Opportunity china issue 1

Issue 1 June 2014 ISSN 2055-5806

Simple EconomicsTrade defining UK-China relationship

Reaching OutThe coming surge in Chinese

mergers and acquisitions

TradeEconomicsEnergyMediaBusiness

OPPORTUNITYCHINA

opportunity-china.co.uk June 2014 3

Welcome

It is a pleasure to welcome you to the first edition of Opportunity China, published to mark the visit of Chinese Premier Li Keqiang to London.

Opportunity China focusses on the bilateral business opportunities growing between China and Europe, informing and entertaining everyone interested in this burgeoning market.

Every day, trade between China and Europe amounts to well over 1 billion. Take a moment to think about that. It’s a staggering figure, especially when you consider

that it has grown from virtually nothing twenty years ago.The EU is now China’s biggest export market, but the vast majority of that trade is in

industrial and consumer goods. However the trade in services between the two is just a fraction of the total, and both sides of the partnership know this balance will change rapidly in the coming years.

Europe knows that the large trade deficit with China will be reduced not by importing less, but by exporting more; much of that increase in exports will come in services.

It was clear at the recent China International Fair for Trade in Services (CIFTIS) in Beijing that this imbalance is already beginning to change. A wide range of possibilities is opening up for European companies wishing to trade with the country that will soon take over as the largest economy in the world.

As you will read in ‘Breaking New Ground’ there is a desire on both sides to strengthen the ties between the EU and China. We look forward to reporting on the future of these developments, starting with the appointment this month, of the world’s first yuan clearing bank, in London.

Opportunity China will also showcase the fascinating and varied culture of China, because understanding China, and building friendships, will be every bit as important to those who want to build trading partnerships as having a compelling proposition.

We welcome Mr Li and his delegation to London and look forward to reporting on the outcome of his visit in our next issue.

Phil WalderEditor, Opportunity China

Opportunity China ISSN 2055-5806

Opportunity China is published in London by Publishing China Ltd 121A Cleveland Street, London W1T 6PL

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Contents

Contributors: Jing Wei, Stuart Wiggins, Bejan Siavoshy, Phil Walder, Jessica Dowse, Ying He

欢迎致辞届李克强总理访问伦敦之际，我们很荣幸地欢迎您阅读首期《机遇中国》。《机遇中国》关注中欧双边贸易，资讯、娱乐，服务所有关注这一新兴市场的广大读者。中欧贸易额每日超十亿欧元。让我们好好想一想。二十年前中欧贸易几乎为零，可见现在的数字也只不过是个小小的开端而已。欧盟是中国最大的出口地，但集中在工业产品和消费品市场，服务类贸易占比微乎其微。改变即将到来。欧洲国家很清楚，减少贸易逆差不能靠减少进口，而是要加大出口力度，主要是服务出口。从最近的中国（北京）国际服务贸易交易会中可以明显的感受到这种不平衡很快就会改变。中国即将成为世界最大的经济体，她正向欧洲大陆敞开合作的大门。在本期《机遇中国》中 “开辟中欧关系新天地”这篇文章讲述了中欧对加强双边合作都有强烈愿望。我们将从本月伦敦设立一个人民币清算银行开始持续关注未来的发展。同时《机遇中国》也将展示丰富多彩的中国文化，因为了解中国，建立友谊，对于合作关系至关重要。最后，我们诚挚地欢迎李克强总理及其代表团访英，敬请关注我们下期的报道文章。菲尔·沃尔德总编机遇中国

4 Size MattersA look at the facts behind China’s rise to become the world’s largest trading nation

8 A Simple Economic CalculationHow important is China to the growing economic recovery in the UK?

12 Breaking New GroundHow is the political relationship between China

and the EU affecting a relationship originally founded upon trade?

16 Reaching OutMergers and acquisitions activity involving Chinese companies, will mark the biggest development in the market this century.

20 The Energy Long GameWhat are the implications of the Free Trade Agreement between Iceland and China?

24 Exchange of ViewsUK Business Secretary Vince Cable recently

called for more students to go to China. We hear about one adventurous experience.

28 China’s British RevolutionStuart Wiggin gives his perspective on China’s attitude to British TV.

32 The Other Anniversary50 years ago the first major western country to

set up diplomatic ties with China, was France.

34 Doing Business

4 opportunity-china.co.ukJune 2014

FEATURE

CHINA OVERTOOK THE US AS THE WORLD’S BIGGEST TRADING NATION LAST YEAR. A SPOKESMAN FOR CHINA’S CUSTOMS ADMINISTRATION ANNOUNCED AT THE START OF THIS YEAR THAT THE COUNTRY’S IMPORTS AND EXPORTS FIGURES TOTALLED A STAGGERING 4.16 TRILLION USD FOR THE YEAR 2013, UP 7.6 PERCENT YEAR ON YEAR. THIS GROWTH RATE, WHILST ASTOUNDING, STILL MISSED THE MARK IN RELATION TO THE GOVERNMENT’S FULL-YEAR TARGET OF 8 PERCENT. NONETHELESS, THE FIGURES STAND AS ANOTHER TESTAMENT TO CHINA’S UNBELIEVABLE GROWTH; BUT DO THEY TELL US THE WHOLE STORY?

SIZE matters by Stuart Wiggin


去年，中国取代美国成为世界第一贸易大国。年初，中国海关一位发言人宣布，2013年中国的进出口总额高达4.16万亿美元，比上一年增长百分之七点六。这一增长率很惊人，但仍然没有达到政府制定的全年增长百分之八的目标。尽管如此，我们还是能从这一数字看到中国的极速发展。但是，这些数字真的就能代表一切吗？

世界第一贸易大国究竟代表着强大的经济实力，或者仅仅是一个没有太多实际意义的头衔？学者们众说纷纭。在中国进出口银行国家风险首席分析师赵昌辉看来，这一排名有着重要意义。他表示：“这一数字非常现实。我们之所以说中国是世界第一贸易大国，是因为在过去的十年中，中国与拉美很多发展中国家、非洲大陆所有国家和大多数亚洲国家都进行了积极的贸易往来。”

赵昌辉指出，与欧盟和美国经济增长放缓不同，“无论是产能还是产量，中国都是最大的贸易国，也是世界最大的市场，有能力和世界绝大多数国家进行贸易往来。”但是人们还是心存质疑，这一数字的计算方法是否可靠，现实情况是否如赵昌辉所说一片大好？很多人质疑中国工业大量使用虚假发票能否计算出可靠的统计数据。

虽然上述质疑有一定依据，但一些评论家指出，关于虚假发票的讨论实际上只是对中国地位提升更广泛质疑的一部分。悉尼大学中国研究中心主任凯利·布朗(Kerry Brown)在接受中国国际广播电台采访时表示，“（对虚假发票的质疑，）实际上是在提醒我们重新思索，这些原始数据到底能告诉我们什么。国内生产总值只是一些原始数据，我们需要从中得出结论，这才是最重要的。这些最新统计数据再次证明，中国已经深度融入全球经济。但是我认为，我们得出的结论比我们之前认为的要复杂得多，我们必须习惯这一点，那就是，中国对全球经济的影响比以往任何时候都要大。”

凯利·布朗把他的观点，“中国影响着世界，世界也在影响着中国。”虽然对数据的真实性存在质疑，但是凯利·布朗也认为“这些数据还是能够说明中国是一个巨大的制造商，只是还不是创新产品创造商，因此其产品不足以统治外国市场。同时，中国还积蓄了大量的外汇。”

这些悲观的解释意味着，虽然中国有了世界第一贸易大国的头衔，但似乎也不像原来想的那样值得大庆特庆。尤其是从出口质量上看，情况更加不容乐观。对外经济贸易大学经贸学院副教授刘宝成说，“中国一半以上的出口都来自中国的外资企业。他们给中国带来了巨大的就业机会，尤其是外来务工人员，但是对中国经济的实力、制造业产能的提高以及出口创汇能力的提升帮助不大。”

也就是说，一方面，中国已成为世界第一贸易大国；另一方面，中国政府也在致力于提高创新能力，希望提高产品的附加值。如果中国只盯着4.16万亿美元这个数字沾沾自喜的话，那么就存在潜在的危险--过分依靠以前的经济模式来保持增长。刘宝成副教授认为，“如果我们继续现在的这种代工模式，那么所产生的附加价值就会很低，”而大豆和谷物的进口增加则会影响中国的粮食安全。

当然，如赵昌辉所说，中国的最新贸易总额还是有一定份量的。在产能上作为世界第一贸易大国，中国在谈判时有了更多的筹码。由于人多市场大，中国的地位令很多国家觉得他们的安适区在缩水，尤其是中国巨大的原材料需求。

凯利·布朗简明扼要地概括道：“中国自给自足的经济模式早已一去不复返了。它对资源的需求越来越大，很多资源都需要进口来满足国内需要，能源、食品都是如此。这就需要我们共同制订一个新框架，来规范谁能从何处获得何种资源，以及竞争规则。否则，大家都会试图通过政治联系获得竞争优势。如何处理这一问题，将是我们在新时代所面临的一个新的巨大挑战。”

中国是带着世界第一贸易大国的头衔来迎接这一挑战的。不管这个头衔真的具有实际意义还是仅仅具有象征意义，它都会影响日后的谈判格局，也很有可能改变中国对国际秩序的影响力。

世界第一贸易大国实至名归还是徒有虚名？

Some academics have debated whether the title of the world’s largest trading nation is significant news or simply a symbolic sound bite. According to Zhao Changhui, senior analyst at the Export-Import Bank of China, the news is not symbolic at all. “Actually

it’s very realistic. We see China as the largest trading nation because the country has actually traded very progressively and actively for the last decade with many developing nations in Latin America, all countries across continental Africa and most countries in Asia.”

Unlike the EU and the US, which have experienced economic slowdowns, Zhao points out that, “As the number one trading nation in terms of capacity and volume, China created the largest market, if you like, and also has the leverage to actually trade with most of the nations in the world.” But there remain doubts regarding the reliability of Chinese data and thus whether the figures can accurately present the reality that Zhao Changhui insists upon. Many point towards a lack of statistical accuracy due to the widespread use of fake invoices within Chinese industry.

Whilst such doubts are valid, some commentators see talk of fake invoices as part of a wider set of doubts related to China’s emerging position. Kerry Brown, Professor of Chinese Politics and Executive Director of the China Studies Center at the University of Sydney, is one such individual. “[Talk of fake invoices] is a sign of doubt about what do these raw figures really tell us.” Adding, “GDP figures, raw bits of data, we have to make a story from them; that’s the most important thing. This latest group of statistics reaffirms the story that China is now deeply integrated into the global economy. But there’s now a much >

“As the number one trading nation in terms of capacity

and volume, China created the largest

market, and also has the leverage to trade

with most of the nations in the world.



more complicated story that we have to get used to and that is that China owes and is owed more than it ever was before.”

Brown identifies what he refers to as a “narrative of integration” whereby “China is influencing as it is being influenced.” Alongside doubts of statistical accuracy therefore, Brown informed CRI that, “The data shows us that China is still an enormous manufacturer and yet it also tells us that China is not the creator of innovative products that really conquer foreign markets. At the same time, the Chinese government is accruing vast amounts of capital in foreign reserves.”

This rather pessimistic interpretation of the trade data means that there may not be as much to celebrate, in respect to China’s number one status, as was originally thought. Such pessimism is heightened when one assesses the quality of China’s exports. Liu Baocheng, Associate Professor at the Business School of the University of International Business and Economics, notes, “Over 50 percent of Chinese exports are really generated by Foreign Invested Enterprises in China. These are contributing to job opportunities in China, particularly to those migrant workers, but they do not really contribute substantially to the strength of the Chinese economy and manufacturing capacity, and of course export earning power.”

So, on the one hand China has become the number one trading nation in the world, but at the same time, the Chinese government is hoping to increase innovation within the country and ultimately move up the value chain. There is a danger, hidden when one looks purely at the 4.16 trillion dollar total, that China is relying too heavily upon its preexisting models to spur growth. As Professor Liu states, “Added

value is very much in question if we continue to put our resources substantially in the OEM model,” and the growing amount of imports of soy beans and grain have a direct impact on the country’s food security.

Nonetheless, China’s newest accolade still holds a certain amount of weight and as Zhao Changhui of the Export-Import Bank of China correctly points out, being the number one trading nation in terms of capacity helps China gain more leverage in negotiating power. With increased leverage and a new status thanks to its economic size, it is likely that other countries may feel as if their existing comfort zones are being infringed upon, especially as China attempts to continue to meet its enormous need for raw materials.

As Professor Brown succinctly summed up, “The idea of [China] being self-sufficient has long, long gone; it’s going to continue to be a very big resource user and will need to get a lot of resources, not only energy but also food resources from outside its borders. This is going to need a big new framework for all of us to work out, who can go where to get what, what sort of ways can we compete. And the difference between that and then trying to leverage our political links with places to get advantage; this is a huge new challenge for this period that we’re moving into.”

China approaches this challenge from the position of number one in regards to trade. Whether that title is significant or merely symbolic, it does have an impact upon the terms of future negotiations and most likely China’s ability to help shape the international order.


TRADE

ECONOMIC AND TRADE TIES BETWEEN GREAT BRITAIN AND CHINA ARE INCREASINGLY DEFINING THE TERMS OF THE RELATIONSHIP BETWEEN THE TWO STATES.

A Simple Economic Calculation


“China sits upon this massive source of growth, which is rising domestic consumption, which is probably the greatest economic asset the world has at the moment and everyone is thinking of ways of getting access to that and

being part of that story,” says Kerry Brown, professor of Chinese Politics and Executive Director of the China Studies Center at the University of Sydney.

For countries who have seen their stock decline following the financial crisis that plagued both developing and developed nations from 2008 onwards, China provides many countries with an avenue for growth either via exports or investment within Chinese industry. Meanwhile, Chinese investment itself is still a huge boon for countries struggling to ignite their own local industries and keep unemployment down.

For British investors, the Chinese market is easily one of the most lucrative in the world. Already, many Chinese companies have made significant progress in expanding their investments in the UK, having extended from traditional sectors to high-end manufacturing and infrastructure.

Underscoring the growing importance of China for Britain’s future, British Prime Minister David Cameron’s visited the country in December, 2013. The visit was directly geared towards fostering closer economic ties between the two nations. Cameron himself noted that his visit was aimed at opening the way for UK companies to benefit from China’s vast and varied market.

Shaun Breslin, who is an Associate Fellow of the Chatham House Asia Programme, and director of the Center for the Study of Globalization and Regionalization at the University of Warwick,laid out why China is so important to Great Britain in the future, especially in the context of Britain’s economic recovery.

Finance is the name of the GameThe City of London aims to become a major offshore trading

hub for China’s currency, the Renminbi. Britain also stands to benefit from the possible opening up of China’s financial system and non-banking sector. >

经贸往来对中英两国关系的走向正起着日益明显地的决定性作用。悉尼大学中国政治学教授兼中国研究中心主任克里·布朗认为：“中国的内需在不断增长，为经济发展提供了极其庞大的来源。对于世界各国来说，这也可能是最有分量的经济财富，因此大家都想方设法参与进来并受益。”

2008年经济危机之后，发达国家和发展中国家的经济都受到了打击，股市下滑。但通过向中国出口或者投资，这些国家还可获得增长。同时来自中国的投资本身也是巨大的利好，可以帮助这些国家重启本国的产业，把失业率控制在较低的水平。对英国投资者来说，中国应当是回报率最高的市场之一。同时，中国企业也大幅扩大了在英国的投资，不仅是在传统产业，还包括了高端的制造业和基础设施建设。

英国首相卡梅伦2013年12月对中国的访问凸显了中国市场对英国的重要性。这次访问的直接目的就是为了促进两国的经济关系。卡梅伦首相自己也说，他的来访就是为了给英国企业开道，让它们得以从庞大和多元的中国市场获益。这可以算是非常谦卑的来访了吧，中国媒体的报道大多也是这样描述的，虽然有些不客气。沙恩·布思林是查塔姆研究所亚洲项目的副研究员，同时他还是英国沃里克大学全球化和地区化研究中心主任。在接受中国国际广播电台采访时，布思林教授指出了中国对英国经济复苏和进一步增长的重要性。

问题的本质是：金融伦敦金融城打算成为一个重要的人民币离岸交易中心。中国对金融系统和非银行金融机构的开放必将使英国受益。“高科技公司迫切要打入中国市场，打算同中国的创新产业合作。但金融领域显然是分量更重的。伦敦是世界知名的金融中心。在英国有很多的金融专业人才以及金融公司。但到目前为止，进入到中国的金融市场还是极其困难的。有些公司来中国有很多年头了，但还是没有取得多大进展。因此英国方面都寄希望于十八届三中全会以后，中国的金融市场能更开放一些，使得外国公司也可以参与到中国非银行金融机构领域的蓬勃发展中。因为大家都知道，银行业对于中国的金融体系起着决定性的作用。”

简单的经济学计算中国拟投资建设英国一座核电站和英国的高速铁路网，中资对英国经济复苏的重要性可见一斑。

“很简单，中国是少数几个有足够的钱来投资这些项目的地方之一。整个欧洲都在执行紧缩政策，这意味着全球资本体系里的一些老牌的经济体没有钱来投资，而中国和其它新兴的经济体可以。这是很简单的经济学计算。但对英国来说，有一点很有趣：相对于来自美国，甚至澳大利亚等国家的投资，从政治敏感度上来考虑，英国国内对于来自中国的投资的反应要更弱一些。伦敦倒是曾经欢迎过来自夏威夷的投资。因此，对于中国的投资者，英国国内在政治上不会那么敏感，他们在这里的投资和合作要更有利一些。”

来自中国的投资在这里受欢迎吗？虽然所占比例还是比较小。“我想是的。当路虎被卖给了中国的公司，本地的工厂关闭了，有人担心这是一种资产剥离……在当地（西米德兰兹郡）人们有些担心。但总体上，我认为大家都很实际，对于各种外国投资都很开放，只要这些投资能产生就业，并带来新的经济增长模式。我觉得这是很实际的吸引投资的方式，能够促进发展和经济增长。”

在同行中遥遥领先伦敦正在成为人民币交易和国际化的重要离岸市场。为什么英国会对中国的货币这么感兴趣？“我想是为了维持住英国作为金融中心的地位吧？毕竟法兰克福在欧洲同我们竞争，同时还在亚洲和其它地方发展。伦敦金融城几乎相当于独立于英国之外的一个金融实体。如果伦敦金融城能够成为可信赖的进行人民币国际化的场所，那么对于整个英国来说都很有利，不仅是在同中国的关系方面，同时英国还可以起到中欧以及中美之间的桥梁的作用。我认为人民币国际化的进程会比大家的预期要慢一些，因为这一过程对于中国的贸易政策和金融政策都有很大的影响，甚至对中国的通货膨胀都有影响。因此中国必须谨慎对待。目前中国正在以渐进的方式处理人民币国际化的问题，并且我认为中国还会继续这样处理。因此我不认为在人民币国际化的道路上会有什么大起大落，相反这个过程会是缓慢的、渐进的。而且我认为伦敦金融城在这个过程中会起到很重要的作用。”

简单的经济学计算

The City of London aims to become a major offshore trading hub for

China’s currency, the Renminbi.

“

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“High tech companies are very keen on seeing whether they can break into the Chinese market, they think about the possibility of working together with Chinese innovation. But one of the big sectors is the financial sector, of course the City of London is known throughout the world for being a financial centre. There’s a lot of financial expertise in the UK and a lot of financial companies. To date, penetrating the Chinese financial system has been really difficult. Some companies have been in for quite a long time and still have not made much headway. So, there is great hope in the UK, particularly after the changes that seem to be in place after the Third Plenum, that the financial system might open up a little bit more, making it easier for foreign companies to participate in the financial boom that people expect to take place in the non-banking sector in China. Because as people know, the banking sector’s been so dominant in the Chinese financial system.”

A Simple Economic CalculationDeals signed to build the UK’s first nuclear plant in a

generation and Chinese plans to invest in the UK’s high speed rail network highlight the importance of Chinese investment for Great Britain’s recovery.

“Quite simply, China is one of the few places that has the money necessary, to invest in these projects at the moment. Austerity programmes, not just in the UK but across Europe, mean that the old centres of the global capitalist system don’t have the money to invest. It’s the new centres of economic growth, like China and the other emerging economies that do. It’s a quite simple economic calculation. But I think what is interesting about the British case is there seems to be much less political sensitivity to investment from China than there is for example in the United States or even in Australia. Huawei has been welcomed into investment in the UK by London. So, there’s less political sensitivity in the UK I think, that makes the partnership going forward perhaps more profitable than Chinese investment in other countries might be.”

Chinese investment is still small, but is it welcome?

“I think they are. There was some concern when Rover was sold off and the factory closed down and that this was a form of asset stripping… There was some concern in the local economy (in the West Midlands) about that. But in general, I think people are just being very pragmatic, very open to any forms of foreign investment that might generate jobs and lead to new patterns of growth. I think it’s just a more pragmatic approach to seeking investment to fund development and fund growth.”

Staying Ahead of the PackLondon is becoming a major off-shore market for the trading and

internationalization of the Yuan. So, why is UK showing such interest in the Chinese currency?

“I think it’s an attempt to locate the UK as the financial center as others compete, Frankfurt in Europe for example,

but also developing in Asia and elsewhere. The City of London is almost like a separate financial entity from the UK. If the City of London can identify itself and establish itself as the trusted place for the ongoing internationalisation of the Renminbi, then it puts the UK in a strong position not just in terms of relations with China but also as a bridge between China and the rest of Europe and China

and the US as well. I think the process of the Renminbi internationalisation is probably going to be a bit slower than some people are suggesting because it has big implications for Chinese trade policy, it has big implications for financial policy, it has potential implications for inflation, so on, and it’s something that has to be handled carefully but it is being handled in a relatively incremental manner at the moment and I think it will continue like that. So, I don’t imagine a big splash, but a slower, incremental process and I think the City of London is going to play an important part in that.”


Breaking New

Ground

BETWEEN 2003 AND 2012, TRADE BETWEEN EUROPE AND CHINA DOUBLED TO THE AMOUNT OF 434 BILLION EUROS. TENSIONS OFTEN BUBBLE TO THE SURFACE AND TRADE DISPUTES ARE A NEW AND REGULAR FEATURE OF THE CHINA-EU RELATIONSHIP. HOWEVER, WITH THE EU MAKING UP CHINA’S BIGGEST EXPORT MARKET AND AS CHINA ALSO BECOMES MORE IMPORTANT FOR EU EXPORTS, THE POLITICAL ASPECT TO A RELATIONSHIP THAT WAS INITIALLY GEARED TOWARDS TRADE IS SLOWLY BECOMING MORE PROMINENT.

POLITICS


Chinese State Councillor Yang Jiechi visited Brussels at the start of this year to attend the fourth China-EU Strategic Dialogue; a meeting focused on strategic and security issues against the backdrop of the huge trade commitments that exist between China and

the Eurozone. As both sides attempt to achieve goals set out in the EU-China 2020 Strategic Agenda for Cooperation, agreed in November last year, it is becoming clear that China-EU relations encompass more than just huge trade flows.

At the third Europe-China Forum, hosted shortly after the 2020 Strategic Agenda was agreed, Herman Van Rompuy, President of the European Council stated that the level of cooperation in the field of international security has, “Undoubtedly made progress in the last years.” But despite praising cooperation on the issue of Iranian nuclear negotiations and naval cooperation in combating piracy off the coast of Somalia, Van Rompuy stated that, “More dialogue is necessary to continue communicating EU positions on Syria, on the Arab Spring process or even on actions in the Sahel.” Furthermore, Van Rompuy emphasised his desire for greater cooperation in addressing African crises in partnership with the African Union and the United Nations.

There is a desire from both sides to strengthen the ties that exist between the EU and China for the purpose of economic benefit. However, issues away from trade pertaining to the strategic interests of either the EU or China present a stumbling block to achieving deeper ties. As John Armstrong of the Center for European Studies at Fudan University points out, “There’s still a bit of a lag unfortunately between political and economic dynamics.”

Armstrong notes that it is “a matter of necessity” for both sides to deepen their relationship as the respective economies attempt to rebalance and reform. However, he adds, “At the same point, you have emerging strategic issues that are putting pressure on the political relationship, and they don’t have the mechanisms in place to really address those political divergences; at least not yet. Consultations in politics versus cooperation in economics means you’ve got very different dynamics playing out here.”

It is a certainty that both sides view the challenge of strategic issues differently. As seen from Van Rompuy’s comments, the EU is hoping for more understanding from China on issues such as Syria or the Arab Spring. Chinese officials meanwhile will most likely view such topics through the lens of China’s official foreign policy stance, and will no doubt see these issues as being redundant and entirely unnecessary in the context of China-EU relations. >

从2003至2012十年间，中欧贸易额翻了一番，达到4340亿欧元。然而，问题也随之浮出水面，贸易冲突成了中欧关系新的永恒的特征。但是，随着欧盟逐渐成为中国最大的出口市场，中国也成为欧盟的重要出口地，政治对于两国关系的影响慢慢变得越来越大，而这种关系最初只是涉及贸易领域的。

中国国务委员杨洁篪在年初访问了布鲁塞尔，参加了第四届中欧战略对话。这一会议主要关注影响中国和欧元区巨额贸易的战略和安全问题。去年11月，双方签订了《中欧合作2020战略规划》,都在为实现其中制定的目标而努力。越来越显而易见的是，中欧关系涵盖的内容更广，不仅仅是庞大的经贸合作。

《中欧合作2020战略规划》签署不久，第三届中欧论坛开幕。欧洲理事会常任主席范龙佩在会上表示，在过去的几年中，“双方在国际安全领域的合作水平无疑有所提高。”在处理伊朗核问题和打击索马里海域海盗问题上，双方的合作取得了不错的成果，但是，范龙佩指出，“要继续传达欧盟在叙利亚问题，阿拉伯之春进程和萨赫勒地区安全问题上的立场，中欧双方需要进一步的对话。”此外，范龙佩还强调他希望与非盟和联合国扩大合作解决非洲危机。

中欧双方都希望能加强双边经济关系。然而，贸易之外的涉及欧盟或中国战略利益的问题也成为影响双方关系进一步深化的绊脚石。复旦大学欧洲问题研究中心约翰·阿姆斯特朗(John Armstrong)指出，“很遗憾，政治合作还是落后于经济合作。”

约翰·阿姆斯特朗表示，双方都在努力寻求经济平衡和改革，因此，“非常有必要”深化双边关系。但是，他补充道，“现在，一些战略问题浮出水面，给双边政治关系带来压力，而且目前还没有能够解决政治分歧的机制，至少迄今为止还没有。一边是政治协商，一边是经济合作，两者后面涉及的驱动力是非常不同的。”

能够肯定的是，中欧双方对战略问题带来的挑战持不同意见。从范龙佩的上述言论可以看出，欧盟希望中国在叙利亚或阿拉伯之春问题上能够给予更多的理解。而中国的领导人则会从中国官方外交立场的角度看问题，无疑会认为这些问题重复多余，在中欧关系的背景下来看，完全没有必要。

但是双方都不能强迫另一方在只涉及一方利益的事务上同意自己的观点。作为一个整体，欧盟是世界上最大的经济体，并且高度先进。中国需要欧盟的这些先进技术，而欧盟则需要中国的巨大市场来促进出口。此外，中国进出口银行资深分析师赵昌会说，欧盟已经意识到中国在世界政治格局中具有越来越多的影响力。

在欧盟现在的框架下，随着中国政治地位的提升和战略问题的分歧，欧盟促进和加深中欧关系的努力恐怕会无果而终了。曾经的双边问题也逐渐发展成多边问题，如钓鱼岛主权问题，20国集团峰会，中非关系，和欧盟竭力促成的《跨大西洋贸易与投资伙伴关系协定》。这一切都表明，中欧双方都需要在政策的协调方面一起作出努力。

约翰·阿姆斯特朗解释说，“问题在于，欧盟对中国缺乏影响力，中国并不认同欧盟基于国际法治的全球远景观念，而这是欧盟推崇的。双方在投资与贸易方面有强劲的增长，但在更广阔的游戏规则方面，那基本上是欧盟试图创建的全球协定，双方有了隔阂。”比如针对乌克兰克里米亚危机，欧盟最近对俄罗斯实施的制裁，出于多方原因，中国肯定不会予以支持。

同时，中国很多经济学家和学者都认为欧盟促成《跨大西洋贸易与投资伙伴关系协定》有着更广泛的针对中国的战略意义，迫使中国政府在贸易关系上给予妥协。中国农业银行首席经济学家向松祚认为，任何类似《跨大西洋贸易与投资伙伴关系协定》形式的东西如果没有中国的参与，注定都会失败，而它只是欧盟用来讨价还价采取的战略手段，只会产生相反后果。在向松祚看来，这样的协定只会给已经缺乏善意的中欧政治关系火上浇油。

赵昌会说，欧盟对中国缺乏善意的政治意图，无论是真的还是臆想的，都只会阻止双边更广泛战略伙伴关系的形成。“过去多年以来，

开辟中欧关系新天地

There’s still a bit of a lag unfortunately between political and economic

dynamics.

“

>


PINCHAS ZUKERMAN

S U M M E R M U S I C F E S T I VA L2 6 t h J u n e – 2 n d J u ly 2 0 1 4 at C a d o g a n H a l l

Thursday 26th June, 7.30pm

Bach Violin Concerto in A minor Schoenberg Verklärte NachtMozart Exultate, jubliateMendelssohn Symphony No.4,

‘Italian’

Pinchas Zukerman Conductor/ViolinArianna Zukerman Soprano

Sunday 29th June, 3pm

Beethoven Prometheus OvertureBrahms Double ConcertoElgar ‘Enigma’ Variations

Pinchas Zukerman Conductor/ViolinAmanda Forsyth Cello

Thursday 1st July, 7.30pm

Pinchas Zukerman and Amanda Forsyth perform with principal players from the Royal Philharmonic Orchestra in a programme of chamber music featuring Schubert and Kodály.

Wednesday 2nd July, 7.30pm

Mozart Symphony No.39Mozart Symphony No.40Mozart Symphony No.41,

‘Jupiter’

Pinchas Zukerman Conductor

This unique festival also includes masterclasses featuring Royal College of Music Rising Stars.

Pinchas Zukerman joins the Royal Philharmonic Orchestra for what promises to be an exceptional series of orchestral and chamber concerts.

Concert Ticket Prices: £40 - £5 Festival Ticket: £120 (5 concerts and 2 masterclasses)

Telephone bookings: 020 7730 4500 Online bookings: www.cadoganhall.com

www.rpo.co.uk

full page ad.indd 1 06/06/2014 12:25


But neither side will be able to force the other to subscribe to their respective approach with regards to strategic issues that appear relevant to one but not to the other. When taken as a whole, the EU forms the biggest economy in the world and is highly advanced. China needs access to the kind of technology that the EU has to offer while the EU needs China in order to stimulate exports. As Zhao Changhui, senior analyst at the Export-Import Bank of China notes, the EU is taking notice of China’s increasing clout within world politics.

Increasing Chinese clout on the international scene, coupled with the current framework of the EU means that efforts to enhance relations and deepen ties may come to a grinding halt with respect to strategic issues. What was once a bilateral relationship is increasingly being played out in a multilateral setting. Issues such as the Diaoyu islands, the G20, China’s relations with Africa, or European efforts to create a Transatlantic Trade and Investment Partnership (TTIP) mean that both sides need to try to orchestrate their policies together.

But as Armstrong explains, “The problem is, the EU lacks leverage against China, and China isn’t necessarily subscribing to the same sort of vision of a global concept built on an international rule of law that the EU is trying to prescribe. There’s strong momentum on investment and trade but there’s a disconnect between the broader game which is basically a global compact that the EU is trying to create.” For example, recent EU sanctions against Russia following the debacle in Ukraine’s Crimea are unlikely to gain any kind of support from China for a multitude of conflicting reasons.

Meanwhile, many economists and academics within China view EU attempts to forge a TTIP as part of a wider strategy targeting China; the aim of which is to force Beijing into making concessions on issues concerning trade. Xiang Songzuo, chief economist with the Agricultural Bank of China believes that any form of TTIP is doomed without Chinese involvement and is a counterproductive bargaining strategy on the EU’s part. Xiang infers that the creation of a TTIP would reduce the amount of political goodwill between the EU and China; something that is already in short supply.

Zhao Changhui of the Export-Import Bank of China explains that a lack of goodwill, real or imagined, from the EU towards China prevents any kind of wider strategic relationship from being formed. “For many years, countries in the west, European countries in particular, have treated Chinese politics and the Chinese political system and the government policies here in a very doubtful way, at least. The political goodwill, let’s say, has not been such a thing that we can rely on for fostering that larger, more strategic, more long-term cooperation.”

The solution, according to Zhao, is for “European political leaders (to) re-establish their political framework when dealing with China.” This may be wishful thinking on the part of China, but it is the reality that the EU faces when Van Rompuy talks about expanding the level of cooperation in the field of international security. As far as the Chinese government is concerned, it is the EU and its 28 member nations that will have to alter its stance in order to work more closely with China in areas of strategic cooperation in the future.

The language of the EU-China 2020 Strategic Agenda for Cooperation appears vague in its outline for improving the strategic relationship. It will be hard to quantify how successful either side will really be in “Promoting,” “Supporting,” “Intensifying,” Reinforcing,” and “Facilitating” ideas and methods of cooperation. Developing joint activities to promote maritime safety and security might be easier to assess, but the language and goals in general set out within the agenda are purposefully vague simply because achieving concrete goals is such a hard task in light of the opposing norms governing both China and the EU bloc and the alliances that exist outside of these norms.

PINCHAS ZUKERMAN

S U M M E R M U S I C F E S T I VA L2 6 t h J u n e – 2 n d J u ly 2 0 1 4 at C a d o g a n H a l l

Thursday 26th June, 7.30pm

Bach Violin Concerto in A minor Schoenberg Verklärte NachtMozart Exultate, jubliateMendelssohn Symphony No.4,

‘Italian’

Pinchas Zukerman Conductor/ViolinArianna Zukerman Soprano

Sunday 29th June, 3pm

Beethoven Prometheus OvertureBrahms Double ConcertoElgar ‘Enigma’ Variations

Pinchas Zukerman Conductor/ViolinAmanda Forsyth Cello

Thursday 1st July, 7.30pm

Pinchas Zukerman and Amanda Forsyth perform with principal players from the Royal Philharmonic Orchestra in a programme of chamber music featuring Schubert and Kodály.

Wednesday 2nd July, 7.30pm

Mozart Symphony No.39Mozart Symphony No.40Mozart Symphony No.41,

‘Jupiter’

Pinchas Zukerman Conductor

This unique festival also includes masterclasses featuring Royal College of Music Rising Stars.

Pinchas Zukerman joins the Royal Philharmonic Orchestra for what promises to be an exceptional series of orchestral and chamber concerts.

Concert Ticket Prices: £40 - £5 Festival Ticket: £120 (5 concerts and 2 masterclasses)

Telephone bookings: 020 7730 4500 Online bookings: www.cadoganhall.com

www.rpo.co.uk

full page ad.indd 1 06/06/2014 12:25

西方国家，尤其是欧洲国家，至少一直在质疑中国的政治、中国的政治制度和政府的政策。所以说，我们不能依靠善意的政治来推进中欧长期战略合作。”

赵昌会认为，解决问题的办法就是“欧洲的领导人在处理中国问题时重新建立一种政治框架。”当然这可能是中国的一厢情愿，但是要想实现范龙佩提到的提高中欧国际安全合作水平，欧盟就必须面对这一现实。就中国政府而言，欧盟及其28个成员国在未来必须改变立场，未来才能与中国开展更为密切的战略合作。

《中欧合作2020战略规划》在推进双边战略关系方面的内容看来语意模糊，因此很难量化双方在“推动”、“支持”、“加强”、“提高”“促进”合作的概念和方法上是否会成功。共同促进海洋安全和海事安全也许更容易评估，但是《规划》中使用的语言和制定的目标总体上故意含糊不清，而这仅仅是因为中国和欧盟所奉行准则是如此不同，考虑到这个准则之外的那些结盟关系，要想在这种情况下实现具体的目标是非常艰难的任务。

China needs access to the kind of technology that the EU has to offer while the EU needs China in order to stimulate exports.

“


by Jing Wei

Financial Editor

THE COMING WAVE OF CHINESE MERGERS AND ACQUISITIONS.

FINANCE

Reaching Out


More and more Chinese enterprises are speeding up their mergers and acquisitions in Europe, and Europe has now surpassed the US as the most attractive overseas investment destination for Chinese companies. According to the “Report of 2013 China Investment in

Europe” by Antwerp Management School, mergers and acquisitions became the main approach for Chinese companies to invest in Europe. By 2012, Europe had become the largest destination for two consecutive years and accounted for more than one third of China’s total cross-border mergers and acquisitions over the period. From 2005 to June 2013, we’ve seen a total of 98 large-scale mergers and acquisitions projects from China to Europe, of which 83% occurred after 2009.

Chinese M&A market is still in its early stages

According to Zephyr data, the size of the global M&A market was about $1.5 trillion in the first half of 2013. Among which the United States accounted for $526 billion with China accounting for $65 billion dollars. Compared to mature international mergers and acquisitions markets, the Chinese M&A market is still in its early stage. This is mainly due to the following five factors:

Firstly, the history of the Chinese capital market covers less than 20 years. The concept of growing through M&A is not strong among Chinese listed companies.

Secondly, domestic private enterprises were mostly family businesses, and the founders are less likely to give up control of their business.

Thirdly, the financing of mergers and acquisitions is not well established in China. High-yield bonds and loans for mergers and acquisitions are still new to Chinese capital markets.

Also, the capital for M&A of Chinese companies is not significant enough to play an influential role in international M&A markets.

Last but not least, many industries place entry barriers to Chinese investors which limit the choices of Chinese M&A businesses.

A wave of growing Chinese M&A business is coming

The main reason for enterprises choosing an M&A strategy is the benefits of synergy, such as acquiring technology, accessing market, owning brands, accessing resources and to achieve economies of scale. >

越来越多的中国企业加紧了在欧洲的并购步伐,欧洲目前已经超过美国,成为最吸引中国投资人的目的地。据《2013年中国对欧投资报告》中显示：并购成为对欧投资的主要方式。至2012年，欧洲已连续两年成为中国海外并购交易的第一大目的地，并购交易额占同期中国跨境并购总额的三分之一以上。2005—2013年6月，共有98起对欧大型并购项目，其中83%的并购项目集中发生于2009年以后。

国内并购市场在全球并购市场交易规模中仍处于初级阶段

Zephyr数据，2013年上半年，全球并购市场的交易规模约为1.5万亿美元。其中，美国约为5260亿美元，中国约为650多亿美元。相比已经很成熟的国际并购市场，可以说中国目前的国内并购市场还处在初级阶段。这主要归因于5个方面：一是整个中国资本市场的发展才有20年历史，国内上市公司通过并购进行成长的意识还不够强;二是国内民营企业当中以家族企业居多，公司创始人难以放弃对企业的控制权;三是并购交易的融资渠道还不够通畅，高收益债券和并购贷款对于国内资本市场都还是新兴事物;四是并购基金较少，无法对并购市场起到有影响力的促进作用;五是有准入限制或不允许控股的行业太多，使得可以进行并购的项目少之又少。

中国并购大潮即将来临

至于企业为什么会选择并购策略，是因为能够产生协同效应。具体来说，并购的动因主要有五类：技术获取型、市场获取型、品牌获取型、资源获取型以及形成规模效应。

最近这几年，国内并购市场发生了显著的变化，未来很有可能出现一个兼并收购和产业整合的新浪潮。主要原因：一是中国上市公司并购重组的内生性驱动正逐步增强，无论是业绩驱动，还是概念驱动，上市公司越来越愿意参与到并购重组的交易当中;二是监管部门鼓励并购重组，并在审批上逐渐放松;三是全球金融危机导致海外优质资产价格下跌，中国企业赶上了跨境并购，实现国际化战略的大好时机;四是中国并购市场正在由原来的产业主导开始向资本主导过渡。

复星国际，是中国大陆最大的民营综合企业控股公司之一。近两年，复星国际在海外并购方面成绩显著，2011年复星国际入股希腊奢侈品品牌Folli Follie；2013年复星集团相继从JP Morgan手中收购第一大通曼哈顿广场、伦敦金融城写字楼物业； 2014年初，复星国际收购葡萄牙三家国有保险公司和投资入股德国私人银行BHF Bank。“中国动力嫁接全球资源”的投资模式令复星近年来业绩大幅提升。5月，在伦敦举行的中英投资合作论坛中，复星国际集团高级董事总经理仲雷接受了China Opportunity的专访，他表示海外收购是复星的战略投资，在欧洲并购案例中，由于欧洲市场的有限性，很多公司面临产品和服务已达到饱和的问题，这些企业正面临着如何继续成长的挑战。与此同时，中国市场消费者的需求却在不断壮大，复星国际通过资本投入到海外企业，并帮助它们打开中国市场，让它们在中国市场实现再次的成长和发展。仲雷表示复星进行海外并购的理由很简单，就是因为这些公司所提供的产品是中国消费者感兴趣的。

与此同时，信中利投资集团公司是中国领先的从事风险投资、投资银行，以及基金管理业务的民营产业投资公司，它是中国最早从事风险投资和私募股权投资的独立机构之一。2013年信中利联合意大利投资公司Investindustrial收购英国阿斯顿马丁。在与信中利董事总经理刘朝晨的对话中，他告诉China Opportunity，对于海外并购，信中利更热衷于整合双方的资源。无论是中国企业想要国际化，还是欧洲企业想要打开中国市场继续成长，哪一方都必定会存在文化、管理理念等差异带来的问题。双方企业很容易站在自己长期习惯的角度来看待和处理问题，于是就会产生许多争论和矛盾。信中利最为第三方，除了资金的投资，同时也为两方企业重新建立一个崭新的结构，进行资源互补。

走向世界作者：魏静

The concept of growing through M&A is not strong among Chinese listed companies.

“

>


In recent years, the Chinese M&A market has undergone significant changes, and there is likely to be a new wave of M&A and industry consolidation in the future, for a number of reasons.

Firstly, listed companies in China are gradually enhancing an endogenous drive to mergers and acquisitions, whether it is performance-driven or concept-driven. Listed companies show increasing interest in participating in mergers and acquisitions. Secondly, the regulatory authorities are starting to encourage and deregulate M&A. Also, the global financial crisis has led to falling prices of high quality assets overseas, which had led to great opportunities for Chinese companies to invest.

Fosun International is one of China’s largest private conglomerate holding companies. In recent years, Fosun International saw significant achievements in overseas mergers and acquisitions. In 2011, Fosun International invested in shares of Greek luxury brand Folli Follie. In 2013, Fosun Group acquired Chase Manhattan Plaza and several office properties in City of London from JP Morgan. Early in 2014, they acquired three Portuguese state-owned insurance companies and invested in the German private bank BHF Bank. The concept of “combining China’s growth momentum with global resources” has driven Fosun’s performance dramatically.

In May 2014, Opportunity China interviewed Senior Managing Director of Fosun Group, Zhong Lei, at the China Britain Investment and Partnership Forum held in London. Zhong stated that it is a strategic move for Fosun to invest overseas. The European markets of many products and services had reached saturation, said Zhong, and many companies are facing challenges in continuing their growth. However, as the Chinese middle class grows, Fosun Group can help these European companies to enter the Chinese market by investing in them. Fosun Group selects companies to invest in based on a very simple principle, that the

John Liu, Managing Director, China Equity Group

Zhong Lei, Senior Managing Director, Fosun Group


companies’ products would be welcomed in the Chinese market.At the same time, China Equity Group is China’s leading

company in venture capital, investment banking, fund management and private industrial investment. It is one of China’s first independent institutions engaged in venture capital and private equity investments.

Working with Italian investment firm Invest Industrial, China Equity acquired British car manufacturer Aston Martin in 2013. During an interview with Opportunity China, the Managing Director of China Equity Group, John Liu, explained that China Equity is more interested in the integration of resources from both parties in overseas mergers and acquisitions. Problems may occur around culture and management concept differences when Chinese companies internationalise or European companies enter the Chinese market, because it is natural for companies to deal with problems based on their long term perspectives. As the third party, as well as assisting the capital investment, China Equity also helps to establish co-operative structures and complementary resources between both parties in the M&A.

Risks Associated with overseas M&AAs increasing numbers of Chinese enterprises engage in cross-

border M&As in Europe, managing the associated risks remains a key factor. Lawrence Yanbin Liu, Head of the Regional Center EMEA syndication Center of the Bank of China stated that there are numerous risks in M&As in the EMEA region, such as legal or tax system differences. He suggests that Chinese enterprises should carefully research the local investment environments, management systems, and legal systems, as vital aspects in the success of overseas acquisitions.

There are many existing financial institutions that can help Chinese enterprises avoid the risks of overseas cross-border investment. For example, the London branch of the Bank of China had been providing one-stop services for both acquirers and sellers in overseas transactions. Aman Wang, Head of China Business Practice at KPMG in the UK stated that they utilise a huge database that can help their clients find potential investment opportunities. The database also helps clients to understand the tax issues, financial due diligence investigations, tax due diligence, pensions due diligence, and hopefully ensure the success of the actual transaction.

M & A throughout US corporate history

American economist George Stigler, commenting on historical US corporate growth, pointed out that there are no big US companies whose growth did not include some form of merger, almost no company expands solely through organic growth. The M&A history of Wall Street in the past century can be divided into five waves: horizontal merger, vertical mergers, acquisitions mixed, hostile takeovers and global mergers.

Looking at the current development of Chinese corporations, the 21st century’s first wave of M&As is going to come from China, and it will be huge.

海外并购仍然存在风险

虽然越来越多的中国企业在欧洲进行跨境并购交易，但仍需重视跨境并购的风险，中国银行伦敦分行中心主管刘延斌表示，EMEA交易中存在各种风险，比如海外市场的法律，税务体系的不同等。他建议中资企业在并购前仔细调研当地环境、管理模式、法律制度等问题，这对于成功的进行海外并购非常重要。

当然目前在欧洲，已有许多成熟的金融机构来帮助中资企业在海外跨境投资业务中规避一定风险。比如，在伦敦的中国银行很早就开始这方面的业务，为中资企业提供一站式服务，有效的帮助销售和购买方的交易。毕马威在英国负责中国业务的实践部主管Aman Wang则表示，毕马威在海外并购项目中，有一个庞大的数据库，可以帮助他们的客户发现潜在的投资机会，协助客户进行谈判和结构的交易，帮助客户了解税收问题，帮助他们进行财务尽职调查、税务尽职调查、养老金尽职调查等，以确保他们实际交易成功，并且帮助企业在英国落地。

美国企业史实际也是并购史

美国著名经济学家George Stigler评价美国企业的成长路径：“没有一个美国大公司不是通过某种程度、某种形式的兼并成长起来的，几乎没有一家公司主要是靠内部扩张成长起来的。”美国企业的成长历史，实际上也是并购的历史。而华尔街的百年并购历史，基本上可划分为横向并购、纵向并购、混合并购、敌意收购和全球性并购这五次并购浪潮。五次并购浪潮有着共同的特点：一是大规模的并购交易一般发生在经济复苏或扩张时期，向上的资本市场为并购交易的融资提供了充沛的资金。另外，并购双方股东和董事会对未来的乐观预期也为并购交易的高溢价起到了推波助澜的作用；二是行业管制与放松为不同类型的并购重组创造了机会；三是金融机构成为了并购市场不容忽视的力量，比如第四次并购浪潮由华尔街投资银行推动的垃圾债券、杠杆收购等金融工具的创新等；四是并购几乎成为绝大多数世界500强企业成长的不二选择。

参照全球第一大经济体美国的企业史，来看待全球第二大经济体中国目前的状况，可以说，中国的并购大潮即将来临。而中国能否成为第六次全球并购浪潮的主体，取决于“全球资源、中国整合”。

There are many existing financial institutions

that can help Chinese enterprises avoid the risks of overseas cross-border

investment.

“


The Energy

Long-Gameby Bejan Siavoshy

ICELAND FINALISED ITS FREE TRADE AGREEMENT (FTA) WITH CHINA AT THE END OF JANUARY, MAKING IT THE FIRST DEVELOPED EUROPEAN COUNTRY TO HAVE AN FTA WITH THE EAST-ASIAN ECONOMIC AND GEOPOLITICAL POWERHOUSE, ACCORDING TO A STATEMENT ISSUED BY CHINA’S MINISTRY OF COMMERCE. HOWEVER, THE IMPLICATIONS OF THE NEW DEAL, WHICH GOES INTO PLACE LATER THIS YEAR, FOR BOTH COUNTRIES GO DEEPER THAN WHAT’S STIPULATED ON PAPER.

ENERGY


Under the agreement, China will enjoy tariff-free industrial and fisheries exports to Iceland, about 99.8 percent of China’s total exports to the island-nation. Iceland’s customs figures show that China exported about 425 million USD worth of goods to Iceland in 2013. This is a meager sum

compared to China’s 2.21 trillion USD in overall exports for 2013, according to the General Administrations of Customs of China.

However, what Iceland does give China is a launching point for the East-Asian nation to make its way into the Arctic Zone.

As China’s economy grows, so too does its thirst for energy. British Petroleum’s (BP) most recent Statistical Review of Global Energy, which was published in July of 2013, states that China consumed about 11.7 percent of the world’s oil in 2012, with no signs of that consumption reducing in the face of the country’s growing economic development. In 2008, a report by the United States Geological Survey (USGS) estimated that there are about 90 billion barrels of undiscovered, recoverable oil, along with 44 billion barrels of natural gas liquids, in the Arctic region. If accurate, this figure represents about 13 percent of the world’s undiscovered oil. Creating closer ties with Iceland could lead to access to newly-available energy resources for an energy-hungry China.

While China has made similar business manoeuvers in Canada, Sweden and northern Russia to gain access to Arctic resources, Iceland being a member of the Arctic Council makes it a key ally for China’s aspirations in the region. The Arctic Council is an intergovernmental forum that addresses environmental, political and economic concerns in the region, according to the governing body’s website. The council consists of all states that have territory in the Arctic: Canada, Denmark (which represents Greenland, as well), The Faroe Islands, Finland, Iceland, Norway, Russia, Sweden and the United States. After applying twice and being rejected, China was finally granted “permanent observer status” last year.

Iceland is keen on working with China in its resource acquisition, as well. During the Economist’s Arctic Summit 2014 in London, England, on March 4, Iceland’s minister of foreign affairs and external trade, Gunnar Bragi Sveinsson, said “Our good relationship with China has been lasting for many years, and we see China as an important player in the world,” during an interview with Chinese state-media news agency Xinhua.

“We seek opportunities to work closer with China when it comes to do research and even do business in the Arctic. In fact, a Chinese >

根据中国商务部发布的声明，冰岛已经在1月底完成与中国签署自由贸易协定，这使冰岛成为欧洲发达国家中第一个和中国签署自贸协定的国家。但对两国来说，这份新协定的意义远比纸面上的内容要大得多。

根据协议规定，中国对冰岛出口的工业以及渔业产品将享有免关税的政策，免税产品大约占了中国对冰岛出口总额的99.8%。冰岛的海关数据显示中国2013向冰岛出口的货物总量价值达4.25亿美元。相对于中国2013年高达2.21万亿的出口总量，这个数字是微乎其微的，但是，这份与冰岛的协议开启了中国向北极区域迈进的步伐。

随着中国经济的增长，中国的能源需求越来越高。根据英国石油公司2013年7月发布的最新世界能源统计数字，中国2012年石油消耗量占到了世界总量的11.7%，而且没有迹象表明中国对石油的使用量会下降。美国地质调查局2008年发布的一份报告估计北极地区存在大约900亿桶未探明的可采石油以及440亿桶的液化天然气。如果这个报告准确的话，这个数字是全球未探明石油储量的近13%。与冰岛进一步发展两国关系将会给中国这个能源需求大国带来全新的能源资源。

中国已经在加拿大、瑞典、俄罗斯北部采取了类似的商业策略，而且冰岛作为北极理事会的成员国，使得中国在此地区又拥有了一个重要的伙伴。根据北极理事会官方网站，该理事会是一个商讨北极地区环境、政治、经济问题的政府间论坛，所有领土触及北极的国家都是成员，包括加拿大、丹麦（格林兰岛）、法罗群岛、芬兰、冰岛、挪威、俄罗斯、瑞典以及美国。中国在申请了两次但都被拒绝了之后，最终在去年被赋予了常驻观察员的身份。

冰岛也渴望在能源开发方面与中国合作。2014年在英国伦敦举行的经济学家北极峰会上，冰岛外交部长斯韦英松在接受中国新华社采访中说：“我们与中国的友好关系已经持续了很多年，我们认为中国在世界上发挥着重要的角色。”他还表示，“我们寻求与中国在北极开展研究和贸易的合作机会。事实上，一家中国公司已获准在Dereki地区进行油气开采。”

但这并不是单方面的协议。冰岛与中国签署自由贸易协议表明冰岛也在“向东看”，希望借此缓解发生在2008年的因政府无力偿还700亿美元银行贷款引起的经济危机。中国官方媒体新华社报道说，中国也对冰岛的包括海产品在内的7380种货物免征关税，这占到了冰岛对华全部出口量的81.6%。

除了对华出口（冰岛有关外贸数据显示2013年达到6200万美元），冰岛可以用自身在地热使用方面的专业技术来帮助中国丰富其对能源的使用。冰岛国家能源局的数字显示，地处火山岛上的冰岛四分之一的能源来自于地热，其余来自水电。中国因为十余年无节制的经济发展，自然环境遭到了严重的破坏，这让中国开始重视清洁能源的解决方案，而冰岛可在帮助中国实现绿色发展中发挥重要作用。彭博新闻社2010年一篇关于中国的报道指出，中国国有能源巨头中国石化计划在2015年将地热能源开发作为主营业务。它的子公司中国第二大油气生产商新星石油有限公司与冰岛恩莱克斯绿色能源公司签署协议，双方将在地热新能源方面进行全方位合作。不过，中国要缓解因过度依赖煤炭资源而造成的日益严重的环境污染还有很长的路要走。根据彭博的另外一篇报道，中国2013年煤炭使用量占中国能源使用总量的六成五。

斯坦福大学2013年一份关于中国潜在地热能源的研究预测，中国总可采地热能源，每年能生产约相当于2563.4亿吨煤产生的产量，这还不包括干热岩。干热岩每年输出的可回收能源是中国2010年煤炭消耗总量的5300倍。目前，中国只有2%的干热岩能量得到开发。

根据彭博新闻的报道，中国立志在2020年将新型能源占到全部能源消耗的15%。发改委副主任谢振华说中国将在2015年投资

中国的能源长远策略

Our good relationship with China has been lasting for

many years, and we see China as an important player in

the world.

“

>

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company has been granted license to explore oil and gas resources in the Dreki area, which is located between Iceland and Jan Mayen Island,” Sveinsson added.

This isn’t a one-sided deal, however. Iceland finalising the FTA with China shows that it is looking east to alleviate the pains caused by the country’s economic collapse in 2008 after the government defaulted on over 70 billion USD in bank loans, according to the Central Bank of Iceland’s annual debt figures. China’s state-media news agency, Xinhua, said that China will impose zero tariffs on 7,380 kinds of goods from Iceland, about 81.6 percent of the country’s exports to China, which includes aquatic products.

Aside from its exports to China, which Iceland’s trade statistics say accounted for about 62 million USD in 2013, the island nation can use its expertise in developing geothermal energy solutions to help China diversify its energy consumption. As a volcanic island, about 25 percent of Iceland’s energy output is generated through geothermal means, with the rest coming from hydro-electric power sources, according to Iceland’s National Energy Authority. As China eyes cleaner energy solutions in the face of mounting environmental destruction due to over a decade of unchecked economic development, Iceland could play a key role in the East-Asian nation’s aspirations to “go green.”

Bloomberg News ran a report in 2010 that said China’s state-owned energy giant, China Petrochemical Corp., planned to make geothermal energy one of its main businesses by 2015. Its subsidiary, Sinopec Star Petroleum Co., China’s second-largest oil and gas producer, signed an accord with Iceland’s Geysir Green Energy to work hand-in-hand developing renewable, underground heat. This could go a long way toward alleviating the growing air pollution problem in China from coal burning. China used coal for over 65 percent of its energy needs in 2013, according to a separate story by Bloomberg.

A 2013 study on China’s potential geothermal resources by Stanford University estimated that total recoverable geothermal energy in the country, excluding that coming from hot dry-rock, has the energy yield of about 256.34 billion tons of coal per year. Hot dry-rock alone has the potential annual recoverable energy output of about 5300 times that of the total amount of coal China consumed in 2010, even though only about 2 percent of the country’s hot dry-rock potential had been explored at the time of the study.

China vowed to supplant at least 15 percent of its energy consumption to renewable, alternative energies by 2020, according to Bloomberg. The business news outlet quoted China’s vice chairman of the National Development and Reform Commission, Xie Zhenhua, as saying that the country may allocate over 294 billion USD to develop renewable energy through 2015. Iceland could be poised to pocket a nice portion of China’s clean energy budget if the island nation has a major hand in harnessing the Middle Kingdom’s geothermal capabilities.

The FTA comes into effect during the second half of 2014, almost eight years after talks between the two countries regarding the agreement began in 2006. However, negotiations on the FTA stalled when Iceland made a bid to join the European Union (EU) in 2009. Discussions began again between Reykjavik and Beijing over the FTA in 2012 and a deal was struck after six rounds of talks. Beijing finalised the FTA on its end last April, when Iceland’s Prime Minister Jóhanna Sigurðardóttir, met with Chinese Premier Li Keqiang in Beijing.

While both sides offered generally positive sentiments when asked about the FTA by media outlets, there were detractors within the Althing, Iceland’s parliament. The Reykjavik Grapevine ran a story, citing Icelandic news outlet Visir that read as such:

“Two MPs [Members of Parliament] - Birgitta Jónsdóttir and Helgi Hrafn Gunnarsson of the Pirate Party - voted against the agreement, whilst fellow Pirate Jón Þór Ólafsson abstained, along with Left-Greens Bjarkey Gunnarsdóttir and Ólafur Gunnarsson.”

Still, the majority of the Althing were optimistic about the agreement. Icelandic Minister of Foreign Affairs, Ossur Skarpheoinsson told Visir that the FTA was “the most important foreign policy agreement Icelanders have made since we joined the [European Economic Area].”

2940亿美元用于新能源开发。如果冰岛用自己在地热开发方面的技术来帮助中国，那么会获得丰厚的回报。

自由贸易协定将在2014年下半年正式生效，这距两国开启自贸谈判已经过去整整6年。这期间，因为冰岛2009年申请加入欧盟，谈判被搁置。2012年，双方恢复谈判，并在六轮磋商后达成协议。冰岛总理翰娜·西于尔扎多蒂去年四月与李克强总理在北京会见时，中方最后确认了该协议。

虽然双方政府都对该协议表态积极，冰岛议会还是存在一些不同的声音。当地报纸Reykjavik Grapevine援引冰岛Visir新闻社的报道说，在对该协议的投票中，两名议员投了反对票，另有三名议员弃权。

不过，大多数议员还是对协议表示出积极的态度。正如冰岛外交部部长所言：“这是我们加入欧洲经济区以来签署的最重要的协议。”

Aside from its exports to China, which Iceland’s trade statistics say accounted for

about 62 million USD in 2013, the island nation can use its expertise in developing

geothermal energy solutions to help China diversify its

energy consumption.

“


Exchange of Views

By Jessica Dowse

RECENTLY, UK BUSINESS SECRETARY VINCE CABLE, SAID THAT HE WANTED TO SEE A SUBSTANTIAL INCREASE IN THE NUMBER OF UK STUDENTS WHO TRAVEL TO CHINA TO STUDY. WITH WELL OVER 100,000 MAINLAND CHINESE STUDENTS CURRENTLY IN BRITAIN, AND ONLY 5,400 TRAVELLING THE OTHER WAY, THERE IS A CLEAR IMBALANCE.

MEDIA


The UK Business Secretary has set an ambitious target of 80,000 UK students engaged in study or work experience in China, by the year 2020.

So what can young Brits making the journey expect, and how can they make the most of such an opportunity?

Jessica Dowse, now a producer at UK based Chinese TV channel Propeller TV, took up the chance to gain valuable experience after completing her studies in 2012, and headed to China.

Having finished my MA I headed to Beijing with another graduate, knowing between us virtually nothing about Chinese culture, language or cuisine. I had a vague understanding of what I should and shouldn’t do (and, more importantly, what I couldn’t do); I knew a handful of words; I had a broad sense of the socio-political landscape. Needless to say, any illusion I might have had that I knew what to expect was shattered quickly upon my arrival.

Being in the land of opportunity we took a risk and, within a month, had developed the concept for a travel show that we would produce, film, present and edit ourselves. We pitched the idea and were told to pilot it in Beijing, before potentially being sent around the country. So we filmed a 5 part series in the city, featuring - among other things - a band that played only vegetables and a fortune-teller who told me no one would ever love me.

The bosses loved it. After a month in which nothing happened, our boss came to us on a Wednesday at 3pm and told us we were to leave for Guizhou in three days. We were to deliver all our ideas and a plan by the end of the day. When China wants something done, it wants it done yesterday.

We were well prepared for our trip to Guizhou. We had a list of people to talk to, including a stuntman and the last of the Kings of Miao, a village featured in National Geographic. We had a day for each story, allowing for long journeys that would take us all over the province.

What we weren’t prepared for was the hoops we would be required to jump through in order to tell these stories.

Wherever we arrived, at 8am or 11pm, we had first to attend an elaborate meal with local officials or town elders; our little group joined five or six officials for a lot of alcohol and plates piled high with the local delicacy. At our translator’s insistence we would drink when the officials drank, toast them repeatedly and finally slurp a sea urchin or two, trying not to pull faces… and I can tell you, sea urchin and baijiu don’t go down well at 8am after a four-hour car journey. >

最近，英国商务大臣Vince Cable表示，他希望看到更多的英国学生到中国去留学。目前，在英国留学的中国学生已经超过10万人，而去中国留学的英国学生则只有5400人。很明显，两者之间极不平衡。

因此，这位商务大臣设定了一个雄心壮志的目标：希望在2020年之前，到中国留学和工作的英国学生能够达到80000人。那么，英国年轻人们应该对中国旅程抱什么样的期待呢？他们又应该如何充分利用这个契机？

Jessica Dowse，现任在英国播出的中国电视台普罗派乐卫视的节目制作人。2012年，当她完成学业后决定来到中国，在中国的旅程让她积累了许多宝贵的经验。

拿到艺术硕士学位后，我和另一位毕业生来到了北京。在此之前，我们对中国的文化、语言和食物知之甚少。在中国，对于我该做的和不该做的（更重要的事，不能做的），我非常茫然。我知道一些词汇，对社会政治环境有一个大概的认识。但是很显然，对旅程的期待在我真正抵达中国时变成了一场破碎的幻觉。在这片充满机会的土地上，我开始了冒险之旅。在一个月内，我们策划出了一档旅游节目，并确定了该如何制作、拍摄、主持和编辑。我们向上汇报了这个想法，上级告诉我们应该先在北京做一个样片，再决定要不要到全国其他地区拍摄。因此，我们在北京拍了5个短片，其中最为难忘的的包括一支用蔬菜当乐器的乐队，一个对我说“永远不会有人爱你”的算命先生。

老板们对短片非常满意。然后，在无所事事的一个月后，在一个星期三的下午3点，老板告诉我们，我们将在三天之后启程去贵州，并且要在出发之前把我们所有的想法和计划都上报。当中国人想要完成一件事时，他们希望这件事昨天就已经完成了。我们为贵州之旅做好了充分的准备。我们为采访对象列了一张表，其中包括一个特技替身演员和一个被国家地理杂志拍摄过的苗寨最后的寨主。每个故事用一天时间拍摄，这样我们就有充分的时间走遍贵州省的各个地区。

无论我们抵达何处，不管是早上8点还是晚上11点，第一件事就是出席当地官员或者镇上的老者们精心准备的一顿接风宴。宴席包括我们小摄制组和5、6个领导，桌上堆了许多酒和盛满了当地美食的盘子。随行的翻译坚持让我们一定要“领导喝，你就喝”，还要不断向他们敬酒，以及不动声色地把一两个海胆一口吞下。我可以肯定的说，在4小时的车程之后吃海胆和喝白酒感觉不太好。

在接下来的所有旅途中，前几顿饭通常是很棒的。我永远不会忘记在内蒙古的第一晚，在一个酷似猫王的当地长者邀请下，我们围坐在一个蒙古包里，我从一只有我手臂那么大的羊腿上砍下美味的羊肉来享用。但是贵州之旅中，我们承受着很大的工作进度压力。因此，这些宴席越来越像是在浪费有限的时间。

但是，翻译明确地告诉我们，如果我们想让拍摄过程顺利的话，这些过场都是必须经历的。她的话中心思想就是无论我们想从当地人那儿得到什么信息，首先必须让他们对我们产生好感。明白了这个原则，我们实施了一波完美的魅力攻势，将整个场面变成了一场喜剧秀。我们带着笑容生吞海胆，然后与坐在主位的领导们“一杯干”。我们还把手机里的家庭合照给他们看，和他们大聊特聊披头士、大卫贝克汉姆和哈利波特。

随后的旅行就顺利多了。我们懂得了不仅要应酬领导，更重要的是要跟采访对象搞好关系。采访的首要任务是把他们带入一个轻松的气氛中。在这些应酬中，我们靠着“三H”原则来拉关系：幽默(humor)，人文(humanity)和起劲儿(High-Fives)。准确地说，这里的High-Fives并不是指击掌致意，而是形容我们要像为让人兴奋的事情击掌时一样热情和起劲儿。

幽默就像一张无国界的通行证。一些中国短语、一些对著名电影的印象、一首熟悉的卡拉OK歌曲——这样的琐事能够让你跟陌生

观点的交换

We learned, above all, that relationships

are everything in China, and that without them it is

nearly impossible to get anything done.

“

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人迅速成为朋友。在敬酒的时候，你鞠躬越低就代表越尊重对方。所以，你可以尽可能夸张的鞠躬，不要害怕别人笑你傻。滑稽也是一种不分国界的幽默。

不管你觉得中国的人们与我们有多么不同，世界各地的人们其实都是共通的。一点点的努力就可以把我们共同的人文素养激发出来。我本以为自己和内蒙古的游牧民族不会有太多共同点，但是当他们的部落首领谈到对他小孩未来的担忧时，他佝偻的背影和家里新买的冰箱还是让我一下子想到了我的祖父母。我们聊天时（我还唱了一首Adele的歌），他们向我打开了心扉，我们分享了许多各自的经历。而如果我们没有花时间去建立友谊，我们也不可能听到这些宝贵的故事。

每个人都想在充满契机的中国分一杯羹，中国人对此再清楚不过了。努力去了解每个地方的风俗民情，理解和融入当地人的文化，这不仅会有助于你把工作做好，更会让你看见真实的中国。

The first few meals of any trip were usually great; I will never forget our first night in Inner Mongolia, hacking mutton off a bone as big as my arm in a yurt with a town elder who was the spitting image of Elvis. But as our trip in Guizhou wore on the pressures of our work set in, and these meals felt increasingly like a waste of time.

Our translator, though, made it clear that this was something we had to do to make our trip run smoothly. The way she put it was that we had to make the locals like us, before she could ask them for anything. Understanding this, we launched a full charm offensive and blossomed rapidly into an adorable comedy duo, who could drink grown men under the table. We slurped our sea urchins with matching grins, and followed them with down-in-one toasts to the top of the table. We showed pictures of our families, and chatted endlessly about The Beatles, David Beckham and Harry Potter.

And, finally, we talked about work. We always, ultimately, got what we needed, even if it took us to the last possible minute. We learned, above all, that relationships are everything in China, and that without them it is nearly impossible to get anything done.

Subsequent trips were smoother. We knew now that we had to allow for this time, not only with officials but - more importantly to us - with the people we were to interview. Putting them at ease was always our top priority and, as at the meals, we relied on the three H’s to make connections; Humour, Humanity... and High-Fives. To be clear, I don’t mean literal high-fives. ‘High-Five’ was our shorthand for enthusiasm, for being excited about things.

Humour crosses all borders. A few Chinese phrases, an impression from a famous film, a well-known song in your karaoke repertoire - such trivial things make friends of strangers. When toasting, the lower the bow the more respect you show - so go crazy low, don’t be afraid to be silly; slapstick is universal.

However far you feel from the familiar, people are people the world over and just a little effort brings out our shared humanity. I expected to have little in common with a Nomad tribe in Inner Mongolia, but when the leader talked about his worries for his children’s future, his bad back and their new fridge I saw that they were just like my grandparents. As we got chatting (and I sang a song by Adele!) their world opened up to us, and we shared an experience that could never have happened had we not taken the time to develop a relationship.

Everyone wants a piece of China and the Chinese know it; make the effort to learn about the place and to get to know the people. Not only will it help you get things done, it will let you see the real China as well.

What we weren’t prepared for was

the hoops we would be required to jump through in order to

tell these stories.

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China’s British Revolution by Stuart Wiggin

BRITAIN HAS LONG PRIDED ITSELF ON ITS ABILITY TO SPREAD ITS CUSTOMS AND CULTURE AROUND THE GLOBE. AT THE SAME TIME, IT REMAINS DIFFICULT FOR PEOPLE OUTSIDE OF BRITAIN TO EXPLAIN OR UNDERSTAND WHAT MAKES BRITAIN TRULY BRITISH.

BUSINESS


An unwritten constitution, a largely unarmed police force, the obsession with tea; all of these things are part of a British psyche which sets the kingdom apart from the rest of the world. And yet there remain a huge number of misconceptions regarding Britain and British people’s way of life, especially in

China, where anecdotal evidence concerning the subject often seems to trump concrete facts.

A recent video lampooning British cuisine, produced by the team behind CRIENGLISH.com’s C4 comedy news show, proved that Chinese people not only enjoy their stereotypes concerning Britain, but many people believe them too. Many netizens realised that the British and Chinese creators behind the sketch, Stuart Wiggin and Wu Tong, were poking fun at a Chinese stereotype which suggests that British people only eat potatoes. But there were a large number of netizens who missed the point of the sketch entirely and seemingly continued to believe that the British diet consists of spuds and the occasional serving of fish and chips.

But the video also highlighted the fact that a very specific style of culture, British humour, which many British people think is specific only to Britain, can also thrive in a country as foreign as China. C4 has proven that British–style humour can also be sold to Chinese audiences if tweaked in the right direction. Many countries are attempting to cash in on China’s rising affluence, especially with respect to cultural products such as comedy and film. This can be seen by the odd clip of Beijing or Shanghai being inserted into a movie, or a reference of the Chinese language in a TV show.

Britain has generally struggled with traditional exports to China, especially when compared to the export balance sheets of its European counterparts. It does, however, perform well in its financial and business services, and is among the three biggest exporters of these to China. But Britain has embarked on a much more powerful export mission of late, via Chinese television and computer screens.

British television shows are popping up online and are avidly watched by millions of Chinese anglophiles, week in, week out. America is undoubtedly the most successful country in the world when it comes to selling its way of life abroad, via television and cinema. But Britain is also

doing a good job of creating cultural exports for the Chinese market. The BBC’s production of Sherlock, an updated twist on the classic series by Sir Arthur Conan Doyle, not only presents the quirkier aspects of British life, it does so in a modern day setting which people can relate to, even if they are on the other side of the globe. Meanwhile, Downton Abbey, detailing the lives of British people in Edwardian Britain has also provided an insight into a period of culture which is not particularly accessible within China.

BBC Director General, Tony Hall, has stated that the soft power benefits brought about by British cultural exports to China provides as much benefit to the country as the British Armed Forces do. When David Cameron visited China towards the end of last year, it had been tentatively scheduled that he drop in on another of Britain’s biggest exports to the country; a filming session for the show China’s Got Talent, based entirely on the original Britain’s Got Talent format. Conflicting schedules meant that he never got to make the visit. Nonetheless, the fact that it was even in the pipeline reveals how important Britain’s government realises their cultural products are when it comes to currying favour with the fastest growing major power in the world.

Britain remains a minor trading partner for China at present because Britain doesn’t make what China needs at this stage of their development. But as China’s people become more affluent, and as leisure time becomes more important, it is likely that Britain’s cultural industry will stand to benefit just as much, if not more, than other nations. A report in British newspaper The Independent stated that China’s attraction to TV shows like Downton Abbey was part of the Chinese “society’s rush for anything that reeks of status,” noting that viewers are both educated and aspirational.

This summation may be a little unfair, as it suggests that viewers are tuning in regardless of whether they actually think the quality of programming is good or not, putting it down to simply aspiring to be less Chinese and more international. In truth, this ignores the fact that the shows that have proved popular in China are also of extremely high quality in terms of production values and storyline. Watching these kind of shows is not so much a “badge of (Chinese people’s) new found wealth,” as The Independent claims, but rather a sign that young Chinese people with internet access have a penchant for good quality British television.

There were a large number of netizens

who missed the point of the sketch entirely and seemingly continued to believe that the British diet consists of spuds and the occasional

serving of fish and chips.

“

For any enquiries :Tel: +44(0)20 7908 7288Email: [email protected]: Propeller TV, 121A Cleveland Street, London W1T 6PL www.propellertv.co.uk

Business World is Propeller TV’s topical business magazine programme of insightful interviews with prominent figures and in-depth reports on international finance, commerce and indurstry in China and UK.

UK LifeStyler is a fun cultural magazine programme, celebrating the rich cultures of the UK from a Chinese perspective. The show takes us around fashion, food, travel, music, film and entertainment, using these topics to explore the British way of life.

Chinatown is our documentary strand that examines a different element of China and Chinese culture within storytelling, books and beyond. Chinatown covers a wide range of subjects from politics to popular culture, technology to teaching, fashion to festivals.

Passengers is Propeller’s viewer generated content show - that tracks travel and street culture filmed by and for, our viewers. The show uses social media to generate video responses to questions and asks viewers to be the tour guides.

London Fashion Week is when Propeller’s close rela-tionship with the British Fashion Council allows viewers to get the inside story at the shows and British design to be introduced to a Chinese audience as well as promot-ing the work of Chinese designers here in the UK.

Our Leading Programmes include :

For any enquiries :Tel: +44(0)20 7908 7288Email: [email protected]: Propeller TV, 121A Cleveland Street, London W1T 6PL www.propellertv.co.uk

Business World is Propeller TV’s topical business magazine programme of insightful interviews with prominent figures and in-depth reports on international finance, commerce and indurstry in China and UK.

UK LifeStyler is a fun cultural magazine programme, celebrating the rich cultures of the UK from a Chinese perspective. The show takes us around fashion, food, travel, music, film and entertainment, using these topics to explore the British way of life.

Chinatown is our documentary strand that examines a different element of China and Chinese culture within storytelling, books and beyond. Chinatown covers a wide range of subjects from politics to popular culture, technology to teaching, fashion to festivals.

Passengers is Propeller’s viewer generated content show - that tracks travel and street culture filmed by and for, our viewers. The show uses social media to generate video responses to questions and asks viewers to be the tour guides.

London Fashion Week is when Propeller’s close rela-tionship with the British Fashion Council allows viewers to get the inside story at the shows and British design to be introduced to a Chinese audience as well as promot-ing the work of Chinese designers here in the UK.

Our Leading Programmes include :

如您有广告和节目合作需求，请与普罗派乐市场部联系

垂询电话: +44(0)20 7908 7288电子邮件： [email protected]邮寄地址： Propeller TV, 121A Cleveland Street, London W1T 6PL

@普罗派乐卫视

@propellertvuk

Propeller Sky

商业世界 (Business World) 网罗一周中英要闻及评论，关注中英贸易热点话题，深度访谈各行业精英、企业领袖和商贸领域专家，汇集商学院和从业人员的见解。

乐活英伦 (UK LifeStyler) 英国生活时尚资讯栏目。展现英伦艺术、时尚、美食、旅行、音乐、电影等。该节目现已成为都市乐活一族了解城中热事、时尚流行和生活出行等的风向标。

华人大视野 (Chinatown）用文化纪录片的形式发现与分享英国华人社区百态。每期与一位文化艺术领域的人物对话，通过对人物当前状态、过去经历和未来设想的访谈，完成一个完整的心理对话过程。

人在旅途 (Passengers) 旅游探奇类节目，该栏目通过旅行者的独特视角，深度挖掘中国各地的风土人情和神秘美丽，给观众以与众不同的体验。

伦敦时装周 (London Fashion Week)

英伦时尚栏目。每年深入伦敦时装周秀台，即时报道英伦时尚的第一手资讯，以及在伦敦的华人设计师的最新最动态。

核心栏目：


The Other Anniversary

DESPITE THE FACT THAT THE 35TH ANNIVERSARY OF CHINA US DIPLOMATIC RELATIONS HASN’T GAINED MUCH ATTENTION OUTSIDE OF CHINA, THERE IS ONE ANNIVERSARY WHICH IS BEING RECOGNIZED BY BOTH OF THE COUNTRIES CONCERNED, NAMELY THE 50TH ANNIVERSARY OF DIPLOMATIC TIES BETWEEN CHINA AND FRANCE. THE EVENT IS SIGNIFICANT AS FRANCE WAS THE FIRST MAJOR WESTERN COUNTRY TO ESTABLISH DIPLOMATIC RELATIONS AT THE AMBASSADORIAL LEVEL WITH CHINA.

BUSINESS


“

At the start of the year, Chinese Foreign Minister Wang Yi and French ambassador to China Sylvie Berman addressed the media in Beijing, in anticipation of the celebrations marking the 50th anniversary of diplomatic ties. At the time, Wang Yi reiterated that

both countries value their strategic partnership. “The two countries have always resolved to be devoted to promoting multilateralism, and encouraging the international community to develop in a more equal and balanced direction. We have also promoted collectively setting international rules through equal consultation.”

France has been looking to China for more investment, to help boost its economy and create investment. It also established a 48-hour visa system at the end of January this year so as to guarantees visitors from China a speedy completion of the visa application process, and thus attract more free-spending Chinese tourists.

In congratulatory messages sent to one another to mark the 50th anniversary of diplomatic ties, Chinese President Xi Jinping and French President Francois Hollande promised to deepen the relationship between the two countries. There have been flashpoints in the China-France relationship, most notably prior to the Beijing Olympics in 2008.

But China clearly values the relationship with France, as evidenced by the words of Zhang Dejiang, chair of the Standing Committee of the National People’s Congress, who noted that “The 50 years of Sino-French relations have seen plentiful and substantial achievements and valuable experiences, of which the most important is mutual political trust based on mutual respect.”

France provides China with an important political ally in the international arena and is an extremely important and influential ally when it comes to developing relations with China’s biggest trading partner, the European Union. Feng Zhongping, Director of European Studies at the China Institutes of Contemporary International Relations, characterizes France as a “valuable partner” in the context of strengthening ties with the European Union. As Feng explains, “(China) needs some strategic pillars within the EU to make China EU relations stronger,” and France is probably the most well placed to serve such a purpose.

Feng also highlights China’s need to develop relations with major western nations as China steps up to its responsibilities with regards to the international order. “We have agreement (with France) in some areas, and disagreement in (others), but on the whole I think as China is going to play a larger role in the international arena, we need some partners, like the US and Russia. For example, in Africa and in the Middle East, these are areas where France has a clear, major interest and also a long experience in these regions. And these are going to be very important regions for China. I expect to see more cooperation in these important regions for both sides.

Zhang Dejiang’s French counterpart, Claude Bartolone, President of the National Assembly of France, has also spoken of France’s desire to broaden the level of cooperation between these old friends; clearly aware of the economic benefits that China could bring to bear for France. “Beside some traditional areas, we are also exploring new areas for economic cooperation. It is important to Chinese people, the Chinese market as well as French enterprises. The French government is simplifying administrative procedures a great deal, and at the same time, taking new measures to make a better environment for Chinese investors.” Meanwhile, China sees France as an important source of high technology imports; an aspect of trade between the two countries that it is keen to develop.

Out of all the western powers with which China has relations, it seems that France is best placed to take advantage of the bilateral relations so as to realize the often touted Chinese principle of “win-win” cooperation.

庆祝中法建交50周年，法国是第一个与中国建立大使级外交关系的主要西方国家。

虽然中美建交35周年在中国以外并未得到太多关注，但中法建交50周年却备受两国人民的关注。本次活动意义重大，因为法国是第一个与中国建立大使级外交关系的主要西方国家今年年初，中国外交部部长王毅和法国驻华大使白林在北京会见媒体，通报中法两国建交50周年庆典活动的情况。王毅重申，两国重视彼此战略合作伙伴关系。“两国一直致力于推动多边主义，促进国际社会向更加平等和谐的方向发展。我们也提倡通过平等协商共同制定国际规则。”

法国一直寻求中国对其进行更多的投资，以帮助刺激其经济并创造更多投资机会。法国在今年一月底建立了一个48小时的签证制度，以保证来自中国的游客迅速完成签证申请，吸引更多的大把消费的中国游客。

在中法两国领导人互致的两国建交50周年的贺电中，中国国家主席习近平和法国总统奥朗德承诺将加深两国之间的关系。中法关系曾出现过一些问题，最明显的是在2008年北京奥运会之前。

但是很显然，中国重视同法国的关系，正像全国人民代表大会常委会委员长张德江所说：“50年来中法关系取得了丰硕的成果和宝贵的经验，最重要的是两国在相互尊重的基础上取得了政治互信。”

法国是中国在国际舞台上重要的政治盟友，在中国与其最大贸易伙伴欧盟的关系方面，法国更是一个极其重要的、有影响力的盟友。中国现代国际关系研究院欧洲问题研究所所长冯仲平把法国描述成“一个重要的合作伙伴”。他说：“（中国）需要欧盟内的主要国家来促进中国与欧盟的关系，” 而法国在这一点上正能发挥作用。

冯仲平强调，当中国逐步开始履行其国际秩序职责时，它需要和与西方主要国家发展关系。 “我们（与法国）在某些领域有共识，在某些领域存在分歧，但整体来说，我觉得当中国在国际舞台上发挥的作用越来越大时，我们需要一些合作伙伴，如美国和俄罗斯。例如，法国在非洲和中东一些地区有明确的、重要的利益，在这些地区也有长期的经验。而这些地区对中国也会非常重要。我希望看到中法两国在这些重要地区有更多的合作。”

与张德江会晤的法国国民议会议长巴尔托洛内也表达到了法国希望与中国深入合作的愿望。法国清楚地知道中国可能带给法国的经济利益。“除了一些传统领域，我们正在探索经济合作的新领域。这对中国人民、中国市场以及法国企业都很重要。法国政府正在大力简化行政程序，并采取新的措施为中国投资者提供更好的环境”。同时，中国视法国为高科技进口的重要来源，非常愿意加强两国在此领域的贸易。

在所有与中国有外交关系的西方国家中，法国或许处于最有利的地位，可以通过双方的关系来实现中国常讲的“双赢合作”。

其它周年庆典

The 50 years of Sino-French relations have seen

plentiful and substantial achievements and

valuable experiences


OUR NEW SERIES, DOING BUSINESS, GETS THE VIEWS OF A BUSINESS PERSON HEAVILY INVOLVED IN THE TRADE BETWEEN CHINA AND EUROPE. OUR FIRST SUBJECT IS SYRUN LOHRASB, CEO OF CHINA BRITISH BUSINESS FUSION

Not long after starting my consultancy business I visited Dalian, a powerful and beautiful port city at the heart of the shipping and logistics industry in north east Asia.

I was there to meet with one of the largest state-owned enterprises (SOEs) in Dalian and, armed with a modest gift

for the Chairman, I set out for my first real experience of dealing with companies in mainland China. I had learned something of the etiquette of doing business in China during my time at Swire group, but nothing had prepared me for such an alien approach to negotiations. I was, naturally, interested in learning about the company’s proposed strategy, but I quickly learned that there was no strategy; the directors wanted to know what I could offer them, and would let me know if and how they could work with me

Was this approach peculiar to SOEs, non-profit organisations closely linked to the local government or my first lesson? Should I expect the same from privately-owned enterprises?

The value of that meeting lay ultimately not in sales or in any tangible result by which success is usually measured, but as the beginning of a learning curve that would teach me a lot about the importance of forging friendships. When it comes to engagement, the table that matters is not the one in the boardroom but the one in the restaurant, the one around which glasses or Baijiu are raised.

It is common, when dealing with Chinese companies, to find there is no tender process and no briefing documentation. I have often received a brief of one line - “find us a sales solution” - in response to which I communicate, among other things, the cultural necessity of a professional profile presentation in order to engage the right British partner/s.

Twenty years ago I could perhaps have sold my services in China more easily than I can now. Today, as the second-largest economy in the world, the Chinese have choices - and competition for their business is fierce. Time is well spent in tailor-making solutions, but even then you should be ready for meeting after meeting to review and finalise agreements. Understanding the value of word-of-mouth reputation, as opposed to the more structured approach to marketing and PR familiar to us in the UK, can mean the difference between success and failure.

Finally language remains a significant barrier to effective communication. While more and more Chinese people speak English, an interpreter or translator fluent in mandarin and with a good understanding of business etiquette skills. It also helps to speak at least a little Mandarin, as a tool to break the ice and as an expression of respect for your Chinese clients.

When I ask those from the UK who work in similar consultancy sector to my own where in China they have been, I often find their experience is limited mainly to Beijing, Shanghai and other major cities. To form one’s opinions about “doing business with China” on this basis is a little like visiting Los Angeles and New York and assuming one understands business in the USA. Advanced as these cities are, they do not alone represent the Chinese demographic; my peers would do well to explore more of China’s rural beauty, and understand that the contrast between China’s sophisticated cities and its rough mountains, isolated villages and unfinished roads can teach us a lot about the speed with which China has become a vast economic power.

Doing Business BUSINESS

Meeting with Sichuan-based Wuliangye Group

China Focus investing in London Property event at the Laytons solicitors with Masons Property Advisers

‘East Meets W1’ Art Exhibition of China’s Sichuan province

An Executive MBA by IMD & CKGSB

GUESS WHAT?

THE BEST WAY TO LEARN ABOUT DOING BUSINESS

WITH THE CHINESE IS TO LEARN FROM THE CHINESE.

REAL WORLD. REAL LEARNING®

D U A L E X E C U T I V E M B A

All over the world, people are beginning to do business with China. All over China, people have been doing it for centuries. So, who better to help prepare you for China’s increasing influence on the global marketplace? While the Chinese economy continues to grow, gaining expert knowledge from the other side of the business fence can give you an unquestionable advantage in leading the way between China and the world.

CKGSB: Cheung Kong Graduate School of Business and IMD business school can help you develop your understanding of China with a fully global perspective.

CKGSB is recognized as China’s world-class business school with an alumni base that accounts for 13.7% of China’s GDP. Our world-class faculty represents many of the best minds from the U.S. and Europe’s top business schools. IMD is a top-ranked business school. 100% focused on executive education, IMD offers Swiss excellence with a global perspective. Together these two leading business schools have devised the Dual Executive MBA program.

The Dual Executive MBA is designed in two stages – the foundation stage and the mastery stage. The program will allow you to master Eastern and Western business concepts and practices whilst gaining all-important international connections.

The program will also strengthen leadership, strategy and general management skills.

Made up of equal numbers of participants from both Eastern and Western businesses, the program will include 11 weeks of face-to-face learning. The program is scheduled to take place from February 2015 until September 2016 with a unique split of 50/50 program delivery across Eastern and Western locations.

Delivered by two world-class business schools, the IMD-CKGSB Executive MBA is the ideal answer for fast-rising executives who want to create value for their organizations by spanning both East and West. You’ll go beyond the basics to a true understanding of the forces that will be shaping the world of business in the future.

For admission details or further information visit imd.ckgsb.info

www.arqiva.com

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Date post:	22-Jul-2016
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