<p>[华盛顿] 唐纳德·特朗普总统第二任期的一个标志是他倾向于与承诺在美国投资数万亿美元的国家谈判经济协议。</p>
<p>“现在来自世界各地的投资如潮水般涌入，” 特朗普在去年秋天的一次演讲中表示，他自豪地提到近 20 万亿美元的外国投资。</p>
<p>本周特朗普与中国领导人习近平在北京的会晤预计将包括关于购买美国农产品和飞机的谈判，以及扩大美国公司进入中国广阔消费市场的可能性。</p>
<p>也有猜测称，特朗普及其顾问正在寻求来自中国的重大投资。但这样的承诺可能会因美国对中国公司的深度不信任而变得复杂，许多工人将美国制造业的空心化归咎于这些公司。</p>
<p>财政部长斯科特·贝森特在周四接受 CNBC 采访时承认了这一挑战，解释称美国和中国正在努力建立一个投资委员会，以确定哪些行业适合中国投资。</p>
<p>这将基本上为中国提供在美国投资的指导，以避免其交易被外资投资委员会阻止，该委员会是一个审查外国投资的跨部门小组，由贝森特领导。</p>
<h3>在新的全球秩序中导航亚洲</h3>
<p>获取洞察信息，直接发送到您的邮箱。</p>
<p>“看，中国在美国可以投资的领域有很多，” 贝森特说，他与特朗普在北京。</p>
<p>近年来，由于国家和州层面更严格的投资审查标准，中国对美国的投资急剧下降。</p>
<p>这种情绪最终可能与特朗普的交易本能和他希望带回大宗交易的愿望发生冲突。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f519343d2bbc3506c23da7da00024af772133c673b11e9fd8b60d89b90d7dd3d/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f519343d2bbc3506c23da7da00024af772133c673b11e9fd8b60d89b90d7dd3d/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>美国商业库存在三月份创下近四年来最大增幅</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2ae0a7aa8767d932faa64f222622a0ca6d55be30686d509bd8d392b6ce1f92ae/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2ae0a7aa8767d932faa64f222622a0ca6d55be30686d509bd8d392b6ce1f92ae/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>美中峰会：特朗普看到 “更好” 的关系，习近平警告台湾，谈判结束</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/efad5c35b9cc10f18dc6437f7d9cec6781a64644511a47d4b0829ec414639a95/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/efad5c35b9cc10f18dc6437f7d9cec6781a64644511a47d4b0829ec414639a95/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>习近平在特朗普访问期间告诉美国 CEO，中国将进一步开放</h3>
<p>“如果特朗普致力于与中国达成重大投资协议，实施仍然是一个挑战，” 圣母大学的美中关系专家凯尔·贾罗斯表示。“需要真正的后续行动来克服目前存在的许多政治和监管障碍。”</p>
<p>根据研究公司 Rhodium Group 上个月发布的一份报告，2025 年宣布的中国对美国的投资不到 30 亿美元。这是有记录以来的最低水平，投资在 2016 年达到约 450 亿美元的峰值。</p>
<p>出于国家安全考虑，美国对中国投资实施了严格限制，使中国公司在军事设施附近建立工厂变得困难。一些州也对中国购买房地产和农田实施了限制。</p>
<p>中国的清洁能源技术，如电动车和电池，在美国也面临挑战，因为政治反弹。在拜登政府于 2022 年通过清洁能源和税收立法后，中国在这些领域的投资激增，但根据 Rhodium 的数据显示，其中超过一半的投资已被取消、暂停或延迟。</p>
<p>中国公司 Gotion 在密歇根州建设的一座 24 亿美元电动车电池工厂在去年因当地社区抗议并提出法律挑战而被取消。</p>
<p>其他类型的中国投资也引发了争议。这包括中国瓶装水公司农夫山泉最近在新罕布什尔州购买的一座仓库，计划将其改建为瓶装设施。该购买在去年由该州的检察长进行了审查。</p>
<p>在调查发现该交易没有不当行为后，新罕布什尔州州长凯莉·阿约特发布行政命令，阻止中国、俄罗斯和伊朗获取数据或在该州购买土地或财产。“像中国这样的外国对手不应该在新罕布什尔州做生意，” 阿约特说，她是共和党人。</p>
<p>美国汽车行业对来自中国的竞争仍然存在深刻的怀疑。上个月，一组美国钢铁协会向特朗普政府高层官员发出信函，敦促他们阻止中国汽车制造商进入美国市场。</p>
<p>“作为我们国家制造业部门的代表，我们敦促您确保美国的竞争力，不要将美国汽车市场的准入拱手让给中国共产党，” 他们写道。“此外，允许中国公司和中国汽车进入美国将带来重大的、不可接受的国家安全风险。”</p>
<p>农业问题仍然是一个有争议的话题。来自密歇根州的共和党众议员约翰·穆伦纳尔，本月提出了一项新立法，禁止中国收购美国农田。</p>
<p>“粮食安全就是国家安全，我们不能允许像中国这样的外国对手在我们最敏感的军事和关键基础设施地点附近购买美国农田，” 穆伦纳尔说。</p>
<p>这项两党法案将要求联邦政府审查涉及港口和电信基础设施的中国交易。它还将适用于来自俄罗斯、伊朗和北朝鲜的投资者所做的购买。</p>
<p>迈克尔·皮尔斯伯里（Michael Pillsbury），一位曾担任特朗普政府外部顾问的中国学者表示，总统的顾问们对中国在半导体、人工智能、生物技术、航空航天和关键矿产等敏感领域的投资表示担忧。他表示，制定一个可以被视为安全的 “白名单” 行业一直是一个挑战。</p>
<p>“随着技术性质的变化，红线也在不断移动，” 皮尔斯伯里说。</p>
<p>他补充说，尽管特朗普渴望宣布一项价值 1 万亿美元的中国投资承诺，但他也意识到不能激起政治反弹。</p>
<p>“我认为政府一直在努力避免与中国鹰派发生冲突，” 皮尔斯伯里补充道。</p>
<p>在特朗普访问中国之前，一位白宫官员淡化了政府寻求创建一项新的 1 万亿美元中国投资计划的想法。</p>
<p>白宫继续专注于推动中国增加对美国农产品的采购，而在去年的贸易紧张局势加剧时，中国对这些产品进行了抵制。</p>
<p>尽管对中国投资承诺的期待存在，但细节和后续行动将是重要的。</p>
<p>虽然特朗普表示外国投资已超过 20 万亿美元，但根据白宫自己的投资追踪器，特朗普第二任期内的美国和外国投资承诺总额为 10.6 万亿美元。</p>
<p>外国领导人似乎已经意识到，通过承诺巨额投资承诺可以赢得特朗普的青睐，尽管他们可能不会兑现。</p>
<p>“细节决定成败，” 专注于国家安全风险和外国投资的金斯与斯波尔丁（King &amp; Spalding）合伙人菲利普·卢德维格森（Philip Ludvigson）表示，“不仅要考虑投资去向，还要考虑投资是否真的发生。” NYTIMES</p>
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纳斯达克中国金龙指数

<p>特朗普总统正在谈判潜在的中国对美国的投资，旨在促进外资投资，他声称这一投资额已接近 20 万亿美元。然而，美国对中国企业存在怀疑，担心国家安全和制造业的就业损失。财政部长斯科特·贝森特指出，已成立一个投资委员会来指导可接受的中国投资。尽管由于更严格的法规，中国投资有所下降，但特朗普仍寻求达成一项重大交易，尽管在克服政治和监管障碍方面仍面临挑战</p>

<p>[WASHINGTON] A hallmark of President Donald Trump’s second term has been his penchant for negotiating economic deals with countries that pledge to invest trillions of dollars in the United States.</p>
<div class="lb-trans"><p>[华盛顿] 唐纳德·特朗普总统第二任期的一个标志是他倾向于与承诺在美国投资数万亿美元的国家谈判经济协议。</p>
</div><p>“It’s now pouring in from all parts of the world,” Trump said during a speech last fall in which he boasted of nearly US$20 trillion of foreign investment.</p>
<div class="lb-trans"><p>“现在来自世界各地的投资如潮水般涌入，” 特朗普在去年秋天的一次演讲中表示，他自豪地提到近 20 万亿美元的外国投资。</p>
</div><p>The meetings this week between Trump and China’s leader, Xi Jinping, in Beijing are expected to include talks over purchases of American farm products and planes and the possibility of expanding access for American companies into China’s vast consumer market.</p>
<div class="lb-trans"><p>本周特朗普与中国领导人习近平在北京的会晤预计将包括关于购买美国农产品和飞机的谈判，以及扩大美国公司进入中国广阔消费市场的可能性。</p>
</div><p>There has also been speculation that Trump and his advisers are seeking a major investment from China. But such a pledge could be complicated by deep distrust in the United States toward Chinese firms, which many workers blame for the hollowing out of American manufacturing.</p>
<div class="lb-trans"><p>也有猜测称，特朗普及其顾问正在寻求来自中国的重大投资。但这样的承诺可能会因美国对中国公司的深度不信任而变得复杂，许多工人将美国制造业的空心化归咎于这些公司。</p>
</div><p>Treasury Secretary Scott Bessent acknowledged the challenge in an interview on CNBC on Thursday, explaining that the United States and China were working to develop an investment board that would determine what sectors were acceptable for Chinese investment.</p>
<div class="lb-trans"><p>财政部长斯科特·贝森特在周四接受 CNBC 采访时承认了这一挑战，解释称美国和中国正在努力建立一个投资委员会，以确定哪些行业适合中国投资。</p>
</div><p>That would essentially provide China with guidance on how to invest in the United States without its transactions being blocked by the Committee on Foreign Investment, an interagency group that reviews foreign investment and is led by Bessent.</p>
<div class="lb-trans"><p>这将基本上为中国提供在美国投资的指导，以避免其交易被外资投资委员会阻止，该委员会是一个审查外国投资的跨部门小组，由贝森特领导。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察信息，直接发送到您的邮箱。</p>
</div><p>“Look, there are plenty of things that the Chinese could invest in in the US,” said Bessent, who is in Beijing with Trump.</p>
<div class="lb-trans"><p>“看，中国在美国可以投资的领域有很多，” 贝森特说，他与特朗普在北京。</p>
</div><p>Chinese investment in the United States has declined sharply in recent years amid tougher investment screening standards nationally and at the state level.</p>
<div class="lb-trans"><p>近年来，由于国家和州层面更严格的投资审查标准，中国对美国的投资急剧下降。</p>
</div><p>That sentiment could ultimately clash with Trump’s transactional instincts and his desire to return home with a big-ticket win.</p>
<div class="lb-trans"><p>这种情绪最终可能与特朗普的交易本能和他希望带回大宗交易的愿望发生冲突。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f519343d2bbc3506c23da7da00024af772133c673b11e9fd8b60d89b90d7dd3d/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/f519343d2bbc3506c23da7da00024af772133c673b11e9fd8b60d89b90d7dd3d?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>US business inventories post biggest gain in nearly four years in March</h3>
<div class="lb-trans"><h3>美国商业库存在三月份创下近四年来最大增幅</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2ae0a7aa8767d932faa64f222622a0ca6d55be30686d509bd8d392b6ce1f92ae/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/2ae0a7aa8767d932faa64f222622a0ca6d55be30686d509bd8d392b6ce1f92ae?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>US-China summit: Trump sees ‘better’ ties, Xi warns over Taiwan, as talks conclude</h3>
<div class="lb-trans"><h3>美中峰会：特朗普看到 “更好” 的关系，习近平警告台湾，谈判结束</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/efad5c35b9cc10f18dc6437f7d9cec6781a64644511a47d4b0829ec414639a95/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/efad5c35b9cc10f18dc6437f7d9cec6781a64644511a47d4b0829ec414639a95?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Xi tells US CEOs on Trump visit that China will open up more</h3>
<div class="lb-trans"><h3>习近平在特朗普访问期间告诉美国 CEO，中国将进一步开放</h3>
</div><p>“If Trump were to be committed to a major investment deal with China, there’s still a challenge of implementation,” said Kyle Jaros, an expert on US-China ties at the University of Notre Dame. “It would take real follow-through to overcome a lot of the political and regulatory barriers that are in place right now.”</p>
<div class="lb-trans"><p>“如果特朗普致力于与中国达成重大投资协议，实施仍然是一个挑战，” 圣母大学的美中关系专家凯尔·贾罗斯表示。“需要真正的后续行动来克服目前存在的许多政治和监管障碍。”</p>
</div><p>According to a report published last month by the research firm Rhodium Group, less than US$3 billion of Chinese investment in the United States was announced in 2025. That was the lowest on record, with investment peaking at around US$45 billion in 2016.</p>
<div class="lb-trans"><p>根据研究公司 Rhodium Group 上个月发布的一份报告，2025 年宣布的中国对美国的投资不到 30 亿美元。这是有记录以来的最低水平，投资在 2016 年达到约 450 亿美元的峰值。</p>
</div><p>The United States has imposed tight restrictions on Chinese investment out of national security concerns, making it difficult for Chinese firms to build factories near military facilities. Some states also have enacted restrictions on Chinese purchases of real estate and farmland.</p>
<div class="lb-trans"><p>出于国家安全考虑，美国对中国投资实施了严格限制，使中国公司在军事设施附近建立工厂变得困难。一些州也对中国购买房地产和农田实施了限制。</p>
</div><p>China’s clean energy technology, such as electric vehicles and batteries, has also faced challenges in the United States because of political backlash. There was a surge of Chinese investment in those sectors after clean energy and tax legislation was passed under the Biden administration in 2022, but according to Rhodium, more than half of those investments have been cancelled, paused or delayed.</p>
<div class="lb-trans"><p>中国的清洁能源技术，如电动车和电池，在美国也面临挑战，因为政治反弹。在拜登政府于 2022 年通过清洁能源和税收立法后，中国在这些领域的投资激增，但根据 Rhodium 的数据显示，其中超过一半的投资已被取消、暂停或延迟。</p>
</div><p>A US$2.4 billion electric vehicle battery factory that the Chinese company Gotion was building in Michigan was cancelled last year after the community there protested and mounted legal challenges to stop the project.</p>
<div class="lb-trans"><p>中国公司 Gotion 在密歇根州建设的一座 24 亿美元电动车电池工厂在去年因当地社区抗议并提出法律挑战而被取消。</p>
</div><p>Other types of Chinese investment have also stirred controversy. That includes the recent purchase by Nongfu Spring, a Chinese bottled water company, of a warehouse in New Hampshire that it wants to turn into a bottling facility. The purchase was reviewed last year by the state’s attorney general.</p>
<div class="lb-trans"><p>其他类型的中国投资也引发了争议。这包括中国瓶装水公司农夫山泉最近在新罕布什尔州购买的一座仓库，计划将其改建为瓶装设施。该购买在去年由该州的检察长进行了审查。</p>
</div><p>After the inquiry found that there was no wrongdoing associated with the transaction, Governor Kelly Ayotte of New Hampshire issued executive orders to block China, Russia and Iran from getting access to data or purchasing land or property in the state. “Foreign adversaries like China should not be doing business in New Hampshire,” said Ayotte, a Republican.</p>
<div class="lb-trans"><p>在调查发现该交易没有不当行为后，新罕布什尔州州长凯莉·阿约特发布行政命令，阻止中国、俄罗斯和伊朗获取数据或在该州购买土地或财产。“像中国这样的外国对手不应该在新罕布什尔州做生意，” 阿约特说，她是共和党人。</p>
</div><p>There continues to be deep skepticism within the US automobile industry about competition from China. Last month, a group of American steel associations sent a letter to top Trump administration officials urging them to keep Chinese car manufacturers out of the United States.</p>
<div class="lb-trans"><p>美国汽车行业对来自中国的竞争仍然存在深刻的怀疑。上个月，一组美国钢铁协会向特朗普政府高层官员发出信函，敦促他们阻止中国汽车制造商进入美国市场。</p>
</div><p>“As representatives of our nation’s manufacturing sector, we urge you to ensure American competitiveness by not surrendering access to the US auto market to the Chinese Communist Party,” they wrote. “Additionally, allowing Chinese companies and Chinese autos into the US would create consequential, unacceptable national security risks.”</p>
<div class="lb-trans"><p>“作为我们国家制造业部门的代表，我们敦促您确保美国的竞争力，不要将美国汽车市场的准入拱手让给中国共产党，” 他们写道。“此外，允许中国公司和中国汽车进入美国将带来重大的、不可接受的国家安全风险。”</p>
</div><p>Agriculture also remains a contentious issue. The chair of the House select committee on China, Representative John Moolenaar, a Republican from Michigan, introduced new legislation this month that would ban China from acquiring US farmland.</p>
<div class="lb-trans"><p>农业问题仍然是一个有争议的话题。来自密歇根州的共和党众议员约翰·穆伦纳尔，本月提出了一项新立法，禁止中国收购美国农田。</p>
</div><p>“Food security is national security, and we cannot allow foreign adversaries like China to buy up American farmland near our most sensitive military and critical infrastructure sites,” Moolenaar said.</p>
<div class="lb-trans"><p>“粮食安全就是国家安全，我们不能允许像中国这样的外国对手在我们最敏感的军事和关键基础设施地点附近购买美国农田，” 穆伦纳尔说。</p>
</div><p>The bipartisan bill would create a requirement for the federal government to review Chinese deals involving ports and telecommunications infrastructure. It would also apply to purchases made by investors from Russia, Iran and North Korea.</p>
<div class="lb-trans"><p>这项两党法案将要求联邦政府审查涉及港口和电信基础设施的中国交易。它还将适用于来自俄罗斯、伊朗和北朝鲜的投资者所做的购买。</p>
</div><p>Michael Pillsbury, a China scholar who has served as an outside adviser to the Trump administration, said the president’s advisers were concerned about Chinese investments in sensitive sectors such as semiconductors, artificial intelligence, biotechnology, aerospace and critical minerals. It has been a challenge, he said, to come up with a “white list” of sectors that could be considered safe.</p>
<div class="lb-trans"><p>迈克尔·皮尔斯伯里（Michael Pillsbury），一位曾担任特朗普政府外部顾问的中国学者表示，总统的顾问们对中国在半导体、人工智能、生物技术、航空航天和关键矿产等敏感领域的投资表示担忧。他表示，制定一个可以被视为安全的 “白名单” 行业一直是一个挑战。</p>
</div><p>“The red lines have moved back and forth as the nature of technology has changed,” Pillsbury said.</p>
<div class="lb-trans"><p>“随着技术性质的变化，红线也在不断移动，” 皮尔斯伯里说。</p>
</div><p>He added that while Trump is eager to announce a US$1 trillion Chinese investment pledge, he is mindful not to incite political backlash.</p>
<div class="lb-trans"><p>他补充说，尽管特朗普渴望宣布一项价值 1 万亿美元的中国投资承诺，但他也意识到不能激起政治反弹。</p>
</div><p>“I think there’s been an effort by the administration to avoid getting into a fight with the China hawks,” Pillsbury added.</p>
<div class="lb-trans"><p>“我认为政府一直在努力避免与中国鹰派发生冲突，” 皮尔斯伯里补充道。</p>
</div><p>Before Trump’s trip to China, a White House official downplayed the idea that the administration was seeking to create a new US$1 trillion Chinese investment programme.</p>
<div class="lb-trans"><p>在特朗普访问中国之前，一位白宫官员淡化了政府寻求创建一项新的 1 万亿美元中国投资计划的想法。</p>
</div><p>The White House continues to be focused on pushing China to increase its purchases of American farm goods, which it boycotted for much of last year when trade tensions flared.</p>
<div class="lb-trans"><p>白宫继续专注于推动中国增加对美国农产品的采购，而在去年的贸易紧张局势加剧时，中国对这些产品进行了抵制。</p>
</div><p>Despite the anticipation of a Chinese investment pledge, the details and follow-through will be important.</p>
<div class="lb-trans"><p>尽管对中国投资承诺的期待存在，但细节和后续行动将是重要的。</p>
</div><p>While Trump has said that foreign investments have topped US$20 trillion, according to the White House’s own investment tracker, US and foreign investment pledges made during Trump’s second term total US$10.6 trillion.</p>
<div class="lb-trans"><p>虽然特朗普表示外国投资已超过 20 万亿美元，但根据白宫自己的投资追踪器，特朗普第二任期内的美国和外国投资承诺总额为 10.6 万亿美元。</p>
</div><p>Foreign leaders appear to have learned that they can win favour with Trump by promising whopping investment pledges that they might not fulfill.</p>
<div class="lb-trans"><p>外国领导人似乎已经意识到，通过承诺巨额投资承诺可以赢得特朗普的青睐，尽管他们可能不会兑现。</p>
</div><p>“The devil is in the details,” said Philip Ludvigson, a partner in King &amp; Spalding who specialises in national security risks and foreign investment, “about not only where the investment goes but also whether it happens at all.” NYTIMES</p>
<div class="lb-trans"><p>“细节决定成败，” 专注于国家安全风险和外国投资的金斯与斯波尔丁（King &amp; Spalding）合伙人菲利普·卢德维格森（Philip Ludvigson）表示，“不仅要考虑投资去向，还要考虑投资是否真的发生。” NYTIMES</p>
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特朗普可能会欢迎中国的投资，但美国对此保持警惕