中国政府或放开保险公司境外投资

Chinese insurers, hard hit by a sweeping crackdown this year, are anticipating an opening in the market for overseas investments in 2018.

受到今年全面打压严重打击的中国保险公司，正预期2018年中国会开放境外投资市场。

China’s insurance sector has been the target of regulatory tightening over the past year, aimed at curtailing companies’ access to foreign investments.

过去一年里，中国保险部门一直是加强监管的目标。这些监管措施，旨在降低保险公司向境外投资的访问权。

Several groups have been banned from selling high-risk, high-return products that have helped fuel extravagant overseas investments. The leaders of some companies have been investigated or, in the case of Anbang Insurance chairman Wu Xiaohui, detained.

多家集团被禁止销售曾助推对外疯狂投资的高风险高回报产品。部分企业的领导人遭调查，或是像安邦保险(Anbang Insurance)董事长吴小晖那样，被带走。

However, as China’s foreign exchange reserves stabilise after falling below $3tn early this year, the top investment managers at some of China’s largest insurance groups say they are planning more overseas investments in 2018.

不过，随着中国外汇储备今年初跌破3万亿美元后趋于稳定，中国部分最大保险集团的顶级投资经理人表示，他们正计划在2018年开展更多境外投资。

“Regulators have signalled to insurers that they will relax restrictions on overseas investment next year,” said the chief financial officer of a large Chinese insurance group. “We plan to increase allocation into alternative investments overseas, with a focus on healthcare and industrial assets.”

一家大型中国保险集团的首席财务官表示：“监管机构已向保险公司放出信号，称他们明年将放宽对境外投资的限制。我们计划增加对境外替代性投资的配置，主要关注医疗和工业资产。”

The talk of relaxation comes even as the China Banking Regulatory Commission reviews the systemic risk presented by the offshore dealmaking of some of China’s most aggressive acquirers, including Anbang Insurance.

这些有关放松监管的说法出现之际，中国银监会(CBRC)甚至还在审核中国部分最激进收购方在境外开展交易所带来的系统性风险，这些最激进收购方包括安邦保险在内。

The drainage of more than $1tn in Chinese foreign reserves starting in August 2015 pushed the State Administration of Foreign Exchange to tighten capital controls — including a requirement that government agencies sign off on foreign acquisitions valued above $10bn — starting late last year.

始于2015年8月的这轮中国外汇储备流失规模超过1万亿美元，迫使中国国家外汇管理局(State Administration of Foreign Exchange)从去年底开始收紧了对资金的管控——其手段包括要求政府机构签字取消估值超过100亿美元的境外收购。

Reserves have since recovered to $3.05tn in May, the fourth consecutive month of growth. There are also recent signs that curbs on foreign investments are lightening.

自那以来中国外汇储备不断回升，5月份达到3.05万亿美元，是连续第四个月上升。另外，近期还有迹象表明，政府对境外投资的限制正在放宽。

“It has been very hard for us to get quota to invest overseas during the past year,” said Chen Yijiang, head of investments at New China Life Insurance, one of China’s largest life insurance groups. “But the pressure on foreign exchange has eased this year. [Because of that] we believe the regulators will make it easier for insurance companies to allocate overseas next year.”

中国最大人寿保险集团之一新华人寿保险公司(New China Life Insurance Company)投资部门主管陈一江表示：“过去一年里我们一直很难拿到境外投资的配额。不过，今年外汇压力已经减轻。（出于这个原因，）我们认为监管机构将降低保险公司明年配置境外资产的难度。”

The China Insurance Regulatory Commission allows insurers to allocate up to 15 per cent of total assets to foreign investments, although that figure remained low at just 2 per cent at the end of 2016.

中国保监会(CIRC)允许保险公司将占总资产最高15%的比例用于境外投资——尽管2016年底这一比例低至只有2%。

As the sector grows, companies have become more desperate to diversify into other markets and asset classes, and away from China-based investments in equities and bonds.

随着保险产业的增长，保险公司已愈发迫切地要开展对其他市场和资产类别的多元化配置，并避免对股权和债券的、基于中国的投资。

A new survey of China’s largest insurers by Standard Life Investments reveals a continued strong interest to invest offshore.

标准人寿投资(Standard Life Investments)对中国最大保险公司的新一轮调查显示，它们对投资境外的兴趣依然十分浓厚。

About 64 per cent of the companies said they planned to increase allocation to international markets over the next three to five years. All of the insurers polled said they would boost allocation to private equity and infrastructure investment domestically and overseas.

约64%的被调查公司表示，它们计划在今后三到五年内加大对国际市场的配置。所有被调查保险公司都表示，它们会增加对私募股权和国内外基础设施投资的配置。

Meanwhile, 33 per cent said they would reduce allocation to Chinese sovereign and corporate bonds in the coming years.

与此同时，33%的被调查公司表示，它们会在随后几年减少对中国国债和企业债的配置。

“We see this trend because insurers are hoping Safe will rescind the limitations on quotas for overseas investments,” said David Peng, investment director and head of Asia at Standard Life Investments, noting that there were early signs that Safe could relax some cross-border investment controls in late 2018.

标准人寿投资亚洲区负责人、投资总监彭宏逖(David Peng)表示：“我们会认定存在这一趋势，是因为保险公司预计国家外汇管理局会取消对境外投资的配额限制”他还指出，初步迹象显示，中国国家外汇管理局或在2018年底放宽部分跨境投资管控。