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Huge contrast seen in profits of foreign companies in China

foreign businesses in China

Coffee shops, burger bars and clothes stores are among the foreign businesses in China that say they are thriving despite the economic slowdown that is hurting the manufacturing sector.

在中国,虽然经济增速放缓给制造业造成了冲击,但从事咖啡厅、汉堡店、服装店等的外企生意却很红火。

A Reuters examination of comments or recent statements from 34 large publicly-traded foreign companies that updated investors on their China operations shows a diverging experience between sectors.

据路透社2月2日报道,记者研究了34家上市外国大公司发表的评论或近期声明,发现不同行业的经历迥异。

Eighteen of the companies had products focused on consumers and 13 of these said sales grew in the fourth quarter or full year with just three down and two flat. Of the eight industrial companies in the search, six reported weakness in China or falling sales.

它们中18家企业的产品面向消费者,其中13家企业的销售额在去年第四季度或全年保持增长,3家企业下降,两家持平。在8家工业类企业中,6家表示在华经营疲弱或销售额下降。

Coffee shop chain Starbucks, Sweden-based tissue maker SCA fashion group Hennes & Mauritz and fast-food seller McDonald's are seeing strong growth despite the economy expanding at its slowest pace since 2009 in the fourth quarter.

中国去年第四季度的经济增速为2009年以来的最低季度增速,但咖啡连锁企业星巴克、瑞典纸巾生产商爱生雅、瑞典时装公司H&M和美国快餐连锁企业麦当劳的销售额却增长强劲。

"The success we are enjoying in China is really kind of highlighted by this past quarter," said Howard Schultz, chairman and CEO of Starbucks, which like many foreign companies does not break out China operating results in its accounts. He was speaking on a Jan 21 call with investors. "We opened over 150 stores in China, this past quarter, the most we've ever opened in our history."

星巴克公司首席执行官霍华德•舒尔茨1月21日说:“我们在中国取得的成功在刚刚过去的这个季度的确得到了充分体现。在刚刚过去的这个季度里,我们在中国新开了150多家门店,创历史最高纪录。”

McDonald's said its fourth-quarter comparable sales increased 4 percent in China and it plans to open more than 250 restaurants this year, the highest in any of its markets.

麦当劳表示,去年第四季度该公司在华营业额同比上升了4%,今年打算增开250多家餐厅,是其全球各大市场中计划开店数量最多的。

"We remain confident in the potential of this important market and in the strategies we have in place to expand the brand even further," Steve Easterbrook, McDonald's Corporation CEO told investors on Jan 25.

麦当劳公司首席执行官史蒂夫•伊斯特布鲁克1月25日说:“我们对这个重要市场的潜力以及对我们为进一步拓展品牌而制定的战略依然充满信心。”

Magnus Groth, CEO of SCA, which also makes diapers, said the rate at which China’s population was shifting from being poor and rural to an urban middle class, was unmatched in other emerging markets, creating huge opportunities for his business.

爱生雅公司首席执行官芒努斯•格罗特表示,中国人口从以贫困及农村人口为主向以城市中产阶级为主转变的速度是其他新兴市场望尘莫及的,这给他的企业创造了无限商机。

But in the industrial sector the outlook was less rosy. Construction goods maker Caterpillar and Germany’s Siemens are among the industrial companies that suffered last year. U.S.-based United Technologies Corp., which makes elevators and refrigeration units predicted even lower sales in 2016.

但在工业行业,情况就不那么美妙了。工程机械和矿山设备生产商美国卡特彼勒公司和德国西门子公司位居去年亏损的工业企业之列。总部设在美国的联合技术公司生产电梯和制冷设备等,该公司预计其2016年的销售额会更低。

"Short-cycle (industrial) business was affected by double-digit decline in China," said Siemens CEO Joe Kaeser told investors last week.

“短周期(工业)经营活动受到了中国经济增长放缓的影响,”西门子公司首席执行官乔•克泽尔上周告诉投资者。

Several CEOs said the divergence was a normal sign that China's economy is maturing from one based on industry to one fueled by consumption.

多家公司的首席执行官称,这种差异是正常的,说明中国经济日臻成熟,逐渐从以工业为基础转变为依靠消费拉动。

Growth for 2015 as a whole hit 6.9 percent after the fourth quarter slowed to 6.8 percent, capping a tumultuous year that witnessed a huge outflow of capital, a slide in the currency and a summer stocks crash. There has been further volatility in financial markets this year.

中国在2015年经历了资本外流、货币贬值和夏季股市暴跌,第四季度的经济增长率降至6.8%,全年增长率为6.9%。

"It's going from an investment-led, and industry-led economy to a consumption-led one. And if you look at the consumption piece of GDP that's actually growing, which is a good sign," CEO Mark Fields said last month. "It's going to be a bit bumpy as they go through that transition.”

 “它正从依靠投资和工业拉动转变为依靠消费拉动。大家可以看到国内生产总值中的消费部分其实在上升,这是个好迹象,”福特汽车公司首席执行官马克•菲尔茨上个月说,“这个转变过程会有点坎坷。”

Consumer goods companies are not unaffected by China’s downturn. Several have reported weakness in the market but even they have largely shrugged it off.

消费品企业并未受到中国经济增速放缓的影响。虽然有几家公司在中国的经营较疲弱,但就连它们也基本安然无恙。

An increasing adoption of Western consumption patterns is also buoying companies. Drinks maker Remy Cointreau said Christmas gifting was becoming increasingly important for his business, helping to compensate for a reduction in the importance of the Chinese New Year market. Starbucks said its growth in China was without the country having adopted the “morning ritual” of drinking coffee, but that it was confident it would, offering significant additional long term growth.

西方消费方式日益为中国人所接受也对这些企业有利。人头马-君度公司称,圣诞节期间的送礼活动对该企业越来越重要,可弥补中国春节期间销量下降的影响。星巴克公司称其在华业务增长是在中国人尚未养成早晨喝咖啡习惯的情况下实现的,它相信中国人会养成这个习惯,那会给该公司未来的营业额带来进一步增长。

And even in industry there are bright spots despite the slowdown. "In China we're starting to see the aluminum dynamic improving," William Oplinger CFO of U.S. aluminum producer Alcoa said on a Jan. 11 earnings call.

即使是工业行业也存在一些亮点。“在中国,我们可以看到铝业的情况在好转,”美国铝业公司首席财务官威廉•奥普林格1月11日说,“我们看到,基本面是坚实的……我们依然预计铝业能增长6%。”

2016-06-23

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