中国成哈萨克斯坦FDI最大来源国

Strengthening political and commercial ties between Kazakhstan and China are finally materialising in the form of growing Chinese foreign direct investment, after Beijing-backed investors replaced traditional Russian and western partners as the central Asian country’s top source of FDI in 2015.

哈萨克斯坦与中国之间不断加强的政治和商业联系，最终转化为来自中国的外商直接投资(FDI)的增长——2015年，中国政府支持的投资者取代了传统的俄罗斯和西方合作伙伴，成为这个中亚国家FDI的最大来源。

Chinese companies announced 12 greenfield investment projects into Kazakhstan in 2015, for total capital investment of an estimated $1.2bn — more than the commitments by investors in any other country, according to figures from fDi Markets, an FT data service. Germany and the US came next with five announced projects each.

英国《金融时报》旗下数据服务机构fDi Markets的数据显示，2015年中国企业宣布了12个对哈萨克斯坦的“绿地投资”项目，总投资额据估计达到12亿美元，超过其他任何国家的投资者承诺的数额。德国和美国排名第二，它们分别宣布了5个“绿地投资”项目。

The Chinese investments follow a long string of commercial agreements signed at the government level within the framework of China’s “One Belt, One Road” initiative, which makes Kazakhstan a key transit corridor for Chinese goods en route to Europe and the Middle East.

在上述投资展开之前，中哈两国政府在“一带一路”项目框架下签署了一长串商业协议。中国的“一带一路”项目让哈萨克斯坦成为中国商品通往欧洲和中东的关键中转通道。

Karim Massimov, the Kazakh prime minister, brought home a package of deals worth a total $4bn in sectors including oil and gas, petrochemicals, uranium mining and telecommunications after his last visit to Beijing in December.

哈萨克斯坦总理卡里姆•马西莫夫（Karim Massimov，文首图左）去年12月访问北京后，带回了总价值40亿美元的协议，涉及石油和天然气、石油化工、铀矿开采和电信等多个行业。

A few months earlier, Astana gave its blessing to Chinese state oil firm Sinopec, closing a landmark $1.1bn acquisition of local assets owned by Russian oil company Lukoil, in a deal emblematic of the ongoing rebalancing of the Kazakh economy towards Beijing.

数月前，哈萨克斯坦政府批准中国国有石油公司——中国石化(Sinopec)收购俄罗斯卢克石油公司(Lukoil)在哈萨克斯坦持有的资产。这笔价值11亿美元的里程碑式交易，象征着哈萨克斯坦经济正在调整重心、转向中国。

New Asian partners such as China, but also India and even Iran, are replacing Kazakhstan’s traditional partners in the country’s FDI matrix, shoring up foreign investment into greenfield projects as a whole.

在哈萨克斯坦的FDI格局中，中国、还有印度乃至伊朗等新的亚洲合作伙伴正在取代其传统的合作伙伴，这些新的亚洲合作伙伴作为一个整体支撑了流入绿地项目的外国投资。

Cross-border FDI into greenfield projects was worth $5.44bn in 2015, capping a three-year recovery from the lows touched in 2012, fDi Markets data show. Investment in the oil & gas and commodity sectors retained the majority of total FDI inflows, with the government pushing to add value to its commodity-based industries.

fDi Markets的数据显示，流入绿地项目的跨境FDI在2015年达到54.4亿美元，是从2012年低点复苏以来的最高水平。鉴于哈萨克斯坦政府正努力提升该国大宗商品相关行业的价值，流入石油天然气和大宗商品领域的FDI投资依然占据多数比例。

Projects include a $1.2bn hot briquetted iron plant to be developed by China’s MCC Baosteel in partnership with Eurasian Resources Group, a Kazakh mining group in which the state holds a 40 per cent stake, designed to ease the shipping of local iron ore output.

相关投资项目包括中国中冶宝钢(MCC Baosteel)与欧亚资源集团(Eurasian Resources Group)合作创建的一座12亿美元的热压铁工厂，创建目的是方便当地铁矿石产出的运输。欧亚资源集团是哈萨克斯坦一家政府持有40%股份的矿业集团。

Kazakhstan’s new partners have not been able to fill the void left by Russian and western investors, many of which have been spooked by a weakening domestic and regional economic cycle.

哈萨克斯坦的新合作伙伴无法填补俄罗斯和西方投资者留下的空白——低迷的国内和地区经济周期吓跑了许多俄罗斯和西方投资者。

Beyond pure greenfield investment, figures for gross FDI, a broader measure that includes, among other things, mergers and acquisitions and reinvested earnings, shed more light on Kazakhstan’s weakening investment appeal.

除了纯粹的绿地投资以外，FDI总额数据进一步表明了哈萨克斯坦的投资吸引力日益下降。FDI总额数据是一个更宽泛的指标，包含了并购和再投资收益等内容。

Gross inflows of FDI fell to $14.8bn in 2015, from $23.7bn a year earlier, reaching their lowest level of the past 10 years, according to the central bank. FDI into oil & gas and mining alone fell 58 per cent year-on-year to $3.5bn.

哈萨克斯坦央行的数据显示，2015年，FDI流入总额从前一年的237亿美元下降至148亿美元，达到过去十年的最低水平。仅流入石油天然气和采矿行业的FDI就同比下降58%，至35亿美元。