【英语中国】中国中西部新兴市场方兴未艾

Hoping to bolster their profits, China's manufacturers are looking west. They aren't the only ones that will gain from this shift.

The latest illustration of this westward shift comes from Hon Hai Precision Industry. The electronics giant says that while 80% of its manufacturing takes place in China's coastal region now, it plans to shift half of its production inland to places like Wuhan, Zhengzhou and Chengdu within two years.

Upward pressure on wages has been particularly noticeable in China's eastern regions, where the cost of land for industrial use is also much higher than in the rest of the country. With sales growth slowing, and the yuan likely to rise gradually, manufacturers are facing a squeeze.

Shifting inland where wages are lower is a natural solution. Beijing is supporting the effort by building a high-speed rail network, while local governments are providing tax incentives to attract investment. Beyond export-focused manufacturers, the rise of China's central and western regions should of course benefit the people who live there, and other companies that are already well placed to profit from the regions' economic expansion.

Certainly there's room for the rest of China to catch up with the east, which has driven the country's growth in recent decades. Coastal exporters have been growing quickly over that time, often relying on migrant labor from the rest of China. By 2009, gross domestic product per head in eastern China was still nearly twice that in the central region. Now, backed by Beijing, the inland provinces have started to grow faster than those in the east.

There's still room for catch-up, though. For example, in urban areas, 49 households out of every 100 have a computer in the west, compared with 72 in the east, according to data from Nomura Research. Car ownership per head is twice as high in eastern provinces as in the west.

Such data show there could still be ample domestic growth for a variety of consumer-focused stocks, from Internet giant Tencent to auto makers like Dongfeng Motor and Great Wall Motor, Nomura says. In addition, it points to companies that will benefit from further infrastructure spending in inland provinces, from China Resources Land to Maanshan Iron & Steel and Anhui Expressway.In China's own emerging market, there could be many winners.

了提高获利，中国制造企业正在向西看。他们不是仅有的将从这一转变中获益的企业。

向西发展的最新例证来自电子产品巨头鸿海精密(Hon Hai Precision Industry)。该公司表示，尽管其80%的生产目前是在中国沿海地区进行的，但计划在两年内把一半的生产移至内地，像武汉、郑州和成都这样的地方。

中国东部地区工资上涨压力尤其明显，这里工业用地的成本也远高于中国其他地方。由于销售增长放缓，而且人民币可能将逐步升值，制造企业面临着遭受挤压的困境。

将生产转移至工资较低的内地是自然选择。中国政府通过建设高速铁路网络对这一举动给予支持，而地方政府则提供税收优惠以吸引投资。在出口导向的制造企业之外，中国中西部地区的崛起当然将使生活在那里的人们受益，已经占据了有利位置的其他企业也将从该地区的经济扩张中获益。

过去几十年中国东部促进了中国的经济发展，当然中国其他地区还有赶上东部的空间。过去几十年沿海出口企业快速发展，他们通常依赖中国其他地区的农民工。2009年，中国东部地区的人均GDP仍几乎是中部地区的两倍。当前受中国政府的支持，内地省份开始比东部更快发展。

但仍有追赶的空间。根据野村综合研究所（Nomura Research）数据，西部城市地区每100个家庭拥有49台电脑，而东部为72台。东部省份人均汽车拥有量是西部的两倍。

野村综合研究所说，这些数据显示各种消费类股仍有充足的国内发展空间，从互联网巨头腾讯到汽车制造商东风汽车和长城汽车。另外，野村指出，将从内地省份进一步扩大基建支出中受益的企业，从华润置地到马鞍山钢铁，再到皖通高速，不一而足。在中国自己的新兴市场上，将有许多赢家。