????華盛頓的立法者們一直抓住人民幣幣值問(wèn)題不放,，對(duì)之進(jìn)行窮追猛打?，F(xiàn)在，由于世界第二大經(jīng)濟(jì)——中國(guó)希望擴(kuò)大海外投資,，未來(lái)幾年內(nèi),，這一問(wèn)題可能“退居二線”。

????在1978年開(kāi)始經(jīng)濟(jì)改革之前,，中國(guó)實(shí)際上根本不存在對(duì)外直接投資,。而到2007年，中國(guó)全球投資的年度規(guī)模已達(dá)近250億美元。到了2008年,，又翻了一番,，超過(guò)了500億美元的大關(guān)。2009年,，全球經(jīng)濟(jì)衰退最嚴(yán)重時(shí),，其投資額也隨之下降,，但是很快又于2010年反彈至565億美元,。

????盡管中國(guó)2010年的投資中，絕大多數(shù)并非針對(duì)美國(guó),，但中國(guó)收購(gòu)美國(guó)公司,，仍很大程度上挫傷了美國(guó)政府的士氣。最近,，出于國(guó)家安全的考慮,，美國(guó)一個(gè)致力研究于跨國(guó)交易的專(zhuān)家小組提議，中國(guó)電信廠商華為公司應(yīng)該放棄三葉系統(tǒng)公司（3Leaf Systems）,。三葉系統(tǒng)是家位于舊金山灣地區(qū)的小型高科技公司,，去年5月，華為出價(jià)200萬(wàn)美元將之收至麾下,。

????該建議傳遞的信息再清楚不過(guò)：雖然中國(guó)投資9千億美元購(gòu)買(mǎi)美國(guó)國(guó)庫(kù)券,，令美國(guó)政府感到欣慰，但中國(guó)以200萬(wàn)美元收購(gòu)美國(guó)公司,，卻令后者陷入了極度恐懼之中,。

????華盛頓立法者們的敵對(duì)態(tài)度并非什么新鮮事。而且,，這種反對(duì)之聲只會(huì)進(jìn)一步高漲,，因?yàn)槲磥?lái)幾年內(nèi)，中國(guó)預(yù)計(jì)會(huì)繼續(xù)擴(kuò)大對(duì)外直接投資,，以繼續(xù)發(fā)展多元化經(jīng)濟(jì),，而不再僅僅依賴出口。Rhodium Group公司估計(jì),，2010年,，中國(guó)公司共斥資49億美元，用于收購(gòu)美國(guó)公司或在美國(guó)開(kāi)設(shè)分支機(jī)構(gòu),，2009年,，相應(yīng)的數(shù)字是28億美元。其中,，用于工業(yè)機(jī)械的投資名列首位,，其次是電子設(shè)備、公用事業(yè)服務(wù)以及煤、石油和天然氣,。

????“這僅僅是開(kāi)始,。” Rhodium Group的負(fù)責(zé)人丹尼爾?羅森表示,?！拔覀兛梢詳嘌裕袊?guó)不斷加大對(duì)美國(guó)公司和資產(chǎn)的投資,，會(huì)引起美國(guó)政府的擔(dān)憂,，并進(jìn)而導(dǎo)致兩國(guó)關(guān)系趨于緊張?！?/p>

????我們不禁充滿好奇：與中國(guó)這個(gè)即將在2025年超越美國(guó)的經(jīng)濟(jì)體做生意,，采取這種論調(diào)是否合適？

一系列中途夭折的交易

????2005年,，中國(guó)三大國(guó)有石油公司之一的中國(guó)海洋石油公司（China National Offshore Oil Corporation）計(jì)劃收購(gòu)美國(guó)優(yōu)尼科公司（Unocal Corporation）,，但由于美國(guó)政府出于對(duì)國(guó)家安全的擔(dān)憂，而引發(fā)了一場(chǎng)政治風(fēng)暴,，致使中海油最終改變了初衷,。最近的一起事件發(fā)生于去年11月，在一宗價(jià)值高達(dá)幾十億美元的交易中,，Sprint Nextel公司將華為排除在外,，很大程度上也是出于國(guó)家安全的考慮?！度A爾街日?qǐng)?bào)》（The Wall Street Journal）援引知情人士的話對(duì)此事進(jìn)行了報(bào)道,。

????但是，月有陰晴圓缺,，其他美中交易迄今都進(jìn)展相對(duì)順利,。去年10月，中海油斥資11億美元,，在切薩皮克能源公司（Chesapeake Energy）在南得克薩斯的鷹灘頁(yè)巖項(xiàng)目中分一杯羹,。另?yè)?jù)《華爾街日?qǐng)?bào)》報(bào)道，中國(guó)光明食品公司（China's Bright Food Group Co）斥資25~30億美元,，收購(gòu)美國(guó)維生素零售連鎖企業(yè)健安喜（GNC Holdings Inc.）,，目前該交易已近尾聲。[欲深入了解美中交易的這一發(fā)展趨勢(shì),，請(qǐng)參閱去年《財(cái)富》的封面報(bào)道《美國(guó)制造,，中國(guó)所有》（American made...Chinese owned）]

????值得一提的是，中國(guó)最大的電信網(wǎng)絡(luò)設(shè)備廠商華為,，一直以來(lái)都不遺余力地想擴(kuò)大在美國(guó)的規(guī)模,。美國(guó)官員已經(jīng)明確表示對(duì)以下問(wèn)題感到擔(dān)憂：華為與中國(guó)政府關(guān)系密切,，以及其電話網(wǎng)絡(luò)是否會(huì)引發(fā)國(guó)家安全風(fēng)險(xiǎn)；原因在于,，華為由前中國(guó)軍官任正非創(chuàng)建于1988年,。但是，很顯然,，華為不會(huì)輕言放棄,，至少在發(fā)出最后的奮力一搏之前不會(huì)。日前,，美國(guó)外國(guó)投資委員會(huì)（U.S. Committee on Foreign Investment）要求華為主動(dòng)放棄收購(gòu)三葉公司的200萬(wàn)美元交易,，遭到了拒絕。華為表示將等待奧巴馬總統(tǒng)對(duì)此問(wèn)題進(jìn)行表態(tài),。奧巴馬政府有15天的時(shí)間,，針對(duì)跨國(guó)交易研究小組的建議,，闡明自己的立場(chǎng),。

????不管美國(guó)政府做出何種抉擇，也不管擔(dān)憂國(guó)家安全多么天經(jīng)地義,，華為一案?jìng)鬟f出的信息是,，美國(guó)政府已對(duì)中國(guó)資本開(kāi)始心懷恐懼。

????但是,，這類(lèi)信息不利于美國(guó)吸引中國(guó)資本,，InterChina Consulting的北美總監(jiān)大衛(wèi)?霍夫曼表示。InterChina Consulting是家小型管理咨詢公司,，專(zhuān)注于為在中國(guó)做生意的外國(guó)公司提供戰(zhàn)略,、企業(yè)以及人力資源服務(wù)。

????“最終,，還是由中國(guó)人決定是否增加對(duì)美國(guó)的投資,。”霍夫曼表示,。

????事實(shí)上,，盡管過(guò)去幾年內(nèi)，中國(guó)的對(duì)外投資大幅增長(zhǎng),，但其中大部分都集中在拉丁美洲和亞洲,，霍夫曼介紹說(shuō)。只有約3%~4%的中國(guó)對(duì)外投資流向了美國(guó),。

????美國(guó)可以主動(dòng)邀請(qǐng)更多中國(guó)資本進(jìn)入美國(guó),，但那樣的話，美國(guó)政府很可能會(huì)要求保有相當(dāng)?shù)目刂茩?quán),。而盡管中國(guó)這只亞洲虎手里可能擁有大量資本要投向海外,，但是由于目前它尚缺乏管理和法律專(zhuān)業(yè)知識(shí)，因此它仍在學(xué)習(xí)如何在美國(guó)市場(chǎng)上如魚(yú)得水。

????譯者：大海

????Washington lawmakers have been griping about the value of China's yuan, but that issue is likely to take a backseat in the coming years as the world's second-largest economy looks to invest more abroad.

????Chinese outward direct investment was virtually nonexistent prior to economic reforms that began in 1978. By 2007, the annual volume of its global investments grew to around $25 billion, then doubled to more than $50 billion in 2008. Investments dropped off in 2009 during the height of the global economic recession, but rebounded to an estimated $56.5 billion in 2010.

????Though the vast majority of China's 2010 investment was outside of the U.S., there's plenty of frustration in Washington over the East Asian Tiger buying up American companies. Recently, amid national security concerns, a U.S. panel that reviews cross-border deals recommended that China's telecommunications maker Huawei divest itself of 3Leaf Systems, a small Bay Area technology company that it acquired for $2 million in May.

????The message is clear: U.S. officials are happy to take China's $900 billion investment in Treasuries, but they greatly fear a $2 million corporate takeover.

????The opposition arising from Washington lawmakers is nothing new. And it's bound to grow -- China's outward direct investments are forecast to rise in the coming years as the country looks to continue diversifying its economy beyond exports. In 2010 Chinese firms spent $4.9 billion on acquisitions and new facilities in the U.S., up from $2.8 billion in 2009, according to estimates from Rhodium Group. Investments in industrial machinery and equipment topped the list, followed by electronic equipment, utility services and coal, oil and gas.

????"This is just the beginning," says Daniel Rosen, a principal of the New York City-based consultancy specialized in China's economy. "We can say for certain that growing Chinese investment in U.S. companies and assets will be a source of anxiety and tension."

????It's hard not to wonder if this is in fact the right tone for doing business with an economy poised to top the U.S. by 2025.

A history of dead deals

????In 2005, China National Offshore Oil Corporation, one of the country's three major state-owned oil companies, withdrew plans to take over U.S.-based Unocal Corporation following a political firestorm over national security concerns. And as recently as November, Sprint Nextel (S, Fortune 500) excluded Huawei from a contract valued at billions of dollars largely because of national-security concerns, The Wall Street Journal reported, citing people familiar with the matter.

????Other U.S.-China deals have seen better success, however. In October, CNOOC paid $1.1 billion for a stake in Chesapeake Energy's (CHK, Fortune 500) Eagle Ford shale project in South Texas. And China's Bright Food Group Co. is reportedly close to a deal to buy U.S. vitamin retail chain GNC Holdings Inc. for between $2.5 billion to $3 billion, according to the Journal. (For more on this trend, see last year's Fortune cover story "American made...Chinese owned.")

????Huawei, China's largest telecom networker, has particularly struggled to expand here. U.S. officials have expressed concerns of the company's close ties to the government and whether its phone networks pose national security risks -- it was founded in 1988 by former Chinese army officer Ren Zhengfei. But it appears Huawei is not going away -- at least not without a fight. On Monday, the company resisted calls by the U.S. Committee on Foreign Investment to divest itself from its $2 million deal with 3Leaf, saying it will await President Obama's word on the issue. The administration has 15 days to take a stand on the panel's recommendation.

????Whatever the decision and however warranted the national security concerns, the deal appears to be sending the message that Chinese capital is to be viewed with fear.

????This kind of message doesn't help the U.S. lure capital from China, says David Hofmann, North America director for InterChina Consulting, a boutique management consultancy specializing in strategy, corporate and human resources services for companies doing business in China.

????"At the end of the day it's the perception on the Chinese side that will drive additional investment in the U.S.," Hofmann says.

????Indeed, although China's outward investment has grown considerably over the past few years, much of the growth is concentrated in Latin America and Asia, Hofmann says. Roughly about 3% to 4% of Chinese outward investment goes into the U.S.

????The U.S. can choose to invite more Chinese capital but that will probably require considerable handholding. The Asian tiger might have lots of capital to invest abroad, but given its shortage of managerial and legal expertise, China is still learning how to maneuver its way through the American marketplace.