编者按/ “我花了近800万元人民币，买了一张香港身份证。”在广东搞小家电生意的刘长江表示，但他一年有近8个月的时间是在内地的，生意基本与香港没有任何关系。“到目前为止，这800万元没有任何回报，但我觉得很值，因为这让我觉得安全”。

Editor's note / "I spent nearly 8 million yuan RMB,Bought a Hong Kong identity card."In guangdong make small home appliance business ren j said,But he has a year nearly eight months time is in the mainland,Business basic and Hong Kong does not have any relations."So far,The 8 million yuan without anything in return,But I think it's value,Because it makes me feel safe".

　　刘长江的行为并非个案。在中国面临经济下滑、地产低迷、A股暴跌的情况下，人民币也走入贬值通道，这一切促使大量在经济繁荣期涌入中国的热钱伺机流出。与此同时，外企悄然收缩或撤离、富人群体移民带动的资本外流也成焦点。

Ren j behavior is not the case.In China is faced with the economic downturn/Real estate downturn/A shares collapsed cases,The yuan has gone into the depreciation channel,All this prompted a lot in the economic boom of the hot money into China bided outflow.meanwhile,Foreign quietly contraction or evacuation/The rich population immigration driven capital outflow also into focus.

　　中国社科院世界经济与政治研究所国际金融研究室副主任张明推算每月有超过200亿美元的资金流出。其估算2011年第四季度至2012年第二季度，月均流出203亿美元。与2008年四季度到2009年一季度的月均流出141亿美元相比，当前的资本外流严重程度超过了美国次贷危机的高峰期。

By the Chinese academy of social sciences institute of world economics and politics at the international finance research zhang Ming, deputy director of the calculation more than $20 billion a month of capital outflow.The estimation in the fourth quarter of 2011 to the second quarter of 2012,The average monthly outflows of $20.3 billion.And in the fourth quarter of 2008 to the first quarter of 2009 the circumstance of compared outflows of $14.1 billion,The current capital outflow serious degree more than the American subprime mortgage crisis peak.

　　尽管没有外企公开承认，但外企在悄然撤退已成事实。9月12日，国家外汇管理局公布的数据显示，今年第二季度跨境资本再度净流出412亿美元，而2011年同期为净流入798亿美元。

Although no foreign publicly admitted,But foreign companies in quietly retreat has become a fact.On September 12,,The state administration of foreign exchange announced data display,The second quarter this year again cross-border capital net outflows of $41.2 billion,And the same period in 2011 net for $79.8 billion.

　　进还是退？这成了很多外资企业面前的一道难题。进不易由于中国国内劳动力成本上升，且部分地区对外资政策准入门槛提高，外企优惠政策取消，再加上中国本土企业的强劲挑战，这些都造成了外企在中国的生存日益困难。

Into or out?This became a lot of foreign capital enterprise in front of a difficult problem.Into the not easy because domestic labor costs rise,And parts of the foreign investment policy to improve the admittance threshold,Foreign preferential policies to cancel,Plus domestic Chinese companies strong challenge,These are caused by the foreign enterprise in China increasingly difficult to survive.

　　但撤退更难，“即使中国制造的成本优势已经微乎其微，但中国庞大的消费市场依然是这些跨国公司无法舍弃的。”亚银投资首席分析师李大伟向《中国经营报(博客,微博)》记者表示，在中国建厂这也意味着生产能更贴近消费市场。

But more difficult to retreat,"Even if China manufacturing cost advantage has very little,But China's huge consumer market is still these multinational companies can't abandon the."The silver investment chief analyst li dawai to[China business newspaper(blog,Micro bo)]reporters,The factory in China, this also means that the production can be more close to the consumer market.

　　何况，外资企业的资金想“全身而退”似乎更难。鉴于中国目前的相关法律，一旦外资想通过股权转让方式撤资，这需要交纳高达20%的股权转让所得税。另外，由于中国实行资本项目管制，外资企业的外汇资本金一直受国家外管局的严格监控。

How much more,The foreign capital enterprise capital want to"retreats"Proved to be more difficult.In view of China's current related laws,If foreign capital through stock transfer way to pull the plug,This need to pay as much as 20% of the equity transfer income tax.In addition,Because China implement capital project control,The foreign capital enterprise of foreign exchange capital has been affected by national safe strict monitoring.

　　迷雾重重的外企撤退 Heavy fog foreign retreat

　　进入2012年下半年，关于外企撤离中国的新闻不绝于耳，从阿迪达斯到星巴克，从福特汽车到乐购、家乐福。然而关于这些跨国公司撤离中国的消息大都无疾而终，有的则被当事企业直接否认，“乐购不会，且永远不会离开中国”，出席2012年夏季达沃斯论坛期间，乐购中国副总裁陆海清言之凿凿。

In the second half of 2012,About foreign evacuation China's news,From the adidas to starbucks,From ford cars to tesco/carrefour.However about these multinational companies evacuation Chinese news mostly died of old age,Some are parties enterprise directly deny,"Tesco will not,And never leave China",To attend the 2012 summer davos BBS period,Tesco Chinese vice President LiuHaiQing say with certainty.

　　而实际上，今年确实有不少外商企业选择转让公司股份离开中国。6月21日，韩国大宇国际公司就宣布将位于山东的大宇水泥厂出售给中国建材集团，售价750亿韩元，约合人民币4.13亿元。资料显示大宇水泥是原韩国大宇集团设立的外资企业，曾号称中国单机产量第一、技术最先进的水泥厂。

But in fact,This year does have a lot of foreign enterprises to choose the transfer of shares of the company from China.On June 21,,South Korean daewoo international company, announced that it will be located in shandong province daewoo cement plant sold to China building material group,Price 75 billion won,413 million yuan.Data shows daewoo cement is a former daewoo group set up foreign enterprise,Many Chinese had the first single output/The most advanced technology of cement plant.

　　除此之外，新加坡三德水泥在福建和云南的水泥企业也在今年转让给了中国的华润水泥等。与此同时，跨国企业在中国的机构相继裁员，摩托罗拉关闭了他们在南京的研发中心；夏普、松下遍及全球的裁员潮中国同样未能幸免。

In addition,Singapore SanDe cement in fujian and yunnan cement enterprise also in this year was transferred to China's huarun cement, etc.meanwhile,Multinational enterprises in China's institutions have layoffs,MOTOROLA closed their r&d center in nanjing;sharp/Panasonic throughout the world of job cuts tide China also failed to escape by luck.

　　但中国商务部新闻发言人沈丹阳在十六届中国国际贸易洽谈会上否认了外企大规模撤退的现象。他表示商务部对外企撤离中国的事件进行了专门的监测和研究，从目前的监测情况看，并没有出现大规模回流境外的现象，只有个别企业的迁出。

But the Chinese commerce ministry spokesman said ShenDanYang in 16 sessions of the China international trade fair denied foreign large-scale evacuation phenomenon.He said the ministry of commerce for foreign evacuation China's event in monitoring and research,From the current situation of the monitoring to see,And there is no large-scale return overseas phenomenon,Only the individual enterprise's emigration.

　　沈丹阳还公开表示，今年1~7月，中国制造业吸收外资占总吸收外资的45%，与往年基本持平，没有明显制造业外流的现象。

ShenDanYang publicly said,This year on July 1 ~,The Chinese manufacturing industry absorb foreign investment accounts for 45% of the total foreign investment,With the previous years flat,No obvious manufacturing outflow phenomenon.

　　“即使是中国制造的成本优势已经微乎其微，但中国庞大的市场是这些跨国公司无法舍弃的。”李大伟向记者表示。

"Even if is made in China cost advantage has very little,But China's huge market is these multinational companies can't abandon the."Li dawai told reporters.

　　很多跨国公司都看到了中国具有的巨大竞争优势：仅次于美国的全球第二大经济体、消费市场的潜力巨大、新兴的中产阶级正在崛起。跨国公司之所以仍对中国表现出浓厚的兴趣，中国消费市场规模大是重要原因，其次改革的速度快也是关键因素。

Many multinational companies saw China has a huge competitive advantage:After the United States the world's second largest economy/Consumer market potential is tremendous/Emerging middle class is rising.Multinational companies in China are still expressed a keen interest,China's consumer market scale is an important reason,Secondly reform speed is the key factor.

　　而鉴于中国庞大的消费市场，有些外企则选择将资金从中国的一个项目撤出，再重新投资另一个新项目。

And in view of China's huge consumer market,Some foreign companies can choose to transfer money from China out of a project,Investment again another new project.

　　在大宇水泥收购协议签订后，中国建材集团又与大宇国际株式会社在北京举行了一个高调的战略合作协议签署仪式，双方将在铁矿石开采、钢铁产品等方面展开合作。

In daewoo cement acquisition agreement signed,China building materials group and daewoo international corporation in Beijing held a high-profile strategic cooperation agreement signing ceremony,The two sides will in iron ore mining/The iron and steel products such aspects of cooperation.

　　今年年初关闭了中国唯一一家直属工厂的阿迪达斯集团，8月29日又宣布计划在2012年底在中国新开500家零售店。

At the beginning of this year, closed the only one affiliated factory adidas group,On August 29, and announced plans in China by the end of 2012 the new open 500 retail outlets.

　　联合国贸发组织2012年进行的世界投资前景年度调查报告显示，在由跨国公司评选出来的最受欢迎东道国排名中，中国位列第一，显示中国仍然是对FDI（外商直接投资）最具吸引力的经济体。

The United Nations MaoFa organization 2012 world investment prospects annual survey,By multinational companies in the list of the most popular one of the host country,China ranked the first,Shows that China is still to FDI(Foreign direct investment)The most attractive economies.

　

　悄然避险 Quietly hedge

　　有市场观点认为此次跨国企业出现的经营变化，更像是跨国企业的战略调整。毕马威中国税务主管合伙人何坤明也有相似观点，他认为许多跨国公司发现，在中国的经营环境日益艰难。它们普遍的看法是，中国已经不再是一个廉价产品制造和服务外包的国家了，随着中国劳动力短缺和工资上涨，以及人口老化的问题。跨国公司选择少一些中国制造，多一些中国销售，将为他们带来更可观的经济效益。

Have the market ideas that the multinational enterprise appear business changes,More like a multinational enterprise's strategic adjustment.KPMG China competent partner HeKunMing also have similar ideas,He thought that many multinational companies found,In the Chinese business environment increasingly difficult.Their common view is,China is no longer a cheap products manufacturing and service outsourcing of the country,With China's labor shortages and wage growth,And the problem of aging population.Multinational companies choose less made in China,Some more Chinese sales,For they will bring more considerable economic benefits.

　　但中国7月的FDI金额仅为75.8亿美元，同比下降了8.7%。跌幅不仅比6月有所扩大，下滑则达到自2010年7月以来的新低。

But China July of FDI amount only $7.58 billion,A 8.7% decline from a year earlier.Not only fall than June have somewhat expanded,Compared to decline since July 2010 low.

　　“有部分外资在悄悄撤离，这是可以肯定的。”在今年6月、7月对珠三角外资企业展开实地调研后，李大伟得出这样的结论。

"Some foreign capital in quietly evacuation,This is for sure."In June/July to the pearl river delta of the foreign capital enterprise expansion after the investigation,Li dawai draw such a conclusion.

　　虽然珠三角企业产业转型正如火如荼，但依然有不少外资企业只把中国当做制造中心，消费市场则远在欧美等发达国家。在全球的制造业链条大分工中，有些在中国设立工厂的外资企业只负责生产某个零件。

Although the pearl river delta enterprise industry transformation is like a raging fire,But there are still a lot of foreign capital enterprise only take China as a manufacturing center,Consumer market is far Europe and the United States and other developed countries.In the global manufacturing chain of large division of labor,Some of the factory established in China of the foreign capital enterprise is responsible only for some parts production.

　　“在我调研的企业中，有一家为高端音响生产电子零件的企业将工厂搬到了东南亚国家。”李大伟表示，在中国制造成本越来越高的背景下，这些企业出于成本考虑，搬回美国都不难理解。

"In my research in the enterprise,There is a sound production for high-end electronic components of the enterprise will factories moved to southeast Asian countries."Li dawai said,Made in China under the background of more and more high cost,These enterprise due to the cost consideration,Move back to the United States is not difficult to understand.

　　“而且按照正规程序，外企撤资需要经过重重审核，这都让外资退出在国内显得云山雾罩。”多年服务外企经验的律师闫山海表示，因为按照法定程序，外企如果需要通过股权转让达到撤资的目的，转让合同需经商务部的批准，核准通过后，外商投资企业还要办理税务登记变更、外汇登记变更、财政登记变更以及工商登记变更等种种手续。并且“在2007年采用新的企业所得税法后，股权收购方需要替出让方缴纳20%的所得税。”闫山海表示。

"And according to normal procedure,A foreign company to pull the plug after heavy audit,All of this makes foreign capital exit in domestic appear in a muddle."Years of service foreign company working experience lawyer said leap mountain,Because according to legal procedures,If you need foreign through stock transfer to achieve the purpose of pull the plug,Transfer contract subject to the approval of the ministry of commerce,After approval through the,Foreign investment enterprises to carry out tax registration with the change/Foreign exchange registration/Financial register alteration and industry and commerce registration change wait for a variety of procedures.and"In 2007 the new enterprise income tax law after,Equity acquirers need for granter pay 20% of income tax."Fro said leap.

　　所以在实际操作层面，即使是通过股权交易完成撤资的外企，通常都会采用另一方式悄悄规避风险。“最简单的办法就是利用BVI公司。”闫律师告诉记者，只要有一定规模的外商投资企业，境外投资者通常都会设立BVI公司（所谓BVI原为英属维京群岛缩写，该地是国际著名避税中心，后泛指在离岸中心设立的投资公司）。

So in the actual operation level,Even through the equity transaction complete foreign funds,Usually use another way to avoid risk quietly."The simplest way is to use BVI company."A leap lawyer told reporters,As long as there is a certain scale of foreign investment enterprise,Foreign investors usually BVI company set up(The so-called BVI was the British virgin islands abbreviations,There is a famous international tax avoidance center,After the establishment of the center in refers offshore investment company).

　　通常该BVI公司持有国内外企的全部股份，如果外企需要撤资，直接转让BVI公司的股权即可。如此一来，即使外企的股东发生翻天覆地的变化，但在中国注册外企的大股东依然是这家BVI公司，无须走上述繁琐的审批程序。

Usually the BVI company hold foreign domestic all of the shares,If foreign companies need to pull the plug,Direct transfer BVI company's equity can.so,Even if foreign shareholders change,But in China registered foreign big shareholder is still the BVI company,Do not need to go the tedious examination and approval procedures.

　　记者了解到，BVI公司并非外企独有，国内许多国企实际上都注册有BVI公司，许多在香港上市的央企联通公司，其主体则为BVI公司。“理论上交易双方均不声张，很多外企都选择这种类型的股权转让方式悄然退出中国。”闫山海如是道。

The reporter understands,BVI company is not only a foreign company,The domestic many state-owned enterprises in fact have registered a BVI company,Many of the listed in Hong Kong renmin unicom,Its main body is BVI company."Theoretically trade both parties shall not disclose,Many foreign companies have choose this type of equity transfer way quietly out of China."If the mountain leap way.