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中投从事境外投资并购,必须重视东道国的监管环境。欧洲公司一向是主权基金的主要目标,中投对欧洲也有很强的现实投资需求。根据英国、德国、意大利三国不同的监管倾向和具体措施,中投采取了股权直投、搭伙间投、组合投资等相应模式。对于包括中投在内的主权基金以及被投资国而言,存在着“双向去政治化”难题,而解决这一难题的最优方法是采用一种更为中和的思路,尽可能地利用法律技术的手段,在彼此信任和均可接受的范围内开展合作,寻求共赢,防止规避和反规避交织形成恶性循环。
CIC engaged in overseas investment mergers and acquisitions, we must attach importance to the host country regulatory environment. European companies have always been the main target of sovereign funds. CIC also has strong demand for real investment in Europe. According to the different regulatory tendencies and specific measures of the United Kingdom, Germany and Italy, CIC has adopted such modes as equity direct investment, investment between partners and portfolio investment. For the sovereign funds including the CIC and the invested countries, there is a “two-way de-politicization” problem. The best way to solve this problem is to adopt a more neutral approach, wherever possible To use legal and technical means to cooperate with each other in trust and within acceptable limits, seek win-win results and avoid the vicious circle of avoidance and anti-circumvention.