<p>[華盛頓] 唐納德·特朗普總統第二任期的一個標誌是他傾向於與承諾在美國投資數萬億美元的國家談判經濟協議。</p>
<p>“現在來自世界各地的投資如潮水般湧入，” 特朗普在去年秋天的一次演講中表示，他自豪地提到近 20 萬億美元的外國投資。</p>
<p>本週特朗普與中國領導人習近平在北京的會晤預計將包括關於購買美國農產品和飛機的談判，以及擴大美國公司進入中國廣闊消費市場的可能性。</p>
<p>也有猜測稱，特朗普及其顧問正在尋求來自中國的重大投資。但這樣的承諾可能會因美國對中國公司的深度不信任而變得複雜，許多工人將美國製造業的空心化歸咎於這些公司。</p>
<p>財政部長斯科特·貝森特在週四接受 CNBC 採訪時承認了這一挑戰，解釋稱美國和中國正在努力建立一個投資委員會，以確定哪些行業適合中國投資。</p>
<p>這將基本上為中國提供在美國投資的指導，以避免其交易被外資投資委員會阻止，該委員會是一個審查外國投資的跨部門小組，由貝森特領導。</p>
<h3>在新的全球秩序中導航亞洲</h3>
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<p>“看，中國在美國可以投資的領域有很多，” 貝森特説，他與特朗普在北京。</p>
<p>近年來，由於國家和州層面更嚴格的投資審查標準，中國對美國的投資急劇下降。</p>
<p>這種情緒最終可能與特朗普的交易本能和他希望帶回大宗交易的願望發生衝突。</p>
<p>另見</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>美國商業庫存在三月份創下近四年來最大增幅</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>美中峯會：特朗普看到 “更好” 的關係，習近平警告台灣，談判結束</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>習近平在特朗普訪問期間告訴美國 CEO，中國將進一步開放</h3>
<p>“如果特朗普致力於與中國達成重大投資協議，實施仍然是一個挑戰，” 聖母大學的美中關係專家凱爾·賈羅斯表示。“需要真正的後續行動來克服目前存在的許多政治和監管障礙。”</p>
<p>根據研究公司 Rhodium Group 上個月發佈的一份報告，2025 年宣佈的中國對美國的投資不到 30 億美元。這是有記錄以來的最低水平，投資在 2016 年達到約 450 億美元的峯值。</p>
<p>出於國家安全考慮，美國對中國投資實施了嚴格限制，使中國公司在軍事設施附近建立工廠變得困難。一些州也對中國購買房地產和農田實施了限制。</p>
<p>中國的清潔能源技術，如電動車和電池，在美國也面臨挑戰，因為政治反彈。在拜登政府於 2022 年通過清潔能源和税收立法後，中國在這些領域的投資激增，但根據 Rhodium 的數據顯示，其中超過一半的投資已被取消、暫停或延遲。</p>
<p>中國公司 Gotion 在密歇根州建設的一座 24 億美元電動車電池工廠在去年因當地社區抗議並提出法律挑戰而被取消。</p>
<p>其他類型的中國投資也引發了爭議。這包括中國瓶裝水公司農夫山泉最近在新罕布什爾州購買的一座倉庫，計劃將其改建為瓶裝設施。該購買在去年由該州的檢察長進行了審查。</p>
<p>在調查發現該交易沒有不當行為後，新罕布什爾州州長凱莉·阿約特發佈行政命令，阻止中國、俄羅斯和伊朗獲取數據或在該州購買土地或財產。“像中國這樣的外國對手不應該在新罕布什爾州做生意，” 阿約特説，她是共和黨人。</p>
<p>美國汽車行業對來自中國的競爭仍然存在深刻的懷疑。上個月，一組美國鋼鐵協會向特朗普政府高層官員發出信函，敦促他們阻止中國汽車製造商進入美國市場。</p>
<p>“作為我們國家制造業部門的代表，我們敦促您確保美國的競爭力，不要將美國汽車市場的准入拱手讓給中國共產黨，” 他們寫道。“此外，允許中國公司和中國汽車進入美國將帶來重大的、不可接受的國家安全風險。”</p>
<p>農業問題仍然是一個有爭議的話題。來自密歇根州的共和黨眾議員約翰·穆倫納爾，本月提出了一項新立法，禁止中國收購美國農田。</p>
<p>“糧食安全就是國家安全，我們不能允許像中國這樣的外國對手在我們最敏感的軍事和關鍵基礎設施地點附近購買美國農田，” 穆倫納爾説。</p>
<p>這項兩黨法案將要求聯邦政府審查涉及港口和電信基礎設施的中國交易。它還將適用於來自俄羅斯、伊朗和北朝鮮的投資者所做的購買。</p>
<p>邁克爾·皮爾斯伯裏（Michael Pillsbury），一位曾擔任特朗普政府外部顧問的中國學者表示，總統的顧問們對中國在半導體、人工智能、生物技術、航空航天和關鍵礦產等敏感領域的投資表示擔憂。他表示，制定一個可以被視為安全的 “白名單” 行業一直是一個挑戰。</p>
<p>“隨着技術性質的變化，紅線也在不斷移動，” 皮爾斯伯裏説。</p>
<p>他補充説，儘管特朗普渴望宣佈一項價值 1 萬億美元的中國投資承諾，但他也意識到不能激起政治反彈。</p>
<p>“我認為政府一直在努力避免與中國鷹派發生衝突，” 皮爾斯伯裏補充道。</p>
<p>在特朗普訪問中國之前，一位白宮官員淡化了政府尋求創建一項新的 1 萬億美元中國投資計劃的想法。</p>
<p>白宮繼續專注於推動中國增加對美國農產品的採購，而在去年的貿易緊張局勢加劇時，中國對這些產品進行了抵制。</p>
<p>儘管對中國投資承諾的期待存在，但細節和後續行動將是重要的。</p>
<p>雖然特朗普表示外國投資已超過 20 萬億美元，但根據白宮自己的投資追蹤器，特朗普第二任期內的美國和外國投資承諾總額為 10.6 萬億美元。</p>
<p>外國領導人似乎已經意識到，通過承諾鉅額投資承諾可以贏得特朗普的青睞，儘管他們可能不會兑現。</p>
<p>“細節決定成敗，” 專注於國家安全風險和外國投資的金斯與斯波爾丁（King &amp; Spalding）合夥人菲利普·盧德維格森（Philip Ludvigson）表示，“不僅要考慮投資去向，還要考慮投資是否真的發生。” NYTIMES</p>
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納斯達克中國金龍指數

<p>特朗普總統正在談判潛在的中國對美國的投資，旨在促進外資投資，他聲稱這一投資額已接近 20 萬億美元。然而，美國對中國企業存在懷疑，擔心國家安全和製造業的就業損失。財政部長斯科特·貝森特指出，已成立一個投資委員會來指導可接受的中國投資。儘管由於更嚴格的法規，中國投資有所下降，但特朗普仍尋求達成一項重大交易，儘管在克服政治和監管障礙方面仍面臨挑戰</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>[華盛頓] 唐納德·特朗普總統第二任期的一個標誌是他傾向於與承諾在美國投資數萬億美元的國家談判經濟協議。</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>“現在來自世界各地的投資如潮水般湧入，” 特朗普在去年秋天的一次演講中表示，他自豪地提到近 20 萬億美元的外國投資。</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>本週特朗普與中國領導人習近平在北京的會晤預計將包括關於購買美國農產品和飛機的談判，以及擴大美國公司進入中國廣闊消費市場的可能性。</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>也有猜測稱，特朗普及其顧問正在尋求來自中國的重大投資。但這樣的承諾可能會因美國對中國公司的深度不信任而變得複雜，許多工人將美國製造業的空心化歸咎於這些公司。</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>財政部長斯科特·貝森特在週四接受 CNBC 採訪時承認了這一挑戰，解釋稱美國和中國正在努力建立一個投資委員會，以確定哪些行業適合中國投資。</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>這將基本上為中國提供在美國投資的指導，以避免其交易被外資投資委員會阻止，該委員會是一個審查外國投資的跨部門小組，由貝森特領導。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察信息，直接發送到您的郵箱。</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，中國在美國可以投資的領域有很多，” 貝森特説，他與特朗普在北京。</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>近年來，由於國家和州層面更嚴格的投資審查標準，中國對美國的投資急劇下降。</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>這種情緒最終可能與特朗普的交易本能和他希望帶回大宗交易的願望發生衝突。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>美國商業庫存在三月份創下近四年來最大增幅</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>美中峯會：特朗普看到 “更好” 的關係，習近平警告台灣，談判結束</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>習近平在特朗普訪問期間告訴美國 CEO，中國將進一步開放</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>“如果特朗普致力於與中國達成重大投資協議，實施仍然是一個挑戰，” 聖母大學的美中關係專家凱爾·賈羅斯表示。“需要真正的後續行動來克服目前存在的許多政治和監管障礙。”</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>根據研究公司 Rhodium Group 上個月發佈的一份報告，2025 年宣佈的中國對美國的投資不到 30 億美元。這是有記錄以來的最低水平，投資在 2016 年達到約 450 億美元的峯值。</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>出於國家安全考慮，美國對中國投資實施了嚴格限制，使中國公司在軍事設施附近建立工廠變得困難。一些州也對中國購買房地產和農田實施了限制。</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>中國的清潔能源技術，如電動車和電池，在美國也面臨挑戰，因為政治反彈。在拜登政府於 2022 年通過清潔能源和税收立法後，中國在這些領域的投資激增，但根據 Rhodium 的數據顯示，其中超過一半的投資已被取消、暫停或延遲。</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>中國公司 Gotion 在密歇根州建設的一座 24 億美元電動車電池工廠在去年因當地社區抗議並提出法律挑戰而被取消。</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>其他類型的中國投資也引發了爭議。這包括中國瓶裝水公司農夫山泉最近在新罕布什爾州購買的一座倉庫，計劃將其改建為瓶裝設施。該購買在去年由該州的檢察長進行了審查。</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>在調查發現該交易沒有不當行為後，新罕布什爾州州長凱莉·阿約特發佈行政命令，阻止中國、俄羅斯和伊朗獲取數據或在該州購買土地或財產。“像中國這樣的外國對手不應該在新罕布什爾州做生意，” 阿約特説，她是共和黨人。</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>美國汽車行業對來自中國的競爭仍然存在深刻的懷疑。上個月，一組美國鋼鐵協會向特朗普政府高層官員發出信函，敦促他們阻止中國汽車製造商進入美國市場。</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>“作為我們國家制造業部門的代表，我們敦促您確保美國的競爭力，不要將美國汽車市場的准入拱手讓給中國共產黨，” 他們寫道。“此外，允許中國公司和中國汽車進入美國將帶來重大的、不可接受的國家安全風險。”</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>農業問題仍然是一個有爭議的話題。來自密歇根州的共和黨眾議員約翰·穆倫納爾，本月提出了一項新立法，禁止中國收購美國農田。</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>“糧食安全就是國家安全，我們不能允許像中國這樣的外國對手在我們最敏感的軍事和關鍵基礎設施地點附近購買美國農田，” 穆倫納爾説。</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>這項兩黨法案將要求聯邦政府審查涉及港口和電信基礎設施的中國交易。它還將適用於來自俄羅斯、伊朗和北朝鮮的投資者所做的購買。</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>邁克爾·皮爾斯伯裏（Michael Pillsbury），一位曾擔任特朗普政府外部顧問的中國學者表示，總統的顧問們對中國在半導體、人工智能、生物技術、航空航天和關鍵礦產等敏感領域的投資表示擔憂。他表示，制定一個可以被視為安全的 “白名單” 行業一直是一個挑戰。</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>“隨着技術性質的變化，紅線也在不斷移動，” 皮爾斯伯裏説。</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>他補充説，儘管特朗普渴望宣佈一項價值 1 萬億美元的中國投資承諾，但他也意識到不能激起政治反彈。</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>“我認為政府一直在努力避免與中國鷹派發生衝突，” 皮爾斯伯裏補充道。</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>在特朗普訪問中國之前，一位白宮官員淡化了政府尋求創建一項新的 1 萬億美元中國投資計劃的想法。</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>白宮繼續專注於推動中國增加對美國農產品的採購，而在去年的貿易緊張局勢加劇時，中國對這些產品進行了抵制。</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>儘管對中國投資承諾的期待存在，但細節和後續行動將是重要的。</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>雖然特朗普表示外國投資已超過 20 萬億美元，但根據白宮自己的投資追蹤器，特朗普第二任期內的美國和外國投資承諾總額為 10.6 萬億美元。</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>外國領導人似乎已經意識到，通過承諾鉅額投資承諾可以贏得特朗普的青睞，儘管他們可能不會兑現。</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>“細節決定成敗，” 專注於國家安全風險和外國投資的金斯與斯波爾丁（King &amp; Spalding）合夥人菲利普·盧德維格森（Philip Ludvigson）表示，“不僅要考慮投資去向，還要考慮投資是否真的發生。” NYTIMES</p>
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特朗普可能會歡迎中國的投資，但美國對此保持警惕