Backlash puts China finance deals on hold
A backlash against foreign investment in China's finance sector is holding up approval for a number of high-profile deals pairing overseas companies with troubled local banks and brokerages.
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Final approval for the purchase of a 20 per cent stake in Beijing Securities by UBS, the Swiss bank, has been delayed for several months, despite being seen as a model for foreign investment in the sector.
UBS and the Beijing government, which owns the brokerage, remain at odds over the detailed provisions the Swiss firm is demanding to ensure it gains control of the company, people familiar with the transaction said.
A decision over a closely watched bidding war be-tween two foreign banks, Citigroup and France's Société Générale, for control of the debt-laden Guangdong Development Bank has also been put off.
Citigroup had been considered the frontrunner in the contest, but its ambitious bid, to take about a 40 per cent stake as part of a consortium buying 85 per cent of GDB, stretches China's rules capping foreign investors in banks at 25 per cent.
In the case of both Beijing Securities and GDB, the foreign investors are considered essential to turning round the companies.
Since the UBS and Citigroup bids were formulated last year, the issue of foreign investment in China's fi-nance sector has become highly politicised, amid claims foreigners are buying state assets on the cheap. The UBS deal is likely to be approved, but the Citigroup deal is much more difficult.
Wen Jiabao, China's prime minister, said this week that the state should retain a controlling interest in commercial banks, a pronouncement that does not necessarily apply to GDB as it is classified as a "shareholder" bank.
However, his forceful recitation of policy at his annual news conference reflects the sensitivity of the government about criticism of the sale of financial assets and the difficulty of making an exception for Citigroup. Mr Wen would bear direct responsibility for any political decision to break foreign investment caps to approve the purchase by the US company, because the Politburo member responsible for finance, Huang Ju, is ill.
Working in Citigroup's favour is next month's trip to Washington by Hu Jintao, China's president, who will be looking to announce bilateral trade and investment deals while he is in the US.
Mr Hu could present approval of Citigroup's takeover of GDB to the Bush administration as a substantial concession in the opening of China's services sector. A green light for Citigroup might also help to puncture continued pressure from Washington for a substantial revaluation of China's currency, a demand that Beijing has made clear it will not cede to.
The BoC is due to list in the first half of this year while ICBC is scheduled to go in September, both of them in Hong Kong.
贱卖论日盛 部分中外金融交易迟迟未获批准
由于中国国内存在强烈的反对外资进入中国金融领域的情绪，在外国公司与那些陷入困境的中国当地银行和券商之间，许多备受瞩目的交易迟迟未能获得当局批准。
尽管瑞银集团(UBS)计划收购北京证券(Beijing Securities)20%股份的交易被视为外资进入中国证券业的样板，但官方对这宗交易的正式批准已经推迟了几个月。
据知情人士称，要求获得北京证券控制权的瑞银集团，与北京市政府在协议条款的细节上仍然存在分歧。北京证券目前为北京市政府所有。
与此同时，在一场备受关注的竞购大战中，负债累累的广东发展银行(Guangdong Development Bank)花落谁家的决定时间也被推迟。花旗集团(Citigroup)与法国兴业银行(Société Générale)正在竞争广发银行的控股权。
外界一直认为花旗集团在这场竞争中占得先机，但其雄心勃勃的报价与中国政府有关外资在国内银行持股比例不得超过25%的规定相抵触。花旗牵头的财团计划购买广发银行85%的股份，其中花旗购买40%。
在北京证券和广发银行两个案例中，外国投资者被认为是企业扭亏必不可少的因素。
但是，自从瑞银和花旗去年确定收购报价后，随着中国国内有关国有资产“贱卖”的指责之声日盛，外资投资中国金融业的问题被严重政治化。虽然瑞银的交易可能会获得当局批准，但花旗的交易可能就困难得多。
中国总理温家宝本周表示，国家应该保持在商业银行中的控股地位。他的此番声明未必适用于广发银行，因为该行属于“股份制”银行。
然而，温家宝在其每年一度的新闻发布会上着力重申有关政策，反映出中国政府对于在出售金融资产问题上受到的批评颇为敏感，同时也显示，要想对花旗集团网开一面，困难不小。
由于主管金融工作的政治局常委黄菊患病，因此，将由温家宝直接负责做出政治决定，是否取消外资股权限制，允许花旗收购广发银行控股权。
对花旗颇为有利的是，中国国家主席胡锦涛将于下月访问美国。预计他在美期间将会宣布两国达成一系列双边贸易与投资交易。
胡锦涛可能会向布什政府表示，同意花旗收购广东发展银行，以作为中国在开放服务领域方面做出的重要让步。给花旗“亮绿灯”还可能有助于减弱美国政府在人民币升值问题上不断施加的压力，而中国政府已经明确表示不会对这一要求做出让步。
中国曾经表示会考虑放宽人民币汇率波动区间，但是温家宝已经排除了人民币再次进行一次性升值的可能性。
