Promoting Chinese Outward Investment
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Promoting Chinese Outward Investment 促进中国对外投资 Izumi Kobayashi Izumi Kobayashi PowerPoint PPT Presentation


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Promoting Chinese Outward Investment 促进中国对外投资 Izumi Kobayashi Izumi Kobayashi Executive Vice President 世界银行集团 MULTILATERAL INVESTMENT GUARANTEE AGENCY 多边投资担保机构

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Promoting Chinese Outward Investment 促进中国对外投资 Izumi Kobayashi Izumi Kobayashi

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Promoting chinese outward investment izumi kobayashi izumi kobayashi

Promoting Chinese Outward Investment

促进中国对外投资

Izumi KobayashiIzumi Kobayashi

Executive Vice President 世界银行集团

MULTILATERAL INVESTMENT GUARANTEE AGENCY 多边投资担保机构

WORLD BANK GROUP 执行副总裁

Beijing, November 3, 20092009年11月3日,北京


Fdi outflows from developing countries us billion

FDI Outflows from Developing Countries (US$ billion)由发展中国家流出的外国直接投资 (十亿美元)

Source: EIU, World Investment Prospects to 2011


Major players of south south investment us billion 2008 2008

Major Players of South – South Investment (US$ billion, 2008)南南投资的主要国家(2008年,十亿美元)

Sources: UNCTAD, Chinese Ministry of Commerce


Chinese outward investment general picture us billion

Chinese Outward Investment – General Picture (US$ billion)中国对外投资增长情况(十亿美元)

Sources: UNCTAD, Chinese Ministry of Commerce


Chinese investment in africa

Chinese Investment in Africa 中国在非洲的投资


Promoting chinese outward investment izumi kobayashi izumi kobayashi

投资者面临的风险

Investors Face Risks

Currency risk

- Dollar debt and local currency earnings

Regulatory risk

- Regulatory framework not implemented or untested

Payment risk

- Government fails to pay amounts due

Sub-sovereign

- Investments often at sub-sovereign level

货币风险

-美元债务和地方货币收入

法规风险

-法规框架未能实施或未经检验

支付风险

-政府未能如期足额支付

次级主权风险

-投资常常发生在次级主权层次


Promoting chinese outward investment izumi kobayashi izumi kobayashi

风险的真实性

How Real are the Risks

  • 投资者近期的经历包括:

    • 重新占有已经私有化的资产

    • 政府不履约

    • 撤消特许期

    • 新项目融资困难

    • 不完善的立法框架造成合同履行 失望

  • 随着次级主权伙伴介入的增加, 风险扩大

  • 金融危机证明政治风险确实存在

  • Recent investor experience includes:

    • repossession of privatized assets

    • defaults on government obligations

    • revocation of concessions

    • financing difficulty for new projects

    • contract frustration due to inadequate legal frameworks

  • Risks increase as more sub-sovereign partners involved

1998 - Russia issues a moratorium on private foreign capital payments (projects insured by MIGA exempted)

俄罗斯政府对外国私人资本延期偿付(MIGA保险的项目被豁免)

1997 - Indonesia cancels 27 power purchase agreements (MIGA’s first claim)

印度尼西亚取消27项购电协议

(MIGA第一起理赔)

2002-Argentina restricts exchange and transfer (loans insured by multilateral and bilateral organizations not subject to this)

阿根廷货币危机,对货币汇兑和汇出进行管制(多边和双边机构发放的担保贷款除外)


Promoting chinese outward investment izumi kobayashi izumi kobayashi

成立于1988年,是世界银行集团的成员之一

属于发展性机构, 拥有成员国175个

宗旨为促进外国直接投资流向发展中国家,以实现经济增长和改善人民生活

MIGA每担保一个美元投资能够带动约4个美元的投资

实现发展效益

Established in 1988 and member of the World Bank Group

Development institution with 175 members

A mandate to promote foreign direct investment (FDI) into developing countries to achieve economic growth and improve peoples’ lives

Every dollar MIGA guarantees facilitates an estimated $4 of investment

Far-reaching development benefits

多边投资担保机构(MIGA)是什么样的机构?

MIGA – Who We Are


Promoting chinese outward investment izumi kobayashi izumi kobayashi

MIGA担保的风险类型

Risks Covered by MIGA

  • 货币兑换和汇出限制

  • 征收

  • 战争,恐怖,和内乱

  • 合同违约

  • 不履行主权财务责任

  • Currency inconvertibility and transfer restriction

  • Expropriation

  • War, terrorism, and civil disturbance

  • Breach of contract (BOC)

  • Non-honoring of sovereign financial obligations


Promoting chinese outward investment izumi kobayashi izumi kobayashi

投资担保类型

Types of Investments Covered

  • 股本投资

  • 股东贷款

  • 贷款担保

  • 对金融机构贷款的担保

  • 非股东贷款

  • 非股本直接投资

  • 其他类型的投资,如技术援助和管理合同,资产证券化, 资本市场债券发行,租赁, 服务, 特许权协议

  • Equity

  • Shareholder loans

  • Loan guarantees

  • Loans from financial institutions

  • Non-shareholder loans

  • Non-equity direct investment

  • and other forms of investment such as technical assistance and management contracts, asset securitizations, capital market bond issues, leasing, services, franchising and licensing agreements


Promoting chinese outward investment izumi kobayashi izumi kobayashi

MIGA担保带来的附加值

MIGA’s ValueAdded

  • 提高信用

  • 更长的担保期限(高达15到20年)

  • 动员再保险能力

  • 拥有环境和社会管理的最好惯例

  • 解决投资争端的良好纪录

  • 快速赔偿支付

  • 能够获得世界银行集团的专家技能和资源

    … 所有这些都旨在帮助投资者并减小项目成本

  • Credit enhancement

  • Longer tenors (up to 15-20 years)

  • Mobilization of reinsurance capacity

  • Best practices in environmental and social management

  • Track record in dispute resolutions

  • Prompt claims payment

  • Access to World Bank Group expertise and resources

    …All aimed at providing comfort to investors and reducing transaction costs


Promoting chinese outward investment izumi kobayashi izumi kobayashi

A Risk Management Tool

一种风险管理的工具

增强信心

  • 对东道国政府的干预起到威慑作用

  • 给予投资者投资于新的边缘市场信心

  • 调解投资争端

    提高信用

  • 提高项目的总体风险回报率

  • 降低借款人对准备金的要求

  • 降低融资成本和延长贷款期限

    稳定业务环境

  • 为商业运营提供稳定的环境

Confidence

  • deterrent against host government interference

  • gives investors confidence in investing in new frontier markets

  • mediation of investment disputes

    Credit enhancement

  • improves the overall risk-return profile of the project

  • may reduce provisioning requirements for lenders

  • may lower cost and extend tenor of financing

    Stability

  • provides stable environment for business operations


Promoting chinese outward investment izumi kobayashi izumi kobayashi

从危机走向恢复- 展望未来

From Crisis to Recovery

—Going Forward

  • 来自发达国家的外国直接投资减少

  • 金融危机为一些中国公司进行海外投资提供了机遇

  • 2009年1-4月份中国海外投资的一些主要项目: 中石油在哈萨克斯坦项目(33亿美元)和在加拿大项目(3.9亿美元);五矿在南非和澳大利亚项目(12亿美元);联想在美国的项目; 中国移动在巴基斯坦的项目(5亿美元); 中国有色矿业在澳大利亚的项目(4800万美元), 等等

  • 中国的“走出去”战略没有改变,政府仍然鼓励中国企业走出去,进行海外投资

  • Global FDI from developed countries has decreased

  • Opportunities for some Chinese companies to go abroad

  • Selected major deals in 2009 (Jan-April): CNPC in Kazakstan ($3.3bn) and Canada ($390mn); Minmetals in S. Africa and Australia ($1.2bn); Lenovo in the US; China Mobile in Pakistan ($0.5bn); CNMC in Australia ($48mn), etc.

  • China’s “Go Global” strategy remains unchanged -- the government still encourages companies togo abroad and invest overseas


Promoting chinese outward investment izumi kobayashi izumi kobayashi

促进中国对外投资--MIGA如何提供帮助

PromotingChinese Outward Investment –How MIGA can Assist

  • 中国对外投资是南南投资的一部分,而促进南南投资是MIGA的业务重点之一

  • 加强与以下机构之间的合作:

       -有关政府机构

       -中国的银行和金融机构

       -政治风险保险机构

       -从事海外投资的中国公司

  • Chinese outward investment is part of south-south investment, one of MIGA’s operational priorities

  • Strengthen cooperation with:

    - Government agencies

    - Chinese banks and financial

    institutions

    - Political risk insurance company

    - Chinese companies investing overseas


I n s u r i n g i n v e s t m e n t s e n s u r i n g o p p o r t u n i t i e s thank you

I N S U R I N G I N V E S T M E N T S E N S U R I N G O P P O R T U N I T I E SThank-you

MIGA Contacts:

Ms. Izumi Kobayashi, [email protected]

Ms. Margaret Ann Walsh, [email protected]

Mr. Wenhe Zhang, [email protected]


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