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Chinese Investment Pits Wall Street Against Washington

来源:纽约时报    2019-10-29 09:28

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        WASHINGTON — The rivalry between the United States and China has spread to a fight over financial ties between the countries, pitting Washington security hawks against Wall Street investors.        华盛顿——美国和中国之间的竞争已扩散至两国的金融关系,导致华盛顿的安全事务鹰派与华尔街的投资者之间的对立。
        Members of Congress and the Trump administration are warning that Chinese companies are raising money from American investors and stock exchanges for purposes that run counter to American interests. To help curb the flow of dollars into China, they have turned their sights on an unlikely target: their own retirement fund.        美国国会议员和特朗普政府官员警告,中国公司正向美国投资者和证券交易所筹集资金,用于不符合美国利益的目的。为帮助抑制美元流入中国,他们把目光转向了一个出乎意料的目标:他们自己的退休基金。
        The Thrift Savings Plan is the retirement savings vehicle for federal government employees, including lawmakers, White House officials and members of the military. Beginning next year, the fund is scheduled to switch to a different mix of investments that would increase its exposure to China and other emerging markets. Lawmakers and some in the Trump administration are trying to stop that move, saying the change would pump federal workers’ savings into companies that could undermine American national security or have been sanctioned by the United States.        节俭储蓄计划(Thrift Savings Plan)是为包括立法者、白宫官员和军人在内的联邦政府雇员提供的退休储蓄工具。从明年开始,该基金计划转向不同的投资组合,将增加对中国和其他新兴市场的敞口。国会议员和特朗普政府中的一些人正试图阻止这一举动,称这一改变将把联邦政府工作人员的储蓄注入那些可能破坏美国国家安全或受到美国制裁的公司。
        Last Tuesday, a bipartisan group of senators sent a letter to the plan’s governing board urging it to reverse its decision.        上周二,一个由两党参议员组成的小组致信该计划的管理委员会,敦促其改变决定。
        “For China, this is the greatest free lunch program for capital they’ve ever known, because they’re able to penetrate the investment portfolios of scores of millions of Americans in basically one shot,” said Roger Robinson, the president of the consulting firm RWR Advisory Group, which has distributed research on the subject to lawmakers and members of the Trump administration.        “对中国而言,这是他们所知道的最大的资本免费午餐计划,因为他们基本上能一次性渗透到数以千万计的美国人的投资组合中,”咨询公司RWR咨询集团(RWR Advisory Group)总裁罗杰·罗宾逊(Roger Robinson)说,该公司已将这方面的研究成果分发给国会议员和特朗普政府官员。
        The push to forestall more investment in China is part of a broader effort by some officials in Washington to separate ties between the world’s two largest economies. It is also another indication that President Trump’s conflict with China will persist, even if the United States signs a limited trade deal with Beijing later this year.        阻止更多投资进入中国的努力,是华盛顿一些官员将世界上最大的两个经济体分离开来的总体行动的一部分。这也再次表明,即使美国今年晚些时候与北京签署有限的贸易协议,特朗普总统与中国的冲突也将持续下去。
        Some China critics are pressing Mr. Trump to go beyond the tariffs he has already imposed and erect larger barriers between the two countries, including restrictions on the flow of technology and investment.        一些中国批评人士正敦促特朗普在他已经征收的关税之外采取其他手段,并在两国之间设置更多的壁垒,包括对技术和投资流动的限制。
        In recent months, officials have been making more frequent calls to re-examine China’s presence in the stock portfolios of American investors. Administration officials, including members of the National Security Council, have begun pressing the Securities and Exchange Commission to increase scrutiny of Chinese firms, which have long skirted the auditing and disclosure requirements of American stock exchanges, putting investors at risk. Chinese law restricts the company documentation that auditors can transfer out of the country, limiting their visibility to American regulators.        近几个月来,官员们越来越频繁地呼吁重新审视中国在美国投资者股票投资组合中的地位。包括美国国家安全委员会(National Security Council)成员在内的政府官员已经开始向美国证券交易委员会(Securities and Exchange Commission)施压,要求加强对中国公司的审查。长期以来,中国公司一直避开美国证券交易所的审计和信息披露要求,令投资者面临风险。中国法律限制审计人员可以转移到国外的公司文件,限制了他们对美国监管机构的透明度。
        Policymakers are considering more stringent proposals. In June, a bipartisan group of senators introduced legislation that would delist foreign firms that do not comply with American financial regulators for a period of three years.        政策制定者正在考虑更严格的提案。6月,一个由两党参议员组成的小组提出了一项法案,要求将持续三年不遵守美国金融监管规定的外国公司摘牌。
        Another area of concern is the decision by companies that compile major stock indexes to include more firms that are listed on Chinese exchanges. While investors can’t put money directly into an index, they can invest in a fund that mirrors an index’s particular basket of securities.        另一个引发关切的方面是,编制主要股指的公司决定将更多在中国交易所上市的公司包括在内。虽然投资者不能直接把钱投入股指,但他们可以投资反映指数中特定的一揽子证券的基金。
        As global stock markets have steadily trended upward in recent years, more investors have turned to passive investing, in which a fund simply mirrors a major index, rather than active investing, in which fund managers try to pick certain stocks to outperform the market.        近年来,随着全球股市稳步走高,越来越多的投资者转向被动投资,即一个基金只是和一个主要指数形成对应,而不是主动投资,即基金经理试图挑选某些股票来跑赢大盘。
        And as China’s economy has continued to grow, index providers have increased the weighting of Chinese stocks. The move has been a win for Beijing, funneling money into the Chinese market and helping to enhance the international profile of its companies and its currency, the renminbi.        随着中国经济持续增长,指数提供商增加了中国股票的权重。此举对北京来说是一场胜利,可以将资金注入中国市场,并帮助提升中国企业及其货币人民币的国际形象。
        Like many retirement vehicles, the Thrift Savings Plan, which manages $600 billion of savings by millions of federal government employees, offers participants the option of investing in an index fund.        与许多退休基金一样,节俭储蓄计划为参与者提供了投资指数基金的选择,该计划管理着数百万联邦政府雇员的6000亿美元储蓄。
        The plan, which is similar to a 401(k), gives federal workers the option to invest in a fund with international exposure. If they do, their savings go to a fund featuring the same securities as a popular index developed by Morgan Stanley.        该计划与401(k)计划类似,允许联邦雇员投资具有国际敞口的基金。如果他们这么做,他们的存款就会流入一只所持有证券与摩根士丹利(Morgan Stanley)开发的热门指数相同的基金。
        Currently, the fund mirrors an index with stocks solely from developed countries, called the MSCI Europe, Australasia, Far East Index. But on the advice of an outside consultant, Aon Hewitt, the board decided to shift those investments to better diversify its portfolio and obtain a higher return. In mid-2020, the fund is to begin mirroring Morgan Stanley’s MSCI All Country World ex-U.S.A. Index, which includes shares of more than 2,000 companies from dozens of developed and emerging countries, including China.        目前,该基金参照了一个仅包含发达国家股票的指数,即MSCI欧洲大洋洲远东指数(MSCI Europe, Australasia, Far East index)。但在外部咨询公司怡安翰威特(Aon Hewitt)的建议下,董事会决定将这些投资转移到更多样化的投资组合中,以获得更高的回报。到2020年年中,该基金将开始参照摩根士丹利的MSCI除美国外所有国家指数(MSCI All Country World ex-U.S.A. Index),它包括了含中国在内的数十个发达国家和新兴国家的2000多家公司的股票。
        Mr. Trump’s advisers have joined Democrats and Republicans in Congress in expressing concerns about the planned change. They say it will funnel the savings of Americans into some companies that have murky financial records, or pursue activities that run counter to America’s national interest.        特朗普的顾问与国会两党议员一道,对这一计划中的改变表达了担忧。他们说,这将把美国人的储蓄注入一些财务记录不透明、或从事与美国国家利益背道而驰的活动的公司。
        Senators Marco Rubio, Republican of Florida, and Jeanne Shaheen, Democrat from New Hampshire, sent a letter last week to the body that manages the plan, the Federal Retirement Thrift Investment Board, urging it to reverse a decision that they said would invest retirement funds in companies “that assist in the Chinese government’s military activities, espionage, and human rights abuses, as well as many other Chinese companies that lack basic financial transparency.”        佛罗里达州共和党参议员马可·卢比奥(Marco Rubio)和来自新罕布什尔州的民主党参议员珍妮·沙欣(Jeanne Shaheen)上周致信管理该计划的机构联邦退休储蓄投资委员会(Federal Retirement Thrift Investment Board),敦促其扭转这一决定,称该决定将把退休基金投资到这样一些公司,它们“协助中国政府的军事活动、间谍、人权侵犯,而且同许多其他中国公司一样,缺乏基本财务透明度”。
        The letter, which was also signed by Kirsten Gillibrand, a Democratic senator from New York, as well as the Republican senators Mitt Romney of Utah, Josh Hawley of Missouri and Rick Scott of Florida, said, “It is our responsibility to these public servants to ensure that the investment of their retirement savings does not undermine the American interests for which they serve.”        签署该信件的还有纽约民主党参议陆天娜(Kirsten Gillibrand),以及几位共和党参议员,包括犹他州的米特·罗姆尼(Mitt Romney)、密苏里州的乔希·霍利(Josh Hawley)和佛罗里达州的里克·斯科特(Rick Scott),信中说:“这是我们对这些公务员的责任,要确保他们的退休储蓄的投资不会损害他们所服务的美国的利益。”
        A spokeswoman for Federal Retirement Thrift Investment Board said it was reviewing the letter and had invited the consultant, Aon Hewitt, to review its previous recommendations at a meeting on Monday.        美国联邦退休储蓄机构投资委员会的一位发言人说,该委员会正在审阅这封信,并已邀请咨询公司怡安翰威特(Aon Hewitt)在周一的会议上对之前的建议做出评论。
        One company in the new index that the senators have pointed to is Hikvision, a Chinese manufacturer of video surveillance products that the United States placed on a blacklist earlier this month. The Trump administration says the company has provided surveillance equipment that aided China in a campaign targeting a Muslim minority, including in constructing large internment camps in the autonomous region of Xinjiang.        参议员们特别提到了新指数中的一家中国公司,就是本月早些时候被美国列入了黑名单的视频监控产品厂家海康威视。特朗普政府表示,该公司提供的监控设备帮助中国针对穆斯林少数民族开展了一场运动,包括在新疆自治区建造大规模拘禁营。
        The MSCI All Country World ex U.S.A. Index also includes AviChina Industry & Technology Company Ltd., a subsidiary of China’s state-owned manufacturer of aircraft and airborne weapons, which manufactured planes and missiles that were the centerpiece of a military parade in Beijing earlier this month. Also included in the index is China Mobile, which is blocked from providing international services in the United States; ZTE, which the United States fined last year for violating sanctions on Iran and North Korea; and China Communications Construction Company, which is reportedly involved in island building in the South China Sea.        MSCI除美国外所有国家指数还包括中国国有飞机和机载武器制造商的子公司中航科工有限公司,其母公司生产的飞机和导弹是本月早些时候北京阅兵式的主角。该指数中还包括被禁止在美国提供国际服务的中国移动;去年因违反对伊朗和朝鲜的制裁而被美国罚款的中兴通讯;以及据报道参与南海岛屿建设的中国交通建设公司。
        The index also includes Russian companies that have been sanctioned over Russia’s intervention in Ukraine, cyberespionage and other issues. A December 2018 report by RWR Advisory Group found that five of the 11 Russian constituents of the index had been sanctioned by the Treasury Department, including the Russian gas companies Gazprom and Novatek.        该指数还包括因俄罗斯干预乌克兰、从事网络间谍活动和其他问题而受到制裁的俄罗斯公司。2018年12月,RWR咨询集团的一份报告发现,该指数的11家俄罗斯成分股中,有五家受到了美国财政部的制裁,其中包括俄罗斯天然气工业股份公司(Gazprom)和诺瓦塔克公司(Novatek)。
        Richard V. Spencer, secretary of the Navy, said in a Wall Street Journal op-ed article last week that the savings of members of the military should not be “unwittingly helping to underwrite the threats China and Russia pose to their lives.” Mr. Spencer said the board must reverse its decision “for the good of the country and those who serve it.”        海军部长理查德·V·斯宾塞(Richard V. Spencer)上周在《华尔街日报》(Wall Street Journal)的一篇专栏文章中表示,军人的积蓄不应“在不知不觉中助长中国和俄罗斯对他们的生命构成的威胁”。斯宾塞说,为了“国家和服务国家的人”,该董事会必须改变决定。
        Business leaders and Wall Street executives have started pushing back, saying efforts to restrict investment constitute government interference and could destabilize financial markets. When policymakers begin to pull the threads of financial connections between the United States and China, it’s not clear how much they will unwind, they say.        商界领袖和华尔街高管已经开始反击,说限制投资的努力构成了政府干预,可能会破坏金融市场的稳定。他们说,当政策制定者开始切断中美之间的金融联系时,尚不清楚这种切断能做到什么程度。
        “There are certainly reasons why the U.S. should be concerned about various things China is doing and the rivalry it presents,” said Patrick Chovanec, chief strategist at the investment advisory firm Silvercrest Asset Management. “But by the same token, they’re the second-biggest economy in the world. If you push them off a cliff, you better make sure you’re not handcuffed to them.”        “美国当然有理由对中国正在做的各种事情以及它所带来的竞争感到担忧,”投资咨询公司银冠资产管理(Silvercrest Asset Management)首席策略师程致宇(Patrick Chovanec)说。“但是同样,他们是世界第二大经济体。如果你把他们推下悬崖,你最好确保自己没有跟他们铐在一起。”
        Reversing the decision could cost federal employees who are saving for retirement. China is now home to more companies in the global Fortune 500 than the United States. And while China’s growth has slowed sharply in recent years, its economy is still expanding at about 6 percent annually, roughly three times as fast as the United States’.        推翻这一决定可能会让为退休而储蓄的联邦雇员付出代价。现在,位于中国的世界财富500强公司多于美国。尽管中国的经济增长近年来急剧放缓,但其经济仍以每年约6%的速度增长,大约是美国的三倍。
        Fast-growing economies tend to be favorable for stock investing, suggesting that investors could be giving up some gains if they’re blocked from the Chinese markets. In an analysis for the Thrift Retirement Board, Aon Hewitt found that $1 invested in the securities on the new index would have returned $3.28 after 23 years, while $1 invested in the securities of the original index would have returned $3.05.        快速增长的经济体往往有利于股票投资,这意味着如果投资者被挡在中国市场之外,他们可能要放弃一些收益。怡安翰威特在为美国储蓄机构退休委员会进行的一项分析中发现,1美元投资于新指数的证券,23年后的回报为3.28美元,而1美元投资于原指数的证券,回报为3.05美元。
        “At the end of the day, stock investing is about being exposed to growth,” said Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management. “That is where the growth is.”        “股票投资归根结底就是对增长的敞口,”摩根士丹利财富管理公司首席投资官丽莎·沙利特(Lisa Shalett)表示。“也就是存在增长的地方。”

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