Deal highlights China’s closer ties with Russia

　　China’s largest listed commercial bank has agreed its first financing deal for a Russian infrastructure pro-ject, in the latest agreement to highlight the growing investment relationship between the two countries.

　　中国最大的上市商业银行已达成首笔针对俄罗斯基建项目的融资协议，这一交易突显中俄两国投资关系不断发展。

　　Industrial and Commercial Bank of Chinawill provide $1bn of financing to build a power plant at Yaroslavl to the north-east of Moscow, said bankers and advisers.

　　据银行家和顾问们透露，中国工商银行(ICBC)将提供10亿美元融资，用于在莫斯科东北方向上的雅罗斯拉夫尔(Yaroslavl)建造一座发电厂。

　　The borrower is a joint venture between Huadian, the Chinese sponsor, and Territorial Generation Company, a Russian energy business. Chinese manufacturers will supply the plant’s generation equipment.

　　借款方是项目发起人、中国的华电(Huadian)与俄罗斯能源企业“领土发电公司”(Territorial Generation Company)的合资公司。中国制造商将供应这家电厂的发电设备。

　　China’s ability to build faster and cheaper than competitors was a leading reason the Chinese were given the contract. Chinese banks are also said to be considering financing a power station in the Russian far east and other infrastructure projects, insiders said.

　　与竞争对手相比，中方能够更快、更低成本地从事建造，这是中方得到合同的首要原因。知情人士称，中资银行据说也在考虑为俄罗斯远东的一座发电厂以及其它基础设施项目提供融资。

　　The Yaroslavl deal is separate from agreements signed in June by Vladimir Putin, Russian president, and Hu Jintao, his Chinese counterpart, in Beijing. But it is seen as a significant development in relations between the two countries as it provides funding for Russian infrastructure development.

　　雅罗斯拉夫尔交易并不在俄罗斯总统弗拉基米尔•普京(Vladimir Putin)与中国国家主席胡锦涛6月份在北京签署的一揽子协议之列。但这笔交易被视为两国关系中的一项重大发展，因为它为俄罗斯的基础设施建设提供资金。

　　“Long-term, the Russians need to diversify their economy,” a senior Chinese investment official said. “But the investment environment is not mature and foreign investors, including the Chinese, have little understanding of Russia. The good way [to handle such investments] is to work with the government.”

　　“长远而言，俄罗斯需要推动经济多元化，”中国一名高级投资官员表示。“但目前投资环境不成熟，包括中方在内的外国投资者对俄罗斯了解甚少。与政府开展合作是（处理此类投资的）一种不错的方式。”

　　For China, the relationship – which has historically been characterised by mutual suspicion and strategic rivalry – could mean more secure supplies of everything from fuel to timber. For the Russians, any foreign investment is welcome at a time when oil revenues are falling in line with a drop in oil prices.

　　对中国来说，中俄关系（历史上以相互猜疑和战略竞争为特征）可能意味着从燃料到木材的各种资源的更可靠供应。对俄罗斯来说，在石油收入跟随油价下滑之际，任何外国投资都是一件好事。

　　As part of the strengthening ties between the two countries, China Investment Corp,the country’s sovereign wealth fund, will make its first investment in coming months using a $2bn Russia-China Fund, created in October.

　　作为加强中俄关系的一部分，中国主权财富基金中投公司(CIC)将在未来数月内利用去年10月创建的20亿美元中俄投资基金，作出首笔投资。

　　The initiative is part of a growing trend within the Bric group of emerging nations – Brazil, Russia, India and China – to increase dialogue and capital flows between themselves.

　　此举是金砖(Bric)新兴国家——巴西、俄罗斯、印度和中国——增加彼此间对话和资本流动的趋势的一部分。

　　CIC has also bought a 5 per cent stake in Russia’s Polyus Gold, the largest gold producer in the country, for about $425m. The deal was struck alongside local bank VTB, in which CIC also has a stake.

　　中投公司还斥资大约4.25亿美元，购得俄罗斯最大黄金生产商极地黄金公司(Polyus Gold) 5%股份。这笔交易是与俄罗斯外贸银行(VTB)合作达成的，中投在该银行也持有股份。

　　A string of deals were signed when Mr Putin visited Beijing but data from Russia’s central bank show that investment flows remain small.

　　普京访问北京之际，两国签署了一连串协议，但俄罗斯央行的数据显示，中俄投资流动仍较小。

　　Russia invested just $20m in China in 2011, with $182m going in the opposite direction.

　　2011年，俄方仅在中国投资2000万美元，而中方在俄罗斯投资1.82亿美元。

　　But those numbers are poised to increase, fund officials on both sides say, as Moscow steps up its courtship of CIC and other sovereign wealth funds in Asia.

　　但两国的基金官员们表示，随着俄罗斯方面加强吸引中投公司和亚洲其它主权财富基金，这些数字注定会增加。