中英商业协议真正价值几何？（中英双语）
青岛希尼尔翻译咨询有限公司（www.sinosenior.com）整理发布 2015-10-25
青岛希尼尔翻译公司（www.sinosenior.com）2015年10月25日了解到：中英两国本周宣布了一揽子协议，英国政府按照不同算法计算出的协议总值分别为250亿、300亿或者400亿英镑。Numbers
to crunch behind the projects trumpeted
A package of deals was announced this week between China and the UK, the
total value of which was variously calculated by the government at
￡25bn, ￡30bn or ￡40bn.
Downing Street has refused to explain the maths behind these totals,
suggesting it will do so only once Xi Jinping, Chinese president, has
returned to Beijing at the end of the week. However, the Financial Times
has examined some of the biggest announcements.
唐宁街拒绝解释这些总值是怎么算出来的，表示只有等中国国家主席习近平本周末返回北京后才会做出解释。不过，英国《金融时报》对其中最大的几笔进行了研究。
Hinkley Point (￡6bn pledge) 欣克利角(Hinkley Point)核电站（中国承诺投资60亿英镑）
They say: “Chinese investment to build two new nuclear reactors at
Hinkley Point C in Somerset. Hinkley Point C will generate a stable
source of clean power to nearly 6m homes, and will provide up to 25,000
employment opportunities. In operation, Hinkley Point C will employ
around 900 permanent staff.”
他们表示：“中方将在萨默塞特郡(Somerset)的欣克利角C投资建造两座新的核反应堆。欣克利角C核电站将为近600万户家庭提供稳定的清洁电力，并将提供至多2.5万个就业机会。在运营方面，欣克利角C核电站将雇佣大约900名长期工作人员。”
FT verdict: The deal is between one foreign company, EDF, and another,
China General Nuclear Power Corporation (CGN). It should pave the way
for the Chinese to spend ￡6bn on construction of the project, although
some of this will come from debt rather than equity.
英国《金融时报》的研究结论：该协议是一家外国公司法国电力(EDF)与另一家外国公司中广核(CGNPC)签订的。它应该会为中方斥资60亿英镑建设该项目铺平道路，尽管部分资金将来自债务而不是股本。
It also seems that Mr Cameron may have included the entire ￡18bn project
— of which ￡12bn is from EDF — in his ￡40bn overall figure for deals.
卡梅伦那个400亿英镑的数字，似乎把该项目的全部投资额（即180亿英镑，其中120亿英镑来自法国电力）都算在内了。
Citic (￡1.7bn) 中信集团(Citic)（17亿英镑）
They say: “Citic, a major state-owned Chinese investment group, will
become the main contractor for the Royal Albert Docks regeneration
project. The project is worth ￡1.7bn and Citic is taking 40 per cent
equity.” 他们说：“中国主要国有投资集团——中信集团——将成为皇家艾伯特码头(Royal Albert
Dock)改造项目的主要承包商。该项目价值17亿英镑，中信将持有40%的股份。”
FT verdict: Citic is only a junior equity partner in the scheme, taking
a 40 per cent stake in an investment group that owns 25 per cent of the
dock. The site developer ABP (China) Holdings has also been negotiating
— so far unsuccessfully — to raise money from another group, China
Minsheng.
英国《金融时报》的研究结论：中信只是该项目的次要权益合伙人之一，在一家持有该码头25%股份的投资集团中持有40%的股份。此外，该项目的开发商总部基地全球控股集团(ABP
(China) Holdings)一直在与另一家公司中国民生投资(China Minsheng)谈判，以从后者那里筹集资金，但谈判迄今未获成功。
The value of the construction work will be limited because Citic is
expected to take on a UK partner, such as Mace or Laing O’Rourke. While
ABP expects the entire project to cost ￡1.7bn, the first phase is only
an estimated ￡300m. The second and third phases only have outline
planning permission. 建筑工程的价值将是有限的，因为预计中信将引入一家英国合作伙伴，比如Mace或者Laing
O’Rourke。尽管总部基地预计整个项目成本将达到17亿英镑，但第一阶段估计将仅耗费3亿英镑。第二和第三阶段现在只获得了纲要规划许可。
Carnival (￡2.6bn) 嘉年华(Carnival)（26亿英镑））
They say: “Carnival UK and CSSC agreed a ￡2.6bn 50:50 joint venture to
buy or build seven cruise ships over the next 10 years.”
他们表示：“嘉年华英国(Carnival UK)与中国船舶工业集团公司(CSSC)同意对半出资组建一家规模为26亿英镑的合资公司，在未来10年购买或建造7艘邮轮。”
FT verdict: The statement from the company referred not to “Carnival UK”
but to “Carnival Corporation and plc”, which is a global business listed
in both New York and London. It is joining up with China State
Shipbuilding Corporation (CSSC) and China Investment Corporation (CIC).
The ships will fly the British flag, pay UK tonnage tax and be insured
in London — supporting hundreds of UK jobs. Any new ships built will be
assembled in China but will have British components. Yet Carnival’s
headquarters are in Miami, Florida.
英国《金融时报》的研究结论：嘉年华发布的声明提到的不是“嘉年华英国”而是“嘉年华公司(Carnival Corporation and
plc)”，该公司是一家跨国公司，在纽约和伦敦两地上市。该公司将与中船集团和中投公司(CIC)组建合资公司。这些邮轮将挂英国国旗、向英国缴纳船舶吨税并在伦敦投保，为英国提供数百个就业岗位。新建造的邮轮将在中国组装，但零部件将产自英国。尽管如此，嘉年华的总部是在美国佛罗里达州的迈阿密。
BP (￡6.5bn in long term) 英国石油(BP)（65亿英镑长期投资）
They say: “The UK-listed oil group and China Huadian Corporation today
signed a sale-and-purchase agreement for BP to sell Huadian up to 1m
tonnes of liquefied natural gas per year worth up to ￡6.5bn over the
next 20 years. Also, BP and China National Petroleum Corporation (CNPC)
entered into a framework agreement on co-operation covering potential
shale gas exploration and production in the Sichuan Basin, future fuel
retailing ventures in China, and other partnerships.”
他们表示：“这家在英国上市的石油集团和中国华电集团公司(China Huadian
Corporation)今日已签署一项销售和采购协议，未来20年，英国石油将每年向华电销售最多100万吨液化天然气，价值最高达65亿英镑。此外，英国石油与中国石油天然气集团公司(CNPC)就双方展开合作达成一项框架协议，合作内容包括四川盆地可能的页岩气勘探和生产、未来在华成立燃油零售公司以及其他事项。”
FT verdict: Sounds impressive but the ￡6.5bn is only achieved over 20
years. Technically this is not an investment but a market value placed
on future LNG supply.
英国《金融时报》的研究结论：听上去很震撼，但这65亿英镑是在20年里实现的。严格来说，这并非投资，而是未来液化天然气供应的市场价值。
Rolls-Royce (￡1.4bn) 罗尔斯-罗伊斯(Rolls-Royce)（14亿英镑）
They say: “Rolls-Royce is today announcing a deal with HNA Group to
provide Trent 700 engines to power 20 Airbus A330s. Rolls-Royce and HNA
Group have also agreed a TotalCare package for a further nine Trent 700
engines and 15 Trent XWB engines.” 他们表示：“罗尔斯-罗伊斯今日将宣布与海航集团(HNA
Group)达成协议，为后者的20架空客(Airbus) A330飞机提供遄达700 (Trent
700)引擎。罗罗还与海航签订了为另外9个遄达700引擎和15个遄达XWB引擎提供TotalCare服务支持的协议。”
FT verdict: A genuinely new deal providing engines and services to HNA
Group, a conglomerate that operates airlines including Hainan, Tianjin
and Capital.
英国《金融时报》的研究结论：这是一项真正的新协议，将向海航提供引擎和服务。海航是一家综合企业，经营的航空公司包括海南航空、天津航空和首都航空。
London Taxi Company 伦敦出租车公司(London Taxi Company)
They say: “LTC’s parent ... Zhejiang Geely Holding Group, also announced
its intention to invest an additional ￡50m in its state-of-the-art
greenfield production facility in Ansty, Warwickshire, to turn the site
into the group’s UK R&D headquarters. This will bring total investment
in the new site to ￡300m.” 他们表示：“伦敦出租车公司的母公司……浙江吉利控股集团(Zhejiang Geely
Holding Group)也宣布，计划对它位于沃里克郡安斯蒂(Ansty)的一流水平的新建生产基地增加5000万英镑投资，将该基地打造为吉利的英国研发总部。这将使这一新基地的总投资达到3亿英镑。”
FT verdict: A whiff of déjà vu. In March, Geely said it would invest
￡250m in its new plant at Ansty. The announcement raised that figure to
￡300m.
英国《金融时报》的研究结论：听起来有些耳熟。今年3月，吉利曾表示将对安斯蒂的新工厂投资2.5亿英镑。上述声明让这个数字增至3亿英镑。
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