An escalation of the China-U.S. trade dispute may further dampen the outlook for Chinese investment in the U.S.
A staff member works at the Emerging Technology Center of Chinese home appliances maker Midea in California,the U.S., on May 15, 2017
Along with additional tariffs on Chinese products, intensified efforts by the United States to restrict Chinese investors are weighing on cross-border investment.
Chinese foreign direct investment (FDI) in the United States dropped over 80 percent year on year to just $5 billion in 2018 from$29 billion in 2017 and $46 billion in 2016,according to a report recently released by the U.S.-China Investment Project, a research initiative led by the Rhodium Group and the National Committee on U.S.-China Relations.Though Chinese investment in the United States declined sharply in 2018, its investment in overseas markets grew 4.2 percent year on year to $130 billion, according to the Ministry of Commerce of China.
高校第二课堂是第一课堂的补充，它不受时间和空间的限制，具备多种形式,成为素质发展、创新意识培养和实践能力提升的重要载体，正是由于第二课堂教学的灵活性和新颖性,使其越来越受到高校的重视。
The report said that the decrease is not a mere correction following the previous boom,but a fall to the lowest levels since 2011.
The sharp decline is partly due to China’s restriction on speculative outbound direct investments in real estate, hotels and sports clubs starting in late 2017. A more noticeable reason is that Chinese investors are encountering stepped-up investment screening by the United States amid tensions between the two largest economies.
“Aggressive U.S. unilateralism and defensive policies toward China are polarizing other members of the Organisation for Economic Cooperation and Development. Some are aligning with U.S. views on Chinese capital flows and general openness,” said the report.
Worse still, “the shift that we’ve seen so far doesn’t even yet reflect the impact of these new regulations that were passed last year,”Rosen said.
The report was unveiled immediately after Trump’s May 5 announcement of additional tariffs on Chinese products.
人是善于比较的动物，处在外在世界的包围下，我们难免会将自己与他人比较，可是在婚姻里，只要一比较，我们就输了。
“If there is a truly ‘toxic’ environment between two nations, it doesn’t really matter what the technical legal terms say is permissible and what’s not. It’s generally going to be fairly difficult to make investments,” Rosen said.
From a classic international economic policy perspective, Rosen said, against the threat of higher tariffs, there is a new motivation to do direct investment on the other side of the tariff wall. “So the tariff war per se isn’t the killer to the potential for a two-way investment flow. It's the‘toxicity’ that's behind it,” Rosen said.
The report said that irrespective of any trade deal, U.S. national security concerns and China-U.S. strategic mistrust are rooted in structural trends that will persist for a prolonged period of time.
The authors called on leaders to “manage this reality and find ways to address novel security concerns without too much protection,which would threaten long-term innovative capacity and prosperity.”
试验仪器测得固有频率与理论计算得出的固有频率误差如表7所示。由表7知，频率最小误差为0.20%，最大误差为6.68%。各阶理论模态值与试验模态值误差在10%以内，根据工程实践经验知误差值在标准
Increased scrutiny
Last year, there was tougher enforcement by the Committee on Foreign Investment in the United States (CFIUS) and a lot more investment screening, including going back to already closed transactions and asking companies to divest again, said Thilo Hanemann, a partner at the Rhodium Group and another author of the report.
Chinese investors had to give up deals worth more than $2.5 billion in the United States in 2018 due to unresolved CFIUS concerns, according to the report.
In sectors such as information and communications technology (ICT) and infrastructure,Chinese investment suffered the most from intensified U.S. national security reviews last year.
While Chinese investment in the United States witnessed sharp decline even before full implementation of the new FIRRMA and ECRA laws, forthcoming regulations “could yet create additional hurdles for Chinese investment in the United States,” said the report.
她一进屋，他们全都站了起来。一个小模小样、腰圆体胖的女人，穿了一身黑服，一条细细的金表链拖到腰部，落到腰带里去了，一根乌木拐杖支撑着她的身体，拐杖头的镶金已经失去光泽。她的身架矮小，也许正因为这个缘故，在别的女人身上显得不过是丰满，而她却给人以肥大的感觉。她看上去像长久泡在死水中的一具死尸，肿胀发白。当客人说明来意时，她那双凹陷在一脸隆起的肥肉之中，活像揉在一团生面中的两个小煤球似的眼睛不住地移动着，时而瞧瞧这张面孔，时而打量那张面孔。
“On the investment side, we’ve already had some disconnections,” said Daniel Rosen,a founding partner of the Rhodium Group and one of the authors of the report, at its launch event in New York City on May 8.
In March, the Council of the European Union (EU) approved a new framework for screening FDI in the EU. The new legislation,which went into effect in April, does not name China, but is widely believed to target Chinese investments in technology and infrastructure.
According to the report, FIRRMA gave CFIUS jurisdiction to review non-controlling foreign interests in critical infrastructure and technologies, and sensitive personal data for the first time and ECRA could have far-reaching implications for research labs and other intellectual property-generating investments.
8.牛呼吸道合胞体病毒感染。牛呼吸道合胞体病毒病是由病毒引起的牛的一种急性、热性呼吸道传染病，临床以高热、持续性呼吸困难为主要特征。
“A more defensive U.S. posture and the uncertain outlook for bilateral relations clearly impacted U.S.-China investment flows in 2018,much more so than trade,” said the report.“Our data show that while trade protection has been more bark than bite (U.S. imports from China have risen throughout the Donald Trump administration), the hawkish mood has deeply impacted U.S.-China investment dynamics.”
These refer to the Foreign Investment Risk Review Modernization Act (FIRRMA) and the Export Control Reform Act (ECRA), which were passed by U.S. lawmakers in August 2018.
Nikkei Asia Review reported on May 9 that Japan is also set to restrict foreign investors from buying into its hi-tech manufacturers, “in a move that hews closely to the U.S. and its hardline policy on investments from China.”
Japan will amend its Foreign Exchange and Foreign Trade Act, adding 20 more sectors that will restrict foreign investment, including integrated circuits and semiconductor memory devices, software developers and data processing services.
Uncertain future
The China-U.S. investment report said that Chinese firms’ commercial appetites for investing abroad remain strong. Given that Chinese outbound investment stock is still low at just 15 percent of the GDP, there remains ample opportunity for growth in non-sensitive areas.
However, policy hurdles in both the United States and China remain significant headwinds to increasing Chinese investment in 2019 and beyond.
夜的街头，这是怎样的人间？金枝小声喊着娘，身体在阴沟板上不住地抽拍。绝望着，哭着，但是她和木桶里在睡的小狗一般同样不被人注意，人间好像没有他们存在。天明，她不觉得饿，只是空虚，她的头脑空空尽尽了！在街树下，一个缝补的婆子，她遇见对面去问：
Jack Ma, Board Chairman of China’s e-commerce giant Alibaba Group, speaks at a two-day conference titled Gateway 17 in Detroit, where he presented the opportunities in the Chinese market available to U.S. small businesses, on June 21, 2017
Data from the report show that China’s FDI in the U.S. ICT sector decreased from $2.7 billion in 2017 to $200 million in 2018. In the transportation, construction and infrastructure sectors, Chinese investment plunged from$10.4 billion in 2017 to $100 million in 2018.
It also found that Chinese venture capital in the United States had remained virtually untouched by investment screening until November 2018 when the FIRRMA pilot program started, but upcoming implementation rules may deal a heavy blow to Chinese venture capital and other minority investment.
Regardless of the ultimate outcome, it will take some time for Chinese firms to feel confident that they can continue to access the U.S. market without running afoul of these new regulations, said the report.
连终端：将物理的移动终端与区域居民，尽可能一一对应。最大限度将区域居民纳入服务范围。通过区、镇、街道三级，用微信群、公号微博进行管理。发动社区街道多级工作人员，有效整合本区域线上社群，组成若干用户组团（如行业群，乡镇群，街道群等），开展网上互动，吸引大家参与。
U.S. restrictive investment policies toward China have had a ripple effect on other economies as well.
The uncertain outlook for Chinese investment is definitely not good news for the United States.
“Investment done right creates enormous benefits: It creates jobs in local communities,increases choice for consumers and creates productive business relationships that strengthen people-to-people connections,”wrote Stephen Orlins, President of the National Committee on U.S.-China Relations in the report’s foreword. “When our countries add regulations that unnecessarily impede investment,however, these positive forces are diminished significantly, even reversed.”
本文利用层次分析法(AHP)和模糊综合评价方法，在建立基本的商业银行评价指标体系后，用层次分析法确定各指标的权重，运用模糊数学理论进行综合评价，从而量化出最终结果。在文章中引入实证分析，通过实地调查获得评价数据并分析验证该模型的有效性和实用性。旨在为商业银行进行客户满意度评判、防止顾客潜在流失、提高客户满意度提供参考，同时，以期为客户满意度研究方法的改进提供新思路。
Catherine Pan-Giordano, Partner and Corporate Group Head at Dorsey & Whitney’s New York office, cited Chinese investment in the U.S. biotech sector as an example. She said that more than 50 percent of U.S. biotech funding comes from other countries and the vast majority comes from China, which is in fact the single largest investor in U.S. biotech programs,startups and institutions. “So we may not feel the impact today, but the industry is already feeling it,” she said.
由于在传输期间信号的功率损耗,距离测量受到附加噪声的影响.噪声的幅值或方差与节点间距成正比,即分别取γ=10,20,30,对比不同噪声强度下,机器人节点的定位误差,如图1所示.
Although the U.S. health, pharmaceutical and biotech sectors attracted the most Chinese investment in 2018, the amount declined to$1.4 billion from $2.5 billion in 2017.
Adding that biotech programs include cancer and stem cell research, Pan-Giordano said,“By the time people feel the impact on their real lives, it may be a life and death situation. So it affects everybody.”
“I think the private sector needs to lead the dialogue by talking about facts, talking about data,” she said.
Constance Hunter, chief economist for KPMG LLP, said that the business roundtable seems to have had very little impact on the Trump administration and its handling of the situation. “We’re in uncharted territory where it would seem there are a lot of interests aligned to having tensions de-escalated, but the political bodies are acting against those commercial interests.” ■
Copyedited by Rebeca Toledo
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