CNBC达沃斯专访赵令欢：依然看好快速增长的中国数字经济与跨境投资

在1月22日开幕的2019冬季达沃斯论坛上，联想控股常务副总裁，弘毅投资董事长、总裁赵令欢接受CNBC记者采访，就当前国际国内形势下的投资策略与观点发表了看法。

赵令欢表示：应该看到中美贸易摩擦背后体现的世界前两大经济体的相互依赖性，大家应当拥有长期观点和谈判、合作与进步的建设性思路。尽管面临世界快速变化和中国改革深化的外部环境，弘毅投资依然坚持投资中国的策略，看好基于长期全球化趋势的跨境投资，以及仍在快速增长的中国数字经济。关于具体投资案例的问题，赵令欢对中国WeWork的快速发展和商业模式优化表示满意。

以下为采访文字实录

John Zhao: Well, by numbers, that seems to be the case. But it really suggests something that is much deeper than the number that started to show. First of all, it shows the interdependency that the world has built with each other, certainly, the world’s No.1 – the U.S., and the No.2 economy by size. But it also suggests that, while there are some short-term pains to be resolved, we really need to have a long-term view. The Huawei event or other events are reminders – how much dependency and how much we all benefited while there are some problems, we probably need a long-term view based still on, you know, negotiations, collaborations and improvements. 

赵：从近期数据上看中美之间贸易摩擦带来的影响确实是个问题。但实际上数字背后体现的含义远比数字本身要深刻得多。首先，它体现了世界各国之间建立了很强的相互依赖性，特别是世界第一大经济体美国和世界第二大经济体之间的紧密联系。同时，尽管这也体现了我们需要解决一些短期阵痛，但从长远来看，我们都将从相互依赖的全球化关系中获益，这就需要大家都拥有建立在谈判、合作与进步基础上的长期观点。

Q: In the current environment, are you feeling more pressure to invest in China?

问：在当前的环境下，您是否感受到更多要投资中国的压力？

John Zhao: Well, we’ve always invested in China, especially SOE restructuring, reform, making them more market-driven. And we’ve always focused on cross-border (investment), knowing the globalization trend. We are still seeing deals like that, but they are all very different. Obviously, the world is changing, and we are seeking for new orders to be built, new rules to be completed. China is getting into deeper-level reform, so while the themes are similar, growth and restructuring, as a PE fund, but the methodology and priorities are shifting very quickly.

赵：我们始终坚持投资中国的策略，比如国企改革、提升国企市场化的诸多案例。基于我们对全球化趋势的深刻理解，我们也一直很看好基于中国市场的跨境投资，现在依然能够看到很多类似交易，但已经与过去发生了巨大的变化。很显然，面对变化的世界，我们正在探索新秩序与新规则。相对于世界的变化，中国的改革也进入了深水区，尽管主题依然是增长与结构调整，对私募基金来说，方法论和投资重点都需要不断迅速调整。

Q: Can you give us a better idea about what looks attractive to you as an investment as part of this shift?

问：能否详细说一下，在这一转变当中，什么样的投资对您来说比较有吸引力？

John Zhao: We are focusing on two areas, one, for still fast-growing Chinese economy- digitization. Digitization is changing every aspect of consumers’ life, hence, calling for radical changes of all business models. China actually is very unique, because over the years, China has built, I think, one of the best digital infrastructure in the world - number of internet users, number of smart phones per user holds, time they spent. So, everything that is digital economy is good.

赵：我们重点关注的领域是仍在快速增长的中国数字经济。数字化趋势改变着消费者生活的每个方面，因此所有的商业模式也要相应进行深刻变革。中国的情况非常独特，因为在过去这些年中，我认为中国建立了世界上最优秀的数字基础设施之一，无论是互联网用户数，还是用户人均智能手机拥有量，还有用户上网时间。因此，任何与数字经济相关的投资仍然拥有比较好的发展前景。

Q：You’ve also invested in China WeWork, WeWork has been touted as a potential company that might IPO this year. I mean, it hasn’t been an easy time for listings last year, many are concerned about just what’s going on in the global market environment. You were a bit on the late side getting in on WeWork, would you like to see them IPO?

问：你们也投资了中国WeWork，据称，WeWork有可能今年上市。在这方面，去年的IPO市场很不平静，市场环境就让全球投资者忧心忡忡。你们投资WeWork的轮次相对较晚，你们是否希望看到WeWork上市？

John Zhao: Well, you know IPO is only a way of demonstrating and supporting the ongoing growth of a company, so IPO or not is the company’s decision. Adam Neumann’s team is doing a wonderful job. We actually invested in WeWork Global first, one thing we did is that Adam and I discussed about is that China is a big part of the business and business model, but China, given its societal trend, would require massive localisation of the spirit and business model of WeWork, hence, we created WeWork China. So, the creation there is we have invested in Global which is the part that is developing, we also established the separate entity called WeWork China. We are actually attracting local investors with that part.

赵：如您所知，上市只是一种展现公司持续性增长的方式，也是为公司持续性增长提供支持的一种方式，上市与否其实是由公司自身来决定。亚当·纽曼的团队非常出色。我们最开始投资的其实是WeWork全球公司，我跟亚当讨论了一下，其实中国是整个业务和商业模式当中非常重要的一块，但是由于中国的社会发展趋势，进入中国需要在业务理念和商业模式方面进行大规模的本地化。因此，我们创立了中国WeWork。我们就建立了这样一种形式，我们投资了高速发展的全球公司，同时我们还建立了一家独立实体中国WeWork，并成功吸引了本地化的投资者。

Q: Have you been satisfied with the progress of China WeWork ? 

问：您对中国WeWork的发展满意吗？

John Zhao: Absolutely. You know, WeWork is growing leap and bounces while continuing to tune its business model. China WeWork is growing faster than that.

赵：当然满意。WeWork增长非常迅速的同时还在不断优化其商业模式。而中国WeWork的发展速度甚至还要更快。

弘毅投资成立于2003年，为联想控股成员企业，以并购投资为主要模式，以“价值创造、价格实现”为核心理念，致力于集聚中外优质资本、助力实体经济发展。

弘毅投资目前管理资金总规模超过700亿元人民币，出资人包括国家养老储备基金、主权财富基金、大学捐赠基金、区域或行业养老金、保险公司、家族基金会及个人投资者等多种类型。弘毅投资专注中国市场，已在医疗健康、消费与餐饮、文化传媒、环保与新能源、高端制造等领域投资于超过百家中外企业，包括石药集团、中联重科、城投控股、锦江股份、新奥股份、PizzaExpress（英国）、STX（美国）、WeWork（美国）、OFO小黄车、中粮资本等。这些企业的资产总价值约2.9万亿元，整体销售额约8600亿元，为社会提供了超过45万个就业岗位。