China’s financial regulators have further tightened oversight of foreign investments by the country’s struggling state-owned enterprises, in a bid both to stem capital outflows and rein in risk.
中国金融监管机构进一步收紧了对挣扎中的国有企业实施境外投资的监督，以便限制资本外流，遏制风险。
Starting this week, China’s finance ministry will require state groups at both national and provincial level to defend the financial viability of overseas investments and assess their political risks before proceeding, while also mandating stricter auditing mechanisms.
从本周开始，中国财政部将要求中央和地方国有集团说明其海外投资项目的财务可行性，并在事前评估其中的政治风险，同时也要执行更严格的审计机制。
The regulations also require all state groups to better document foreign currency transactions to assuage concerns that overseas infrastructure investment could mask capital outflows.
财政部管理办法也要求所有国有集团完善外币交易的书面纪要，以减轻境外基础设施投资可能会掩盖资本外流的担忧。
China’s leaders have encouraged the country’s SOEs to “go out” and fund overseas telecommunications, railroad and construction projects as part of $900bn in planned investments for the country’s signature Belt and Road infrastructure initiative.
中国领导人鼓励国企“走出去”，拿出资金实施海外通信、铁路和建筑项目。中国打算总共投资9000亿美元，实施标志性的一带一路基础设施计划。

However, that has exposed the groups to greater credit and political risk as they sink resources into central Asia, Southeast Asia and Africa. Analysts also worry that the Belt and Road frenzy has incentivised groups to approve financially risky projects.
然而，在国有集团把资源投向中亚、东南亚和非洲时，它们也面临着更大的信用与政治风险。分析人士也担心，一带一路狂热刺激国有集团批准了存在财务风险的项目。
“It’s clear Chinese regulators decided that this sort of free-for-all shopping spree that has been happening over the past few years is not acceptable, and they want to reassert the government gatekeeper role in to the outbound flow of investments,” said Yanmei Xie, an analyst at Beijing-based consultancy Gavekal Dragonomics.
“中国监管机构显然认为，过去几年里发生的这类谁可以自由参与的疯狂收购，是不可接受的，他们想重申政府在企业对外投资中的看门人角色，”北京咨询机构龙洲经讯(GaveKal-Dragonomics)的分析师谢艳梅说。
Weighed down by debt and overcapacity, China’s unwieldy SOEs have struggled to catch up with private groups in terms of profitability. In response, authorities have merged underperforming SOEs with stronger ones and warned them to cut back on non-strategic investments.
在债务和产能过剩的重压下，中国笨拙的国企在盈利能力方面很难赶上民企。作为回应，当局已把表现不佳的国企与更强的国企合并，并警告国企减少非战略性的投资项目。
“Some investments do not meet our industrial policy requirements for outward investment?.?.?.?they are not of great benefit to China and have led to complaints abroad,” Zhou Xiaochuan, central bank governor, said in March. “Therefore we think a certain degree of policy guidance is necessary and effective.”
“有一部分投资实际上跟我国对外投资的产业政策要求不符合……对中国也没有太大的好处，同时在外面还引起了一些抱怨，”中国央行行长周小川在3月份说，“因此，进行一定程度的政策指导，我们认为是有必要的，也是有成效的。”
Regulators have long sought a greater role in directing SOE investments. In January, the State-owned Assets Supervision and Administration Commission set out a “negative list” that outlined sectors off-limits to SOE investment. This week’s regulations subject overseas investments to greater scrutiny.
长期以来，中国监管机构一直寻求在指导国企投资方面发挥更大作用。今年1月，国务院国资委(Sasac)制定了一份“负面清单”，规定了禁止国企投资的行业。本周的管理办法使企业海外投资接受更严格审查。
However, that kind of heavy-handed enforcement may not cure SOEs of their financial woes, analysts say.
但分析人士表示，这种高压执行也许无法让国企摆脱财务困境。
“SOEs have not been very capable of investing in commercially profitable projects but it’s doubtful that bureaucrats will be better equipped to make those decisions ether,” said Ms Xie.
“国企不太擅长于投资能带来商业利润的项目，但官员们将在这类投资决策中做得更好的想法，是让人怀疑的，”谢艳梅说。
One of several requirements in Sasac’s January regulations mandates that SOEs attract third-party investors when investing abroad as part of a push to integrate public and private capital and form “public private partnerships”.
国资委1月份所推管理办法的要求之一是，国企在投资海外时要吸引第三方投资者加入，这是为了推进国有与民营资本融合，形成政府和社会资本合作(PPP)。
However, China’s finance ministry declared this week that it had found several of these partnerships for domestic infrastructure investment to be “disguised borrowing” by local governments.
然而，中国财政部本周宣布，已发现多个面向基础设施投资的PPP项目其实是地方政府的“变相举债”。