见闻特约记者李勤习：
很多中国企业选择在海外资本市场上市并向全球投资者募集资金。那么您是否曾研究过全球资本市场的“中国概念”？其产业结构总体上有哪些特点？您认为中国投行、金融机构会面临哪些挑战？
The number and scale of Chinese enterprises that have listed in the overseas capital markets and raised corporate development funds to global investors are growing.Have you ever observed and studied the “China concept” in the global capital markets?What are the characteristics of its industrial structure on the whole? What kind of challenges do you think that Chinese local investing banks, securities, and others will face?
罗奇：过去20年，中国已经融入了全球资本市场，成为资本的来源之一。这一体系强制中国企业使用西方的公司治理模式，在全球资本市场上筹集资金。21世纪初，中金公司（CICC）在许多中国大型企业的谈判中起到领导作用，中国政府更愿意承担较大风险，将企业所有权结构从国有转向以市场为基础的产业结构。
China, over the last, I say, 20 years, has embraced global capital market. It’s source of capital.And as a system that forces western style corporate governance on Chinese enterprises to raise that capital in global capital markets.I was very involved with a joint venture, CICC, that played a leadership role in negotiating for a lot of large Chinese companies in the 2000s.The government has more willing to take considerable risks in transforming the ownership structure, from state-owned to more of a market-based industrial structure.
中国政府在2013年十八大会议上承诺国有企业与私营企业之间的平衡，我观察到政府非常重视国有企业改革，特别是在去年。我认为经过35年的努力，国企已成为中国经济极具影响力的一方面，但同时也削弱了私营部门的重要性。这就是发展所带来的负面问题。我花了很多时间研究1999年日本在挽救资不抵债的公司时遇到的麻烦，那些被挽救的公司后来却成了僵尸企业，中国现在也存在着同样的风险。
Particularly in the last year,the government has placed a great deal of emphasis on state-owned enterprises and the reforms that were promised in the Third Plenary of 18th National Congress in November 2013.The state actually, I think, returned as a very powerful aspect of Chinese economy after 35 years’ of, but diminish the importance of the private sector has taken on.So that’s the worrisome of the development. I spent a lot of time looking at how Japan got the trouble by supporting insolvent Japanese corporations in the 1999s. Then they became zombies, the walking dead. There’s a risk of that in China right now. That’s a warning.
到投资公司，在中国的投行里，中金公司一直是中国资本市场的领导者，但现在它的龙头地位已经面临了更多竞争者的挑战。我认为一家全球投资银行需要广泛的能力，包括全球分销等，中国公司很难获得这些能力。摩根士丹利在世界范围内构建了制度，这一过程代价昂贵，我不知道中国国内证券公司能否做到这一点。
As for investing banks, CICC was the market leader in capital market activities in China for a long time. Because it was the only bank.But now there are competitors. That makes CICC have to work hard to maintain its market share.I think global investing banks, requires broad capabilities, including distribution around the world. That’s gonna be very difficult for Chinese companies to acquire.Morgan Stanley had a deal out institutional plans all over the world. It is very expensive thing to do. I don’t know if Chinese domestic securities forms are in the position of what they could have done there.
