With the development trend of globalisation, multinational corporations in the global economy face new challenges. China is still a socialist country, but its banking sector has consistently grown and is undergoing a historical and cultural transformation.

天和網(wǎng)天和財(cái)務(wù)頻道消息：隨著全球化發(fā)展的趨勢，跨國公司面臨了全球經(jīng)濟(jì)下的新挑戰(zhàn)。中國仍是一個(gè)社會(huì)主義國家，但其銀行業(yè)一直在增長并經(jīng)歷了歷史和文化的轉(zhuǎn)變。

Chinese banks have continued their expansion abroad, particularly in the Asia-Pacific region. This expansion is mainly through organic growth by establishing new branches and subsidiaries, as well as through some mergers and acquisition (M&A) activity. Meanwhile, European and US banks have increased their stake in Chinese banks.

中國銀行繼續(xù)在海外尤其是亞太地區(qū)擴(kuò)張。這種擴(kuò)張主要是通過并購和建立分公司、子公司尋求有機(jī)增長。同時(shí)，歐美公司已增加了在中國銀行的股份。

All Chinese national commercial banks have launched their own cash management services to compete with international banks. They provide corporate clients with standard solutions including collection, payment and account management.

所有的中國國有商業(yè)銀行都已推出自己的現(xiàn)金管理服務(wù)以參與國際競爭。他們向客戶提供包括集合理財(cái)、支付和賬戶管理在內(nèi)的標(biāo)準(zhǔn)解決方案。

Business Tactic and Strategy: Know Your Business Model

知己知彼，百戰(zhàn)不殆：了解你的商業(yè)模式

Sun Tzu’s famous treatise ‘The Art of War’ is applicable not only to war but also to Western business management. The book inspired many ideas as to how to succeed in competitive business situations. We believe that it can also be applied to the field of treasury management.

《孫子兵法》不僅適用于戰(zhàn)爭，也適用于西方商業(yè)管理。該書激發(fā)了許多關(guān)于如何在商業(yè)競爭環(huán)境里成功的理念。人們認(rèn)為它也可用于財(cái)資管理領(lǐng)域。

International companies willing to do business in China should take a long look at certain parameters in their home country before setting up a subsidiary in China, in order to evaluate the type of organisation and its characteristics in terms of:

有意進(jìn)行在華貿(mào)易的跨國企業(yè)在建立子公司之前應(yīng)該目光長遠(yuǎn)地看待中國的某些參數(shù)。此目的是為了依照以下幾條評(píng)估組織類型及其特點(diǎn)。

1.Structure.

1.結(jié)構(gòu)

2.Size of company, overall relationships and geographical representation.

2.公司規(guī)模、總體關(guān)系和地區(qū)代表制

3.Operative mechanisms and shared procedures and/or practice.

3.有效的機(jī)制和共享程序

4.Human resources (HR) and staff management.

4.人力資源和人員管理

5.Business strategy.

5.企業(yè)發(fā)展戰(zhàn)略

6.Decision-making model: flexible or bureaucratic style.

6.決策模型：靈活的或官僚的作風(fēng)

7.Typical market approach: offensive or defensive.

7.典型的市場方法：進(jìn)攻型或防守型的

Once these details are clear, then a gap analysis between the parent company and its subsidiary can begin. Initially, it is important to establish the structure of the company in relation to its subsidiaries.

只要這些細(xì)節(jié)是清晰的，就可以開始總公司和子公司之間的差異分析。首先，建立結(jié)構(gòu)框架很重要。

In a centralised organisation, the parent company is responsible for financing subsidiaries. The treasury team based in the home country regulates the financing activities and maintains the banking relationships. On the other hand, transmission of information is slower between the parent company and its subsidiary (e.g. account statement or reports) than if the organisation was decentralised.

在集權(quán)型組織結(jié)構(gòu)中，總公司負(fù)責(zé)向子公司提供資金。位于本國的財(cái)資部團(tuán)隊(duì)監(jiān)管融資活動(dòng)和維護(hù)銀行關(guān)系。總公司與子公司之間的信息傳輸（如賬目聲明或報(bào)告）要比分散型組織內(nèi)的慢。

In a decentralised organisation, local treasury teams have the power to make decisions as they are more financially independent and able to more quickly respond to market changes. However, the treasury team in the home country must anticipate lack of supervision and have risk awareness policies in place.

在分散型組織里，財(cái)務(wù)相對(duì)獨(dú)立的當(dāng)?shù)刎?cái)資部門有權(quán)做決策，并且應(yīng)對(duì)市場變化的速度更迅即。本國的財(cái)資部門必須在缺乏監(jiān)督的情況下做出正確的預(yù)測，并有到位的風(fēng)險(xiǎn)意識(shí)和政策。

Our best practice recommendation is to set up a flexible and homogenised treasury management culture, with flexible working processes and smooth communication between home and host country. An ideal scenario becomes reality when home country and subsidiaries share a homogenised IT system, the same banking communication process and an enterprise resource planning (ERP) system.

最佳操作建議是：建立一個(gè)靈活行動(dòng)統(tǒng)一的財(cái)資部門文化、靈活的工作流程和本國和東道國之間的良好關(guān)系。當(dāng)本國公司與子公司之間共享一個(gè)行動(dòng)統(tǒng)一的IT系統(tǒng)、同一個(gè)銀行溝通程序和企業(yè)資源規(guī)劃系統(tǒng)，那么理想將變?yōu)楝F(xiàn)實(shí)。

A mixed combination of centralisation and decentralisation organisational structure is highly recommended to obtain effective control and avoid situations of imbalance. It is important to develop regular information flows (e.g. intraday alerts).

混合型—集權(quán)型和分散型—組織結(jié)構(gòu)得到高度推薦使用，因?yàn)檫@種框架下企業(yè)能獲得良好的控制并避免不平衡的情況發(fā)生。重要的是要建立常規(guī)信息流動(dòng)（如一天當(dāng)中的警告）。

China-specific Issues

以下是企業(yè)在華將面臨的問題。

Restricted access to credit

限制進(jìn)入信貸

Banks are required by the China Banking Regulatory Commission (CBRC) to maintain a loan-to-deposit ratio of less than 75%. However, with total bank deposits on a downward trend due to the negative real interest rate environment, the loan-to-deposit ratio of banks has been forced up, reducing the amount of available credit. As a consequence, companies often face difficulties in obtaining credit.

中國銀監(jiān)會(huì)要求銀行的貸存比維持在75%以下。然而，鑒于負(fù)實(shí)際利率環(huán)境，銀行存款總額處于下行趨勢，銀行的貸存比率被迫提升，從而減少可用信貸的數(shù)量。因此，企業(yè)往往難以獲得貸款。

Our best practice recommendation is to reinvest and avoid trapped cash or repatriation of cash. For example, a French fashion retail company manufacturing clothes in China has set up a wholly foreign-owned enterprise (WFOE), where involvement of a mainland Chinese investor is not required. The home country company can buy clothing material in euros from the host country subsidiary or WFOE. The Chinese WFOE converts euros into renminbi (RMB). As access to credit is complex, most of the converted RMB amount is reinvested locally.

最佳操作建議：再投資避免被困現(xiàn)金回流至本國。例如，一個(gè)法國時(shí)裝零售公司在中國設(shè)立一家獨(dú)資的制衣企業(yè)，大陸投資者不強(qiáng)制要求入股。本國公司可以用歐元從主辦國的子公司或獨(dú)資公司購買原材料，然后由中國的獨(dú)資公司將歐元換成人民幣。由于獲得信貸的過程很復(fù)雜，大多數(shù)被置換的人民幣在當(dāng)?shù)卦偻顿Y。

Working capital management (WCM) is very important for those corporates that cannot afford to keep excess cash in some entities while funding other entities, due to the gap between the lending rate and the deposit rate in China.

由于在華的貸款利率和存款利率之間存在差距，因此營運(yùn)資本管理對(duì)那些無法同時(shí)資助其他實(shí)體和在一些實(shí)體里保存過剩資金的企業(yè)來說至關(guān)重要。

Changing regulatory environment

改變監(jiān)管環(huán)境

The regulatory environment in China is changing and can generate unexpected situations. Deposits are regulated and loan rates are subject to limited variability. Local banks attach much importance to deposits because China's banking authority, the CBRC, monitors their loan/deposit ratios. Another factor is that the interest rate is regulated, so the margins are more or less guaranteed. This renders business for local Chinese banks more secure than hedging transaction banking fees.

中國的監(jiān)管環(huán)境總是在變化并產(chǎn)生意想不到的情況發(fā)生。存款得到監(jiān)管，貸款利率受制于有限的可變性。當(dāng)?shù)劂y行非常重視存款，因?yàn)樽鳛楣俜降你y監(jiān)會(huì)將監(jiān)控它們的貸款或存款比率。另一個(gè)因素是利率被管制，因此利潤或多或少得到保障。這使得當(dāng)?shù)刂袊y行的業(yè)務(wù)比對(duì)沖交易銀行費(fèi)用更安全。

Our best practice recommendation is to be aware that handling unexpected shifts in government policy is a challenge for corporate treasurers in China. And it is almost impossible for corporations to foresee the changes. Deposit management is key to meeting preventive daily business needs. Therefore, it is best to have local and flexible treasury management teams able to face change in regulatory environments.

最佳建議是：企業(yè)要意識(shí)到政府處理意想不到轉(zhuǎn)變的政策對(duì)在中國的財(cái)資部門是一種挑戰(zhàn)。企業(yè)幾乎不可能預(yù)測到轉(zhuǎn)變，存款管理是企業(yè)預(yù)見性地滿足日常業(yè)務(wù)需求的關(guān)鍵。因此最好是由本土化的靈活的財(cái)資部門來應(yīng)對(duì)監(jiān)管環(huán)境的變化。

Increasing RMB internationalisation

人民幣日漸國際化

In its July 2012 RMB Tracker SWIFT detected a 40% to 60% increase in the number of countries and institutions processing RMB payments from June 2011 to June 2012. The top RMB payment banks increased the number of RMB relationships by 68% in that same period, from an average of 91 to 153 correspondents.

2012年7月份，環(huán)球同業(yè)銀行金融電訊協(xié)會(huì)（SWIFT）的人民幣追蹤代碼監(jiān)測發(fā)現(xiàn)，在2011年6月到2012年6月這一年里，處理人民幣支付業(yè)務(wù)的國家和機(jī)構(gòu)數(shù)量增長了40%到60%。同期，排在前幾位的人民幣支付業(yè)務(wù)銀行在維護(hù)人民幣關(guān)系方面的人員從平均91人增加到153人，增長幅度是68%。

Over this same period, the international adoption of the RMB grew significantly, as the number of countries and institutions processing RMB payments expanded from 65 to 91 (40% increase) and from 617 to 983 (60% increase) respectively. These figures are a good indication of the fast growing RMB international adoption.

同期的人民幣全球采用量大大提高，處理人民幣支付的國家和機(jī)構(gòu)數(shù)量分別增長了40%（從65個(gè)增長到91個(gè)）和60%（從617個(gè)增加到983個(gè)）。這些數(shù)據(jù)很好地顯示了人民幣全球采用量快速增長。

Our best practice recommendation is that both foreign and domestic companies that wish to raise RMB for business development should adopt a foreign exchange (FX) strategy. Multi-currency cash pooling can manage investments and revenues in multiple currencies in order to hedge FX risk.

我們建議意圖籌集人民幣以開展業(yè)務(wù)發(fā)展的國內(nèi)外企業(yè)，應(yīng)該采用外匯策略。多種貨幣融資可以幫助企業(yè)以多種貨幣進(jìn)行投資和收入管理，以防對(duì)沖外匯風(fēng)險(xiǎn)。

Increasing mobile payment

增加移動(dòng)支付

With one billion mobile phone users, China is the world’s largest mobile phone market, driving the global development of mobile banking services. Chinese telecommunications companies and banks have already expressed their ambitions to grow in this market by joining together. Given the banking dynamics in China and the need to provide access to financial services to people across a vast country, mobile-based banking services will be considered as a strategic development.

擁有十億手機(jī)用戶的中國是全球最大的手機(jī)市場，它推動(dòng)了全球手機(jī)銀行服務(wù)的發(fā)展。中國電信公司和銀行已經(jīng)表達(dá)了在手機(jī)市場聯(lián)手發(fā)展的雄心。由于中國的銀行業(yè)處于動(dòng)態(tài)之中，并且在如此幅員廣闊的國家里向人們提供金融服務(wù)，因此手機(jī)銀行業(yè)務(wù)被認(rèn)為是一個(gè)戰(zhàn)略發(fā)展。

Our best practice recommendation is that both foreign and domestic companies that wish to do business in China should consider mobile payments for collection and receivables.

我們建議想在華做生意的國內(nèi)外公司應(yīng)該考慮手機(jī)支付收集和應(yīng)收賬款。

Conclusion

結(jié)論

China is changing quickly. Three potential developments that could change business approaches include:

中國正在迅速改變。可能改變業(yè)務(wù)方法的三個(gè)潛在發(fā)展因素是：

1.A liberalisation of deposit rates.

1. 存款利率自由化。

2. Increased deregulation.

2. 放松管制增加。

3. More policy developments to allow corporates to repatriate cash out of China.

3. 更多的政策發(fā)展允許企業(yè)從中國重返現(xiàn)金。

In addition, a number of national and regional government initiatives are already being rolled out.

此外，許多國家和地區(qū)政府已推出了相關(guān)舉措。

In August 2012, China extended a nationwide trial of simplified procedures to pass foreign currencies between banks and companies in goods trades. Companies no longer need to carry out the procedures for verification and settlement of their FX received from exports. Instead, the State Administration of Foreign Exchange (SAFE) will regularly check export/import transactions and FX receipts/expenditures derived from trade of each enterprise. SAFE's FX monitoring system for trade in goods replaces the former FX payment and collection verification system. As a result, foreign trade will be more convenient and increase trading firms' global competitiveness.

2012年8月，中國發(fā)起了對(duì)通過銀行和公司在交易中使用外國貨幣的審批。企業(yè)不再需要執(zhí)行驗(yàn)證和出口外匯結(jié)算的程序。相反，國家外匯管理局將定期檢查導(dǎo)出/導(dǎo)入交易和來自各個(gè)企業(yè)貿(mào)易的外匯收入/支出。國家外匯管理局的貨物貿(mào)易外匯監(jiān)測系統(tǒng)取代了以前的外匯支付和收集驗(yàn)證系統(tǒng)。因此，對(duì)外貿(mào)易將會(huì)更便利地增加貿(mào)易公司的全球競爭力。

China is pushing for an upgraded national payment system, with the China National Advanced Payment System (CNAPS) to migrate soon to CNAPS 2. The enhanced system will have a wider functionality and will also allow large amounts of RMB to be cleared across regional borders. However, China's network of fragmented local clearing systems remains in place.

中國正在推動(dòng)國內(nèi)支付系統(tǒng)升級(jí)，將中國國家現(xiàn)代支付系統(tǒng)CNAPS升級(jí)到CNAPS2。升級(jí)后的系統(tǒng)將有一個(gè)更廣泛的功能，允許大量人民幣在邊界地區(qū)結(jié)算。然而，中國當(dāng)?shù)亟Y(jié)算系統(tǒng)各自為政的現(xiàn)象依然存在。

China is also extending connectivity between the RMB clearing system and other capital markets systems, such as the stock exchange or the central clearing system for bonds. CNAPS is now being connected with the bond clearing system in Hong Kong. Customers can buy and sell bonds in RMB via an automated cross-border payment. The whole operation is automatically processed in RMB.

中國也在推動(dòng)人民幣結(jié)算系統(tǒng)和其他資本市場體系（如股票交易市場或中央債券結(jié)算系統(tǒng)）之間的聯(lián)系。中國國家現(xiàn)代支付系統(tǒng)正處于與香港債券結(jié)算系統(tǒng)的聯(lián)系中。客戶可通過跨境支付購買和出售人民幣債券。整個(gè)操作以人民幣自動(dòng)進(jìn)行處理。

Shanghai and Beijing have launched schemes for multinational companies (MNCs) to establish regional treasury centres (RTCs) in China. As they offer preferential policy treatment and streamlined approval processes, many MNCs looking to establish RTCs for Asia are now interested in these locations.

北京和上海已出臺(tái)了允許跨國公司建立區(qū)域財(cái)資中心的方案。這兩地為跨國公司提供優(yōu)惠政策以及合理化審批程序，因此許多公司對(duì)在兩地建立亞洲區(qū)域財(cái)資中很感興趣。

All of these developments means that the operating environment in China is becoming more attractive to MNCs and their treasury departments.

對(duì)跨國公司及其財(cái)資部門而言，所有這些發(fā)展都意味著中國的運(yùn)營環(huán)境正變得更有吸引力。

譯者：許怡勤