中國(guó)貿(mào)易戰(zhàn)新武器：打擊美企全球交易

Qualcomm, the American chip maker, spent two years hammering out a $44 billion deal to acquire a Dutch semiconductor manufacturer. Then, as the trade war with the United States erupted, Chinese regulators effectively killed it.

美國(guó)芯片制造商高通(Qualcomm)花了兩年時(shí)間敲定440億美元收購(gòu)一家荷蘭半導(dǎo)體制造商的交易。然后，隨著與美國(guó)貿(mào)易戰(zhàn)的爆發(fā)，該交易實(shí)際上已被中國(guó)的監(jiān)管機(jī)構(gòu)扼殺。

Now China is looking for new ways to retaliate in the intensifying trade drama — and experts warn that some corporate deals with American buyers could be in jeopardy.

眼下，中國(guó)在日益激烈的貿(mào)易戲碼中，正在尋找各種新的方式進(jìn)行報(bào)復(fù);專家警告，與美國(guó)買家有關(guān)的一些企業(yè)交易可能不妙。

A number of global deals involving American companies are under review by Chinese market regulators. Among the biggest is Walt Disney Company’s $71 billion acquisition of 21st Century Fox, which has an Oct. 19 deadline. United Technologies — owner of Pratt & Whitney, the jet engine maker, and other industrial businesses — is waiting to close a $30 billion purchase of Rockwell Collins, the aerospace parts maker.

中國(guó)市場(chǎng)監(jiān)管機(jī)構(gòu)正在審查一系列涉及美國(guó)公司的全球交易。其中最大的一筆是華特迪士尼公司(Walt Disney Company)710億美元收購(gòu)21世紀(jì)?？怂?21st Century Fox)一案，交易截止日期為10月19日。旗下?lián)碛酗w機(jī)引擎制造商普惠(Pratt & Whitney)等工業(yè)企業(yè)的聯(lián)合技術(shù)公司(United Technologies)，正等待以300億美元收購(gòu)航空零部件制造商羅克韋爾-柯林斯公司(Rockwell Collins)交易的達(dá)成。

China’s antitrust regulators disclose little about their deliberations. But some companies worry that this opacity could provide cover for retaliation in response to tariffs that the United States has placed on Chinese goods — and wonder if long-negotiated deals could become collateral damage in the trade war.

中國(guó)的反壟斷監(jiān)管機(jī)構(gòu)很少披露他們的審議情況。一些公司擔(dān)心，這種不透明可能為報(bào)復(fù)美國(guó)對(duì)中國(guó)商品征收關(guān)稅提供掩護(hù)，并且想知道長(zhǎng)期談判達(dá)成的協(xié)議是否會(huì)成為貿(mào)易戰(zhàn)的附帶損害。

“Given the level of trade tensions now, in some exceptional cases you cannot exclude the possibility that individual transactions may be implicated,” said Fay Zhou, a partner at the law firm Linklaters in Beijing.

北京年利達(dá)律師事務(wù)所(Linklaters)的合伙人周非(音)表示：“鑒于目前貿(mào)易戰(zhàn)的緊張程度，在某些特殊情況下，不能排除個(gè)別交易牽涉其中的可能性。”

Officials at China’s antimonopoly agency, the State Administration for Market Regulation, did not respond to requests for comment.

中國(guó)反壟斷機(jī)構(gòu)國(guó)家市場(chǎng)監(jiān)督管理總局的官員沒(méi)有回應(yīng)置評(píng)請(qǐng)求。

American companies have prospered by exploring new markets and taking risks to extend their global reach. But President Trump warned last week that these were early days in his trade strategy — “China wants to talk, very badly, and I said, ‘Frankly, it’s too early to talk” — and American companies may encounter some backlash from Beijing.

美國(guó)企業(yè)通過(guò)開(kāi)拓新市場(chǎng)、冒著風(fēng)險(xiǎn)把觸角伸向全球而獲得蓬勃發(fā)展。但特朗普總統(tǒng)上周警告，這是他貿(mào)易戰(zhàn)略的初期階段——“中國(guó)想談判，非常想，我說(shuō)，‘坦率地說(shuō)，現(xiàn)在談為時(shí)過(guò)早’”——而美國(guó)企業(yè)可能會(huì)面臨北京方面的激烈反應(yīng)。

China is looking for ways to retaliate because it has more or less run out of American imports to tax. China matched Mr. Trump’s initial tariffs on about $50 billion in Chinese goods, but last month he placed a 10 percent tax on $200 billion of Chinese goods. China doesn’t import enough from the United States to match that dollar for dollar.

中國(guó)正在尋找報(bào)復(fù)的方法，因?yàn)樗鼛缀跻呀?jīng)沒(méi)有美國(guó)進(jìn)口商品可以征稅了。一開(kāi)始，特朗普對(duì)大約500億美元的中國(guó)商品征收關(guān)稅，中國(guó)提出了金額相當(dāng)?shù)膱?bào)復(fù)措施;但上個(gè)月，他又對(duì)2000億美元的中國(guó)商品征收了10%的關(guān)稅。中國(guó)從美國(guó)進(jìn)口的商品不足以進(jìn)行對(duì)等報(bào)復(fù)。

So China has only so many avenues to inflict pain. They could include slow inspections for imports at Chinese ports and tighter regulatory scrutiny of American companies doing business in China.

因此，中國(guó)只能通過(guò)多途徑來(lái)制造痛苦。這些措施可能包括減慢進(jìn)口商品在中國(guó)港口的通關(guān)速度，以及對(duì)在華開(kāi)展業(yè)務(wù)的美國(guó)企業(yè)進(jìn)行更嚴(yán)格的監(jiān)管審查。

Deals are a ripe area, too.

并購(gòu)交易也是一個(gè)適宜的領(lǐng)域。

“This is a way for China to put pressure on American corporations to get them to work on the U.S. government,” said Chen Zhiwu, a professor of finance and the director of the Asia Global Institute at the University of Hong Kong.

香港大學(xué)亞洲環(huán)球研究所所長(zhǎng)、金融學(xué)教授陳志武表示：“這是中國(guó)向美國(guó)企業(yè)施壓，讓它們給美國(guó)政府做工作的一種方式。”

Blocking American deals comes with some cost. Aggressive regulators could spur foreign companies to retreat from China just when economic growth there is slowing.

阻止美國(guó)的交易需要付出一定的代價(jià)。在中國(guó)經(jīng)濟(jì)增長(zhǎng)放緩之際，激進(jìn)的監(jiān)管機(jī)構(gòu)可能會(huì)刺激外國(guó)企業(yè)撤離中國(guó)。

“China has valid reasons to be angry with the Trump administration’s protectionist tariffs,” said Fred Hu, the chairman of Primavera Capital Group and a former chairman of Goldman Sachs for China. But, he added, “it is unlikely to direct its anger at American businesses.”

“中國(guó)有理由對(duì)特朗普政府的保護(hù)主義關(guān)稅感到憤怒，”春華資本集團(tuán)(Primavera Capital Group)董事長(zhǎng)、高盛(Goldman Sachs)前大中華區(qū)主席胡祖六表示。不過(guò)，他又說(shuō)，“它不太可能把怒火直接撒在美國(guó)企業(yè)身上。”

“On the contrary, China is trying to cultivate ties with them,” Mr. Hu said.

“相反，中國(guó)正試圖與它們建立關(guān)系，”胡祖六說(shuō)。

Regulators in China have a wide scope for denying deals by American buyers, even if Chinese companies aren’t involved. Chinese officials can block a deal for any new venture that they deem would have too much market control in China. The country’s broadly defined antimonopoly law allows regulators to consider more than what an individual deal might cost consumers or a specific Chinese business.

即使中國(guó)公司沒(méi)有參與，中國(guó)的監(jiān)管機(jī)構(gòu)也可在很大程度上拒絕美國(guó)買家的交易。中國(guó)官員可以阻止任何他們認(rèn)為在中國(guó)擁有太多市場(chǎng)控制權(quán)的新企業(yè)的交易。中國(guó)定義寬泛的反壟斷法允許監(jiān)管機(jī)構(gòu)考慮更多因素，不僅限于個(gè)別交易可能會(huì)使消費(fèi)者或特定的中國(guó)企業(yè)付出什么代價(jià)。

“Authorities are obliged to consider not just the competition merits of a deal but also the impact of a deal on China’s national economy,” said Ms. Zhou, a former official at the Chinese Ministry of Commerce, which until recently was in charge of greenlighting deals.

“當(dāng)局不僅要考慮交易的競(jìng)爭(zhēng)價(jià)值，還要考慮交易對(duì)中國(guó)國(guó)民經(jīng)濟(jì)的影響，”中國(guó)商務(wù)部前官員周非說(shuō)，直到前不久，她還在負(fù)責(zé)批準(zhǔn)交易。

China’s approach has been reciprocated, to a point. American regulators have taken a tighter stance on international deals that they believe could benefit China or its companies. In August, Congress strengthened the ability of the government’s Committee on Foreign Investment in the United States to block foreign deals.

中國(guó)的做法已經(jīng)得到了回應(yīng)。美國(guó)監(jiān)管機(jī)構(gòu)對(duì)他們認(rèn)為可能使中國(guó)或其公司受益的國(guó)際交易采取更嚴(yán)厲的立場(chǎng)。8月，國(guó)會(huì)加強(qiáng)了政府的外國(guó)投資委員會(huì)在美國(guó)阻止外國(guó)交易的能力。

United Technologies said it was still on track with regulatory approvals needed for its Rockwell Collins deal. But when asked on a conference call in June whether the trade war could prevent the deal from going through, Akhil Johri, United Technology’s chief financial officer said: “That is something you always have to think about or worry about.”

聯(lián)合技術(shù)公司表示，與羅克韋爾-柯林斯的交易所需的監(jiān)管部門批準(zhǔn)仍在進(jìn)行中。但在6月份的一次電話會(huì)議上，當(dāng)被問(wèn)及貿(mào)易戰(zhàn)是否會(huì)阻止該交易通過(guò)時(shí)，聯(lián)合科技的首席財(cái)務(wù)官阿希爾·約里(Akhil Johri)表示：“你總是要考慮或擔(dān)心這種事。”

Last Monday, United Technologies received a green light from regulators in the United States. “The process for closing on Rockwell Collins is moving forward with the recent U.S. Department of Justice approval being the latest milestone,” said Michele Quintaglie, a spokeswoman for United Technologies. China’s approval is the last step.

上周一，聯(lián)合技術(shù)公司獲得了美國(guó)監(jiān)管機(jī)構(gòu)的批準(zhǔn)。聯(lián)合技術(shù)公司發(fā)言人米切爾·昆塔格利(Michele Quintaglie)說(shuō)：“羅克韋爾-柯林斯交易的最后過(guò)程正在向前推進(jìn)，最近美國(guó)司法部的批準(zhǔn)是最新的里程碑。”而中國(guó)的批準(zhǔn)是最后一步。

Fox and Disney executives have said in private discussions that they expect their deal to be cleared without any problems. In a regulatory filing from June, Disney listed Chinese approval as a potential hurdle that the deal would have to overcome.

?？怂购偷鲜磕岣吖茉谒较掠懻撝斜硎荆麄兿Ｍ麄兊慕灰啄軌蚝翢o(wú)問(wèn)題地得到解決。在6月份的一份監(jiān)管文件中，迪士尼將中國(guó)的批準(zhǔn)列為該交易必須克服的潛在障礙。

Some large deals have cleared Chinese regulators despite the tensions. Earlier this year, China’s regulators approved Microchip Technology’s acquisition of Microsemi and Bain Capital’s acquisition of Toshiba’s microchip unit.

盡管局勢(shì)緊張，一些大型交易已經(jīng)掃清了中國(guó)監(jiān)管機(jī)構(gòu)的障礙，今年早些時(shí)候，中國(guó)的監(jiān)管機(jī)構(gòu)批準(zhǔn)了微晶片科技公司(Microchip Technology)收購(gòu)美高森美(Microsemi)，以及貝恩投資(Bain Capital)收購(gòu)東芝(Toshiba)的微芯片部門。

The Disney-Fox and United Technologies-Rockwell Collins deals may be less likely to attract scrutiny because they aren’t as central to Chinese business as Qualcomm. The chip maker supplied essential parts for the country’s big smartphone manufacturers.

迪士尼與?？怂?，以及聯(lián)合技術(shù)公司與羅克韋爾-柯林斯公司的交易或許不太可能引起審查，因?yàn)樗鼈儾幌窀咄ü灸菢?，?duì)中國(guó)企業(yè)至關(guān)重要。這家芯片制造商為該國(guó)的大型智能手機(jī)制造商提供重要部件。

Even before the trade war, China applied more scrutiny to foreign companies. Mergers of foreign companies in China are six times more likely to be reviewed by the authorities there than deals between two Chinese companies, according to data compiled by the Rhodium Group. Chinese regulators have unfairly focused on foreign companies, including General Motors and Microsoft in recent years, instead of domestic companies, according to Liu Xu, a researcher at the Intellectual Property and Competition Law Research Center at Tongji University in Shanghai, who has studied the cases.

甚至在貿(mào)易戰(zhàn)之前，中國(guó)就對(duì)外國(guó)公司進(jìn)行了更多的審查。根據(jù)榮鼎集團(tuán)(Rhodium Group)匯編的數(shù)據(jù)，中國(guó)當(dāng)局審查外國(guó)公司在華并購(gòu)交易的可能性，是兩家中國(guó)公司之間交易的六倍。據(jù)研究相關(guān)案例的上海同濟(jì)大學(xué)知識(shí)產(chǎn)權(quán)與競(jìng)爭(zhēng)法研究中心研究員劉旭稱，中國(guó)監(jiān)管機(jī)構(gòu)近年來(lái)過(guò)多地關(guān)注外國(guó)公司，包括通用汽車和微軟，而不是國(guó)內(nèi)公司。

It is unclear whether the Chinese authorities will scrutinize the Disney-Fox deal in particular, but experts said a deep review would be consistent with traditionally tight regulatory controls over foreign content and information.

目前尚不清楚中國(guó)當(dāng)局是否會(huì)特別審查迪士尼與?？怂沟慕灰?，但專家表示，深入審查符合對(duì)外國(guó)內(nèi)容和信息的嚴(yán)格監(jiān)管控制的傳統(tǒng)。

“The party has been more interested in containing American influence in the cultural space and entertainment space,” Mr. Chen, of the Asia Global Institute, said. “Blocking such a deal would serve to keep the American influence away and also make a point to America.”

“黨對(duì)于遏制美國(guó)在文化空間和娛樂(lè)領(lǐng)域的影響力更感興趣，” 亞洲環(huán)球研究所的陳志武表示。“阻止這樣的協(xié)議將有助于遠(yuǎn)離美國(guó)的影響，同時(shí)也能向美國(guó)表明立場(chǎng)。”