invest in 2013 summer edition

Summer, 2013 INVEST IN A

www.investin.com.cn

季刊 QUARTERLY SUMMER 2013

聚焦国际金融中心：马耳他IFC SPOTLIGHT: Malta

看点：巴西：南美投资新贵

EYE ON: Brazil: What You Must Know Before Investing

观点：新能源投资，金矿还是

陷阱？

OPINION: Digging Gold or Getting Trapped in Alternative Energy Investments

暴跌成本刺激全球可再生能源投资

Plunging Costs to Spur GlobalInvestment in Renewable Energy

B 2013, Summer

Summer, 2013 INVEST IN 1

TBD

2 2013, Summer

主编 Editor in Chief: John Yang

撰稿人 Contributors: Anas Almasri, Tendai Musakwa,

Stuart Davis, Frances Emery, Baron Laudermilk,

Leo Zhang, Rocky Chan, Adam Skuse

美术总监 Art Director: Susan Shen

美术编辑 Art Editor: Tank Hu

研究员 Researcher: Naomi Wu

营运总监 Director of Operations: Spencer Hall

制作总监，亚洲 Production Director, Asia: Oliver Davis

销售总监 Sales Director: Matthew Sumner

销售总监 - 旅游行业 Sales Director - Hospitality: Obie Gao

关键客户经理，美洲 Key Accounts Manager:

Miguel Hernandez, Atina Kalustian

客户经理，亚洲 Accounts Managers:

Sammi Lin, America Santos, Robbin Dai

发行经理 Circulation Manager: Iris Gao

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　　近几年来，全球经济状况非常艰难，而可再生资源的预付成本比传统能源

形式要高很多，怎样在这个新兴行业内获利，是本期杂志封面故事要讨论的话题。

本期《境外投资》的特约观点作者 Rocky Chan 也将就这个话题提出他的见解。

　　本期杂志的特别报道之一，将您的眼光引向老牌投资胜地英国和以资源丰

富、机会众多而著名的巴西，我们将有机会和作者一起看一下英国的金融投资

业的概况——在金融危机过后，英国对中国投资者来说仍然具有巨大吸引力，

这个国家完善的法律体系和充分竞争的市场，以及对国际投资的重视的都是每

一位投资者获利的源泉。而南美洲的新贵巴西，也因其丰富的投资机会，日渐

进入投资者的视野。此外，本期“公务旅行者”专栏特地将马尔代夫和毛里求斯，

这两个以蓝色海洋和白色沙滩著名的旅游国家共同呈现给读者，不光是因为这

里阳光空气和永远不疲倦的度假胜地，更因为我们从此以后可以把它们同时列

入你的旅行计划——详情请看本期特刊。

　　我很荣幸您对《境外投资》的支持，也希望本期编辑为您精心挑选的内容

能带您洞悉各国投资机会，为您的投资计划锦上添花。

《境外投资》主编

John Yang

Being a big part of high-tech industry in every major nation worldwide, renewable energy has always been a hot topic for engaging entrepreneurs. Since the cost is much higher than traditional forms of energy generating, how to profit from this emerging industry under the recovering global economy, is the question we are discussing in our cover story. Our expert Rocky Chan will also have a take on this topic

As one of our special reports guides you through traditional investment hotspot-United Kingdom and a country full of resource and opportunity-Brazil, we will be looking at how financial investment industry are performing in those two countries. With its sophisticated legal system, fully competitive market as well as the government devoting lots of attention towards international investors, UK has been attracting numerous Chinese investors for satisfying profits it brings. Brazil, the South America new upstart, attracts investors because of it's abundant investment opportunities. In “Executive Traveler” this current issue, we are specifically presenting Maldives and Mauritius, the two world-renowned destinations for their amazing ocean and coast line. Not only because of its beautiful air, sunshine and never-tiring joy it brings, but because we can also guide you towards fitting these into your one travel plan. (For more info, please flip to Supplement)

I am honored to have your support in “Invest In”, hoping that we could really help you acknowledge worldwide investment opportunities in order to improve your portfolio with our carefully selected information provided in this particular issue.

Editor-in-ChiefJohn Yang

编者的话Letter Fromthe editor

[email protected]

4 2013, Summer

36 公务旅行者

ExECuTIVE TRAVELLER

新闻 NEWS06 全球概览 WORLD NEWS

您的全球金融产业指南All the latest news from across the world

封面故事 COVER STORY08 暴跌成本刺激全球可再生能源投资

PLuNGING COSTS TO SPuR GLOBALINvESTMENT IN RENEWABLE ENERGY

观点 OPINION16 新能源投资，金矿还是陷阱？

DIGGING GOLD OR GETTING TRAPPED IN ALTERNATIvE ENERGY INvESTMENTS

聚焦国际金融中心 IFC SPOTLIGHT22 马耳他，充满机遇的小国

MALTA, SMALL BuT FuLL OF OPPORTuNITIES

特别报道 SPECIAL REPORT48 大不列颠投资新机遇

INvESTING IN THE uK NEW OPPORTuNITIES

54 中国-东盟投资深度分析THE ASIAN CONNECTIONSINO-ASEAN INvESTMENT INSIGHTS

64 商业地产投资：全球及中国的机遇INvESTING IN COMMERCIAL REAL ESTATE: GLOBAL AND CHINA OPPORTuNITIES

看点 EYE ON70 巴西：南美投资新贵

BRAZIL: WHAT YOu MuST KNOW BEFORE INvESTING

一个假期，双重享受

The Maldives and Mauritius – Two Islands, One Vacation

马尔代夫

毛里求斯

马尔代夫

毛里求斯


季刊 QUARTERLY SUMMER 2013

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Vistra (Malta) Limited - Page 26-27

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6 2013, Summer

新闻 | NEWS

2013 年 3 月 11 日中国最大的石油供应商中石油正在寻求在美国获

得首个开发地块的权益，标志着这个有 400 亿美

元现金的中国行业巨头试图加入被认为将释放数

百亿桶石油储备的美国页岩气的开发热潮。

China National Petroleum Corp., the country’s biggest oil company, is seeking its first stake in the U.S. as Chinese explorers with US$40-billion of cash try to join an energy renaissance unlocking billions of barrels of crude.

2013 年 3 月 17 日总部设于深圳的科技公司“腾讯控股公司”最近宣

称即将和印尼最大的媒体公司的 Global Mediacom

合资。腾讯公司希望藉此提升在东南亚的地位，开

始占领这一具有巨大潜力的市场。

Shenzhen-based technology company Tencent Holding recently announced plans to set up a joint venture with Global Mediacom, Indonesia’s largest media company. The move by the Chinese Internet service provider aims to boost its image in the Southeast Asian nation, where Internet related services have vast potential.

2013 年 4 月 4 日4 月 4 日消息，英国电信巨头沃达丰 (Vodafone) 和

中国移动将组成一家财团，联合竞标缅甸的移动通

讯业务许可证。该许可证将在今年 6 月份发放，业

务许可持有方将获准在缅甸全国范围内建设、拥有

并运营移动通信网络，初始期限为 15 年。

The Chinese and British groups announced on April 4th the formation of a consortium to bid for one of two telecommunication licenses up for grabs in the former Burma. The license would allow China Mobile and Vodafone, the first and second largest telecommunications companies worldwide respectively, to build, own and operate a nationwide mobile network in Myanmar for an initial period of 15 years.

2013 年 4 月 15 日在收购了一家美国的主要电影院线后仅仅在几个

月，万达已表示有兴趣收购两家欧洲最大的连锁院

线：Odeon & UCI 影院控股公司和 Vue 娱乐，它

们的总部都设在英国。

Just months after purchasing a major piece of the U.S. movie theater market, Wanda has shown interest in around two of Europe’s largest chains: Odeon & UCI Cinemas Holdings and Vue Entertainment, both based in the United Kingdom.

GLoBAL UPdAte全球概览

Kerry Welcomes Chinese Investment in America's Infrastructure

美国新任国务卿克里欢迎中国对美进行基建投资

美国国务卿约翰·克里在北京接受采访时称，他与中国政府官员就投资美国基础建

设进行了相关讨论。克里认为，有关安全问题方面的顾虑，“非常非常少，甚至

微乎及微。”

　　“对于真正的私营部门、私人投资，美国机会众多，我们欢迎这些投资。我今晚与

国务委员商讨的议题之一，就是有关吸引中国对美进行基建投资的可能性。我们在议会

呼吁建立基建银行，因为美国基础设施需求广泛，某些项目诸如水坝项目、交通项目、

能源项目等都是收入丰厚的项目。这都是诸如养老金等基金可以进行投资并获取收益的

项目，所有人都将获益，这是“多赢”—投资者、国家、基础设施建设地都将获益。”

　　 “我本人希望这能尽快实现。我们也讨论了其他相关的问题，比如如何在一个或

其他企业出现问题时，能够在为何会出现这样的问题，如何来解决这个问题并更好的完

中国主权财富基金中投公司的副董事

长高西庆表示，该基金在未来几年

内计划投资欧洲和美国的长期基础

设施，其原因是这些投资拥有政治上的稳

定性，并且能够提供尽管较低但是稳定的

回报率。

　　上周一，在中国海南省举行的博鳌亚洲

论坛 2013 年年会期间，高西庆在接受记者的

采访时表示，由于中投公司拥有多达 5000 亿

美元左右的现金，目前是在西方世界开展海

外基础设施投资的理想时机。这些项目需要

大量的现金，但是回报较慢。

　　高西庆在接受记者采访时说，欧洲的基

础设施投资是一个理想的选择，这是因为欧

洲地区的政府实行宽松的税收和监管政策，

欢迎国际投资，旨在重振经济遭到创伤的

区域。

　　高西庆说：“我们很看好我们在那里的

投资。”

　　事实上，许多国家正希望中国投资者能

够投资它们的基础设施。在过去的几个月里，

波兰和德国等国家已做出了重大的努力，希

望能够吸引来自中国的投资。

中投公司计划投资欧洲基础设施CIC Plans Infrastructure Investment in Europe

　　中投公司已经在欧洲开展了一些重大的

基础设施投资项目。2012 年，中投公司斥资

18 亿美元购买了英国公用事业公司泰晤士水

务 8.86％的股份。它还花费 7.2 亿美元购买

了伦敦希思罗机场 10％的股权。

　　高西庆指出，与欧洲相比，美国的基础

设施需要更多的投资。在使用私人资本为公

共基础设施项目提供融资方面，美国应该向

欧洲学习。从历史上来看，美国通常会使用

公共资金来资助公共项目。正是因为这个原

因，政治上的僵局让基础设施项目难以启动。

　　高西庆表示，中投公司在基础设施项目

方面的投资将主要集中在政治稳定的国家，

虽然它们所提供的回报相对较小。投资将主

要集中于欧洲和美国，因为它们历来稳定并

且拥有法治的环境。

　　有趣的是，虽然中投拥有大量的现金，

但是高西庆表示，由于全球性的危机，中投

公司在国际业务中面临挑战。

　　他说：“在金融危机期间，一些缺乏资

金的西方国家接受了来自中投的投资，但是

现在它们中有一些开始担心我们的投资造成

了威胁。”


NEWS | 新闻

US Secretary of State John Kerry told the press in Beijing that he discussed with Chinese government officials investing in

America's infrastructure. Kerry called the security concerns "very, very few; very, very little."

"But for true private sector private investment, we have countless opportunities and we welcome that investment. One of the things I’ve discussed with the State Councilor tonight was the possibility of China investing in infrastructure. We have proposals in the United States Congress to creature infrastructure bank. We have huge infrastructure needs in the United States for a certain series of projects like water projects, transportation projects,

成它，向民众解释，使得他们不会认为我们是随意的挑选出一个

国家，或者是一种偏见，亦或只是政策使然。我认为我们能够通

过在某些决策上进行相关的沟通来避免这样的困扰。”

Indeed many countries in China are seeking for Chinese investment in their infrastructure. In the last few months, countries such as Poland and Germany have made significant efforts to attract Chinese investment.

CIC has already made some major infrastructure investments in Europe. In 2012 CIC bought 8.86% stake in Thames Water, a British utility company, for $1.8 billion, and it also purchased a 10% stake in the London’s Heathrow Airport for $720 million.

Gao noted that compared to Europe, the infrastructure in the US is in needs more investment, and that the US should learn from Europe regarding using private capital to fund public infrastructure projects. The US has a history of usually public funds to fund public projects, which has made it difficult for infrastructure projects to start due to the political gridlock

Gao said that CIC would be investing in infrastructure projects mainly in politically stable nations although they offer smaller returns, mainly that of Europe and the U.S. since they are historically stable and stand by the rule of law.

Interesting, although CIC is flooded with cash, according to Gao, the CIC faces challenges in its international business due to the worldwide crisis.

“Some Western countries embraced investment from the CIC when they lacked funding during the crisis, but now some of them fear our investments pose threats”.

CIC has already made some major infrastructure investments in Europe. In 2012 CIC bought 8.86% stake in Thames Water, a British utility company, for $1.8 billion, and it also purchased a 10% stake in the London’s Heathrow Airport for $720 million.

中投公司已经在欧洲开展了一些重大的基础设施投资项目。2012 年，中投公司斥资 18 亿美元购买了英国公用事业公司泰晤士水务 8.86％的股份。它还花费 7.2 亿美元购买了伦敦希思罗机场 10％的股权。

energy projects. Those are all revenue-producing projects. So they are projects from which pension funds and other kinds of investments can make a return on investment and everybody benefits. It’s a win-win-win. It’s a win for the investors, it’s a win for the countries, and ultimately it’s a win for the place where the infrastructure gets built."

"So my hope is that that will take place. We discussed sort of some the – that’s part of the discussion that will take place in this group that’s going to look at where one business or another has had a problem, and why it may have had a problem, and do a better job of sort of discussing it and explaining it so people don’t believe that it’s somehow singling out a country or that it’s a matter of bias or outright policy. I think we can avoid a lot of confusion between our countries if we work at the communication on those particular decisions."

China’s sovereign wealth fund, CIC, is planning long term infrastructure investment in Europe and the United

States in the next few years due to the fact that they are politically stable and offer steady albeit lower returns, according to the fund’s vice chairman, GaoXiqing.

Since CIC has an abundance of cash, which is around $500 billion, it is in an ideal time to invest in overseas infrastructure projects in the Western world, which requires plenty of cash but offers slower returns, said the fund’s vice chairman

during an interview last Monday on the sidelines with a journalist at the Boao Forum for Asia Annual Conference 2013 held in South China's Hainan province.

During the interview Gao went on to say that Europe offers an ideal option for infrastructure investment since as the regions government have relaxed taxes and regulatory policies that welcome international investment in order to revive the economic damaged region.

Gao said “We are optimistic about our investments there.”

图片

Photo by A

lex Avancini

8 2013, Summer

Plunging Costs to Spur GlobalInvestment in Renewable Energy

By Leo Zhang

如今，全球有大约 80％的主要能源

是以碳为基础的：煤、石油和天然

气。然而，各国都已经意识到需

要在本世纪中叶完成向无碳或低碳能源的转

换。因此，毫无疑问，低碳是能源供给的未来。

　　对于那些认为投资可再生能源会带来过

高成本的人来说，这个领域全球的最新发展

将有助于减轻他们对资金投资的忧虑，并且

将鼓励他们促进绿色能源，进而获得长期的

稳定回报。虽然去年生产过剩重创了太阳能

和风能领域的全球新能源巨头，但是新的研

究发现，相关设备和设施成本的急剧下降可

能会在未来二十年内推动可再生能源投资实

现激增。

About 80 percent of the globe's primary energy today is carbon based: coal, oil, and

gas. But countries all over the world have come to realize that they need to shift to no- or low-carbon energy by mid-century. Therefore, low-carbon powering is the future for energy generation without a doubt.

For those who think investment in renewables could incur high costs, the recent development worldwide would help soothe their concerns about financial input and encourage their

暴跌成本刺激全球可再生能源投资

封面故事COVER STORY

participation in promoting green energy while reaping steady long-term returns.

Although production gluts crippled global new-energy giants in the solar and wind power sectors last year, new research found that the sharp decrease in the costs of equipment and facilities could prompt a surge in investment in renewables within the next two decades.

Annual investment in clean-energy projects, those that won’t add to greenhouse gas emissions, is likely to hit US$630 billion by 2030, compared with US$190 billion in 2012, according



　　根据彭博新能源财经在四月发布一份关

于清洁能源行业和低碳市场的研究报告显

示，清洁能源项目的年度投资（指的是不

增加温室气体排放的项目）将从 2012 年的

1900 亿美元上升到 2030 年的 6300 亿美元。

与 2011 年 11 月的预测相比，彭博新能源

财经目前的投资估计额要高出 37％。在这

样的情况下，截至下一个十年末，可再生能

源将占所有能源供给量的一半。

　　彭博新能源财经首席执行官 Michael

Liebreich：“对全球转向可再生能源的成本

的那些悲观看法并不准确。三年前，我们认

为风能和太阳能设备将与芯片一样便宜，现

在它们甚至已经低于芯片的价格。”

　　去年对风能和太阳能设备制造商来说是

有点艰难的一年。行业领先的企业面临产品

销售价格急剧下降的困扰。中国领先太阳能

电池板制造商无锡尚德太阳能电力控股有限

公司的一家子公司进入了破产程序，而全球

最大的风力涡轮机制造商维斯塔斯风力系统

公司出现了创纪录的亏损。

　　维斯塔斯（Vistas）计划在两年内裁员

30％。中国另一家太阳能面板巨头江西赛维

太阳能高科技有限公司在精简人员和出售工

厂后，已经将规模缩小了三分之二。西班牙

风力涡轮机制造商歌美飒集团在 2012 年出

现了 2000 年上市以来的首次亏损。

　　据彭博社的数据，自从 2011 年以来，

有超过 30 家太阳能电力公司已经破产。它

们包括 Q-Cells 公司和 Solyndra 公司，后

者从美国能源部担保的项目中获得了 5.27

亿美元的贷款。

　　虽然主要供应商正饱受煎熬，设施和设

备的价格下降正让越来越多的项目变得可行

和有利可图。市场观察家认为，这可能会最

终帮助可再生能源的成本更为接近煤和石油

的成本。

　　中国一直在努力推广清洁能源，旨在降

低对污染严重的煤炭的依赖。中国政府对太

阳能电池板生产设施的扩张进行补贴，这让

产品价格在过去三年中至少下降了一半。此

外，根据彭博的统计数据，自 2009 年以来

风力涡轮机的成本价低了约四分之一。

　　由于海外销售受到了供过于求以及从美

国和欧盟之间贸易争端的影响，中国政府已

经意识到了挑战，目前正在努力帮助国内的

太阳能发电行业。同样，中国政府也已开始

to data and news across the clean energy industry and carbon markets from a research report issued in April by Bloomberg New Energy Finance.

Compared with previous forecast made in November 2011, the current estimate of investment is 37 percent higher, according to BNEF. Under such a scenario, renewable energy is set to account for half of all generation capacity by the end of next decade.

“The apocalyptic views about what it will cost to shift the world to renewable energy simply aren’t true,” Michael Liebreich, chief executive officer of New Energy Finance, said in an interview with the Bloomberg News. “Three years ago, we thought wind and solar would be cheap as chips, and they’ve even gone below that.”

For manufacturer of wind and solar equipment, last year was a bit tough as leading industry players were plagued by sharply decreased selling prices

of their products. A unit of Suntech Power Holdings Co, China’s leading manufacturer of solar panels, went into bankruptcy, while Vestas Wind Systems A/S, the world’s biggest wind turbine maker, reported a record loss.

Vestas is planning on laying off 30 percent of its employees over two years; LDK Solar Co, another solar panel giant in China, is shrinked to third of its peak size after downsizing and selling plants; Spanish wind turbine manufacturer Gamesa Corp Tecnologica SA reported a loss in 2012 for the first time since its listing in 2000.

According to Bloomberg data, more than thirty solar power companies have gone bankrupt since 2011. They include Q-Cells SE and Solyndra LLC, which had taken US$527 million in loans under a program guaranteed by the US Energy Department.

Although major suppliers are suffering, lower facility and equipment

清洁能源项目的年度投资（指的是不增加温室气体排放的项目）将从 2012 年的1900 亿美元上升到 2030 年的 6300 亿美元。

Annual investment in clean-energy projects, those that won’t add to greenhouse gas emissions, is likely to hit US$630 billion by 2030, compared with US$190 billion in 2012.

10 2013, Summer


削减补贴，以帮助缓解行业的产能过剩。

　　中国银行能源市场分析师 Chris Wu 表

示：“尽管补贴减少，较低的成本将有助

于提升项目开发商的热情，让它们更多地参

与中国和海外市场清洁能源项目的融资和建

设。就国外市场而言，成熟和新兴国家拥有

各自的优势，都能够带来长远的利益。”

　　总部设在伦敦的彭博新能源财经由彭博

公司所拥有，它预测现在到 2030 年的阶段

内安装一个千兆瓦可再生能源设备的成本要

比 2011 年的预测值低 10％左右。

　　世界各地的政府都在寻求一种不同于给

予替代能源发电补贴的老欧洲模式。因此，

各大公司正在使用更为商业化的方式来衡量

投资可再生能源的效率。根据彭博新能源财

经的报告，这种趋势所带来的结果将是可再

生能源项目（包括风能、太阳能、水能和生

物质能）将占 2012 至 2030 年间新增发电

能力的 70％。研究人员认为，到 2030 年，

可再生能源将占全球发电能力的一半，而去

年这个比例为 28％。

　　彭博新能源财经的首席经济学家 Guy

Turner, 表示：“这是一个强劲的预测，但

它却是真实可信的。这代表着复合年均增长

率将达到 6.7％，许多行业的增长速度都要

快于它们目前的发展阶段。”

欧洲的努力和机遇

在最近为 Project Syndicate 撰写了一篇的

评论文章中，哥伦比亚大学地球研究所主任、

可持续发展专业的教授 Jeffrey D. Sachs 指

出，欧洲的两个领国，德国和法国，都展示

了迈向低碳未来的不同方法。它们各自的方

式反映了不同的资源禀赋、产业历史和政治

压力。

　　德国正在过渡到可持续能源的模式。对

如此规模的发达经济体来说，要完全通过可

持续能源（特别是太阳能和风能）来满足整

个国家的能源需求是件了不起的事情。德国

拥有全球规模最大的太阳能发电设备和全球

第三的风能发电设备。德国在可持续能源方

面的努力是有点不寻常的。在日本福岛发生

核灾难之后，德国决定关闭其整个核电产业，

完全转移到提升能源效率和发展可再生能源

的战略上。如此巨大的节能改造项目目前还

没有明确的路线图，但是德国几乎肯定将需

prices are making a growing number of projects feasible and profitable to develop. That could eventually help renewables rival coal and oil on cost, market observers said.

China has been trying hard to promote clean energy sources in an effort to wean the country off polluting coal. Beijing’s decision to subsidize the expansion of solar-panel manufacturing facilities helped cut product prices by at least a half in the past three years. In addition, the costs of wind turbines tumbled by about a quarter since 2009, according to Bloomberg.

Realizing the challenges, Beijing is now giving the domestic solar power industry a boost when overseas sales have suffered from oversupply and from trade disputes with the US and the European Union. The Chinese

government has also started to pare back subsidies in order to help ease the overcapacity in the industry.

“Despite fewer subsidies, the lower costs will help bolster developers’ enthusiasm to finance and build more clean energy projects both in China and in overseas markets,” said Chris Wu, an energy-market analyst with Bank of China. “For foreign markets, both established and emerging countries can bring long-term benefits with their own advantages.”

The London-based BNEF, which is owned by Bloomberg LP, predicts that the cost of installing a gigawatt of renewable energy capacity is now about 10 percent lower during the period through 2030 than it projected in 2011.

As governments all over the world are seeking an alternative to the old

1%高效低碳技术 / 服务

Efficiency &Low Carbon Tech/Services

1%生物燃料

Biofuels

13%其他可再生能源

Other Renewables

26%太阳能

Solar

59%风能

Wind

来源：彭博新能源财经Source: Bloomberg New Energy Finance

2006-2012 年间中国新能源投资分布（按类别）Distribution of China’s Investment of New Energy by Sector. 2006-2012



图片

Photo by S

afeChina

要依靠欧洲范围内的电网来分享清洁能源，

并最终从北非和中东地区进口太阳能发电。

　　相比之下，法国在很大程度上依赖低碳

核电，并且正在快速地发展电动汽车，比如

雷诺 - 日产的 Leaf 电动车。法国押宝核电

是一个更为成熟的选择。毕竟，在过去许多

年中法国的大多数电力来自核电。虽然反核

情绪在欧洲和法国非常强，但是核电将在未

来的几十年仍然成为全球能源结构中的一部

分，这是因为许多亚洲国家（包括中国、印

度、韩国和日本）仍将是主要的用户。

　　Sachs 教授说：“关键的一点是，法国

和德国以及许多其他欧洲国家（包括拥有大

量风能和水电潜力的斯堪的纳维亚国家）都

认识到，作为一个整体，世界将不得不远离

以化石燃料为基础的能源体系。这是正确的

看法。”Sachs 教授正在代表联合国秘书长

潘基文负责一项新的可持续发展解决方案网

络项目，阐述低碳经济的替代途径，并且考

虑世界各国的具体情况。

　　Sachs 教授说：“不同的国家会选择不

同的策略，但我们都需要去往同一个地方：

一个建立在低碳能源、电动车辆、智能节能

建筑和城市基础上的新能源体系。”他说：

“先行者可能会为这些战略支付稍高的价格，

但是它们和整个世界将获得长期的经济和环

境效益。通过采用真正可持续发展的技术，

法国、德国和其他国家正在创造一个能源体

系，它将在整个世纪为世界经济提供越来越

大的贡献。”

美国的动向

虽然美国已经开发了许多新的低碳能源技

European model of a subsidy for energy generation, companies are now taking a more business-related approach to gauge the effectiveness of investing in renewables.

The result will be renewable energy projects including wind, solar, hydro and biomass accounting for 70 percent of new power generation capacity between 2012 and 2030, according to the BNEF report. By 2030, renewables will account for half of the generation capacity worldwide, up from 28 percent last year, the researcher said.

Guy Turner, chief economist for BNEF, commented that “it's a strong forecast, but it's believable. That represents compound annual growth of 6.7 percent, and many industries have grown faster than that at this stage of their development.”

Europe’s Efforts and Opportunities In a recent op-ed for Project Syndicate, Jeffrey D. Sachs, professor of sustainable

development, and director of the Earth Institute at Columbia University, pointed out that two neighbors in Europe, Germany and France, are showing the alternative ways forward to a low-carbon future. They are going about it in ways that reflect their different resource endowments, industrial histories, and political pressures.

Germany is undertaking the Energiewende, or a transition to sustainable energy. It is a remarkable effort for a large advanced economy to meet the country's entire energy demand with renewable energy, especially solar and wind power. Germany has more solar capacity than any nation and ranks third in wind power. Germany's bet is a bit unusual. After Japan's nuclear disaster at Fukushima, Germany decided to shut down its entire nuclear power industry and completely shift to a strategy based on greater energy efficiency and renewables. There is no clear roadmap for such a huge energy transformation,

中国一直在努力推广清洁能源，旨在降低对污染严重的煤炭的依赖。中国政府对太阳能电池板生产设施的扩张进行补贴，这让产品价格在过去三年中至少下降了一半。此外，根据彭博的统计数据，自 2009 年以来风力涡轮机的成本价低了约四分之一。

china has been trying hard to promote clean energy sources in an effort to wean the country off polluting coal. Beijing’s decision to subsidize the expansion of solar-panel manufacturing facilities helped cut product prices by at least a half in the past three years. in addition, the costs of wind turbines tumbled by about a quarter since 2009, according to Bloomberg.

12 2013, Summer


术，但是在大规模使用的问题上却面临着很

大的政治压力和障碍。在政治上，美国仍是

石油巨头们的领地。

　　然而，最近美国的可再生能源公司在

使用一项税收融资结构方面迈进了一步，美

国石油学会表示将支持国会扩大这项计划的

范围。允许风电场和太阳能电厂使用这种名

为业主有限责任合伙制的企业组织结构将帮

助它们不再依赖于联邦政府的补贴。

　　业主有限责任合伙制已经为石油燃料生

产商和管道公司提供了税收减免。将可再生

能源包括在内将吸引投资者，促进风能和太

阳能发电业的发展。

　　美国的可再生能源生产商希望能够追随

KKR 和黑石集团的脚步，在新能源税收抵

免政策于年底过去时，能够获得里根时代的

减税政策。阿拉斯加参议员、能源委员会共

和党的首席代表 Lisa Murkowski 在最近的

一次论坛上表示：对税收制度进行改革“一

个极为重要的问题，尤其是当它涉及到能源

时。”

　　Murkowski 说：“我们的目标必须是尽

可能地提供确定性。即便是技术的成本开始

下降，这也并不意味着补贴应该继续增长。

但我们希望提供至少三到五年的窗口期，在

这个期限内投资不会面临重大的政策变化。”

and Germany almost surely will need to rely on a European-wide electricity grid to share clean energy, and eventually on imported solar power from North Africa and the Middle East.

Meanwhile, France relies heavily on low-carbon nuclear power, and is switching rapidly to electric vehicles, such as the pioneering Renault-Nissan Leaf. France's bet on nuclear power is a more proven option. After all, most of France's electricity has come from nuclear power for many years. Although anti-nuclear sentiment is very strong in Europe and France, nuclear power will remain part of global energy mix for decades to come, simply because much of Asia, including China, India, South Korea, and Japan, will remain the major users of it.

Professor Sachs said that “the key point is that France and Germany, and many other European countries - including the Scandinavian countries, with their considerable wind and hydropower potential- are all recognizing that the world as a whole will have to

move away from a fossil-fuel-based energy system. That is the right calculation.”

Professor Sachs is directing the new Sustainable Development Solutions Network on behalf of United Nations Secretary-General Ban Ki-moon to elaborate alternative pathways to a low-carbon economy, taking into account the specific conditions of countries around the world.

“Different countries will choose different strategies, but we will all need to get to the same place: a new energy system built on low-carbon sources, electrification of vehicles, and smart, energy-efficient buildings and cities,” Professor Sachs said. “Early movers may pay a slightly higher price today for these strategies, but they and the world will reap long-term economic and environmental benefits. By embracing truly sustainable technologies, France, Germany, and others are creating the energy system that will increasingly support the world economy throughout

Significant Movement in Clean Energy Investment Rankings


清洁能源投资国家排名变动

中国 China

美国 United States

德国 Germany

欧盟 27 国其他国家 Rest of EU-27

日本 Japan

意大利 Italy

英国 United Kingdom

印度 India

南非 South Africa

巴西 Brazil

65.1

35.6

22.8

16.3

16.3

14.7

8.3

6.9

5.5

5.3

54.1

56.8

31.3

17.7

9.3

30.1

10.0

12.5

0.03

7.8

1

2

3

4

5

6

7

8

9

10

2

1

3

5

8

4

7

6

20

10

( 十亿美元 / in Billions of Dollars) ( 十亿美元 / in Billions of Dollars) 排名 Ranking 排名 Ranking

2012 2011



　　Murkowski 说，她正在推动一项“先进

能源信托基金”，将使用限制土地上的能源

生产所带来的一部分收入来为能源研究提供

资金。在不增加税收或赤字的情况下，它将

有可能帮助美国减少对外国石油的依赖、保

持能源的价格和数量以及提升研发的力量。

投资可再生能源

尽管使用可再生能源的传统大国最近几个月

来一直在减少对清洁能源的补贴，但是包括

沃伦·巴菲特和盖伊·汉兹在内的投资者最

近入股了可持续能源项目，其他投资者还包

括丹麦退休基金，该基金拥有 230 亿美元的

资产。

　　今年年初，中美实用，沃伦·巴菲特

控股的伯克希尔·哈撒韦公司下属子公司

MidAmerican 宣布，它购买了 SunPower 公

司在羚羊谷的太阳能项目。这个加利福尼亚

州项目的标价为 20 至 25 亿美元。羚羊谷

项目的产能为 579 兆瓦，它是世界上最大的

光伏太阳能项目，SunPower 公司保留着一

份 3 年的建造合同。

　　同时，由私募基金巨头盖伊·汉兹控股

的可再生能源公司 Infinis 斥资大约 6000 万

英镑购买了三家风电场。这三家风电厂分别

位于阿伯丁、提赛德和莱彻斯特，这将帮助

Infinis 提升其能源组合中风电场的规模。

　　2013 年 4 月，自动化技术公司 ABB 集

团表示，它将出资大约 10 亿美元购买可再

生能源公司 Power-One，希望加强其在太

阳能逆变器市场的份额。ABB 公司表示，

该交易将使其成为全球领先的太阳能逆变器

供应商。太阳能逆变器能够“智能”地将太

阳能电池板的电流直接输出，从而将其送入

电网。

　　一家瑞士公司表示，到 2021 年，太阳

能逆变器市场预计将以每年超过 10％的速

度增长。这将得益于能源需求（尤其是新兴

市场）的不断上升、电价上涨以及成本的下

降。在太阳能发电市场中，Power-One 是

全球第二大的逆变器制造商。

　　根据彭博新能源财经的预测，在消除屏

障的情况下，将会有更多的钱流包括智能电

表领域，后者能够让客户监测能源的使用情

况。在能源储存领域，研究人员认为，投资

额在 2030 年可能会达到 8800 亿美元。

　　研究人员认为，碳的价格将从历史低点

this century.”

Development in the USAlthough the United States has developed many new low-carbon energy technologies, it faces a lot of political pressure and hurdles to put them to large-scale use. Politically, America is still the land of Big Oil.

However, in the US, renewable energy companies have recently moved a step closer to accessing a tax financing structure as the American Petroleum Institute said it would back Congressional plans to expand the program. Allowing wind farms and solar-power plants to organize under a corporate structure known as master-limited partnerships would help wean them from federal subsidies.

MLPs already offer tax breaks to fossil-fuel producers and pipeline companies. Expanding their use to include renewables would provide an incentive for investors and spur development of wind and solar power.

Renewable-energy producers in the US want to follow KKR & Co and Blackstone Group LP in tapping the Reagan-era tax break when US renewable energy tax credits expire at the end of this year.

Revamping the tax code is a “hugely important issue, especially when it comes to energy,” said Alaska Senator Lisa Murkowski, the top Republican on the energy committee, at a recent forum.

“Our goal must be to provide certainty as far out as possible,” Murkowski said. “That doesn’t mean subsidies should continue to grow more expensive even as the costs of technologies fall, but, hopefully, we can provide at least a three-to-five year window where investments can be made without a material shift in policies.”

Murkowski said she’s promoting an

14 2013, Summer

附近出现反弹，非洲和中东地区对可再生能

源的需求会不断上升，而技术成本会进一步

降低。在一般情况下，全球经济增长将会进

一步放缓，而较低的化石燃料价格和较弱的

气候政策可能会使得可再生能源方面的投资

到 2030 年上升至 4700 亿美元。

　　业内人士认为，中国在促进清洁能源发

展的问题上拥有大量的机会，尤其是在新兴

市场，中国能够发挥越来越重要的作用。国

家应对气候变化战略研究和国际合作中心主

任李俊峰表示，在风能和太阳能等清洁能源

产业，中国企业的成本已经了比一些西方的

企业还要低，因此它们可能会成为非洲国家

理想的技术供应商。李俊峰还呼吁在发展中

国家之间转让低碳技术，认为这是一种低成

本的方式，能够帮助更多的贫穷国家来应对

气候的变化。

“advanced energy trust fund” that would use a share of revenue from energy production on lands that are now off limits to fund energy research. It offers a chance to reduce US dependence on foreign oil, keep energy affordable and abundant and boost R&D without raising taxes or increasing the deficit, she said.

Investing in Renewables Despite the fact that traditional bastions of renewable energy have been paring back subsidies for clean energy in recent months, investors including Warren Buffett and Guy Hands have recently bought into renewable energy projects, as well as pension funds including Pension Danmark A/S, which is a Danish retirement fund with US$23 billion in assets.

Early this year, MidAmerican utility, which is a part of Warren Buffett's holding company Berkshire Hathaway, announced that it bought SunPower's Antelope Valley Solar Projects, located in California for a tag price between 2 and 2.5 billion US dollars. At a total of 579 megawatts, the Antelope Valley projects are the world's largest photovoltaic solar development, and SunPower will retain the 3-year contract to build it.

Meanwhile, Infinis, a renewable energy company that is owned by private equity stalwart Guy Hands has bought 3 wind farms for approximately 60 million pounds. The sites based in Aberdeenshire, Teeside and Leicestershire are part of a plan to increase Infinis’s energy portfolio by adding the wind farms.

In April, 2013, Automation technology group ABB said it is to buy renewable energy firm Power-One Inc for around US$1 billion to step up its presence in the growing solar inverters market. ABB said the transaction would position it as a leading global supplier of solar inverters, the "intelligence" that transforms the

direct current output of a solar panel, so it can be fed into an electrical grid.

The Swiss firm said the solar inverters market was forecast to grow by more than 10 percent per year until 2021, driven by rising energy demand, especially in emerging markets, rising electricity prices and declining costs. Power-One is the world's second-biggest maker of inverters for the solar power market.

According to the BNEF’s forecast, under a “barrier busting” scenario, more money is channeled into measures including smart meters that enable customers to monitor energy use. In facilities that can store energy, the researcher said investment may reach US$880 billion by 2030.

They assume carbon prices will rise from near record lows, rising demand for renewables in Africa and the Middle East, and further reductions from cost of technology. A “traditional territory” scenario assuming slower global economic growth, lower fossil-fuel prices and weaker climate policies may cause investment in renewable rise to US$470 billion by 2030, it said.

China could play an increasingly important role in promoting clean energy with abundant opportunities, especially in emerging markets, industry insiders said. In clean energy industries such as wind and solar, for example, Chinese companies have achieved lower costs than some Western partners and thus may become ideal technology providers to countries in Africa, said Li Junfeng, director of the National Climate Change Strategy Research and International Cooperation Center. Mr. Junfeng also called the transfer of low-carbon technology between developing economies a low-cost way to get more poor countries involved in fighting against climate change.


2004-2006 2007-2009 2010-2012

300

250

200

150

100

50

0


全球清洁能源平均投资额Average Worldwide Clean Energy Investment

* 不包括研发投资

Does not include research and development investment

单位

: 十亿

美元

Uni

t : B

illio

ns o

f Dol

lars

16 2013, Summer

观点 | OPINION INVEST IN

近年来，“新能源”这一热词诸见报

端。教科书上对此词的定义是任何

一种非传统矿物燃料的能源。典型

的例子有太阳能，水能，潮汐能，风能，生

物燃料和乙醇，热能等。“新能源”的另外

一种说法叫做“可再生能源”，简单来说就

是永远不会耗尽的能源，像是太阳能，因为

太阳永远提供能量。但是，“新”这个说法

只是相对的，我们要结合具体情况，考虑到

具体的国家和历史时期，才能完全理解这个

字的意义。例如，中国的主要能源来源是煤，

所以天然气对她来说就是一种新能源，但是

如果放在美国，就不是这么回事儿了。同样的，

煤在公元 16 世纪的欧洲也曾是一种新能源，

因为当时木头被用作供热供暖的主要能源。

当时大量的砍伐使得林木资源渐少，迫使人

们不得不寻找新的能源。在我们这一代，煤

已经不再是新能源了。

　　在所有这些新能源中，热能是最可见的

一个。在 2006 年初，我们听到新能源这个

消息欢欣鼓舞，就和 1999 年英特网刚开始

时候一样激动人心。而一大批以太阳能为概

念的公司获得了铺天盖地的报道。华尔街则

把这个行业包装上市，赚起了投资人的快

钱。2006 年初，一家中国的新能源公司 ——

无锡尚德太阳能电力有限公司（交易代码：

STP）进行了 IPO，并以 20 美元的股价上

市。这家公司曾经是世界上最大的太阳能电

池板制造商。这一地位一直保持到了 2008

年金融危机之前，当时的股价已经蹿升至了

90 美元。而现如今，只要你敢打开手机上

的看盘软件，你会惊愕地发现，这家公司

现在的股价仅为 65 美分。这只股票的市值

已经差不多完全蒸发，因为这家公司正在

走破产程序。

For recent years, the word “alternative energy” seems to be stealing a lot of headlines. The

text book definition is any energy beside the traditional fossil fuel. Some good examples are solar power, water and tidal power, wind power, biofuel and ethanol, thermal energy and so on. Another word substitute for alternative energy may be the renewable energy, which simply means something that will never be consumed up such as sun power, as the sun will always be there. To be frank, the word alternative is actually a relative term. We have to place ourselves in a certain country or certain historical period to fully appreciate its true meaning. China uses coal as the dominant source of energy. The newly pickup of nature gas may well be regarded as an alternative energy in China, but may be not the case in United States. Also for the same token, coal was certainly considered as alternative energy back in 1500AD in Europe where wood was the dominant source energy for heating and warming. The heavy wood deforestation happening in that era forced people to search for new sources of alternative energy. Now, of course, in our generation, coal is not an alternative any more.

Among all the sources of alternative energy, solar power is probably the most visible one. In early 2006, I remember that we got so exciting about alternative

新能源投资，金矿还是陷阱？

Digging Gold or Getting Trapped in Alternative Energy Investments

Infinity Financial Solutions 高级投资顾问

Rocky 在美国和中国金融及投资界拥有超过 15

年的专业经验，专业从事美国和境外投资顾问。

他擅长财务规划、股票研究、私募股权以及美

国的 EB-5 移民项目。

Senior Investment Consultant Infinity Financial Solutions

Over 15 years of financial and investment experience in US and China, Rocky has specialized in US and offshore investments consulting. He has expertise on financial planning, equity research, private equity as well as EB-5 immigration to US.

Rocky Chan

CPA, [email protected]: Rocky Chan @ HongkongHK mobile: +852 63772281


OPINION INVEST IN | 观点

　　在三月初，一条巨额贷款拖欠（5.41 亿

美元）的公告引发了股市震荡，进而触及了

股价一落千丈。不幸的是，这并意味着结束，

一场中国太阳能产业拖欠债务的海啸才刚刚

开始。另外一家中国太阳能公司 - 赛维太阳

能（交易代码：LDK）也在走同样的下坡路。

这些公司到底出了什么问题？问题有很多。

　　首先，中国政府过多地参与这个产业。

资本市场是自由经济，不宜由过多的行政干

预介入。仔细想想，即使是美国、日本、德

国这些发达国家，也都花了几十年，甚至是

现在还在不断地摸索如何开发和提高新能源

的技术，效率以及商业化效力。中国政府

“艺高人胆大”，在 2011 年投资了 520 亿

美元，领先全球的可再生能源投资数额，当

时处于第二位的美国投资额是 510 亿美元。

在还没深刻理解，也无深厚基础的情况下，

中国政府将新能源变成了一项全国事业 ——

“十二五”计划（2011-2015）中，对清洁

能源的投资将高达到 4731 亿美元。而五年

计划还未进行到一半，我们就看到尚德太阳

能电力有限公司倒闭。可以说中国投资的多

半是付诸流水或是流进了腐败官员的腰包。

　　大笔的投资带来的是产能产量的过剩。

产量过剩和大笔的贷款最终压垮了尚德。查

阅这家其他过去两年间的财务报告，我们很

容易看出其难偿贷款。但是，中国政府宽松

的信贷政策让这家公司维持了很长的一段时

间的资金链。中国新一届国家主席习近平一

直反腐倡廉。这一次反腐运动是否能起到实

效，还有待观察，但是信贷倒是一夜之间紧

缩了。国家不仅收紧了银根，还决意收回逾

期贷款。一夜之间，朋友反目，这些太阳能

公司马上大难临头，最后只能以欠债收场。

　　其他毁灭性的因素包括中国外贸出口公

司面临的贸易大战和高关税。西方政府揪着

中国“倾销”有罪的判决不放，给中国的产

品加上高达 31% 的关税。而这场战役中，输

的一败涂地的就是尚德太阳能，天合光能（交

易代码：TSL）和英利绿色能源（交易代码：

YGE）。另外一个问题是人民币的逐步升值，

对以出口为导向的行业带来了很大的打击，

收益缩水。现在，中国的太阳能行业哀鸿遍野，

而中国政府高层又是如何解决的呢？通常的

解决方式是合并。中国政府关闭小厂，整合

energy that we are partying like internet boom in 1999. A lot of fresh concepts like solar power companies got loads of media exposure. Walls Street eagerly wrapped up this industry into a nice looking package and presented it to public in exchange for quick investment money. For instance, in early 2006, one Chinese alternative energy company named Suntech Power Holdings Co. ltd. (STP) was IPO and traded at around $20. It was once the world’s largest panel maker. This fancy lasted right before the 2008 financial crisis and we witnessed the stock price flying well above $90. Unbelievably if you dare to turn on your mobile apps and glance through the stock screen, you will drop your eye balls to see it trade at 65 cents

at this moment. The market cap of this stock is almost completely wiped out due to the fact that it is undergoing the insolvency process. In early March the announcement of a gigantic loan defaults ($541milion) rattled the market and triggered the free fall on the stock price. Unfortunately, this may not be the end but just the beginning of the defaulting trends in Chinese solar industry. Another Chinese solar power company named LDK Solar Co. Ltd. (LDK) is following the similar footsteps. What did these companies go wrong? Well many things. On top of the list, the Chinese government over-involvement in this sector has to be blamed. Capital market is better left capitalists to run, not the communists or government. Think about

中国政府“艺高人胆大”，在 2011 年投资了 520 亿美元，领先全球的可再生能源投资数额，当时处于第二位的美国投资额是 510 亿美元。

china government was so dare and bold to invest $52 billion in 2011 and led the world in renewable energy investment while US rank second with $51 billion.

18 2013, Summer

观点 | OPINION INVEST IN

行业资源，打造几大行业领头羊的速度一直

都是迅猛的。估计太阳能行业的商家会从目

前的 330 家缩减为 15 家。明显地，这么一来，

权力集中，竞争变小，形成垄断，一旦形成

垄断，服务和效率就没人关心了。

　　当然，这么做也有好处，就是太阳能技术

会得到发展，安装成本会继续下降，在未来的

某一天，一个普通家庭就能安装太阳能电池板

能够成为现实，为普通民众省去一大笔电费。

全球环保活动家会继续呼吁并推动绿色可再

生能源的发展，西方国家政府也会继续通过

各种各样的税收激励增加国内消费量。

　　风能是另外一种新能源，但是享受的关

注度没有太阳能的高，原因有很多。第一，

风机制造成本太高。第二，风向和风力无法

控制，因此作为能源不可靠。有趣的是，风

能的使用已经有 100 多年的历史了，可还是

被称为新能源。我们可以很容易的认出荷兰

那些风车，背景是遍地美丽的郁金香。风车

早就被用来为花草庄稼的灌溉供电。但是，

要将风车用到更多更广的地方就比较困难

了。中国的企业在正在风能领域占据主导地

位。典型的例子有华能新能源股份有限公司

（00958）和中国大唐集团新能源有限公司

（01798），两家公司都在香港上市。

　　水、海浪和潮汐发电都是新能源的例子，

但是作用有限。大型的瀑布是稀少的资源。

瀑布资源的旅游价值开发起来比发电价值更

高。氢气是另外一种很少提及的新能源，只

用于太空飞船或者战争中。

　　生物燃料和乙醇是植物中提取的可替代

汽油的能源。而大众则不太欢迎对把食物转

化成汽油这个概念。另外，这种能源的开发

仍然在基础阶段，还没走出实验室。按照目

前的开发水平，即使把全球的粮食收成都换

成汽车燃料，也只能满足总需求的 16%。我

们难道会愿意不吃不喝，宁可饿死，也要有

电用，有暖气用？

　　现在我们已经找出了未来几种新能源，

接下来就关注一下如何对这些概念进行投

资。第一，全球市场上，越来越多的新能源

股票上市了。现在来看，不是所有的太阳能

股票都遭到了打击。且看美国的领先太阳

能公司—— 第一太阳能公司（交易代码：

FSLR），目前的股价为 53 周来最高位。能

源行业仍然摇摆不定，并且在政治上充满争

it, even US, Japan, German and other developed countries has been struggle for decades to improve the technology, the efficiency and effectiveness on commercializing alternative energy. China government was so dare and bold to invest $52 billion in 2011 and led the world in renewable energy investment while US rank second with $51 billion. Without deep understanding and good foundation on alternative energy, Chinese government made this alternative energy investment a nationwide commitment: 12th five year plan for economic & social development of 2011-2015 targets to spend a lofty $473.1 billion on clean energy investment. However, not even half way through, we are witnessing the fall of the giant such as Suntech Power Holding. It is fair to say now that most of the Chinese government investment money got wasted or got corrupted. The heavy investment results in over-production and over-supply. The over production and massive borrowings have finally crippled Suntech Power. By inspecting its past two year financial statements, we should not have too much difficult to foresee the high probability of loan defaults. However, the easy credits of Chinese government may be a good excuse to keep the life blood flow for a long period of time. The new leader of China Mr. Xi has been upholding and promoting an anti-corruption campaign. Whether this campaign will do any good to China remains to be seen but the easy credits seem to be evaporated suddenly. State governors have not only started to limit the easy credits but also call back loan overdue determinedly. Friends become enemies overnight. All of a sudden huge pressure is capped on those sun power companies and defaults are the natural outcomes.

Other detrimental factors include the

trade battles and heavy tariffs placed on Chinese export companies. As high as 31% tariffs from western government were levied on the so-called guilty verdict of dumping on products below the market price. Suntech Power Holdings, Trina Solar (TSL) and Yingli Green Energy (YGE) are the major losers on this battle. Another major problem is the gradually appreciation of RMB, which was eroding the core earnings of all export driven industries. Now, solar industry in China is struggling. What would be the way of handling this mess in the eyes of the top Chinese authority? Consolidation is the norm. China government is always quick to shut down the small and consolidates industry into a few key players. The estimate is that players in the solar industry will shrink from the current 330 to 15. Obviously, this approach will concentrate power, reduce competitions and create monopoly monster which cares nothing about improving services and increasing efficiency.

On the bright side, however, as solar power technology continues to advance and the cost of installation continues to drop, some day in the future, it may become a reality that average family can afford to put sun panel on top of the roof and huge savings is materialized in electronic bills. Global environment friendly activists will continue to advocate and push forward green and renewable energy and western governments will continue to boost the number of new domestic users by all kinds of tax incentives.

Wind power is another type of alternative energy but it does not enjoy as much spotlight due to a number of reasons. First, it is too costly to build the wind-turbine. Second, wind direction and force are hard to control and harness, making it an unreliable sources


OPINION INVEST IN | 观点

议。如果你对这个行业的前景看到，但是不

知道如何选择好公司，那么，选择多样化的

投资组合可以降低你的风险。为了多样化，

可以选择共同基金。你可以选择一些表现好

的基金，像是 2012 年最佳表现新能源基金：

德盛全球水资源基金（交易代码：AWTAX）

或者世界和平的全球环境基金市场（交易代

码：PGRNX）。这两家基金在 2012 年的成

长率是 20%。

　　诚然，过去的表现并不保证未来的优异。

如果你也像我一样，不喜欢各种收费，像是

前期费用，后端收费，12b-1 费用，管理费用，

清算费用或递延销售手续费这种类目繁多的

收费的话，那你可以考虑收费较低的投资项

目——ETF（交易所买卖基金）或 Unitrust（单

位投资信托基金）。好的例子有第一信托纳

斯达克 Clean Edge 的智能电网基建指数基

金（交易代码：GRID）和 PowerShares 全

球风能（交易代码：PWND）。其他投资的

方式有私募股权，对冲基金，基础和结构产品。

但是这些投资项目通常仅限于高净值人士或

是有资信的投资者。在用你的血汗钱投资新

能源时，一定要做好调查工作，或者咨询投

资专业人士或是行业专家。

of energy. It is an interesting fact that wind power has been harvested for over a hundred years but it remains to be an alternative energy. We can easily recognize the windmills in Holland with the beautiful and colorful tulip map all around it. Windmills are long employed for generating just enough power for irrigation on flower, plant and crop. However, it is hard to go beyond that and extend to a larger scale of usage. Chinese companies are also getting dominating in wind power sector. Good examples include Huaneng Renewables Corporation (00958) or China Datang Corporation Renewable Power Co (01798), both are listed in Hong Kong stock market.

Water, wave and tidal power are other examples of alternative energy with limited capacity. Gigantic water falls are scarce and limited resources. It may worth more on cultivating tourism business than producing electricity.

Hydrogen is another rarely mentioned alternative energy. It is mostly reserved for the spaceship use or warfare needs.

Biofuel and ethanol are plant-derived substitutes of gasoline for powering vehicles. The idea of turning food into gasoline does not sit well with the general public. In addition, biofuel and ethanol energy development is still in an infancy phase and mostly confined in laboratory. At the current available level of biofuel technology, we need to put aside the entire global grain harvest just to generate 16% of the auto fuel needs. Are we willing to give up bread for electricity or starve to death just for keeping warm?

Now that we have identified the potential alternative energy sources, let move our attention to the way of investing into these new concepts. First,

一个普通家庭安装太阳能电池板如能成为现实，将省去一大笔电费。

it may become a reality that average family can afford to put sun panel on top of the roof and huge savings in electronic bills.

there is growing number of individual alternative energy stocks listed globally. At this moment, not all sun power stocks got hammered or drained to the toilet. First Solar Inc. (FSLR), which is the leading solar power company based in US, for example, is currently trading to close to 53 weeks high. The energy sector remains volatile and politically controversial. It makes lot of sense to invest in diversified portfolio to lower the risk if you are confident about this industry but not so sure about picking the winners. For diversification purpose, mutual funds may be the way to go. You may want to consider some good performance funds such as the best 2012 performance alternative energy funds: Allianz RCM Global Water Fund (AWTAX) or Pax World Global Environmental Market Fund (PGRNX) both enjoyed 20% gain in 2012.

Of courses past performance does not guarantee for future performance. If you are like me, very much fees averse and do not want to be charged upfront fees, backend fees, 12b-1 fees, management fees, liquidation fees or deferred sales charges and the likes, you may want to consider the lower fee versions – ETF (Exchange Traded Fund) or Unitrust (Unit Investment Trust). Good examples are First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) and Powershares Global Wind Energy (PWND). There are other ways to invest in alternative energy such as private equity, hedge fund, foundation and structure products available. However, they are usually limited or reserved for high network individuals or accredited investors. Before you put your hard earned money into alternative energy investments, always do good homework or consult investment professionals or industry experts.

20 2013, Summer

作为地中海中部的一个微型岛屿国家，马耳他已经悄然成为了稳定且充满金融创新的注册地和贸易

枢纽。2004 年加入欧盟已被证明是马耳他实现发展的关键一步。

从传统上来说，马耳他一直以旅游业而闻名，这个行业目前仍然在不断增长。然而，该国的经济同样还包括充满活力的制造业、信息和通信技术业、物流业和金融服务业。

在2012 – 2013年全球竞争力指数排行中，马耳他在金融市场发展方面排名第 15，在银行稳健度方面排名第 13，在证券交易所监管方面排名第 16，在审计和报告标准强度方面排名第 16，在教育体系的品质方面排名第 16。除了金融业，马耳他拥有机会成为一个重要的贸易枢纽，这里拥有地中海第三大港口。无与伦比的地理位置使其能够成为欧洲和北非之间的桥梁。

安永会计师事务所发布的 2012 年马耳他吸引力调查表明，马耳他社会环境的稳定度是马耳他的主要卖点。调查中的受访者还列举了企业税收、政治、法律和监管环境的稳定度和透明度以及当地劳动力的水平作为扩大、发展或者保持他们在马耳他业务的原因。

法规、透明度和良好治理

马耳他综合的法律框架、有利的税收制度、完善的监管制度和低成本是如今投资者希望获得的主要优势。

作为一个金融中心，这个小国的优势在于其坚实的经济基础，能够提供广泛的投资工具，包括投资基金、资产管理、银行、保险公司、财富管理、证券化工具及信托公司等。此外，该国具有优良的实体和法律基础设施，这得益于一批顶尖的专业人才，他们在构建量身定制的解决方案以及提供创新产品方面拥有大量的经验。马耳他的监管制度受到广泛的尊重，作为低风险的欧盟成员国，马耳他能够提供非常具有吸引力的国际化生活方式。除了传统的资产管理和投资基金注册以外，越来越多的人正在意识到马耳他可以成为欧盟地区的离岸司法管辖区。

马耳他增长最快的行业是资产管理和投资基金行业。在短短的几年内，马耳他已经成为

具有国际知名度的欧盟投资基金的另一个注册地，为国内、欧洲和国际市场提供服务。马耳他能够提供大量的投资基金选择，包括专业投资者基金制度下的另类投资，它主要为对冲基金、私募股权基金、房地产投资基金和 UCITS（可转让证券集体投资计划）提供服务。得益于其精心设计的立法体系和监管改革方案，马耳他同样对保险业充满着吸引力，为那些希望通过自我保险或者受保护单元公司开展自保业务或者在保险业务的公司提供服务。马耳他在这方面取得成功的关键在于其欧盟成员的身份，这让马耳他的持牌公司能够在欧盟的任何国家开展业务。

最近，马耳他同样将自身定位于服务某些特定的领域。例如，它为使用马耳他旗进行注册的游艇推出了优惠的增值税待遇。为了延伸其广阔的海洋遗产，这个岛屿国家为飞机注册制定了强有力的立法框架。马耳他还推出了不同的激励机制，比如马耳他退休计划（MRP），其目的是吸引退休人员。高净值认识规则只在将马耳他塑造为一个有利于富裕外国认识居住的国家。而高素质人才规则旨在吸引专业人才到马耳他来工作。这些激励措施给予符合相关条件的个人“特殊的税收待遇”。

马耳他同样也颁布了与证券化工具相关的立法，这有利于发行人进行融资并且转移风险，适合于那些拥有相关金融资产的大公司。此外，马耳他证券交易所和爱尔兰证券交易所还联合建立了一个新的债券批发市场：欧洲批发证券市场（EWSM），旨在满足批发债券产品的承销商和发行人的需求。

有效的税收制度和免双重征税条约

马耳他能够提供一个高效的财政制度，使得企业股息不会遭受双重征税。总部位于马耳他的公司需要承受 35％的所得税率。然而，马耳他拥有一个完整的所得税退税体系，活动股息的公司股东可以就马耳他公司支付的税款申请相关的退税，他们也不会因为股息分配在马耳他支付额外的税款。

在股息分配后，股东也有权要求返还相当于贸易收入所得税七分之六的税款，以及相当于被动利息和版税所得税七分之五的税款。如果公司要求获得免双重征税的待遇，那么退税额将下降到三分之二。

从参与控股（如果一家公司直接持有非居民公司至少 10％的权益股，或符合若干其他条件）中获得的收入和收益是免税的。另外，如果不申请这项豁免，公司可以选择按正常的税率进行纳税，并且获得股息所得税的全额退税待遇。

马耳他与许多国家签署了免双重征税协议。此外，马耳他的税收制度同样包括英联邦的税收优惠政策、单方面优惠政策和统一的境外税收抵免。这将确保即使没有生效的免双重征税协定，海外收入也不会遭遇双重征税。

马耳他拥有广泛的免双重征税协定网络，与超过 60 个国家和地区签署了相关协议。其中包括全球最大及增速较快的经济体，比如美国、加拿大、所有欧洲国家、澳大利亚、中国、香港、印度、南非、阿联酋、巴林和沙特阿拉伯等。

马耳他：另一个欧洲金融和贸易中心


Malta, a small island state in the middle of the Mediterranean, has quietly emerged as a stable and innovative

finance domicile and trading hub. Joining the European Union in 2004 has proved to be pivotal to this development.

Traditionally, Malta has been known for its tourism industry which to date is constantly growing. However, the economy also includes a vibrant manufacturing industry, information and communication technology, logistics industry and financial services industry.

The Global Competitiveness Index 2012 – 2013 ranked Malta 15th in financial market development, 13th in soundness of banks, 12th in regulation of securities exchanges, 16th in strength of auditing and reporting standards and 16th in quality of the education system. Apart from the finance sector, Malta has been cited as having the opportunity to become a major trading hub with the third largest port in the Mediterranean and an unrivalled geographical position that allows it to act as a bridge between Europe and North Africa.

Ernst & Young’s 2012 Malta Attractiveness Survey indicated the stability of Malta’s social climate as Malta’s main selling point. Respondents to the survey also cited corporate taxation, stability and transparency of political, legal and regulatory environment and local labour skills as reasons for expanding, developing or retaining their activities in Malta.

Regulation, Transparency and Good Governance

Malta’s comprehensive legal framework, favourable tax system, sound regulatory regime and low costs are the key advantages today’s investors look for.

This small nation’s strengths as a finance centre lie in its solid fundamentals, offering a wide range of investment vehicles, including investment funds, asset management, banking, insurance companies, wealth management, securitisation vehicles and trust companies. In addition, the country has an excellent physical and legal infrastructure which is driven by cutting edge professionals with a track record

in structuring customised solutions and offering innovative approaches. The regulatory regime is widely respected and as a European Union member state with a low-risk environment, Malta offers a very attractive international lifestyle. Malta is being increasingly recognised as an EU jurisdiction complementing the traditional asset management and investment fund domiciles.

Malta’s fastest growing sector is the asset management and investment funds sector and in just a couple of years, the country has established itself as an alternative EU investment fund domicile of international repute, serving the domestic, European and international markets. Malta offers a number of investment fund options, including alternative investment under the Professional Investor Fund regime which mainly caters for hedge, private equity and property investment funds, and UCITS (Undertaking for Collective Investment in Transferable Securities). Building on its well-crafted legislative and regulatory reform programme, the country has also become attractive to the insurance sector, servicing companies that want to self-insure or reinsure through captives or cells of Protected Cell Companies. The key to Malta’s success in this respect lies in its EU membership which allows companies licensed in Malta to write business in any of the other member states.

More recently, Malta has also positioned itself to cater for niche areas. It has, for instance, introduced favourable VAT treatment for the registration of yachts under the country’s flag. Extending its vast maritime heritage, this small island state has developed a strong legislative framework for aircraft registration. Malta has also introduced different incentives such as the Malta Retirement Programme (MRP) which is designed to attract pensioners, the High-Net-Worth Individuals Rules which shape Malta as a favourable residency location for affluent foreigners and the Highly Qualified Persons Rules aim to entice professionals to work in Malta’s economy. Such incentives grant a ‘special tax status’ to individuals who meet a number of conditions.

Malta also issued securitisation vehicles legislation which facilitates the funding and risk-transfer method for issuer which is of interest to any large company that owns suitable financial assets. In addition, a new regulated market for wholesale debt securities dedicated to the needs of arrangers and issuers of wholesale debt products, the European Wholesale Securities Market (EWSM), has been established with the collaboration of the Malta Stock Exchange and the Irish Stock Exchange.

Effective Tax Regime and Double Taxation Treaties

Malta offers a highly efficient fiscal regime which avoids double taxation on taxed company profits distributed as dividends. Malta-based companies are taxed at a rate of 35 per cent. However, the country operates a full tax imputation system to distributions of company profits, whereby the tax paid by a Malta-based company is imputed as a credit to shareholders receiving the dividend, and they will not be subject to further tax in Malta on dividend distributions.

Following the distribution of a dividend, shareholders are also entitled to claim a refund of 6/7ths of the relevant tax paid in respect of trading income and 5/7ths of the relevant tax paid in the case of passive interest and royalties. The refund is reduced to 2/3rds if the distributing company claims double taxation relief.

Income and gains from a participating holding (if a company directly holds a minimum of 10 per cent of the equity shares of a non-resident company, or meets certain other criteria) are exempt from tax. Alternatively, instead of claiming this exemption, a company can choose to pay tax at the normal rate and receive a full refund of the tax paid upon a distribution of dividends.

Malta has signed agreements with a number of countries for the avoidance of double taxation. In addition, the country’s tax system also includes Commonwealth relief, unilateral relief and the flat rate foreign tax credit. This ensures that income generated overseas is not subject to double taxation, even if there is no double taxation agreement in force.

Malta has an extensive double tax treaty network embracing over 60 countries. Amongst these are those running some of the world’s leading and growing economies – the United States of America, Canada, all European countries, Australia, China, Hong Kong, India, South Africa, the United Arab Emirates, Bahrain and Saudi Arabia.

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Malta:an Alternative European Finance Centre and Trading Hub

22 2013, Summer22 , Summer 2013 Summer22

聚焦国际金融中心IFC SPOTLIGHT聚焦国际金融中心IFC SPOTLIGHT

By Stuart Davis

马耳他MaltaSmall but Full of Opportunities

充满机遇的小国

Summer, 2013 INVEST IN 23SummerSummer, 2013 , 2013 INVEST ININVEST ININVEST IN 2323

聚焦国际金融中心IFC SPOTLIGHT

马耳他是一个小群岛，只有三个可居

住的岛屿。但它的地理位置使其成

为跨越地中海贸易的门户。它位于

地中海的中心，与欧洲发达的西部地区、发

展中的东部地区、北非和整个地中海地区的

距离几乎相等。这里的人们讲马耳他语，这

种语言完美地展示了岛上生活的多样性：马

耳他语和阿拉伯语紧密相关，然而它是使用

拉丁字母写的，包括来自意大利语、法语和

英语的外来词。

　　在公元 60 年，使徒保罗在马耳他的海

滩搁浅。他改变了这里的人们，使其成为了

天主教徒，尽管 870 年这里被阿拉伯人所

征服并且经历了超过 200 年的阿拉伯统治。

马耳他一直是英国的殖民地，直到 1964 年

才开始独立。对这个国家的经济来说，这是

一个关键的时刻。政府推出了税收激励措施

和一系列其他经济复兴计划，来促进工业活

动的发展，并且不再让英国和北约海军基地

成为马耳他的经济基石。

　　马耳他为多样化所做出的努力是成功

Malta is a small archipelago with only three inhabitable islands, but its location has put

it at the crossroads of trade across the Mediterranean. It sits close to the sea’s dead centre, and is almost equidistant from Europe’s developed west and developing east, North Africa and the entire Levant. It’s people speak Maltese, a language that perfectly illustrates the diversity of influences on island life: closely related to Arabic, Maltese is nevertheless written with the Latin alphabet, and includes loanwords from Italian, French and, more recently, English.

In 60 CE, the apostle Paul was shipwrecked on Malta. He converted its people, who have remained Catholic Christians in spite of an Arab conquest, in 870, and more than 200 years of Arab rule. Malta was a British colony for almost as long, until 1964, when it was



的。如今，马耳他成为了一个蓬勃发展的金

融和转运中心，并且已经是欧盟的正式成员

国。它于 2004 年加入欧盟，于四年后开始

使用欧元。欧元降低了交易成本，减少了国

际贸易的障碍，使马耳他成为欧洲市场一个

特别有吸引力的接入点。马耳他同样是“申

根协定”的缔约国，马耳他签证可以用于整

个申根地区。

　　马耳他的主要贸易伙伴是欧盟的其他成

员国。加在一起，它们占马耳他出口的一半

以上、进口的三分之二。马尔他最重要的产

业是旅游业、制造业和金融服务业。 2009

年，金融危机对马耳他的经济造成了很大的

影响，然而国内生产总值在 2007 年和 2010

年之间仍然实现了每年 4.3％的平均增长。

2009 年，马耳他是唯一与中国实现贸易额

增长的欧盟国家。 2004 年以来，马耳他从

中国的进口额从 6200 欧元上升到了 1.17 亿

欧元。同期，出口从 1550 万欧元上升到了

2700 万欧元。马耳他企业居董事长艾伦·金

granted independence. It was a pivotal moment for the country’s economy. Tax incentives and a range of other schemes were introduced to promote industrial activity, and replace the role of the British and NATO naval base that had been Malta’s economic cornerstone.

Malta’s efforts at diversification were a success. Today, the country is a thriving financial and transhipment hub, as well as a full member of the EU. It was accepted into the union in 2004, and adopted the euro four years later. The currency has reduced transaction costs and international trade barriers, making Malta a particularly attractive point of entry into the European market. The country is also party to the Schengen Agreement, and a visa for Malta can be used across the Schengen zone.

Malta’s major trading partners are other members of the EU. Together, they are responsible for more half of exports and two thirds of imports. The country’s most important industries are tourism, manufacturing and financial services. In 2009, the financial crisis bit a chunk out of the economy, but GDP otherwise grew at an average of 4.3 percent year on year between 2007 and 2010.

Malta was the only EU country which saw an increase in trade with China in 2009. Since 2004, Maltese imports from China have grown from €62 million to €117 million. Exports increased from €15.5 million to €27 million over the same period. “The benefits of investing in Malta speak for themselves,” says Alan Camilleri, chairman of Malta Enterprises. Camilleri considers the country a perfect regional hub. “The excellent quality available at a relatively low cost, the political and economic stability, the easy accessibility to other markets, a great lifestyle with almost all year round sunshine,” all contributed to Malta’s popularity with Chinese investors, he says. “On another note, Chinese are also interested in Malta’s property market, as buying property in Malta gives them a permanent residency and with it the ability to travel within EU countries without a visa.”

Manufacturing is responsible for 17 percent of Malta’s overall GDP. Its ship repair and aircraft maintenance industries are sizable, as is the production of light consumer goods and electronic and engineering components. A total of well over 200 export-oriented foreign companies operate profitable manufacturing subsidiaries in Malta, where they benefit from substantial incentives.

Tourism is a major source of foreign-currency earnings, and roughly twelve

如今，马耳他成为了一个蓬勃发展的金融和转运中心，并且已经是欧盟的正式成员国。它于 2004 年加入欧盟，于四年后开始使用欧元。欧元降低了交易成本，减少了国际贸易的障碍，使马耳他成为欧洲市场一个特别有吸引力的接入点。

Malta’s efforts at diversification were a success. today, the country is a thriving financial and transhipment hub, as well as a full member of the eU. it was accepted into the union in 2004, and adopted the euro four years later. the currency has reduced transaction costs and international trade barriers, making Malta a particularly attractive point of entry into the european market.



瑞利说：“投资马耳他的好处是不言自明的。”

金瑞利认为，马耳他是一个完美的区域性枢

纽。他说：“优良的品质、相对较低的成本、

政治和经济的稳定性、对接其他市场的便利

性、一年四季阳光充沛的完美生活”都是让

马耳他受到中国投资者青睐的原因。“另一

方面，中国人对马耳他的房地产市场也有兴

趣，在马耳他购买物业能够让他们获得永久

居留权，这样依赖他们不用签证就能够在欧

盟国家旅游。”

　　制造业占马耳他整体国内生产总值的

17％。该国的船舶维修和飞机维修业的规模

相当大，同样轻工消费品以及电子部件和工

程部件生产的规模也很大。总共有 200 多家

外资的出口导向型企业在马耳他拥有盈利的

制造附属公司，在那里他们得益于大量的优

惠政策。

percent of all jobs are tourism related. Over one million tourists have visited Malta each year since the early nineteen nineties, most of them from the United Kingdom, Germany and Italy. Malta is also a popular stop for cruise ships. Passengers numbers have increased by an average of close to 20 percent per annum for the past 10 years.

The financial services sector has been specifically targeted for growth. By 2015, Malta’s government wants to see it account for a quarter of total GDP, because the industry makes a disproportionate contribution to other parts of the economy. It brings in wealthy tourists, for a start, but it also makes

extensive use of transportation and business services, as well as helping to grow the country’s conference infrastructure.

Malta offers a sophisticated range of financial services. The sector is regulated by the Malta Financial Services Authority (MFSA), which also acts as a one-stop shop for investors. The most popular of Malta’s investment vehicles is the Collective Investment Scheme (CIS), a generic term that refers to “any scheme or arrangement which has as its object the collective investment of capital acquired by means of an offer of units for subscription, sale or exchange.” If properly structured, a CIS it not subject

26 2013, Summer

Particularly since its accession to the European Union in 2004, Malta has earned an enviable reputation amongst international investors and professionals as the regional financial services centre of choice. Malta’s highly efficient, reliable and robust regulatory and tax frameworks should combine to yield an optimal structuring solution for investment into Europe, the Middle East and Africa. Given the excellent and long-standing diplomatic and commercial ties subsisting between China and Malta, Malta should likewise represent the preferred gateway for Chinese foreign business and investment.

The Malta Holding Company

Malta is ideally suited to host group holding companies. As such, once incorporated, a Malta holding company could generally acquire interests in subsidiaries (or any other assets for that matter) without incurring any Malta tax or duty liability whatsoever.

The Malta holding company would be entitled to the benefits of:

the European Tax Directives – such that dividends distributed by an EU subsidiary in favour of a Malta parent company should not suffer source country withholding tax; Malta’s broad and expanding double tax treaty network – currently comprising 60 treaties in force, including treaties with all EU Member States and with China.

In turn, dividends received by a Malta company from a qualifying ‘participating holding’ in a subsidiary would be wholly exempt from tax in Malta. Likewise, capital gains realised upon a disposal of the said 'participating holding' would be wholly exempt from tax in Malta.

A Malta company would have a ‘participating holding’ in a subsidiary should it hold: more than 10% of the equity shares in that subsidiary; or for an uninterrupted period of at least 6 months, equity shares in that subsidiary having an acquisition value of at least €1,164,000.

No Malta tax is withheld on outbound dividends distributed by a Malta company. As a result, the Malta tax neutrality enjoyed by a Malta holding company would be fully preserved from a Malta perspective even when relevant profits are repatriated. Furthermore, no Malta tax is generally chargeable upon a disposal of shares in a Malta company by a non-resident shareholder.

Malta: A Trading Hub(see exhibit below)

A company incorporated in Malta would be chargeable to tax in Malta on a worldwide basis at the flat rate of 35%. However, pursuant to a distribution of dividends by a Malta company out of underlying trading profits (and/or qualifying passive income and/or capital gains), the Malta company’s shareholders would be entitled to claim a refund of six-sevenths (6/7) of the Malta tax suffered by the Malta company on its said profits.

Should the Malta company have claimed relief for double taxation in respect of foreign source profits out of which dividends were distributed, the Malta company’s shareholders would be entitled to a refund of two-thirds (2/3) of the Malta tax paid by the Malta company on the said profits. By combining domestically available double tax relief mechanisms with Malta’s refundable tax credit system, the combined overall effective Malta tax rate applicable in respect of qualifying profits may typically be reduced from 35% to anything between 0% and 6.25%.

Malta Investment Funds

Malta has maintained steady growth as a domicile for licensed investment funds throughout the prevailing global economic slowdown. Investment funds are attractive and efficient vehicles for collective investment and risk spreading – even insofar as such funds may offer investors regular opportunities to exit and redeem their investments.

Investment funds may be established domestically as retail or non-retail professional investor funds (‘PIFs’) or private collective investment schemes. The vast majority of investment funds established in Malta to date have been licensed as PIFs.

1. Malta’s broadly applicable participation exemption and its refundable tax credit system should typically secure the lowest effective tax rates in the European Union. 2. A Malta limited liability company is typically incorporated within 48 hours.3. Directive 90/435/EEC on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States.4. Malta’s double tax treaties are based on the OECD Model Tax Convention and, as such, fix maximum withholding tax rates chargeable in the country of source on dividends distributed to a Malta parent.5. Not being a ‘property company’ – that is, which does not own immovable property situated in Malta or any real rights over such property or, directly or indirectly, any shares or interests in any entity or person which owns immovable property situated in Malta or any real rights over such property where 5% or more of the total value of the said shares or other interests so held is attributable to such immovable property or rights.6. Equity shares carry at least two of the following rights: (i) a right to votes; and/or (ii) a right to profits available for distribution; and/or (iii) a right to assets available for distribution in the event of a winding up.7. Alternative qualifying criteria may also apply.8. A tax refund due from the Malta tax authorities is payable within 14 days following the day on which the refund becomes due and it would be subject to no further tax in Malta. 9. Relief for double taxation is available domestically in the form of an ordinary credit in terms of domestically applicable

1. 马耳他广泛适用的参与免税和税收抵免制度通常能够确保获得欧盟最低的有效税率。2. 马耳他有限责任公司通常可以在 48 个小时内完成注册。3. 90/435/EEC 指令关于共同税收制度，适用于母公司和位于不同成员国的子公司。4. 马耳他的免双重征税条约基于经济合作与发展组织的模板税收公约。因此，它可以确定对支付给马耳他版权的股息来说所能够征收的最高的预提税率。5. 不是“房地产公司” – 指的是，公司在马耳他不持有不动产以及任何对这些财产的物权，以及直接或间接拥有持有马耳他不动产以及任何对这些财产的物权的企业或者个人的股份（其中股票或者权益总价值中有 5％属于上述不动产或者权益）。6. 权益股至少拥有以下权利中的两项：（i）有权投票 ; 和 / 或（ii）有权获得利润分配和 / 或（iii）在公司清盘时拥有资产分配的权力。7. 可以会有其他的准入标准。8. 在退税批准后的 14 天内，马耳他的税务当局将会支付退税额。企业在马耳他不再需要额外纳税。

自 2004 年加入欧盟后，马耳他作为区域性金融服务中心的首选，赢得了令人称羡的声誉，其中不乏国际投资者和专业人士。马耳他高效、可靠和强大的监管税收框架能够为进入欧洲、中东和非洲的投资者提供一个最佳的结构解决方案。鉴于中国和马耳他之间良好和长期的外交和商业关系，马耳他同样应该成为中国对外投资企业和投资项目的首选目的地。

马耳他控股公司

马耳他地理位置优越，适合建立集团控股公司。因此，一旦注册成立，马耳他控股公司一般可以收购附属公司的权益（或任何其它相关资产），并且不会在马耳他产生任何税负。

马耳他控股公司所能获得的好处包括：

欧洲税务指令——在这种情况下，欧盟子公司向马耳他母公司支付的股息不需要承担来源国的预提税；马耳他丰富且不断扩大的免双重征税协议网络——目前包括 60 个已经生效的条约，包括与所有欧盟成员国和与中国签署的条约。

反过来，马耳他公司从符合规定的子公司“参与控股”项目中获得的股息可以在马耳他享受全额免税的待遇。同样，出售“参与持股”份额后获得的资本利得也可以在马耳他享受全额免税的待遇。

如果一家马耳他公司持有以下股份，就能够被认为是“参与控股” ：子公司超过 10％的权益股；或者在不间断至少 6 个月的时间里，持有该附属公司股份的收购价值至少 116.4 万欧元。

马耳他公司向境外支付的股息无预提税。因此，即使相关利润被遣返，从马耳他的角度来看，马耳他控股公司所享有的税收中立将被完全保留。此外，非居民股东出售马耳他公司的股份一般也无需在马耳他纳税。

马耳他：一个贸易枢纽 (参表）

在马耳他注册成立的公司就其全球范围的收入需要承担35％的固定税率。然而，就马耳他公司分配相关贸易利润（和 / 或符合条件的被动收入和 / 或资本收益）而言，马耳他公司的股东将有权要求获得相当于马耳他公司就利润支付的税款七分之六的退税。

如果马耳他公司就其境外来源利润的股息分配申请免于被双重征税，那么马耳他公司的股东将能够获得相当于马耳他公司就利润支付的税款三分之二的退税。通过结合国内现有的免双重税收减免机制和马耳他的可退还税收抵扣体系，相对利润在马耳他的总体有效税率通常可能会从 35％降低至 0％和 6.25％之间

马耳他 —— 进军欧洲、中东和非洲的门户

Malta – Gateway to Europe, the Middle East and Africa

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马耳他投资基金

在目前全球经济放缓的大背景下，作为持牌投资基金的注册地，马耳他一直保持着稳步增长。就集体投资和分散风险而言，投资基金是具有很高吸引力且高效的工具，其中的一个原因是此类基金能够给投资者带来定期推出和赎回投资的机会。

马耳他国内的投资基金分为零售基金、非零售专业投资者基金（PIFs）或者私人集体投资计划。迄今为止，在马耳他建立的大部分投资基金是持牌的专业投资者基金。

国内监管制度认可三种不同类型的非零售专业投资者基金，专业投资者基金可以向以下投资者发行股份：（i）有经验的投资者 ; 或（ii）合格投资者 ; 或（iii）超级投资者。作为非零售基金，专业投资者基金一般不受到投资或者借贷方面的任何规定限制。

无论如何，在马耳他建立的投资基金可享受完整的财税中立待遇。事实上：

投资基金获得收入或者收益无需在马耳他纳税（除非收入或者收益来自马耳他的不动产），前提是基金有超过15％的资产位于马耳他以外的地方 ;投资基金向非居民成员或者股东分配的股息无需在马耳他纳税或者缴纳预提税 ;非居民出售投资基金股份获得的利得无需在马耳他纳税 ;

至少从马耳他税务的角度看，在马耳他成立的投资基金同样有权使用马耳他广泛的税收协定网络。

马耳他信托

非马耳他的从业人员对马耳他信托法的中心原则应该非常熟悉，因为这部法律是基于英国信托法的。

建立信托所带来马耳他税收方面的影响在很大程度上取决于信托资产的本质和位置以及信托关系中各方的居住地和 / 或注册地。

因此，就委托马耳他居民受托人管理信托资产而言，在符合下列条件的基础上，信托在建立及其以后都无需在马耳他纳税：

马耳他受托人信托持有的资产位于马耳他以外的地区，和 / 或包括在马耳他公司股份 ; 以及委托人和受益人不是马耳他的居民。

unilateral relief provisions or in terms of a double tax treaty in force between Malta and the country of source of the relevant income. Relief may alternatively be available in the form of the flat rate foreign tax credit – that is, a notional tax credit, equivalent to 25% of relevant foreign source income, for foreign tax deemed to have been suffered on such income.10. Ordinary companies may only redeem shares out of distributable profits or the proceeds of a fresh issue of shares. On the other hand, an investment fund would even be entitled to procure debt capital to finance a redemption of shares/units.11. Constituted in the form of a UCITS (Undertakings for Collective Investment in Transferable Securities regulated in terms of Directive 2009/65/EC) or non-UCITS funds.12. A non-retail private collective investment scheme would, by definition, be private in nature having no more than fifteen close friends and/or relatives as participants in the fund – although a company may participate as an investor provided that, having regard to its beneficial owners, the same are close friends and/or relatives and, at any rate, would not exceed fifteen in number.13. Although a prescribed leverage limit of 100% of net asset value applies in respect of PIFs promoted to experienced investors.14. Provided that the non-resident is the beneficial owner of the relevant gains and is not owned and controlled by, directly or indirectly, nor acts on behalf of an individual or individuals who are ordinarily resident and domiciled in Malta.15. Not being ‘property companies’.

9. 免双重征税优政策是在国内单边税收抵免政策或者马耳他与收入来源国之间拥有免双重征税协议的条件下，可以享受的税收优惠。针对在境外支付的所得税，税收优惠能够以固定境外税收抵扣额的形式存在，也就是名义的税收抵免额，相当于有关境外来源收入的 25％。10. 普通公司只能使用分派的利润或新发行的所得款项进行股票赎回。相比之下，投资基金甚至能够使用债务资金来为赎回股份融资。11. 建立的形式是 UCITS 基金（根据欧盟 2009/65/EC 指令监管的可转让集合投资基金）或者非 UCITS 基金。12. 非零售私人集体投资计划的本质是私人性质的，有不超过 15 个亲密朋友和 / 或亲属参与基金的投资。尽管公司可以代表实益拥有人作为投资者，但同样亲密朋友和 / 或亲属的数量不能超过 15 个。13. 如果专业投资者基金向有经验的投资者发行股份，那么杠杆比例将被限制为资产净值的 100％。14. 前提是非居民是相关利得的实益拥有人，并且不直接或间接地被马耳他的居民拥有或者控制，也不代表相关的马耳他居民。15. 非“房地产公司”。

退税体系Refundable Tax Credit System

七分之六的退税6/7ths Refund

马耳他公司Malta Company

收入 / 利得 Income / Gains 1,000

马耳他税率 Malta Tax @ 35% (350)

分配的净股息 Net Dividends Distributed 650

接受股息的股东（们）Recipient Shareholder/s

获得的净股息Net Dividends Received 650

公司就马耳他的缴税额所获得的退税Refund of Malta Tax Suffered by the Company 300

马耳他的总体有效税负Combined Overall Effective Malta Tax Payable 50

Vistra (Malta) Limited34 Cathedral Street,Sliema SLM 1503,MaltaTel: +356 21314259Fax: +356 21314253Email: [email protected]: www.vistra.com

Marco Bugelli Managing Director

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The domestic regulatory regime recognises three distinct types of non-retail PIFs such that a PIF may be set up to issue and sell units to: (i) experienced investors; or (ii) qualifying investors; or (iii) extraordinary investors. PIFs, being non-retail funds, are not generally subject to any prescribed restrictions on investment or borrowing.

At any rate, investment funds constituted in Malta may enjoy complete fiscal neutrality. In fact:

no Malta tax is chargeable on income or gains (other than income or gains from immovable property situated in Malta) derived by an investment fund provided that more than 15% of the fund’s assets are situated outside Malta; no Malta tax would be levied or withheld on dividends distributed by any such investment fund in favour of non-resident members/unit holders; no Malta tax would be chargeable on gains realised by a non-resident on a disposal of any units in an investment fund;

An investment fund established in Malta should also, at least from a Malta tax perspective, be entitled to access Malta’s extensive tax treaty network.

Malta Trusts

The central principles of Maltese trust law should be familiar to non-Malta practitioners insofar as the said law is ultimately modelled on the English law of trusts.

The Malta tax implications arising pursuant to the creation of a trust would generally be driven by the nature and location of the trust assets and the residence and/or domicile of the parties involved in the trust relationship.

As such, pursuant to a settlement of assets on trust with a Malta resident trustee, no Malta tax should be chargeable upon and subsequent to the creation of the trust should:

The assets held on trust by the Malta trustee be located outside Malta and/or comprise shares in Malta companies ; and The settlor and beneficiaries not be resident in Malta.

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to Maltese tax. No income or company tax is imposed on hedge funds having more than 85% of their underlying assets situated outside Malta, for example. There is no tax on the net asset value of the scheme, no withholding on tax on dividends paid to non-residents, no taxation on capital gains on the sale of units by non-residents, no stamp duty on issues or transfers of units, and no taxation on capital gains on the sale of shares or units by residents, provided that these are listed on the Malta Stock Exchange. In 2011, the MFSA issued 146 new CIS licenses, bringing the total number of CIS licenses to 556.

The Trusts Trustees Act of 2004 allowed for both Maltese Law Trusts

and foreign Law Trusts, giving investors scope for a wide range of tailored trust solutions. Although Maltese residents can set up and utilise local trusts – for asset protection or estate planning, as a commercial tool, or simply to ensure that assets are passed down from generation to generation – local trusts offer no real tax benefits. International trusts do provide tax planning opportunities to non-residents, along with the asset protection normally associated with trusts. The allocation of foreign assets in a trust to a non-resident, for the benefit of non-residents, will rarely trigger any Maltese tax implications.

Malta was among the first six countries in the world to reach an advanced accord on fiscal matters with the OECD, and today is actively involved with the OECD, the EU and the Commonwealth in modelling global regulatory policy. It has a wide network of double taxation agreements that includes treaties with China, Hong Kong, India, Luxembourg, Singapore, South Africa, the United Kingdom and the United States of America, as well as 52 other jurisdictions.

Malta is also an attractive onshore jurisdiction, with a corporate tax rate that is effectively the lowest in the EU. After the country’s accession to the EU, it was forced to phase out the four percent tax rate available to International Trading Companies and Maltese Companies with Foreign Income. The country’s pliancy bolstered its reputation within the union, and allowed it to grow its network of double taxation agreements. Malta has since passed legislation allowing permanent residents to pay a flat income tax rate of 15 percent on remittances, but – at 35 percent on net income – its corporate tax regime remained uncompetitive until recently,

　　旅游业是外汇盈利的主要来源，马耳他

大约 12％的工作与旅游相关。自二十世纪

九十年代初，每年有超过一百万游客到访马

耳他，他们大多来自英国、德国和意大利。

马耳他也是游船的一个热门停泊点。在过

去 10 年中，游船的游客数量平均每年增加

20％左右。

　　政府一直特别重视金融服务部门的发

展。到 2015 年，马耳他政府希望金融服务

业占 GDP 总量的四分之一，因为这个行业

将会马耳他经济的其他部分做出大量的贡

献。最初，它带来了富裕的游客，同样它也

扩大了交通运输和商业服务的范围，并且帮

助马耳他发展了会议方面的基础设施。

　　马耳他能够提供广泛的金融服务范围。

金融服务业受马耳他金融服务局（MFSA）

的监管，它能够为投资者提供一站式的服

务。马耳他最热门的投资工具是集体投资计

旅游业是外汇盈利的主要来源，马耳他大约 12％的工作与旅游相关。自二十世纪九十年代初，每年有超过一百万游客到访马耳他，他们大多来自英国、德国和意大利。马耳他也是游船的一个热门停泊点。在过去 10 年中，游船的游客数量平均每年增加 20％左右。

tourism is a major source of foreign-currency earnings, and roughly twelve percent of all jobs are tourism related. over one million tourists have visited Malta each year since the early nineteen nineties, most of them from the United Kingdom, Germany and italy. Malta is also a popular stop for cruise ships. Passenger numbers have increased by an average of close to 20 percent per annum for the past 10 years.



划（CIS），泛指“通过认购、销售或者交

换出售单元获得集合投资资本的任何计划或

者安排。”如果拥有合理的结构，集体投资

计划将无需在马耳他缴税。如果对冲基金有

85％的资本位于马耳他以外的地区，那么它

们就无需缴纳收入税或者企业税。集体投资

计划的资产净值没有任何税赋，向非居民支

付的股息也没有预提税，非居民出售股权也

没有资本利得税，计划的发售和转让也没有

印花税，居民出售股份或者单元也没有资本

利得税（前提是这些计划在马耳他证券交易

所上市）。2011 年，马耳他金融服务局发

放了 146 张新的集体投资计划牌照，使得牌

照的总数量达到了 556 张。

　　2004 年信托受托人法允许马耳他法信

托和境外法信托同时存在，这为投资者提供

了广泛的、量身定制的信托解决方案。虽然

马耳他居民可以建立和利用本地信托（用来

进行资产保护或房地产规划、作为一种商业

工具、或者只是为了确保资产代代相传），

本地信托无法提供真正的税收优惠。国际信

托能够向非居民提供税收筹划的机会，以及

与信托相关的资产保护功能。信托的境外资

产向非居民受益人进行分配很少会触发马耳

他的税赋。

　　马耳他是首批与经合组织就财政事宜达

成先期协议的六个国家之一。如今，它与经

合组织、欧盟和英联邦就全球监管政策模型

进行积极地合作。马耳他拥有广泛的免双重

征税协定网络，包括与中国、香港、印度、

卢森堡、新加坡、南非、英国和美国以及其

他 52 个司法管辖区签署的协议。

　　马耳他同样是一个具有吸引力的在岸司

法管辖区，企业的有效税率在欧盟是最低的。

马耳他在加入欧盟后，被迫取消了针对国际

贸易公司与拥有境外收入的马耳他公司的百

分之四的税率。马耳他温和的态度提升了其

在欧盟范围内的声誉，并且使其扩展了免双

重征税协定网络。从那以后，马耳他通过了

立法，允许永久居民就汇款承担 15％的固

定所得税率。然而，由于针对企业的净收入

征收 35％的税，马耳他的企业税体系仍然

缺乏竞争力，直到最近政府允许股东申请高

额的股息退税。贸易公司向股东支付的股息

有七分之六可以申请退税，这使得有效税率

下降为 5％。马耳他控股公司的股东同样也

when shareholders were given the option of claiming a sizable refund on dividends taxes. Six sevenths of the dividends paid by trading companies to shareholders can now be returned, bringing the effective tax rate down to five percent. Shareholders of Malta holding companies also qualify for a full refund of the tax paid by the company on profits arising from “participating holdings” abroad.

Malta’s strength as an offshore centre is complemented by high professional standards in accountancy and law, at considerably lower labour costs than comparable jurisdictions. English is Malta’s second official language, spoken by the vast majority of it 413,000 citizens, and its central time zone helps to extends the country’s global reach. The island also offers international investors a highly advanced telecommunications network. Ninety five percent of its territory is covered by a broadband connection that was classified as the

world’s sixth best by an Oxford University published in 2010. In the 2010, Malta jumped 21 places in the World Economic Forum competitiveness report. It was ranked 13 out of 133 countries for the sophistication of its financial markets. Its banking sector is also considered the thirteenth soundest in the world.

The Maltese capital Valletta is a UNESCO world heritage city. It is closely connected to the country’s two main natural harbours: the Grand Harbour, which has been used since Phoenician times, and the Malta Freeport. The Malta Freeport Corporation was set up with transhipment as its express purpose. It specialises in container handling, industrial storage and the handling of oil products. Strategically located on highly trafficked regional shipping lanes, midway between the Straits of Gibraltar and the Suez Canal, Malta is currently the Mediterranean’s third transhipment port. Unless they are used or consumed in the

单位：亿美元 Unit: 100 Million USD

Sino-Malta Bilateral Trade Volume 2007-20122007-2012 年中马双边贸易额

来源：中国驻马耳他经商参处Source: China’s representatives of Business in Malta

2007 2008 2009 2010 2011 20120.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5出口 Export

进口 Import

总额 Total

1.27

1.56

1.64 1.55

2.12

2.07

0.37

0.36

0.38 0.81

1.02

0.78

1.64

1.92

2.02

2.36

3.14

2.85



有资格就境外“参股”获得利润所支付的税

款申请全额退税。

　　作为一个离岸中心，马耳他得益于会计

及法律方面非常高的专业水平以及与同类司

法管辖区相比较低的劳动力成本。英语是马

耳他的第二官方语言，该国 41.3 万居民中

的大多数能够说英语。马耳他的中央时区有

助于扩展爱国的全球影响力。岛上还能够为

国际投资者提供非常先进的电信网络。马耳

他有 95％的领土由宽带覆盖。在牛津大学

2010 年发布全球宽带连接排名中，马耳他

位于第六的位置。在 2010 年世界经济论坛

的竞争力报告中，马耳他跃升了 21 位。在

133 个国家中，马耳他在金融市场的复杂性

方面排名第十三位。就银行业的稳健度而言，

马耳他也位于全球第十三位。

　　马耳他首都瓦莱塔是联合国教科文组织

认定的世界遗产城市。它与该国的两大天然

良港紧密相连：始于腓尼基时代的大海港和

马耳他自由港。马耳他自由港公司的主要业

务是转运。它专门从事集装箱装卸、工业仓

储和成品油处理等业务。马耳他地理位置优

越，拥有繁忙的区域航道，位于直布罗陀海

峡和苏伊士运河之间，因此它目前是地中海

地区的第三大转运港。除非货物在马耳他自

由港使用或者消费、或者被带出自由港进入

欧盟，自由港进口并进行加工的货物无需承

担关税。

　　马耳他同样在试图成为一个高科技中

心，这个行业在马耳他的增长速度是最快的。

马耳他已经通过了一项法案，为电子游戏行

业制定了一个清晰的监管框架。同样，马耳

他还拥有世界一流的电信基础设施，这些让

马耳他的企业有能力为全球大约 10％的在

线游戏市场提供服务。其他的高科技公司也

表现出了浓厚的兴趣，因为在线游戏带来了

大量拥有技术的劳动力。惠普近日在马耳他

建立了两个教育中心，马耳他目前为整个地

区培训专业技术人员。

　　马耳他与欧盟以外的国家也保持着良好

的贸易关系，特别是与地中海东部国家和其

南部邻近的北非国家。它是地中海协议的缔

约国，其他缔约国还包括阿尔及利亚、摩洛

哥、突尼斯、埃及、约旦、黎巴嫩、巴勒斯

坦民族权力机构、叙利亚、以色列和土耳其。

这些协议基本上涵盖了货物贸易，而各方正

zone, or brought out of the zone into the European Union, goods imported into the Freeport for processing are not subject to customs duty.

Malta is also trying to make a name for itself as a high technology hub, and the sector is growing faster than any other in the country. It has introduced legislation that gives digital gaming a clear regulatory framework, and this – coupled with its world-beating

telecommunications infrastructure – has encouraged enough activity for Maltese companies to now service roughly ten percent of world’s online gaming market. Other hi-tech companies are showing interest too, because online gaming has brought with it a large pool of technically skilled workers. Hewlett- Packard recently established two education centres in the country, and Malta is now training technology professionals from

Main Source of the Balance of Trade in Malta

国家和地区Country and Region

2012 年 1-12 月Jan-Dec,2012

上年同期Same Period Last Year

同比 %Year-on-Year

总值 Total Value -2,190 -1,917 14.2

主要逆差来源 Main Source of Trade Deficit

意大利 Italy -2,207 -1,754 25.8

英国 UK -279 -293 -4.8

西班牙 Spain -180 -181 -0.2

荷兰 Netherlands -179 -148 20.9

法国 France -142 -183 -22.3

中国 China -128 -111 15.6

希腊 Greece -122 156 -

瑞士 Switzerland -119 -177 -32.7

瑞典 Sweden -106 -161 -34.2

韩国 Korea -94 -53 78.3

主要顺差来源 Main Source of Trade Surplus

未列名国家 Unlisted Counties 657 932 -29.5

香港 Hongkong 408 377 8.4

新加坡 Singapore 220 146 50.6

利比亚 Libya 130 54 139.8

美国 US 107 -8 -

马耳他贸易差额主要来源

来源 : 中国商务部Source: Ministry of Commerce of PRC

单位：百万美元 /Unit: Million USD(2012年1-12月) /(Jan-Dec,2012)


在进行进一步的谈判，旨在提升在农产品贸

易、服务贸易和投资的自由化以及双边争端

解决机制方面的合作。地中海协议已经允许

缔约国的工业产品（以及 80％的农产品）

在无关税的情况下进入欧盟地区。马耳他的

工业产品也将受益于地中海协议，可以在无

关税的情况下进入突尼斯，并且能够根据优

惠准入的政策进入其他缔约国市场。

　　马耳他已经证明自己是一个精明的运营

商。在历史上，这里接纳过各种宗教、语言

和法律体系以及许多的征服者。马耳他对大

部分改变都做出了很好的应对，并且现在也

应对得很好。区域一体化、全球金融以及技

术不可阻挡的崛起正在重塑着一切，尤其是

贸易。该群岛仍然是一个承上启下的区域枢

纽，无论是实体货物、真金白银，还是网络

上的流量。马耳他看起来将变得更为重要，

将扮演它注定的角色：整个地中海能够更好

地融合成一体，而马耳他将是一个中心。


across the region.Malta enjoys excellent trade

relations beyond the EU, particularly with the Levant and the North African countries just to its south. It is party to the EuroMed Agreements with Algeria, Morocco, Tunisia, Egypt, Jordan, Lebanon, the Palestinian Authority, Syria, Israel and Turkey. These agreements, which essentially cover trade in goods, are being strengthened by additional negotiations that are likely to result in increased scope for agricultural trade, the liberalization of trade in services and investment, as well as the formation of bilateral dispute settlement mechanisms. The EuroMed Agreements already allow industrial products from signatory jurisdictions – along with and close to 80

percent of agricultural produce – to enter the EU duty free. Industrial products made in Malta also benefit from the EuroMed Agreement, and are allowed into Tunisia without duty, as well as having preferential access to the other signatories’ markets.

The Maltese have proved themselves to be a canny operator. History has blown religion, language, legal systems and a long list of conquerors onto their shores. They have adapted well to most of it, and are adapting well now, while regional integration, global finance and the unstoppable rise of technology reshape everything, especially trade. The archipelago remains a nexus for regional exchange, whether it be in physical goods, hard cash, or just bits and bytes streaming across a line. It looks set to grow even more important, playing a role for which some may say it was destined: the integration of the entire Mediterranean into a better connected whole, with Malta at its very centre.

马耳他是首批与经合组织就财政事宜达成先期协议的六个国家之一。如今，它与经合组织、欧盟和英联邦就全球监管政策模型进行积极地合作。

Malta was among the fi rst six countries in the world to reach an advanced accord on fi scal matters with the OECD, and today is actively involved with the oecd, the eU and the commonwealth in modelling global regulatory policy.

32 2013, Summer

一．马耳他公司

凡是马耳他公司都被认为是应纳税 35% 的当地公司，其收入和资本的税收不管在马耳他或海外都在全球范围内提升，然而在派发股息的同时马耳他有向股东退税的可能性。退款金额将取决于公司收入来源和类型，这一政策大幅减轻了股东到手利润的税收负担。

值得一提的是，马耳他税务方面关于“公司”的定义包括：合伙公司 en commandite——其资本被分为股份的形式，有限责任公司或任何受马耳他法律保护的公司。这些“公司”在某些收入上将得到一定程度的税收豁免。这些实体的股东或合伙份额持有人在退税方面可以受益于马耳他的税务系统。二．当地公司和汇款征税基本原则

在马耳他境外注册成立的公司，只要实质上将其管理和控制转移到马耳他，就能享受当地公司的税务政策。 “管理和控制”的概念在许多普通法中都被用于确定公司上缴税务的管辖区域。简单地说，确认公司业务作出关键决策的区域决定了哪个国家有对公司的利润有征税权。

因此，也就是公司制定战略决策和董事会议召开的地点将设立于马耳他。落实到实践中，证实该公司在当地有董事是证实其管理和控制中心确实位于马耳他更简单的方法。不在马耳他组建但其管理团队在当地的公司不会被视为当地公司，因此不能在全球范围内而只是在汇款时向马耳他缴纳税款。

这意味着，该公司将只在收入汇到马耳他或者当地收入和资金增加的时候需要缴纳 35％的税款。而马耳他境外产生的任何资本收益，不论汇不汇到马耳他，都不需要在马耳他缴税。

所以当公司无论从哪里将其股息收入汇入马耳他时，股东可以要求退还全部或部分的向马耳他缴纳的税款。

举例说明，一家马耳他纳税公司出售另一家境外持股公司所得的收益，即使是汇款到其马耳他公司的银行账户也不需要向马耳他缴税。当这家公司从境外获得的贸易收益汇入其境外银行账户而没有转到马耳他时，马耳他也不对此收入征税。

在组建后通过转移其管理和控制改向马耳他纳税的英国或爱尔兰公司，将不用再向英国或爱尔兰缴纳税款，由于全面的管理和控制在英国或爱尔兰境外，与这些司法管辖区不牵扯任何关系，同时也意味着公司在英国或爱尔兰没有董事会且不开展业务活动，在当地不保留银行账户，也不从英国或爱尔兰获取任何收入来源。

三．结构

必须指出的是，一旦成为马耳他的纳税公司，英国 / 爱尔兰公司股东的情况可能会发生变化：股东纳税管辖区域和马耳他之间受制于免双重征税协定。因此，如果这家英国 / 爱尔兰公司的股东分别也是英国 / 爱尔兰纳税人，这种情况下他们与公司可能不再是纯粹的国内关系，并继续受免双重征税条约的管制。

对于向其他国家纳税的英国 / 爱尔兰公司股东，纳税国的转变可能会导致适用条约的改变，如此一来将与纳税国维持跨境关系。此外，由于已成为马耳他纳税公司的股东，他们将受益于马耳他税法例如退税机制的规定。

此外，向英国 / 爱尔兰公司缴纳股息预提税而隶属其他国家的司法管辖区域的股东，也将受益于马耳他对隶属其他司法管辖区的自然人或法人对外支付股息不征收预提税这一政策。

各类型股东情况图示：Below diagram illustrates the shareholders’ situation

股份关系Shareholding relation

英国公司UK Incorp

英国公司UK Company

马耳他纳税公司MLTCo(tax resident)

中国股东PRC Shareholder

中国股东PRC Shareholder

英国股东UK Shareholder

英国股东UK Shareholder

避免双重征税关系

Double Tax Treaty relation


I. Malta companies

Companies incorporated in Malta are deemed to be resident and domiciled in Malta and are taxable at the rate of 35%, which all income and capital are rising whether in Malta or overseas on a worldwide basis. However, upon payment of a dividend there is the possibility of tax refunds to the shareholders. The amount of refund would vary depending on the source and type of income received by the company. This signifi cantly modifi es the tax burden on profi ts in the hands of the shareholders.

It is worth mentioning, that the defi nition of “company” for Malta tax purposes includes a partnership en commandite, the capital of which is divided into shares, a limited liability company or any company constituted as such under any other law in force in Malta. These “companies” may benefi t from the participation exemption on any qualifying income. Shareholders or holders of a partnership share in these entities can benefi t from the imputation system and any applicable tax refunds.

II. Resident companies and remittance basis of taxation

A company can be incorporated outside of Malta and at the same time enjoy the status of being resident in Malta for tax purposes by virtually transferring its management and control to Malta. The “management and control” concept is used in many common law states to determine the jurisdiction in which a company is deemed to be tax resident. In brief, it seeks to establish the place where the key decisions regarding the business are made in order to identify the country which has jurisdiction to tax the profi ts of that company.

Thus the centre of management and control would exist in Malta where strategic decisions are made from, and boards of directors’ meetings are held in Malta. In practice it may be easier to substantiate a claim that the company’s management and control is in Malta where there are local directors on the board. A company not incorporated in Malta but which has its mind and management there will not be deemed to be resident and domiciled in Malta and therefore would not be subject to tax in Malta on a worldwide basis but on a remittance basis.

This means that the company will only be subject to tax in Malta at the rate of 35% on any income remitted to Malta or on income and capital arising in Malta. Any capital gains arising outside Malta are not taxable in Malta whether or not these are remitted to Malta.

Where however the company chooses to remit such income to Malta, upon distribution of a dividend, the shareholders may claim a refund of all or part of the Malta tax paid.

To illustrate this with examples, if a company which is tax resident in Malta while holds shares in a foreign entity which it sells at a profi t, such gain will not be taxed in Malta even if it is received on the Malta bank account of the company. If a company which is tax resident in Malta derives trading income from outside of Malta and such income is received in the company’s bank account outside of Malta and is not remitted to Malta, Malta would not tax such income.

UK or Irish companies which wish to become tax resident in Malta by transferring their management and control would no longer be subject to tax in the UK or Ireland with full management and control exercising outside of the UK or Ireland and no ties retained with these jurisdictions, which means there are no UK or Irish directors on the board and the company does not retain bank accounts or carry out business activities in the UK or Ireland or receive UK or Irish source income.

III. Structures

It must be noted that the situation of the shareholders may change once a UK/Irish company has established its tax residence in Malta, which the double tax treaty that must be referred to is between their jurisdiction of tax residence and Malta. Thus, in case shareholders of a UK/Irish company being UK/Irish tax residents respectively, their relationship with a company may no longer be purely domestic and may continue to be governed by double tax treaties between those countries and Malta.

In case of shareholders of a UK/Irish company who are tax residents of other jurisdictions, the shift in tax residence may result in a change of applicable treaty, yet the relationship would remain cross-border. Moreover, since the shareholders are now shareholders of a company which has become tax resident in Malta, they would be entitled to benefi t from the provision of Maltese tax law such as the tax refund mechanism.

Furthermore, shareholders from jurisdictions other than UK or Ireland who may have been subject to withholding tax upon dividend distributions from the UK/Irish company, may now benefi t from the fact that Malta does not impose withholding tax on outbound dividends paid to natural or legal persons in any jurisdiction.

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34 2013, Summer

作为一个拥有 7000 多年历史的国家，马耳他正在快速地提升起作为主要金融中心的声誉。各种因

素有助于马耳他在这方面的发展，其中包括一个强大而又合乎情理的监管体系以及政治和经济的稳定性。马耳他金融服务管理局（MFSA）是马耳他金融服务行业的单一监管者。该机构的态度平易近人，乐于接受新的想法，但在采取新的行动时总是保持审慎和严肃的方针。作为一个领头人，它正帮助马耳他政府发展该国的金融服务行业，使其成为该国 GDP 的主要贡献者。

马耳他拥有一个充满活力的经济体，即使在全球出现持续的经济衰退时，马耳他的经济依然经历了温和的增长。马耳他与欧洲、北非和中东地区保持着长期的商业联系，这是选择在马耳他或者从马耳他开展业务的主要优势之一。根据世界经济论坛（WEF）的报告，马耳他在网络覆盖领域排名第 27 位。马耳他同样被认为是全球三大金融中心之一，并跻身更适宜金融中心搬迁的国家之一。

自 2004 年以来，马耳他就是欧盟的正式成员。因此，通过马耳他能够方便地对接欧洲和北非市场。马耳他利用其较小的国土面积，培育了一个能够帮助国际企业提升运作和投资竞争力的环境。投资者不仅可以享受优惠的税收待遇，同样可以在员工吸纳、培训和发展方面获得激励政策，马耳他成熟而多元化的经济体能够很好地提供外包管理支持和专业服务。就居住权和企业运营而言，马耳他相比该地区的其他国家拥有众多的优势，它是国际企业理想的区域性基地。马耳他的员工拥有很高的素质，他们头脑灵活且会讲多种语言。教育也有很高的品质，这能够帮助企业获

得较高的生产效率，从而降低单位成本。在马耳他，英语是最主要的商业语言，大部分的马耳他人能够流利地讲英语以及其他国际语言。

还应当指出的是，马耳他的银行一直以它们的坚韧和稳健而闻名。事实上，在最新的全球竞争力报告中，马耳他的银行业在压力测试指标方面得分明显较高。马耳他的公共债务也主要仅限于国内，马耳他银行没有重大的外国主权债务风险敞口。

就马耳他对企业的优势和吸引力而言，如今的马耳他已经被超过 200 家世界一流的企业作为自己的基地，它们雇佣了超过 3万名员工，占马耳他企业总产量的 85％以上。马耳他主要的经济部门包括金融服务、旅游、电子产品、高附加值制造业、医疗保健、药品和医疗器械、信息和通信技术及电子产品、教育培训、物流和海事等。

在马耳他建立企业能够获益多多。对那些希望在整个欧盟地区开展业务的企业来说，马耳他的一个主要优势是在马耳他注册的企业能够通过企业或者服务的自由性直接获得所有欧盟成员国的护照，无论企业的实益拥有人持有什么样的国籍。此外，马耳他已经与超过 60 个国家签署了免双重征税协定，其中包括美国、中国、香港以及许多新兴经济体，如利比亚。一直以来，马耳他与利比亚保持着特殊的关系。在最近利比亚内战时期，马耳他保持了人道主义的立场，并且在卡扎菲政府垮台前就单边承认了过渡政府，因此两国的关系得到了进一步的加强。利比亚拥有丰富的天然资源，但缺乏基本的基础设施。因此，它正在开启外交关系的新时代，并且欢迎外来投资。事实上，利比亚的外商投资法创

建了一个开放的法律框架，旨在吸引外国直接投资，同时保障和保护投资者不受国有化、剥夺、扣押、没收或任何具有类似性质的行为的影响。

作为进入利比亚的基地，马耳他能够为企业提供些什么？利比亚首都的黎波里距离马耳他仅有 40分钟的飞行路程。因此，许多在利比亚从事项目建设的公司都将其总部设在了马耳他，从而远程管理各种操作。这不仅能够让管理人员获得一个高度发达和安全的环境来开展运作，同时能够直接提供高度发达的国内基础设施，包括最先进的电信和宽带。由于马耳他和利比亚之间存在一

系列促进贸易的激励政策，因此这进一步推动了马耳他公司在利比亚开展业务。此外，马耳他是与利比亚签署免双重征税协定的少数几个国家之一。考虑到马耳他的税收制度，这能够创造显着的效率和优势。

马耳他的命运一直紧密地与海洋联系在一起。马耳他处于地中海中心的战略位置以及其自然的隐密深港使其在历史上就是一个重要的海事中心。由于与地中海的主要航线紧密相连，马耳他拥有一个蓬勃发展的自由港，它已经成长为该地区的主要商业港口和中转站之一。自由港与全球大约130 个港口通航，其中包括 11 个中国港口，比如香港、上海和宁波。在自由港的所有货物中，只有 5％至 8％是原产于或运往马耳他的。

马耳他的优势主要在于马耳他人的应变能力和雄心。这些品德来自于马耳他的曲折历史，使其变得如此迷人和独特。对于工作和生活在马耳他的外国人来说，高效的英式商业环境、优越的基础设施以及安全、愉快和丰富的文化和传统氛围能够带来独特的体验。

马耳他 — 进入欧盟和北非的基石

David [email protected] www.atcl.com.mt


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Malta a country with 7,000 years of history is fast gaining ground as a leading financial centre of repute.

Various factors have contributed towards thisdevelopment, including a robust yet sensible regulatory approach and the political and economic stability that the country enjoys. The Malta Financial Services Authority (MFSA), is the single regulator for financial services in Malta. Approachable and open to new ideas yet always prudent and studied in taking new directions, the Authority has been at the forefront in spearheading government’s policy to develop the financial services sector into a leading contributor to the nation’s GDP.

Malta has a vibrant economy, experiencing modest growth even at a time when the world is living a prolonged recession. The island has long-standing commercial ties with Europe, North Africa and the Middle East and this represents one of the key advantages of doing business in or from the island. The World Economic Forum (WEF) has confirmed Malta's place as the 27th "most networked economy in the world". Malta has also been identified as one of the top three financial centres worldwide and is listed among the more attractive countries for financial centre relocation.

A full member of the European Union since 2004, Malta enjoys easy access to the European and North African markets. Malta offers incoming investors attractive government policies and incentives including cash rebates and tax refunds leading to lower effective corporate tax, incentives for employee acquisition, training & development and much more. It offers numerous advantages over other countries in the region both for purposes of residency and operations and is an ideal regional base for international companies. Its workforce is highly qualified,

Malta – The stepping stone to the EU and North Africa

flexible and multilingual. The quality of education is high, which leads to high productivity and therefore lower unit costs. The majority of the Maltese population is fluent in Maltese, English and Italian, with the former two being both official languages.

It should also be noted that Malta’s banks have consistently been renowned for their resilience and soundness. In fact Malta’s banking sector scored significantly higher in terms of stress-test indicators in the latest Global Competitiveness Report. Malta’s public debt is also mainly held locally and Maltese Banks are not materially exposed to foreign sovereign debt risks.

Testament to Malta’s strengths and attractiveness to business, Malta is today considered as home by more than 200 world-class companies employing over 30,000 people and accounting for more than 85% of Malta’s business output. Its main economic sectors include financial services, tourism, electronics, high value added manufacturing, healthcare, pharmaceuticals and medical devices, ICT and electronics, education & training, logistics and maritime.

There are a number of benefits associated with setting up business in Malta. A main advantage, of particular appeal to companies intending to write business across the EU, is that companies incorporated in Malta can passport directly, either through freedom of establishment or services, to all other EU member states, regardless of the nationality of beneficial owners of the business. Moreover, Malta has a network of Double Tax Treaties with over 60 countries, including the US, China, Hong Kong as well as many emerging economiessuch as Libya. Malta has traditionally enjoyed a special relationship with this country and this has since been further reinforced following Malta’s humanitarian stance during

the recent civil war as well as for its unilateral recognition of the transitional government ahead of the collapse of the Ghaddafi regime. A country that is rich in natural resources yet lacking in basic infrastructural framework, Libya is embarking on a new era of relations with the outside world and is opening up to foreign investment. In fact, Libyan Foreign Investment Laws create a liberal, legal framework for attracting foreign direct investment, while guaranteeing and protecting the investor against nationalisation, dispossession, seizure, expropriation or any other action of similar nature.

What can Malta offer as a base for businesses in Libya? The Libyan capital, Tripoli, is only a 40 minute flight out of Malta. It is very common for companies undertaking project work in Libya to locate their headquarters in Malta and manage the various operations remotely. This not only allows management access to a very well developed and safe environment from where to run their operations, but also provides direct access to a highly developed domestic infrastructure including state of the art telecommunications and broadband. Maltese companies are furthermore facilitated when operating in Libya due to specific laws which provide a variety of incentives to promote trade between the two countries. Further more, Malta is one of the few countries to have a Double Tax Treaty in place with Libya. When coupled with Malta’s tax system, this creates significant efficiency and advantage.

Malta’s destiny has been intimately linked to the sea. Its strategic location in the centre of the Mediterranean together with its natural, deep and sheltered harbours has been responsible for Malta’s development as a historic maritime centre. Straddling the major sea routes within the Mediterranean, Malta has a thriving Freeport which has grown into one of the major commercial ports and bunkering stations in the region. Connected to around 130 ports worldwide, among them 11 ports in China, including Hong Kong, Shanghai and Ningbo, just 5 to 8 per cent of the Freeport’s traffic is cargo originating in or destined for Malta.

Malta’s strengths lie mainly in the resilience and ambition of its people, qualities that are a direct result of the chequered history that makes Malta so fascinating and unique. For foreigners working and living in Malta, the combination of an efficient, Anglo Saxon inspired business climate, excellent infrastructure within an environment which is safe, pleasant and rich in culture and tradition, offers a unique experience.

David Borg 是 Alliance 信托集团的董事，该公司是一家多学科的专业服务机构，能够提供综合而全面的解决方案，包括法律、会计、保险、信托与受托、企业融资及企业服务等。

David Borg is a director of the Alliance Trust Group, a multi-disciplinary professional services organisation providing integrated and comprehensive solutions ranging from legal, accountancy, assurance, trust & fiduciary, corporate finance and corporate services.

36 2013, Summer

一个假期，双重享受The Maldives and Mauritius – Two Islands, One Vacation

By Frances Emery

马尔代夫毛里求斯


相比过去一个十年，中国的经济增长

更加持续和稳定，部分行业也有着

一贯的优异表现，境外旅游业就是

这其中之一。

　　仅在几年前，专家预测到 2020 年，中

国将成为世界上最大的境外旅游来源国。如

今，中国有可能在 2020 年之前就有机会在

出境旅游人数上超越美国和德国。相比于

2000 年只有 1000 万人次出境旅游，去年，

已经有了 8300 万人次选择了出境旅游。研

究表明，原本到 2020 年才能达到年均 1 亿

的出境旅游人次的目标 , 在近两年，也就是

2015 年就能完成。根据联合国世界旅游组

织今年 4 月的报道，目前，中国人已经取代

德国人，成为世上最能花钱的游客。

　　可支配收入的增长，海外旅游的宽松政

策，人民币的逐步升值，已经境外奢侈品的

价格优势，均使得中国成为世界上增长最快

的旅游来源国市场。尽管研究表明，中国大

As China’s economic growth continues at what some are calling a far more sustainable pace than

that of last decade, several individual industries have managed to consistently excel, and outbound tourism is among the most prolific of these.

It was only a few years ago that experts were predicting that, by 2020, China would be the world’s largest source of outbound tourists. Today, its chances of eclipsing both the US and Germany before 2020 – in terms of the country’s number of outbound travelers – is anticipated with considerable certainty. Compared to just 10 million Chinese tourists who travelled abroad in 2000, a staggering 83 million traveled last year. Reaching a level of 100 million outbound tourists annually

– which researchers predicted for 2020 – is now expected within just two years, by 2015. Already, Chinese tourists have overtaken Germans as the world’s biggest spending travelers, the United Nations World Tourism Organization reported in April this year.

Rising disposable incomes, loosened restrictions on foreign travel, a strengthening yuan and competitive prices for luxury products overseas have all helped China to become the world’s fastest growing tourist source market. And, although research has shown that cities within Asia receive a large proportion of holidaymakers from China’s mainland, nowadays more and more wealthy Chinese travelers are becoming enticed by exotic – and often far flung –

公务旅行者ExECuTIVE TRAVELLER

38 2013, Summer

陆出境游客多数还是选择亚洲城市，但是越

来越多的中国富裕阶层把遥远的异国他乡列

为了他们的“必看”景点。这其中，就有马

尔代夫。

　　阳光，海洋，金色沙滩等等都使得马

尔代夫成为蜜月旅行的首选目的地之一，无

论是西方还是亚洲的游客，都将其视为天堂

岛屿。现在，这座印度洋岛国因其无与伦比

的海滩假日体验而声名远播。马尔代夫以其

高端的购物环境，豪华的餐饮场馆吸引了众

多的中国富裕游客，成为中国游客豪华旅游

的目的地之一。

　　事实上，马尔代夫正试图成为更加独一

无二超乎人们的想象的旅游目的地。据美国

国家环境保护局称，自 1870 年以来，全球

海平面升高了 8 英尺，使得某些岛国面临

严重的危机。美国国家科学院警告称，到

2100年，全球海平面将会上升16到56英尺，

取决于未来地球对于气候变化的反应程度。

这将使得马尔代夫—这个拥有 1192 座岛屿

的全球最低水平线的国家仅仅高出海平面 5

destinations, and adding them to their list of “must-sees”. Among the foremost of these exclusive vacation spots is the Maldives.

Regarded as an island paradise by both Western and Asian travelers, the sun, sea and golden sand of the Maldives have long made it a favorite destination for honeymooners. But more recently, the Indian Ocean island has been gaining a reputation for offering tourists more than just an idyllic beach holiday experience. The Maldives boasts shopping opportunities of a high enough caliber to attract a demographic of affluent tourists

from around the globe and, in combination with its ample range of first class dining venues, the island is fast becoming known among Chinese as an exclusive luxury destination.

In reality, the Maldives may be on its way to becoming more exclusive – elusive, even – than would be imagined under ordinary circumstances. According to the United States Environmental Protection Agency, the world’s sea level has risen by eight inches since 1870, placing several of the world’s island nations in severe danger. The National Academy of Sciences warns that, depending on how the earth


阳光，海洋，金色沙滩等等都使得马尔代夫成为蜜月旅行的首选目的地之一，无论是西方还是亚洲的游客，都将其视为天堂岛屿。

regarded as an island paradise by both Western and Asian travelers, the sun, sea and golden sand of the Maldives have long made it a favorite destination for honeymooners.


英尺以上，基本来说，就是一个很危险的状

况：在水下。

　　因此，马尔代夫将在十年内消失的事实，

虽然略古怪，但这也成了吸引越来越多的中

国游客涌向这个即将消失的天堂。尽管这些

地理或气候因素对马尔代夫的决策者挑战巨

大，在基础建设方面并没有显现出创意的缺

失。除了保护这个国家的自然风光，他们也

会致力于保持这个国家近年来成为最成功的

旅游胜地的可能性。比如，在 2012 年 10

responds to climate change in the coming years, the sea’s level could increase by anything from 16 inches to 56 inches by 2100. That would put the Maldives – the world’s lowest lying nation, with its 1,192 islands averaging just five feet above sea level – in a particularly precarious position: underwater.

Indeed, the fact that the Maldives may have all but disappeared within a

decade or so is one of the – albeit quirky – reasons that more and more Chinese tourists are flocking to this paradise soon-to-be lost. And, although these geographical and climactic changes pose a monumental challenge to the Maldives and those with the power to make decisions about its fate, many of the infrastructure projects that have been conceptualized as a result are nothing


2011 年排名

Ranking 2011国家

Country

2011 20102011 年排名

Ranking 2011到达游客量Arrivals

市场份额（百分比）Market Share (%)

到达游客量Arrivals

市场份额（百分比）Market Share (%)

1中国China

198,655 21.3 118,961 15.0 1

2英国

United Kingdom104,508 11.2 114,158 14.4 2

3德国

Germany90,517 9.7 77,108 9.7 4

4意大利

Italy83,088 8.9 89,596 11.3 3

5俄罗斯Russia

63,936 6.9 49,111 6.2 6

6法国

France59,694 6.4 54,789 6.9 5

7日本Japan

35,782 3.8 38,791 4.9 7

8瑞士

Switzerland32,504 3.5 27,766 3.5 8

9印度India

30,978 3.3 25,756 3.3 9

10韩国Korea

25,285 2.7 24,808 3.1 10

全球总量Global Total

931,333 791,917

来源：马尔代夫出入境管理处Source: Maldives Dept of Immigration & Emigration

2011 年马尔代夫游客访问量及市场份额前十位Tourist Arrivals and Market Share of Top Ten Markets, 2011, Maldives

40 2013, Summer

月开办的世界第一个水下夜店就是这些举措

之一。

　　这家只能通过船只才能进入的俱乐部，包

括一层有玻璃隔板并能直接看到海洋的楼层，

在头顶会有热带鱼群游曳。Niyama 度假区的

此项举措位于妮兰朵南环礁 500 米，水下 6

米左右。这家俱乐部的内部装修也是极尽奢

华，采用了绿松石色的霓虹灯来营造海洋的

颜色，透明的玻璃桌面，以便显出五光十色的

鱼群的颜色。一排排的酒吧桌椅罗列在窗边，

以便客人能够一边小酌，一边欣赏海底风光。

为了尽可能减少对环境的破坏，这个俱乐部

是在陆地完成建设，再沉入水底的。

　　Niyama 度假村的这座令人震惊的海底

俱乐部只是马尔代夫众多吸引国际游客的创

新举措之一。去年底，马尔代夫政府宣布计

划建设花费约 3.2 亿英镑（约合 30 亿人民币）

的浮动高尔夫球场。这座球场将由海底隧道

接通，由国际知名的荷兰建筑团队负责设计

与承建。这座球场是一项准备用一系列人造

浮岛取代这些正在下沉的岛屿的庞大计划的

组成部分。漂浮高尔夫球场可能很快就会成

为马尔代夫的一大亮点。不久的将来，来到

马尔代夫的游客或能租赁私人潜艇在这座岛

屿下面游玩，甚至可以住在潜艇内的房间漂

浮在水面。

　　荷兰 Docklands International 的 CEO，

Paul van de Camp 称，“我们告诉马尔代

夫的总统，我们可以帮你们从气候难民转换

成气候创新者。”这将成为世界上第一个也

是唯一一个浮动高尔夫球场，“并且每个洞

口都有独一无二的海景。这座岛将先漂浮至

预订位置，然后后期再种植草皮和树木。”

　　除了这些未来可以吸引国际上的富裕阶

层游客的景点，高尔夫球场将全部以太阳能

供电，并且整个度假村都将是碳中和的设计。

若如预测显示，中国的游客能够读懂技术，

并有环保意识，那么他们绝对会被马尔代夫

的这些创新高端旅游市场所吸引。

　　目前，这个岛国正朝着正确的方向发展。

2010 年，中国第一次成为马尔代夫最大的

游客来源国，超过了英国，意大利，德国，

以及法国。2010 年，共有 12 万中国游客

前往马尔代夫，占当年总游客量的 15%，

2011 年，这个数据升到了 19.8 万人次，占

21%。

short of genius. Aside from conserving the country’s physical landmass, their realization will in all likelihood actually contribute to the success the country has already been enjoying as an unforgettable tourist destination for some years now. The launch of the world’s first ever underwater nightclub in October 2012 is just one example.

The venue, accessible only by boat, includes floor to ceiling glass windows which look directly onto a lit up ocean expanse, speckled with tropical fish. Niyama Resort’s proud creation lies 500 meters from the Dhaalu Atoll shore, and six meters below sea level. The nightclub’s lavish interior includes iridescent turquoise furnishings intended to mimic the ocean’s blues, and luminous glass tables that echo its brightly colored fish. Rows of bar tables are positioned along the windows at which clientele can sip cocktails as they gaze out at a sea view with a difference. In order to minimize environmental damage, the nightclub was built entirely on land before being lowered into the water.

Breathtaking as it may be, the Niyama Resort’s underwater nightclub is far from being the Maldives’ only brand new innovation to wow international visitors.

Late last year, the Maldivian government announced plans for an ambitious GBP 320 million (RMB 3 billion) floating golf course, accessible via underwater tunnel, with architectural firm Dutch Docklands International working on the design and building of it. The golf course is just one part of a large scale project which will replace the islands under threat of sinking with a network of manmade floating incarnations, aimed at being the world’s largest series of artificial islands, which will be anchored to the seabed using cables or telescopic mooring piles in order to withstand storms. Future visitors to the Maldives will be able to rent private submarines to travel beneath the island, and even to surface within the interior of newly-built homes by submarine too.

CEO of Dutch Docklands International, Paul van de Camp said: “We told the president of the Maldives we can transform you from climate refugees to climate innovators.” It will be the first and only floating golf course in the world, “and it comes complete with spectacular ocean views on every hole,” said an enthusiastic van de Camp. “The islands will be floated into position first and then the grass will be seeded and the trees planted afterwards,” he explained.



　　休闲旅游一直是游客选择马尔代夫的首

要原因，但是自从它成为 2013 年 5 月举行

的印度洋全球旅游颁奖典礼的承办国之后，

马尔代夫的未来将与过去大不相同。此次

颁奖典礼将在马累北环礁的 Paradise Island

Resort and Spa 酒店举行。马尔代夫观光局

称此次活动为该国过去 40 年旅游历史的一

个里程碑。观光局副局长 Mohamed Maleeh

Jamal 称，此次颁奖典礼能够为该国再次承

办该类高规格活动铺平道路，并且吸引新的

旅游人口。并且，“在过去 40 年间，我们

已经成为一个众所周知的蜜月圣地，冲浪天

堂，以及奢侈旅游目的地。此颁奖典礼以后，

将会在我们的旅游业里增加新的领域。”

　　马尔代夫酒店业的资深人员过去几年来

正努力迎合中国游客的需要，希望能够在这

一庞大消费群的份额里分一杯羹。2012 年

9 月，马尔代夫总统 Mohammed Waheed

访问北京时称，自从中国取代欧洲国家成为

马尔代夫最大的游客来源国之后，马尔代夫

Aside from the enormous appeal that futuristic tourism of this sort will presumably have for wealthy international visitors, projects such as the golf course will be powered entirely by solar energy, and the entire resort has been designed to be completely carbon neutral. If Chinese tourists are, indeed, becoming as technologically savvy and environmentally conscious as research suggests, and then it seems fairly certain that the Maldives will succeed in garnering a substantial portion of Chinese travelers within the luxury tourism market.

So far, the island nation is on the right

track. In 2010, China became the Maldives’ single largest source of tourists for the first time, outnumbering Brits, Italians, Germans and French visitors. The 120,000 Chinese arrivals in 2010 constituted 15 percent of all tourists, but 2011 proved even more promising, with that figure jumping to 198,000, making up over 21 percent of visitors to the country.

Leisure tourism has historically been the reason that the majority of visitors come to the Maldives, but since being announced as the host for the Indian Ocean World Travel Awards (WTA) ceremony, taking place at the Paradise


马尔代夫拥有独一无二的水下客房，在其顶部会有热带鱼群游曳，能够给宾客提供无

与伦比的水下视野。

the unique underwater bedrooms offered by Maldivian hotels, provide customers amazing views of tropical fish.

图片

Photo by Incredible R

esorts

42 2013, Summer

当局也在考虑重新调整其旅游行业以便更好

的服务于中国游客。这将包括提供中餐，并

提供适应中国的一些消费环境的服务，进而

创造一个更加欢迎中国游客的旅游环境。

　　近来，总部设在香港的香格里拉酒店及

度假村集团以其“独特的亚洲酒店服务业标

准”而声名远播，正如其描述的那样，是马

尔代夫唯一能够为中国游客提供全方位母语

服务的五星级酒店。持续增长的中国游客数

量使得马尔代夫及周边的其他连锁酒店均纷

纷推出了能够吸引中国富裕游客的服务计划。

　　希尔顿酒店与度假村集团是第一批提供

中国市场定制服务的酒店先驱之一，2011

年 8 月，推出了名为“希尔顿欢迎计划”的

项目。该项目旨在为中国客户提供全方面的

舒适体验，至今为止，反响都很好。

　　希尔顿的全球品牌推广副总裁，Andrew

Flack，在该项目启动之后接受媒体采访时称，

“目前来说，中国客户对此十分满意。我们

前往中国…并在那里举办了项目启动仪式，

并与中国酒店协会的会长进行会晤。他说他

已经了解到了这项欢迎计划，曾在夏威夷的

Island Resort and Spa in North Male Atoll in May 2013, it appears that the Maldives’ future may be more varied than its past. The country’s Ministry of Tourism called its selection a “milestone” in the 40 year history of its tourism industry. Deputy Tourism Minister Mohamed Maleeh Jamal said the ceremony will pave the way for the country to host more high profile events in the future, thereby attracting an entirely new demographic to the island nation. He added, “Over the past 40 years, we have been known as a honeymooners’ spot, a surf spot and a luxury holiday destination. This will add another area for the industry.”

Savvy players within the Maldives’ hospitality industry have spent the last few years making an effort to cater particularly to their Chinese guests’ needs in response to this tremendous growth and, in doing so, are hoping to secure a


piece of the proverbial pie in the future too. During a September 2012 visit to Beijing, Maldivian President Mohammed Waheed said that with tourists from China overtaking those from Europe, from then on the Maldives would be focusing on how to redesign its tourist industry in order to accommodate Chinese visitors better. This included ensuring that Chinese food – along with national preferences for shopping and entertainment – was readily available, and generally creating a more welcoming environment for Chinese tourists.

Until recently, the Hong Kong-based Shangri-La Hotels and Resorts, renowned for their “distinctive Asian standards of hospitality and service”, as they describe it, was the Maldives’ only five star hotel where exacting Chinese guests could be certain they would be suitably taken care of – and in their mother tongue. Increases in Chinese visitor numbers has since led other top hotel chains – in the Maldives and beyond – to launch tailor made hospitality programs of their own that cater specifically to this growing market, which has made for a more varied and competitive selection of hotels for wealthy Chinese guests visiting the Maldives.

Hilton Hotels & Resorts was among the first to pioneer a tailored hospitality program aimed at the Chinese market in August 2011, which it called “Huanying Hilton”. (“Huanying” means welcome in Mandarin.) The program was designed with an emphasis on providing Chinese guests with the creature comforts of home and, so far, the feedback has been extremely positive. Hilton’s vice-president of Global Brand Marketing, Andrew Flack, told press shortly after the launch, “Chinese guests have so far been very happy with it. We went to China (…) to launch the program there and I met the head of the Chinese Hotel Association. He

得益于毛里求斯的市场推广方面的努力，近年来，毛里求斯成为广受中国游客欢迎的热点旅游目的地。

Mauritius has gained popularity among chinese as a tourist hotspot over the past few years, partly as a result of the country’s targeted marketing efforts.

图片

Photo by Incredible R

esorts



希尔顿入住过。对于能吃到地道的中国食物

他感到十分开心。”该计划在希尔顿全球

13 个国家的 50 个酒店展开，以便应对涌入

的中国游客，马尔代夫也在这其中。

　　中国游客，特别是富裕的中国游客，一

般都会对菜肴十分注重，因此，希尔顿的餐

饮业做出来相应的调整。相比于主流的西

式餐点，希尔顿欢迎计划里，仅早餐就包括

各种粥类，炒饭，炒面，点心，油条，煎蛋，

新鲜水果，以及各种中式茶饮和豆浆。在为

中国顾客提供服务方面，希尔顿对细节的专

注体现了其业内创新者的能力。房间内的烧

水壶，茶叶，拖鞋，中国电视频道等等，都

是针对这一人群而提供的。并且，在绝大多

数中国游客都能够流利使用英语沟通之前，

在前台安排能够用中文沟通的员工是十分重

要的保证之一。

　　自 2011 年以来，前往马尔代夫的中国

游客以指数级增长，根据马尔代夫观光局的

数据，游客数量从 19.8 万增长到 2012 年的

超过 23 万人次。而仅仅是五年前，即 2008

年，中国游客数量仅是这个数据的四分之一。

　　为了确保这一增长率，往返于中国及马

尔代夫之间的航班数量必须得到保证。今年

早些时候，马尔代夫宣布将会签署一下双边

航空服务条约，以便开通与另一个中国主要

旅游目的地之间的直航运营，中国的出境游

对于整个旅游业的重塑作用也因此更加凸显。

　　到 2013 年 7 月，马尔代夫的主流航空

公司，Mega Maldives Air，将开通连接北

京首都国际机场与另一个印度洋上的岛屿：

毛里求斯的直航服务。增加着两个旅游目的

地之间的通勤便利举措获得了中国旅游业者

的广泛称赞，他们认为，“一个假期，两

座岛屿”是非常好的卖点。Mega Maldives

Air 计划自 8 月 21 起增加航班数量至每日一

班，即为每周 7 个班次。这使北京一周有 8

个直航班次，包括毛里求斯航空一周一次的

直航班机，从中国飞往毛里求斯的航班数增

加到了一周 13 个班次。

　　得益于毛里求斯的市场推广方面的努

力，近年来，毛里求斯成为广受中国游客欢

迎的热点旅游目的地。相比于躺在沙滩上，

中国游客在这个岛国最热衷的休闲活动是购

物。2010 年 1 月，毛里求斯银行开始接受

有银联标志的储蓄卡和信用卡使得购物以及

told me he knew about Huanying already and had stayed in a Hilton in Hawaii. He said it was great to see real food!” The program was launched in 50 of Hilton’s hotels across 13 countries and naturally, with its recent influx of Chinese visitors, the Maldives was among them.

Chinese travelers, particularly the wealthier among them, often place a significant amount of emphasis on cuisine, so Hilton’s effort to cater to their needs is a sensible business move. Rather than the usual predominance of Western style food, breakfasts at Hilton hotels participating in the Huanying program are typically Chinese, and include different types of congee, fried rice or noodles, a selection of dim sum, deep fried dough sticks, hard boiled eggs, fresh fruit, as well as a variety of Chinese teas and soy milk. Attention to detail consistently proves its ability to be a deal maker or breaker when it comes to accommodating Chinese guests. In-room kettles, a variety of teas, slippers and Chinese television channels have now all become mainstays at hotels that realize the value of this proliferating consumer demographic. And, until the majority of Chinese who travel abroad are fluent in English, having Chinese speakers

at reception desks is an all-important guarantee. Since 2011, the number of Chinese visitors to the Maldives has grown exponentially, from 198,000 to over 230,000 in 2012, according to the Maldives’ Ministry of Tourism. Just five years prior, in 2008, visitor numbers sat at just over a quarter of that number.

Naturally, ensuring that there are an adequate number of flights between China and the Maldives has been essential for maintaining a certain level of growth in the number of visitors. When, earlier this year, the Maldives announced that it would be signing a bilateral air services agreement for the operation of direct air links to improve connectivity between it and another leading holiday destination, the extent to which China’s outbound tourism explosion will shape the tourism industry as a whole became that much clearer.

As of July 2013, one of the Maldives’ leading airlines, Mega Maldives Air, will operate a non-stop service linking Beijing Capital Airport with the international airport on another far-flung Indian Ocean paradise: Mauritius. Improving connectivity between these two leading vacation destinations has been hailed as

44 2013, Summer


其他金融交易的便利性突飞猛进。毛里求斯

银行的 ATM 机占该国全部的 40%，该岛超

过一半的商户也效仿毛里求斯银行，开始安

装银联 POS 机。

　　就未来而言，为中国游客扫除消费上的

障碍是能够吸引更多中国游客的不二法则。

报道称，中国的奢侈旅游业将以每年 25%

的速率增长，年比消费率也是持续上涨。根

to eight per week, including Air Mauritius’ once weekly flights, and the total number of flights from Mauritius to China to 13 per week.

Mauritius has gained popularity among Chinese as a tourist hotspot over the past few years, partly as a result of the country’s targeted marketing efforts. The fact that shopping – rather than lying on a beach – was identified as Chinese tourists’ favorite leisure activity was not lost on the island nation, and in January 2010, the Bank of Mauritius began accepting debit and credit cards with the Union Pay logo – the Chinese equivalent to the Visa or Master Card network – increasing the ease of purchases and other financial transactions by leaps and bounds. The Bank of Mauritius’ ATMs comprise approximately 40 percent of the country’s total, and more than half of the island’s merchants have since followed suit by installing Union Pay point of sale machines.

Finding ways to ensure that Chinese tourists are able to spend their money with as few impediments as possible is only going to find its way onto more and more countries’ agenda in the near future. Chinese outbound luxury tourism is reported to be growing at 25 percent annually, with spending rates climbing substantially year on year. According to an April 2013 report in the Wall Street Journal, more than two-thirds of Chinese purchases of luxury goods take place abroad. Chinese outbound tourists spent US$ 69 billion in 2011, and more than US$ 100 billion in 2012, which amounts to 41 percent more than the year before. The latest figures signaled that China has overtaken both the US and Germany as the world’s biggest-spending travelers, the United Nations World Tourism Organization (UNWTO) announced last month.

2010 年 1 月，毛里求斯银行开始接受有银联标志的储蓄卡和信用卡，使得购物以及其它金融交易的便利性突飞猛进。

January 2010, the Bank of Mauritius began accepting debit and credit cards with the Union Pay logo – the chinese equivalent to the Visa or Master card network – increasing the ease of purchases and other financial transactions by leaps and bounds.

a brilliant marketing strategy by players within China’s outbound tourism industry, who realize the appeal of this “Two islands, one vacation” selling point. Mega Maldives Air plans to increase the flights to a daily service from 21 August, which will amount to seven flights weekly. This will take the total direct services to Beijing



“The impressive growth of tourism expenditure from China and Russia reflects the entry into the tourism market of a growing middle class from these countries,” said UNWTO Secretary General Taleb Rifai. “That they have overtaken us already is astonishing,” president of the German Travel Association, Juergen Buechy, told journalists. But, he added, the growth was to be expected, given that the country had more inhabitants than North America, Russia and Europe combined.

Mauritius’ hospitality industry has taken its own steps to cater specifically to the Chinese market and, during a December 2011 visit to the country by the Deputy Mayor of Shenzhen, Zhang Siping, the Mauritian Minister of Tourism, Michael Sik Yuen, announced the opening of two hotels, scheduled for completion in 2012. One was a property owned by Angsana Hotels and Resorts – a brand which has built an excellent reputation for itself in other far flung destinations, such

as the Maldives – and the other was part of the luxury Centara chain, which has resorts on several Thai islands. Both of the resorts had the needs of wealthy Chinese – Chinese speakers, Chinese language literature, Chinese cuisine and several of the other creature comforts that are increasingly being understood as essential to a holistic luxury holiday – at the heart of their marketing strategies. Since then, several other hotels have followed in their footsteps.

But creating an outstanding experience for wealthy Chinese tourists goes beyond serving Chinese food and providing slippers in hotel bedrooms. It requires in-depth knowledge about Chinese culture, and each of the nuanced elements that encompass it. In this respect, Mauritius may be at a slight advantage: a proportion – albeit small – of its population is Chinese. Although the Sino-Mauritians who comprise approximately three percent of the country’s citizens are

据 2013 年 4 月华尔街日报的一则报道，约

三分之二的中国奢侈品消费在境外产生。

中国出境游游客 2011 年花费 690 亿美元，

2012 年更是达到了 1000 亿美元，约超过

前一年约 41%。上个月，联合国世界旅游

组织称，最新数据表明中国已经取代美国和

德国，成为世界上最能花钱的游客来源国。

　　联合国世界旅游组织秘书长 Taleb Rifai

称，“中国和俄罗斯旅游消费的惊人增长表

明，这些国家的中产阶级进入了旅游市场。”

德国旅游协会主席 Juergen Buechy 接受访

问时表示，“对于他们能够取代我们，我感

到很震惊。”他补充道，但是这种增长是可

预期的，因为中国有着比北美，俄罗斯和欧

洲加起来还要多的人口数。

　　毛里求斯的酒店业有其独特的针对中国

市场而退出的服务。在 2011 年 12 月时任深

圳市副市长张思平对毛里求斯进行访问时，

毛里求斯的旅游部部长，Michael Sik Yuen

宣布了两家酒店即将开幕，计划于 2012 年

完工。其中一个属于 Angsana Hotels and

Resorts 集团，一家有着在其他国家都有着

良好声誉的酒店集团。另一家属于 Centara

连锁集团，该集团在泰国的一些岛屿上有着

度假村。这些度假村都能符合中国富裕游客

的需要——中文语音服务，中文环境，中餐，

以及其他相关的提高整体舒适度的服务。自

此，其他的一些酒店均纷纷效仿。

　　但是，比起提供中餐，拖鞋等服务，让

中国游客有一个无与伦比的体验更为重要。

这要求对中国文化有深层次的了解，以及这

其中很细微的部分。在这方面，毛里求斯有

着些许优势：尽管只有一小部分，但至少有

一部分当地居民是华裔。尽管毛里求斯华人

仅在该国人口中占 3% 左右，并且由讲普通

话，广东话以及其他方言的人组成。

　　研究表明，该国对中国文化的熟悉程度

很高，也会庆祝一些传统的中国节日，因此

能够使得中国游客有宾至如归的感受。然而

更重要的是，当地的美食——毛里求斯有众

多的中国美食。不仅有毛里求斯华人经营的

提供如鲍鱼汤等美味的高档餐馆，也有路边

兜售新鲜蒸饺的摊头。中餐在毛里求斯的流

行程度十分可观。更令人震惊的是，当地有

三家中文报纸，并在 2005 年，有一本新闻

月刊出版。

Comparison of Tourist Arrivals to Mauritius in the year of 2011 and 2012

国家Country

到达游客量 Tourist Arrivals

2011 2012变动百分比

% Change

法国 France 302,004 262,100 -13.2

留尼旺岛 Reunion 113,000 139,169 23.2

南非 South Africa 86,232 89,058 3.3

英国 UK 88,182 87,648 -0.6

印度 India 53,955 55,197 2.3

德国 Germany 56,331 55,186 -2.0

意大利 Italy 52,747 40,009 -24.1

其他 Other 212,191 237,074 11.7

总计 Total 964,642 965,441 0.1

2011 年与 2012 年毛里求斯游客量对比

来源：毛里求斯金融与经济发展局Source: Mauritius Ministry of Finance & Economic Development

46 2013, Summer

a combination of Mandarin, Cantonese and dialect speakers, research shows that the country’s familiarity with Chinese culture – as well as the fact that certain traditional festivals are celebrated in the country – does contribute to creating the sense of a home away from home. More important, however, is the country’s gastronomic repertoire: Chinese cuisine abounds in Mauritius. From exclusive restaurants owned by Sino-Mauritian serving delicacies such as abalone soup, to street side vendors where freshly steamed dumplings are sold, Chinese food is far more prevalent in Mauritius than a three percent population of ethnic Chinese would suggest. Even more surprising, perhaps, is the fact that there are three Chinese language newspapers that are published in the country, as well

　　尽管有着中文报纸和中餐并不能有太多

加分，但是毛里求斯最近迎来了大量的中国

游客增长。据报道，2011 年 1 月至 2011 年

11 月，约有 1 万 4 千名中国游客前往毛里求

斯，相比 2010 年同期，增长了 99%。鉴于

目前中国与毛里求斯之间航班数量的增长，

毛里求斯到 2020 年能够吸引 5 万名中国游

客的目标似乎很可行。如今，随着连接中国

至毛里求斯和马尔代夫的航班开通，一个假

期玩遍两座岛屿似乎不再是一个梦想而已。

　　除了其本身的吸引力，这两座岛屿在中

国游客的心中有着各自的优势。毛里求斯对

中国公民提供 60 天的落地签证，马尔代夫

甚至对中国游客免签证。中国的富裕阶层，

比起跟团游，更倾向于自由行，免签证或者

没有严格的签证制度使得他们有了更多的自

由度，也免除了申请签证的繁杂程序。这两

个国家旅游的便利程度使得他们能够通过新

开通的直航服务轻松到达。这两点是吸引很

多中国游客的卖点。

as a monthly news magazine which was launched in 2005.

While Chinese language news and cuisine certainly can’t take too much credit, Mauritius has recently experienced a significant rise in the number of Chinese tourists holidaying on the island. Approximately 14,000 Chinese tourists are reported to have visited Mauritius between January and November 2011 – almost a 99 percent increase compared to the same period in 2010. The goal is to attract 50,000 Chinese visitors by 2020 which, given the fact that the number of flights between China and Mauritius were drastically increased early last year, seems perfectly feasible. Now, with imminent flights connecting China with both Mauritius and the Maldives, holidaying in two – rather than one – Indian Ocean paradise can become a dream come true.

Aside from the two islands’ appeal as destinations in their own right, both countries have advantages which are particularly important in the Chinese traveler’s mind. While Mauritius automatically grants Chinese citizens 60 day visas on arrival, the Maldives does not require that they obtain visas at all. Wealthy Chinese, who are more and more inclined to travel independently rather than in tour groups, value the additional freedom that a lack of stringent visa restrictions affords them, and eliminating the inconvenience that goes with obtaining a travel visa is perhaps the wisest step Mauritius has taken toward securing a segment of this increasingly lucrative market. The ease of travel that both of these countries allow – along with the fact that, with the introduction of connecting flights, they can both be easily visited on a single trip – makes for an exciting holiday opportunity that plenty of Chinese are certain to grab with both hands.


尽管有着中文报纸和中餐并不能有太多加分，但是毛里求斯最近迎来了大量的中国游客增长。据报道，2011 年 1 月至 2011 年 11 月，约有 1 万 4 千名中国游客前往毛里求斯，相比 2010 年同期，增长了 99%。

While chinese language news and cuisine certainly can’t take too much credit, Mauritius has recently experienced a significant rise in the number of Chinese tourists holidaying on the island. Approximately 14,000 chinese tourists are reported to have visited Mauritius between January and November 2011 – almost a 99 percent increase compared to the same period in 2010.

48 2013, Summer

特别报道SPECIAL REPORT

By Anas Almasri

大不列颠投资新机遇

为了了解英国在经济方面的重要意

义，首先需要澄清一些外国人对英

国在地理上存在的普遍误区。就地

理位置而言，英国、大不列颠和英格兰并不

是同一个概念。英国由四个国家组成：英格

兰、苏格兰、威尔士和北爱尔兰，而伦敦是

整个英国的首都。后三个国家拥有不同的行

政机构，位于各自的首都城市：爱丁堡、加

的夫和贝尔法斯特。大不列颠指的是除了北

爱尔兰之外的英国国家。英国是欧盟成员国，

但不是目前陷入困境的欧元区的成员国，因

此这让伦敦能够长期保持其作为主要国际金

融服务中心的地位。2011 年，英国的国内

生产总值超过了 24 万亿美元，使其成为世

界排名第七的经济体，仅次于巴西，位于意

大利之前。

　　英国通常会被评为外商直接投资（FDI）

在欧洲的主要目的地和来源地之一。根据联

合国贸发会议发布的世界投资报告，2011

年英国是全球发达国家中海外投资的第三大

目的地，也是欧洲大陆的第二大投资目的地，

In order to understand the United Kingdom’s economic significance it is first important to clarify some of

the general geographical misconceptions some foreigners have about it. The UK, Great Britain and England are not interchangeable terms referring to one location. The UK is formed of four countries: England, Scotland, Wales and Northern Ireland with London as its capital. The latter three countries hold varying administrative powers based in their individual capital cities: Edinburgh, Cardiff and Belfast respectively. Great Britain refers to the UK countries with the exclusion of Northern Ireland. As the UK is part of the European Union

Investing in the uKNew Opportunities

but not part of the –currently troubled– Eurozone that has allowed London to build on its longstanding position as a key global financial services center. The country’s 2011 GDP was over $2.4 trillion ranking it seventh largest economy in the world, behind Brazil and ahead of Italy.

The UK is frequently rated as one of the leading destinations and sources of Foreign Direct Investment (FDI) in Europe. According to the UNCTAD’s World Investment Report the country registered the third largest inflow of overseas investments among the world’s developed economies and second largest in the European continent after Belgium in 2011, attracting some $54 billion and

英国通常会被评为外商直接投资（FDI）在欧洲的主要目的地和来源地之一。

the UK is frequently rated as one of the leading destinations and sources of Foreign direct investment (Fdi) in europe.

图片

Photo by P

rogress Energy



claiming an impressive 13 percent of all European inward FDI. Although ranking first in Europe, a significant portion of investments hosted by Belgium were in fact channeled to other European states through holding companies based there. The UK’s outward FDI for the same year nearly tripled from its 2010 levels to a whopping $107 billion, positioning it as the top overseas investment source in Europe and third highest among all developed economies. Additionally, executives of transnational corporations surveyed in the UN report rated the United Kingdom sixth, tied with Australia, on the shortlist of most attractive investment destinations for the period 2012-2014, up from 13th a year before.

In terms of Greenfield FDI, the UK’s performance in 2011 was even stronger. These investments only refer new investment projects and significant expansions of existing ones while excluding mergers and acquisitions and other equity or non-equity deals. The fDi Intelligence, a division of The Financial Times, revealed in its latest report that the UK reinforced its pole position as the top European destination for such investments. It attracted 896 projects in 2011, a 13 percent year-on-year increase, followed by Germany at 551 and Russia at 319 projects. The UK also topped the continent’s list of sources for Greenfield FDI, although closely followed by Germany.

China-UK Investment RelationsChina’s total outbound FDI for 2011 was near $65 billion, and although it has witnessed rapid growth over the past decade and looks to be an increasingly important catalyst for development, it still represents a relatively small percentage of global overseas investments. The world’s second largest economy is currently

ranked only seventh among European inward FDI contributors, but is widely viewed as an important future source of investments. Combined, the European economies proved more attractive to Chinese investors than the United States over the past two years. The UK, while being the leading recipient of Indian overseas investments to Europe, holds a weaker position on Chinese FDI to the continent, leaving major room for growth. Germany secured twice as many Chinese projects than the UK in 2011. It also witnessed a rise in China’s investments compared to a decline in the UK. That preference could reflect the similarities between the Chinese and German economies, both being largely dependent on manufacturing and global exports, whereas the UK’s key focus lies in services and its exports mainly go to Western European countries and other developed nations.

A new survey published in January 2013 by the European Union Chamber of Commerce in China, in partnership with KPMG and Roland Berger consultants, sheds more light on what Chinese companies seek from their investments in Europe. The results gathered from surveying 74 Chinese enterprises holding investments in the EU indicate that most Chinese businesses are looking to gain access to European markets to sell their products and services. A smaller but increasing number of China’s companies are targeting the EU mainly to acquire technologies, expertise and brands through M&A deals. The UK’s strength in the latter category could prove essential as it aims to wrestle some Chinese investment away from its European neighbors. Some 46 of the respondent companies invested in Germany, compared to only 23 in the UK.

China’s government announced its future outbound FDI targets in its 12th

仅次于比利时。2011 年，英国吸引海外投

资的总额达到了 540 亿美元左右，占欧洲

吸引外商直接投资总额的 13％，令人印象

深刻。比利时虽然在欧洲排名第一，但实际

上该国吸引的大部分投资都被那里的控股公

司输送到了欧洲其他国家。同样，英国的对

外直接投资相比 2010 年增长了两倍，达到

了惊人的 1070 亿美元，使其成为欧洲最大

的海外投资来源国，在所有发达经济体中排

名第三。此外，根据联合国对跨国公司高管

的一份调查报告显示，英国的投资吸引力在

2012-2014 年期间排名第六，与澳大利亚

并列。此前一年，英国的排名是第 13 位。

　　就“绿地”外商直接投资而言，英国在

2011 年的表现更加出色。“绿地”投资指的

是全新的投资项目和现有项目的重大扩展，

但不包括并购以及其他股权和非股权交易。

《金融时报》下属的《外商直接投资情报》

在其最新的报告中透露，英国加强了其作为

欧洲首席新建投资目的地的地位。2011 年，

英国吸引了 896 个项目，同比增加了 13％。

其次是德国（551 个项目）和俄罗斯（319

个项目）。英国同样荣登欧洲“绿地”外商

直接投资榜单的首位，紧随其后的是德国。

中英投资关系的分析

2011 年，中国的对外直接投资总额达到了

大约 650 亿美元。虽然中国的对外投资在

过去十年里实现了快速的增长，并且成为全

球投资市场越来越重要的催化剂，但其占全

球海外投资的比例仍然相对较小。作为世界

第二大经济体，中国在欧洲外商直接投资来

源国的排名中仅位列第七，但是它被广泛地

认为是重要的未来投资来源地。总的来说，

在过去的两年中，欧洲各国对中国投资者的

吸引力超过了美国。英国是欧洲吸引印度投

资最多的国家，但它在吸引中国投资方面

在欧洲的排名不高，这为增长留下了空间。

2011 年，德国吸引中国项目的数量是英国

的两倍。英国吸引中国投资的数量有所下降，

而相比之下德国吸引中国投资的数量也有所

上升。这种偏好可能反映了中国和德国之间

的相似点，这两个国家都在很大程度上依赖

于制造业和全球出口。而英国的重点在于服

务业，而出口市场主要集中在西欧国家和其

他发达国家。

　　2013 年 1 月，一项由欧盟中国商会联合

50 2013, Summer

Five-Year Plan (2011-2015) including an impressive 17 percent annual increase of overseas investments reaching a total of $150 billion in 2015. Speaking to China Daily in April, Minister Counselor of the Chinese Embassy in the UK Zhou Xiaoming hailed the country’s market-oriented economy and openness, expecting Chinese investments in the UK to undergo “explosive” growth in the coming years. He estimated the flow of Chinese capital to the United Kingdom over the 12 months of 2011 to have reached $6.5 billion. Estimates of Chinese investments to each European country vary widely depending on the source of information. The past year saw some large mergers and acquisitions in different fields between Chinese and UK businesses, including Shanghai-based Bright Food’s 60 percent purchase of UK cereal maker Weetabix for $1.9 billion.An Attractive Business EnvironmentThe UK’s stable investment environment, advanced technologies, skilled labor and transparent regulations are some of its

key strengths. Many Chinese companies also consider it as an open market with few barriers and little history of opposing investments from China on the basis of national security reasons, a growing concern for many overseas investors from the Mainland. The UK is benefiting from the different stance taken by the United States on this specific matter, as are many European countries. Where China’s Huawei is facing mounting pressure from US officials worried about it posing a security threat, officials in the UK are strongly supporting its investments. National security issues were also the reason behind blocking a wind farm deal involving Chinese firm Ralls Corp in the US lately.

According to an E&Y study on UK attractiveness in 2012, heads of 500 international companies with investments in the country highlighted six aspects of the UK that they considered most attractive from an investment location perspective. Those were: Quality of life, cultural aspects and language –with 88 percent rating this category as “very attractive” or “fairly attractive”; Stable political environment (86 percent); Technological and telecommunications infrastructure (85 percent); Stable social climate (83 percent); Education in trade and academic disciplines (80 percent); And entrepreneurial culture and entrepreneurship (76 percent). The report also stated that the UK is sustaining its lead in European FDI claiming one in five of all investment announcements across the continent since 2004. The UK was positively rated in all but two of the 16 criteria rated by respondents. The relatively negative aspects were: Labor costs (with 48 percent rated this aspect as very or fairly attractive); Cost and availability of real estate (only 40 percent). Corporate

毕马威会计师事务所和罗兰贝格顾问公司展

开的调查更清楚地展示了中国公司希望从它

们在欧洲的投资中获得些什么。这项调查针

对 74 家在欧盟拥有投资的中国企业，结果

显示大多数中国企业正在寻求进入欧洲市场，

推销自己的产品和服务。也有一些中国企业

主要希望通过并购从欧盟获得技术、专长和

品牌，这种类型企业的数量正在上升。英国

在这一方面的实力显得非常重要，它希望能

够利用这一点从欧洲邻国那里夺回一些来自

中国的投资。有 46 家受访企业在德国进行

了投资，而只有 23 家在英国进行了投资。

　　中国政府已经公布了十二五计划期间

（2011~2015 年）对外直接投资的目标，

其中海外投资的年增长率将达到令人印象深

刻的 17％，到 2015 年将实现总额为 1500

亿美元的海外投资。在 4 月份接受《中国日

报》的采访时，中国驻英国大使馆经商处公

使衔参赞周小明赞扬了英国以市场为导向的

经济和开放度，他期待中国在英国的投资在

未来几年内实现“爆炸式”的增长。他估计，

2011 年全年中国流向英国的资本总额达到

了 65 亿美元。基于不同的信息源，对中国

在欧洲国家投资额的估计额差异很大。在过

去的一年中，中国和英国企业之间在不同领

域出现了一些大型的并购交易，其中包括总


图片

Photo by Z

heng Baoshan

英国贸易与投资大臣格林勋爵访问长安汽车英国研发中心。

Lord Green visits changan UK r&d centre.


taxation was viewed by almost half of the companies as relatively unattractive as well.

To tackle some of these negative issues, the government has been promoting steady returns and discounted tax rates to improve inflow of overseas business over the next few years. Among the new steps is a reduction of corporate tax rate from the current 23 percent to 21 percent effective April 1st, 2014, and to 20 percent by April 1st, 2015. That would result in the UK having the lowest corporate tax rate among all G20 nations, a rate half that of the US. It is hoped that such measures will boost inward FDI and ease the country’s dependence on the struggling construction sector. One of the key obstacles to more Chinese investments in the United Kingdom, and a topic at the center of a debate amongst

部位于上海的光明食品集团出资 19 亿美元

收购了英国麦片生产商维他麦60％的股权。

有吸引力的商业环境

英国稳定的投资环境、先进的技术、熟练的

劳动力和透明的法规是其主要优势。许多中

国企业还认为英国是一个开放且鲜有障碍的

市场，历史上也没有因为国家安全的原因

反对来自中国的投资，这一点已经成为许多

中国投资者在进行海外投资中日益关注的问

题。在这个问题上，美国和许多欧洲国家持

有的不同立场，这让英国从中受益。虽然中

国的华为由于美国官员担心它构成安全威胁

正在面临越来越大的压力，英国的官员却

强烈支持华为到英国进行投资。最近，美

国政府还因为国家安全原因阻止了中国的

RALLS 公司的一项风电场交易。

　　根据 2012 年安永对英国吸引力的一项

研究，在该国拥有投资的 500 家国际企业

的领导者指出了他们认为英国作为投资目的

地最具有吸引力的六个方面。它们是：高品

质的生活、文化因素和语言，88％的受访者

认为这一点“非常有吸引力”或“相当有吸

引力”；稳定的政治环境（86％）；技术和

电信基础设施（85％）；稳定的社会环境（

83％）；贸易和学科方面的教育（80％）；

创业文化和企业家精神（76％）。报告还指出，

英国保持着其作为欧洲外商直接投资目的地

的领导地位，自 2004 年以来，整个欧洲大

陆每五项投资中有一项就落户在英国。在

16 个标准中，受访者对英国在 14 个标准上

进行了积极的评价。相对负面的领域是：劳

动力成本（只有 48％的受访者认为这方面

非常或相当有吸引力的）; 房地产的成本和

购买难以程度（只有 40％）。同样，几乎

一半的公司认为企业税的吸引力相对较低。

　　为了解决这些负面问题，政府已经开始

着手促进稳定的回报和提供优惠税率，希

望在未来几年里能够促进更多的海外企业

进入英国投资。采取的新措施之一就是从

2014 年 4 月 1 日开始将企业税税率从目前

的 23％降低到 21％，并且在 2015 年 4 月

1 日再降低至 20％。这将使得英国成为所有

G20 国家中企业税率最低的国家，税率将是

美国的一半。政府希望，这些措施能够促进

外商直接投资，缓解该国对处于困境的建筑

业的依赖。就英国吸引更多来自中国的投资


图片

Photo by A

lex Avancini

UK officials, is Chinese visas and working permits. Chinese managers often cite the difficulty of obtaining visas for their employees as a negative aspect of doing business in the country.

Hot Sectors and OpportunitiesIn 2012 the UK was the leading recipient of FDI for the two most targeted sectors by overseas investments in Europe, business services and software, with the country holding 24 and 34 percent market shares respectively. The UK was also the top destination for investments in financial intermediation in the continent landing 23 percent of such deals, although this sector is witnessing an across the board decline in Europe due to the ongoing credit crunch. Most of the Chinese capital invested in the United Kingdom in 2012 went to the services,

英国稳定的投资环境、先进的技术、熟练的劳动力和透明的法规是其主要优势。许多中国企业还认为英国是一个开放且鲜有障碍的市场。

the UK’s stable investment environment, advanced technologies, skilled labor and transparent regulations are some of its key strengths. Many chinese companies also consider it as an open market with few barriers.

52 2013, Summer

energy, food and mining industries as well as high-end manufacturing and infrastructure.

Armed with excess reserves, China’s state-backed establishments and major companies have recently been taking advantage of the UK’s funding needs in utilities and infrastructure projects by buying stakes in these currently attractive assets with stable long-term returns. Chinese sovereign wealth fund CIC acquired 10 percent of London Heathrow operator for an estimated cost of $800 million, and a 9 percent stake in Thames Water, the UK’s largest water and sewerage company. The fund has repeatedly stated its future intention to target more investments in the country. A similar vehicle, China’s State Administration of Foreign Exchange

(SAFE) recently invested more than $1.6 billion in at least four UK deals, including a water utility, student housing and office buildings in London and Manchester. British broadband infrastructure has also been receiving a lot of interest from Chinese telecommunication companies, especially Huawei. Having already made significant contributions to high-speed connectivity in the UK, the telecom giant had pledged last September to spend some £1.3 billion by 2017 to support the country’s broadband evolution. Additionally, many Chinese businesses invested in the London Olympics infrastructure.

For Chinese Small-Medium Enterprises (SMEs) looking to enhance their global presence or strengthen their competitive advantages at home,

而言，其中一项主要的障碍也是英国官员展

开辩论的中心问题，那就是给予中国人签证

和工作许可。中国的经理人经常会抱怨其员

工难以获得签证，他们认为这是在英国经商

所面临的消极因素。

热门板块与机遇

2012 年，英国在两个行业中成为了欧洲最

大的海外投资接收国：商业服务和软件业，

英国分别占其市场份额的 24％和 34％。英

国同样是金融中介行业的首选投资目的地，

占欧洲此类交易总量的 23％，尽管这个行

业在欧洲由于持续的信贷紧缩正在经历全方

位的萎缩。2012 年，中国在英国的投资大

多数集中于服务、能源、食品和采矿等行业，

以及高端制造业和基础设施业。

　　由于中国拥有额外的外汇储备，中国的

国有企业和各大公司最近正在利用英国在公

用事业和基础设施项目上的资金需求，通过

购买这些具有吸引力的资产，来获得长期的

稳定回报。中国主权财富基金中投公司已经

出资 8 亿美元收购了伦敦希思罗机场运营

商 10％的股份，并且购买了英国最大的供

水和污水处理公司泰晤士水务 9％的股份。

该基金曾多次表示，未来有意在英国进行更

多的投资。与之类似的是，中国国家外汇管

理局（SAFE）最近在至少 4 项英国投资项

目中斥资超过 16 亿美元，其中包括一个供

水项目以及伦敦和曼彻斯特的学生公寓和写

字楼项目。英国的宽带基础设施也获得了大

量来自中国电信企业的关注，尤其是华为。

华为已经为英国的高速电信连接做出了重大

的贡献，这家电信业巨头去年 9 月表示，到

2017 年公司将斥资 13 亿英镑支持英国的电

信升级。此外，许多中国企业对伦敦奥运会

的基础设施也进行投资。

　　对那些希望提升其国际实力或者增强在

本土市场竞争优势的中国中小企业来说，它

们越来越认识到英国虽然在运营成本上可能

会略高，但在这里建立研发和设计部门是个

不错的选择。英国正在利用其在创新和设计

方面的历史来吸引中国企业，这些努力已经

引起了投资者的兴趣，特别是来自中国的制

造商。英国政府刚刚出台一项“专利盒”法，

旨在通过激励措施（包括减税政策）来促进

外商在英国的专利和研发方面的投资。另一

方面，中国对知识产权保护的需求一直迅速


中国富裕的个人和机构越来越希望规避本土房地产市场的泡沫，也在中国缺乏真正安全的投资选择，他们把技术作为海外投资的主要目标。

Shying away from what is increasingly looking like a real estate bubble at home, and a general lack of genuinely safe investment options in china, the wealthy individuals and organizations have identified technologies as their one of their main overseas investment targets.

图片

Photo by P

rogress Energy


增长。就占全球知识产权申请量的百分比而

言，来自中国的申请从 2008 年的 15％上升

到了 2011 年的 25％左右。中国在四个领域

超过了美国，成为全球知识产权申请量最大

的国家，它们分别是专利、实用新型、商标

和工业设计。在未来的几年里，中国对研究

和知识产权保护的渴望以及英国在支持创新

和设计方面强大的文化背景应该是一个很有

趣的组合。

大学分拆

对队伍越来越壮大的中国风险资本家和天使

投资人来说，他们在海外投资领域的一种新

趋势是关注由全球一流的英国大学的研究人

员所创建的早期阶段的技术。这些富裕的个

人和机构越来越希望规避本土房地产市场的

泡沫，也在中国缺乏真正安全的投资选择，

他们把这些技术作为海外投资的主要目标。

由于资金紧张，英国的大学对这样的投资兴

趣都持有欢迎的态度，它们选择授权第三方

使用这种初期的技术、或者将它们分拆、或

者选择与中国投资者合作。

　　在接受《境外投资》记者采访时，ISIS

创新公司（由牛津大学全资控股的技术转让

公司，帮助研究者实现知识产权的商业化）

市场营销主管西蒙·格雷解释了这种新投资

趋势背后的原因。他说：“将英国设计的产

品到中国进行量化生产在过去许多年中已经

非常流行，这加深了两国之间的合作和理

解。成功的投资者会很自然地在这条价值链

的早期寻找更多的投资机会。” 格雷透露，

自从 2008 年以来，来自中国的投资已占到

牛津大学分拆交易的 15％左右。在牛津大

学研究的早期阶段技术中，由中国投资者支

持的技术包括细胞培养平台（支持新药开发

的应用）、平板扫描仪（让那些看似无法辨

认但又珍贵的文件能够阅读，比如退化手

稿）、以及价格低廉却又高效的癌症和传染

病疫苗。这是一个典型的双赢局面 ; 创新的

想法获得了足够的资金，以确保它们的发展

和进步，而境外投资者又可以获得更高价值

的投资选择。谈及中国投资者未来在牛津大

学或其他英国高校的早期阶段技术方面的参

与度，格雷显得自信而积极，他说：“我们

看到中国投资者（既包括富裕的个人也包括

企业投资者）对潜在的技术分拆拥有越来越

大的兴趣和巨大的潜力。”

the UK is increasingly being viewed as great location, albeit an operationally expensive one perhaps, to set up their R&D and design departments. The United Kingdom is building on its history for innovation and design to attract these companies, and its efforts have been garnering interest, especially from Chinese manufacturers.

The government has just introduced a Patent Box legislation aimed at further boosting foreign investments to the country in patents and R&D by providing incentives, including tax cuts. China’s appetite for Intellectual Property protection, on the other hand, has been rapidly growing. As a percentage share of worldwide IP applications, those filled in China spiked from 15 percent in 2008 to almost 25 percent in 2011, dethroning the US from its spot as the country with the world’s highest number of IP applications in all four forms – patents, utility models, trademarks and industrial design. China’s newfound eagerness for research and IP protection and the UK’s strong culture of supporting innovation and design should make for an interesting combination in the coming years.

University SpinoutsA new overseas investment trend from China’s swelling ranks of venture capitalists and angel investors is to focus on early-stage technologies created by researchers in the UK’s world-class universities. Shying away from what is increasingly looking like a real estate bubble at home, and a general lack of genuinely safe investment options in China, these wealthy individuals and organizations have identified such technologies as their one of their main overseas investment targets. Strapped for cash, British universities are welcoming this interest and are choosing between

licensing their early-stage technologies for external use, spinning them out or partnering up with the Chinese investors.

In an interview with Invest In, Simon Gray, Head of Marketing at ISIS Innovation, Oxford University’s wholly owned technology transfer company helping researchers commercialize IP, explained the factors behind this new investment trend.

“Volume manufacturing of products designed in the UK has been well-established in China for many years, which has created relationships and understanding between the two countries” he said. Adding that it is a “natural step for successful investors to look for further opportunities earlier in the value-chain”.

Chinese investments have accounted for about 15 percent of Oxford University’s spinouts since 2008, according to Gray. Some of the university’s early-stage technologies being supported from China include cell-culture platforms that aid in pharmaceutical drug discovery applications, flatbed scanners that allow seemingly unreadable but priceless documents such as degraded manuscripts to be read, and inexpensive but highly effective vaccines for cancer and infectious diseases.

It’s a classic win-win situation; innovative ideas receive adequate funding to ensure their development and progression, and foreign investors gain access to higher value investment options. On his future expectations for China's involvement in early-stage technologies from Oxford and other UK universities, Gray was confidently positive stating “we see growing interest and great potential from Chinese investors – both wealthy individuals and corporate investors – in potential spin-outs.”


54 2013, Summer


Originally founded by five member states, the Association of Southeast Asian Nations (ASEAN)

grew considerably both in size and importance since its inception in 1967 in Bangkok, Thailand.

Today, the Asian body is made up of ten countries; Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore,

东南亚国家联盟（ASEAN）最初拥

有五个成员国。自从 1967 年于泰

国曼谷成立以来，该联盟无论在规

模还是重要性上都实现大幅的提升。如今，

整个亚洲组织拥有 10 个成员国，它们分别

是文莱、柬埔寨、印度尼西亚、老挝、马来

西亚、缅甸、菲律宾、新加坡、泰国和越南。

该联盟的一项主要决议是加速经济增长和促

进成员国之间的合作。这已经取得了很大的

成功。根据该联盟的官方数据显示，2011

中国 - 东盟投资深度分析

Thailand and Vietnam. One of its main resolutions was to accelerate economic growth and cooperation among its member states, and it has been extremely successful in doing so. According to the Association’s official figures, its combined Gross Domestic Product (GDP) reached $2.18 trillion in 2011 – if ASEAN were a single entity, it would be ranked amongst the ten leading economies worldwide. Its

The Asian ConnectionSino-ASEAN Investment Insights

By Anas Almasri



年其合并的国内生产总值（GDP）达到了

21800 亿美元。如果东盟是一个单一的实体，

它将是跻身全球 10 大主要经济体之列。在

过去 10 年中，合并后的国内生产总值以平

均每年 5.3％的速度增长。未来 10 年，这

种强劲的势头将得以维持，预计增长率将达

到每年 4.8％。东盟拥有丰富的自然资源和

劳动力资源，总人口近 6 亿，是全球第四大

人口聚居区，仅次于中国、印度和欧盟。

　　国际货币基金组织（IMF）最新的预测

显示，2014 年东盟五国（印尼、泰国、菲律宾、

马来西亚和越南）的 GDP 总值预计将达到

24360 亿美元，稍稍高于亚洲四小龙（台湾、

韩国、香港和新加坡）的 2.4 万亿美元。在

10 年前，东盟五国的 GDP 仅为后者 GDP

总和的一半左右，这显示了东盟在亚洲和全

球经济舞台上越来越重要的地位。东盟的主

要贸易伙伴是中国、欧盟 27 国、日本和美

国，而成员国之间的贸易额占其贸易总额的

近四分之一。2011 年，东盟的贸易额超过

了 23000 亿美元。

growing presence on the Asian and global economic scene. The Association’s major trading partners are China, EU 27, Japan and the US, while intra-members trade accounts for almost a quarter of its total trade volume, which surpassed $2.3 trillion in 2011.

The ASEAN region is also proving to be one of the most attractive destinations for global investments; its Foreign Direct Investment (FDI) averaged an impressive yearly compounded growth rate of almost 18 percent during the past 10 years. Over the same period, its member nations’ debt to income ratio was almost halved, a much larger decline than that of other emerging markets and a striking achievement on its own.

Strong domestic consumption and favorable economic policies are widely viewed as the main reasons behind attracting such stable FDI inflows, reaching $114 billion in 2011. Intra-ASEAN direct investment was the largest source of FDI to its members for the same year, followed by the EU, Japan and China.

combined GDP has been growing at an average rate of 5.3 percent yearly over the past decade and is expected to remain robust going into the next 10 years, with an estimated 4.8 percent annual growth rate. Rich in natural and labor resources, ASEAN’s total population is near 600 million ranking it the fourth most populated bloc on the planet, behind China, India and the European Union.

The International Monitory Fund’s (IMF) recent forecast shows that in 2014 the combined GDP of ASEAN 5 –Indonesia, Thailand, Philippines, Malaysia and Vietnam– is expected to reach $2.436 trillion slightly outpacing that of the Four Asian Tigers –Taiwan, South Korea, Hong Kong and Singapore – at $2.4 trillion. Only a decade ago ASEAN 5 GDP level was near half of the latter’s collective GDP, demonstrating the Association’s

2012 年中国—东盟商务与投资峰会开幕，习近平做主旨演讲。

the 2012 Sino-ASeAN Business and investment Summit, chinese president Mr. Xi held an opening speech.

56 2013, Summer


sources of FDI. However, it still accounted for only five percent of all incoming investments to the region during that year, just over $7 billion – perhaps more revealing when compared to China’s FDI to the United States of $4.6 billion during the same year. Chinese direct investment to the Southeast Asian nations were enough to surpass that of the US and claim third spot among extra-ASEAN sources, a feat largely accomplished due to the US FDI itself decreasing by more than half in 2011. China distantly trailed the EU and Japan, with their registered FDI totaling $18 billion and $15 billion respectively.

Competitive or Complementary?As strong as Sino-ASEAN relations are, some experts point to the unavoidable element of competitiveness between China and the growing manufacturing prowess of its neighbors in the Southeast. It is unrealistic for factories in all these countries to be producing a similar array of goods including cars, computer chips and cheap textiles and for all of them to remain profitable on the long run.

Vietnam, for example, has already lured a number of textile factories from China. However fierce the competition to develop a preferred base for labor-intensive products becomes, there are certain drawbacks for factories choosing to relocate their operations from China to some ASEAN countries.

For one, they will not achieve comparable scale or scope to their previous operations in the world’s largest exporting country. Nor will they find the type of infrastructure and logistics provided in China, at least in the short term.

The first companies to relocate their facilities will be the ones that moved to China solely to take advantage of its

　　对全球投资者来说，东盟地区同样被证

明是最有吸引力的目的地之一。在过去的

10 年中，东盟接收的外商直接投资（FDI）

实现了每年近 18％的复合增长率，这令人

印象深刻。在同一时期内，其成员国的债

务 / 收入比几乎下降了一半，这比其他新兴

市场要大得多，可以说是东盟的一项显着的

成就。强劲的国内消费和有利的经济政策被

广泛地认为是吸引外商直接投资稳定流入的

主要原因。2011 年，外商直接投资额达到

1140 亿美元。同年，东盟内部的直接投资

是该地区外商直接投资的最大来源，其次是

欧盟、日本和中国。

目前与中国的关系

自从 1991 年中国与东盟国家之间建立正式

外交关系以来，各个层面的双边关系不断改

善。作为目前世界上最大的贸易国，中国已

经成为这个亚洲集团增长最快的贸易伙伴，

双方的货物贸易额相比 1998 年亚洲金融危

机时增长超过 10 倍。最近，中国更是超越

美国和欧洲，成为东盟最大的外部贸易伙伴，

并且连续四年保持这个位置。相反，所有东

盟成员国一起已经取代日本，成为中国的第

三大贸易伙伴。三年前，中国与东盟启动了

自由贸易区，这毫无疑问地加强了双方的经

贸关系。

　　这项协议涉及 19 亿人口，创造出了全

球第三大的自由贸易区。该区域的 GDP 总

额达到了 6 万亿美元，仅落后于欧盟和北美

自由贸易区。根据这项贸易协定，中国从东

盟进口货物的平均关税从近 10％下降到了

0.1％。而对东盟成员国而言，文莱、印度

尼西亚、马来西亚、菲律宾、新加坡和泰国

等东盟六个创始国将其对进口中国商品的税

率从近 13％削减至 0.6％。东盟剩下的四个

成员国预计在 2015 年将会采取相同的措施。

　　虽然增长迅速，双方之间的直接投资

水平比不上在贸易方面取得的进展。最新

数据显示，2011 年中国对东盟国家的外商

直接投资同比飙升了 150％，是东盟十大外

商直接投资来源地区中增长最为迅速的。但

是，它仍然只占该地区当年所有外来投资的

5％，总额也刚刚超过 70 亿美元。为了做出

更为准确的对比，我们需要指出同年中国对

美国的外商直接投资为 46 亿美元。中国对

Current Relations with ChinaSince establishing formal diplomatic relations between China and ASEAN members in 1991, bilateral relations have witnessed constant progress in every category. Now the world’s biggest trading nation, China has been the fastest growing trade partner for the Asian bloc with the value of traded goods surging more than ten-fold since the Asian financial crisis in 1998. More recently it overtook the US and Europe to become the Association’s top external trading partner and has held that position for four consecutive years.

Conversely, ASEAN members have collectively replaced Japan as China’s third largest trading partner. Enhanced trade relations have no doubt been aided by the launching of a Free Trade Area between China and the Association three years ago. The agreement covering a total population of 1.9 billion created the world’s third largest free trade area with $6 trillion in GDP, trailing the European Union and North American free trade agreements.

Under the trade accord the average Chinese tariff on goods imported from ASEAN was lowered to 0.1 percent from almost ten percent. From their side, the six original ASEAN members, Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand, cut their tariffs on imported Chinese products from near 13 percent to 0.6 percent. The remaining four members in the Association are expected to follow suit by 2015.

Levels of direct investment between the two sides, although increasing rapidly, have generally not kept pace with the progress achieved in trade. Latest available data shows Chinese FDI to the ASEAN countries soared by 150 percent in 2011 compared to the previous year, the highest growth in the bloc’s top ten


东南亚国家的直接投资足以超过美国，在非

东盟国家中是第三大的来源国。这主要是由

于 2011 年中国向美国的外商直接投资本身

减少了一半以上。中国远远地落后于欧盟和

日本，它们在东盟国家的外商直接投资总额

分别达到了 180 亿美元和 150 亿美元。

竞争还是互补？

随着中国与东盟之间的关系保持良好，有专

家指出，中国和其东南亚的邻国在制造业上

将不可避免地产生竞争。从长远来看，这些

国家的企业不可能在生产各种类似的商品

（包括汽车、计算机芯片和廉价纺织品）的

同时，都保持盈利的状态。例如，越南已经

吸引了一些原本在中国生产的纺织工厂。无

论对争夺劳动密集型产品的生产基地有着多

么激烈的竞争，企业选择将业务从中国搬迁

至东盟国家是有一定缺点的。其一，相比此

前它们在全球最大出口国的运营情况，他们

无法达到相当的规模或范围。第二，它们也

无法找到与中国类似的基础设施和物流设

施，至少在短期内会是这种情况。

　　首先将生产设施转移到其他国家将会那

些过去仅仅是为了利用成本优势而来到中国

的企业。随着中国工资和生产成本的上升，

这些生产商的确可以受益于南亚和东南亚国

家更高的成本效益。接下来，将会经历一场

类似达尔文进化论的痛苦过程，那些在东盟

和中国都能够做到最强并且最能适应环境的

企业将会从中受益。也有可能，每个国家最

终会找到自己擅长的特定行业，并且在这些

领域专营业务，建立稳定的竞争优势。

　　双方之间竞争的另一个领域是吸引外商

投资。20 世纪 80 年代初，大部分流入亚洲

的直接投资来到了东南亚国家。纵观三十年，

中国起初仅仅获得了亚洲外商直接投资的很

小一部分，但是最终成为了整个亚太地区最

大的海外投资接收国（2011 年）。在亚洲

大陆上，中国不断增长的份额确实牺牲了一

些东盟国家的利益。新加坡就是一个例子，

其经济发展相对依赖于资本的流入。

　　去年，中国的对外直接投资首次超过入

境的外商直接投资。许多人认为，这标志着

外商对中国的兴趣正在减弱，尤其是在制造

领域，其中的部分原因是来自东盟和亚洲其

他国家日益激烈的竞争。然而，这并不能够


following three decades China went from gradually taking a very small part of Asia’s inward FDI, to becoming the top recipient of overseas investment in the whole Asia-Pacific region (2011). China’s increased share of investments in the continent has indeed come at the expense of some nations within the Association; Singapore who is relatively dependent on capital inflow for its economic development is one example.

Last year Chinese outbound FDI surpassed its inbound FDI for the first time on record. Many took this as a sign of decreased foreign interest in China, especially in its manufacturing facilities, partly as a result of increased competition from ASEAN and other Asian countries. Yet that is only part of a much bigger story. While it is true that

图片

Photo by C

hinaNet

东盟充满活力的新兴经济体正在巩固其作为全球投资主要目的地的地位。其庞大的年轻人口预计将成为国内长期的生产力、商品消费和服务需求背后的主要驱动力。

the bloc’s vibrant emerging economy is cementing its status as a major destination for global investments. its sizeable young population is expected to be the main drive behind boosting long-term domestic productivity, goods consumption and demand for services.

previously uncontended low expenses. With Chinese wages and production costs on the rise, those producers can indeed benefit from greater cost efficiency in South and Southeast Asian countries. What will probably follow is a painful process of Darwinian filtering that will benefit the strongest and most adaptable factories both in China and ASEAN. It is also likely that each country will eventually find its own niches within the particular industrial sectors and aim to specialize and build stable competitive advantages in those areas.

Another area of clear competition between the two sides is attracting foreign investments. During the early 1980s most of the direct investments flowing into Asia were going to Southeast Asian countries. Throughout the

58 2013, Summer

反应全部的情况。虽然中国低成本产业的海

外投资的确在一定程度上处于停滞状态，但

是对服务业的外商直接投资正在蓬勃发展。

这个全球人口最多的国家正在越来越多地吸

引那些希望扩大消费者群体的企业。收入越

来越高的中产阶级队伍不断壮大，与此同时

中国开始启动大规模的城市化，这是世界工

厂提升价值链的两个重要原因。

　　外商直接投资的数据往往不包括已经在

中国开展业务的企业使用利润进行再投资，

比如跨国企业深入二、三线城市。如果把这

些数据计算在内，将会是一幅完全不同的景

象。随着中国的经济稳步地从出口导向型转

变到服务和消费推动型，东盟的成员国可以

利用其目前较为良好的成本效益，实现区域

共赢。

　　中国消费市场的庞大规模、地理上的邻

近以及文化方面的相似性为东盟的企业带来

了众多的商业机会。那些拥有大量华人的东

盟成员国拥有一个额外的优势，因此这些人

更容易与内地和香港开展商业往来。某些行

业可能更容易实现互补。比如，如果加强在

旅游方面的合作，中国与东盟都将获得巨大

的好处。这两个地区之间仅有 9 家低成本航


consumer market as well as its geographical proximity and relative culture similarity presents companies in ASEAN with numerous business opportunities. Countries in the Association who host large pockets of Chinese people have an added advantage, since those ethnic groups are more likely to work with Mainland and Hong Kong. Certain sectors might prove more naturally complementary than others; China and ASEAN stand to reap enormous benefits if they enhance cooperation on tourism and travel for instance.

Increasing the number of air links between countries in a region that boasts nine low-cost airlines would not only profit the companies but also the economies that provide them. Malaysia-based Air Asia is taking advantage of the spike in travelers for business and leisure between the two sides. The low-cost air carrier flies 52,000 passengers into China and 50,000 out of it every single week making it the largest foreign airline in the country. The number of Chinese citizens who traveled abroad in 2012 reached 80 million, combine that with the Association’s outbound travelers of over 60 million every year and the potential for improving tourism collaboration is clear.

Investment OpportunitiesASEAN is fast becoming one of the top destinations on the “going-out” itinerary of many Chinese companies, and since it offers access to ten different economies the list of targeted sectors is very diverse. China’s businesses are refocusing their efforts from exporting products to markets within the Association to searching for capital investment opportunities instead. Raw materials – including rice, sugar cane, tapioca and rubber – constitute one of three broad investment areas with great potential

2012 年 11 月，东盟高级官员在奥地利的维也纳参加有关有效应对边境核控材料和其它放射性材料峰会。

Senior ASEAN Officials attending the Workshop on the Operational Coordination for effective response to Border Monitoring of Nuclear and other radioactive Materials for the ASeAN. iAeA Vienna, Austria, November 2012

图片

Photo by R

osanne Wong

overseas investments in China’s low cost industry have somewhat stagnated, FDI to its services sector is booming. The most populated country in the world is increasingly attracting businesses looking to grow their consumer base. A growing middle class with higher income and large-scale urbanization are two key reasons the world’s factory is moving up the value-added chain.

Noting that FDI figures often exclude reinvested profits from already established firms in China, such as multinational companies expanding to second and third tier cities, which if included would paint a significantly different picture. As the Chinese economy steadily shifts from an export driven economy to one more focused on services and consumption, members in the Asian bloc can capitalize on their currently more favorable cost efficiencies resulting in a regional win-win situation.

The sheer size of the Chinese


来源：东盟外国直接投资统计数据库Source: ASEAN Foreign Direct Investment Statistics Database

东盟十大外国直接投资来源国（截至 2013 年 1 月 14 日）Top 10 Sources of Foreign Direct Investment Inflow to ASEAN as of 14 January 2013

国家（地区）

Country(Region)

价值 Value 占总量百分比 Share to Total Inflow

2009 2010 2011 2009-2011 2009 2010 2011 2009-2011

东盟ASEAN

6,300.2 14,322.7 26,270.7 46,893.6 13.4 15.5 23.0 18.5

欧盟European Union (EU)

8,063.1 17,012.1 18,240.5 43,315.7 17.2 18.4 16.0 17.1

日本Japan

3,789.9 10,756.4 15,015.1 29,561.4 8.1 11.7 13.2 11.7

中国China

1,852.6 2,784.6 6,034.4 10,671.6 4.0 3.0 5.3 4.2

美国USA

5,704.3 12,771.6 5,782.7 24,258.5 12.2 13.8 5.1 9.6

香港Hong Kong

5,667.4 344.0 4,095.6 10,106.9 12.1 0.4 3.6 4.0

开曼群岛Cayman Islands

1,402.9 5,601.6 2,424.7 9,429.3 3.0 6.1 2.1 3.7

韩国Republic of Korea

1,794.0 3,764.2 2,138.3 7,696.5 3.8 4.1 1.9 3.0

阿联酋United Arab Emirates

N/A 153.9 1,728.1 1,882.0 N/A 0.2 1.5 0.7

中国台湾Taiwan, Province of China

1,130.5 1,088.8 1,718.9 3,938.2 2.4 1.2 1.5 1.6

前十总计Total Top Ten Sourses

35,704.9 68,599.9 83,448.9 187,753.7 76.1 74.3 73.1 74.1

其他Others

11,191.8 23,678.8 30,661.7 65,532.2 23.9 25.7 26.9 25.9

流入东盟的 FDI 总计Total FDI Inflow to ASEAN

46,896.7 92,278.6 114,110.6 253,286.0 100.0 100.0 100.0 100.0


空公司，因此增加航班的数量不仅对企业有

利，而且能够促进经济的发展。

　　总部位于马来西亚的亚洲航空正得益于

双边商务和休闲旅客的快速增长。这家低成

本航空公司每周运送出入中国的旅客数量分

别达到了 50000 名和 52000 名，使其成为

in ASEAN for China’s Small & Medium Enterprises (SMEs). Acquiring new technologies and expertise – in R&D, green energy and manufacturing – is another one. The third category covers different services that are increasingly

in demand in the Southeast Asian bloc– such as accountancy, healthcare, engineering, education and architectural service industries. Chinese firms have increasingly invested in these areas over the past few years, and are likely to

单位：百万美元；份额：百分比Value in US$ Million; Share in Percent

60 2013, Summer


了该国最大的外资航空公司。2012 年，出

境旅游的中国公民数量达到了 8000 万。此

外，东盟每年出境游客人数也超过了 6000

万，改善旅游合作的潜力是很明显的。

投资机会

在许多中国企业“走出去”的行程中，东盟

正迅速成为最热门的目的地之一。这得益于

它能够提供 10 个不同经济体的市场准入许

可，而且涉及的行业非常广泛。中国企业不

再是仅仅向东盟市场出售产品，而是致力于

寻求资本投资机会。对中国的中小企业来说，

原材料（包括水稻、甘蔗、木薯和橡胶）是

东盟具有巨大潜力的三大投资领域之一。获

取新的技术和专业知识（研发、绿色能源和

制造业）是另一个领域。

　　第三类领域涵盖了东南亚需求不断增长

的各种服务行业，比如会计、医疗保健、工

程、教育和建筑服务行业。在过去的几年中，

中国企业越来越地多投资于这些领域，在中

央政府的支持下，它们很可能会继续这样做。

中国政府先前通过中国 - 东盟投资合作基金

拨出 10 亿美元，希望能够鼓励中国企业投

资东盟地区。中国还建立了一个中小企业发

展基金，并为其提供价值 150 亿美元的信用

贷款，服务于双重目的：资本池将被用于为

中小企业投资东盟提供融资，同时还将服务

于中国与东盟国家之间的经济和技术合作计

划。此外，中国政府为东盟国家的基础设施

项目提供了几十亿美元的贷款。东南亚其他

有前途的行业包括交通运输、批发和零售、

能源和采矿业。

　　东盟充满活力的新兴经济体正在巩固其

作为全球投资主要目的地的地位。其庞大的

年轻人口预计将成为国内长期的生产力、

商品消费和服务需求背后的主要驱动力。

2012 年，东盟的年轻人口（14 岁以下）达

到了 1.45 亿，几乎是欧盟或者北美的两倍。

东盟的总人口正在迅速地实现城市化。在未

来二十年中，越来越多的人将达到中产阶层

的收入水平。东盟中产阶层占总人口的比例

预计将从 2010 年的 24％增长到 2030 年的

65％，这是一个令人难以置信的数字。随着

东南亚人变得更富有、更年轻和更加城市化，

这会给本地和外国企业带来大量的机会。

　　让我们仔细研究一下东盟的医疗保健行

continue doing so with growing support from Beijing. The Chinese government previously assigned $10 billion, through a China-ASEAN Investment Cooperation Fund, to encourage Chinese companies to invest in the bloc. It has also established a SMEs Development Fund and supplied it with $15 billion worth of credit loans that will serve a double purpose; The capital pool will be used to provide SMEs with financing for their ASEAN investments as well as fund China’s broader plans to advance economic and technical cooperation with the Association’s governments.

Additionally, the Chinese government has provided tens of billions of US dollars in loans for infrastructure projects in ASEAN countries. Other promising sectors in Southeast Asia include transport, wholesale & retail, energy, and mining.

The bloc’s vibrant emerging economy is cementing its status as a major

destination for global investments. Its sizeable young population is expected to be the main drive behind boosting long-term domestic productivity, goods consumption and demand for services. ASEAN’s large youth pool of 145 million in 2012 (under 14 years of age) is almost twice that of the EU or North America. The Association’s combined population is rapidly becoming more urbanized and a bigger portion of them will join the middle class income level over the next two decades.

As a percentage of its total population, ASEAN middle class is expected to grow from 24 percent in 2010 to an incredible 65 percent in 2030. A richer, younger and more urban Southeast Asian people will present local and foreign businesses with a host of business opportunities.

A closer look at the ASEAN healthcare sector shows how underserviced it is in comparison to countries which belong to the Organization for Economic

东盟成员国预计将在 2015 年成为中国的第一大贸易伙伴，双向贸易额预计将超过5000 亿美元。

Members of the Association are collectively projected to become china’s top trading partner in 2015 with two-way trade expected to top $500 billion.



Cooperation and Development (OECD). The number of hospital beds per 1000 people in the Philippines (0.5) and Indonesia (0.6) in 2009 was much lower than those of developed countries such as Japan (13.7) and Germany (8.2), according to data by the World Bank.

Entrepreneurs in China are not the only ones eager to profit from the rising economies of their southern neighbors; the government has also been active in that respect. Chinese Premier Wen Jiabao launched one of the largest private equity funds solely focused on the ASEAN region in 2009, the China-ASEAN Investment Cooperation Fund (CAF).

The firm initially raised $1 billion for its first phase of activities in 2010, investing some $400 million of that capital in four companies in the Philippines, Thailand, Cambodia and Laos. Those investments ranged from a container terminal to a potash miner

(salts that contain potassium in water-soluble form, mostly used in fertilizers). The Fund had announced additional plans to invest up to $500 million in the Southeast Asian nations during 2012. CAF’s ultimate intended size is a massive $10 billion and its high profile investors include The Export-Import Bank of China, the state sovereign wealth fund China Investment Corp. and member of the World Bank Group the International Finance Corp.

Targeting investment opportunities in infrastructure, energy and natural resources, the Fund might list its portfolio companies on international bourses like Hong Kong and Singapore as they grow bigger. Providing private businesses with yet another ASEAN related opportunity to keep an eye on.

Looking AheadHuge domestic consumption in Southeast

到目前为止，中国南海领土的紧张局势并没有妨碍中国和 10 个东盟成员国之间实现更密切的业务联系。

territorial tensions in the South china Sea have so far not affected the closer business ties between china and the ten members of ASeAN.

业，就会知道它与经合组织成员国相比是多

么地落后。根据世界银行的数据显示，2009

年菲律宾每千人拥有的病床数量为 0.5 张，

印度尼西亚为 0.6 张，这远远落后于那些发

达国家，比如日本（13.7 张）和德国（8.2 张）。

　　中国的企业家并不是唯一渴望从南亚新

兴经济体中获益的群体。政府同样在这一方

面保持积极的态度。中国国务院总理温家宝

于 2009 年推出了专注于投资东盟地区的私

人股权投资基金：中国 - 东盟投资合作基金，

其规模是全球最大的之一。2010 年，该基

金在第一阶段的筹资活动中募集了 10 亿美

元，并将其中的大约 4 亿美元分别投资于菲

律宾、泰国、柬埔寨和老挝的四家公司。这

些的投资包括一个集装箱码头以及一个钾肥

矿（水溶性的含钾盐，主要是用于肥料）。

2012 年，该基金宣布将额外向东南亚国家

投资 5 亿美元。

　　中国－东盟投资合作基金最终的规模将

高达 100 亿美元，其高调的投资者包括中国

进出口银行、国家主权财富基金中国投资有

限责任公司以及世界银行集团的成员：国际

金融公司。基金的投资目标为基础设施、能

源和自然资源。随着其投资企业的规模逐步

扩大，该基金可能会将它们在包括香港和新

加坡的国际证券市场中上市。这为民营企业

带来了又一个与东盟相关的机会。

展望未来

东南亚巨大的国内消费市场将继续是推动该

地区经济增长的主要因素。消费占东盟国家

GDP 的比重将达到 50％至 60％。东盟成员

国预计将在 2015 年成为中国的第一大贸易

伙伴，双向贸易额预计将超过 5000 亿美元。

香港是大多数双边投资和贸易的枢纽。2011

年，香港正式申请加入这个由 11 个成员组

成的自由贸易区。美国外商直接投资的减少

和欧盟持续的财政困难只会加强亚洲国家之

间的双边关系。在未来的几年里，中国将保

持其作为全球最大商品供应商的地位，同时

慢慢地转向一个以消费和服务业为主的经济

体系，而东盟成员将首先从这个转变中受益。

　　东盟国家目前是进入中国市场的重要接

入点，它将继续保持这个地位。虽然东盟国

家普遍缺乏适当的基础设施（如电力、电信、

铁路、港口和机场）可能会阻碍该地区实现

62 2013, Summer

Asia will continue to be a main reason for the region’s growth, contributing 50 to 60 percent of GDP in ASEAN. Members of the Association are collectively projected to become China’s top trading partner in 2015 with two-way trade expected to top $500 billion. Hong Kong is channeling much of the investments and trade transactions between the two sides, and had in 2011 made a formal bid to join the eleven-member free trade area. Lower FDI figures from the United States and continued financial difficulties in the EU will only serve to strengthen bilateral relations between the Asian nations.

In the coming years, China will hold on to its position as the world’s biggest supplier of goods while slowly shifting towards a consumption and services oriented economy with ASEAN members poised to be the first to benefit from that shift. The Asian bloc is currently, and will remain, a critical access

2012 年 9 月，第九届中国 - 东盟博览会轻工展在广西南宁华南城举行，促进经贸合作的重要平台。

the cAeXPo is a grand international event for economic and trade exchange that is held annually in Nanning, Guangxi, china.

其商业方面的野心，但是这也给本地及海外公

司带来了一些机会，因为这些领域需要大规

模的投资。对该地区发展和中国－东盟关系的

繁荣来说，至关重要的一点是要进行产业转

型，使民营企业得到发展，同时促进该地区私

营和公共部门之间实现更平衡的经济环境。

　　到目前为止，中国南海领土的紧张局势

并没有妨碍中国和 10 个东盟成员国之间实

现更密切的业务联系。其中有一半国家（文

莱、印度尼西亚、马来西亚、菲律宾和越南）

在各个领域都曾经对中国的主权要求提出挑

战。虽然这些问题预计不会很快消失，专家

们普遍认为，不需要对双边互利关系的潜在

退化而感到担忧。相反，亚太经济的一体化

是东盟需要考虑的问题。东盟 +3 国（中国、

日本和韩国）以及东盟 +6 国（再加上印度、

澳大利亚和新西兰）的倡议显示了各国都非

常重视更为广泛的区域合作。雄心勃勃的东

盟 +6 国的建议或者区域性全面经济伙伴关

系将形成全球最大的自由贸易集团。据称，

该协议将覆盖参与国之间的商品、资本流动

和服务。首轮谈判目前预定于 2013 年 5 月

启动，而伙伴关系最早将于 2015 年达成。

point to China. While a general lack of appropriate infrastructure like power, telecommunications, rails, seaports and airports in ASEAN might hinder the region’s business ambitions, it also presents local and overseas firms with several opportunities to explore since large investments will be needed in those areas.

Restructuring of industries to empower private businesses and fostering a more balanced economic environment between the private and public sectors will be critical for growth in the region and the prosperity of China ASEAN relations.

Territorial tensions in the South China Sea have so far not affected the closer business ties between China and the ten members of ASEAN. Half those countries, Brunei, Indonesia, Malaysia, the Philippines and Vietnam all challenge China’s sovereignty claim over various areas.

While those issues are not expected to disappear soon, experts have generally dismissed worries of a backlash on the mutually beneficial relations. On the contrary, more economic integration in Asia-Pacific is on the agenda for the Association. Initiatives such as ASEAN+3 (China, Japan and South Korea) and ASEAN+6 (adding India, Australia and New Zealand to that mix) demonstrate the importance placed on wider regional cooperation.

The ambitious ASEAN+6 proposal, or the Regional Comprehensive Economic Partnership, could essentially form the largest single free-trade bloc in the world. The agreement is said to cover goods, capital flows and services between participating countries. The first round of negotiations is currently scheduled for May 2013, with an eye on completing the partnership as early as 2015.


64 2013, Summer

As the global economy is set to encounter a turning point this year thanks to more clarity to

political and economic challenges, so is the world’s commercial real estate sector, which is on track to realizing an all-round recovery in both established and emerging markets.

Although 2013 got off to a slow start, many industry insiders still believed that the foundation has already been laid for a significant turn-up in market sentiment by the year end with a strong global rebound in 2014 and beyond.

Among the appealing markets, China still features the most promising prospects with big potential in office and retail sectors though the country’s residential property industry has been curbed by Beijing’s restrictive policy.

The retail and office sectors, especially in the Asia Pacific region, are expected to be a bright spot. Retailers will continue to make their foray into Asia Pacific, particularly in growth markets in the near term, according to market insiders.


由于政治和经济方面的不确定性得

以降低，全球经济预计将在今年遇

到一个转向点，而全球的商业地产

也将出现相同的趋势。房地产在成熟和新兴

市场都正在实现全面的复苏。

　　虽然 2013 年只有一个缓慢的开始，但

是不少业内人士仍然认为，目前市场已经为

年底投资者信心的大幅提升奠定了基础，而

全球范围的反弹将出现在 2014 年以后。

　　在具有吸引力的市场中，中国仍然拥有

最好的前景，在写字楼及零售地产方面拥有

很大的潜力。而相比之下，中国政府的限制

性政策已经遏制了该国住宅市场的发展。

　　零售及写字楼领域（尤其在亚太地区），

预计将成为一个亮点。市场人士表示，零售

商将继续进军亚太地区，特别是在短期内进

入“成长”市场。

全球化和零售物业投资

在过去的十年中，全球范围内已经有价值超

过一万亿美元的零售地产得到了交易，占全

球商业地产直接投资额的近四分之一。

　　根据仲量联行发布的一份研究报告，机

构资金正在寻求投资更多的零售地产项目，

投资者希望利用有利的全球人口结构和不断

增长的消费者，并且在不确定的环境中受这

个行业的防御性质所吸引。

Globalization and Retail Property InvestmentOver the past decade more than one trillion US dollars of retail real estate has been traded across the world, representing nearly a quarter of total direct investment into commercial real estate.

According to a research report by Jones Lang LaSalle, institutional capital is seeking greater retail exposure as it taps into favorable global demographics and growing consumer classes and is attracted by the sector’s defensive qualities during times of uncertainty.

The traditional investment locations continue to dominate activity. The markets of North America, Western Europe, Australia, Japan, Hong Kong and

商业地产投资：全球及中国的机遇Investing in Commercial Real Estate: Global and China Opportunities

By Leo Zhang



　　传统的投资目的地继续主导投资活动。

北美、西欧、澳大利亚、日本、香港和新

加坡市场占全球零售地产总投资额（2009

- 2012 年上半年）的 83％。根据仲量联行

的数据，其中有超过一半的投资位于最大的

三个市场：美国、英国和德国，其中美国占

29％。

　　尽管如此，“可投资”的地域范围正在

不断扩大。投资者活动在“成长”市场增速

最快。中国、巴西、俄罗斯和土耳其正吸引

着大量来自全球投资者的兴趣，他们受到了

“路标”交易的鼓励，这些交易提醒世界这

些市场充满着机会。

Singapore account for 83% of total global retail investment volumes (2009-H1 2012). Over half was in the three largest markets – the US, UK and Germany – with 29% accounted for by the US alone, according to data by Jones Lang LaSalle.

Nonetheless, the range of “investible” geographies is steadily expanding. Investor activity is increasing fastest in the “Growth” markets – China, Brazil, Russia and Turkey – are attracting significant interest from global players, encouraged through “signpost”

transactions which are alerting the world to opportunities in these markets.

According to the Retail Real Estate Momentum Index by Jones Lang LaSalle, China and India, unsurprisingly, top the Index, due to their favorable demographics, rapid urbanization, strong consumption growth and significant expansion of modern retail infrastructures. India falls short of China due to weaker real estate investment momentum and a smaller international retailer presence.

South East Asia features highly, most notably the “Growth” markets of Indonesia and Vietnam which are evolving rapidly, but also the “Transitional” markets of Thailand and Malaysia. Turkey and Russia are the standout markets in Europe. The two countries will rank among Europe’s largest in terms of modern shopping center stock by 2020. Kazakhstan and the Ukraine also have good momentum, while Poland is the only ‘Transitional’ market to feature in the Global “Top 20”.

Brazil has the most powerful momentum in Latin America but, significantly, Peru comes a close second due to robust growth in retail sales and shopping centre development. Chile, Mexico and Colombia also appears in the “Top 20”.

While the United Arab Emirates has the Middle East and North Africa’s most developed retail market, it is the three heavyweights of Morocco, Saudi Arabia and Egypt that have the region’s strongest momentum.

For the entire Asia, China will become the region’s largest retail market by 2020. It will continue to be the main entry point in Asia for European and North American investors and, following the expansion of major retailer groups, there will be an increasing shift of activity towards China’s Tier 2 and 3 cities.

东方之门坐落于苏州工业园区，是一个多功能的超级单体公共建筑，在建成后能够饱览苏州的全景。东方之门被誉为“全球第一门”和“中国第一高楼”。

Located in Suzhou industrial Park, Gate of the orient is a multi-functional super-large single public building, which will command a panoramic view of Suzhou after its completion. it is acclaimed as "the world's No.1 gate" and "china's No.1 skyscraper".

66 2013, Summer


　　东南亚拥有最为显著的“成长”市场：

印度尼西亚和越南，它们正在迅速地发展。

这里同样拥有两个“过渡”市场：泰国和马

来西亚。土耳其和俄罗斯是欧洲两大表现突

出的市场。到 2020 年，两国现代商业中心

地产存量将是欧洲最大的之一。而哈萨克斯

坦和乌克兰同样拥有良好的发展势头，而波

兰是全球 20 强中唯一拥有“过渡”市场特

征的市场。

　　在拉丁美洲，巴西拥有最强劲的势头。

但是，秘鲁很明显地赶了上来，这得益于零

售和购物中心开发的强劲增长。智利、墨西

哥和哥伦比亚同样出现在“20 强”之列。

　　虽然阿联酋是中东和北非地区最发达的

零售市场，但是摩洛哥、沙特阿拉伯和埃及

三个重量级的国家是该地区势头最为强劲的

市场。

　　对于整个亚洲来说，到 2020 年中国将

成为该地区最大的零售市场。它将继续成为

欧洲和北美投资者进入亚洲的主要切入点。

随着主要的零售集团进一步地扩张，会有越

来越多的投资活动转向中国的二三线城市。

　　根据仲量联行发布的报告，现代零售地

产的这种增长趋势将继续下去，到 2020 年

将会又有 1 亿平方米的物业进入市场，这

意味着在 2020 年前的年均增长率将会接近

15％。重要的是，零售地产开发项目正在显

著地转向二三线城市。如今，这些城市占现

代零售地产总存量的 60％，而到 2020 年它

们将占总供应量的 80％。

办公物业的投资机会

最近，全球经济受到了欧元区债务危机、中

国经济增长放缓和美国财政悬崖的负面影

响。不过，业内人士对办公地产市场的总体

看法是偏正面的。

　　根据高力国际发布的一份报告，虽然

许多大型的租户对全球经济持有观望的态

度，但是其他一些租户正在积极寻找办公空

间，来满足业务不断扩大的需求。这份报告

表示，租户和投资者对全球主要城市的优质

办公楼宇有着不间断的需求。

　　美国的空置率正在逐渐降低。而加拿大

的写字楼市场继续表现良好，主要市场的开

发活动持续增长。这些办公楼主要被智力资

本、能源和教育行业（ICEE）所吸收。

　　墨西哥和巴西的空置率稍高，这归因于

无锡的恒隆广场以流动、生生不息、调谐与环环紧扣等概念贯穿，活现中国书法的精妙。

the design and planning of center 66 evolve around the concepts of flow, circulation, harmony and connection, and embody the essence of chinese calligraphy.



投机性的建设和经济增长放缓。然而，圣保

罗仍然拥有超低的空置率，仅为 3.3％。

　　在重要的欧洲、中东和非洲市场，中央

商务区（CBD）写字楼的平均租金大致维持

不变，但这归因于有限的供应，而不是需求

的增加。整个欧洲的商业信心是负面的，这

对明年的投资活动来说并不是一个好兆头。

　　中国的写字楼市场仍然保持健康，但是

相比 2011 年极其活跃的市场局面出现了走

软的趋势。然而，根据莱坊最新发布的大中

国房地产市场报告，购买力已经转移到了商

业地产市场，它不会受到住宅市场的相同限

制。这推高了商业地产的销售价格和交易量。

该报告主要回顾了北京、上海和广州写字楼

市场的表现。

　　北京：2013 年第一季度，甲级写字楼

的租金保持稳定，空置率上升了一个百分点，

达到了 4.8％，这归因于租户群的重组。甲

级写字楼的价格比上季度上涨了 6.1％，同

比增长了 20.1％，投资收益率比上季度下

降了一个百分点，为 6.6％。

　　上海：2013 年第一季度，上海的甲级

写字楼月租金维持在每平方米 44.5 美元的

水平，与 2012 年年底持平。而甲级写字楼

的空置率稳定在 5.1％。莱坊大中华区董事

及研究部主管林浩文预计，2013 年上海甲

级写字楼的租金将经历一个较为温和的增

长，涨幅为同比 2％至 3％。

　　广州：甲级写字楼市场在 2013 年第一

季度保持稳定，销售额比上一个季度增长了

54％，而价格微涨 2％，平均收益率达到了

5.1％。甲级写字楼的供应量比上个季度下

降了 9％，没有新的办公楼项目推出。2013

年，预计有 10 万至 20 万平方米的新甲级

写字楼进入市场。林浩文认为，写字楼的销

售将保持强劲，第二季度的销量将比第一季

度增长 15％。然而，由于这些新的供应，

价格只会小幅上涨。

中国商业地产的机遇

东方之门：东方之门是一个价值 7 亿美元的

在建摩天大楼项目，位于江苏省苏州市。该

建筑预计高约 300 米，位于苏州中央商务区

的心脏地带。

　　东方之门的设计灵感来自于该项目的两

位首席设计师，他们实现了中国传统和西方

影响的结合。其结果是西方的设计形式和中

According to Jones Lang LaSalle, this growth of modern retail space is projected to continue, with another 100 million square meters expected to come onto the market by 2020, representing an annual growth rate of close to 15 percent throughout the rest of this decade.

Importantly, there has been a notable shift in retail real estate development towards the Tier 2 and Tier 3 cities. While these cities account for 60% of the total modern retail stock today, they are forecast to make up 80% of the total supply by 2020.

Opportunities in Office InvestmentThe global economy has seen recent headwinds from the smoldering eurozone debt crisis, slowing growth in China’s economy and the forecasted American fiscal cliff. However, industry insiders’ overall global view of office real estate is moderately positive.

While many large occupiers have taken a wait-and-see attitude toward the global economy, others are leasing up much-needed space to accommodate expanding operations, according to a report released by Colliers International. Quality office buildings in major global cities are seeing consistent demand from both occupiers and investors, it said.

The US is showing gradually lowering vacancy rates. Canada’s office market continues to perform well and is seeing notable development activity in major markets. Office absorption has been largely driven by Intellectual Capital, Energy and Education (ICEE) sectors.

Mexico and Brazil report slightly higher vacancies, due to a combination of speculative construction and slackening economic growth. Yet Sao Paulo still boasts the ultra-low vacancy rate of 3.3%.

Average Central Business District (CBD) office rents remained broadly unchanged across key EMEA markets, but

this has been a result of limited supply more than increased demand. Business confidence across Europe is firmly negative, which does not bode well for the next year of activity.

The office market in China remains healthy, but appears weaker when compared to an extremely active 2011. However, purchasing power has already shifted to the commercial market, which is not subject to the same restrictions as home purchases, pushing up commercial sales prices and transaction volume, according to the the latest Greater China Property Market Report released by Knight Frank, which mainly reviews office market performance in Beijing, Shanghai and Guangzhou.

Beijing: Grade-A office rents were stable during the first quarter of 2013, with the vacancy rate increasing one percentage point to 4.8%, due to tenant base restructuring. Grade-A office prices increased 6.1% quarter on quarter and 20.1% year on year, while investment yields dropped one percentage point to 6.6% quarter on quarter.

Shanghai: In the first quarter of 2013, monthly Grade-A office rents in Shanghai remained at US44.5 per sqm, the same level as at the end of 2012. Whilst, the vacancy rate of Grade-A offices remained stable at 5.1%. Thomas Lam, Director and Head of Research & Consultancy, Greater China at Knight Frank, expects, during 2013, Shanghai’s Grade-A office rents will experience a more modest 2 to 3% year-on-year increase.

Guangzhou: Grade-A office market remained stable in the first quarter of 2013, while sales grew 54% from the previous quarter and prices edged up 2%, with the average yield reaching 5.1%. Grade-A office supply fell 9% quarter on quarter with no new office launched. An estimated 100,000 to 200,000 sqm of new Grade-A office sales supply will

68 2013, Summer


国的细节处理很好地实现了融合。该项目给

苏州打造了一个极具醒目的“门户”，并且

代表着中国在当今世界的地位。作为新中央

商务区的焦点，东方之门从传统的苏州园林

中汲取了历史和文化方面的灵感。该建筑坐

落于大型地铁交汇处，建成后将直通地铁。

　　东方之门坐落于苏州工业园区，是一个

多功能的超级单体公共建筑，在建成后能够

饱览苏州的全景。东方之门的建筑面积约为

46 万平方米，地上 88 层。东方之门洞高

246 米 , 跨度 68 米 , 被誉为“全球第一门”

和“中国第一高楼”。

　　作为苏州全新的标志性建筑，东方之门

将聚集 10 项业务领域，其中包括全球著名

的购物商场、5A 级办公楼、旅游、博物馆

与中国文化街。东方之门已经与希尔顿集团

签署了相关协议，将引入豪华酒店品牌康莱

德，这是长江三角洲地区的第一家。此外，

东方之门还将出售东方之门华府，每套住宅

面积为 110-290 平方米，买家已经包括来

自上海、香港、北京和海外的名人。

富力盈通广场：富力盈通广场是富力地产集

团珠江三角洲商业地产“盈”系列的又一个

项目，它已经成为高品质、高标准的代名词。

　　根据富力地产集团的年报显示，基于强

大的血统，富力盈通广场开盘当日的销售额

已经达到了 4.8 亿元，而 2012 年的销售额

为 8.2 亿元。

　　根据高力国际的报告，相比租赁市场，

launch in 2013. Thomas believes office sales will be robust, with sales volume in the second quarter growing 15% from the first. However, prices will only rise slightly, suppressed by new supply.

Selected Commercial Property Opportunities in ChinaThe Gate of the Orient: The Gate of the Orient is a US$700 million skyscraper under construction in Suzhou, Jiangsu Province. The building is expected to be around 300 meters high and is located in the heart of Suzhou's central business district.

The design for the Gate of the Orient was inspired by the combined Chinese traditions and western influences of the projects two lead designers. The result is a mix of westernized pure form and Chinese subtlety. The project introduces a dramatic iconic “gateway” to the city of Suzhou and represents the significance of the China in the world today. As the focal point of the new central business district, the Gate of the Orient has drawn inspiration from the historic and cultural references of the traditional famous Gardens of Suzhou. The building sits directly above a major underground rail

interchange which will be fully integrated into the completed building.

Located in Suzhou Industrial Park, Gate of the Orient is a multi-functional super-large single public building, which will command a panoramic view of Suzhou after its completion. With about 460,000-sqaure-meter construction area and 88 stories above the ground, the Gate has a door opening with a height of 246 meters and a span of 68 meters shaped up by the northern and southern towers, acclaimed as "the world's No.1 gate" and "China's No.1 skyscraper".

Gate of the Orient will gather 10 businesses including globally famous shopping mall, 5A-level offices, tourism, museum, and Chinese Culture Street. Gate of the Orient has signed with Hilton for the entry of Hilton's luxurious Conrad brand, the first in Yangtze Delta Region. Besides, it will sell Orient Residences, each with 110-290 square meters, to celebrity buyers from Shanghai, Hong Kong, Beijing and overseas.

R&F Yingtong Plaza: R&F Yingtong Plaza is another project in R&F Properties Group’s series of commercial projects in Pearl River New Town starting with “Ying”, a prefix which has become synonymous with quality and high standards.

R&F Yingtong Plaza rang up 480 million yuan in sales on launch and generated 820 million yuan during 2012. According to a report by Colliers International, compared to the leasing market, the sales market of Guangzhou Grade A office remained active during the fourth quarter of 2012. For instance, the launch of R&F Yingtong Plaza was well received by the purchasers. The sales price kept trended upward, rose to 33,110 yuan per sqm by 1.6% quarter-on-quarter.

The price of Grade A office of

富力盈通广场是富力地产集团珠江三角洲商业地产“盈”系列的又一个项目，它已经成为高品质、高标准的代名词。

r&F yingtong Plaza is another project in r&F Properties Group’s series of commercial projects in Pearl river New town starting with “ying”.



between 35,000 and 40,000 yuan per sqm in Guangzhou is still low compared with 80,000 to 150,000 yuan per sqm in Beijing and Beijing, making the property feature high potential to rise in value.

The offices of R&F Yingtong Plaza, ranging from 120 to 2,400 sqm, have a height of 4.4 meters with super high usable floor area. It’s located in a key commercial area with high-end properties nearby.

Center 66 in Wuxi: Center 66 in Wuxi, developed by Hong Kong-listed Hang Lung Properties, consists of Phases 1 and 2, with the total gross floor area amounting to 376,800 square meters. Located in the very heart of the city’s Chong’an central business district on Renmin Zhong Lu, Phase 1 of Center 66 spans a gross floor

area of 262,720 square meters of premium shopping space and Grade A office towers. The shopping mall, to be completed first, will house an impressive array of internationally renowned luxury brands. Center 66 will also enjoy the busy customer flow generated by the new Numbers 1 and 2 metro lines. Running along Zhongshan Lu and Renmin Zhong Lu, the metro lines will intersect directly beneath the development and provide a convenient passageway to both Phases 1 and 2.

The design and planning of Center 66 evolve around the concepts of flow, circulation, harmony and connection, and embody the essence of Chinese calligraphy. The energizing and fluid curved lines that form the Chinese word for “people” flow through the sites of both Phase 1 and 2, uniting the buildings with the common language of movement while enhancing the dynamism of the created space.

Phase 2 of Center 66 will be built at the intersection of Jiankang Lu and Houxi Xi, immediately south of Renmin Zhong Lu where Phase 1 is located. Phase 2 will consist of commercial and office facilities as well as hotel and serviced apartments. When complete, Center 66 will be the largest retail and commercial landmark in the central business district of Wuxi.

Project completion by phases is expected from September 2013 onwards.

Yunfu International in Wuxi: YunFu international has a planned area of 5,348.5 sqm with a height of 252 meters and total construction area of 120,000 square meters. It has 50 stories above the ground and 3 basements. There are shopping centers, Grade-A offices and service apartments in the project.

The project’s design features a unique combination of diversify and simplicity, making it a new landmark in Wuxi and helping improve the city’s life quality.

广州级写字楼的销售市场在 2012 年第四季

度依然保持活跃。例如，富力盈通广场的推

出深受买家青睐。销售价格一直呈上升趋势，

较上一季度上涨了 1.6％，达到了每平方米

33110 元。

　　目前广州 CBD 超甲级写字楼价格平均

为 35000—40000 元 /m2，上海、北京同区

位的物业已售 80000—150000 元 /m2，因此

广州是最具上升空间的价格洼地，潜力巨大。

　　富力盈通大厦的户型面积涵盖 120-

2400m2，并且拥有 4.4 米超高层高。它的

周边是高端住宅聚集的商业区。

无锡恒隆广场：无锡的恒隆广场包括一期与

二期，两期项目之总楼面面积达 376,800 平

方米。

　　坐落于无锡市之商业中心崇安区人民中

路，恒隆广场（一期）的面积达 262,720 平

方米，包括购物商场及甲级办公楼群。率先

启业的购物商场将汇聚国际知名品牌。

　　无锡的恒隆广场占尽地利，正在兴建中

之地铁一号及二号线将贯通中山路及人民中

路，并于两者之交汇点设站，以室内通道连

接恒隆广场一期及二期，有助促进项目的

人流。

　　无锡的恒隆广场以流动、生生不息、调谐

与环环紧扣等概念贯穿，活现中国书法的精妙。

分布在一、二两期位置的建筑群错落有致，展

示出既充满动感，又富优美线条的「人」字形

态组图，让循环流动的感觉把各建筑物一统起

来，更同时提升开放空间的灵动。

　　恒隆广场（二期）坐落于健康路及西溪

交界，位于人民中路恒隆广场（一期）南面，

集世界级购物中心、甲级办公楼群、酒店及

服务式寓所于一身。无锡的恒隆广场落成后，

势将成为无锡市核心商业区内最大的零售和

商业地标。项目预计于 2013 年 9 月起分期

落成。

无锡云蝠国际：云蝠国际规划占地 5348.5 平

方米，建筑总高度 252 米，建筑总面积 120000

平方米，地上 50 层，地下 3 层，其中包括综

合购物中心，甲级写字楼和服务式公寓。

　　项目的设计通过独一无二的整体建筑造

型组合，元素的多样性与建筑语汇的统一性

以及简洁明了的建筑空间组织，必将打造成

无锡的新地标，提升城市生活品质。

云蝠国际建筑总高度 252 米，包括综合购物中心，甲级写字楼和服务式公寓。

yunFu international has height of 252 meters, there are shopping centers, Grade-A offices and service apartments in the project.

70 2013, Summer

By Tendai Musakwa

巴西：南美投资新贵Brazil: What You Must Know Before Investing


看点EYE ON


72 2013, Summer

看点EYE ON

Second, Brazil is rich in natural resources and has some of the largest iron ore deposits in the world. Brazil is one of the world' largest producers of tin, quartz and niobium and one of the three largest producers of iron ore, manganese and tantalum. Brazil’s natural resources also include petroleum and hydropower. The Brazilian steel industry ranks amongst the seven largest in the world. Many other metals, minerals and precious stones are also being mined in the country an increasing scale. In addition, most of Brazil’s electricity comes from hydropower and it possesses extensive untapped hydroelectric potential, particularly in the Amazon basin. There have also been oil and gas discoveries in areas located off the coast of Brazil recently, which have been the largest discoveries in the world since 2000 and the largest discoveries in the West since 1976, making Brazil one of the world's most-promising offshore oil frontiers. Because of this and the recent petroleum price highs, more investors have been placing their bets in the Brazilian oil and gas sector.

Third, the Brazilian agriculture, fisheries and forestry industries offer significant opportunities for investment. Brazil has made long-term investments in agricultural research and now has a very advanced tropical agricultural technology in the world. This has allowed agribusiness to develop and increase its production and exports.

Agribusiness performance has improved in the last five years, primarily driven by exports of soy and soy products, beef, pork and poultry. Brazil is currently the world’s biggest producer of coffee, sugar and orange juice. In terms of exports, Brazil is the main exporter of soybeans, coffee, sugar, orange juice, ethanol and beef. Brazil also has a very significant production of soybeans of 60 million tons, about 25

A rising middle class, stable financial environment and government's commitment to financial

investment have made investors realize that there is a compelling reason to invest in Brazil.

Key Investment Opportunities in BrazilThere are significant investment opportunities in Brazil as a result of a large middle class, abundant natural resources, a flourishing agribusiness, the 2014 World Cup and Rio 2016 Summer Olympics as well as continuing privatization of state-owned entities.

First, Brazil has falling poverty and a rising middle class. Among the most important legacies of the previous president of Brazil Luiz Inácio Lula da Silva were a reduction in poverty and inequality through job creation, increased citizen access to credit, raises in minimum wages and an expansion of social programs. These policies have led to the creation of a large middle class of more than 95 million, representing more than half of the country's population, according to Brazilian government figures. This middle class, whose members have a per capita income ranging from around $1,000 to $3,200 per month, is eager for consumer products.

巴西正日渐进入投资者的视线，不断

增长的中产阶级，稳定的金融环境，

以及政府对金融投资的扶持，都使

巴西越来越受投资者的青睐，成为外国投资

者的投资新宠。

巴西的主要投资机会

巴西的投资机会众多——大批的中产阶级，

丰富的自然资源，繁荣的农业经济，持续的

公有制转私有制进程，以及 2014 年足球世

界杯，2016 年里约热内卢夏季奥林匹克运动

会都是这个国家吸引投资的理由。

　　首先，巴西的贫困人口在下降，中产阶

级在上升。上一任总统 Luiz Inácio Lula da Silva 一大重要贡献就是通过增加工作岗位，

减少信贷阻碍，以及提高最低工资标准和推

进社会福利项目，来减少巴西的贫困人口。

据巴西政府的数据表明，这些政策催生了超

过 9500 万的中产阶级，占该国的过半人口。

中产阶级的人均收入范围为 $1000-$3200 每

月，因此有着强大的购买力。

　　其次，巴西有着丰富的自然资源，并有

世界上最大的几座铁矿床。巴西是全球生产

锡、石英、铌量最大的国家之一，也是世界

三大铁矿石、锰以及钽生产国之一。石油和

水力发电也是巴西的自然资源。巴西的钢铁

工业在全球排名前七，其他金属，矿产以及

宝石的开采量也在持续上升。此外，巴西多

采用水力发电，有着极其丰富的未开发水力

发电资源，尤其是在亚马逊流域。近来，巴

西沿海也发现了石油和天然气。这是自 2000

年以来，也是自 1976 年以来西半球发现的

最大油气资源，使得巴西成为世界上最有潜

力的近海石油国家。由于近来石油价格持续

走高，众多投资者已经将注意力投到巴西这

个新兴的油气国家。

　　第三，巴西的农林渔业均有着巨大的投

资机会。巴西对于农业研究有着长期的投资，

并且是世界上领先的热带农业技术国家。因

此农业经济可以得到很好的开发，并增加其

产量和出口。过去五年来，由于大豆以及大

豆产品、牛肉、猪肉以及家禽的出口状况良

好，巴西的农业经济逐步提升。目前，巴西

还是全球最大的咖啡、蔗糖、橙汁的生产商。

就出口而言，巴西也是主要的大豆、咖啡、

蔗糖、橙汁、乙醇以及牛肉的出口国。巴西

巴西政府为吸引境外投资推

出了一系列的优惠政策，国内外投资

者均能享受同等权利。这些优惠政策

通常包括优惠的银行信贷以及许多税

收的减免政策。

The Brazilian government gives a wide range of incentives for investors, with both domestic and international investors enjoying equal access to incentives. Incentives usually take the form of subsidized loan financing and tax exemptions or reductions.


看点EYE ON

percent of global output. The production cost of Brazilian beef is among the lowest in the world, which makes it extremely competitive. It is believed that Brazil will continue to be the leading global exporter of beef and poultry.

Fourth, continuing privatization in Brazil also provides significant opportunities for investment. Brazil has undergone several privatization programs. Electrical and telecommunications companies have been privatized and foreign investors have won bids to assume railway concessions. The federal government’s controlling interest in Vale do Rio Doce Company (CVRD), Brazil’s largest mining company, was sold to both

的大豆产量达到了 6000 万吨，占全球产量

的 25%。巴西是全球牛肉的生产成本最低的

几个国家之一，因此极具竞争力。

　　第四，巴西的私有化进程也提供了很多

投资机会。电力和通讯公司已经完成了私有

化，海外投资也获得了铁路投资权。联邦政

府控股的 Vale Do Rio Company(CVRD) 是

巴西最大的矿业公司于 1997 年卖给了巴西

本国和海外的私人投资商。去年，巴西通过

三座机场的私有化筹集到了 140 亿美金，

以便在世界杯和奥运会之前缓解过分拥挤的

城市交通。2012 年 10 月，巴西总统 Dilma

Rousseff 宣布开放道路，铁路，以及港口的

30 年运营权，预计会有过十亿的标价。巴西

政府预计通过销售营业证书的方式铺设 7500

公里的道路，1 万公里的铁路。这种持续的

私有化进程预计会带来更多的投资机会。

吸引投资的鼓励政策

巴西政府为吸引境外投资推出了一系列的优

惠政策，国内外投资者均能享受同等权利。

这些优惠政策通常包括优惠的银行信贷以及

domestic and foreign private investors in 1997.

Last year, Brazil raised $14 billion through privatization of three major airports, in a bid to speed modernization of overcrowded hubs before the World Cup and Olympic Games. In October 2012, Brazilian president Dilma Rousseff announced billions in state asset bids that give the winning bidders the right to operate roads, rails and ports for around 30 years. In total, the government plans to sell licenses to build 7,500 kilometers of roads and 10,000 kilometers of railways. Continuing privatization in the country is expected to create further investment opportunities.

由于近来石油价格持续走高，众多投资者已经将注意力投到巴西这个新兴的油气国家。

Because of this and the recent petroleum price highs, more investors have been placing their bets in the Brazilian oil and gas sector.

Brazil

74 2013, Summer

Brazil

in terms of its technical and economic feasibility, but also verifies whether the project is appropriate within the overall economic development of the region.

The Manaus Free Trade Zone, located in Manaus, the state capital of Amazonas in Northern Brazil. The Brazilian government provides several tax benefits to investors in the zone, which is home to over 500 sectors covering commerce, industry and agriculture. Incentives offered in the zone include 75 percent reduction of corporate income tax for 10 years. All imported foreign goods are tax free, provided they are consumed within the zone or are exported abroad. However, ales or transfers of these goods to other parts of Brazil result in payment of the previously exempted taxes.

The Brazilian government also offers incentives to foreign investors who want to use the country as an export base. Under the Brazilian government's Special Customs Drawback Scheme, suspension and exemption can be obtained for import duties, excise tax and value-added tax on sales and services as well as other taxes and charges for imported goods to be used in the manufacture of products for export. Brazilian banks also offer export credit guarantee insurance through letters of credit for export transactions.

Other incentives that are offered in Brazil include tax exemptions on the import and export of goods to be used in activities of research, exploration, development and economic exploration of oil and gas in Brazil; tax exemptions on investments that foster development and implementation of projects in the infrastructure sector; zero tax on tablets manufactured in Brazil and incentives for the construction and refurbishment of infrastructure to be used in the World Cup and Olympic Games.

Brazil has also signed an avoidance of double taxation agreement with Mainland China.

看点EYE ON

许多税收的减免政策。

　　位于东北部和亚马逊地区的公司能分别

享受东北发展局（SUNDENE）的税收减免

政策，以及亚马逊发展局（SUDAM）的特

殊优惠政策。由 SUDENE 和 SUDAM 监管

的投资政策提供包括 75% 的营业税减免和所

得税从 25% 到 12.5% 的减免。要获得这些

减免税收先要得到 SUDAM 或 SUDENE 批

准的工业投资项目或从现有的项目中获得的

延伸项目。SUDAM 和 SUDENE 不仅针对投

资项目的技术和经济效益可行性作评估，而

且还评估该项目是否适合于该地区的总体经

济发展环境。

　　玛瑙斯自由贸易区位于巴西北部亚马逊

州的首府。巴西政府在该地区提供几项针对

投资者的税收优待，涉及高阔商业、工业和

农业等各个领域的 500 多个行业。在该地

区提供的优惠政策包括十年内的企业税高达

75% 的减免政策。所有进口货物都享受免税

待遇，前提是它们在该地区内消化掉或经由

该地区出口。当然，酒类产品或经由该地区

运送到其它地区的酒类产品则不享受该优惠

政策。

　　巴西政府还对那些希望利用巴西作为出

口中转基地的外国投资提供政策优惠。在巴

Incentives for InvestmentThe Brazilian government gives a wide range of incentives for investors, with both domestic and international investors enjoying equal access to incentives. Incentives usually take the form of subsidized loan financing and tax exemptions or reductions.

Companies that locate themselves in the Northeast and Amazon regions can take advantage of tax incentives provided by the Superintendence of Northeast Development (SUDENE) and the Superintendence of Amazonas Development (SUDAM), respectively. The investment incentive plans administered by SUDENE and SUDAM offer benefits that include a reduction of 75 percent of the tax due on operating profit and reduction of income tax from 25 percent to 12.5 percent. Eligibility for these incentives depends on SUDAM/SUDENE’s approval of an industrial project or a project for the expansion of an existing industry. SUDAM/SUDENE not only evaluates the project

来源：彭博数据库Source: Bloomberg

巴西经济持续回升　通货膨胀有所上涨Brazil’s Economy Bounced, Inflation Slightly Expanded

1.0

4.0

2.06.0

3.0 8.0

0.5

3.0

2.0

1.0

0 0

1.5

5.0

2.5 7.0

2011Q4 2012Q1 2012Q2 2012Q3 2012Q4

实际 GDP 增长率（左轴）Real GDP Growth Rate(Left)

CPI 增长率（右轴）CPI Growth Rate(Right)


Brazil

76 2013, Summer

Establishing a Business in Brazil, Taxes and Repatriation of FundsForeign investors may enter the Brazilian market directly, through a branch or a subsidiary, or through third parties by means of distribution and sales representation activities. The most common corporate forms used by local and foreign investors to set up a legal entity are the corporation (“sociedade por acoes”) and the private limited-liability company (“sociedade limitada”), usually called a “limitada”. Each alternative presents its benefits and disadvantages, with the ultimate decision depending on a variety of factors including contemplated size and length of investments, future prospects and expectations and ease of exit. Many foreign investors choose the subsidiary form of operation based primarily on the insulating effect that incorporation has on the liability of the foreign parent company for the subsidiary’s acts. The need to obtain local financing may also influence the decision to operate as a subsidiary.

The number of quota holders for a private limited-liability company (limitada) may not be less than two legal persons, which may be Brazilian or foreign. Corporations may have just one shareholder, as long as the sole shareholder is a Brazilian legal entity that was incorporated under the laws of Brazil. In the event that the corporation has more than one shareholder, they may be Brazilian or foreign legal entities or individuals). In the event of a foreign quota holder or shareholder, a representative domiciled in Brazil must be appointed in order to receive court summons, subpoenas and/or notifications of their behalf.

As regards tax, all legal entities are treated equally for tax purposes, with identical income tax rates for local and foreign-owned companies. Tax losses including the prior year’s accumulated tax losses may be carried forward indefinitely.

However, the use of tax losses is limited to 30 percent of each year’s taxable income and there is no carry-back. Corporations, limitadas (private limited- liability partnerships), other partnerships (except for regulated professional partnerships), and branches organized in accordance with Brazilian laws are subject to corporate income tax. Non-profit entities that comply with certain registration and filing requirements are generally exempt. As of January 2013, the corporate tax rate in Brazil was 15 percent plus a 10 percent surtax on taxable income exceeding BRL 240,000 (~$121,000), making the final corporate income tax rate 25 percent. There is also a social contribution tax of 9 percent levied on taxable profit and property tax of 3 percent of the market value of property.

As regards repatriation of funds, dividends remitted to non-resident shareholders or quota holders are not subject to any withholding tax. The withholding tax rate on the remittance of service fees is generally 15 percent. Initial investment in an enterprise may be repatriated upon sale of shares or quotas to a resident free of tax. Capital gains, however, are subject to taxation.

Restrictions on Foreign Investment and Exchange ControlsOther practical issues to consider when setting up and operating a business in Brazil revolve around compliance with the controls imposed by the Brazilian government on foreigners. Only a few sectors such as public health, mail and telegraph, nuclear energy, airlines with domestic flight concessions, sanitation, and the aerospace industry are restricted to foreign investors. Foreign investors can currently hold only a minority participation in media, financial institutions and insurance companies, but may acquire the control of a bank, with prior authorization

看点EYE ON

西，政府的特别海关关税退税方案让进口关

税可以得到减免或暂缓，消费税和增值税和

其它对进口货物的用于制造出口产品进行的

征税也能得到减免。巴西银行还通过提供出

口交易信用证来提供出口信用担保。

　　巴西政府提供的其它优惠政策还包括对

用于巴西的油气研究、研发和经济研发实行

免税；对有助于经济发展和基础建设的项目

减税、对巴西制造的药品实行零税收，对世

界杯和奥运会有关的基建项目实行减税。

　　此外，巴西也和中国签订了免双重征税

条约。

在巴西建立公司，税务和资金遣返

外国公司可以通过分公司或子公司的分发机

构或销售代表的形式直接进入巴西市场。外

国或当地公司或实体建立法人实体的最常见

方式是公司（“sociedade por acoes”) 和

私人有限责任公司（“sociedadelimitada”)，

通常被称为“limitada”。每种形式有其优劣，

最终由公司的大小、投资时长，未来期待和

是否易于退出而决定。

　　许多外国投资者选择子公司的形式，基

于有限公司对总公司负责原则的“绝缘效应”

运作。需要由当地参与的形式决定了公司在

作决策时需要考虑子公司的意见。

　　私人有限责任公司的配额持有者人数的

限制是两人或以上，可以是巴西人或外国人。

公司可以仅有一名股东，前提是只要这个独

立的股东是巴西法律认可的的法人代表。如

果公司有一名以上的份额持有人或股东，一

名在巴西的代表必须在接受法律传唤时在场。

　　就税收来说，所有的法人实体在税务上

都受到平等待遇，意味着当地或外国公司都

享受同等税率待遇。上一年的税务亏损也可

以无限期地向下一年顺延。当然，利用税损

的限额也被限制于每年的可纳税收入中的

30% 之内，而且是没有结转的。公司、私人

有限责任公司和其它合伙人（除了监管的专

业合作伙伴）、分支机构根据巴西法律的要

求是必须遵守公司所得税的要求的。

　　合乎规定的注册非营利性实体总的来说

是享受税收豁免政策的。在 2013 年 1 月，

巴西的公司税是 15% 外加超过 BRL240000

（121000 美元）的可纳税收入，因此总的税

率是 25%。针对可纳税利润的 9% 和房地产

市场价值的 3% 的社会贡献税也是要纳入纳


from the government or under a reciprocal agreement. Additionally, there are restrictions on foreign participation in activities subject to national security concerns and on foreign ownership of rural areas and businesses in border zones.

Brazilian authorities exercise tight control of foreign-currency transactions. The fine for infringing exchange control regulations is a maximum of BRL 250,000 (~$126,000) and is imposed by the Central Bank, according to the regulations issued by the National Monetary Council. Foreign-currency transactions may be effected through authorized financial institutions only. The use of foreign-currency bank accounts by local or foreign investors and traders is generally not allowed. However, banks authorized to deal in foreign exchange may hold local-currency funds for non-resident individuals or entities. Such bank accounts may be operated in the name of the non-residents and are often used to hold blocked local-currency funds. Foreign currency is exchanged at

different rates, depending on the nature of the transaction. The official commercial rate is used for most trade and financial transactions, however, and the Central Bank may intervene to control this rate, as the status of the balance of payments is one of the most critical elements of the Brazilian government’s economic policy.

As regards foreign capital, the registration of foreign capital must be made within 30 days from the date it enters Brazil except in the case of capital contributions with goods, which must be registered within 90 days as of customs clearance. According to Brazilian law, foreign capital is considered to be any goods, machinery, and equipment that enter Brazil with no initial disbursement of foreign exchange, and are intended for the production of goods and services, as well as any funds brought into the country to be used in economic activities, provided that they belong to individuals or legal entities resident or headquartered abroad. Capital contributions of productive assets,

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税范围的。

　　就资金遣返来说，股息汇至境外股东或

配额持有者不受制于任何预提税。预扣税率

的汇款服务费用一般是 15%。一家企业的初

期投资可由向巴西公民出售股息或股份来遣

返免税。另外，资本收入也是征税对象之一。

海外投资与外汇管制条件

在巴西设立运营企业时需要考虑的其他实际

问题，包括适应巴西政府对外国人的一些管

制条约。下列领域禁止外国资本投资：涉及

核能的领域、卫生服务、邮政和电信服务、

以及航空工业。外国投资者目前仅能在媒体，

金融机构，和保险公司持有少部分股份，但

获得政府批准或通过互惠协议，经由收购控

股银行。另外，在有关国家安全方面的外国

参与活动，农村地区的外国所有权和边境地

区贸易等，也有着严格的控制，

　　巴西政府对于外汇交易实行严格管制。

对于违反外汇管制条例的行为，根据巴西国

家货币政策理事会的规定，可由中央银行处

以最高 25 万巴西雷亚尔（约 12.6 万美元）

的罚款。外汇交易只能通过获授权的金融机

构产生。巴西实行严格的外汇管制措施，未

经批准，所有法人和个人都不能在巴西开立

外汇帐户。外汇进出必须通过巴西中央银行。

然而，获准可以处理外汇的银行可以持有非

本国居民或企业的本地货币基金。这种银行

账户可以在非巴西居民名下操作，通常用于

控制被冻结的本地货币基金。根据交易的属

性，外汇汇率有所不同。官方商业汇率用于

大多数贸易和金融交易，然而，中央银行可

以操控该汇率，因为巴西政府其中一项重要

的指标是收支平衡状态。

　　至于外国资本，必须于进入巴西的当天

起30天内完成注册，除非该资本运用于商品，

在有形货物清关后，可以于90天内完成注册。

根据巴西法律，外资被定义为进入巴西时无

外汇垫款，用于制造产品或提供服务的任何

货物、机械或设备，以及流入巴西境内用于

经济活动的任何资金 , 但该资金必须属于境

外个人或在外国登记或成立的公司实体。对

于生产资本如工厂和设备等，也有着严格的

控制。过程包括检测是否巴西国内有同类生

产商或设备供应商。为获取进口证书，申请

必须表明该设备能对巴西经济在技术方面做

出贡献，同时阐明该设备的外汇价值。

巴西已经取代英国成为世界第六大经济体，并且有着丰富的自然资源和富裕的中产阶级。

Brazil has overtaken the UK as the world's sixth largest economy, and has a rich base of natural resources and a wealthy middle class.

Brazil

78 2013, Summer

Brazil

看点EYE ON

向巴西出口

巴西的贸易壁垒曾经相当广泛，但是现在已

逐步减少，为投资这提供了在出口货物上的

投资机会。符合相关条件的货物才能得到清

关。出口商必须确认巴西进口商能够提供巴

西海关要求的相关文件信息，以便获得进入

巴西的许可证。

　　巴西对进口物品征收联邦税，州税，偶

尔也有地方税。目前进口关税最高为 35%。

针对不同货物的进口关税税率由共同对外关

税发表。（巴西是南方共同市场的成员国之

一。南方共同市场是由巴西，阿根廷，巴拉圭，

乌拉圭和委内瑞拉组成的经济政治协约组织，

成员国享受统一关税。）亚马逊流域最大的

自由贸易区——玛瑙斯，由巴西掌控，向该

地区出口货物可以享受税收减免，只要这类

货物在该区域内消费。

　　巴西推出了一系列特别关税条款以促进

出口的增长。这些关税计划使纳税人享有免

税，延期纳税，以及对进口商品或本地产品

最终转出口的征税给予退税的优惠。巴西的

特别关税条款惠及出口加工区，位于计划工

业区的公司在运营方面可免缴联邦政府税，

商船翻修运费的附加费，以及金融交易税。

另一项特别关税条款涉及保税仓库系统，这

是一种特殊的进口系统，因此巴西政府可能

通过将进口物品存放在保税仓库以推迟税费

的缴纳。

　　税费缴纳日为清关日，即将货物运出保

税仓库之时。另一项关税条款保税海关存

款涉及予以出口但仍储藏在巴西境内保税仓

库的货物。受益人为税务机关授权通过在此

条款下运营的公司。另有一项基于国际“经

授权的经营者”概念而推出的特别计划叫做

“Blue Line”。这项计划通过进出口，运输

交易清关程序的优惠政策来鼓励自主遵守纳

税义务。

巴西是引人注目的长期投资选择。

投资客们已经意识到投资巴西的诸多强有力

的理由。巴西已经取代英国成为世界第六大

经济体，并且有着丰富的自然资源和富裕的

中产阶级。此外，随之而来的足球世界杯和

夏季奥林匹克运动会都将带来众多的基础建

设发展需求和投资。因此，投资巴西是值得

考虑的。

such as plant and equipment, are subject to rigorous controls. The process includes certification that there is no local producer to supply the equipment. In order to receive an import license, the applicant must evidence that the equipment contributes to the Brazilian economy in technological and economic terms and justify the foreign currency value attributed to the equipment, among other things.

Exporting to BrazilTrade barriers to Brazil used to be wide reaching, but these barriers are now being relaxed gradually, offering investors the chance to invest in the exportation of goods to Brazil. Customs clearance is given only if certain requirements. Exporters should make certain that the Brazilian importer has provided proper information to the Brazilian custom authorities in order to permit the entry of the merchandise into Brazil. Brazil imposes federal, state and, sometimes, municipal taxes on the import of goods and services. The maximum import duty is currently 35 percent. Tables classifying the goods subject to duties and tariffs are established by decrees and are published in the Common External Tariff (Brazil is a part of Mercosul, an economic and political agreement among Argentina, Brazil, Paraguay, Uruguay, and Venezuela, which have established a system of common external tariff. The latest tariff rates are available at desenvolvimento.gov.br. Changes are frequent.) Manaus, in the Amazon region, is the largest free-trade zone currently authorized in Brazil, and imports into this area are duty-free provided they are consumed within the zone or exported.

Brazil has several special customs schemes intended to boost exports. These tax programs provide benefits in the form of exemption, suspension and refund of taxes levied on imported products or on

locally purchased products, provided the goods are subsequently exported. Brazil’s special customs regimes include export processing zones, which are planned industrial areas in which established companies have their operations exempt from federal taxes and contributions, surcharges on freight for merchant marine renovation and taxes on financial transactions. Another special customs regime is the bonded warehouse system, which is a special import system whereby the Brazilian party may defer the payment of taxes due on the import by keeping the imported goods stored in a bonded warehouse. The taxes are due only upon the customs clearance, that is, the removal of the goods from the bonded warehouse. Yet another customs regime is the bonded customs deposit is a regime under which products are presumed exported but physically remain in a bonded warehouse in Brazil. The beneficiaries are the companies allowed by the tax authorities to operate under this regime. A special program called Blue Line is also available, based on the international concepts of the Authorized Economic Operator. This program promotes voluntary compliance with customs obligations by offering preferential treatment in customs clearance procedures for import, export and transit transactions.

Brazil is a Compelling Long-term Investment Investors have begun to realize there are many compelling reasons to invest in Brazil. Brazil has overtaken the UK as the world's sixth largest economy, and has a rich base of natural resources and a wealthy middle class. In addition, the upcoming World Cup and Summer Olympic Games will see strong demand for infrastructure development and investment. As such, investing in Brazil is a worthy consideration.

80 2013, Summer80 2013, Summer

Amoko Group www.amoko.comTel: +371 [email protected]

Malta Enterprisewww.maltaenterprise.comTel: +356 2542 [email protected]

China Overseas Investment Fair (COIF)http://www.coifair.orgTel: +86-10-59799908

Azerbaijan Export and Investment Promotion Foundation (AZPROMO)www.azpromo.orgTel:+994 12 598 0147, 598 0148offi [email protected]

Bahrain Economic Development Boardwww.bahrainedb.comTel: +973 17 589 [email protected]

Invest Barbadoswww.investbarbados.orgTel: +86 21 6133 [email protected] Trade and Investment

Development Services (BELTRAIDE)www.belizeinvest.org.bzTel: 501 822 [email protected]

Invest Bulgaria Agency (BFIA)www.investbg.government.bgTel: +359 2 985 [email protected]

Cayman Islands Investment Bureauwww.investcayman.gov.ky Tel:+ 345 945 [email protected]

InvestHKwww.investhk.gov.hkTel: +852 3107 [email protected]

ProExport Colombiawww.proexport.com.coTel: +571 5600 [email protected]

Cyprus Investment Promotion Agency (CIPA)www.cipa.org.cyTel: +357 22 [email protected]

www.czechinvest.orgTel: +420 296 342 [email protected]

Minsitry of Trade and Industry/Faroe Islandswww.vmr.fo Tel: +298 [email protected]

Fiji Islands Trade & Investment Board (FITIB)www.ftib.org.fjTel: +679 331 [email protected]

Délégation pour la Promotion des Investissements, Tahiti Investwww.tahiti-invest.comTel: +689 47 22 [email protected]

Invest in Germanywww.gtai.comTel: +49 30/200 099 [email protected]

Grenada Industrial Development Corporation (GIDC)www.grenadaworld.com Tel:+ 473 444 [email protected] Offi ce for Investment

(GO-INVEST)Tel: +592 225 0658, 227 0653/4www.goinvest.gov.gy

Statec Luxembourgwww.statistiques.public.luTel: (+352) [email protected]

Jordan Investment Board (JIB)www.jordaninvestment.comTel: +9626 5608400/9 [email protected]

Investment and Development Agency of Latvia (LIAA)www.liaa.gov.lvTel: +371 [email protected]

Investment Development Authority of Lebanon (IDAL)www.idal.com.lbTel: + 961 (1) 983306/7/[email protected]

Lithuanian Development Agency (LDA)www.businesslithuania.comTel: +370 5 262 [email protected] Technology Park Corp.

Constance www.constancehotels.comTel: (230) 402 36 [email protected]

Island Hideaway www.turquoise-experience.comTel: +960 3314585 [email protected]

Lily Beach www.turquoise-experience.comTel: +960 3314586 [email protected]

Alliance Trust Co. Ltd [email protected]

Fiducenter S.Awww.fi ducenter.luTel : +352 22 55 05fi ducenter@fi ducenter.lu

Plum Property Solutions www.plumpropertysolutions.com Tel: + 0065 9126 2519 [email protected]

境外投资指南INVEST IN HAND BOOK

Ernst & Young www.ey.comTel: +356 2134 [email protected]

EUROMARINAwww.euromarina.cnTel: (+34) 902 111 [email protected]

Summer, 2013 INVEST IN 81Summer, 2013 INVEST IN 81

境外投资指南INVEST IN

HAND BOOK

SLSwww.ruta-curacao.comTel: +5999 [email protected]

Swiss ILC Managements Services JLTInternational Legal Consultantswww.ilc-group.netTel: +971 4 374 [email protected]

Berhad/Malasyawww.khtp.com.myTel: +604 403 [email protected]

General Delegation of Private Investment Promotion/Mauritaniawww.investinmauritania.gov.mrTel: +00 222 525 07 55 /524 87 [email protected]

Commission de Surveillance du Secteur Financier(CSSF)www.cssf.lu/enTel :(352) 26 25 1 – [email protected]

Chambre De Commerce Luxembourgwww.cc.luTel: 42 39 39 – [email protected]

Islamic Financial Services Board(IFSB)www.ifsb.orgTel:[email protected]

AustraliaForeign Investment Review Boardwww.fi rb.gov.au

Tel:+61 2 6263 3795 fi [email protected]

Palestinian Investment Promotion Agency /PIPATel: +970 2 2988791/[email protected]

Environment and Resource [email protected]

Invest in Azores Agency (APIA)www.investinazores.comTel: +351 296 308 [email protected]

Romanian Center for Export and Foreign Investment Promotionwww.traderom.roTel: +40 21 318 50 50offi [email protected]

North-West Development and Investment Promotion Agency/Russian Federationwww.investa.spb.ruTel: +7 812 622 14 [email protected]

National Development Corporation/ Saint Luciawww.investstlucia.com

Tel: +90 312 413 89 [email protected]

LativaInvestment and Development Agency of Latviawww.liaa.gov.lvTel: +371 [email protected]

Çukurova Development Agency/Turquiawww.cka.org.trTel: +90 322 363 00 39 [email protected]

InvestUkraine (Ukrainian Center for Foreign Investment Promotion)Tel: +380 44 537 [email protected]

UK Trade & Investmentwww.ukti.gov.ukTel: +44 020 7215 8000

Invest in Americawww.investamerica.govTel: +202 482 [email protected]

General Investment Authority (GIA/Yemenwww.giay.org Tel: +00967 1 262962/[email protected]

Corporate Service ProvidersEMCS International Services LTDwww.emcsinternational.comTel: +356 2133 [email protected]

Immigration & RelocationAnchor Corporate Serviceswww.anchor.com.mtTel: +356 212 [email protected]

LithuaniaInvest Lithuaniawww.ukmin.ltTel:(+370 5) 262 7438 [email protected]

Halsey Group SARL www.halsey-group.comTel: +352 22 60 22 [email protected]

TMF Group www.tmf-group.comTel: +352 42 71 71 3267 [email protected]

Tel: +758 452 3614 / 758 452 [email protected]

LuxembourgEuropean Investment Bank(EIB)www.eib.orgTel: (+352) 43 79 [email protected]

Luxembourg for Financewww.lff.luTel: + 352 27 20 21 [email protected]

Luxembourg National Tourist Offi cewww.ont.luTel: (+352) 42 82 82 [email protected]

Luxembourg Stock Exchangewww.bourse.luTel : (352) 47 79 36 – [email protected]

Investment Promotion and Major Works Agency (APIX)/Senegalwww.investinsenegal.comTel: +221 849 05 [email protected]

Seychelles International Business Authority (SIBA)www.siba.net

Slovak Investment and Trade Development Agency (SARIO)www.sario.skTel: +421 2 58 260 100, [email protected]

Durban Investment Promotion Agencywww.dipa.co.zaTel: +27 31 336 [email protected]

Eteck/ Trinidad and Tobagowww.eteck.co.ttTel: +868 675 [email protected]

Investment Support and Promotion Agency/Turquiawww.invest.gov.tr

82 2013, Summer

Summer, 2013 INVEST IN CE

CF 2013, Summer

invest in 2013 summer edition

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