Theme and Topics 主旨和议题

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Just two years after the GDP of China surpassed that of Germany, China overtook Japan as the world’s second largest economy. While we understand that the GDP figure cannot represent everything, it was, nevertheless, still a monumental step in China’s economic development. Because of the country’s booming economy and business growth, many Chinese companies are looking overseas for opportunities to invest, as well as partners for business development and investment. This program provides the means for U.S. companies and Chinese companies to come together to forge new business opportunities.

当前世界经济面临诸多风险和挑战,国际金融危机深层次的影响还没有消除,欧债危机还在持续,实现世界经济全面复苏仍然是一个长期的曲折的过程。在此背景下,中美经贸关系的重要性越来越得到体现。年初随着习近平副主席访美之旅的成功,带动了更多的中国企业想要去美国投资,寻求伙伴和机会。

然而,个别中国上市公司财务报表的不规范等因素,一度让中国公司遭遇信任危机,甚至遭到打压。如何使中国企业更加了解美国上市公司的规范,促进中国企业到美国上市发展,同时欢迎美国企业到中国投资,增进双方投资机构的信心?2012年5月16日-18日,由纽约证券分析师协会、中国国际投资促进会和CFA中国主办,龙门财经承办的2012年度中国投资峰会,邀请著名企业家与大家一起共同探讨2012年中国经济发展的盛世春景,为中美企业商务沟通再造贸易往来之桥。

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For most of 2011 China's economy has enjoyed steady economic growth hovering at a rate slightly above 9%. Experts continue to debate whether China will continue to sustain this level of growth in the next five years. There
are numerous factors to consider when weighing in to this debate including the internationalization of the RMB, the growth of the domestic market for consumer goods, debt considerations, the development of new industries such as cleantech, and long-term capacity for innovation, especially among young start-ups that may hold great potential.

In the restructuring period of China's economy, investment and consumption - the longtime twin engine of growth - have been a two-edged sword. Traditionally heavily dependent on the end-market demand from consumers in the West, China's growth model has come to a turning point as a result of the recent financial crisis. In recent years, China has made big strides in investment overseas, but the perceived benefit to its citizens and the economy of sending capital abroad has reached an all-time low. In the 12th Five-Year Plan, the mantra of pro-consumption restructuring seems well in place. Yet in implementation, it remains to be seen whether recognition leads to action, and whether consensus leads to initiatives, especially at the local and provincial level. What will be the new policy-oriented after the National People's Congress and the Chinese Political Consultative Conference?

2011年中国经济一直享有稳定略高于9%的经济增长 。专家们不断争论在未来五年中国是否会继续保持这样的增长水平。这里有诸多的影响因素,包括人民币的国际化,国内市场的消费品,债务的考虑,发展新兴产业,如清洁能源与长期创新的能力等问题。

在中国经济结构调整时期,投资和消费 -这个长期经济增长的双引擎 - 一直是一把双刃剑. 传统意义上,西方国家在很大程度上依赖消费者的终端市场需求。而最近的金融危机似乎也昭示着中国的经济增长模式已经走到了一个转折点。近年来,中国在海外投资这条路上迈出了很大一步,但公民获利和外资输送却已达到历史新低。第12个五年计划似乎调整的很到位。然而在各地方和省中,计划能否有效实施,共识能否化为行动,仍有待观察。而在两会之后,新的经济政策导向又会如何?

Key Topics:

§ Replacement of fixed domestic investment with outward foreign investment impinging on the growth in (domestic) consumption

§ The consumption growth rate VS rebalance China's economy

§ Tackling income and human capital inequality VS China's further economic development 

§ Other topics raised from the audience

重点内容:

§资产投资由国内转向国外对国内消费的增长的影响

§消费增长率 VS 中国经济的再平衡

§解决收入和人力资本不平等 VS 中国的经济进一步发展

§观众提问

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China is the biggest Internet nation in the world with nearly 5-billion netizens. Social media is becoming the fastest growing, hottest topic in China. Although major western social networks such as Facebook, Twitter and Youtube are blocked behind the Great Firewall of China, we still have investment opportunities. Chinese social networks provide many innovative features and even improved existing features to adapt to local markets.

中国是世界上最大的互联网使用国家,有着近5亿网民。社交媒体正在成为增长最快的,最热门的话题。虽然西方主要社交网络如Facebook,Twitter和YouTube都有巨大的使用数量,但是在中国防火墙的封锁下,我们仍然有投资机会。中国社交网络提供了许多创新的功能,甚至提高现有的功能,以适应当地市场。

Key Topics:

§ Where should the development of innovative internet application go?

§ How to view the impact brought by innovative Internet applications

§ How could those companies seek for more sustainable and profitable models?

§ Does China currently have an internet bubble, or is it foreseeable in the future?

§ Where to search for a true innovative culture in China’s IT industry

§ Could importation of foreign applications lead to possible ingenuity and how would we develop MADE-IN-CHINA innovative internet applications when learning from others?

§ Other topics raised from the audience

重点内容:

§互联网应用软件创新发展何去何从?

§如何看待互联网应用软件创新发展带来的影响

“这些公司如何寻求更可持续发展的盈利模式?

§中国是否有互联网泡沫,或者是在可预见的未来是否可能发生?

§在哪里寻找一个真正的中国的IT产业创新文化

§如何能将“师夷长技以自强”应用到我们今时今日的互联网创新时代

§观众提问

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During President Jintao Hu’s visit to the United States in January 2011, the Chinese and U.S. governments have signed recent deals on clean energy among companies of both countries with a total value of 45 billion U.S. dollars. President Jintao Hu and President Barack Obama both highlighted the importance of Sino-U.S. cooperation in energy and the environment. The development and utilization of clean energy plays a key role in the promotion of sustainable development and is the key to help countries protect their ecological environments, deal with climate change, guarantee energy supply safety, develop low-carbon economies, and compete in the global economy. The agreements and collaborations are expected to have a profound impact on China-US relations; and this relationship is likely to be the next driving force in setting global standards in sustainability and climate change.

在2011年1月胡锦涛主席访问美国期间,中美政府签署了两国企业之间的总价值45亿美元清洁能源交易。胡锦涛主席和奥巴马总统都强调中美在能源和环境合作的重要性。清洁能源的开发和利用不仅在促进可持续发展中起着关键作用,并且也是帮助国家保护生态环境,应对气候变化,确保能源供应安全,发展低碳经济,以及全球经济竞争中的关键。这次协议和合作,预计将会对中美关系产生深远的影响。这种关系可能是将会是制定可持续发展和气候变化的全球标准的下一个动力。

Key Topics:

§ Will any possible transformation of our current energy structure change our daily life?

§ What do these influences mean to policy makers, industries, investors and technology innovators?

§ What are the obstacles in fostering a constructive Sino – U.S. partnership in clean energy?

§ How would talents in industry and academia contribute to the promotion of such a cause?

§ Besides political cooperation, how would industry associations, non-government organizations and companies work together to promote collaborations on other levels?

§ Other topics raised from the audience

重点内容:

§目前的能源结构的转型是否会改变我们的日常生活?

§这些影响对于决策者,工业,投资和技术创新又意味着什么?

§为什么清洁能源是中美建设合作伙伴关系的阻碍?

§工业界和学术界的人才会如何有助于促进清洁能源合作推广呢?

§除了政治上的合作,是否会有行业协会,非政府组织和企业等的其他层次的合作?

§观众提问

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Within just 20 years after its official start, Chinese capital has become the second largest in the world, and it has made remarkable achievements in stimulating China's economy. Yet it is still increasingly important to accelerate the integration of China's capital market into the international system. Chinese leaders, recognizing such needs, attach great importance to the capital market and make efforts to obtain international discourse power, which provides an administrative buttress for the globalization of China's capital market. At the same time, difficulties and challenges for buy-out capital abound when foreign capitals enter China's market.Political hurdles, as usual, are the most contested issues. Recent massive attacks on US-listed Chinese companies by international short sellers have uncovered certain Chinese business practices that may be problematic.

Last year was an overbearing tide of IPO in the U.S. for the Chinese companies. Yet, investigations into accounting fraud and inconsistencies by U.S. regulatory bodies such as the SEC have caused many Chinese companies to reconsider their decisions to list on American exchanges, fearing the pressure and scrutiny associated with the IPO process. As a result, many of these companies have put their U.S. IPOs on hold and instead opted to list in Hong Kong or on domestic exchanges. The possibility of New York being unseated as the global financial capital is very real, as from 2001 to June 2011 the number of domestically listed Chinese companies rose from 1,154 to 2,229. Will tougher standards for U.S.-listed Chinese companies lead to higher quality listings, or are genuinely high-level companies being turned away by regulations? .

中国的资本市场正式建立距今仅有20年,但已成为世界第二大市场, 并且已经在推动中国经济方面取得了显著成效。然而,加速中国资本市场与世界体系的融合仍然是一个日益重要的议题。中国的领导人已经认识到了这个需求,高度重视资本市场并努力取得国际话语权,以支持中国资本市场走向国际化。与此同时,外国资本进入中国市场进行收购仍然遇到许多困难和挑战。通常,政治壁垒是最常见的问题。近期大量国际空头针对在美上市中国企业的狙击揭示了中国企业经营中的问题。

去年是中国公司到美国上市的狂潮。但是由于会计欺诈等欺骗问题,美国证券交易委员会监管机构开始重新考虑中国企业在美上市的问题。由于担心IPO过程中的美国IPO监管机构压力和审议,许多这些公司已经暂时搁置美国上市的计划,而选择在香港或国内上市。纽约很可能因此被赶下全球金融资本第一大舞台的宝座。从2001年初到2011年6月,在中国国内上市的中国公司数量从1154上升到2229。美国是否会出台更严格的上市要求? 高质量的公司何去何从?

Key Topics:

§ How to speed up the reform of China’s capital market to effectively help Chinese enterprises share market resources and realize business expansion and globalization

§ How to attract overseas investment with the aid of the capital market to improve China’s investment culture and promote the industrial upgrading and economic restructuring

§ How to enhance the competition strength of the Chinese financial institutions when dealing with overseas business

§ How to synchronize China’s regulatory and other capital market practices with foreign jurisdictions to minimize the cost of going out.

§ The state of U.S.-listed Chinese companies and make predictions as to the kind of listings that can be expected for 2012

§ Other topics raised from the audience

主要议题:

§ 如何加速中国资本市场的改革以有效帮助中国企业分享市场资源并实现企业扩张和全球化

§ 如何借助资本市场吸引海外投资以改善中国的投资文化并促进产业升级和经济结构调整

§ 如何在与海外企业交锋时提升中国金融机构的竞争力

§ 如何使中国的监管及其他资本市场操作与国外同步,从而最小化走出国门的成本。

§ 在美上市的中国公司的状态,以及预计2012年上市的情况。

§ 观众提问

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China's private equity industry has shown major growth in the past few years. Though both the number of PE investment cases and the total number of cases have reached historic highs, risks in China’s PE/VC industry still abound despite its rapid development. China’s PE/VC investments focus primarily on pre-IPOs and lack other diversified exit strategies. Moreover, China’s regulators, such as the National Development and Reform Commission and China Securities Regulatory Commission, compete to control this bourgeoning industry, exposing its enterprises to the risk of shifting administrative regimes.

在过去几年里,中国的私有股权投资成长迅速。尽管私有股权投资交易的数量和交易总数量均创历史新高,中国私有股权/风险投资行业的迅猛发展并不能掩盖其高企的风险。中国的私有股权/风险投资主要集中在首次公开发行前(pre-IPOs),缺少多元化的退出机制。此外,中国的监管机构,如发改委和证监会,争相监控这一新兴行业,使得这一行业中的监管主体具有不确定性。

Key Topics:

§ What opportunities and challenges face the  PE/VC industry in the next decade with the rapid development of China's economy?

§ Where are the bubble and risk in this industry?

§ More and more overseas funds look to invest in China, as they compete with local funds, what are the advantages and disadvantages of each?

§ What growth models can China's PE/VC industry borrow from overseas competitors and what are their unique characteristics?

§ How can Chinese private investors benefit from growth abroad?

§ Other topics raised from the audience

§ 随着中国经济的飞速发展,私有股权/风险投资在接下来的十年中将面临的机遇和挑战有哪些?

§ 这个行业的泡沫和风险在哪里?

§ 越来越多的海外基金希望投资中国,并与中国本土基金展开竞争。他们各自的优势和劣势有哪些?

§ 中国私有股权/风险投资行业可以从海外竞争者身上借鉴哪些成长模式?中国私有股权/风险投资行业的特色是什么?

§ 中国私人投资者如何从海外经济增长中获益?

§ 观众提问

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China's twelfth "Five-Year" plan will further promote investments in health care industry. In order to advance pharmaceutical product standards and improve industrial structure, the government will be committed to improving the concentration rate of the industry and present a positive stance on foreign investment in the next few years. In 2009, the number of foreign pharmaceutical companies (joint ventures or wholly-owned companies) accounted for about 30% of the total, with great expected growth potential. Multinational companies must work together with Chinese local enterprises as a way of entering local market. However, multinational companies still face challenges.

中国的第十二个“五年规划”将进一步促进医疗保健行业的投资。为了推进医药产品标准和改善产业结构,中国政府在未来几年将致力于提高行业集中度并积极鼓励外商投资。2009年,外国制药公司(包括合资和独资公司)在中国的占比约为30%,而这一比例预期有更大的增长潜力。为了进入本土市场,跨国公司必须与中国本土企业紧密合作。然而,跨国公司依然面临严峻挑战。

Key Topics:

§ How can you win support from local governments in second tier cities?

§ How can you cooperate with your local partners in every aspect in whole industrial chain?

§ How can you connect with thousands of start-up pharmaceutical companies and provide financing to them?

§ Other topics raised from the audience

§ 如何赢得二线城市的地方政府的支持?

§ 在整个产业链的各个环节,如何与本土企业合作?

§ 如何与数以千计的新设制药公司联合并未他们提供融资?

§ 观众提问

Organizers                       主办方

Presenters                    演讲嘉宾