By David Hunter由David猎人

The growth in China in the past 10 years has been unprecedented. 生长在中国在过去10年一直是前所未有的。 China is still the most popular destination for foreign manufacturing investments on the globe. 中国仍然是最热门的目的地为外国制造业投资对全球。 In 2007 it attracted more than $80 billion in Foreign Direct Investments (FDI). 在2007年，它吸引了超过800亿美元的外国直接投资（ FDI ）的。 The China economy continues to “over heat.” The average annual GDP growth in 2002-06 was 10.3%, while per capita GDP growth was 9.2% due to the population increase. 中国经济继续“过热” ，国内生产总值年均增长在2002-06是10.3 ％ ，而人均国内生产总值增长9.2 ％ ，由于人口的增加。

This “cancerous” growth comes with very high costs in terms of quality, efficiency, banking/securities controls, and geo-political fallout.这个“癌”的增长具有很高的成本，在质量，效率，银行/证券管制，和地缘政治的波幅。 In order to cool off the economy, the Chinese government has implemented some stop-gap measures over the past 18 months.在以冷静的经济，中国政府已实施了一些权宜措施，在过去18个月。 Some of the key measures that impact US companies already doing business in China are wages, exchange rates, and taxes.一些关键措施的影响，美国公司已经在中国经商的是工资，汇率，税收。

Wages工资

In Guangdong province, which has some of the lowest wages in the PRC the labor rates have increased over the past five years from 463 Yuan, 577 Yuan, 676 Yuan from 2002, 2004, 2006, respectively.在广东省，这部分的最低工资在中华人民共和国劳动率已增加超过过去五年，从463元， 577元， 676元从2002年起， 2004年， 2006年，分别为。 The average wage has increased 25% from 2002 to 2004 and 17% from 2004 to 2006, which is 46% over this time period.平均工资增加了25 ％ ，从2002年至2004年和17 ％从2004年至2006年，这是46 ％ ，超过这段时间内。 This does not include any burden, such as medical, meals, lodging, etc.这不包括任何的负担，如医疗，食宿等。

The total wages for employees in China reached 2.34 trillion Yuan in 2006 from 1.32 trillion Yuan (US$309 million) in 2002 (minus inflation), according to the National Bureau of Statistics (NBS).总的工资在中国的员工已达23400.0亿元，在2006年从13200.00亿元（美国三万〇九百点〇 〇 〇万美元）在2002年（减去通货膨胀率） ，根据国家统计局的统计， （国家统计局） 。 The average annual wage of an employee reached 21,001 Yuan in 2006, up 70% by real terms from 12,422 Yuan in 2002, after deducting price hikes.年年平均工资的雇员达成的二一○○一元在2006年增长了70 ％ ，实质从一万二千四百二十二元在2002年，在扣除价格上涨。 In other words, the largest resource in this country has increased its cost to 25% per year in almost every industry.在其他的话，最大的资源在这个国家已增加其成本的25 ％ ，每年几乎在每一个行业。

Exchange Rate汇率

The China RMB or Yuan was historically pegged to the US dollar at a rate of 8.2865.中国的人民币或元，是历史上盯住美元在1率8.2865 。 In 2005, the currency was allowed to free float and as of May 31, 2008 the exchange rate to the dollar was 6.9348 or a 19.5% increase in value since the adjustment in foreign exchange policies.在2005年，货币被允许自由浮动，截至2008年5月31日的汇率，以美元兑6.9348 ，或19.5 ％ ，增加在价值以来，在调整外汇政策。 This translates to a 1% decrease in profits of a local Chinese company for every 3% devaluation of the dollar.这转化为1 ％ ，减少利润，一个当地的中国公司每3 ％ ，美元贬值。

Taxes税

According to official statistics, as of the end of 2005, there were about 500,000 companies with foreign investment registered in China.据官方统计，截至2005年年底，共有约50.0万外商投资企业在中国注册。 Of those, about 330,000 had started operating.这些，大约有33.0万已开始运作。 About 55% of the foreign companies operating reported losses between 2001 and 2004.约55 ％的外国公司经营亏损2001至2004年间。 In 2005, the figure dropped to 42.96%.在2005年，这一数字已下降到42.96 ％ 。 It is interesting that while Chinese enterprises, including state-owned, joint-stock and private companies, have been making profits in recent years, nearly half of all foreign-invested businesses have been losing money.有意思的是，虽然中国企业，包括国有独资，股份制和私营公司，已经在赚钱，近年来，将近一半的所有外商投资企业已出现亏损。 Yet while so many foreign enterprises claim to be losing money, China witnesses a continual rise in its FDI.然而，尽管有这么多的外国企业自称为亏损，中国证人的不断上升，在其外国直接投资。 According to a research report by the National Bureau of Statistics on foreign companies claiming to be making losses in China, two-thirds of them have “extraordinary losses.” Chinese officials believe many of these foreign companies are in fact using transfer pricing and other ways to reduce taxable income.据一份研究报告由国家统计局的数据，对外国公司自称为使损失在中国，有三分之二的，他们有“不平凡的损失。 ”中国官员相信很多这些外国公司是在事实上利用转让定价和其他方式以减少课税收入。 In reaction, China is phasing out its practice of charging lower corporate tax rates for foreign-owned companies.在反应，中国是逐步淘汰的做法，收费较低的公司税税率为外商独资企业。

Another key impact on the tax is Value Added Tax (VAT) which is paid when goods are used or made in country.另一个关键影响，对税是加值税（ VAT ） ，这是支付时，货物的使用或取得的国家。 This VAT is then refunded if the goods are exported.这是增值税，然后退回，如果货物出口。 However, this is not a 100% refund.不过，这不是一个百分百退款。 In fact, there have been three rounds of VAT rebate reduction since 2005.在事实上，有三轮的增值税退税减少，自2005年以来。 China’s rates of VAT rebate for exports comprise five levels, ie, 5%, 9%, 11%, 13% and 17%.中国的利率增值税退税的出口包括五个层次，即五％ ， 9 ％ ， 11 ％ ， 13 ％和17 ％ 。 On 1 July 2007, China adjusted the VAT rebate rates for certain exports.对2007年7月1日，中国调整增值税退税率对某些出口。 The most recent China reduction of the export VAT rebate in July 2007 has further impacted profitability of most companies.最近期的中国减少出口增值税回扣，在2007年7月进一步影响利润的大部分公司。 An example of this would be a company that has two plants in China: Assuming Plant A has >90% local content and Plant B has >35% local content, a reduction in VAT rebate by as little as 2% means Plant A’s profit margin will been reduced by over 3% and Plant B’s by over 1%.一个例子，这将是一个公司有两个工厂在中国：假设A厂已> 90 ％ ，本地内容和植物乙> 35 ％ ，本地内容，减少了在增值税退税由少2 ％的手段种植的利润将减少逾3 ％和植物B的超过1 ％ 。 This is based on the value added portion of work “in-country.”这是基于对增值部分的工作， “在国家” 。

Risk Mitigation减轻风险

These are some of the key economic effects that are a natural progression for a developing nation.这些都是一些关键的经济效果，是一种自然进程，为一个发展的民族。 However, as the policies change the consequences have a rippling effect on many companies.然而，由于政策改变的后果有一个波及的影响，很多公司。 In order to maximize on the cost advantages and mitigate the risks of a one-country strategy, as the PRC continues to make policy changes, we offer the following alternatives.为了最大限度地对成本优势和减轻风险，一个国家战略，作为中华人民共和国继续作出政策改变，我们提供以下选择。

• Cost Optimization •成本优化
One of the major advantages of China’s development and influx of FDI is the maturity and depth of supply chain infrastructure that has been established.其中一个主要的优势，中国的发展和大量涌入的外国直接投资是成熟和深入的供应链基础设施已经确立。 Many Western organizations are perhaps not “localized enough” to be able to optimize these supply chains.许多西方组织的也许不是“本地化不够” ，以便能够优化这些供应链。 In difficult times, relationships become a critical factor to ensure one takes advantage of supply chain processes.在困难的时期，关系成为一个关键因素，以确保一，利用供应链流程。 Collaboration rather than individual activities brings greater purchasing leverage by optimizing the supply chain relative to costs, lead times, and freight.合作而非个别活动带来更大的采购的杠杆作用，通过优化供应链的相对成本，交货时间，和货运。 Local knowledge is to know how to classify your products.当地的知识是知道如何分类，您的产品。 Perhaps changing from fully built to “semi-finished goods”, with finishing taking place closer to the end customers will allow the company to optimize on the VAT rebates.也许改变，从完全建立在“半成品” ，与整理正在发生接近年底，客户将让该公司以优化对增值税退税。

• Two Countries, One Strategy •两个国家，一个策略
Companies that are already established in the PRC or are in the process of doing so, need to have a “multi-country” Asia strategy.公司已经建立了中华人民共和国，还是在这个过程中这样做的，需要有一个“多国”的亚洲战略。 This means moving or establishing a presence in other parts of Asia, ie, Vietnam, India, while keeping the same strategy for lower costs and or proximity to markets.这意味着移动或建立一个驻留在亚洲其他部分，即，越南，印度，而保持相同的策略，为降低成本，或接近市场。 It is estimated that over 40,000 Hong Kong based enterprises have done just that.据估计，超过四万以香港为基地的企业所做的，只是。

• Time To Bring It Home •时间，使其首页
Maybe the strategy you set three to five years ago did not come to fruition or conditions have changed so much that it is time to bring some of the operations/activities home and minimize the investments.也许您所设定的策略，三至五年前，没有来的成果，或条件已经改变了这么多，这是时间带来的一些运作/活动主页，并尽量减少投资。 Although China has intoxicated investors throughout history, it is neither the only nor the right answer for everyone.虽然中国已陶醉于投资者在整个历史上，这既不是唯一的，也不是正确的答案，为大家。 North America and parts of Europe (Eastern) are still very viable business investments for manufacturing and sourcing, depending on the margin sensitivity of the business.北美和欧洲部分地区（东区）仍然非常可行的商业投资，制造业和采购，视乎有关保证金的敏感性业务。 However, this strategic change should not be taken lightly, since investments in time, capital and resources have been established.不过，这的战略性转变，不能掉以轻心，因为投资在时间，资金和资源，已经确立。 The winds of economic change will shift again and to re-establish in the PRC will be very costly.风的经济变化将转向再重新建立在中华人民共和国境内将非常昂贵。

David Hunter works for 大卫亨特工程 International Innovations 国际创新 and is Managing Director of 是董事总经理 Logic Procurement Asia LTD 逻辑采购亚洲有限公司