歐洲正在推動對外國投資進行更嚴格的審查，劍指北京。澳大利亞一直在阻止中國買家收購其戰略資產。在加拿大，中國對一家主要承包商的收購麵臨國家安全考驗。
隨著中國希望擴散其財富和影響力，美國並不是唯一一個假借國家安全保護本國行業的國家。世界各地的政府，特別是歐洲各國政府，越來越傾向於用此類擔憂作為中國投資的試金石，來保護自己的競爭優勢。
這是政治姿態、民族自豪感和純粹的偏執共同作用的結果。但中國帶來了一個棘手的政策難題。各國必須在保護本國戰略行業、防止敏感技術流失，與向中國投資者示好、改善與北京的貿易關係之間保持平衡。
“普遍的印象是，中國在各個領域都在崛起，問題是如何應對這個局麵，”哈佛大學肯尼迪學院(Harvard Kennedy School)的中國問題專家、高級研究員陸克(Philippe Le Corre)說。“大多數國家都不知道該如何應對。”
美國對中國采取的立場似乎是最強硬的。特朗普總統本周決定叫停總部設在新加坡的博通(Broadcom)對競爭對手、美國芯片公司高通(Qualcomm)發起的惡意收購，擔心收購可能會對中國競爭對手有利。而審查高通這筆交易的委員會，即美國外國投資委員會（Committee on Foreign Investment in the United States，簡稱Cfius），可能會對中國變得更加強硬。
這個委員會可以國家安全為由，阻止外國公司收購美國企業。它已經否決了與中國有關的買家的大批交易。立法者現在呼籲擴大該委員會可以審查的交易類型。
歐洲起步晚一些。去年，當德國、法國和意大利呼籲在歐洲範圍內建立對外國收購加大審查力度的機製時，一場有關保護主義的討論逐漸升溫。這一舉動的出現，適逢對該地區在科技領域失去優勢，以及所謂的軍民兩用技術向中國轉移的擔憂與日俱增。
2016年，一家中國公司收購德國最大、最先進的機器人製造商庫卡(Kuka)後，擔憂加劇。隨著中國在南歐和中歐各地投資鐵路、港口和其他戰略基礎設施，擔憂更是進一步加深。
其中一些反應，表明了國內的政治擔憂。比如，法國財政部長布魯諾·勒梅爾(Bruno Le Maire)在1月訪問北京時表示，巴黎歡迎中國投資，但先要對交易進行審查，以確保法國資產不會遭到“掠奪”。
盡管如此，隨著中國大力推動在經濟上變身為一個前沿超級大國，很多國家的政府都加緊了對外國投資的審查。中國這項雄心勃勃的政策叫《中國製造2025》。
歐盟委員會(European Commission)主席讓-克洛德·容克(Jean-Claude Juncker)去年9月提議，在歐洲範圍內建立一個審查外國公司投資交易的框架。去年，德國議會通過一項法律，投資者持股達到25%時，需要對交易進行國家安全審查。
但推動對北京采取收緊政策的政治行動，麵臨著相當大的阻礙。
首先，激怒中國的風險是真實存在的。盡管民眾感到擔憂，但歐洲企業仍然渴望得到中國的投資。歐洲各國政府也唯恐在迫切需要更多贏得中國消費者之際得罪北京。
即使在德國國內，政界領導人之間也沒有達成一致。最近剛剛宣誓就職，開始第四個總理任期的安格拉·默克爾(Angela Merkel)已經培養起與北京的關係，中國已成為德國巨頭、歐洲最大車企大眾(Volkswagen)等企業的重要市場。
歐洲在如何應對中國的崛起上也存在分歧。在金融危機期間受益於中國慷慨解囊的希臘、匈牙利和另一些較貧窮的南歐和中歐國家，普遍反對加強審查，擔心阻礙中國的進一步投資。
因此，容克在其審查投資交易的提議中力圖謹慎行事，它被視為朝著在歐洲範圍內建立一個類似於Cfius的機製邁出的第一步。
這也是批評人士說該計劃缺乏真正力度的一個原因。它主要是要求歐盟成員國把外國投資交易，尤其是那些可能影響另一個國家安全的交易告知布魯塞爾。目前，28個歐盟成員國中僅有12個擁有到位的審查機製。
“歐盟將很難在短時間內建立起一個處理外國直接投資的強有力的製度化機製，”位於倫敦的研究機構皇家國際問題研究所(Chatham House)的亞太項目副研究員王爵（Jue Wang，音）說。“歐洲的公司仍然想歡迎中國的錢。”
該提案的力度似乎也不及其他主要經濟強國目前已經有的做法。日本最近加強了對與安全有關的外國投資的限製。考慮到中國，英國本周加強了政府從國家安全的角度，審查外國在特定經濟領域投資的權力。
歐盟的計劃也不一定追得上中國投資者為持有戰略資產的股份而采取的創新戰略。
上個月，中國最富有的男性之一收購了德國汽車工業皇冠上的明珠戴姆勒(Daimler)價值90億美元（約合572億人民幣）的股份，令德國猝不及防。中國汽車巨頭吉利的董事長李書福在其他人意識到發生了什麽事情之前，就通過一項財務策略進行了收購。去年，這家德國企業曾經否決了這位中國商人收購該公司股份的提議。
這項耗時數月時間完成的秘密收購，使李書福成為了戴姆勒最大的股東。德國當局正在調查該交易是否符合德國的投資法。但戴姆勒或德國政府都似乎無法改變這項收購。
其他國家的經驗也表明了情況的複雜性。
在澳大利亞，來自中國的投資僅在2014年就超過了300億美元（約合1900億人民幣），該國政府已努力加大了審查力度。
隨著中國投資者大舉收購澳大利亞的經濟，以及對中國商人向澳大利亞政客捐贈數百萬美金一事的擔憂，對北京不斷增長的經濟影響力的警惕也相應提高了。中國對澳大利亞企業的收購快速增長，對其農業用地的收購也在加速。
2015年，該國政府加強了外國並購的規定，如果外國購買者的農田投資組合價值達1500萬美元（約合9500萬人民幣）或更多，就需要得到國家監督委員會的批準。澳大利亞還阻止了一家中國公司對澳大利亞電力公司的投標，理由是這項交易違背了國家利益。
更多的改變可能正在計劃中。澳大利亞政府最近表示將考慮更新其外國投資指導方針，以便澳大利亞人可以確信，擬議的投資“對國家有利”。
在其他國家，雖然加拿大總理賈斯汀·杜魯多(Justin Trudeau)的政府一直在努力吸引中國投資者，但民眾的情緒並不總是與這種努力相一致。出於對國家安全和中國商業慣例的擔憂，一些中國投資者收購加拿大公司的競標遭到了否決。在渥太華表示一項交易可能會危及國家安全之後，中國電腦製造商聯想放棄了收購黑莓(BlackBerry)的企圖，該公司生產的智能手機在政府機構被廣泛使用。
這些擔憂促使加拿大前任保守黨政府試圖加強外國投資法律力度，要求非加拿大實體持有的股份必須通過國家安全測試。
該政府正在審查由中國政府支持的中交國際控股公司對加拿大主要承包商愛康(Aecon)的收購競標。官員們正在評估該收購交易是否會削弱國家安全，愛康承接了許多重大基礎設施建設，並一直在承擔加拿大的軍事和核工業項目。
“我們歡迎對加拿大經濟有利的國際投資，但不能以國家安全為代價。”負責審查投資的經濟發展部部長納夫迪普·貝恩斯(Navdeep Bains)的發言人卡爾·W·薩瑟維爾(Karl W. Sasseville)說。
Wary of China, Europe and Others Push Back on Foreign Takeovers
PARIS — Europe is pushing for more stringent vetting of foreign investments, with an eye on Beijing. Australia has been blocking bids by Chinese buyers for strategic assets. And in Canada, a Chinese takeover of a major contractor faces a national security test.
As China looks to spread its wealth and influence, the United States is not the only country seeking to shield its industries under the guise of national security. Governments around the world, and especially in Europe, are increasingly inclined to use such concerns as a litmus test for Chinese investments to protect their competitive edge.
It’s a mixture of political posturing, national pride and outright paranoia. But China presents a difficult policy puzzle. Countries must balance safeguarding their strategic industries and preventing the loss of sensitive technologies, while still courting Chinese investors and improving trade with Beijing.
“There’s a general impression that China is rising on all fronts, and the question is how to deal with that,” said Philippe Le Corre, a China specialist and senior fellow at the Harvard Kennedy School. “Most countries don’t know how to react.”
The United States appears to be taking the hardest line toward China. President Trump’s decision this week to block a hostile bid by Singapore-based Broadcom for the rival American chip company Qualcomm fell apart over concerns that a takeover could hand Chinese rivals an advantage. And the panel that reviewed the Qualcomm deal, known as Cfius, is likely to get tougher still on China.ontinue reading the main story
The committee, which can essentially block foreign acquisitions of American firms on national security grounds, has already quashed a number of deals by Chinese-linked buyers. Lawmakers are now calling to broaden the types of transactions the panel can vet.
Europe got off to a later start.
A protectionist debate ramped up last year when Germany, France and Italy called for a Europe-wide mechanism for more rigorous vetting of foreign takeovers. The move came amid rising worries about the loss of the region’s edge in technology, and the transfer of so-called dual-use technologies to China.
Robotic arms made by Kuka welding together parts of a Volkswagen Passat in Emden, Germany, last week. Kuka, Germany’s biggest and most advanced maker of robotics, was purchased by a Chinese company in 2016.CreditKrisztian Bocsi/Bloomberg
Concerns mounted after the
2016 purchase of Kuka, Germany’s biggest and most advanced maker of robotics, by a Chinese company. And they have intensified as China has invested in railways, ports and other strategic infrastructure across southern and Central Europe.
Some of the reaction reflects domestic political concerns. Bruno Le Maire, France’s finance minister, said on a visit to Beijing in January, for example, that Paris would welcome investment from China, but only after screening deals to ensure French assets were not “looted.”
Still, numerous governments are pressing to harden reviews of foreign investment as China embarks on a major push to transform its economy to a cutting-edge superpower,
an ambitious policy known as Made in China 2025.
The president of the European Commission, Jean-Claude Juncker, proposed in September creating a Europe-wide framework to screen investment deals by foreign companies. And last year, the German Parliament passed a law allowing deals to be scrutinized on national security grounds if an investor’s stake reaches 25 percent.
But the political push to tighten up on Beijing faces considerable hurdles.
For one thing, the risks of angering China are real. Despite the optics, European companies remain eager for Chinese investments. And European governments are also wary of offending Beijing at a time when they are pressing to get better access to Chinese customers.
Even within Germany there is no unity among political leaders. Angela Merkel,
recently sworn in for a fourth termas chancellor, has cultivated ties with Beijing, and China has become a crucial market for companies like Volkswagen, a German behemoth and Europe’s biggest automaker.
The Canadian prime minister, Justin Trudeau, meets with Chinese Vice Premier Wang Yang late last year. While Mr. Trudeau has courted Chinese investors, public sentiment in Canada has not always aligned with that effort.
CreditSean Kilpatrick/The Canadian Press, via Associated Press
Europe is also divided over how to cope with China’s rise. Greece, Hungary and other poorer southern and Central European countries that benefited from China’s largess during the financial crisis have generally opposed tightening scrutiny
for fear of discouraging further Chinese investment.
As a result, Mr. Juncker has sought to walk a fine line in his proposal to screen investment deals, which is seen as the first step toward an E.U.-wide mechanism similar to Cfius.
It’s a reason critics say the plan lacks real teeth. It would mainly require European Union member states to inform Brussels of foreign investment deals, especially ones that might affect the security of another country. Currently, only 12 of the European Union’s 28 member states have any screening mechanism in place.
“It will be difficult for the E.U. to have a strong institutionalized mechanism for foreign direct investment any time soon,” said Jue Wang, an associate fellow in the Asia Pacific Program at Chatham House, a research organization in London. “European companies will still want to welcome Chinese money.”
The proposal also appears to be weaker than what other major economic powers have in place. Japan recently strengthened restrictions on foreign investments related to security. And Britain this week
strengthened government powers to scrutinize foreign investment in specific areas of the economy through the lens of national security, with China in mind.
Nor would the European Union’s plan necessarily catch innovative new strategies by Chinese investors to take stakes in strategic assets.
Germany was caught off guard after one of China’s wealthiest men last month
amassed a $9 billion stake in Daimler, a crown jewel of Germany’s auto industry. Li Shufu, the chairman of the Chinese car giant Geely, made the grab through a financial maneuver before anyone even realized what was happening. Last year, the German company rejected a proposal by the Chinese businessman to take stakes in the company.
Li Shufu, left, chairman of Zhejiang Geely Holding Group and one of China’s wealthiest men, caused alarm after he quietly amassed a $9 billion stake in Daimler, a crown jewel of the German auto industry. CreditQilai Shen/Bloomberg
The stealth purchase over months made Mr. Li the largest shareholder in Daimler. The German authorities are examining whether the purchase adhered to German investment laws. But it is unlikely that either Daimler or the German government can do anything about the acquisition.
The experience of other countries shows the complexity of the situation.
In Australia, where Chinese foreign investment reached more than $30 billion in 2014 alone, the government has sought to toughen screening.
Wariness of Beijing’s growing economic influence has increased as Chinese investors buy up vast swaths of the Australian economy and over concerns about Chinese businessmen
giving millions of dollars to Australian politicians. Chinese takeovers of Australian businesses have jumped in recent years, along with an acceleration in purchases of agricultural land.
In 2015, the government strengthened foreign acquisitions and takeover rules to require the approval of a national oversight board if, for instance, a foreign purchaser’s portfolio of farmland was worth $15 million or more. It has also
blocked bids by a Chinese firms for Australian electricity companies, citing such deals as contrary to the national interest.
More changes could be afoot. The government recently said it would consider updating its foreign investment guidelines so Australians could be sure that proposed investments were “good for the country.”
Elsewhere, while the government of Prime Minster Justin Trudeau has been courting Chinese investors, public sentiment in Canada has not always aligned with that effort. Some attempted takeovers of Canadian companies by Chinese investors were abandoned because of concerns over national security and Chinese business practices. Lenovo, the Chinese computer maker, dropped ambitions to acquire BlackBerry, a smartphone used widely in government agencies, after Ottawa signaled a deal could compromise national security.
Those concerns prompted Canada’s previous Conservative government to strengthen foreign investment laws to require stakes taken by non-Canadian entities to pass a national security test.
The government is now reviewing a proposed takeover of Aecon, a major Canadian contractor, by Chinese state-backed CCCC International Holding. Officials are assessing whether national security would be undermined by the takeover of Aecon, which handles major infrastructure projects and has done work for Canada’s military and nuclear industry.
“We welcome international investments that will benefit the Canadian economy,” said Karl W. Sasseville, a spokesman for Navdeep Bains, the minister for economic development, whose department handles investment reviews, “but not at the expense of national security.”
Follow Liz Alderman on Twitter: @LizAldermanNYT.
Jack Ewing contributed reporting from Frankfurt, Jacqueline Williams from Sydney and Ian Austen from Ottawa.
