Beijing’s efforts to shift the focus of China’s economy from basic industries, construction and exports to domestic consumption, services and higher value added appear to be showing up in data on foreign investment.
北京方面将中国经济重心从基础工业、建筑业和出口转向国内消费、服务业和更高附加值的努力，似乎正在外商投资数据方面体现出来。
In a recent study by fDi Magazine analysing the investment competitiveness of 131 cities worldwide, Chinese cities took six of the top 10 slots in emerging markets, with Shanghai and Beijing placed fourth and 12th respectively in the overall global ranking.
fDi Magazine最近一项研究分析了全球131个城市的投资竞争力，结果显示，中国城市在新兴市场十强当中占据6席，而上海和北京在全球总排名中分别名列第4和第12。
The study ranked cities on an assessment of their economic potential, business friendliness, human capital and lifestyle, cost-effectiveness and connectivity.
这项研究基于对经济潜力、商业友好度、人力资本和生活方式、成本效益及连通性的评估对城市进行排名。
China’s strong showing at the city level appears to contradict country-level data from the same source showing that China is no longer the world’s most attractive destination for greenfield investment, having lost that title to India. Foreign investors announced greenfield projects in India worth a total of $32.7bn in capital expenditure in the 12 months to December 2015. In the same period, China attracted announced investments of $20.8bn.
中国城市的强劲表现似乎与同一来源的国家层面的数据相悖，后者显示，中国不再是全球最具吸引力的绿地投资目的地，这项桂冠由印度摘得。在截至2015年12月的12个月里，外国投资者在印度宣布的绿地项目资本支出总计327亿美元。同期，中国吸引到的已宣布的投资为208亿美元。
Yet a drill down into the city-level data explains the discrepancy.
不过，探究一下城市层面的数据就可看出为何存在这种差异。
Shanghai, which ranked first among EM cities, has experienced a shift in the type of FDI it attracts in recent years, from manufacturing investments to more services-led operations. Manufacturing projects, which in 2011 made up nearly 18 per cent of all Shanghai’s announced investments, made up just 7.5 per cent in 2015.
在新兴市场城市榜单上名列榜首的上海，近些年吸引的外商直接投资(FDI)种类有所变化，从制造业投资转向更多由服务业拉动的项目。2011年，在上海宣布的所有投资中，制造业项目占将近18%，2015年这个比例仅为7.5%。
While business services and headquarter operations held relatively steady, sales, marketing and support investments became a more prominent investment activity. Such operations accounted for 40 per cent of Shanghai’s announced investments in 2015 compared with 25 per cent in 2011.
企业服务和总部业务相对稳定，销售、营销和支持投资成为更加突出的投资活动。这些项目占上海2015年已宣布投资的40%，2011年的比例为25%。
This suggests not only that China’s economic transition is taking place at the city level, but also that Shanghai and other Chinese cities now offer a more sophisticated and developed environment for investors. Between 2011 and 2015, Tianjin attracted 184 investments, Suzhou 182 and Guangzhou 178. In this time, manufacturing operations as a share of total investment decreased, while R&D, headquarters and education investments increased.
这不仅表明中国经济转型正体现在城市层面上，还表明上海和其他中国城市现在为投资者提供了更高端、更发达的环境。2011年至2015年，天津、苏州和广州分别吸引了184笔、182笔和178笔投资。其间，制造业项目占总投资的比例下滑，研发、总部业务和教育投资占比上升。
Driven by intensional government policy as well as China’s decreasing cost competitiveness in manufacturing, the country is in the midst of a transition away from being the world’s factory and towards a more services-led economy. Manufacturing still leads the list of activities undertaken by greenfield investors in China, according to fDi Markets, but the sector split is tilting away from heavy industry to services and technology.
受政府政策及中国制造业成本竞争力下滑的推动，中国正在经历经济转型，从世界工厂转向一个更多由服务业拉动的经济。根据fDi Markets的数据，制造业仍是在华绿地投资者的首选领域，但重工业的占比正在下降，服务业和科技业的占比在上升。
Between 2011 and 2015, business services was China’s top FDI sector when counted by announced inbound greenfield projects, surpassing industrial machinery, with financial services ranking fourth and software and IT services sixth. As China’s commercial capital it is natural that Shanghai would be leading this transition. More Chinese cities look to be following suit.
2011年至2015年，企业服务是在华FDI首选领域（根据已宣布的外商绿地项目计算），超过了工业机械，金融服务位列第4，软件及IT服务位列第6。作为中国的商业首都，上海自然将引领这次转型。其他中国城市看上去也将效仿。