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China’s restraints on capital outflows have started to discourage inbound investment into the country, the opposite of the intended effect of the measures.
中国对资本流出的限制已开始抑制投资流入，这与限制措施想要达到的效果背道而驰。
Last year, Beijing began cracking down on outbound investments and stopping companies from remitting capital offshore in an attempt to preserve its rapidly deteriorating foreign reserves, which dipped below $3tn in January for the first time in five years.
去年，北京方面开始整顿对外投资，阻止企业向境外汇出资金，试图保住其快速缩水的外汇储备。今年1月，中国外汇储备5年来首次降到不足3万亿美元。
At the same time, China sought to promote inbound investments in order to attract more foreign exchange.
与此同时，中国力求推动对华投资，以吸引更多外汇。
However, some global investors and advisers say they fear investments could get trapped in China if regulators decide to further tighten controls over company remittances, potentially stopping investors from getting returns on their investments.
然而，一些全球投资者和顾问表示，他们担心，如果监管机构决定进一步收紧对企业汇款的限制，投资资金可能会被困在中国，这就可能导致投资者无法从投资中获得回报。
“The capital controls have had a chilling effect,” said Mario Giannini, chief executive of $330bn alternative investment manager Hamilton Lane. “People recognise that this is only temporary but [the capital controls] show what the regulator is capable of.”
“资本管制已产生了一种寒蝉效应，”管理着3300亿美元资产的另类投资管理公司Hamilton Lane的首席执行官马里奥?詹尼尼(Mario Giannini)说，“人们认识到这只是暂时的，但（资本管制）证明了监管机构能够做出什么事情来。”
Regulators put into place the capital controls in late November, homing in on the more than $220bn wave of outbound investments Chinese companies made last year.
去年11月下旬，中国监管机构启动了一些资本管制措施，把目标瞄准中国企业去年发起的逾2200亿美元的对外投资浪潮。
The measures have killed several M&A transactions but have also had wide-ranging effects on other areas of cross-border remittance. Regulators have tightened checks on its citizens exchanging renminbi into foreign currencies, curbed gold imports and stopped banks from moving capital overseas. Even imports into China have been hurt.
限制措施已导致多起并购交易泡汤，但也对跨境汇款的其他领域产生了广泛影响。监管机构已收紧对本国公民换汇的限制，遏止黄金进口，并阻止银行向海外转移资本。就连中国的进口也受到了打击。
Private equity investors have taken note of the challenges global companies have faced in remitting dividends overseas. The EU Chamber of Commerce said in December that European companies had at times been blocked from moving cash offshore.
私募股权投资者已注意到国际企业在向海外汇出股息方面遇到的挑战。欧盟商会(EU Chamber of Commerce)去年12月表示，欧洲企业向海外转移资金的举动有时受到阻止。
“There are a lot of businesses conducive to global investment right now but the capital controls have really hurt sentiment,” said Itamar Har-Even, co-chief executive at Hong Kong-based investment bank and fund adviser Ion Pacific. “We’ve spent an inordinate amount of time trying to figure out how to get cash out of China.”
“现在有很多企业乐于进行全球投资，但资本管制真的伤害了投资情绪。”香港投资银行和基金顾问机构Ion Pacific的联席首席执行官伊塔马尔?哈尔-埃文(Itamar Har-Even)说，“我们花了很多时间研究如何把资金从中国带出去。”
The cooling of investor sentiment comes at an inopportune moment for investments in China as economic prospects brighten in 2017 and other investing conditions improve.
在2017年经济前景看好、其他投资条件有所改善之际，投资者情绪降温对投资中国而言来得不是时候。
China posted 6.9 per cent growth in gross domestic product for the first quarter of the year, coming in above analysts’ consensus expectations. Concerns over debt levels and non-performing loans have also eased in recent months.
今年第一季度，中国国内生产总值(GDP)增长6.9%，高于分析师的普遍预期。近几个月来，债务水平和不良贷款引发的担忧也有所缓解。
China has brought in $2.8bn in overseas private equity-backed buyout deals in the year-to-date, outpacing investment during the same time last year but coming in far below 2014 and 2015, according to data from Preqin.
Preqin的数据显示，在今年迄今海外私募股权机构出资的在华收购交易中，流入中国的资金达到28亿美元，高于去年同期，但远远低于2014年和2015年同期的水平。
Many private equity investments into China are structured through offshore holding companies, reducing the risk of getting cash trapped onshore, said Philip Li, a partner at Freshfields Bruckhaus Deringer in Hong Kong.
富而德律师事务所(Freshfields Bruckhaus Deringer)常驻香港的合伙人李谦一(Philip Li)表示，有很多对中国的私募股权投资都是通过境外控股公司来架构，降低了资金困在中国境内的风险。
However, many investors are still targeting exits in China given the high valuations at which many companies are sold.
然而，很多投资者还是想在中国退出投资，因为不少企业都以高估值售出。
“The risk has always been there,” Mr Li said. “You can see that some investors are still willing to take those risks that are not uncommon in emerging markets. And even in the mature markets these days, investors have to deal with all sorts of uncertainties.”
“风险一直在那里，”李谦一称，“你可以看到一些投资者仍愿意承担那些在新兴市场并不罕见的风险。如今即使是在成熟市场，投资者也不得不应对各种不确定性。”
