中国影子银行风险波及淡马锡投资

Temasek, Singapore’s state investment company, said the outlook for Europe’s economies was “mixed, with uneven structural reforms” as it reported slower growth in the value of its portfolio after taking a hit on investments in Chinese banks.

新加坡政府投资公司淡马锡(Temasek)表示，“不均衡的结构性改革”令欧洲经济前景“好坏不一”，由于其对中国银行股的投资受到打击，其投资组合价值增速放缓。

The value of Temasek’s portfolio rose 3.7 per cent to a record S$223bn (US$179bn), from S$215bn last year, when it achieved an 8.6 per cent rise in value.

淡马锡投资组合价值增长3.7%，至创纪录的2230亿新元(合1790亿美元)，去年为2150亿新元，增长8.6%。

However, Temasek’s portfolio suffered as so-called H shares in Chinese banks traded in Hong Kong have fallen amid concerns over credit quality in China and worries over the extent of the country’s shadow banking problems.

然而，淡马锡投资组合受损的原因是，由于投资者对中国信贷质量和中国影子银行问题的严重程度感到担忧，在香港交易的中国H股出现下跌。

Singapore and China remain Temasek’s two largest exposures by underlying assets, at 31 per cent

根据基础资产衡量，新加坡和中国仍是淡马锡风险敞口最高的地区，分别占31%和25%。淡马锡有一半的新投资位于亚洲，其中多数位于中国，例如淡马锡将其在工行(ICBC)的股份增持至8.9%，还购入了保险公司平安(Ping An)1%的股权。

and 25 per cent respectively. Half of its new investments were in Asia, of which most in turn were in China, such as an increase in its stake in the bank ICBC to 8.9 per cent, and the purchase of a 1 per cent stake in the insurer Ping An.

然而，中国中信证券(Citic Securities)前投资部门主管、去年担任淡马锡中国总裁的吴亦兵表示，淡马锡并不担心中国影子银行体系的风险。

However Wu Yibing, former head of the investment arm of China’s Citic Securities who became the Singapore group’s China head last year, said Temasek was not concerned about the risks posed by China’s shadow banking system.

他表示：“我们确实认为，他们拥有足够多的政策工具来管理这个问题。”

“We do think that they have ample ammunition in terms of policy tools to manage this,” he said. Temasek also has investments in Alibaba, the Chinese e-commerce company; Li & Fung, the logistics company; Kunlun Energy; and Shanghai Pharma. The investment in Alibaba is part of the 30 per cent of Temasek’s portfolio that is invested in unlisted assets, including Lloyd’s Bank of the UK.

淡马锡还持有中国电商企业阿里巴巴(Alibaba)、物流企业利丰(Li & Fung)、昆仑能源(Kunlun Energy)以及上海医药(Shanghai Pharma)的部分股权。淡马锡对未上市资产（包括英国的劳埃德银行(Lloyd’s Bank)）的投资占其投资组合的30%，淡马锡在阿里巴巴的投资就是其中的一部分。