雙邊投資協定將令中美兩國共同受益

These are challenging times for world leaders seeking to stimulate the global economy. The G-20 wants to see $2 trillion of global GDP and tens of millions of jobs added by 2018 through what officials described in Sydney in February as 'ambitious but realistic policies.' Multilateral talks are already underway to drive growth by further liberalizing trade, which are important initiatives but which have yet to bear fruit. So businesses will be particularly encouraged to see dialogue restarting that aims to give cross-border investment a boost, especially since the talks involve the world's two largest economies.

對於尋求刺激全球經濟增長的世界各國領導人而言，這是一個頗具挑戰性的時代。二十國集團(Group of 20，簡稱G20) 2月份在悉尼召開會議時，官員們希望通過“宏大但務實的政策”，在2018年前將全球經濟總量提高2萬億美元，同時增加數千萬個工作崗位。通過進一步推動貿易自由化來促進經濟增長的多邊談判正在進行之中，這樣的談判是非常重要的舉措，但目前尚未取得成果。因此，企業尤其希望看到重啓意在擴大跨境投資的對話，特別是在全球最大兩個經濟體也展開對話的情況下。

The talks concern the U.S.-China Bilateral Investment Treaty, or BIT. Such an agreement would clarify the rules for investment between the two countries while removing many barriers that remain to such investments--rather like a free-trade agreement for capital flows instead of goods and services. A high-standard BIT will help remove ambiguities that detract from greater investment and broader economic activity, and give the U.S. and China increased stakes in each other's success. In the interest of stability and predictability, the BIT should be a strategic imperative for both countries.

這樣的對話關乎美中雙邊投資協定(Bilateral Investment Treaty，簡稱BIT)的命運。該協定將闡明兩國之間的投資規則，同時打破這些投資領域仍然存在的諸多壁壘，這更像是一個允許資本流動的自由貿易協議，商品和服務貿易則不包括在內。達成高標準的BIT有助於消除妨礙擴大投資和經濟活動的歧義條款，美國和中國在彼此經濟成就中的利益會更大。從保持穩定行和可預見性的角度看，BIT對中美兩國都應該是一種戰略需要。

A comprehensive investment treaty would be good business for both sides. In general, investment treaties prohibit favoritism for local investors; protect foreign investors from arbitrary treatment (by requiring fair compensation for any expropriation or nationalization of assets); provide for dispute resolution in international arbitration; and protect foreign-invested enterprises from local content requirements and export quotas.

達成全面的投資協定可令兩國實現共贏。總的來說有以下幾個益處：投資協定能夠防止對本地投資者的偏袒行爲；能夠保護外國投資者免受不公平待遇（因爲投資協定會要求資產被徵收或國有化時獲得合理補償）；能夠解決國際仲裁糾紛；還能夠保護外資企業不受當地成分要求和出口配額的影響。

For the U.S., the case for attracting more inbound Chinese foreign direct investment (FDI) is compelling. Out of the $175 billion in FDI into the U.S. in 2012, China, as the world's second-largest economy, accounted for a mere $4 billion of that amount. A BIT would help bring greater transparency and clarity to investment approval processes.

對美國來說，獲得更多來自中國的外商直接投資(FDI)的前景非常吸引人。2012年美國的FDI總額爲1,750億美元，來自中國的投資僅爲40億美元。BIT將提升投資審批程序的透明度。

Recent research suggests that Chinese-owned companies provided more than 70,000 full-time jobs in the U.S. in 2013, a more than eight-fold increase compared to 2007. More two-way investment under a successful BIT means many more American jobs.

近期調查顯示，2013年中國控股的公司在美國提供的全職崗位超過了70,000個，較2007年水平增加了八倍多。若BIT成功簽署，將增加雙邊投資額，這意味着美國將增加更多就業崗位。

The BIT also would increase the global reach of American businesses, allowing them to invest in Chinese markets in industries that are largely restricted today, such as financial services, transportation and telecommunications. This treaty would allow American manufacturing and agricultural exporters to establish critical distribution platforms in China to facilitate their sales of American products into that market. As a condition of restarting the talks, Beijing has agreed to put almost all industries on the table, dropping its earlier desire to shelter a large number from American investment.

BIT還能幫助美國企業在全球的擴張，讓美國企業投資於如今在中國基本不對外開放的一些行業，比如金融業、運輸業和電信業。該協定還將允許美國製造業和農業出口商在中國建立起至關重要的分銷平臺，這樣一來，向中國市場出售美國產品就會變得更容易。作爲重啓相關談判的一個條件，北京已經同意把幾乎所有行業都擺到桌面上，放棄了此前希望保護多個行業不受美國投資衝擊的立場。

The protections of a BIT are especially important in markets where Chinese state-owned enterprises dominate, because it will require that those companies act based on commercial and not political principles. For example, state firms' access to non-commercial financing would be challenged. The BIT would also end the occasional Chinese practice of requiring American firms that manufacture in China to transfer their technology to Chinese businesses or use local technology in their manufacturing processes. This would help to address the concerns about intellectual-property theft that often discourage American investment.

在那些國有企占主導地位的中國國內市場中，BIT尤其具有重要性，因爲這將要求那些企業按照商業原則而非政治原則行事。舉例來說，國企利用非商業融資的做法就會受到挑戰。BIT還將結束中國偶爾會採取的某種做法：要求在中國生產商品的美國製造企業將技術轉移給中國企業，或在生產過程中使用中國的技術。這將有助於緩解有關知識產權方面的憂慮。這種擔憂常令美國投資者望而卻步。

For China, the BIT will help advance the economic reform goals reiterated by its leaders at last month's National People's Congress. It can help China achieve these goals by increasing capital available to private firms (especially small- and medium-sized businesses), which often rely on informal lending. The foreign capital, and the management expertise that so often comes with it, would promote innovation and entrepreneurship, which are critical to any economy's long-term success. Deploying private capital also helps foster healthy competition, making state-owned enterprises more efficient and better suited to compete in the global marketplace.

對中國來說，BIT有助於推進上個月兩會時重申的經濟改革目標。它能讓民營企業（特別是中小型的企業）可獲得的資本越來越多，從而幫助中國實現這些目標。在中國，民營企業通常依靠非官方渠道獲得融資。外國的資本以及隨同帶來的管理方面的專長會推動創新和創業，而對任何一個經濟體來講，創新和創業都是長期成功不可或缺的要素。動用民營部門的資本還有助於實現良性競爭，讓國企變得更有效率，更能適應在全球市場的競爭。

Nor are business benefits the only advantage to a U.S.-China investment treaty. There would also be considerable political advantages to concluding a deal. The difficulties faced by each country's investors in the other's economy have created significant friction between Washington and Beijing over the years. This is the case both when Chinese investments in the U.S. generate political controversy, and when American companies discover they aren't allowed to invest in booming Chinese industries. An investment treaty would help ratchet down such tensions by improving market access and ensuring greater predictability.

而且，企業受益也不是美中投資協定能帶來的唯一利益。達成這樣一項協議也會帶來相當大的政治利益。多年來，這兩個國家的投資者在對方國家遇到的困難已經讓華盛頓和北京產生了重大摩擦。不管是中國投資在美國引發政治爭議，還是美國企業發現自己不被允許在中國欣欣向榮的行業投資，這些都是摩擦的來源。投資協定將改善市場準入，提高可預測程度，從而有助於緩解此類緊張局面。

Leaders of the two largest economies in the world should focus on policies and initiatives big enough to result in meaningful economic growth but modest enough to be achieved. The U.S.-China investment treaty is one such initiative. Both sides have a great opportunity to advance their countries' interests and the global economy. The business communities on both sides of the Pacific have much to gain and should come together to play a constructive role supporting the negotiations and seizing the opportunity to do our BIT for global growth.

兩個全球最大經濟體的領導人應該把注意力集中在規模足以令經濟出現明顯增長的政策和倡議上，同時，這樣的政策和倡議又要避免因太過宏大而無法實現。美中投資協定就是這樣一個倡議。雙方有一個絕佳的機會推動實現兩國的利益，也讓全球經濟受益。太平洋兩岸的企業都將獲益良多，因此，兩岸企業界人士應該協力扮演一種建設性的角色，支持相關談判，抓住這個機會，爲全球經濟增長盡一份力。