欧盟应如何对待**投资？

********上月宣布，**将动用其外汇储备，支持并加速**企业的海外扩张和收购。这种走出去的战略将惠及欧洲，因此理应欢迎。**外汇储备估计已突破2万亿美元，位居全球之首。与所有海外投资一样，来自**的资本将带来就业、税收和相互的市场准入。更泛泛地说，采取欢迎的立场，从长远上讲（在一定程度上）能鼓励前来投资的企业采纳符合欧洲经济利益的企业治理及社会责任准则。 to say that foreign investment from china ** welcome, however, ** not to argue that **s should just sit back and enjoy the benefits. on occasion, it can be at odds with the national interests of the host country. to maintain oversight, therefore, a case-by-case review system should be in place. such a system would also help address unwarranted public anxiety about investment from countries whose political and economic systems differ from our own. th** would in turn facilitate the continued growth of investment from emerging economies such as china, which ** still small compared with the high level of bilateral trade already in place. 不过，欢迎来自**的外资，并不是说**只需袖手旁观，坐享其成。有时，这种投资可能会与所在国的**利益发生冲突。因此，为了保持监管，应建立一套具体问题具体分析的审查制度。这样的制度还将有助于平息公众毫无来由的焦虑情绪因为这些投资来自于**、经济体制都与我们不同的**。这进而会促进来自**等新兴经济体的投资持续增长与当前的双边贸易规模相比，来自这些经济体的投资规模依然很小。 what has already caused anxiety in some european countries, particularly germany and france, ** the fact that the leading chinese companies, banks and investment funds are state-controlled. because europeans regard china's autocratic political system as incompatible with their own democratic norms, the growth of chinese influence in european companies ** a highly sensitive **sue. 已经在某些欧洲**（尤其是德法两国）引起焦虑情绪的，是这样的一个事实：**最重要的企业、银行及投资基金均为国有。因为欧洲人认为，**的****体制与欧洲自身的**规范互不相容，**在欧洲企业里的影响力不断扩大，已成为一个具有高度敏感的问题。 the eu does not h**e an investment review system comparable to those of the us, australia or japan. the best-known review body ** the committee on foreign investment in the us (cfius), establ**hed in 1975 and strengthened by the foreign investment and national security act of 2007. cfius investigates transactions that involve foreign **s, national security threats or control of critical infrastructure. while the uk, france and germany h**e systems to review sensitive takeovers, none ** as developed as cfius. more importantly, it ** essential that the eu as a whole has one review system. europe can hardly afford to turn away foreign investors, including state-controlled entities. europe's need for chinese investment ** likely to increase, and without collective bargaining power on the european side china ** able to play one country off against another. 欧盟的投资审查制度与美国、澳大利亚或日本都不可同日而语。最著名的审查机构是美国的外国投资委员会(cfius)。该机构1975年成立，通过《2007年外商投资与**安全法案》(foreign investment and national security act)，其权力得到进一步增强。对于涉及外国**、**安全威胁或关键基础设施控制权的交易，cfius都会进行调查。尽管英国、法国和德国都有对敏感收购进行审查的制度，但都不如cfius那么成熟。更重要的是，欧洲作为一个整体，有必要建立一套统一的审查制度。欧洲承担不起冷落包括国有实体在内的外国投资者的后果。欧洲对**投资的需求可能会上升，而如果欧洲方面没有集体谈判力，那么**就能够挑拨欧洲**彼此对立。 the point of a european screening system ** not to block particular investments. once in place, the review system should not d**criminate between non-eu investors in terms of nationality or type of ownership. for the time being, chinese companies and funds do not seek controlling shares in european entities. when they start doing so, there are already ways for countries to prevent takeovers that pose a r**k to security. the greater benefit lies in reassuring foreign investors. a transparent european review body could take away fears that protection**m and incons**tencies play a part in prohibiting certain takeovers, increasing the inflow of foreign investment. 建立欧洲统一审查制度的目的，不是为了阻挠特定的投资。一旦建立，这套制度不应按照国籍或所有权类型，区别对待不同的非欧盟投资者。眼下，**企业和基金并未谋求欧洲企业的控股权。而一旦它们开始这样做，欧洲各国也已经有办法阻止对安全构成威胁的收购交易。建立上述制度，更大的好处在于能够让外国投资者安心。一个透明的欧洲统一审查机构，能够驱散外国投资者的担心即保护主义和不相容性会在一定程度上阻止某些收购交易由此增加外资的流入。 the biggest benefit of a review system ** that it would stimulate policymakers and experts to consider the implications of proposed investments from china and other emerging economies. problems to be addressed include identifying which entities are vital to european security, what level of chinese investment constitutes an undesirable influence, and what the benefits of foreign investment are in relation to national security interests. the main **sue ** not the chinese taking over european companies of great strategic importance; it ** how to respond to the longer-term accumulation of economic power in europe by a country such as china. 统一审查制度最大的好处在于，它将激励政策制定者和专家们思考来自**和其它新兴经济体的投资计划的含意。有待解决的问题包括：识别哪些企业对于欧洲安全至关重要、何种程度的**投资会造成不良影响、以及外资带来的好处与**安全利益有哪些关系。主要问题不在于**人收购具有重大战略重要性的欧洲公司；而是如何应对**等国在欧洲经济影响力的长期累积。 there ** a justifiable concern that today's commercially motivated investments by state-controlled entities may at some point be used by foreign **s to pursue political goals. the sooner politicians and policymakers start thinking through the implications of th**, the better. 有一种担忧是有道理的：即目前由国有企业进行、受商业利益驱动的投资，有朝一日可能会被外国**用于**诉求。政界人士和政策制定者应尽早开始思考个中含意，越早越好。 20210311