60年前，共产主义救了中国。30年后，资本主义救了中国。现在，中国能拯救资本主义吗？
这是个不错的想法。英国《金融时报》关于中国主权财富基金中投公司(CIC)正在考虑购买意大利资产（包括政府债券）的报道，让市场或多或少松了口气。但是，中国的购买计划不应被解读为北京对意大利投下信任票，或者相信该国有能力偿还债务。其中的动机可能简单得很：基金经理尝试扩大自己的地盘。
中投公司于7月发布了其2010年年度财务报表。其全球投资组合的整体回报率为11.7%，与2009年报告的数字相同。这使得其管理资产的总规模由2008年最初的210亿美元攀升至1350亿美元。但是，为了有资格得到国家外汇储备的又一次大规模注资——财政部曾在2009年额外注入580亿美元——中投有必要展示，自己已准备好、愿意并且有能力接受注资。于是，中投持有的现金额显著降低，现金占总资产的比例由2009年的32%减至去年的4%。中投见什么就买什么：大型美国公司股票、新兴市场股票、大宗商品、期货、房地产和基础设施。去年，中投新增了至少8只自行管理的投资组合，包括一只欧洲债券基金。
如果持有时间较长，持有可被认为是“战略性的”；但如果每3至6个月评估一次，就有可能被认为是“战术性的”。意大利财政部长朱利奥•特雷蒙蒂(Giulio Tremonti)永远不会知道中投的兴趣属于哪种情况。中投购买在内部发出的信息更重要，它表明该基金已全部投资到位，并渴望得到更多资金。欧洲投资者可能在寻求能够让他们放心的话。但中投董事长楼继伟只是在打造一家企业。至于地缘政治因素，不论有益还是有害，并不在考量范围之内。
Lex专栏是由FT评论家联合撰写的短评，对全球经济与商业进行精辟分析
译者/何黎
http://www.ftchinese.com/story/001040674
Sixty years ago, communism saved China. Thirty years later, capitalism saved China. Could China now save capitalism?
It’s a nice idea. The Financial Times’ report that China Investment Corp, the sovereign wealth fund, was considering buying Italian assets (including government bonds) sent a few ripples of relief across markets. But the plans should not be read as Beijing’s vote of confidence in il bel paese, or in its ability to service its debts. The motives may well be much simpler: fund managers trying to expand their turf.
In July, CIC released its 2010 financial report. Headline returns on its global portfolio were 11.7 per cent – identical to the figure reported in 2009. That brought its total assets under management to $135bn, up from its initial $21bn seeding in 2008. But in order to qualify for another big injection from China’s foreign exchange reserves – the Ministry of Finance released an additional $58bn in 2009 – the fund needs to demonstrate that it is ready, willing and able. Hence, the extremely aggressive drawdown of cash holdings, from 32 per cent of assets in 2009 to 4 per cent last year. CIC bought anything and everything: large-cap US stocks, emerging-market equities, commodities, futures, real estate, infrastructure. A European bond fund was one of at least eight new, internally-managed portfolios set up during the year.
Holdings could be considered “strategic” – to be held for the long-term – or “tactical” – to be reviewed every three to six months. Italian finance minister Giulio Tremonti would never know which. More important is the message CIC’s purchases send internally – that the fund is fully invested and itching for more. European investors may be seeking reassurances. But chairman Lou Jiwei is simply building a business. Geopolitics, for better or worse, does not come into it.
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