4,010 5,461

Oil & Gas 16,626 28,742 27,137 6,251 8,270 4,878

Others 928 42 465 3,439 1,899 4,590

EY expects that China’s total ODI could well exceed

USD170 billion in 2016



电信企业转型用户体验为本

罗奕智，安永大中华区科技、媒体与电信行业主管合伙人

受访企业领袖当中，大部份认为创造个

性化的用户体验是最重要的举措。新生

数字化科技公司的业务一开始就建立了

实时收集用户反馈，不断推出产品，

以及反复测试改良的模式。例如阿里巴

巴的超级身份认证体系就存有5亿消费

者的真实用户数据，更包含以性别、地

区、消费偏好等超过8,000个标签的分

类。传统电信企业必须果断把数据分析

工具引入用户平台，以更全面地了解和

分析用户需求，才能与新生对手竞争。

用户体验导向的数字化转型策略

以用户体验导向的数字化转型还意味着

从产品、收费、业务模式以至业内生态

系统的转变。传统的语音短信数据正逐

步被OTT、云计算、物联网取代；收费

模式也从服务供货商设定变成由用户随

个人需要和用量选择。电信企业在数字

化转型中正引用不同的技术和合作方

案，去满足客户变化不断的要求。电信

运营商也更趋开放，并加强与互联网巨

头合作，增强自身与社交媒体的客户信

息融合。

然而，随着用户对产品和服务需求的细

分，以单一企业之力往往难以在技术上

和财政上应对数字化转型的投入和风

险。我们访问的企业领袖大多认同通过

并购巩固核心服务，或相关业务，以及

进入新领域。有见于电信企业当前的竞

争往往来自跨行业的对手，跨行业的补

强式并购有助企业在新的增长点迅速获

得技术能力和用户信任，因此吸引力愈

来愈大。

受访企业提升用户体验的重要举措要真正做到以用户需求为导向，除了

要满足现有需求，还要准确判断未来

需求的演变。以中国目前发展得最快

的机器对机器(M2M)市场为例，预计

到了2020年，中国大陆的M2M用户会

由2014年的7,400万上升4.5倍至3.36亿，用户对个人资料安全的忧虑可能成

为M2M爆发性增长的路障。如何在提供

服务的同时保障用户私隐，是企业迫切

的考虑。

诚如调查中受访者指出：“电信企业要

能继续蓬勃发展，须以用户为本，提供

价值，满足需求和体察未来需求的演

变，否则，只能沦为一成不变的连接服

务批发商。”

（本文刊于2017年1月7日香港《信报财经新闻》。）

%受访者

改善用户服务

创造更加个性化的用户体验

改善网络质量

扩大服务选择

提供灵活价格选项

寻找伙伴合作

其他

80706050403020100

69 69

53

31 31 28

9

近年智能型和移动设备的普及激发电

信用户对数据和传输带宽需求以

几何级数增长，同时业内和跨行业的竞

争不断加剧，促使电信企业加速向数字

化转型。

安永发布的《全球电信行业调查报告》

深度访问了来自40家全球营业额合计超

过6,700亿美元的电信和科技企业的高

管，他们指出用户需求和取向的转变是目

前行业面临的最大挑战之一。调查中68%的受访者把用戶体验管理定为未来3年首

要策略。

数字化时代的用户需求

现今能和用户建立直接关系的除了电信企

业，还有新冒起的数字化科技企业，如

互联网内容供货商 (Over-the-top，简称

OTT) 等。电信企业一方面要毋忘初心，

提升自身的灵活性、效率以及网络质量，

另一方面要着力提供更直观、更方便和更

可靠的服务予不同的用户群。尤其当新世

代的用户并没有非数字化世界的生存经

验，这些「数字时代原住民」认为电信企

业提供高质服务是理所当然的。

全球化网络和电信设备服务公司华为于去

年底在乌镇举行的2016运营转型峰会上

发表的白皮书，有系统地勾勒出数字化时

代用户的需求：实时(Real-time)、随需

应变(On-demand)、全在线(All-online)自己动手(DIY)及社交联系(Social)，统

称为ROADS，或可作为电信企业向数字

化转型的参考方向。

，

、


(This article was published in the Hong Kong Economic Journal on 7 January 2017.)

Leading operator initiatives to improve the customer experience

% respondents

Improve levels of

customer service

Improve network quality

OtherProvide a wider range of services

Provide more flexible

pricing options

Create a more personalized

customer experience

Strike partnerships

with other industry players

80706050403020100

69 69

53

31 31 28

9

In recent years, increased access to smart mobile devices has stimulated

customers to consume ever more data and bandwidth at close to breakneck speed. Meanwhile inter- and cross-industry competition is becoming more intense, and telecom operators have no choice but to speed up their transformation to survive the digital ‘natural selection’.

In the report Global telecommunications study: navigating the road to 2020, EY conducted in-depth interviews with senior executives from 40 telecommunications and technology companies with a combined annual global revenue of USD670 billion. There was some consensus from respondents that the changing dynamic of user needs and preferences was one of the major challenges confronting the industry, with 68% of those participating citing customer experience management as their number one strategic priority over the next three years.

Understanding user needs in the digital era

A wide range of emerging digital technology companies, such as over-the-top (OTT) providers, are establishing direct relationships with users, a privilege that previously was the domain of telecom operators. To accommodate the changing customer needs without losing their existing advantages,

telecom operators must on the one hand focus more on agility, efficiency and network quality, but at the same time provide more intuitive, convenient and reliable services to customers who are coming from a widening demographic.

For example, the “digital natives” in society, having never lived in the pre-digital world, would naturally have high, and sometimes unreasonable, expectations on the services provided by telecom operators.

Multinational networking and telecommunications equipment and services company Huawei published a whitepaper at the Digital Operation Transformation Summit 2016 held in Wuzhen, China, at the end of last year. They outlined in it a model for understanding customer demands in the dynamic digital era, characterized by five attributes: Real-time, On-demand, All-online, DIY and Social. ROADS may well represent the journey to digital transformation for telecom operators.

In our recent survey, a majority of respondents saw creating a more personalized customer experience as the key element to improving services. Given the nature of the businesses, this will be an area that is particularly challenging to traditional telecom operators.

Unlike most tech start-ups, traditional telecom operators do not have operating models and platforms tailored to handle the real-time collection of customer feedback, or technologies that allow them to continuously test new products and refine their offerings. For instance, tech giant Alibaba’s super identity authentication system has stored the real user data of 500 million customers, allowing customer segmentation under over 8,000 labels, going far beyond the traditional parameters of gender, geographic region and purchase preference.

To compete with these new digital industry players, traditional telecom operators will need to move quickly to integrate data analytics tools into different customer support channels for a more holistic view of customer needs.

A user experience-oriented strategy

A user experience-oriented digital transformation would mean a shift in products, pricing options and operating models that would permeate through the whole industry ecosystem. Voice calls and SMS are fast fading from the picture, losing out to OTTs, cloud and Internet of Things (IoT) services. Pricing models are shifting from tariff plans designed by service providers to more flexible schemes driven by individual needs and usage. We have also seen telecom operators implement different

Digital transformation A customer experience initiativeSteve Lo, Managing Partner, Technology, Media & Telecommunications, EY Greater China


technologies and cooperation options to help them tackle changing customer demand. For example, by opening up and strengthening ties with tech giants, telecom operators are bolstering access to user information on social media platforms.

Customers are demanding greater degrees of differentiation in their products and services, making it difficult for a single telecom operator to shoulder the risks and investment arising from digital transformation, both technologically and financially. Most respondents in our survey see M&A as a means to consolidate core services, or related businesses or enter new industry verticals. While most of the major competitors for telecom operators today are from other industry sectors presenting a new type of challenge, cross-industry bolt-on M&As are proving increasingly attractive for telecom operators to quickly obtain the capability and credibility in growth segments.

To achieve a digital transformation that is truly based on user needs, operators need to be able to meet current demands and anticipate those that will arise in the future. Take mainland China’s M2M market as an example, with 74 million connections at the end of 2014 and an estimated 336 million users by 2020, users’ concerns over the security of personal data may hinder further growth. There is a pressing need because of this for operators to consider how they can protect user privacy while continuing to provide services.

As pointed out by one of our respondents in the survey, “if you are customer-centric and provide value, keep your customers happy and anticipate their future needs, you will thrive. If you can’t do that, you will become a dumb, wholesale connectivity provider.” EY


中国金融科技须知

陈凯，安永大中华区金融服务主管合伙人

谈到中国大陆金融科技，电子支付

最为人津津乐道。受惠于庞大的

消费群和成熟的电子商贸，在2015年就有3.58亿用户使用移动支付，年增长

64.9%1。

其实在支付以外，中国大陆金融科技还

有巨大发展空间，发展之快从投资额的

惊人升幅可见一斑：至2016年6月止的

一年间中国金融科技投资总额达88亿美

元，比2010年全年增幅达252%2。中国

金融科技已从支付扩展到其他领域，蚂

蚁金服、趣店集团、陆金所和众安保险

均已跻身世界金融科技前列3，而在27家估值逾10亿美元的金融科技独角兽

中，中国企业占生8家，涉猎多个领域4。

发展金融科技的优势

丰富的人才助力中国金融科技的发展。

安永发表的中英金融科技报告显示，中

国现有760万金融服务从业员5、逾750家政府主导的基金6和活跃的IPO市场，

为金融科技企业提供了强大的支持。

安永与星展银行联合发表有关中国金融

科技崛起的报告也指出，中国市场呈现

金融服务饱和度低而网络基建相对完善

的独特环境，目前个人贷款覆盖率极

低，1/5成年人没有银行账户7；但同

时，中国的互联网用户人数和对流动金

融服务的接受程度却领先全球，越来越

多客户通过网银或手机银行办理业务，

而不再只依赖银行网点。

中国政府亦一直积极鼓励行业创新，在

2015年所提出的「互联网+」政策便包

括一个400亿元人民币的创投基金以支

持初创企业发展8，并提供税收减免优

惠。中国新冒起的世界级科技巨头也是

金融科技创新的推动者。

银行和资本市场广泛覆盖

我们看到互联网、移动科技、大数据、

人工智能等已被广泛应用于银行服务，

网上银行、货币兑换、网上贷款、智能

财务顾问等服务大大提升了传统银行的

效率和服务质素，同时也扩大了银行服

务的覆盖。

以财富管理这个中国新兴金融板块为

例，当传统基金的投资门坎高达5万元

人民币，有近3亿客户的余额宝的基金

投资门坎却可低至1元人民币。而很多

银行也紧跟着开始了“一元起投”的银

行理财业务。

区块链和信用评分等领域也发展迅速。

政府已成立了多家机构推动区块链技术

研究，以解决保安、逻辑和运作环境、

私隐保障以及与现行系统的接合等问

题，而无论金融巨头还是初创企业，都

在积极探索如何利用区块链技术来降低

成本、提高效率。信用评分方面，中国

人民银行征信中心目前只覆盖40%人口

的信用数据9，随着中国计划在2020年前推行全国社会信用系统，银行业可获

得更准确和丰富的信用信息，以更有效

率地向中小企和个人提供信贷服务，而

大数据征信企业也为银行的征信提供了

很好的补充。

银行与科技企业合作方式

部分银行考虑采用金融科技时面临两

难。由于内部研发需时，部分银行会选

择与科技企业合作开发金融技术，但在

选择合作企业时，却往往未能卸下竞争

的戒心，因为这些潜在合作伙伴也许有

5%是竞争对手，或最终发展为竞争对

手。

其实银行与科技企业合作的方式众多，

例如推行创业加速器，从中寻找人工智

能、数据分析、区块链或财富管理等金

融科技合作伙伴。现时很多中小银行也

在尝试与金融科技公司在消费贷款方面

成立合资公司或建立灵活的分账机制。

另外，基于银行内部系统的安全性，银

行不会也不需要将金融科技企业整套技

术套用到系统内，合作方式可以相当灵

活。

金融科技革新有助银行为客户研发度身

订造的服务和产品，而银行庞大的客户

群和网上交易额，会产生强大而有价值

的数据，成为科技创新上不可或缺的一

环。这有助于奠定互利互惠关系的基

础。

未来我们谈到中国金融科技，绝不会只

限于发红包。这领域发展潜力巨大，银

行业应把目光放远，以开放的态度与科

技企业连手，开创双赢局面。

中国用户使用非银行金融服务而不使用传统银行服务的原因

数据来源：安永《2016年全球消费银行业务调查》，受访中国用户超过2,000人。

40

30

20

10

0

(%)

费用较低

网上用户体验和功能较佳

能够提供不同产品和服务

容易开户

服务质素较佳

能够提供较创新产品

我希望快人一步尝试新产品和服务

我希望支持初创企业/创新产品/意念

可信度较传统银行高


原因

（本文刊于2017年3月15日香港《信報財經新

聞》。）

1. China and UK Fintech 第15页2.《中国金融科技强势崛起》第9页3. https://h2.vc/reports/fintechinnovators/20164. 《中国金融科技强势崛起》第10页5. China and UK Fintech 第10页6. China and UK Fintech 第10页7.《中国金融科技强势崛起》第13页8.《中国金融科技强势崛起》第28页9.《中国金融科技强势崛起》第34页



In any discussion of fintech in mainland China, online payment is probably the

most talked-about area. Supported by a huge consumer base and well-developed e-commerce capabilities, there were 358 million mobile payment users in China in 2015, marking impressive growth of 64.9% from the year before1.

Yet beyond payment, the mainland China market presents vast untapped potential for the development of other fintech segments, as evidenced by the surging investment in the sector: between July 2015 and June 2016, fintech investment in China totaled USD8.8 billion – an exponential increase of 252% on the amount of investment in 20102. China’s fintech sector is developing its range of offerings, with companies such as Ant Financial, Qudian Group, Lufax and ZhongAn establishing themselves among the world’s leading fintech enterprises3. China is also home to eight of the 27 fintech “unicorns” worth over USD1 billion4, providing a wide spectrum of fintech services.

Key fintech enablers

The growth of China’s fintech sector is supported by an abundant pool of talent. According to the latest EY report China and UK Fintech: Unlocking opportunity, it is estimated that there are 7.6 million financial services professionals5 in China. There are also more than 750 government-led funds6,

The rise of fintech in ChinaJack Chan, Greater China Financial Services Leader, EY

which, coupled with an active IPO market, offer strong financial backing to the sector.

A joint report by EY and DBS titled The Rise of Fintech in China attributed the rapid development of fintech to China’s unique market landscape, where financial services penetration is low but digital infrastructure is surprisingly well developed. China’s current personal loan penetration rate is one of the world’s lowest, while one in five of the country’s adult population does not have a bank account7. On the other hand, China has an unrivalled number of Internet users, whose enthusiasm for mobile financial services is significant. The population is increasingly willing to bank through the Internet and mobile devices, instead of visiting a physical bank branch.

Market innovation has also enjoyed strong government support. The “Internet Plus” initiative launched by the Chinese government in 2015 mapped out various steps to enable innovation, including an RMB40 billion venture capital fund8 and various tax relief measures. China’s emerging technology giants are also contributing to the relentless drive for fintech innovation.

Fintech adoption in banking and capital markets

Banks are adopting Internet and mobile technology, as well as big data and artificial intelligence, to build out

different service platforms such as online banking, currency exchange, online borrowing and robot-advisors. These new additions have significantly enhanced the efficiency and quality of traditional banking services and coverage.

Take wealth management, a burgeoning financial segment in China, as an example. While a traditional fund might set an investment barrier at a level as high as RMB50,000, Alibaba’s online money market fund Yu’e Bao, which already boasts a client base of nearly 300 million, welcomes new joiners with an investment of as little as RMB1. Many traditional banks are following in its footsteps by launching one dollar wealth management services.

There has also been a growing focus on the development of blockchain and credit scoring. The Chinese government has set up research institutes to promote the development of blockchain technology, and to address issues concerning security and privacy, logic, the operating environment and integration with existing systems. Blockchain technology is now being eagerly explored by financial services giants and start-ups alike, seeking to save costs and boost efficiency.

The current credit database maintained by the China Credit Reference Center (CCRC), which includes the credit records of just 40% of the population9, is obviously inadequate. A nationwide

Social Credit System is expected to be launched by 2020. The banking industry will then be able to draw more accurate and comprehensive credit information from this new system to provide more efficient credit services to small and medium-sized businesses (SMEs) and individual borrowers. Private enterprises are also complementing the work of the banks, by developing their own credit scoring systems using big data.

From competition to collaboration

Some banks are faced with a dilemma when they consider fintech adoption. In-house research and development (R&D) is always time-consuming, but when the banks choose to work with tech companies to develop the technology, they can become cautious about the competitive position of these partners. And indeed, it may be true that perhaps 5% of these potential partners are their incumbent competitors, or may grow into competitors one day.

However, this should not be the reason for banks to give up on collaboration. Indeed, banks and tech companies can collaborate in many areas - for example, through establishing start-up accelerators. An accelerator program allows banks to seek potential business partners in different areas of fintech, such as artificial intelligence, data analysis, blockchain and wealth management. Many small and medium banks are forming joint ventures with fintech companies in the consumer loan sector, or establishing a flexible revenue-sharing mechanism with their partners. Meanwhile, if banks have internal security concerns, it is usually not necessary for them to integrate the full set of solutions offered by their fintech partners into their own systems.

Fintech innovation empowers banks to develop more tailored services and products for their clients, while the banks’ immense client bases and high volume of online transactions generates vast amounts of valuable data that can

be harnessed for further technological innovation. This can be the ground for a mutually beneficial relationship.

In the future, when we talk about China’s fintech, it will mean something much more than just e-wallets and digital red packets. In light of the sector’s enormous potential, the banking industry should take a longer-term view, adopt an open attitude and work hand-in-hand with tech companies so as to create a win-win situation. EY

1. Page 15, China and UK Fintech2. Page 9, The Rise of Fintech in China3. https://h2.vc/reports/fintechinnovators/20164. Page 10, The Rise of Fintech in China5. Page 10, China and UK Fintech6. Page 10, China and UK Fintech7. Page 13, The Rise of Fintech in China8. Page 28, The Rise of Fintech in China9. Page 34, The Rise of Fintech in China

Reasons for using a non-bank rather then traditional bank

Source: EY Global Consumer Banking Survey 2016, more than 2,000 Chinese users were interviewed

40

30

20

10

0

(%)

More attractive rates/fees

Better online experience and functionality

Access to different products and services

Easy to set up an account

Better quality of service

More innovative products than available from traditional bank

I like to try new products and services before anyone else has them

I like to support new businesses/products/ideas

Greater level of trust than with traditional institutionsReasons

(This article was published in the Hong Kong Economic Journal on 15 March 2017.)



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