China Shifts Toward More Foreign Spending
中国政府对用本国资金收购海外资产表现出更强的意愿。这种转变可能会加快中国收购自然资源资产的步伐，近几天中国已经和多家外国企业达成了一系列大型交易。中国一位高级官员周三表示，政府正在考虑利用其接近2万亿美元的外汇储备进行海外投资。此前有报导称，有官员提出利用外汇储备建立用于收购海外能源项目的专项基金。Bloomberg News重型机械正在往矿石运输船上装货周三，澳大利亚矿业公司Fortescue Metals Ltd.透露，公司与中国投资有限责任公司和矿业巨头Anglo American PLC进行了初步谈判。澳大利亚政府官员也表示，上周他们与中投公司董事长楼继伟进行了会谈，双方讨论了澳大利亚的投资环境。中投公司和Anglo American都拒绝对会谈置评。中投公司这家主权财富基金拥有2,000亿美元资产。在澳大利亚这样一个非常注重自然资源的国家，中国企业在该国收购活动的升温可能会加剧政治紧张气氛。澳大利亚政府官员已经在考虑是否要批准中国铝业公司提出的向矿业巨头力拓(Rio Tinto)投资195亿美元的交易，以及中国五矿集团斥资17亿美元收购澳大利亚一家小型矿业公司的交易。这两家澳大利亚企业都需要在大宗商品价格下滑之际获得资金来源。本月，中国企业已经果断地朝着自然资源收购领域迈进。这个趋势反映出中国的金融实力和企业在全球经济低迷之际对资金的需求。周二，中国与俄罗斯签订协议，将向俄罗斯能源企业提供250亿美元贷款，以换取更多的原油供应。中国国家外汇管理局副局长方上浦周三的讲话可能意味着，如果在如何利用中国外汇储备方面有了更牢固的共识的话，中国将用更多的资金支持海外并购。支持对外投资并非新想法，不过，在全球金融危机促使政府采取更积极行动支持国内企业的背景下，这个想法似乎吸引了更多的关注。方上浦强调说，中国的外汇储备并非存在政府钱柜里的钞票，而是央行手里用来支撑人民币的资产。这些储备来自中国的出口收入或兑换成人民币的外国投资。和大部分国家的官方资产一样，中国的外汇储备大多投资于美国国债等安全的政府债券。方上浦说，外汇储备可以用在对外贸易增加进口和对外投资上，也就是需要用外币支付的地方。中投公司有着更广泛的投资授权。中投公司与Fortescue的初步谈判是否表示向着自然资源的一个重大转变，这尚不清楚。Fortescue这家铁矿石生产商正在为扩张计划寻求融资。它表示，所有的谈判都只是初步的。这家公司过去表示对中国投资者持开放态度。Fortescue股票涨12.4%，至每股2.99澳元。据数据服务公司FactSet的数据，在上涨之前，这家总部位于佩思的公司市值为47.7亿美元。还有一家澳大利亚矿业公司表示与中国投资者进行了谈判，不过没有透露中国公司的名称。Windimurra Vanadium Ltd.的接管机构周三表示，有中国企业对这家公司及其在澳大利亚西部地区部分完成的2.40亿澳元（合1.529亿美元）钒矿感兴趣。Windimurra因无力筹集约8,000万澳元来完成持有90%股权的矿业运营，周三早些时候进入破产接管程序。中国公司对澳大利亚的关注正值澳决策者为难的时候。根据澳大利亚外商投资法的规定，中国铝业对力拓的投资提议和中国五矿集团收购OZ Minerals Ltd.的交易都需要澳大利亚国库部长的批准。此外，媒体对交易的广泛关注可能会给反对中国国有企业投资的议员们带来助力。墨尔本商学院教授科林(Paul Kerin)说，一些人可能会对出售澳大利亚自然资源的部分所有权感到担心。他说，在政治上会有些敏感。澳大利亚国库部长斯万(Wayne Swan)周三表示，上周他向中投公司董事长楼继伟再次保证，澳大利亚欢迎外国投资，只要它符合其规定，并通过国家利益测试。此前，斯万表示，澳大利亚政府将尤其密切关注国有公司的投资，以及目标公司的产品消费者所进行的投资。澳大利亚将希望看到投资决定是出于商业考虑。Bloomberg News中投公司董事长楼继伟中投公司周三表示，上周楼继伟在澳大利亚主权财富基金Future Fund董事长的邀请下访问了澳大利亚，利用这个机会与澳大利亚地方领导人举行了会谈，并走访了一些企业以探讨合作机会。知情人士说，相关澳大利亚企业的状况推进了中国铝业和中国五矿集团交易的进行。一位知情人士说，力拓希望在2月12日公布收益报告前筹集更多的资金。而OZ Minerals则需要在2月27日截至日期之前为5.60亿美元的债务进行再融资，否则就要面临破产的命运。中国交易人说，国家发改委通常在协调各部委，在为国有企业交易开绿灯的过程中扮演主角。不过他们说，中国企业常常对同一项资产感兴趣，它们必须让发改委和其他监管机构相信，它们的公司才是竞购这项资产的最佳人选。这常常导致国有企业彼此心生怨恨。Andrew Batson / Alex Wilson / Rick Carew相关阅读中铝公司总经理将离职 2009-02-18中铝投资力拓 铁矿石价格影响几何？ 2009-02-17中国政策性银行将为中铝注资力拓提供融资 2009-02-17中投与澳政府及企业就投资问题举行会谈 2009-02-19中铝投资力拓再现障碍 澳政府可能插手 2009-02-13中铝-力拓交易：商业利益抑或国家利益 2009-02-13中投公司仍对投资美国持开放态度 2009-01-14亏损累累 亚洲主权财富基金还将沉默？ 2009-01-09中投公司：放缓投资 现金为王 2009-01-06 本文涉及股票或公司document.write (truthmeter('2009年02月19日11:26', '601600.SH'));中国铝业股份有限公司（简称：中国铝业）英文名称：Aluminum Corp. of China Ltd.总部地点：中国大陆上市地点：上海证交所股票代码：601600document.write (truthmeter('2009年02月19日11:26', '2600.HK'));中国铝业股份有限公司英文名称：Aluminum Corp. of China Ltd.总部地点：中国大陆上市地点：香港交易所股票代码：2600document.write (truthmeter('2009年02月19日11:26', 'ACH'));中国铝业股份有限公司英文名称：Aluminum Corp. of China Ltd. (ADS)总部地点：中国大陆上市地点：纽约证交所股票代码：ACHdocument.write (truthmeter('2009年02月19日11:26', 'RTP'));力拓股份有限公司英文名称：Rio Tinto PLC (ADS)总部地点：英国上市地点：纽约证交所股票代码：RTPdocument.write (truthmeter('2009年02月19日11:26', 'RIO.AU'));Rio Tinto Ltd.总部地点：澳大利亚(Australia)上市地点：澳大利亚证券交易所股票代码：RIOdocument.write (truthmeter('2009年02月19日11:26', 'WVL.AU'));Windimurra Vanadium Ltd.总部地点：澳大利亚(Australia)上市地点：澳大利亚证券交易所股票代码：WVLdocument.write (truthmeter('2009年02月19日11:26', 'FMG.AU'));Fortescue Metals Group Ltd.总部地点：澳大利亚(Australia)上市地点：澳大利亚证券交易所股票代码：FMGdocument.write (truthmeter('2009年02月19日11:26', 'OZL.AU'));Oz Minerals Ltd.总部地点：澳大利亚(Australia)上市地点：澳大利亚证券交易所股票代码：OZLdocument.write (truthmeter('2009年02月19日11:26', 'RIO.LN'));力拓股份有限公司英文名称：Rio Tinto Plc总部地点：英国上市地点：伦敦股票代码：RIOdocument.write (truthmeter('2009年02月19日11:26', 'AAL.LN'));Anglo American Plc总部地点：英国上市地点：伦敦股票代码：AALdocument.write (truthmeter('2009年02月19日11:26', 'AAUK'));Anglo American PLC (ADS)总部地点：英国上市地点：NCM股票代码：AAUKdocument.write (truthmeter('2009年02月19日11:26', 'OZMLY'));OZ Minerals Ltd. (ADS)总部地点：澳大利亚(Australia)上市地点：美国场外交易粉单市场(Pink Sheet)股票代码：OZMLY
China's government is signaling greater willingness to use its wealth for acquisitions abroad, a shift that could accelerate a push into natural resources that has resulted in a string of major deals struck in recent days.A senior official said Wednesday that China is looking at ways to use its nearly $2 trillion of official foreign-exchange reserves to invest abroad. His comments followed reports that officials have proposed tapping the reserves to set up a fund for overseas energy acquisitions.Also Wednesday, Australian mining company Fortescue Metals Ltd. disclosed preliminary talks with China Investment Corp., the country's $200 billion sovereign-wealth fund, as well as separate early talks with mining giant Anglo American PLC. Australian policy makers also revealed they met CIC head Lou Jiwei last week and discussed the country's investment environment. Both CIC and Anglo American declined to comment on the talks.The heightened Chinese activity in Australia risks raising political tensions in a country with a sharp focus on its natural resources. Australia's policy makers are already considering whether to clear Aluminum Corp. of China's proposed $19.5 billion investment in mining giant Rio Tinto, as well as a deal by China Minmetals Corp. to buy a smaller Australian mine for $1.7 billion. Both need access to funds in a time of slumping prices.Chinese companies already have moved decisively into natural resources deals this month, a trend that reflects both the nation's financial strength and companies' need for cash during the global economic slump. On Tuesday, China struck a deal with Russia to lend $25 billion to Russian energy companies in exchange for larger supplies of crude oil.The comments Wednesday by Fang Shangpu, a deputy director of the State Administration of Foreign Exchange, could mean China will back the effort with more firepower, if a firmer consensus emerges on how to deploy China's reserves. The idea of using China's foreign-exchange reserves to support outward investment isn't new but seems to have gained traction as the global crisis spurs the government to take amore active role in supporting domestic companies.Mr. Fang emphasized that China's foreign-exchange reserves aren't cash in government vaults but assets of the central bank backing up local currency. The reserves have built up as China's central bank buys up money coming into the country in exchange for yuan. As with most countries' official holdings, China's reserves are largely invested in safe government bonds like U.S. Treasurys. They can be used, Mr. Fang said, to pay for imports or for foreign investment, which require foreign rather than domestic currency.China Investment Corp., the sovereign-wealth fund, has a wider investment mandate. It's unclear whether its early talks with Fortescue represent a more substantial shift toward natural resources. Fortescue, an iron-ore producer seeking funding for its growth plans, said all discussions were preliminary. The company in the past has signaled its openness to Chinese investors.Its shares jumped 12.4% to 2.99 Australian dollars. Before the jump, Perth-based Fortescue had a market capitalization of US$4.77 billion, according to data service FactSet.Still another Australian miner disclosed talks with Chinese investors, though it didn't provide a name. The receivers of Windimurra Vanadium Ltd. said Wednesday there has been Chinese interest in the company and its partly finished A$240 million (US$152.9 million) vanadium mine in Western Australia. Windimurra was placed into administration and receivership earlier Wednesday after it was unable to raise about A$80 million to complete its 90%-owned mining operation.The focus in Australia comes at a difficult time for policy makers. Both Chinalco's proposed investment in Rio Tinto and China Minmetals' deal to acquire OZ Minerals Ltd. require approval by Australia's treasurer under its foreign-investment laws, and a stream of headlines could give momentum to lawmakers who oppose investment by state-controlled Chinese companies. 'Some people may be concerned about selling off partial rights to Australian natural resources,' said Paul Kerin, professor at Melbourne Business School. 'There will be some political sensitivity.'Australia Treasurer Wayne Swan said Wednesday that he reassured Mr. Lou, of CIC, last week that Australia welcomes foreign investment 'as long as it fits our guidelines and meets our national-interest test.' He declined to disclose further details.Previously, Mr. Swan has said the Australian government will pay close attention to investments by state-owned entities and by companies that are consumers of the target's products, and will want to see that investment decisions are being driven by commercial considerations.CIC said Wednesday that Mr. Lou visited Australia last week at the invitation of the chairman of Australia's Future Fund, the country's sovereign-wealth fund, and used the opportunity to meet local leaders and visit enterprises to studypartnerships.People close to the Chinalco and Minmetals deals say the timelines of the deals were driven by the circumstances of the Australian companies involved. Rio Tinto hoped to raise additional capital before unveiling its results on Feb. 12, one person said. In the case of OZ Minerals, the company needed to refinance US$560 million of debt before a Feb. 27 deadline or face bankruptcy.China's National Development and Reform Commission typically takes the lead in coordinating the multiministerial process of giving a state company the green light to cut a deal, Chinese dealmakers say. But Chinese companies often are interested in the same asset and must convince the NDRC and other regulators that their company is the best to bid for the asset, these dealmakers say. That process often leads to rivalries among state firms.Andrew Batson / Alex Wilson / Rick Carew
China's government is signaling greater willingness to use its wealth for acquisitions abroad, a shift that could accelerate a push into natural resources that has resulted in a string of major deals struck in recent days.A senior official said Wednesday that China is looking at ways to use its nearly $2 trillion of official foreign-exchange reserves to invest abroad. His comments followed reports that officials have proposed tapping the reserves to set up a fund for overseas energy acquisitions.Also Wednesday, Australian mining company Fortescue Metals Ltd. disclosed preliminary talks with China Investment Corp., the country's $200 billion sovereign-wealth fund, as well as separate early talks with mining giant Anglo American PLC. Australian policy makers also revealed they met CIC head Lou Jiwei last week and discussed the country's investment environment. Both CIC and Anglo American declined to comment on the talks.The heightened Chinese activity in Australia risks raising political tensions in a country with a sharp focus on its natural resources. Australia's policy makers are already considering whether to clear Aluminum Corp. of China's proposed $19.5 billion investment in mining giant Rio Tinto, as well as a deal by China Minmetals Corp. to buy a smaller Australian mine for $1.7 billion. Both need access to funds in a time of slumping prices.Chinese companies already have moved decisively into natural resources deals this month, a trend that reflects both the nation's financial strength and companies' need for cash during the global economic slump. On Tuesday, China struck a deal with Russia to lend $25 billion to Russian energy companies in exchange for larger supplies of crude oil.The comments Wednesday by Fang Shangpu, a deputy director of the State Administration of Foreign Exchange, could mean China will back the effort with more firepower, if a firmer consensus emerges on how to deploy China's reserves. The idea of using China's foreign-exchange reserves to support outward investment isn't new but seems to have gained traction as the global crisis spurs the government to take amore active role in supporting domestic companies.Mr. Fang emphasized that China's foreign-exchange reserves aren't cash in government vaults but assets of the central bank backing up local currency. The reserves have built up as China's central bank buys up money coming into the country in exchange for yuan. As with most countries' official holdings, China's reserves are largely invested in safe government bonds like U.S. Treasurys. They can be used, Mr. Fang said, to pay for imports or for foreign investment, which require foreign rather than domestic currency.China Investment Corp., the sovereign-wealth fund, has a wider investment mandate. It's unclear whether its early talks with Fortescue represent a more substantial shift toward natural resources. Fortescue, an iron-ore producer seeking funding for its growth plans, said all discussions were preliminary. The company in the past has signaled its openness to Chinese investors.Its shares jumped 12.4% to 2.99 Australian dollars. Before the jump, Perth-based Fortescue had a market capitalization of US$4.77 billion, according to data service FactSet.Still another Australian miner disclosed talks with Chinese investors, though it didn't provide a name. The receivers of Windimurra Vanadium Ltd. said Wednesday there has been Chinese interest in the company and its partly finished A$240 million (US$152.9 million) vanadium mine in Western Australia. Windimurra was placed into administration and receivership earlier Wednesday after it was unable to raise about A$80 million to complete its 90%-owned mining operation.The focus in Australia comes at a difficult time for policy makers. Both Chinalco's proposed investment in Rio Tinto and China Minmetals' deal to acquire OZ Minerals Ltd. require approval by Australia's treasurer under its foreign-investment laws, and a stream of headlines could give momentum to lawmakers who oppose investment by state-controlled Chinese companies. 'Some people may be concerned about selling off partial rights to Australian natural resources,' said Paul Kerin, professor at Melbourne Business School. 'There will be some political sensitivity.'Australia Treasurer Wayne Swan said Wednesday that he reassured Mr. Lou, of CIC, last week that Australia welcomes foreign investment 'as long as it fits our guidelines and meets our national-interest test.' He declined to disclose further details.Previously, Mr. Swan has said the Australian government will pay close attention to investments by state-owned entities and by companies that are consumers of the target's products, and will want to see that investment decisions are being driven by commercial considerations.CIC said Wednesday that Mr. Lou visited Australia last week at the invitation of the chairman of Australia's Future Fund, the country's sovereign-wealth fund, and used the opportunity to meet local leaders and visit enterprises to studypartnerships.People close to the Chinalco and Minmetals deals say the timelines of the deals were driven by the circumstances of the Australian companies involved. Rio Tinto hoped to raise additional capital before unveiling its results on Feb. 12, one person said. In the case of OZ Minerals, the company needed to refinance US$560 million of debt before a Feb. 27 deadline or face bankruptcy.China's National Development and Reform Commission typically takes the lead in coordinating the multiministerial process of giving a state company the green light to cut a deal, Chinese dealmakers say. But Chinese companies often are interested in the same asset and must convince the NDRC and other regulators that their company is the best to bid for the asset, these dealmakers say. That process often leads to rivalries among state firms.Andrew Batson / Alex Wilson / Rick Carew