中国进出口银行拟在境外投资40亿美元

Export-Import Bank of China is releasing a $4bn wave of private equity capital that will broaden the state-controlled overseas investor’s scope beyond infrastructure as it seeks to compete with global funds for diversified assets.

中国进出口银行(Export-Import Bank of China)将释放40亿美元的私人股本资本金，拓宽这家政府控制的海外投资机构的投资范围，超越基础设施。该行正寻求与全球基金争夺多样化资产。

In Southeast Asia, one ExIm Bank-backed investment group is preparing to launch a fund of up to $3bn that will target infrastructure as well as telecoms and travel businesses, according to an adviser for the fund.

据一名顾问介绍，在东南亚，中国进出口银行支持的一家投资集团正准备发起一家规模高达30亿美元的基金，瞄准基础设施以及电信和旅游企业。

The push to become more than just an infrastructure investor was mirrored in eastern Europe, where the bank was deploying a second fund of $1bn that would invest in agriculture and tourism.

不满足于仅做基础设施投资者的努力也反映在东欧。在那里，中国进出口银行正在部署另一支规模10亿美元的基金，将投资于农业和旅游业。

Investors from China’s private sector led a global buying spree worth $210bn in 2016 but the conglomerates behind the binge have since been reined in by the government, which feared capital flight.

中国私营部门的投资者近年发起了全球收购热潮，2016年的规模达到2100亿美元，但自那之后，担心资本外流的中国政府收紧了对这些综合企业集团的约束。

In their place, state investors and sovereign wealth funds such as China Investment Corp became the driving force of outbound investment in 2017. CIC grabbed China’s largest overseas investment last year, buying European warehouse and logistics group Logicor for €12.25bn.

取而代之的是国有投资机构和中投公司(CIC)等主权财富基金，他们成为2017年中国对外投资的主力。中投公司完成了去年中国最大的一笔海外投资项目，以122.5亿欧元买下欧洲仓库和物流集团Logicor。

ExIm Bank has up until now largely stuck to local government infrastructure projects and has been known to take a passive minority stake in deals. “It’s rare that one of the policy banks takes the lead on a deal,” said Derek Scissors, a resident scholar at the conservative US think-tank American Enterprise Institute.

以往中国进出口银行在很大程度上投资于地方政府基础设施项目，并以在交易中收购被动型少数股权闻名。美国保守智库美国企业研究所(American Enterprise Institute)的驻所学者史剑道(Derek Scissors)表示：“由一家政策性银行牵头达成协议是罕见的。”

It has also been slow to deploy funds in regions such as South America.

中国进出口银行在南美等地区部署基金的速度也很慢。

Margaret Myers, Latin America director for Washington DC-based foreign policy think-tank Inter-American Dialogue, said: “We’ve tracked only about five or six actual deals and most are relatively small in size.”

总部位于华盛顿特区的外交政策智库——美洲对话组织(Inter-American Dialogue)的拉丁美洲主管玛格丽特•迈尔斯(Margaret Myers)表示：“我们仅仅追踪到大约5到6宗实际交易，大多数交易规模相对较小。”

But the launch of two funds in Southeast Asia and eastern Europe indicates the institution is looking for more active investments, often investing alongside a Chinese corporation.

但在东南亚和东欧成立两家基金表明，中国进出口银行正在寻求更多主动型投资项目，往往与一家中资企业共同投资。

The China-Asean Fund, or CAF, was launched with $1bn in 2009 to focus on investments in Southeast Asia. Patrick Ip, managing director at China-Asean Capital Advisors, which advises CAF, said it would deploy the $3bn in a second tranche of capital targeting companies that it can connect with businesses in China, and eventually exit through listings on the Shanghai or Hong Kong stock exchanges.

中国-东盟基金(CAF)发起于2009年，投入资金为10亿美元，专注于东南亚的投资项目。为该基金提供咨询服务的中国-东盟资本顾问公司(China-Asean Capital Advisors)的董事总经理叶家强(Patrick Ip)表示，该公司将部署第二笔30亿美元资本，瞄准那些能与中国企业建立联系的公司，并最终通过在上海或香港的交易所上市实现退出。