????華盛頓的立法者們一直抓住人民幣幣值問題不放，對之進行窮追猛打。現在，由于世界第二大經濟——中國希望擴大海外投資，未來幾年內，這一問題可能“退居二線”。

????在1978年開始經濟改革之前，中國實際上根本不存在對外直接投資。而到2007年，中國全球投資的年度規模已達近250億美元。到了2008年，又翻了一番，超過了500億美元的大關。2009年，全球經濟衰退最嚴重時，其投資額也隨之下降，但是很快又于2010年反彈至565億美元。

????盡管中國2010年的投資中，絕大多數并非針對美國，但中國收購美國公司，仍很大程度上挫傷了美國政府的士氣。最近，出于國家安全的考慮，美國一個致力研究于跨國交易的專家小組提議，中國電信廠商華為公司應該放棄三葉系統公司（3Leaf Systems）。三葉系統是家位于舊金山灣地區的小型高科技公司，去年5月，華為出價200萬美元將之收至麾下。

????該建議傳遞的信息再清楚不過：雖然中國投資9千億美元購買美國國庫券，令美國政府感到欣慰，但中國以200萬美元收購美國公司，卻令后者陷入了極度恐懼之中。

????華盛頓立法者們的敵對態度并非什么新鮮事。而且，這種反對之聲只會進一步高漲，因為未來幾年內，中國預計會繼續擴大對外直接投資，以繼續發展多元化經濟，而不再僅僅依賴出口。Rhodium Group公司估計，2010年，中國公司共斥資49億美元，用于收購美國公司或在美國開設分支機構，2009年，相應的數字是28億美元。其中，用于工業機械的投資名列首位，其次是電子設備、公用事業服務以及煤、石油和天然氣。

????“這僅僅是開始。” Rhodium Group的負責人丹尼爾?羅森表示。“我們可以斷言，中國不斷加大對美國公司和資產的投資，會引起美國政府的擔憂，并進而導致兩國關系趨于緊張。”

????我們不禁充滿好奇：與中國這個即將在2025年超越美國的經濟體做生意，采取這種論調是否合適？

一系列中途夭折的交易

????2005年，中國三大國有石油公司之一的中國海洋石油公司（China National Offshore Oil Corporation）計劃收購美國優尼科公司（Unocal Corporation），但由于美國政府出于對國家安全的擔憂，而引發了一場政治風暴，致使中海油最終改變了初衷。最近的一起事件發生于去年11月，在一宗價值高達幾十億美元的交易中，Sprint Nextel公司將華為排除在外，很大程度上也是出于國家安全的考慮。《華爾街日報》（The Wall Street Journal）援引知情人士的話對此事進行了報道。

????但是，月有陰晴圓缺，其他美中交易迄今都進展相對順利。去年10月，中海油斥資11億美元，在切薩皮克能源公司（Chesapeake Energy）在南得克薩斯的鷹灘頁巖項目中分一杯羹。另據《華爾街日報》報道，中國光明食品公司（China's Bright Food Group Co）斥資25~30億美元，收購美國維生素零售連鎖企業健安喜（GNC Holdings Inc.），目前該交易已近尾聲。[欲深入了解美中交易的這一發展趨勢，請參閱去年《財富》的封面報道《美國制造，中國所有》（American made...Chinese owned）]

????值得一提的是，中國最大的電信網絡設備廠商華為，一直以來都不遺余力地想擴大在美國的規模。美國官員已經明確表示對以下問題感到擔憂：華為與中國政府關系密切，以及其電話網絡是否會引發國家安全風險；原因在于，華為由前中國軍官任正非創建于1988年。但是，很顯然，華為不會輕言放棄，至少在發出最后的奮力一搏之前不會。日前，美國外國投資委員會（U.S. Committee on Foreign Investment）要求華為主動放棄收購三葉公司的200萬美元交易，遭到了拒絕。華為表示將等待奧巴馬總統對此問題進行表態。奧巴馬政府有15天的時間，針對跨國交易研究小組的建議，闡明自己的立場。

????不管美國政府做出何種抉擇，也不管擔憂國家安全多么天經地義，華為一案傳遞出的信息是，美國政府已對中國資本開始心懷恐懼。

????但是，這類信息不利于美國吸引中國資本，InterChina Consulting的北美總監大衛?霍夫曼表示。InterChina Consulting是家小型管理咨詢公司，專注于為在中國做生意的外國公司提供戰略、企業以及人力資源服務。

????“最終，還是由中國人決定是否增加對美國的投資。”霍夫曼表示。

????事實上，盡管過去幾年內，中國的對外投資大幅增長，但其中大部分都集中在拉丁美洲和亞洲，霍夫曼介紹說。只有約3%~4%的中國對外投資流向了美國。

????美國可以主動邀請更多中國資本進入美國，但那樣的話，美國政府很可能會要求保有相當的控制權。而盡管中國這只亞洲虎手里可能擁有大量資本要投向海外，但是由于目前它尚缺乏管理和法律專業知識，因此它仍在學習如何在美國市場上如魚得水。

????譯者：大海

????Washington lawmakers have been griping about the value of China's yuan, but that issue is likely to take a backseat in the coming years as the world's second-largest economy looks to invest more abroad.

????Chinese outward direct investment was virtually nonexistent prior to economic reforms that began in 1978. By 2007, the annual volume of its global investments grew to around $25 billion, then doubled to more than $50 billion in 2008. Investments dropped off in 2009 during the height of the global economic recession, but rebounded to an estimated $56.5 billion in 2010.

????Though the vast majority of China's 2010 investment was outside of the U.S., there's plenty of frustration in Washington over the East Asian Tiger buying up American companies. Recently, amid national security concerns, a U.S. panel that reviews cross-border deals recommended that China's telecommunications maker Huawei divest itself of 3Leaf Systems, a small Bay Area technology company that it acquired for $2 million in May.

????The message is clear: U.S. officials are happy to take China's $900 billion investment in Treasuries, but they greatly fear a $2 million corporate takeover.

????The opposition arising from Washington lawmakers is nothing new. And it's bound to grow -- China's outward direct investments are forecast to rise in the coming years as the country looks to continue diversifying its economy beyond exports. In 2010 Chinese firms spent $4.9 billion on acquisitions and new facilities in the U.S., up from $2.8 billion in 2009, according to estimates from Rhodium Group. Investments in industrial machinery and equipment topped the list, followed by electronic equipment, utility services and coal, oil and gas.

????"This is just the beginning," says Daniel Rosen, a principal of the New York City-based consultancy specialized in China's economy. "We can say for certain that growing Chinese investment in U.S. companies and assets will be a source of anxiety and tension."

????It's hard not to wonder if this is in fact the right tone for doing business with an economy poised to top the U.S. by 2025.

A history of dead deals

????In 2005, China National Offshore Oil Corporation, one of the country's three major state-owned oil companies, withdrew plans to take over U.S.-based Unocal Corporation following a political firestorm over national security concerns. And as recently as November, Sprint Nextel (S, Fortune 500) excluded Huawei from a contract valued at billions of dollars largely because of national-security concerns, The Wall Street Journal reported, citing people familiar with the matter.

????Other U.S.-China deals have seen better success, however. In October, CNOOC paid $1.1 billion for a stake in Chesapeake Energy's (CHK, Fortune 500) Eagle Ford shale project in South Texas. And China's Bright Food Group Co. is reportedly close to a deal to buy U.S. vitamin retail chain GNC Holdings Inc. for between $2.5 billion to $3 billion, according to the Journal. (For more on this trend, see last year's Fortune cover story "American made...Chinese owned.")

????Huawei, China's largest telecom networker, has particularly struggled to expand here. U.S. officials have expressed concerns of the company's close ties to the government and whether its phone networks pose national security risks -- it was founded in 1988 by former Chinese army officer Ren Zhengfei. But it appears Huawei is not going away -- at least not without a fight. On Monday, the company resisted calls by the U.S. Committee on Foreign Investment to divest itself from its $2 million deal with 3Leaf, saying it will await President Obama's word on the issue. The administration has 15 days to take a stand on the panel's recommendation.

????Whatever the decision and however warranted the national security concerns, the deal appears to be sending the message that Chinese capital is to be viewed with fear.

????This kind of message doesn't help the U.S. lure capital from China, says David Hofmann, North America director for InterChina Consulting, a boutique management consultancy specializing in strategy, corporate and human resources services for companies doing business in China.

????"At the end of the day it's the perception on the Chinese side that will drive additional investment in the U.S.," Hofmann says.

????Indeed, although China's outward investment has grown considerably over the past few years, much of the growth is concentrated in Latin America and Asia, Hofmann says. Roughly about 3% to 4% of Chinese outward investment goes into the U.S.

????The U.S. can choose to invite more Chinese capital but that will probably require considerable handholding. The Asian tiger might have lots of capital to invest abroad, but given its shortage of managerial and legal expertise, China is still learning how to maneuver its way through the American marketplace.