中國籌建2000億元基金 旨在扶植中小電子企業

HONG KONG — A Chinese technology regulator said on Friday that it would cooperate with a bank to set up a $30 billion fund to support the country’s huge electronics supply chain.

香港——中國一家科技監管機構週五表示，將與一家銀行合作設立一個2000億元人民幣的基金，以支持該國龐大的電子器件供應鏈。

The creation of the new fund underscores China’s ambitions to expand its tech capabilities and also signals how those ambitions are being threatened by slowing growth and recent market turmoil.

成立新基金突顯出了中國增強科技實力的雄心，也標誌着這些雄心壯志受到了經濟增速放緩和最近的市場動盪的威脅。

Official accounts of the fund did not make clear precisely how the money would be spent. But given the recent weakness in Chinese manufacturing and lower-end electronics manufacturers, it may be intended as a form of stimulus to the tech industry. The terminology used in media accounts signals China’s bold technology ambitions. Reports about the new fund said it would be used to build a “strong manufacturing country” and an “Internet power.”

有關該基金的官方言論未明確表示這筆錢會如何花。但考慮到最近中國製造業和低端電子產品製造商的疲軟，該基金可能會被用來作爲對科技行業的一種刺激。媒體報道中的用辭標誌着中國在科技行業的勃勃雄心。有關新基金的報道說，它將被用來建設一個“製造強國”和“網絡強國”。

A report in state-run media said the fund was created to address problems faced by small and medium enterprises that have come under pressure or folded recently because of a lack of funding. The report made reference to recent factory closures, specifically pointing out the closing in October of Fu Chang Electronic Technology, a supplier to the telecom equipment makers Huawei and ZTE.

官方媒體上的一篇報道稱，成立基金是爲了解決中小企業面臨的問題。最近，因爲缺乏資金，這些企業面臨着壓力，或是已於近日倒閉。報道提到了最近的工廠倒閉潮，並明確提到電信設備生產商華爲和中興的供應商福昌電子在10月的倒閉。

The fund will be created through a partnership between an industry group controlled by China’s Ministry of Industry and Information Technology and Ping An Bank. Signaling the importance of the initiative, the signing ceremony was held at the Diaoyutai State Guesthouse, which is often used to host visiting dignitaries, and was attended by representatives of many of China’s largest technology companies, including Lenovo and Alibaba, according to an official release.

基金將由中國工業和信息化部管理下的一個行業組織與平安銀行合作成立。從官方發佈的新聞稿來看，簽約儀式在通常用來招待來訪顯貴的釣魚臺國賓館舉行，出席簽約儀式的有來自中國很多大型科技公司的代表，包括聯想和阿里巴巴。這表明了此事的重要性。

Local shares have been hit hard this week by concerns about a depreciating currency and slowing growth. That volatility is most likely worsening an already difficult situation for lower-end electronics makers and component suppliers in China.

本週，因爲不斷貶值的人民幣和日漸下滑的經濟增速引發的擔憂，中國股市遭受重創。這種波動很有可能會讓中國低端電子產品廠商和器件供應商本就困難的處境進一步惡化。

While China’s largest hardware brands and booming Internet companies tend to attract media attention, the country also has huge numbers of companies that support the electronics supply chain. With low margins and inconsistent orders, many are highly exposed to slowdowns in the worldwide demand for electronics.

儘管引起媒體關注的往往是中國最大的硬件品牌和興興向榮的互聯網公司，但該國也有大量支持電子產品供應鏈的公司。因爲利潤低、訂單不穩定，這些公司中很多都極易受世界範圍內電子產品需求放緩的影響。

The headwinds were highlighted again on Friday, when the Taiwanese electronics manufacturing giant Foxconn said that December revenue was 20 percent lower than it was last December. The company operates a number of city-size production facilities in China.

週五，當臺灣電子產品製造巨頭富士康稱其12月的收入同比下降20%時，這種衰退再次被突顯了出來。富士康在大陸有很多規模堪比一座城市的生產廠。

In another indication of the pressures on manufacturing in recent months, the China Labor Bulletin said in a recent report that there had been a “massive upsurge” in worker strikes and protests during the second half of 2015. Tracing the uptick in disputes to market turmoil last summer, the organization said it had tracked twice as many incidents in 2015 as it had in 2014.

製造業在最近幾個月面臨壓力的另一個跡象是，中國勞工通訊(China Labor Bulletin)在最近的一份報告中稱，2015年下半年，工人罷工和抗議“大幅增加”。該組織稱其發現，2015年的糾紛事件是2014年的兩倍，並將糾紛的增加歸咎於去年夏天的市場動盪。

The new fund seems to resemble a separate multibillion-dollar fund, announced in 2014, to provide financing and enable acquisitions to increase the size and sophistication of the country’s semiconductor industry. In a speech, Zhou Zixue, who leads the industry group overseeing the new fund, emphasized the importance of market forces, using language similar to that used in announcing the semiconductor fund.

新基金似乎類似於2014年宣佈成立的另一個價值數十億美元的基金。那項基金旨在通過提供資金和促成併購，提升中國半導體行業的規模和先進程度。在發言中，負責管理新基金的相關行業組織負責人周子學強調了市場力量的重要性。他的措辭和宣佈半導體行業基金時類似。

Mr. Zhou, who is the chairman of the Semiconductor Manufacturing International Corporation, also said that the new fund would support “supply side” policies. That phrase, recently popular though less than precise, is usually used by Chinese economic policy makers to emphasize reducing excess manufacturing capacity and moving toward a more consumption-driven economy.

身爲中芯國際集成電路製造有限公司董事長的周子學還表示，新基金將支持“供給側”政策。這個說法儘管不那麼明確，但最近很流行。中國的經濟政策制定者通常會用它來強調減少過剩的產能，並向更加以消費爲驅動的經濟發展。

Still, Mr. Zhou said that the financing would be used to develop advanced technologies and support companies that are facing financing difficulties, an indication that it might not ultimately lead to a reduction in China’s huge number of low-cost electronics manufacturers.

然而，周子學表示，這筆資金將被用來發展先進技術和支持面臨資金困難的公司。這一跡象表明，該基金最終可能不會縮小中國龐大的低成本電子產品製造商規模。

Over the last year, the semiconductor fund has been used to finance a number of strategic investments and acquisitions in foreign chip companies. Foreign trade groups have said it gives unfair advantage to Chinese companies and is a tool of Beijing’s industrial policies. It is unclear whether the new fund will be used to support acquisitions.

去年，半導體行業的那項基金被大量用於戰略投資以及收購外國芯片公司。外國行業團體稱，該基金讓中國公司獲得了不公平的優勢，是實施北京的工業政策的一項工具。尚不清楚新基金會不會被用來支持企業收購。