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Wall Street Steered Billions to Blacklisted Chinese Companies, House Probe Finds
美国国会这项调查重点针对贝莱德和MSCI明晟，认为这些机构通过指数基金把美国人的储蓄输送进了黑名单上的中国公司，并呼吁对相关投资作出新限制。
贝莱德是全球最大的资产管理公司。 A congressional investigation found that Wall Street used billions of dollars of American retirement savings and other investments to buy shares in index funds that included more than five dozen blacklisted Chinese companies. 6park.com
美国国会的一项调查发现，华尔街动用了数十亿美元的美国人退休储蓄和其他投资来购买指数基金中的股票，其中包括60多家被列入黑名单的中国公司。 6park.com
一个被授权制定美国对抗中国战略的众议院两党委员会进行了这项调查，重点调查对象是全球最大的资产管理公司贝莱德(BlackRock)和股票指数编制公司MSCI明晟(MSCI Inc.)。这项调查代表了对美国金融机构如何为投资于某些中国公司提供便利的广泛审查，美国政府指控这些中国公司支持中国军方和侵犯人权。 6park.comThe probe, conducted by a bipartisan House committee empowered to devise strategies for the U.S. to counter China, focused on BlackRock, the world’s largest asset manager, and MSCI, a compiler of stock indexes. The investigation represented a broad review of how American financial institutions facilitated investment in Chinese companies accused by the U.S. government of bolstering China’s military and violating human rights. 6park.com
这个不具立法权的委员会在报告中敦促美国议员在中美竞争加剧之际限制此类资本流动。该委员会在周四发布的报告中说：“可能令许多美国人感到惊讶的是，这种活动并不违法。” 6park.comThe committee, which has no legislative power, urged U.S. lawmakers in its report to restrict such capital flows as U.S.-China competition intensifies. “What may surprise many Americans is that this activity is not illegal,” the committee said in the report, set to be released Thursday. 6park.com
贝莱德和MSCI明晟均表示自身没有违反任何法律，并坚称它们几乎没有独立将中国实体排除在指数基金之外的自由裁量权。MSCI明晟的指数为全球投资提供便利，但该公司并不投资指数中的公司。 6park.comBlackRock and MSCI said they violated no laws and maintained they had little discretion to independently exclude Chinese entities from index funds. MSCI indexes facilitate investment globally, but it doesn’t invest in companies itself. 6park.com
美国金融家多年来一直是中国在华盛顿最亲密的盟友。但随着中国数十年的繁荣日渐落幕，美国投资者正从这个世界第二大经济体撤退。随着来自华盛顿方面的政治压力不断加大，即便中国经济状况出现改善，这些美国金融机构也难逆转局面。一些大型美国退休基金已然削减对中国的敞口，或暂停在中国的新投资。 6park.comFor years, America’s financiers have been China’s closest allies in Washington. But as China’s decadeslong boom is ending, U.S. investors are retreating from the world’s second-largest economy. Intensifying political pressure from Washington would likely make it harder for firms to reverse course even if China’s economic conditions improve. Some big U.S. pension funds have already cut exposure to China or halted new investment in the country. 6park.com
众议院中共问题特设委员会在报告中总结称，通过投资指数基金，美国金融机构去年向大约63家被美国列入清单的中国公司输送了65亿美元，其中包括航空航天和国防企业集团中国航空工业集团有限公司(Aviation Industry Corp. of China)、基因组学公司华大基因(BGI Group)和互联网安全公司奇虎360 (Qihoo 360)。 6park.comIn the report, the House Select Committee on the Chinese Communist Party concludes that through investments in index funds, American financial institutions funneled $6.5 billion last year to some 63 Chinese companies flagged by the U.S., including Aviation Industry Corp. of China, an aerospace and defense conglomerate; genomics company BGI Group; and Qihoo 360, an internet-security firm.
中国航空工业集团去年在巴黎附近航展上展出的飞机。 MSCI, which selects the securities that make up the indexes many investors use as a basis for their portfolios, facilitated $3.7 billion of investment into those Chinese companies by including them in indexes, says the committee report, viewed by The Wall Street Journal. BlackRock invested at least $1.9 billion through funds tracking the indexes, according to the report. 6park.com
《华尔街日报》(The Wall Street Journal)看到的这份委员会报告称，MSCI明晟通过将这些中国公司纳入旗下指数，促成了向这些公司的37亿美元投资。报告称，贝莱德通过跟踪这些指数的基金投资了至少19亿美元。MSCI明晟挑选的证券构成了许多投资者用作投资组合基础的指数。 6park.com
该国会委员会重点关注的问题涉及贝莱德等资产管理机构利用指数，比如由MSCI明晟编制的指数，为退休基金、大学捐赠基金和其他长期投资者构建投资组合。虽说贝莱德等机构只是通过指数基金购买了上述被列入黑名单的中国公司的股票，且MSCI明晟并没有向它们输送资金，但该委员会认为，这些机构帮助把美国人的储蓄输送进了相关公司。 6park.comThe issue the congressional panel zeroed in on involves asset managers like BlackRock using indexes such as those compiled by MSCI to build portfolios for pensions, college endowments and other long-term investors. Even though firms such as BlackRock only bought shares through index funds in the blacklisted Chinese companies and MSCI didn’t funnel financing to them, the committee contends the firms helped channel Americans’ savings into the companies in question. 6park.com
虽然所涉数额与这些机构的规模比起来相对较小，但此番发现切中了美国总统大选前即将升温的政治辩论的要害：美国应该以多强硬的态度对待中国以及这些被认为帮助中国崛起的美国公司。 6park.comThe amounts are relatively small compared with the firms’ scale. But the finding cuts to the heart of a political debate set to heat up ahead of the U.S. presidential election: how tough the U.S. should be toward China—and the American companies seen as helping its rise. 6park.com
MSCI明晟称，将评估该委员会的报告及其建议。这家纽约机构称，MSCI明晟指数遵守所有适用的法律、规则和规章。MSCI明晟表示：“如果有关投资于中国公司的美国法律发生变化，我们将对旗下指数作出必要调整。” 6park.comMSCI said the firm will review the committee’s report and its recommendations. The New York firm said MSCI indexes comply with all applicable laws, rules and regulations. “If there is a change in U.S. law with respect to investing in Chinese companies, we will reflect any necessary changes in our indexes,” MSCI said. 6park.com
贝莱德称，该委员会及其报告证实该公司遵守适用的美国法律，并表示：“国会和政府必须共同努力，为美国投资者制定明确的道路规则。” 6park.comBlackRock said the committee and its report confirm that the firm complies with applicable U.S. laws, while adding, “Congress and the administration must work together to create clear rules of the road for U.S. investors.” 6park.com 6park.com正在与总统拜登(Joe Biden)争夺再度入主白宫机会的特朗普已宣称，如果他赢得总统竞选，将大幅提高对中国进入美国市场的限制。 6park.comDonald Trump, who is vying with President Biden for a return to the White House, has floated the idea of significantly limiting China’s access to the American market if he wins the presidential race.
MSCI明晟挑选的证券构成了许多投资者用作投资组合基础的指数。 As the November election gets closer, U.S. political and foreign-policy analysts say, Trump’s gloves-off approach is expected to put pressure on the Biden administration to move faster on tariffs and other trade and investment restrictions aimed at China. Biden on Wednesday called for more than tripling a key tariff rate on Chinese steel and aluminum products. 6park.com
美国政治和外交政策分析人士说，随着11月大选日益临近，预计特朗普的强硬立场将给拜登政府带来压力，迫使后者在针对中国的关税和其他贸易及投资限制措施方面加快步伐。拜登周三呼吁将针对中国钢铁和铝产品的关键关税税率提高至原来的三倍以上。 6park.com
自去年年底以来，拜登团队与中国官员成立了十几个工作组，就经济和其他政策进行对话。这有助于缓解双边关系中的敌对情绪，但却遭到了主张对华采取更强硬态度的议员们的反对。 6park.comSince late last year, Biden’s team has set up about a dozen working groups with Chinese counterparts to engage in conversations about economic and other policies. That has helped dial back rancor in the bilateral relationship, but is frowned upon by lawmakers advocating a tougher approach to China. 6park.com 6park.com上述众议院委员会的报告发布之际，正值威斯康星州共和党众议员加拉格尔(Mike Gallagher)的任期即将结束。加拉格尔已连任四届众议员，自2023年初开始担任该委员会主席。加拉格尔是华盛顿对中国最尖锐的批评者之一，上个月他取得了一项重大胜利，众议院通过了他牵头的一项法案：如果TikTok在中国的母公司字节跳动(ByteDance)不出售这个视频分享应用巨头，就会在美国封禁TikTok。 6park.comThe House committee report comes as the tenure of Rep. Mike Gallagher (R., Wis.), the four-term Republican who has chaired the committee since early 2023, comes to an end. Gallagher, one of Washington’s most vocal critics of China, last month scored a significant win when the House passed a bill he spearheaded that could shut down TikTok in the U.S. if its China-based parent, ByteDance, doesn’t sell the video-app juggernaut.
威斯康星州共和党众议员加拉格尔 Since its inception in early 2023, the House committee has targeted U.S. companies across a number of sectors over their dealings with China in a bid to halt the investment and trade it says is enabling Beijing’s superpower ambitions. Gallagher announced last month that he would step down on Friday. 6park.com
自2023年初成立以来，该众议院委员会一直在多个领域针对美国公司与中国的交易，试图阻止其所说的助长中国超级大国野心的投资和贸易。加拉格尔上个月宣布他将于本周五卸任。 6park.com
在这份由加拉格尔和伊利诺伊州民主党众议员克里希纳穆尔提(Raja Krishnamoorthi)共同撰写的报告中，众议院中共问题特设委员会呼吁国会通过立法，限制对列入黑名单的中国公司（包括其子公司、关联公司和母公司）的投资，并要求美国上市公司披露与中国有关的主要风险。 6park.comIn the report, co-written by Gallagher and Rep. Raja Krishnamoorthi (D., Ill.), the House committee calls on Congress to pass legislation to restrict investment in blacklisted Chinese companies, including their subsidiaries, affiliates and parent companies, and to require U.S. public companies to disclose key risks related to China. 6park.com
根据该委员会的报告，MSCI明晟和贝莱德都向该委员会承认，通过这些追踪指数的美国基金，黑名单上的中国公司扩充了资本。 6park.comAccording to the House committee report, both MSCI and BlackRock acknowledged to the congressional panel that blacklisted Chinese companies are capitalized through U.S. funds that track indexes. 6park.com
MSCI明晟表示，该公司“不引导、推荐或认可在中国或其他地方的投资。我们只是计算全球股票市场的每日表现”。 6park.comMSCI said it “does not channel, recommend or endorse investments in China or elsewhere. We simply compute the daily performance of equity markets globally.” 6park.com
贝莱德在声明中说：“尽管在八个多月的时间里充分配合了该委员会的调查，但该委员会的报告中仍包含对指数基金的误导性断言，比如它们向这些实体‘输送数十亿美元资金’的说法。” 6park.comIn its statement, BlackRock said, “Despite fully cooperating with the committee for more than eight months, its report includes misleading assertions about index funds, including that they are ‘funneling billions of dollars’ to these entities.” 6park.com
报告称，如果国会不采取立法行动，“美国人数十亿美元的毕生积蓄将继续资助中国的军事行动和侵犯人权行为”。 6park.comShort of legislative action by Congress, “billions of dollars of Americans’ life savings will continue funding the PRC’s military and human rights abuses,” the report says, using the acronym for the People’s Republic of China. 6park.com
该委员会强调了贝莱德等资产管理公司与MSCI明晟等指数提供商之间的共生关系，这些公司经常就指数的构成进行商议。 6park.comThe congressional panel spotlighted the symbiotic relationship between asset managers like BlackRock and index providers like MSCI, which regularly consult with each other on the composition of indexes. 6park.com
据《华尔街日报》此前报道，几年前，当MSCI明晟首次考虑将在内地交易的中国A股纳入其新兴市场指数时，由于对中国公司不甚了解以及中国对资本流动的限制，机构投资者感到担忧。MSCI明晟新兴市场指数是许多大型机构进行投资的基础。 6park.comA few years ago, when MSCI first considered including Chinese A-shares, which trade on the mainland, in its emerging-market indexes, which form the backbone of how many large institutions invest, institutional investors were apprehensive given the poor insight into Chinese companies and restrictions on the movement of capital, the Journal previously reported.
6park.com中国政府当年曾大力游说推动将A股纳入MSCI明晟指数。参与相关讨论的人士当时告诉《华尔街日报》，贝莱德是力促A股纳入该指数的另一个强有力声音。贝莱德一开始反对将A股纳入，但在中国政府放宽外国投资者交易中国股票的限制后，贝莱德开始给予鼎力支持。 6park.comThe Chinese government lobbied heavily for the inclusion. The other strong voice that helped drive the shift was BlackRock, people involved in the discussions told the Journal at the time. The firm started out opposing the move but then threw its weight behind it after Beijing made it easier for foreign investors to trade Chinese stocks. 6park.com
在MSCI明晟2017年6月宣布决定将A股纳入旗下指数后不久，贝莱德之前提交的在中国为特定投资者开展私募基金业务的申请获得了批准。 6park.comSoon after MSCI announced its decision in June 2017, BlackRock received approval for a prior application to start a private-fund business in China for select investors. 6park.com 6park.comMSCI明晟表示，纳入A股的决定受到中国的市场改革推动，纳入标准以及该公司与全球投资者的磋商都支持这一决定。 6park.comThe decision on China A-shares was triggered by market reforms in China, MSCI said, and it was supported by the criteria for inclusion as well as the firm’s consultation with global investors.
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