Asian Tigers Investor Report

Most people hang ART on their wall

We put them on your wrist

Brand Boutiques at Greenbelt 5 MallAlso available at Lucerne Glorietta 4 and Shangri-La Plaza Mall

blooming in the face of Worlf Gloom.indd 69 2/26/2010 2:43:36 PMPrelim pages.indd 1 4/29/2010 11:42:39 AM

MAY 2010 | ASIAN TIGERS INVESTORS REPORT

Asian TigersWelcome to this months issue.

Each month our team of experienced financial writers research a fresh batch of exciting articles for you to read at your leisure.

In this issue Michael Wilson reveals how Chinese shipbuilders are enjoying an unprecedented advantage over their Korean and Japanese rivals.

Chris Champion brings a little humour to our pages with his questioning as to whether Daylight Saving was introduced for business or for pleasure.

Research Analyst, Neha Koul makes a detailed report on the growth of the medical tourism industry in Malaysia. And how the government is making it easier for patients to extend their length of stay in the country.

As always, the following pages contain much more to read and please don’t forget to browse through our website www.asiantir.com

Happy reading, browsing and investing!

Charlie Greene

歡迎閱讀本期雜誌。

亞洲虎延聘資深財經作者，每月奉上精彩資訊，伴您度過閒暇時光。

在本期中，Michael Wilson為您講述中國造船業為何力壓韓日競爭對手。

Chris Champion趣談夏令時的意義究竟是為了經濟，還是為了生活。

行業研究分析師Neha Koul剖析馬來西亞醫療旅遊產業，且看當局有何高招讓患者樂不思蜀。

更多精彩，盡在亞洲虎。同時也歡迎您訪問我們的網站www.asiantir.com。

祝您閱讀愉快，投資順利！

Charlie Greene

Editor in Chief Charles Greene

Managing EditorMark Wayne

ContributorsChris Champion Michael WilsonCarl Nicholas NgBert OlbesRicardo G. BarcelonaRichard SebastianNeha KoulReuben Foong

Circulation ManagerBonnie Tsang

Production ManagerFerdie Ng

Design & LayoutRommel Domondon

Design AssistantsChris Wood, Ma. Christina Roxas

Marketing & AdvertisingJanina Garcia [email protected]

Editorial & CommentsEric Wong [email protected]

Asian Tigers Investor Report, Co. Suite 8156, 3905 Two Exchange Square 8 Connaught Place Central Hong Kong

No part of this magazine may be reproduced without the written permission of the publishers. Opinions in Asian Tigers magazine are the writers and not necessarily endorsed by the publishers. No responsibility will be accepted for unsolicited manuscripts or other materials. Editorial content contained herein is provided for information only.

All rights reserved. Copyright©2009 applied for by Asian Tigers Investor Report, Co.

Asian Tigers magazine is published monthly by Asian Tigers Investor Report, Co. and is produced for them by Global Integrated Media Ltd.

From the Editor’s Desk

編輯寄語

The Asian Tiger Investor Report Website (www.asiantir.com), provides a wealth of services to both the Asian investor as well as investors globally who are interested in the Asian market. In addition to the latest financial news, stock quotes, financial calendars and forex rates, you can also find these additional features:

Featured Company News - The place to look for news on companies that are making news.

Expert Columns - Asian Tiger Investor Report features exclusive commentary from globally recognized columnists who are experts in their fields.

Ask The Legal Experts - The complexities surrounding financial transactions can present a daunting minefield for investors. Gain expert help for your queries on securities and other transactions here.

Broker/Dealer Search - Check the status of a broker, dealer or investment house or adviser to determine if they are registered in the jurisdiction they offer their services in.

Detective Stock - Determine the worthiness of an equity and/or answer important questions about any specific stock.

It took an economist to invent daylight saving

ASIAN TIGERS INVESTOR REPORT | MAY 2010

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Contents

Intelligent Communication Enterprise

China, the World’s Biggest Shipbuilding Nation中國：世界最大造船國作者/by Michael Wilson

It took an economist to invent daylight saving夏令時的真諦作者/by Chris Champion

Sovereign Survivors主權基金：風雨過後見彩虹作者/by Carl Nicholas Ng

Know Your Stock Exchanges Part II: The Tokyo Stock Exchange證券交易所博覽

第二部：東京證券交易所作者/by Bert Olbes

RFID in Malaysia – Tracing the ROI馬來西亞的 RFID 市場－追蹤投資回報率作者/by Richard Sebastian

Mindanao – Welcome to the era of candlelight… again!棉蘭老島－歡迎再次回到燭光時代！作者/by Ricardo G Barcelona

The Hong Kong Influence in Smart Cards香港對智能卡發展的影響作者/by Reuben Foong

Medical Tourism A Healthy Sector For Malaysia醫療旅遊，馬來西亞的健康行業作者/by Neha Koul

Features

8

10

13

16

21

26

31

39

DepartmentsThe Numbers Game 數字的遊戲作者/by Chris Champion

4

44

On the Cover:

13

China, the World’s Biggest Shipbuilding Nation

44 Medical Tourism A Healthy Sector For Malaysia

39 The Hong Kong Influence in Smart Cards

The NumbersGame :Blondes Have It

Sovereign Survivors

16

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我兒子的投資虧了不少錢，請您幫忙找找原因。

問題出在這裏…你兒子投資的是「輸光光」市場。

兩週後…

我發現問題了，跟我來。

成人俱樂部

只准成人入內

4 Opinion

ASIAN TIGERS INVESTOR REPORT | MAY 2010

GameNumbersThe

專欄作者/by Chris Champion

數字的遊戲

Signs of the times此一時彼一時

When the head of australia’s central bank publicly warns the citizens of his nation of the perils of over-borrowing for property investment, you suspect there are serious reasons for such a warning. When he chooses to issue the warning while being interviewed for a current affairs program on commercial television — an unprecedented move by anyone previously in that position — you suspect a grave situation indeed.

當澳洲央行行長告誡國民警惕過度借貸炒樓的風險時，也許你覺得小題大做；可當他在商業電視臺的時事訪談節目中發出這樣警告時（就如此官銜的人物而言，此舉可謂破天荒），不知你是否意識到山雨欲來。

The governor of the Reserve Bank of Australia, Glenn Stevens gave the warning in an interview on the seven network’s “Sunrise” program. Some, Stevens told viewers, on the way up, countering a belief of held interest rates, that rates would remain low after the global financial crisis.在 7頻道的訪談節目《日出》中，澳洲

儲備銀行行長格倫·史蒂文森敲響警鐘，

他告訴觀眾說加息即將到來，這番話讓一

些人以為環球金融危機過後利率仍將維持

低位的看法不攻自破。

“We cut interest rates to what we called emergency settings when we had an emergency, when we thought we really were going to face a big downturn and we wanted to try and get ahead of that,” Ste-vens said, using words chosen carefully to appeal to a commercial TV audience. “Once the emergency’s passed and things gradually look more normal, then it’s not wise to leave interest rates down at rock bottom any longer than you need.’’

為了吸引商業電視觀眾，史蒂文森字斟

句酌道：「減息是為了應急，因為那時我們

如履薄冰，大衰退迫在眉睫，必須放手一搏，

方能度過難關。」他說：「危機過後，形勢

漸複，要是繼續在超出所需的時期內維持

低利率就不明智了。」

JP Morgan interest rate strategist Sally Auld said, “I think it’s quite an extraor-dinary event to have the governor talk-ing to (Sunrise hosts) Mel and Kochie. It shows how worried they are about the housing market.’’摩根大通的利率策略師薩莉·奧爾德說：

「我覺得行長跟（《日出》節目主持人）梅

爾和柯奇談話，本身就很不尋常。可見當

局多麼擔心樓市。」

Signs of the times. 有道是，識時務者為俊傑。

For any enquiries or comments about this article please send to: [email protected]如有任何查詢或意見,對這篇文章請發送

到：[email protected]

PHOTO FROM RESOuRCES2.NEWS.COM.Au

Glenn StevensPHOTO FROM ABC.NET.Au

Reserve Bank of Australia

| ASIAN TIGERS INVESTOR REPORT

Opinion 5

信上沒寫日期，落款署名「李興博」（音譯），地址是中國河南省洛陽市金陵鎮劉村（音譯）。

Victorian media reported the father, Michael Lawrence, as saying, “It’s remarkably well-preserved and someone has had the forethought to put in some tissue paper to absorb any moisture.’’ Mr Lawrence, of Lorne, says he will ask his son, Pete, to write a return letter to Mr Li.據維省媒體報道，這位名叫邁克·勞倫斯

的父親說：「這封信毫髮無傷，真是不可思議，而且還塞了紙巾在裏面防潮，不愧有先見之明。」家住羅恩灣的勞倫斯說，他會讓

兒子皮特回信給那位李先生。 |AT|



MAY 2010

depicted as being more attractive than other women, but also less intelligent. But it seems the association between blondes and beauty dominates any perception that they have low intelligence.”調查的發起人大衛·約翰斯頓博士說：

「金髮女子在人們心目中比其他女性更迷

人，只是腦子不夠靈。人們覺得金髮與美貌

是劃等號的，至於聰明與否則無所謂。」 |AT|



Blondes have it願為金髮女

In a landmark study into women in the work-place, a survey of 13,000 women by an economics team at the University of Queensland in Australia have discovered a remarkable fact: it pays to be blonde.澳洲昆士蘭大學的一個經濟學小

組，最近對一萬三千名職場女性做了一次調查，結果有了驚人發現：金髮女子最吃香。

The study revealed blondes earn 7 per cent on average than women with other hair colours.調查顯示，金髮女子的薪水平均比其

他髮色的女同胞高百分之七；

They also marry wealthier men, their husbands earning an average 6 per cent more than the husbands of other women.就連夫君也跟著沾光，她們丈夫的薪

水平均比其他女性的丈夫高百分之六。

The research, which was published in the respected Elsevier journal “Economics Letters”, found that the difference in pay remained the same even when factors such as height and education were removed.此項調查發表在艾斯維爾出版社的權威

刊物「Economics Letters」上。調查發現，即便不考慮身高、學歷等因素，這種工資差距依然存在。

Dr David Johnston, who led the study, said: “Blonde women are often

Slow float to networking瓶中信

Sitting snugly in a traditional bottle, a message of friendship has travelled about 11,000 kilometres, from Hanan in China to a beach off Victoria, Australia. The message, found in early April by a teenager and his father, was written in Chinese and says: “Happy to connect with you. I would like to make friends with you. Would you like too?”一封交友信裝在玻璃瓶中，漂洋過海，

不遠萬里，從中國河南漂到澳洲維省的海

灘上。4月初的一天，一對父子拾到了這封

信，上面用中文寫著：「很高興認識你，

我想和你交朋友，你願意嗎？」

It was not dated, but was signed “Li Xing Bo”, who gave an address in Liu village, Jin Ling town, Luo Yang city, Henan province, China.

ASIAN TIGERS INVESTOR REPORT |

Opinion6

MAY 2010

Not long after the Bank of England moved to Threadneedle Street in 1736, one of the bank’s directors was issued a bank note to the value of £30,000. He intended to use the note to buy a property, and until needed he planned to store it safely at his home, and he promptly travelled there from the office. Once in his house, however, he was interrupted and left the note on the mantle piece. Returning a short time later, he found it gone. The director had no reason to assume theft, and concluded the draft had drift into the burning flames of the fireplace. Fortunately, the bank agreed to issue a replacement.1736年英格蘭銀行剛遷到針線街不久，該行的一名

董事簽發了一張價值三萬英鎊的鈔票，打算用它購置一處房產。他想先把鈔票拿回自家保管，將來需要時再花出去，於是他匆匆趕回家。到家後，因為一時分心，便把鈔票隨手放在壁爐架上，等到回頭再找，卻已蹤影全無。他仔細想想，覺得不大可能失竊，於是斷定它已掉進壁爐付之一炬。幸好銀行同意再補發一張。

Thirty years later, a man came in with the note in hand. The director had long since died and this gentleman had purchased his old house to demolish it. In the process, he had found the old bank note behind the mantle and attempted to cash it in. There was much argument over the matter, but the man steadfastly insisted the note was not void and its history had nothing to do with him. 三十年後，一名男子手拿鈔票找上門來，此時董事

早已過世。男子買下這棟舊宅，準備把它拆掉。拆的過程中，他在壁爐架後面找到了原先那張鈔票，於是便拿去兌現。這自然引來激烈爭執，不過男子堅稱此票並未作廢，過往發生的一切與他無關。

Since the note was made payable to the “bearer,” the bank had no choice, and paid the £30,000.因為鈔票是憑票即付，銀行別無選擇，只好乖乖付

了三萬英鎊。

A MOMENT IN HISTORY 史上一刻

I am indeed rich, since my income is superior to my expense, and my expense is equal to my wishes. —Edward Gibbon (English historian, MP, and author of The

History of the Decline and Fall of the Roman Empire)

收入高於支出，欲望低於支出，即是真富有。 —愛德華·吉朋（英國歷史學家，國會議員，著有《羅馬帝國興衰史》）

They said... 名人名言

MAY 2010 | ASIAN TIGERS INVESTOR REPORT

Economy 7Information 7

The system that combines people from different networks and countries into one

A single Global Mobile Network no

matter who is or where your mobile

operator is from

A global location-targeted audience for marketers to address more accurately than ever before

A New Mobile World

ICE Corp provides global multimedia mobile marketing solutions, secure transaction authentication systems over mobile and location based mobile applications. ICE Corp is headquartered in Singapore with offices in Malaysia, Philippines and Switzerland.

For more information visit www.ice-sync.com or www.icecorpasia.com

iCEsync is a global mobile platform provided by Intelligent Communication Enterprise (ICE Corp) OTC BB: ICMC

Business Summary企业總結

iCe Corp is an integrated mobilesolutions company with interests in location based services, mobile marketing and mobile transaction authentication. ICE group businesses range from multimedia messaging to location based mobile marketing technologies targeted at corporate users and other consumer communities.

ICE Corp是一間對基於位置服務,流動行

銷及流動交易認證感興趣的綜合流動解決

方案公司。從多媒體訊息到目標受眾為公

司使用者及其他消費群體的基於位置的流

動行銷技術，ICE集團業務涉獵廣泛。

As mobile devices become the most relevant means for reaching customers, and as marketers aim to be in step with the shifts in the patterns of content consumption, ICE aims to be at the forefront in developing and providing mobile solutions to support this evolution. Its fl¬agship brand iCEsync is a location based mobile social media platform that is device and operating system agnostic with the potential to revolutionize the manner in which the mobile phones are used.由於流動裝置成為聯絡客戶的最相關方

式，以及行銷人員致力於跟上內容消費類

品策略將集中於互相補充的三大品牌。ICE

的 iCEsync 基於位置平台，將推動 ICE 的

產品演變。iCEsync 平台不僅向流動網絡

使用者交付前所未有的價值，亦促使三間

流動應用提供者基於平台推出其服務，迅

速獲取全球數以百萬的潛在使用者。憑籍

對經已形成的使用者基礎採用目標精確的

行銷方法，iCEsync 亦將對流動廣告的可

接受性產生廣泛影響。

iCEsync is expected to generate large volumes of data and messaging transactions over its platform from its user generated content and from applications provided by service providers. ICE's Radius-Ed division

MAY 2010ASIAN TIGERS INVESTOR REPORT |

型的變化，ICE 計劃率先開發及提供支援

此發展的流動解決方案。ICE 的旗艦品牌

iCEsync 是一個基於位置的流動社會媒體

平台，其將運行的裝置及操作系統具有徹

底改變流動電話使用方式的潛力。

Product Strategy產品策略

ICE's Product strategy focuses on three key strands that complement each other as ICE becomes a truly global provider of Information, Communications and Entertainment over mobile. ICE's iCEsync location based platform will drive the product evolution at ICE. iCEsync platform not only delivers unprecedented value to the mobile users,

but also makes it possible for third mobile application providers to launch their services on the platform and access the potential millions of users across the globe instantly. Taking a strictly targeted marketing approach to the already profiled user base iCEsync will also have a massive impact on the acceptability of mobile advertising.隨著 ICE 成為全球真正的流動資

料 ,通訊及娛樂提供者，ICE 的產

8 Communication


所能享受的服務，遠遠超乎您的想像。從

簡單的流動社會網絡到創造流動社區及提

供平台，傳送付費內容，這是前所未有的，

iCEsync 有潛力改變您的的流動生活。

intelligent Communication enterprise Corp. reports financial results for the fiscal Year of 2009Intelligent

Communication

Enterprise Corp. 報告

2009 財政年度的財務業績

● record strong development in revenue of $9.7 million, up from $2,500 in fY2008.

●收入錄得強勁增長，為

970 萬美元，2008 財年

為 2,500 美元。

● diluted eps is improved from -44.6 in fY2008 to -0.63 in this fiscal year.

●攤薄每股收益從 2008 財年的 -44.6 升至

本財政年度的 -0.63。

●total assets of $5.6 million, up 190% from last fiscal year.

●資產總額為 560 萬美元，較上個財政年

度增加 190%。

● shareholder's deficiency of $0.66 mil-lion, improved from $1.40 million in the previous year.

●股東損失 66 萬美元，較上年的 140 萬美

元有所改善。

Goal and Competitiveness目標及競爭力

Location-based services (LBS) are mainly fueled by the growth of smartphone sales. LBS users have grown from 41 million in 2008 to 95.7 million in 2009, while revenue increased from $998.3 million to $2.2 billion last year. Today, LBS is the number one application category for most developers. LBS related revenues are expected to exceed $12 billion by 2014. This combined with over $13billion projected for mobile advertising by the same time, places ICE in a very advantageous position. 基於位置服務（LBS）主要受智能電話

銷售額增長推動。基於位置服務的使用者

已從 2008 年的 4,100 萬增至 2009 年的

9,570 萬，而收入從 9.983 億美元增至 22

億美元。現在，基於位置服務是大多數開

發商的第一大

MAY 2010 | ASIAN TIGERS INVESTOR REPORT | ASIAN TIGERS INVESTOR REPORT

is well positioned to handle mobile-marketing programs and solutions using their proprietary messaging platforms with connectivity with global networks to support the connectivity requirements of ICE. ICE's subsidiary Mobilclear's transaction authentication system, originally designed to prevent online credit card fraud, adds a series of transaction security features to differentiate iCEsync from its competition.預計 iCEsync 平台會產生大量來自使用

者產生的內容及服務提供者提供的應用的

資料及訊息交易。ICE 的 Radius-Ed 分部

定位良好，利用其專有訊息平台及全球網

絡連通性，處理流動行銷項目及解決方案，

以支援 ICE 的連通性需求。ICE 附屬公司

Mobilclear 的交易認證系統，最初是為預

防網上信用卡欺詐設計，現增加一系列交

易安全功能，令 iCEsync 得以超越競爭對

手。

ICE is targeting the most popular smart phones for the iCEsync launch. The Apple iPhone, Blackberry and Google's Android OS based smart phones are among the devices targeted at launch - to be followed by Symbian OS and others with a view to reaching over 80% of the global smart phone population.ICE 正在為 iCEsync 的推出尋找最受歡

迎的智能電話。Apple iPhone,Blackberry

及 Google 基於 Android OS 的智能電話，

均在推出時的目標裝置之列——隨後會加

入 Symbian OS 及其他智能電話，旨在囊括

超過 80% 的全球智能電話人群。

ICE has cleverly integrated three highly sought after mobile capabilities of location based features, timeliness and transaction security through its products, and now plan to deliver such leading edge functionality over one seamless platform. The range of service features that the users and global brands can enjoy over the iCEsync platform appear to be limited only by your imagination. From simple mobile social networking to creating mobile communities and providing a platform to distribute premium content like never before, iCEsync has the potential to transform your mobile life.ICE 將三個廣受青睞的流動功能：基於

位置功能 ,時效性及交易安全性，巧妙地

融入其產品中，現在計劃透過一個無縫平

台交付此尖端功能。服務範圍的特色在

於，使用者及全球品牌透過 iCEsync 平台

應用類型。基於位置服務的相關收入到2014年預計超過120億美元。再加上屆時超過130億美元的預測流動廣告收入，令ICE處於明顯的優勢地位。Free messages, free voice and video calls, seamlessly linking people around the world while they are mobile, are part of ICE's planned acquisition

campaign for iCEsync. Through ICE Corp's network of world class carriers, its mobile messaging unit is connected to over 650 mobile networks worldwide. Last year the ICE group delivered over 400 million mobile messages. This provides a solid foundation from which to launch iCEsync on a global scale. iCEsync revenues are derived from mobile internet advertising and premium content transactions. ICE is targeting at least 20 million users in its first year of commercial operation for iCEsync. In addition to English, users can expect the iCEsync application also in Spanish, Chinese, Japanese and Korean languages by the second quarter of this year.免費訊息 , 免費語音及視訊電話 , 無

縫連結全球流動人員，是 ICE 計劃收購

iCEsync 活動的一部分。透過 iCEsync 的

全球營辦商網絡，其流動訊息部門可連

接全球 650 多個流動網絡。去年，ICE 集

團傳送超過 4 億條流動訊息。這為在全

球範圍內推出 iCEsync 提供堅實基礎。

iCEsync 收入來自流動互聯網廣告及收費

內容交易。ICE 的目標是，iCEsync 投入

商業運作後第一年，至少有 2,000 萬使

用者。除英語外，使用者在今年第二季度

還可享受西班牙語 , 漢語 , 日語及韓語

iCEsync 應用。文 |AT|



9Communication

MAY 2010

don’t let anYbodY saY that the global economic crisis of the last two years hasn’t brought any benefits at all. Now that international shipping companies are scaling back their commissioning budgets for new shipbuilding orders, China’s shipyards are enjoying an unprecedented advantage over their higher-cost rivals in South Korea or Japan. Figures recently released by the Ministry of Industry and Information Technology have confirmed that Chinese shipbuilders delivered a combined tonnage of 42.4 million DWT during 2009 - up by a massive 47% from 2008. And that was enough to make China the world’s biggest shipbuilder, with 34.8 percent of the world’s total tonnage – having captured a massive additional 5.3 percentage points of the global market share since 2008.

過去兩年的世界經濟危機未必對誰都沒好

處：由於全球海運公司紛紛削減新的造船

訂單預算，相比韓國 ,日本這樣高成本的

競爭對手，中國的造船業正享受著前所未

有的優勢。工業和信息化部近期發佈的數

據證實，2009 年中國造船業交船共計 4,240

萬載重噸，比 2008 年激增 47%。自 2008 年

10 Industry


以來，中國在全球市場中的份額增加 5.3%，

佔世界總噸數 34.8%，一躍成為世界最大

造船國。

But look a little deeper and the situation becomes slightly more opaque. Firstly, the commissioning rate for new ships is now falling away very rapidly, as the international shipping companies cut back on any spending that they can safely postpone until the day comes when financing conditions are more favourable. Even China’s booming shipyards received orders for only 26

million DWT in 2009 - a 55% fall from the levels of 2008. That meant, in effect, that for every three ships finished, only another two were in the pipeline at the end of the year.稍加分析，這其中大有門道。首先是新

船服役迅速放慢，因為全球的海運公司都

在削減開支，能拖則拖，以待財政狀況有

所好轉。即便是中國紅火的造船業，2009

年也只接到 2,600 萬載重噸的訂單，比

2008 年驟減 55%。仔細算來，這意味著每

當有三艘新船完工，到了年底只剩下兩艘

在建。

世界最大造船國作者/by Michael Wilson

the World’s Biggest shipBuilding nation

China中國China

MAY 2010 | ASIAN TIGERS INVESTOR REPORT | ASIAN TIGERS INVESTOR REPORT

Secondly, there’s a structural dimension to the falling pattern of new ship orders. Many of the beautiful new ships that the world’s shipyards delivered last year had been specially ordered many years ago, to work in conjunction with brand new ports and with expensive new industrial facilities that might not now be completed for many years – or perhaps never at all. Oil and gas refinery projects, liquefied natural gas (LNG) terminals and vast new super-ports for both freight and passengers have effectively been mothballed. Ferry services around the world are scaling back their anticipated growth plans as passenger numbers stagnate. So it looks as though we won’t be seeing a V-shaped recovery in shipbuilding, even when this difficult year is finally over.其次，新船訂單的減少有其深層原因。

去年世界船廠建成的新船多為幾年前訂造，

旨在滿足新港口和那些造價不菲的新型工

業設施之需，然而現在看來，這些港口和

工業設施一年半載恐難建成，甚至永遠不

會實現。許多油氣精煉項目 ,液化天然氣

終端，以及新的超級客運和貨運港口，都

被束之高閣。由於旅客人數停滯不前，全

世界的渡輪公司都調低了業務增長計劃。

所以，縱使熬過艱困時期，造船業也很難

迎來 V形復甦。

A Focus on Simplicity以簡制勝

But this is not to belittle China’s impressive achievement in any way. At a time of tightening budgets it accounted for a massive 61.6% of global new orders in 2009 – significantly more than South Korea, which is generally reckoned to have seven of the world’s top ten shipbuilders, including the world’s largest, Hyundai Heavy Industries. So it seems safe to predict that, when the recovery comes, China’s own yards will be well placed to benefit. Always assuming, of course, that the strengthening Yuan hasn’t upset the cost equation by then.不管怎樣，中國的進步都不容小覷。在

預算緊縮時期，2009 年中國贏得全球

61.6% 的新增訂單，令韓國望塵莫及。須

知在全球十大造船廠中，韓國就佔據七席，

包括世界第一的現代重工。可以想見，當

復甦真正到來之時，中國本土船廠必將獲

益匪淺。當然，前提是人民幣升值不會侵

蝕中國的成本優勢。

But it won’t all be plain sailing, because China is still lagging behind

its competitors in the construction of high-tech ships intended for more glamorous or more specialised applications. China State Shipbuilding Corporation (CSSC), one of the big

Economy 11Industry 11


Industry12

chronic backlog of old ships awaiting scrappage, meaning that an oversupply of freight capacity is still driving demand down. Total tanker orders during the whole five year period will be just 76 DWT, it says, a 60% decrease on the preceding five years.未來如何？據 Lloyds Register

Fairplay 造船業預測報告（主要跟蹤全球

船隊規模）9月份說，2010 年至 2014 年

全球油輪船隊預計每年僅增長 1.9%，但

因大船受寵，所以總載重噸數每年可增加

5.7%。一個問題是現在仍有大量舊船沒有

報廢，運輸能力供大於求，抑制了需求增長。

Fairplay 說，在這五年間，油輪總訂單可

能只有 76 載重噸，比上一個五年萎縮六成。

Growth rates for LPG tanker commissions are being hit by very poor utilisation rates, and will probably drop right away to just 1.6% in 2010, according to Fairplay – compared with a 13% increase in 2008. Nor is the market expecting any better news for the highly specialised LNG ships, which are running at barely 60% of capacity. That’s not so much because there isn’t any demand - but rather, as we’ve noted, that the world is full of finished ships that haven’t yet seen the completion of the projects that they were built to serve. 據 Fairplay 統計，因為利用率極低，液

化石油氣運輸船的服役增速受到拖累，預

計 2010 年將放緩到 1.6%，遠遜於 2008 年

的增長 13%。無獨有偶，高技術的液化天

然氣運輸船也恐難有起色，因其現有運力

僅發揮出 60%。一切都是因為需求低迷，

如前所述，現在世界上新船不少，可是它

們所服務的工程項目卻沒完成幾個。

Cruise Ships Entering Troubled Waters郵輪市場不景氣

If it’s any consolation for China, things aren’t much easier in the cruise ship market, where Japan and South Korea are very much bigger players. (Samsung and Daewoo have both opened new operations in Europe, where most of the world’s luxury liners are built, and Korea’s STX has recently acquired the biggest yards in France and Finland.) 韓 ,日是郵輪市場的霸主，但是如今這

個市場一片蕭條，或許這讓隔岸觀火的中

國略感安慰。（全世界的豪華郵輪大多產自

歐洲，而三星和大宇均已在歐洲開設新廠，

韓國的 STX 最近也收購了法國和芬蘭最大

的船廠。）

All the European yards are struggling to fend off redundancies in the face of sharply falling orders. Meyer Werft, Germany’s biggest yard, was reported in March to have secured only one order for the whole of 2010. And STX’s European yards have nothing at all to replace their current orders when current production ends.面對訂單急劇下滑，所有歐洲船廠都在

想方設法精兵簡政。3月份有報道說，德

國最大造船廠 Meyer Werft 整個 2010 年只

接到一份訂單。而 STX 的歐洲船廠手上已

無訂單，當前生產完成後，便會陷入無米

下炊的窘境。

It’s not a bad time, in short, to be a builder of simple, unglamorous freight ships with ‘commodity’ characteristics that can be turned to a variety of uses. Instead, it’s the other Asian manufacturers of complex and highly advanced structures that are really struggling. At a time of tightening global conditions, China’s shipyards have had the very good fortune to be on the right side of the great divide.總而言之，現在的形勢對那些簡單 , 普

通 , 類似於「商品」並且用途多樣的貨

船並不算壞。而從事建造複雜的高技術

船舶的亞洲造船商，卻是陷入泥潭無法

自拔。在全球景氣低迷之際，走另一條

道路的中國造船業有望交上好運。|AT|




two Chinese constructors, readily concedes that the Korean yards are still far ahead when it comes to designing and building advanced high-tech structures like LNG ships, and that China’s share of the global high-tech market is probably no more than 10%. A big wave of investment is under way to diversify the nation’s shipbuilders away from the large, uncomplicated bulk carriers that dominate production at present.成功之路不會一帆風順，在科技含量較

高的造船領域，中國仍需奮起直追，這樣

才能滿足高難度或者專業化的應用需求。

就連中國兩大造船巨頭之一的中國船舶工

業集團公司（簡稱「中船集團」）也不得不

承認，在設計和建造諸如液化天然氣運輸

船這樣的高科技船舶方面，韓國船廠依然

遙遙領先，而中國在世界高科技船舶市場

的份額可能還不到 10%。為使本國造船工

業改變專門生產簡單笨重的散貨船的局面，

整個行業掀起了一股投資熱潮。

Either way, the fact remains that China is exporting ten floating structures for every one that it imports. And that CSSC delivered 10.8 million DWT last year, a 27% increase that took its global market share to 9.1%, just behind Hyundai. The China Shipbuilding Industry Corporation (CSIC), the other major Chinese yard, raised its output to more than 9 million DWT and its profits by 18.5% to 7.4 billion Yuan.值得指出的是，中國的浮式結構物出口

與進口比率為十比一。去年中船集團的交

付量為 1,080 萬載重噸，增長 27%，佔全

球份額增至 9.1%，僅次於現代重工。中國

的另一主要造船商—中國船舶重工集團公

司（簡稱「中船重工」），產量亦突破 900

萬載重噸，公司利潤增加 18.5%，達到 74

億人民幣。

Tanker Trends油輪趨勢展望

And for the future? Well, the Lloyds Register Fairplay shipbuilding forecast, which tracks the size of the global fleet, said in September that the worldwide tanker fleet can be expected to grow by just 1.9% a year between 2010 and 2014 - although it added that the overall deadweight tonnage will rise by 5.7% a year, because of the general trend toward larger ships. Part of the problem is that there is still a



Dr. Hendrick Wolff

debate about the soCial and economic benefits of daylight saving seems to reappear every six months. Go figure.

每隔半年人們就要爭論一番夏令時對社會

和經濟的利與弊，真叫人無奈。

In the past few weeks, as northern hemisphere citizens went through the annual vexation of losing an hour’s sleep, and southern hemisphere citizens enjoyed the annual luxury of an extra hour’s slumber, an American scientist called for the abolition of daylight saving because, he claimed, it does not achieve what it is supposed to achieve.過去幾週，北半球的人迎來了年年的煩

惱—少睡一小時，而南半球的人則享受著

年年的得意—多睡一小時。為此，一位美

國科學家呼籲廢除夏時制，說它根本沒起

到本該有的作用。

Dr Hendrick Wolff headed a team of University of California number crunchers who studied the effect of daylight saving on energy consumption. They took advantage of an unusual

situation in Indiana where, until 2006, only 15 of its 92 counties swapped to daylight saving. If you wanted to know the time during an Indiana summer, you needed GPS.來自加州大學的亨德里克·沃爾夫博士

率領一個調查小組，研究了夏時制對於節

約能源消耗的作用。他們舉了印第安納州

一個不同尋常的例子：該州有 92 個縣，而

在 2006 年之前，只有 15 個縣實行夏時制。

在印第安納州的夏季，要想知道確切時間，

你得先用 GPS 給自己定個位。

From 2006, however, State authorities decided to present a unified clock, all 92 counties switching to daylight saving.

This created an opportunity, by comparing energy consumption patterns before and after, to see if daylight saving saved energy.2006 年，州政府決定統一時制，全州 92

個縣統一採用夏令時。藉此機會，調查小

組比較了夏令時實施前後的能源消耗模式，

看看夏時制究竟節不節能。

It didn’t. In fact, the study showed power use increased in the counties adopting summer time for the first time in 2006, adding about US$8 million to household electricity bills. Daylight saving does not save energy,’’ Dr Wolff said. “If society wants to keep daylight saving time we need to have better

IT Took AN

eConomist To INvENT saving

夏令時的真諦

作者/by Chris Champion

Informaton 13


Information14

值所在，想除去它未必容易。」

This sounds logical and comfortable. Get rid of daylight saving? No way. It’s about having an extra hour of daylight in summer to play with the kids in the backyard. Or do some gardening. Or drink beer. It’s about the community’s deep sense of satisfaction, once a year, when we get an extra hour in bed. So forget all this energy saving and economic benefit nonsense — when daylight saving was conceived in the 1970s it was, and always has been, a social issue.這番話合情合理。想廢除夏令時？沒門。

拜其所賜，夏日裏我們多了一小時的閒暇，

或是陪孩子在院裏玩耍，或是澆花剪草，

或是飲杯啤酒。每年，當我們能在床上多

賴一個鐘頭的時候，深深的滿足感便油然

而生。所以節約能源也好，經濟效益也罷，

其實都是牽強附會，回想七十年代夏令時

誕生的時候，它完全就是—而且一直都是—

社會範疇的事情。

Hasn’t it?難道不是嗎？

The flaw in the argument of Prof Polonsky and the social benefit lobby is that daylight was not conceived in the 1970s. It was conceived almost 200 years earlier when the 78-year-old Benjamin Franklin,

arguments, as the old energy story doesn’t work anymore.’’結果令人失望。事實上，調查發現 2006

年首次實行夏令時的縣區，其能源消耗不

降反升，家庭電費總額反而多了 800 萬美

元。「夏令時根本不節能，」沃爾夫博士說：

「假如社會還想保留夏時制，此事值得細細

商榷，因為老套的節能論，已經站不住腳。」

The old energy story? Dr Wolff ’s assumption that daylight saving is an energy issue has its opponents. They argue that it’s a lifestyle issue, not an economic one. 老套的節能論？沃爾夫博士以為夏令時

是能源範疇的事，但有人不以為然，他們

覺得夏令時與經濟無關，而是一種生活方

式的反映。

An Australian scientist, Professor Michael Polonsky, of Deakin University said he was perplexed by the Wolff study because energy conservation was never the aim. It was important to remember, Polonsky said, that air-conditioners were not in widespread use when daylight saving became popular in the 1970s.澳洲科學家 ,迪肯大學教授邁克·鮑倫斯

基就表示，他對沃爾夫的研究結果感到莫名

其妙，因為節約能源壓根就不是目的所在。

鮑倫斯基說，別忘了上世紀七十年代夏令時

大行其道的時候，空調還並不普及。

It was a social initiative, Prof Polonsky says, and from that perspective, daylight saving had too many benefits to abolish it. “The social phenomenon has been valuable and I think, to get rid of it, would be a hard change,’’ he said.鮑倫斯基教授說，夏時制是一種社會自

發行為，從這個意義而言，夏時制好處多多，

廢之可惜。他說：「這個社會現象自有其價

during a stay in Paris as American Delegate, wrote what he called “An Economical Project: a discourse on the thrift of natural versus artificial lighting.”不論是鮑倫斯基教授的觀點，還是造福

社會之說，都有一個紕漏，那就是夏令時

並不是七十年代發明的。夏令時最早構思

於將近兩百年前，始作俑者是本傑明·富

蘭克林。78 歲那年，富蘭克林隨美國使團

出訪巴黎，期間寫了一篇文章叫做「節儉

有道：日光勝燭光」。

It was a light-hearted look at the economy of lighting a home, and included a series of humorous regulatory recommendations. But the paper was based on a sound fiscal premise. 文章以輕鬆的筆觸給家庭照明算了筆經

濟賬，並用幽默的語言，作了一些管制方

面的建議，其計算嚴謹，發人深思。

Some of the humour was self-deprecatory, parodying Franklin’s love of thrift, scientific papers and chess, which he habitually played until well after midnight. He would then sleep until midday.以略帶自嘲的口吻，富蘭克林說自己提

倡節儉，愛讀學術文章，還是一個棋迷，

經常玩到半夜才睡覺，一覺睡到次日晌午。

One day he was woken at 6am by a loud noise from the street. Franklin looked out the window, was surprised to see it was daylight, and checked his watch. It seems naive that a 78-year-old man, and a scientific genius at that, had no idea at what time the sun rose, but on that day of

It seems naive that a 78-year-old man, and a scientific genius at that, had no idea at what time the sun rose, but on

that day of discovery Benjamin Franklin conceived the idea

that many candles could be saved by doing more during daylight hours.

Professor Michael Polonsky



富蘭克林意識到，假如太陽六點升起，

而他中午才起床，那就浪費了六個小時的

日光，而日落後六小時不睡，又要浪費蠟

燭照明（換成剛發明的油燈，那就得點燈

熬油）。節儉的念頭油然而生，他計算了這

個發現的價值，最終斷定「整個巴黎每年

節約的數目將歎為觀止」。

And thus daylight saving was invented.這便是夏令時的由來。

Meanwhile, in case we have injected too much common sense into the daylight saving debate, we finish with the unexpected fact that Antarctica, a place one would have thought with zero need of daylight saving, nevertheless does have it. The reason is administrative expediency, keeping research station time synchronised with that of their supply stations in Chile and New Zealand. 對於夏令時的爭論，有一個現象是常識

所解釋不了的，那就是在南極洲這個按常

理根本不需要夏令時的地方，的的確確存

在著夏令時。這是為了工作上的方便，因

為考察站的時間需要與設在智利和新西蘭

的補給站保持一致。 |AT|



1784 年 4 月 26 日，「節儉有道」一文以

讀者來信的形式，刊登在《巴黎日報》上。

該報主編Antoine Alexis-Francois Cadet

de Vaux 是富蘭克林的好友。

What Franklin realised was that, if the sun rose at 6am and he rose at midday, he was wasting six hours of sunlight. And, by being awake for those six hours after sundown, he was wasting candles (or fuel for the newly invented oil lamp). The economist in him took over, and he started calculating “the utility of my discovery”. It was, he concluded, “An immense sum that the city of Paris might save every year.”

discovery Benjamin Franklin conceived the idea that many candles could be saved by doing more during daylight hours.一天早上六點多鐘，街上的一陣響聲把

他吵醒，他朝窗外望去，發覺天色已亮，

於是看了看手錶。這位 78 歲的老人和天

才的科學家，似乎並不知道太陽究竟是何

時升起，但是那天的經歷讓富蘭克林想到，

若能多多利用日光，定可節約不少蠟燭。

“An Economical Project” was published on April 26, 1784, as a letter in the Journal de Paris, the editor of which, Antoine Alexis-Francois Cadet de Vaux, was a close friend of Franklin.

What Franklin realised was that, if the sun rose at 6am

and he rose at midday, he

was wasting six hours of sunlight. And, by

being awake for those six hours after sundown, he was wasting candles (or

fuel for the newly invented

oil lamp).

MAY 2010

16 Economy


in 2007 and 2008, asia’s sovereign wealth funds (SWFs) were being hailed as the saviors of the financial universe.

2007年和2008年亞洲主權財富基金炙手可熱，儼然是金融業的救世主。

With Western banking giants battered by subprime losses and markets spiraling in panic, the state investment funds of the Middle East, Singapore and China swooped in to provide financial backing to these ailing titans. Some of the greatest names in banking such as Morgan Stanley, Merrill Lynch, Citigroup, Barclays and UBS were forced to approach these funds, cap in hand, asking for capital infusions to cushion the blow from their billion-dollar subprime exposures. 次貸危機令西方銀行巨頭焦頭爛額，市

場風聲鶴唳，人心惶惶，危急關頭多虧中

東 ,新加坡和中國的國家投資基金出手相

助，力挽狂瀾。就連鼎鼎大名的摩根士丹利,

美林 ,花旗集團 ,巴克萊銀行和瑞銀集團，

也不得不放下身段，向這些基金伸手求援，

以彌補他們在次貸危機中遭受的巨額損失。

UBS’s chairman even personally phoned the chief investment officer of the Government of Singapore Investment Corporation (GIC) to discuss the fund taking a stake in the bank.瑞銀總裁甚至親自打電話給新加坡政府

投資公司（GIC）的首席投資官，商討後者

收購該行股權一事。

At the time, these sovereign wealth funds all thought they were walking off with bargains. But as the global financial crisis deepened in 2008 with the implosion of Lehman Brothers and the fall of AIG, the stock prices of many of these fabled financial institutions continued to collapse.那時，這些主權財富基金都以為撿到了

便宜，然而 2008 年全球金融危機愈演愈烈，

作者/by Carl Nicholas Ng

主權基金：風雨過後見彩虹

雷曼兄弟灰飛煙滅，AIG 轟然倒塌，這些

外表光鮮的金融機構的股價都狂跌不止。

Counterparty risks and declining asset values heaped pressure on the financial sector as a whole - and blew large holes in many of the SWFs “bargain” investments. According to Bloomberg, US$69 billion worth of SWF investments in banks has produced about US$20 billion in paper and realized losses.

Having absorbed billions of dollars from betting on Western banks and bruised by negative publicity, Asia’s sovereign wealth funds are pursuing a new tack

重金投資西方銀行，不料損失慘重，公眾形象一落千丈…歷盡磨難，亞洲主權財富基金踏上新路

sovereign survivors

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Economy 17Economy 17


Kuwait Investment Authority (KIA), during 2008 World Economic Forum in Davos. “Kuwait has been a Daimler shareholder since 1969, a BP shareholder since 1986, we are one of the most stable shareholders of these companies.”有的主權基金正在回歸本色。在 2008

年達沃斯世界經濟論壇上，科威特投資局

（KIA）董事總經理巴德爾·阿薩德說：「我

們的基金始於 1953 年，從 1969 年起科威

特成為戴姆勒的股東，1986 年成為英國石

油公司的股東，因而我們是這些公司最穩

定的股東之一。」

For others, such as the China Investment Corporation’s (CIC), change is a reaction to its initial strategy at the height of the crisis. After coming under heavy domestic criticism when its maiden US$3 billion investment in the Blackstone Group in 2007 lost over 50% of its value followed

TABLE 1. Selected Sovereign Wealth Fund Investments in Banks表1. 若干主權財富基金的銀行投資一覽

Fund 基金

Investment投資對象

Amount投資金額

Est. Profit/Loss估計盈虧

Temasek Holdings (Singapore)淡馬錫控股（新加坡）

Merrill Lynch 美林

US$5 billion 50億美元

(US$4.6 billion) (46億美元)

Barclays 巴克萊

US$1.6 billion 16億美元

(US$0.85 billion)(8.5億美元)

Gov. of Singapore Investment Corp.新加坡政府投資公司

UBS瑞銀

US$10 billion100億美元

(US$6 billion)(60億美元)

Citigroup花旗集團

US$6.9 billion69億美元


Abu Dhabi Investment Authority阿布扎比投資局



(US$4.8 billion)(48億美元)

Kuwait Investment Authority科威特投資局

Merrill Lynch美林


(US$0.3 billion)(3億美元)




Qatar Investment Authority卡塔爾投資局

Barclays巴克萊



China Investment Corporation中國投資公司

Morgan Stanley摩根士丹利


(US$2 billion)(20億美元)

Changes can be seen not just in where they are now putting their money but also in the way they are run and how they engage with the outside world

整個金融領域都面臨著對手方風險和資

產貶值的沉重壓力，此時，主權財富基金

撿到的「便宜」終於露出狐狸尾巴。據彭

博資訊的資料顯示，主權財富基金對銀行

業的 690 億美元投資，其賬面浮虧和已實

現虧損加在一起高達 200 億美元。

Two years later, the effects of these misjudged and mistimed investments are being reflected in the evolution of these SWFs. Changes can be seen not just in where they are now putting their money but also in the way they are run and how they engage with the outside world.兩年過去了，當初因為投資誤判和時機

把握不佳所換來的經驗教訓，變成了這些

主權財富基金成長的動力，不僅投資領域

不同以往，其自身運作以及對待外界的態

度亦令人刮目相看。

The most visible change has been in the investments being pursued by the funds. Since the subprime and banking crises, the SWFs have decided to take smaller stakes in companies spread around different industries, mitigating the risk to them in case of catastrophic problems in one sector.最顯著的是投資策略的變化。汲取次貸

和銀行危機的教訓，主權財富基金收購公

司股權不再大張旗鼓，並且注重不同行業

兼收並蓄，旨在分散風險，以免重蹈一損

俱損的覆轍。

For some sovereign funds this meant a return to their original approach. “Our fund started in 1953,” said Bader Al Sa’ad, the managing director of the


18 Economy

因為對所投資的西方金融機構的質素發

生了信念動搖，主權財富基金還宣佈重新

配置資產，危機過後，他們從曾經灑下大

把金錢的發達世界撤出更多資金，轉而投

到欣欣向榮的新興市場。

GIC of Singapore announced in 2008 it was shifting more resources into emerging markets investments, cutting back on its allocation to North America/the United States in particular, while the KIA shifted US$4 billion from Western markets back to its own stock market in 2008, including buying into the national telecommunications company.2008 年，新加坡政府投資公司宣佈把更

多資源投向新興市場，同時削減對北美尤

其是美國的投資配置。而科威特投資局也

於 2008 年從西方市場撤出 40 億美元，回

歸本國股票市場，像入股國家電訊公司即

為一例。

Huijin, a holding company under CIC, is seeking this year to issue 190 billion in yuan-denominated bonds to inject capital into the Export-Import Bank of China and China Export & Credit Insurance Corporation (Sinosure), as well as to strengthen the capital base of the Industrial and Commercial Bank of China (ICBC), Bank of China (BoC), and China Construction Bank (CCB).中投旗下的匯金控股公司，今年打算發

行 1,900 億元的人民幣債券，以向中國進

出口銀行和中國出口信用保險公司（中國

信保）進行注資，及用於鞏固中國工商銀

With their faith shaken in the quality of the Western financial institutions they invested into, sovereign wealth funds also made public pronouncements about reallocating more of their funds from the developed world


by further losses on its holdings in Morgan Stanley, CIC switched its focus to purchasing stakes in wider range of industries. CIC’s investments cast a wide net, including diversified miner Teck Resources, credit card leader Visa, beverage maker Diageo, and British retailer Tesco.而對以中國投資公司（CIC）為代表的其

他主權基金來說，變化體現在危機高峰時

刻他們對當初策略的反思上。2007 年中投

公司 30 億美元重金入股黑石集團，不料竟

蒸發大半，緊接著投資摩根士丹利，卻又

鎩羽而歸，由此招致國人的猛烈批評。痛

定思痛，中投公司改弦更張，開始注重多

領域投資，採取廣撒網的手法，先後參股

多元化採礦商 Teck Resources, 信用卡翹

楚維薩 ,飲料生產商帝亞吉 ,以及英國零

售商樂購等。

With their faith shaken in the quality of the Western financial institutions they invested into, sovereign wealth funds also made public pronouncements about reallocating more of their funds from the developed world, where they have traditionally invested the bulk of their capital, into the more rapidly-growing emerging markets in the wake of the crisis.

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and renewable energy companies with substantial interests inside China. China’s sovereign fund bought 11% of JSC KazMunaiGas Exploration Production, the London-listed unit of Kazakhstan’s state energy company, for US$939 million.除了 Teck，中投公司還投資了國內許

多大宗商品和可再生能源公司，持有其

大量權益。這支中國的主權基金還斥資

9.39 億美元，收購哈薩克斯坦國家能源

公司的倫敦上市子公司 JSC KazMunaiGas

Exploration Production 的 11% 股權。

In late 2009 the Chinese fund provided SouthGobi Energy Resources Ltd., a coal mining company in Mongolia which supplies Chinese power plants, a US$500 million convertible debenture to expand its operations while acquiring US$1.9 billion of debt PT Bumi Resources, Indonesia’s largest coal producer.2009 年末，這支中國基金認購南戈壁能

源有限公司的 5億美元可轉債，幫助這家

在蒙古國開採煤礦並向中國發電廠供煤的

礦業公司拓展業務。同時，它還購買了印

尼最大煤炭生產商 PT Bumi Resources 價

值 19 億美元的債券。

Aside from natural resources, the Chinese fund has also supported its government’s shift into renewable energy (covered in the April issue of Asian Tigers) by buying stakes in Chinese companies from that sector. This includes a US$400 million stake in the Hong Kong IPO of mainland renewable energy producer China Longyuan Power Group Corp and purchasing a US$710 million stake in GCL-Poly, a Hong Kong-listed polysilicon (used for solar panels) and energy producer.不僅是自然資源，這支中國基金亦大舉

投資本國的可再生能源公司，以配合政府

向這個領域的戰略轉移（相關報道見 4月

份亞洲虎雜誌），譬如斥資 4億美元參與中

國可再生能源製造商龍源電力集團的香港

首次公開招股，及購買香港上市的保利協

鑫能源控股有限公司價值 7.1 億美元的股

權。保利協鑫是一家多晶矽（太陽能電池

板的原材料）和能源生產商。


行（工行）,中國銀行（中行）和中國建

設銀行（建行）的資本基礎。

In a more recent development, in March 2010 both GIC and Qatar’s sovereign fund agreed to underwrite a significant portion of UK-based Prudential PLC’s US$20 billion rights offer. The British insurer will use the money to acquire American International Assurance, the AIG Group’s Asian insurance arm, which serves more than 20 million customers in Asia. The acquisition will cost Prudential US$35.5 billion.不久前的 3月，新加坡政府投資公司和

卡塔爾主權基金同意在英國保誠集團 200

億美元的配股活動中，認購相當一部份的

股份。這家英國保險商將用募集資金收購

美國友邦保險（AIG 集團的亞洲保險分部），

後者在亞洲擁有兩千多萬客戶。保誠將為

此支付 355 億美元。

This shift towards developing markets is coupled with a decided focus towards sectors that are expected to provide the strongest growth in the future, including natural resources and renewable energy, in these SWFs’ own backyard.轉戰新興市場的同時，主權財富基金把

目光鎖定在具有深厚增長潛力的行業領域，

比如自然資源和可再生能源，對此這些基

金可謂輕車熟路。

Besides buying Teck, CIC has also invested in a range of commodities

China Longyuan Power Group Corp

SouthGobi Energy Resources Ltd

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20 Economy

CIC’s biggest deal in 2009 was taking a US$1 billion minority stake in Hong Kong-based Noble Group, one of the largest shipping, trading and processing companies in the world. Meanwhile, Singapore’s Temasek paid US$303 million for Southeast Asian agricultural commodities producer Olam International Ltd. in 2009. Olam’s logistics chain covers 13 different commodities including coffee, cocoa, rice, sugar, cotton, wood, nuts and spices. 2009 年中投出資 10 億美元入股來寶集

團，這是當年中投最大的一筆交易。來寶

集團的總部位於香港，是世界最大的海

運 ,貿易和加工企業之一。無獨有偶，新

加坡淡馬錫控股也於 2009 年出資 3.03

億美元，入股東南亞農產品生產商 Olam

International Ltd.，該公司的物流鏈涵

蓋咖啡 ,可可 ,大米 ,白糖 ,棉花 ,木材 ,

果仁 ,香料等十三種商品。

But besides their investment strategies, another after-effect of the crisis on sovereign funds has been changes in the way they run themselves and their relationships with the public. Fears were raised at the height of the crisis, as these funds were snapping up distressed banking assets in the West, that SWFs were dangerous shareholders who could end up making politically-motivated decisions with the companies they were buying.危機不但改變了主權基金的投資策略，也

改變了他們的運作方式和公共關係。危機緊

要關頭，恐懼隨之而生，因為在危難之際大

舉收購西方銀行的資產，這些主權財富基金

成了令人忐忑的股東，最擔心他們出於政治

動機，對所投資的公司發號施令。

Former Treasury Secretary Larry Summers (now an economic adviser of the Obama Administration) voiced out the concerns of many Western governments at the time during the 2008 World Economic Forum in Davos.在 2008 年達沃斯世界經濟論壇上，美國

前任財政部長拉里·薩默斯（現為奧巴馬

政府的經濟顧問）一語道出許多西方政府

的顧慮。

What if a sovereign fund invested in a firm and suggested that an “airline to fly to their country, want a bank to do business in their country, or want a rival to their country’s national champion disabled”? Or what if these SWFs decided to run an active trading operation and launched speculative attacks on

national currencies, which would certainly be effective given the hundreds of billions in funds available to them?假如一支主權基金「要求一家航空公司

開通飛往該國的航線 ,要求一家銀行與該

國進行往來，或者為了照顧本國的龍頭企

業而要求一家公司放棄競爭」，該怎麼辦？

假如主權財富基金大舉入市炒作，以投機

手段攻擊他國貨幣，又該怎麼辦？畢竟他

們手握重金，威力自然巨大。

It is these fears and others that led the International Monetary Fund to call on sovereign wealth funds to adhere to a code of conduct called the Santiago Principles to improve their transparency and governance. By being open about their investments and returns through issuing public reports, the aim is to remove the suspicion aroused by sovereign funds as huge pools of capital overseen mainly by non-democratic governments.出於這樣那樣的擔憂，國際貨幣基金組

織出面呼籲主權財富基金遵守一套名為「聖

地亞哥原則」的行為規則，以期改善他們

的透明度和治理水平。據此，主權基金需

發佈公開報告，將其投資和收益狀況公諸

於眾，從而打消人們對這些財大氣粗並且

大多處於非民主政府監管之下的主權基金

的疑慮。

Temasek, GIC and the Abu Dhabi Investment Authority have all issued reports on their activities in the recent past, while sovereign funds have also created an international working group to discuss and implement the Santiago Principles further.淡馬錫 ,新加坡政府投資公司和阿布扎

比投資局均已發佈近期的活動報告，並且

這些主權基金還成立一個國際工作小組，

來商討和進一步落實《聖地亞哥原則》。

Another step taken by sovereign funds has been the hiring of more foreigners and outside managers to mitigate against accusations of national agendas. Although ultimately aborted, Temasek’s plans to hire former BHP Billiton chief executive Chip Goodyear as its CEO in 2009 is representative of this trend.主權基金的另一做法是聘請更多的外籍

職員和外部管理者，以減少外界對其執行

國家戰略的指責，比如 2009 年淡馬錫就曾

打算把必和必拓前任首席執行官古德伊爾

招至麾下，雖然最後無果而終，但足見此

乃大勢所趨。

Clearly sovereign wealth funds have tried to absorb the painful lessons learned from their experiences during the global financial crisis of 2007 and 2008. In fact, the CIC already reported more than US$10 billion in returns for 2009 after posting a negative 2.1% return for the year before. But whether changes in the investment strategy and improved transparency produce better results for sovereign funds over the long-term, only time will tell.顯而易見，2007-2008 年的全球金融危機，

給主權財富基金上了深刻的一課，正所謂

吃一塹長一智，2009 年中投公司報告稱盈

利 100 多億美元，較之上年虧損 2.1% 大有

進步。至於投資策略的改變和透明度的改

善能否令主權基金長期保持優良業績，讓

我們拭目以待。|AT|



Another step taken by sovereign funds has been the hiring of more foreigners and outside managers to mitigate against accusations of national agendas

Former BHB Billiton chief executive Chip Goodyear

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KnoW YourstocK exchanges

作者/by Bert Olbes

part 2 第二部：東京證券交易所offiCial Japanese terminologY identifies the Tokyo Stock Exchange (TSE), with headquarters at 2-1 Nihombashi Kabutocho, Chūō, Tokyo, Japan, as a kabushiki kaisha, literally a “stock company” that is a specific type of business corporation (or money-making going concern under the country’s commercial legal system). This can be distinguished from the Shanghai Stock Exchange’s (SSE) official status as a “non-profit organization” which, in and by itself, officially is not directly a “capitalistic” or profit-making organization.

總部位於日本東京都中央區日本橋兜町

2-1 的東京證券交易所 (東交所 )，在日本

的正式名稱是株式會社，字面意義為「股

份公司」，即是一種特定類型的企業法團

（或在國家商業法律制度下的營利性企業）。

這與上海證券交易所 (上證所 )有所不同，

後者的正式身份是「非營利組織」，其本身

與「資本主義」或營利組織毫無瓜葛。

As of the first quarter of 2010, TSE’s total number of listed companies numbered 2,329 (down from 2,414 on December 31, 2007), with 15 of them presently being foreign-owned. TSE is run by nine directors, four auditors and eight executive officers. Stocks listed on the TSE are separated into the First Section (for large companies), the Second Section (for mid-sized companies), and the "Mothers” section. 2010 年第一季，東交所的上市企業總數

達 2,329 間（低於 2007 年 12 月 31 日的

2,414 間），其中有 15 間為外商獨資公司。

東交所共有 9名董事，4名核數師及 8名

執行董事。在東交所上市的公司分為三類：

第一部（大型企業）,第二部（中型企業）

及「創業板」。

Listing / Entry into the TSE登陸東交所

Established on November 11, 1999, TSE’s Mothers section has for the past 11 years served as the primary avenue through which “high growth start-up” companies can gain listing on the TSE. From its establishment, Mothers listed a total of 250 such companies over the next ten years – until 2009, when TSE redefined the requirements for listing

eligibility from “minimal,” as they were originally, to considerably more stringent ones. These stricter compliance necessities for applicant companies now include, among other tightened measures, the submission of quarterly and internal control reports, and, the recommendation for listing by a Securities member-company (to be defined and elaborated on thoroughly in a later section of this write-up) of the TSE. The recommendation must also be accompanied by firm plans by the Securities member-company to put on offer the securities of the applicant company it is endorsing. It

證券交易所博覽Information 21


Information22

should be noted that many of these stricter requirements to become listed on Mothers can be waived if, in the interpretation of the TSE, an applicant company has demonstrated large enough profit increases immediately prior to submitting its listing application. No minimum time period of healthy profitability is specified.東交所於1999年 11月 11日推出創業板，

過去 11 年來一直扮演著幫助「高增長初創

公司」登陸東交所的主要角色。開市後的

十年內，創業板的上市公司總數達 250 間；

2009 年，東交所重新界定了上市公司的資

格條件，對開創之初的「最低」標準進行

了升級。目前公司申請人所要面對的要求

十分嚴格，包括提交季度和內部控制報告，

獲得東交所一間證券會員公司（定義及說

明見後文）的上市推薦等等。除推薦書外，

還要提交由會員公司擬製的方案，以使其

所支持的公司申請人的證券上市發售。值

得一提的是，根據東交所的解釋，如公司

申請人在提交創業板上市申請前的利潤提

升幅度達到一定水平，則可豁免多條規定。

東交所未對維持穩健盈利水平的最短時間

作出要求。

TSE’s Major Index東交所的主要指數

As noted in last issue’s Part I “Know Your Stock Exchanges,” the performances of all stock exchanges are primarily gauged by regularly quoted broad-based indexes or indices, which are made up of the stocks of large companies listed on a particular nation’s stock exchange. 如「證劵交易所博覽」第一部所述，證

券交易所表現的主要衡量標準為最常引用

的寬基指數，它是由在國內證券交易所上

市的大型公司的股票組成。

Since 1950, the major, broad-based index tracking the TSE has been the Nikkei 225 group of companies as identified by the Nihon Keizai Shimbun ( Japan's largest business newspaper). The list of 225 companies is reviewed and updated on a yearly basis, and the fact that from 1975 to 1985 it was known as the “Nikkei Dow Jones Stock Average,” demonstrates the Nikkei 225’s operative status in gauging the overall performance and composite value of all stocks traded on the TSE. It is important to note that most, if not all, of

the stocks on the Nikkei 225 are blue chip stocks, but a good way to describe differences in each stock’s respective stability and attractiveness as a potential investment in terms of being blue chip is by qualifying that certain stocks are what can be called “bluer than blue,” and correspondingly, there are different shades of blue reflecting each of Nikkei 225’s component stocks’ status as to how solidly “blue chip” each one is. 自 1950 年起，由《日本經濟新聞》（日

本最大的財經報紙）編纂的日經 225 指數

一直被視作追蹤東交所的主要寬基指數。

該指數每年會對這 225 間公司進行審查調

整，在 1975 年至 1985 年間一度被稱為「日

經道瓊斯股票平均指數」，日經 225 指數在

計量東交所全部交易股票整體表現及綜合

價值方面的權威由此可見一斑。值得注意

的是，日經 225 指數的成份股（即使不是

全部）大多是藍籌股，但是每支股票的穩

健性和吸引力各有不同，真正具有投資潛

力的藍籌股，可稱為「藍籌中的藍籌」。就

此而言，日經 225 指數的成份股，其藍籌

的成色可謂千差萬別。

The Nikkei 225 operates on a price-weighted average in yen currency. A price-weighted index is a stock market index where each constituent makes up a fraction of the index that is proportional to its price – meaning component or “member” stocks are included in proportion to their quoted prices. A stock trading at 1,000 yen, for example, is thus accorded two times more weight in determining the index’s numerical value as compared to a stock trading at 500 yen. This is to be

differentiated from a market-weighted index in which stocks are included based on the equity market values of the underlying companies or the quoted stock price multiplied by the number of outstanding shares. A price-weighted index is even more distinct from narrower industry- or sector-specific indexes, inclusions in the stock listings of which are not determined by performance. 日經 225 指數以日元價格加權平均法編

製而成。在價格加權指數中，成份股在指

數中的比重與該股股價成正比—即成份股

或「會員」股比重乃是基於報價。例如，

交易價為 1,000 日元的股票在指數中的比

重是交易價為 500 日元股票的兩倍。這與

市場加權指數不同，在市場加權指數中股

票比重乃是基於標的公司的股票市值或者

股票報價乘以已發行股數之積。價格加權

指數與範圍狹窄的行業或部門指數之間的

區別更為顯著，這些窄基指數在選股過程

中並不看重表現。

The Nikkei’s Past 30 Years日經30年

The TSE upsurge from 1983 to 1990 was unprecedented; by 1990 it accounted for over 60% of the world's stock market capitalization before falling drastically in value and rankings. On a parallel basis, the Nikkei average hit its all-time high on December 29, 1989 when it closed at 38,915.87. This occurred during the peak of the Japanese asset price bubble,



The Other Major Index其他主要指數

The other major stock index of the TSE is the TOPIX, which is the acronym for TOkyo Stock Price IndeX. Primarily, TOPIX tracks all domestic companies of the exchange's First Section group of large companies. 東證股價指數是東交所的另一支主要股

指，全稱為東京證券交易所股票價格指數，

主要以在東交所主板第一部上市的所有日

本企業為追蹤對象。

TOPIX’s numbers and averages are measured differently from those of Nikkei’s 225 index, the latter as indicated earlier being price-weighted. The TOPIX index relates directly to number of shares of each company and from October, 2005, to June, 2006, it transitioned from a system where a company's weighting was based on the total number of shares outstanding (called the float) to a weighting based on the number of shares available for trading, which is distinctly referred to as the “free” float. The change is considered a technicality because if an offer to buy is made at a high enough price, theoretically all shares of a company could become available. Still, the transition had a considerable effect on the weighting of numerous going concerns included in the index because many companies in Japan have significant holds of shares of business partners as a part of intricate business

alliances, and such shares no longer were included in calculating the weight of companies in the index (presumably because alliance shares cannot always be made available, at least instantaneously so, for trading).東證股價指數的數據及平均值計算方法

與日經 225 指數有異。如前文所述，日經

225 指數屬於價格加權指數。而東證股價

指數與各公司的股數直接相關，2005 年 10

月至 2006 年 6 月，該股指由根據已發行

股（又稱流通股）總數決定比重的制度改

為根據可供交易股票總數的制度，後者就

是所謂的「自由」流通股。這是一種技術

細節上的改變，因為只要出價夠高，理論

上來說一間公司的全部股份均會進入流通。

但是這個轉變對指數中許多成份公司的權

重產生了極大影響，因為在日本，許多公

司都與其業務夥伴交叉持股，藉此結成業

務聯盟，而自此以後，這些股份就不再計

入公司於指數的權重之中（究其原因，或

許是因為此類聯盟股份輕易不會上市交易，

至少短時間內如此）。

Breaking matters down further, the TOPIX has what is referred to as a “New Index Series,” which can be sub-divided and understood in the following way:詳細劃分，東證股價指數下設一套「新

指數系列」，包括以下指數：

●TOPIX Core 30*: 30 of the most liquid and highly market-capitalized stocks. These are also blue chip stocks on the TSE, but the index is narrow-based.

●東證核心30*指數*：由30支最具流動性

的高市值股票組成。

這些股票同時也是東交所的藍籌股，但

該指數屬於窄基指數。

●TOPIX Large 70: After the Core 30, these are 70 of the most liquid and highly market capitalized stocks

●東證大盤股70指數：排在核心30指數成份

股之後的70支最具流動性的高市值股票。

●TOPIX 100: The combination of component stocks in the TOPIX Core 30 and the TOPIX Large 70

●東證100指數：由東證核心30指數與東證

大盤股70指數成份股組成

●TOPIX Mid 500, component stocks in the TOPIX Core 30, the TOPIX Large 70 and stocks that fall into a “TOPIX Mid 400” category.

●東證中盤股 500指數：由東證核心 30指

數 ,東證大盤股 70指數及「東證中盤股

400指數」成份股組成

●TOPIX 1000, component stocks in the

which was a 5-year (1986 to 1991) economic bubble when real estate and stock prices ballooned “uncontrollably”. The bubble's inevitable deflation persisted for almost a dozen years with stock prices almost “bottoming” in 2003, that is, until hitting an even lower low in 2008 amid the recent global crisis that is now gradually being curbed due in large part due to unprecedented, though far from perfect, international cooperation and coordination. Still, the Nikkei’s high since the year 2000 has been just above 18,300 points (less than half of its value at peak). And, during the first quarter of 2010, it sank to as low as 72.9% below its apex of just a little over 20 years ago. 東交所在 1983 年至 1990 年間進入空前

發展期；到 1990 年，東交所一度佔到全

球市值 60% 以上，但此後市值及排名均

有大幅下滑。橫向比較，日經平均指數於

1989 年 12 月 29 日達致歷史最高點，收

報 38,915.87 點。此時正值日本資產價格

泡沫鼎盛期，在這五年（1986 年到 1991

年）的經濟泡沫中，日本樓市與股市猶如

脫韁野馬，「無可控制」。然而泡沫終有破

滅的一天，在經歷近十幾年的通縮之後，

眼見股價就將於 2003 年「見底」，卻因近

期爆發的全球經濟危機而在 2008 年繼續下

探。這場全球風暴目前才日漸平息，很大

程度上歸功於全球協同作戰，雖然合作還

不夠默契，但是史無前例頭一遭。如此一

來，日經指數 2000 年以來的高位僅僅站

上 18,300 點（相比歷史最高點腰斬過半）。

更有甚者，該指數在 2010 年第一季再次俯

衝，竟較 20 多年前的峰值下跌 72.9%。


Information24

TOPIX 500 plus highly market capital-ized stocks of the “TOPIX small” or those that fall outside the component stocks of the TOPIX 500.

●東證 1000 指數：由東證 500指數成份股

及「東證小盤股指數」中的高市值股票或

不在東證 500指數之列的股票。

TSE Global Alliances東交所的全球聯盟

The TSE has been steadfast in looking for partners in Asia and around the world, a thrust that was consummated in a major way on June 15, 2007 when it paid $303 million to acquire a 4.99% stake in Singapore Exchange Ltd. (SGX), the latter being a leading financial hub in the Asia-Pacific Region. An initial alliance of sorts with SGX had been achieved a little more than 20 years earlier when Nikkei 225 Futures were introduced into the SGX in 1986. In 1990 Nikkei 225 Futures achieved the same introduction at the Chicago Mercantile Exchange (CME). 東交所一直致力於在亞洲及全球範圍內

尋找合作夥伴，其中堪稱標誌性事件的是

2007 年 6 月 15 日東交所斥資 3.03 億美元

收購新加坡證券交易所（新交所）4.99%

的股權，此舉正是看中了新交所作為亞太

地區重要金融中心的優勢。事實上東交所

與新交所的牽手意向早在 20 年前便已初現

端倪—日經225期貨於1986年引入新交所。

1990 年，日經 225 期貨以同樣方式進入芝

加哥商品交易所（芝交所）。

The June, 2007, 5% stake acquisition in SGX by TSE was deemed merely to be continuation of its serious, long-term objective to obtain greater participation in other internationally renowned exchanges. One of the results: a little more than a year later, and following the development of jointly shared products

and technology, in July 2008 the London Stock Exchange (LSE) and the TSE entered into a new joint venture Tokyo-based market the basis of which is LSE's Alternative Investment Market or AIM. AIM is a sub-market of the LSE that permits smaller companies to float shares with a more flexible regulatory system than that applied on its own main board and what is likewise applied to its own major markets. With AIM, conditions for companies to gain listing are less stringent, as are capitalization requirements. 東交所 2007 年 6 月收購新交所 5% 股權

的行為僅僅是其謀求更多地參與其他國際

知名交易所之長遠雄心的第一步，接下來

更是一發不可收拾：一年多後，2008 年 7

月倫敦證券交易所（倫交所）和東交所共

同出資在東京創辦了一個交易市場，它是

以倫交所的另類投資市場為基礎創建的，

此後還實現了產品與技術的對接。另類投

資市場是倫交所的次級市場，它為小公司

發股提供了平台，其監管機制較主板及主

體市場更為靈活。另類投資市場的上市門

檻低，市值要求不高。

Trading on the TSE在東交所交易

There are more than 100 Securities member-companies of TSE through which buying and selling of stocks and futures can be conducted. The most common purchasing methodology is for buyers go through their own online brokers — literally hundreds and hundreds of them worldwide — who then go through these Securities

*In alphabetical order, TOPIX’s Core 30 consist of: Astellas Pharma Inc.; Canon; Honda, JFE Holdings Inc. (formed in 2002 by the merger of NKK and Kawasaki Steel Corporation) JR East (the largest passenger railway company in the world); Japan Tobacco; KDDI Telecommunications Corp; The Kansai Electric Power Co., Inc. (KEPCO); Komatsu; Mitsubishi Corporation; Mitsubishi Estate; Mitsui & Co.; Mizuho Financial Group, Inc.; Mitsubishi UFJ Financial Group, Inc (MUFG); Nintendo; Nippon Steel; Nissan; Nomura Holdings Inc; Nippon Telegraph and Telephone Corporation (NTT); NTT DoCoMo, Inc.; Panasonic; Seven & I Holdings Co., Ltd (7&i); Shin-Etsu Chemical Co., Ltd.; Sony; Sumitomo Mitsui Financial; Takeda Pharmaceutical Company Limited; The Tokyo Electric Power Company, Incorporated (TEPCO); Tokio Marine; Toshiba; and Toyota Motor Corporation.

*東證核心30指數成份股包括（按字母順序）：佳能；本田；JFE控股公司（日本鋼管株式會社和川崎製鐵株式會社於2002年合併後成立）；東日本旅客鐵路公司（全球最大的鐵路客運公司）；日本煙草；日本KDDI電信公司；關西電力株式會社(KEPCO)；日本小松公司；三菱集團；三菱地所株式會社；日本三井物產；瑞穗金融集團；三菱日聯金融集團(MUFG)；日本任天堂；日本鋼鐵公司；日本尼桑；野村控股公司；日本電信電話株式會社(NTT)；NTT DoCoMo, Inc.；松下；Seven & I Holdings Co., Ltd (7&I)；信越化學工業株式會社；索尼；日本三井住友金融集團；武田藥品工業株式會社；東京電力株式會社(TEPCO)；東京海上控股株式會社；東芝；及日本豐田汽車公司。



member-companies of the TSE to trade in its listed stock. 東交所有 100 多家證券會員公司，可在

所內進行股票期貨的買賣操作。買家入貨

一般都是先找網絡經紀人—現在全球的經

紀人何止成百上千—然後由經紀人透過東

交所的證券會員公司交易上市股票。

On the other hand, stocks may be purchased directly from the Securities member- companies, but only after opening accounts with them and in much larger quantities. Stocks purchased through online brokers are earmarked as being “owned” by the buyer but no certificates are issued, even though regular entitlements such as receiving dividends and the ability to buy and sell anytime remain as usual. 購買股票的另一種方法是直接向證券會

員公司購買，但這僅適用於在相關證券會

員公司開設有戶頭並且交易金額巨大的買

家。透過網絡經紀人購買的股票屬於買家，

但不發放憑證，不過收取股息 ,隨時對股

票進行買賣等一般權益照常。

More than 20 Securities member-companies of the TSE are foreign-owned and based: Trading companies from Hong Kong (HSBC Investment Services), France (BNP Paribas, one of the largest global banking groups in the world and headquartered in Paris

with its second global headquarters in London), the US (Banc of America Securities LLC (BAS) that is based in New York City and one of the two investment banking subsidiaries of Bank of America), the UK (Credit Suisse First Boston, a London-based 50-50 investment founded in 1978 banking joint venture which later evolved to include Credit Suisse's investment banking operations) and Switzerland (UBS AG, a diversified global financial services company with its main headquarters in Basel and Zürich, Switzerland), are among more than a dozen other foreign-owned Securities member-companies of the TSE that join a host of Japanese-owned Securities member-companies through which trading on the TSE can take place.東交所有超過 20 間證券會員公司屬於外

商獨資及外商投資企業，其中不乏來自香

港（滙豐投資服務部）,法國（法國巴黎

銀行，世界最大跨國銀行之一，總部位於

巴黎，第二環球總部位於倫敦）,美國（總

部位於紐約城的美銀證券 (BAS)，是美國

銀行旗下兩間投資銀行之一）,英國（瑞

士信貸第一波士頓銀行，一間成立於 1978

年的合資銀行（對等出資），總部位於倫敦，

後併入瑞士信貸的投資銀行業務）及瑞士

（瑞士銀行，一間總部位於瑞士巴塞爾和蘇

黎世的多元化全球金融集團）的交易公司。

這些外資證券會員公司透過日資證券會員

公司在東交所進行交易。

Nomura Securities Co., a holding of Nomura Holdings Inc (one of TOPIX 30 Index companies) is a prime example and one of the biggest of the more than 80 Japanese-owned Securities member-companies that are members of the TSE and through which trading can be accomplished either directly or indirectly as explained above. 野村控股（東證 30 指數成份股）旗下的

野村證券就是這樣一個例子。它是在東交

所上市的 80 多間最大的日資證券會員公司

之一，投資者可透過它進行直接或間接交

易。

Next issue watch out for The Hong Kong Stock Exchange, its Hang Seng Index and what you might want to learn about them as a prospective investor or as an interested reader of Asian Tigers Investor Report. 下期將介紹香港證券交易所及恒生指數，

為有意向投資者或亞洲虎投資報告讀者帶

來更多感興趣的資訊。|AT|



MAY 2010

26 Economy


Economic Outlook Malaysia 馬來西亞經濟展望

2008 and 2009 have been sluggish years for the Malaysian economy and follows similar performance as its Asian and global counterparts are echoing the world economic crisis that hit the financial markets during these periods. During this time, the Malaysian economy witnessed a shrinking real GDP growth of 1.5 percent from 2007 to 2008, and for the first time in over a decade, the country experienced negative GDP growth of 2.3 percent in 2009. Buoyed by

the various stimulus packages introduced by Governments globally plus overall improvement in the economy in the rest of Asia, Malaysia is expected to ride through this period and return to positive GDP growth of 5.5 percent.

在 2008 和 2009 年，馬來西亞經濟發展

緩慢，在全球金融危機的衝擊之下，亞洲

及全球其他國家的經濟發展亦舉步維艱。

該時期內，較之 2007 年，馬來西亞 2008

年的實際 GDP 增長收縮 1.5％，進入 2009

年後，馬來西亞 GDP 負增長 2.3％，這種

情況在近十餘年來首次出現。隨著全球各

國政府接連推出經濟刺激計劃，加之亞洲

其他地區的經濟出現好轉，預計馬來西亞

將重回正軌，實現 5.5％的 GDP 增長。

On a similar front, the Malaysian stock market experienced a significant drop in overall market capitalization value of roughly 41.8 percent from the end of 2007 to 2008 periods, though it partially recovered approximately 30.7 percent of its value by the end of the 2009 period. The overall market capitalization value is expected to remain the same, the very least echoing a positive outlook in the Malaysian real GDP growth.與宏觀經濟類似，2007 年底至 2008 年，

馬來西亞的股票市場總體資本化價值大幅

RFiD in Malaysia – Tracing the ROI 作者/by Richard Sebastian

馬來西亞的 RFID市場－追蹤投資回報率


periods, though it partially recovered approximately 30.7 percent of its value by the end of the 2009 period. The overall market capitalization value is expected to remain the same, the very least echoing a positive outlook in the Malaysian real GDP growth.

Domestic Market Capitalization (Malaysia), 2007 - 2010

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-0

7

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-0

8

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-0

9

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Dom

esticMarke

tCa

pitalization

($Million)

Bursa Malaysia

• Malaysian stock market show signs of bottoming out

Source: World Federation of Exchanges and Frost & Sullivan, 2010

Local RFID Performance

The last 12 to 24 months has seen strong traction for RFID in the Malaysian market. Unlike much of the other electronics market that also witnessed a decrease in demand during the economic crisis period, RFID followed regional trends to see continuous growth in the 2008 to 2009 periods. Many companies involved in the RFID value chain were able to maintain their profit margins and continued to experience growth during the economic slowdown. RFID’s unique ability to be a ‘step change’ technology whereby it’s ability to increase operational efficiency at a rapid pace instead of an incremental level ensures this market to be largely unaffected by economic downturn.

Moreover, it is felt that the domestic market is also more mature in terms of accepting this technology where they are willing to go ahead and pursue RFID initiatives unlike five years ago. This of course has been strengthened by the fact that the global financial crisis has been a key driver for the RFID industry. It has forced end users to reevaluate

2



0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-0

7

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-0

8

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-0

9

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Dom

esticMarke

tCa

pitalization

($Million)

Bursa Malaysia






2



0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-0

7

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-0

8

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-0

9

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Dom

esticMarke

tCa

pitalization

($Million)

Bursa Malaysia






2 | ASIAN TIGERS INVESTOR REPORT

縮水 41.8％，截至 2009 年末，約 30.7％

的資本價值得到部分恢復。今年，預計馬

來西亞股票市場的總體資本化價值將保持

不變，表明馬來西亞擁有樂觀的實際 GDP

增長前景。

Local RFID Performance本地 RFID 市場表現

The last 12 to 24 months has seen strong traction for RFID in the Malaysian market. Unlike much of the other electronics market that also witnessed a decrease in demand

during the economic crisis period, RFID followed regional trends to see continuous growth in the 2008 to 2009 periods. Many companies involved in the RFID value chain were able to maintain their profit margins and continued to experience growth during the economic slowdown. RFID’s unique ability to be a ‘step change’ technology whereby it’s ability to increase operational efficiency at a rapid pace instead of an incremental level ensures this market to be largely unaffected by economic downturn.

在過去的 12 至 24 個月內，馬來西亞市

場的 RFID 業務強勁增長。在經濟危機時

期，其他電子市場領域需求銳減，與之截

然不同的是，2008 至 2009 年間，RFID 市

場在該地區繼續保持增長態勢。眾多加入

RFID 價值鏈的企業成功維持利潤率水平，

在經濟低迷時期繼續實現業務增長。RFID

是一種能改變企業運作流程的科技，可快

速提高營運效率，確保該市場幾乎不受經

濟低迷的影響。

Moreover, it is felt that the domestic market is also more mature in terms of accepting this technology where they are willing to go ahead and pursue RFID initiatives unlike five years ago. This of course has been strengthened by the fact that the global financial crisis has been a key driver for the RFID industry. It has forced end users to reevaluate their strategies of running a business in order to not only continue competing in the market, but also be sustainable in the long term. This has further enhanced RFID’s value as an enabler of efficiency, in reducing waste and so on in an enterprise. At the same time, increasing needs for higher security either in the monitoring of goods for better visibility to reduce risk of shrinkage or to maintain the integrity of the product to prevent counterfeiting are also driving demand for this technology.此外，在接受該科技方面，馬來西亞國

內市場日趨成熟，企業願意主動採用 RFID

科技，這與五年前的情況大不相同。顯然，

全球金融危機的出現成為推動 RFID 行業

發展的重要因素。蕭條的經濟形勢迫使用

戶調整營運策略，目的不僅在於保持市場

競爭力，還有助於實現長期可持續發展。


RFID in Malaysia – Tracing the ROI

Economic Outlook Malaysia

2008 and 2009 have been sluggish years for the Malaysian economy and follows similar performance as its Asian and global counterparts are echoing the world economic crisis that hit the financial markets during these periods. During this time, the Malaysian economy witnessed a shrinking real GDP growth of 1.5 percent from 2007 to 2008, and for the first time in over a decade, the country experienced negative GDP growth of 2.3 percent in 2009. Buoyed by the various stimulus packages introduced by Governments globally plus overall improvement in the economy in the rest of Asia, Malaysia is expected to ride through this period and return to positive GDP growth of 5.5 percent.

GDP Growth (Malaysia), 2007 - 2010

-3

-2

-1

0

1

2

3

4

5

6

7

2007 2008 2009e 2010f Mala

ysiaR

ealG

DPGr

owth

Rate

(%)

Year 2007 2008 2009e 2010f

Malaysia Real GDP Growth Rate (%)

6.1 4.6 (2.3) 5.5


On a similar front, the Malaysian stock market experienced a significant drop in overall market capitalization value of roughly 41.8 percent from the end of 2007 to 2008

1





-3

-2

-1

0

1

2

3

4

5

6

7

2007 2008 2009e 2010f Mala

ysiaR

ealG

DPGr

owth

Rate

(%)

Year 2007 2008 2009e 2010f


6.1 4.6 (2.3) 5.5



1





-3

-2

-1

0

1

2

3

4

5

6

7

2007 2008 2009e 2010f Mala

ysiaR

ealG

DPGr

owth

Rate

(%)

Year 2007 2008 2009e 2010f


6.1 4.6 (2.3) 5.5



1





-3

-2

-1

0

1

2

3

4

5

6

7

2007 2008 2009e 2010f Mala

ysiaR

ealG

DPGr

owth

Rate

(%)

Year 2007 2008 2009e 2010f


6.1 4.6 (2.3) 5.5



1





-3

-2

-1

0

1

2

3

4

5

6

7

2007 2008 2009e 2010f Mala

ysiaR

ealG

DPGr

owth

Rate

(%)

Year 2007 2008 2009e 2010f


6.1 4.6 (2.3) 5.5



1





-3

-2

-1

0

1

2

3

4

5

6

7

2007 2008 2009e 2010f Mala

ysiaR

ealG

DPGr

owth

Rate

(%)

Year 2007 2008 2009e 2010f


6.1 4.6 (2.3) 5.5



1

GDP 增長（馬來西亞），2007－2010年

資料來源：世界交易所聯合會及 Frost & Sullivan，2010年

資料來源：世界交易所聯合會及 Frost & Sullivan，2010年

馬來西亞GDP增長率



0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-0

7

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-0

8

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-0

9

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Dom

esticMarke

tCa

pitalization

($Million)

Bursa Malaysia






2





-3

-2

-1

0

1

2

3

4

5

6

7

2007 2008 2009e 2010f Mala

ysiaR

ealG

DPGr

owth

Rate

(%)

Year 2007 2008 2009e 2010f


6.1 4.6 (2.3) 5.5



1





-3

-2

-1

0

1

2

3

4

5

6

7

2007 2008 2009e 2010f Mala

ysiaR

ealG

DPGr

owth

Rate

(%)

Year 2007 2008 2009e 2010f


6.1 4.6 (2.3) 5.5



1





-3

-2

-1

0

1

2

3

4

5

6

7

2007 2008 2009e 2010f Mala

ysiaR

ealG

DPGr

owth

Rate

(%)

Year 2007 2008 2009e 2010f


6.1 4.6 (2.3) 5.5



1

年份

馬來西亞實際GDP 增長率（％）

國內市場資本化（馬來西亞），2007－2010年



0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-0

7

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-0

8

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-0

9

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Dom

esticMarke

tCa

pitalization

($Million)

Bursa Malaysia






2



0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-0

7

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-0

8

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-0

9

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Dom

esticMarke

tCa

pitalization

($Million)

Bursa Malaysia






2

國內市場資本化（百萬美元）

2007年底－2008年底：-41.8％

2008年底－2009年底：+30.7％

馬來西亞股票市場呈現觸底反彈跡象



0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-0

7

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-0

8

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-0

9

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Dom

esticMarke

tCa

pitalization

($Million)

Bursa Malaysia






2



0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-0

7

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-0

8

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-0

9

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Dom

esticMarke

tCa

pitalization

($Million)

Bursa Malaysia






2



0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-0

7

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-0

8

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-0

9

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Dom

esticMarke

tCa

pitalization

($Million)

Bursa Malaysia






2

馬來西亞股票交易所





-3

-2

-1

0

1

2

3

4

5

6

7

2007 2008 2009e 2010f Mala

ysiaR

ealG

DPGr

owth

Rate

(%)

Year 2007 2008 2009e 2010f


6.1 4.6 (2.3) 5.5



1


28 Economy

該趨勢進一步鞏固 RFID 的價值，幫助企

業提高效率，減少浪費。與此同時，為實

現更好的貨物可視化監控，從而降低業務

萎縮風險，抑或為打擊偽造，保護正品，

企業對經營安全的要求不斷提高，進一步

推動該科技的需求增長。

Based on market observation, the Malaysian RFID market in 2009 was estimated to be approximately $9.5 million and is anticipated to further grow to roughly $33.8 million by the end of 2016 with a compound annual growth rate (CAGR) of 19.8 percent. The last 12 months have seen more RFID rollouts, with size and complexity of the project also increasing.

基於對市場形勢的分析，2009 年馬來西

亞 RFID 市場規模約為 950 萬美元，預計

在 2016 年底，將增長為約 3380 億美元，

複合年均增長率（CAGR）達 19.8％。過去

的 12 個月內，有越來越多的 RFID 交易完

成，項目規模及複雜程度不斷增加。

Among the notable projects in 2009 were end-to-end track and trace project from distribution right up to retailer for the national rice distributor, Padiberas Nasional Berhad (BERNAS); and the multimillion Ringgit project for the largest energy provider in Malaysia, Tenaga Nasional Berhad (TNB) to manage one of its warehouses that holds inventories worth over a billion Ringgit. This TNB

project was able to recoup the return on investment (ROI) in less than a year, and the management is satisfied with the results and intends to follow through implementing similar solutions in other warehouses across Malaysia in the coming months. 2009 年最值得關注的項目

包括，馬來西亞全國大米經

銷商 Padiberas Nasional

Berhad（BERNAS）開展的

覆蓋銷售渠道及零售商的終

端至終端追蹤項目；馬來西

亞規模最大的能源服務提供

商 Tenaga Nasional Berhad

（TNB）價值數百萬林吉特

的項目，旨在管理價值超

過十億林吉特的存貨倉庫。

TNB 項目在不到一年內即可得到投資回報

（ROI），管理層對結果十分滿意，計劃未來

數月內在馬來西亞其他地區的倉庫推行類

似的解決方案。

Other notable large scale projects includes usage of over a million tags to keep track of highly confidential documents for one of the ministries in Malaysia, and plans to keep track of over 80,000 cattle funded by the Veterinary Department of Malaysia’s Ministry of Agriculture and Agro-based industries to have better control over disease outbreaks.其他值得注意的大型項目包括，馬來西

亞一政府部門採用一百多萬個標簽追蹤機

密文件，以及馬來西亞農業及農業產業部

獸醫局計劃出資追蹤 80,000 多頭牛，以期

更好地控制疫情爆發。

Opportunities and Way Forward 未來機遇

It is anticipated that demand for RFID technologies will continue to grow and flourish in various verticals as the market warms up to this technology. The fact that more potential end-users understand that this technology can aid their businesses to move towards better operational efficiency and enhanced safety and security also encourages the market’s growth. In addition, various mandates given out by not only giant retailers but also governments


their strategies of running a business in order to not only continue competing in the market, but also be sustainable in the long term. This has further enhanced RFID’s value as an enabler of efficiency, in reducing waste and so on in an enterprise. At the same time, increasing needs for higher security either in the monitoring of goods for better visibility to reduce risk of shrinkage or to maintain the integrity of the product to prevent counterfeiting are also driving demand for this technology.

RFID Revenue (Malaysia), 2009 - 2016

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

2009 2016

Source: Frost & Sullivan, 2010


Among the notable projects in 2009 were end-to-end track and trace project from distribution right up to retailer for the national rice distributor, Padiberas Nasional Berhad (BERNAS); and the multimillion Ringgit project for the largest energy provider in Malaysia, Tenaga Nasional Berhad (TNB) to manage one of its warehouses that holds inventories worth over a billion Ringgit. This TNB project was able to recoup the return on investment (ROI) in less than a year, and the management is satisfied with the results and intends to follow through implementing similar solutions in other warehouses across Malaysia in the coming months.

Other notable large scale projects includes usage of over a million tags to keep track of highly confidential documents for one of the ministries in Malaysia, and plans to keep track of over 80,000 cattle funded by the Veterinary Department of Malaysia’s Ministry of Agriculture and Agro-based industries to have better control over disease outbreaks.

3

their strategies of running a business in order to not only continue competing in the market, but also be sustainable in the long term. This has further enhanced RFID’s value as an enabler of efficiency, in reducing waste and so on in an enterprise. At the same time, increasing needs for higher security either in the monitoring of goods for better visibility to reduce risk of shrinkage or to maintain the integrity of the product to prevent counterfeiting are also driving demand for this technology.

RFID Revenue (Malaysia), 2009 - 2016

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

2009 2016

Source: Frost & Sullivan, 2010


Among the notable projects in 2009 were end-to-end track and trace project from distribution right up to retailer for the national rice distributor, Padiberas Nasional Berhad (BERNAS); and the multimillion Ringgit project for the largest energy provider in Malaysia, Tenaga Nasional Berhad (TNB) to manage one of its warehouses that holds inventories worth over a billion Ringgit. This TNB project was able to recoup the return on investment (ROI) in less than a year, and the management is satisfied with the results and intends to follow through implementing similar solutions in other warehouses across Malaysia in the coming months.

Other notable large scale projects includes usage of over a million tags to keep track of highly confidential documents for one of the ministries in Malaysia, and plans to keep track of over 80,000 cattle funded by the Veterinary Department of Malaysia’s Ministry of Agriculture and Agro-based industries to have better control over disease outbreaks.

3

This TNB project was able to recoup the return on investment (ROI) in less than a year, and the management is satisfied with the results and intends to follow through implementing similar solutions in other warehouses across Malaysia in the coming months.

PHO

TO F

ROM

SKY

SCRA

PERC

ITY.

COM

Tenaga Nasional Building

GDP 增長（馬來西亞），2007－2010年

資料來源：Frost & Sullivan，2010年


Information30 Economy

worldwide, such as the case for adhering to food safety laws will drive further traction in this industry.隨著 RFID 科技逐步得到市場認可，預

計市場對該科技的需求將保持旺盛增長。

越來越多的潛在最終用戶認識到，該科技

有助於提高營運效率，改善安全性，還能

推動市場增長。此外，全球零售巨頭及政

府部門將不斷推出各種強制規定，確保遵

守食品安全法規，亦會進一步推動該行業

的發展。

Additionally, the proposed plans by the Malaysian Government to initiate a National RFID Roadmap make it a strategic enabler towards improvement of productivity levels in various sectors and is expected to play an instrumental role in shaping the local RFID scene and be a further boost towards leveraging on this track and trace technology. 此外，馬來西亞政府還計劃推行全國

RFID 應用規劃，在戰略上提高各個行業的

生產效率，預計將為馬來西亞本地 RFID

的應用發揮重要作用，進一步推動企業應

用該追蹤科技。

With plans of driving the nation towards a higher income nation and achieving the status of a developed nation by 2020, RFID is expected to be a key pillar from a technology standpoint. Overall, the foreseeable future looks promising for the RFID

industry in Malaysia as the country looks towards greater embracement of this technology although specific needs towards privacy control with regards to proper usage is expected to come to the forefront as this technology becomes more ubiquitous in the environment. 馬來西亞計劃進一步提高國民收入水平，

希望在 2020 年之前躋身發達國家行列，

RFID 將在科技層面發揮重要支柱作用。總

而言之，在政府的積極推動下，馬來西亞

的 RFID 行業發展前景光明，隨著該科技

的應用日趨深化，與合理使用該科技並保

護私隱的相關措施亦會相繼出臺。|AT|

This article was authored by: Richard Sebastian, Industry Analyst, Asia Pacific Electronics & Security, Frost & Sullivan.本文作者：Richard Sebastian，Frost

& Sullivan 亞太電子與安全業務部行業分

析師。


到：[email protected] Technology

With Mindanao as a precursor, inaction could see the Philippines lurch into another power crisis, ushering an “era of the candlelight… again”.

mindanao is variouslY desCribed as a “promised land” with its verdant forests and abundant mineral resources. Not all is well in paradise – First, the 2009 Ampatuan massacre of 57 journalists and their political opponents; second, conflicts for tribal dominance at the root of continual violence; and third, a rotating power outage lasting up to twelve hours.

棉蘭老島森林茂密，礦產資源豐富，被譽為

「應許之地」。在這個天堂之島，並非一切都

盡如人意，其一，2009 年的安帕圖安屠殺

令 57位記者及政治異己遇害；其二，部族

之間暴力衝突不斷；其三，被迫採用交替供

電方式，每天供電僅能維持 12小時。

The Mindanao power crisis is reminiscent of 1986 – 1992, when Corazon Cojuangco Aquino was president. Plagued by political instability, restless elements in the military were blamed for her failure to reign in the severe twelve hours power shortage. At that time, the defunct Far Eastern Economic Review encapsulated the Philippine economic prospects in its cartoon, depicting life during a Manila black out through this dialogue:棉蘭老島的電力危機令人回想起 1986 －

1992 年柯莉森·許寰哥·阿基諾（Corazon

Cojuangco Aquino）擔任總統的時期。菲

律賓飽受政局不穩的摧殘，軍隊存在不

穩定因素，社會面臨嚴重的 12 小時電力

短缺。當時，現已停刊的《Far Eastern

Economic Review》用卡通反映菲律賓的經

濟前景，透過以下對話表現馬尼拉停電期

間的市民生活：

Son: Dad, what did you have before candles? Father: Electricity!兒子：爸爸，在蠟燭之前，您用什麼照明？

父親：用電！

With Mindanao as a precursor, inaction could see the Philippines lurch into another power crisis, ushering an “era of the candlelight… again”. In this bleak scenario, who pays for costs of failure? What actions are needed? Who potentially benefits from this quagmire?如今，棉蘭老島再次陷入窘境，菲律賓

再次陷入電力危機，「再次回到燭光時代」。

面對如此慘淡的形勢，誰應承擔責任？應

採取哪些行動？誰又會在困境中獲益？

How did the Philippines get into this quagmire?菲律賓如何陷入該困境？

The present twelve hours power outages in Mindanao, and a shorter version in Luzon and the Visayas, are blamed on climate change. With 54% of Mindanao’s installed capacity in hydropower, El Niño practically shut down 902 MW of its installed capacity (out of 1,682 MW) because water reserves are below its critical levels. With peak requirements equivalent to 1,400 MW, close to 700 MW (inclusive of minimal reserves) in power capacity is needed to replace the hydro capacity lost to drought. Elsewhere


Energy 31minDanao

Welcome to theera of candlelight... again!

by Ricardo G. Barcelona

棉蘭老島歡迎再次回到燭光時代！

The reality is grimmer than what decision-makers are prepared to admit.

assets were sold piece meal instead of as corporate entities. Given regulatory uncertainty, except for one asset, power generation assets were sold well below their market value. For private entities, it was more lucrative to acquire cheaply and refurbish old plants, rather than build new capacity. Hence, while increased efficiency helped to initially close the supply gaps, new capacity needed to meet rising power demand is never built.2. 電力資產分割出售：與歐洲私有化模

式不同的是，菲律賓政府在出售電力資產

時，沒有將其作為企業整體出售，而是分

割出售。由於監管模糊，電力資產以大幅

低於市場價值的價格售出。對私營企業而

言，較之建設全新發電設施，廉價購買並

整修舊電廠更有利可圖。因此，新增的發

電效率一開始尚能滿足供應缺口，導致能

滿足不斷增長電力需求的新電廠無人修建。

3. Power reform act (or EPIRA1) restricts government from building new capacity: As originally intended, privatization advisers2 contemplated power generators to be organized as privately managed entities to give them strategic and financial flexibility. In order to encourage competition, state owned National Power Corporation (Napocor) was restricted from participating in new power capacity bidding. However, with power assets sold piece meal, while no corporate entities were organized, dominant power oligopolies reap the

1 EPIRA – Electric Power Industry and Restructuring Act or the Power Reform Act.

1 作者的聯絡電郵為： Ricardo.Barcelona@

cranfield.ac.uk 2 Author was principal adviser to Napocor president,

Guido A Delgado and the Department of Energy during the presidency of President Fidel v Ramos, 1992 - 1998.

2 EPIRA－電力工業及重組法案或電力改革法案。

in the Philippines, the Department of Energy claims that major maintenance on a number of power plants aggravated the power shortage. Hence, the problem is seen as short-term disruption – something they blame on the weather!棉蘭老島目前每天僅能維持 12 小時電力

供應，呂宋島及米沙鄢島的電力供應時間

更短，菲律賓政府將原因歸結為氣候變化。

棉蘭老 54％的裝機容量為水力發電，厄爾

尼諾現象造成蓄水量低於臨界水平，902

兆瓦的裝機容量被迫關閉（總容量為 1,682

兆瓦）。棉蘭老島高峰用電需求約 1,400 兆

瓦，旱情造成近 700 兆瓦（包括最低蓄水

量）的水力發電產能亟需替代。能源部表示，

在菲律賓其他地區，多個發電廠正在進行

重大維護施工，進一步加劇電力短缺。因此，

政府認為該問題屬短期發電中斷，將責任

歸咎於天氣！

The reality is grimmer than what decision-makers are prepared to admit. There are endemic flaws in the regulatory structure, privatization approaches and governance of the power sector. Examine for instance the following:較之決策者承認的形勢，實際情況更為

嚴峻。菲律賓電力行業在監管體制 ,私有

化方式及電力行業監管方面，均存在具有

地方特點的缺陷。以下列領域為例：

1. Politically motivated tariff setting: Mindanao is identified as an industrial zone that deserves cheap power. In turn, cheap power policy relied heavily on existing hydropower supply. While industries relocated to Mindanao, investments in new power capacity

cannot be justified. Hence, as no new capacity is built while demand grows significantly, Mindanao suffers severe power shortage.1. 出於政治動機的定價方案：政府將棉

蘭老島列為工業區，理應享有較廉宜的電

力。而低價用電政策對現有的水力發電依

賴度較高。企業遷至棉蘭老島後，新發電

項目的投資難以跟進。因此，在用電需求

猛增的背景下，棉蘭老島沒有任何新增發

電產能，導致出現嚴重電力短缺。

2. Power assets sold piece meal: In contrast to European privatization, power


Energy32

benefits of a “liberalized” power market that is neither competitive nor efficient. Not surprisingly, the outcome is contrary to what the advisers recommended.3. 電力改革法案（或 EPIRA1）限制政府

建設新發電設施：按照私有化顧問的最初

設想，發電企業應形成私人管理的實體，

擁有策略及財務靈活性。為鼓勵競爭，該

法案限制國有的國家電力公司（National

Power Corporation）（Napocor）參與新發

電項目競標。但是，由於政府將電力資產

分割出售，沒有形成統一的企業實體，佔

據電力市場主導地位的寡頭企業利用所謂

的「自由化」電力市場謀取巨額利益，改

革後的市場既無競爭，亦無效率。不出意料，

改革的結果與顧問的建議完全相反。

In effect, instead of creating a functioning competitive and efficient power system, what EPIRA achieves is a dysfunctional power market. Without any incentive to build new power capacity, and a state owned power generator that is restricted from taking up the slack, meeting rising power demand becomes hostage to fortune. Thus, while some politicians are quick

to blame the government and El Niño, the power shortage is as much a result of failed policies that “climate change” simply exacerbated.就實際效果來看，電力改革法案並未建

立合理競爭且高效的電力體系，反而造

成電力市場無法有效發揮調節作用。由於

私營企業缺乏新增發電產能的動力，國有

發電企業又受到政策限制，造成無法有效

滿足不斷增加的電力需求。因此，儘管有

些政客很快將責任推給政府及厄爾尼諾現

象，但電力短缺歸根結底的原因還是政策

失敗，「氣候變化」不過是加劇了電力短缺。

Who pays for this failure?誰該承擔責任？

Presidential aspirant Benigno Cojuangco Aquino III has a simplistic remedy to everything that ails the Philippines. “Without corruption, there will be no poverty” – as if competence is something you can assume away. Aquino III claims that the Philippines loses about 20% of its national budget of US$30.0 billion to corruption, or US$6.0 billion for 2010. However, with US$18.0 billion allocated to wages and interest payments that are “corruption proof ”, losses from corruption are at most US$2.4 billion in 2010 money.參與總統競選的班尼格諾·許寰哥·阿

基諾三世（Benigno Cojuangco Aquino

III）主張用簡單的方式解決菲律賓面臨的

所有問題。「如果沒有腐敗，就不會有貧

困」，似乎能力無足輕重。阿基諾三世認為，

菲律賓因腐敗損失約 20％的全國預算，即

300 億美元，希望在 2010 年將損失降低至

60 億美元。如果將 180 億美元作為工資及

福利發放，用於「抵制腐敗」，2010 年腐

敗造成的損失最多為 24 億美元。

Economic penalties from flawed policies are reflected in lower growth that represents lost income. The power crisis under President Corazon Cojuangco Aquino, Aquino III´s mother Cory, offer stark lessons in comparing the costs of corruption and incompetence – both were prevalent during Cory’s presidency.政策失誤導致經濟發展受挫，增長趨緩，

收入損失。柯莉森·許寰哥·阿基諾總統

是阿基諾三世的母親柯莉，她執政時期的

電力危機提供深刻的經驗教訓，促使人們

對比腐敗與無能帶來的損失，這兩個因素

均是柯莉執政時期難以解決的主要問題。

The Philippines suffered several coup d’états that protested against corruption perpetuated by the president’s relatives (i.e. Kamag-Anak Inc). While economic recovery was on stream by 1987, under-investment took its toll on the power sector and the economy. Without building a single power plant, compounded by the closure of the Bataan Nuclear Power Plant because of massive bribery, Cory set the stage for the 1990 – 1993 power shortage. Her priority was to reclaim the stolen wealth of her predecessor, President Ferdinand E Marcos - with mixed results. Unfortunately, the son did not learn from his mother’s dismal experience. He is intent as a sitting president on pursuing President Gloria Macapagal Arroyo for plunder – possibly at the expense of addressing the looming energy crisis.菲律賓曾出現多次政變，民眾抗議總統

親屬（即 Kamag-Anak Inc�）的腐敗行為。


Energy 33

Political incompetence is a far more serious loss than corruption – given that part of the leakages from bribery is re-invested into the economy.

Table 表 1.0 – Philippine Economic Performance 菲律賓經濟表現

Sources of data: Bangko Sentral ng Pilipinas and author’s calculations (資料來源：Bangko Sentral ng Pilipinas 及作者的計算)

1986 1987 1988 1989 1990 1991 1992

28.86329.868

3, 643, 42

2.701, 582.861, 35

32.35433.196

5, 154, 31

2.539, 792. 884, 73

6, 956, 83

US $ 000 GNP - Current GDP - CurrentPer Capita - % Change

GNP - Real GDP - RealEstimated Losses - US$ 000

GNP - Current GDP - CurrentImplied Inflation - % Change

GNP GDP

37.07437.885

7,216,75

2.146,582.367,81

7,387,38

41.65642.575

6,216,21

2.828,442.890,84

6,156,17

44.07344.418

4,783,00

3.622,804.441,80

1,021,33

45.65645.418

0,46-0,58

5.725,266.167,76

3,132,83

53.88952.976

1,550,34

6.170,296.706,76

16,4816,30

千美元

現行價格現行價格

現行價格現行價格

人均－變化百分比

實際實際

估計損失－千美元

隱含通貨膨脹－變化百分比

在 1987 年以來的經濟恢復時期，投資不足

嚴重拖累電力行業及經濟的發展。由於沒

有新建任何發電廠，加之巴丹半島核電站

因嚴重賄賂案關閉，柯莉政府為 1990 －

1993 年的電力短缺埋下隱患。她將追回前

任總統馬科斯（Ferdinand E Marcos）竊

取的財富視為首要工作，帶來複雜的後果。

遺憾的是，其子並未從中汲取教訓。他緊

盯阿羅約總統（Gloria Macapagal Ar-

royo）的腐敗傳聞，忽視應對電力危機，即

使付出慘痛代價亦在所不惜。

Aquino’s approach to solving the power crisis focuses on short term palliatives. To quote: “I will encourage investments in our energy sector to tap more diverse sources of power and lower the cost of energy in the long term. In the short term, I will support moves to mitigate the effects of the power crisis such as:在解決電力危機方面，阿基諾的措施僅側

重短期內緩解電力短缺。他主張：「我將鼓

勵能源領域的投資，透過多種渠道開發電力，

降低能源的長期成本。在短期工作方面，我

將採取措施緩解電力危機的影響，例如：

1. Leasing power barges1. 租賃電力駁船；

2. Contracting additional generating capacity through cooperatives and private utilities2. 透過合作社及私人機構外包額外的發

電容量；

3. Allowing the National Grid Corporation of the Philippines to use ancillary services such as the contracting of back-up generating capacity

3. 允許菲律賓國家電網公司（National

Grid Corporation）使用輔助服務，例如

外包後備發電容量；及

4. Promoting demand side management”4. 推廣需求方管理」

This stance betrays an ad hoc approach to energy policy that the present government is guilty of. Contracting power capacity, as Aquino III contemplates in time of crisis has a number of drawbacks. By locking in expensive power, Aquino III´s proposal has little chance of mitigating the adverse effects of a power crisis. Just like the present government, they search for short-term palliatives to solve what is essentially a long term, capital-intensive commitment. In its most basic level, where can utilities contract cost effective capacity within a system that is severely short of supply?


Energy34

A number of economists... estimated conservatively that the Philippines needed to grow annually above its historic trend in real terms to achieve economic prosperity.

該姿態不同於現政府倍感後悔的能源政

策。阿基諾三世在危機時期提出的外包發

電容量的措施存在諸多缺點。這種方案依

賴昂貴的電力，很難緩解電力危機的不利

影響。與之類似，現任政府亦在尋找短期

緩解方案，而該問題的真正解決仍有賴於

長期的大量資本投入。就最基本的層面而

言，在供應嚴重短缺的體制內，成本合理

的發電容量又從何購得呢？

The Clearly, the lessons are never learned from the 1992 fast track power program. In the face of a crippling power shortage inherited from Cory, Ramos had to fast track the building of ten power plants. The expensive power capacity that was built while easing power shortage saddled consumers with high prices for at least a decade.顯然，1992 年實行快速電力發展計劃之

後，菲律賓人並未從中汲取教訓。受柯莉

時代造成的電力短缺影響，拉莫斯不得不

快速建造十座電廠。新電廠雖然能緩解電

力短缺，但由於成本高昂，用戶至少在十

年內要承受高電價。

A number of economists such as former Finance under-secretary Romeo Bernardo estimated conservatively that the Philippines needed to grow annually above its historic trend in real terms to achieve economic prosperity. This is lower than what China achieved at 10% to 12% annually over three decades that Vietnam is replicating since 2007. For our purposes, I use 7% as the growth threshold to illustrate the costs of incompetence that was exhibited by Cory’s economic policy team.原財政部副部長 Romeo Bernardo 等經

濟學家保守估計，為實現經濟繁榮，菲律

賓的經濟增長必須超越歷史水平。在過去

三十年內，中國的年經濟增長保持在 10％

至 12％，自 2007 年以來，越南亦達到類

似水平，菲律賓的發展情況顯著落後。為

說明情況，我使用使用 7％作為增長臨界

值，表明柯莉經濟政策團隊的無能付出的

代價。

On a simplified basis, actual growth that falls below this 7% threshold represents foregone income to the people. Hence, as shown in Table 1.0, at the height of the Philippine power crisis in 1991-1992, when the economy declined and stagnated, about US$6.7 billion in income was permanently lost. This is roughly equivalent to US$12.2 billion in 2010 money, or enough to build 12,200 MW

敗，卻並未妨礙這兩個國家的經濟發展。

在1986年至1992年以及1998年至2010年，

較之菲律賓，這兩國領導人管理經濟的能

力顯然更強。

What actions are needed?應採取哪些行動？

Another presidential aspirant, Senator Manuel B Villar Jr, aims to focus on competence in delivering his power infrastructure investments that secure long-term power supply. This involves a) utilizing indigenous resources such as hydro, geothermal, biomass and wind power; b) base-load power generation capacity such as clean coal and co-generation; and c) energy efficiency.參議員曼紐爾·維拉二世（Manuel B

Villar Jr）亦參與競選總統，他注重提高

政府的執政能力，加大對電力基礎設施的

投資，確保長期電力供應。相關舉措包括：

a) 充分利用本土資源，例如水能 ,地熱 ,

生物能及風能；b) 基本負荷發電產能，例

如清潔煤炭及熱電聯產；及 c) 能源效率。

Former president of National Power Corporation, Guido Alfredo A Delgado, suggests the following actions to realize Villar´s vision of a Philippines with secure power supply:為實現維拉的構想，保障菲律賓的電

力供應，國家電力公司前總裁 Guido

Alfredo A Delgado 建議採取下列措施：

1. In the short term, lease power generators for a year to a) meet immediate power shortfall in Mindanao;

in new power capacity that can solve any outages for good. In addition, with higher inflation, people’s purchasing power was eroded – a double hit on well-being. 簡言之，實際增長低於 7％臨界值表明過

去的人口收入。因此，如表 1.0 所示，在

1991 － 1992 年菲律賓電力危機最嚴重的時

期，出現經濟下滑及停滯，造成約 67億美

元的收入損失。按照 2010 年的貨幣價值計

算，該損失約等於 120 億美元，足夠新增

12,200 兆瓦的發電產能，完全能解決當前

的電力短缺。此外，由於通貨膨脹率居高

不下，人口的購買力下降，令經濟雪上加霜。

Political incompetence is a far more serious loss than corruption – given that part of the leakages from bribery is re-invested into the economy. Without getting into the morality of corruption – it is wrong – incompetence carries a higher penalty that saps society’s vitality. 鑒於部分賄賂被重新投資於經濟，政治

無能帶來的嚴重損失應遠遠超過腐敗。面

對腐敗置之不理固然不對，但執政無能會

給社會經濟發展帶來更沉重的打擊。

Fast forward to 2010, with the Philippine economy having expanded

to US$166.1 billion, a repeat of the 1991 – 1992 power crises could cost the Philippines at least US$10.8 billion annually. Then, it took China less than a decade to surpass the Philippines in 2004 in terms of GDP per capita. Will Vietnam growing at 10% annually achieve the same feat as China did before 2020? Yet, in all global transparency surveys, China and Vietnam are not the paradigms of integrity and transparent governance. They grew in spite of their government… and corruption. What they have are leaders who are more competent than what the Philippines could offer from 1986 to 1992 and 1998 – 2010.進入 2010 年，菲律賓經濟已達到 1661

億美元的水平，1991 － 1992 年的電力危

機再次出現，每年會給菲律賓帶來至少

108 億美元的損失。因此，2004 年，中國

的人均 GDP 水平在不到十年內就超過菲律

賓。如果越南繼續保持每年 10％的增長，

是否會在 2020 年之前取得與中國一樣的成

績？但是，在所有全球透明度調查中，中

國及越南都不被視為公平公正及透明管治

的典範。儘管政府管理不夠透明且存在腐


Energy 35

and b) provide reserve capacity while awaiting rainfall during the monsoon season to refill the hydro power reservoirs.1. 短期內，租賃一年發電機組，旨在：a)

滿足棉蘭老島眼前的電力短缺；及 b) 提

供儲備發電產能，等待雨季降雨，使水電

水庫重新蓄水；

2. Upgrade co-generation and enhance energy efficiency of large industrial consumers such as sugar centrals, cement plants, among others.2. 升級熱電聯產設施，提高大型工業用

戶的能源效率，例如製糖廠 ,水泥廠等；

3. Mechanisms to institutionalize power pricing according to its time of use that allow for more rational capacity investment and usage decisions.3. 依據使用時間制定電價調節機制，促

進更合理的發電產能投資及使用決策；及

4. Tap state owned and local private banks to finance acquisitions of new power capacity. 4. 吸引國有及地方私人銀行參與，為收

購新發電產能提供資金。

By allowing pricing to signal the economic value of power, persistently rising prices (or vice versa) signals the need for new capacity to mitigate tightening supply. On the demand side, pricing can rationalize usage that reduces waste that subsidized power prices encourage.透過讓價格體現電力的經濟價值，持續

漲價（反之亦然）表明有必要新增發電產

能，以緩解供應緊張的情況。在需求方面，

價格變動可合理調整使用情況，減少浪費，

避免低電價帶來的不合理使用。

Emergency power capacity is expensive, with some estimates suggesting a rate as high as US$0.40/kWh. This compares with US$0.067/kWh that Mindanao consumers paid prior to the power crisis, with Visayas paying a higher rate at around US$0.08/kWh. Therefore, by limiting leased power to a year, the power price impact can be contained and more readily blended into existing tariffs.應急發電產能成本高昂，預計高出 0.40

美元／千瓦時。在電力危機之前，棉蘭老

島的用戶支付的電價為 0.067 美元／千瓦

時，米沙鄢島用戶支付的費用更高，約為

0.08 美元／千瓦時。因此，透過將租賃電

力限制在一年內，電價的影響將會持續，

從而更好地融入現有的定價方案。

Once power supply is stabilized, medium term solutions need to be

addressed. On his accession to power, a president Villar would likely examine his options and focus on the following:電力供應一旦穩定，即可實行中期解決

方案。鑒於他熟知電力行業，維拉如當選

總統，很可能考慮其觀點，並側重下列工作：

1. Revamp tariff setting mechanism: In the absence of a functioning wholesale power market, power prices need to be set by the regulator. Unlike the present annual tariff application, a five year tariff setting on capacity payments with a pass through of fuel costs to consumers could make tariff setting more transparent and simpler. Any savings from efficiency accrue to the power generators as an incentive, or as penalty if costs turn out to be higher. 1. 調整定價方案的機制：由於缺乏正常

運轉的電力批發市場，電價必須由監管機

構制定。與目前每年調整的定價方案不同，

新措施將採用五年制定價方案，向用戶公

開燃料成本，使定價方案更透明 ,更簡化。

發電企業提高效率實現的節約作為獎勵，

如成本過高則作為罰金。


Energy36

By allowing pricing to signal the economic value of power, persistently rising prices signals the need for new capacity to mitigate tightening supply.

2. Cross subsidies need to be eliminated: The present system of regional tariffs, where Mindanao enjoys partially subsidized tariffs, skew capacity investments to higher tariff areas such as Luzon and Visayas. While the aim to encourage industrial relocation to Mindanao is laudable, this policy is short sighted as the Philippines is finding to their grief.2. 取消交叉補貼：在現有的地區定價體

制下，棉蘭老島的電價享受部分補貼，導

致發電項目投資轉向電價較高的地區，例

如呂宋島及米沙鄢島。該體制雖然能鼓勵

企業遷往棉蘭老島，但亦存在短視的一面，

造成菲律賓目前面臨的窘境。

3. Control over market power abuse: Under a power oligopoly, trading in the wholesale market is virtually ineffective. With one large buyer and a couple of large power generators, traded electricity is an irrelevance to power supply management. Yet, balancing contracted supply through trading is as essential as ensuring sufficient capacity to secure power supply. 3. 控制濫用市場主導地位：在寡頭市場

格局下，批發市場的交易無法有效發揮作

用。目前的菲律賓電力市場存在一家大規

模買方及兩大發電企業，電力交易與電力

供應管理並不相關。為保障電力供應，透

過交易實現承包供應平衡與確保充足電力

產能同等重要。

4. Corporatize remaining assets: Under EPIRA, no new capacity is to be built by Napocor. With the remaining capacity earmarked for privatization, Napocor can be restructured into a privately run power generator with a private sector style management. Subsequent flotation of the company may be contemplated to promote shareholder democracy. 4. 剩餘資產企業化運作：依據電力改革

法案，國家電力公司不得參與新發電產能

的建設。在剩餘發電產能推行私有化的背

景下，國家電力公司可重組為私人經營的

發電企業，採用私營領域的管理方式。該

公司的後續發展有助於促進董事民主。

These challenges need to be met head on with urgency. For this reason, the choices Philippine voters make on May 10, 2010 will influence the long-term economic prospects. If the power sector is mis-managed as it was in 1986 – 1992, and subsequently, for most of 1998 to 2010, my grim forecast of Vietnam overtaking the Philippines by 2020 will come closer to reality.

菲律賓政府必須立即應對上述挑戰。因

此，菲律賓選民在 2010 年 5月 10 日做出

的選擇將影響經濟的長期發展前景。如果

政府繼續按照 1986 年至 1992 年以及 1998

年至 2010 年的方式錯誤管理能源行業，越

南在 2020 年之前超越菲律賓的預測很可能

成為現實。

In order to support the four point actions, the incoming legislature under a Villar presidency will need to introduce the following legislations:為支援以上四項措施，如維拉當選總統，

立法機構有必要施行下列法規：

1. Amendments to EPIRA: Changes need to focus on how the power sector is governed. At present, Congress and Senate oversee emergency power capacity builds – a function that is best serve as a corporate decision, with the executive branch responsible for its execution for as long as the state is a shareholder of Napocor. Once corporatized, Napocor should be free to pursue strategies that allow it to compete effectively with local and Asian power generators.1. 電力改革法案修正案：修訂內容應重

點關注如何管理能源行業。目前，菲律賓

國會及議會負責監管應急發電產能建設，

該職責最好由企業履行，讓企業管理層對

執行負責，國家仍作為國家電力公司的股

東即可。一旦實行企業化，國家電力公司

可自由執行業務策略，與本地及亞洲發電

企業高效競爭。

2. Anti-Trust legislation: Oligopolies need not be broken up. What legislation

needs is to provide a framework whereby new entrants are given access, and once in the field, are protected against potential market abuse by oligopolies. This is where anti-trust law, that at present is non-existent in the Philippines, can provide transparency that supports the integrity of markets – not only in power sector but also for the whole economy. This is consistent with Villar´s policy of promoting a level playing field for business.2. 反壟斷法：不必打破寡頭市場。只要

透過立法提供框架，允許新企業參與市場，

新企業進入市場後，受到法律保護，不受

寡頭濫用主導地位的侵害。菲律賓目前尚

無反壟斷法，該法律可提供透明的競爭環

境，有力支援市場的公平公正，不僅能源

行業需要這樣的法律，整個經濟亦然。這

與維拉倡導公平競爭的政策相符。

Clearly, the Philippines need more than just the slogan that naively sells the false prospectus that “without corruption, there will be no poverty”. Competence is an essential quality of the next Philippine president to confront the multitudes of challenges. Presumed “integrity without competence” leads to greater disasters as 1986 – 1992 already proved. 顯然，菲律賓需要的絕不僅僅是口號，

「沒有腐敗，就不會有貧困」，這種天真的

設想只會誤導國民。對下一任菲律賓總統

而言，為應對多重挑戰，卓越能力至關重

要。如果「僅憑臆想的公平公正，但沒有

能力」，只會使菲律賓重蹈 1986 年至 1992

年的覆轍。


Energy 37

Who benefits from this quagmire?誰會在困境中獲益？

Dr Bernardo M Villegas, eminent professor at University of Asia and the Pacific, Philippines and a visiting professor at top rated IESE Business School, Spain, is best known as Asia’s prophet of boom. At the height of the 1991 – 1992 power crises, in promoting Philippine investment, Villegas advised global investors: “Philippines offer wide ranging opportunities in low power intensive industries. While you are considering your investments, bring your own power generators as well”. At that time, few heeded his advice. As time would prove Villegas right, his advice was spot on – with investors braving the uncertain economic climate, they reaped the benefits of foresight. The rest is now history. The Philippines built successful low power, high skills intensive industries such as business process outsourcing, tourism, and medical care, among others, with a few others emerging as sunrise industries such as agribusiness. Bernardo M Villegas 博士是菲律賓亞

太大學（University of Asia and the

Pacific）的著名教授，還是西班牙頂尖的

IESE 商學院（IESE Business School）

的客座教授，被譽為亞洲的繁榮先知。在

1991 年至 1992 年電力危機最嚴重的時期，

為推動菲律賓投資發展，Villegas 向全球

投資者建議：「在低勞動密集型行業領域，

菲律賓能提供豐富業務機會。但在考慮投

資時，別忘記把自己的發電站帶上。」當時，

鮮有人關注他的建議。隨著形勢發展，事

實證明 Villegas 的正確，他的建議開始

備受關注，在充滿不確定性的經濟環境下，

遠見卓識的觀點令投資者獲益匪淺。其他

的故事現已成為歷史。菲律賓成功打造低

能耗 , 高技術密集型行業，例如業務流程

外包 , 旅遊 , 醫療等，還有其他朝陽行業，

例如農業關聯產業。

The government’s poison is someone’s meat. As incompetence leads the Philippines to lurch from one crisis to the next, power generator capacity investments will offer the next investment boom. As power outages become more severe, those with capacity to provide efficient and cost effective solutions are bound to reap the benefits that few investors are capable of offering. This is a repeat of 1993 to

1998, when an effective president such as President Fidel V Ramos turned the failures of the Aquino presidency into a platform for growth. By 1994, the Philippines was dubbed the “tiger cub of Asia” – which was a sharp contrast to its moniker as the “sick man of Asia” under Cory Aquino. Thus, the choices between a false prospectus of “presumed integrity” and, a candidacy built around competence with integrity are what set apart Aquino III and Villar in the coming Philippine presidential elections. 政府的失誤可能令某些人帶來意想不到

的好處。政府無能導致菲律賓危機不斷，

發電機組投資可能引發下一輪投資熱潮。

由於電力短缺日趨嚴峻，少數投資者有能

力提供高效且成本廉宜的解決方案，從中

獲得巨大收益。1993 年至 1998 年的情況

再次重演，當時，能力出色的阿莫斯（Fidel

V Ramos）總統將阿基諾政府的失敗成功轉

變為經濟增長的平臺。1994 年，菲律賓被

譽為「亞洲小虎」，與柯莉·阿基諾執政時

期「亞洲病夫」的綽號形成鮮明對照。在

即將到來的菲律賓總統大選中，一方面是

錯誤篤信「臆想的公正公平」的阿基諾三世，

一方面是注重能力同時堅持公平公正的維

拉，民眾的選擇終將揭曉。

Advisers and financiers with extensive experience and deep expertise in power restructuring, regulation and investments are likely to find the Philippines an attractive market. With a competent president, the Philippines could repeat the economic boom that the Ramos presidency delivered from 1993 to 1998.

如果顧問機構及金融機構在電力重組 ,

監管及投資方面擁有豐富經驗及深厚專業

實力，很可能將菲律賓視為極富吸引力的

市場。在稱職總統的領導下，拉莫斯在

1993 年至 1998 年實現的經濟繁榮將會在

菲律賓再次上演。

Inadvertently, the prospects for the Philippines may hinge on the choice that Filipinos make on May 10, 2010: Trust in a “presumed integrity” of Aquino III and hope that the Philippines stumbles into its next boom (or perhaps, crisis); or elect a competent president with integrity such as Villar who can enhance the prospects of raising the Philippines to the ranks of global leaders.菲律賓的發展前景取決於選民在 2010 年

5 月 10 日的選擇：信任阿基諾三世「臆想

的公正公平」，期許菲律賓能實現下一次繁

榮（或許危機）；抑或選出維拉這樣具備能

力同時堅持公正公平的總統，帶領菲律賓

躋身世界強國的行列。

While Filipinos make up their minds, global investors await the outcome of that critical choice… ever ready to close their wallets tight and move on to other climes, or start writing their cheques to support the Philippine opportunities they are prepared to back.在菲律賓人做出選擇的同時，全球投資

人亦在等待結果，是收緊錢袋，轉向其他

市場，還是投入鉅資，鼎力支援菲律賓的

發展機會。 |AT|




Energy38

the hong Kong inFluence in sMart cards作者/by Reuben Foong

香港對智能卡發展的影響


The Chimera Islands中西合璧之島

handed over from the british to the Chinese in 1997, the Special Administrative Region of China, Hong Kong is technically a part of China. Hong Kong, however, maintains a clearly defined degree of autonomy. Key political alliances within Hong Kong currently remain between an alliance leaning towards Beijing and heavily towards more democracy. Hong Kong’s current autonomy ends in 37 years, in 2047. As the only Cantonese speaking country in the world, Hong Kong carries strong Chinese traditions, some of which are seldom observed in China today; a scenario frequently found in many Chinese Diaspora communities worldwide. The British influence in Hong Kong however, ingrained into the islands for over 100 years, is also very evident.

1997 年，中國政府從英國手中收回香港，

建立特別行政區，成為中國的一部分。但

香港仍保持高度自治。香港的政治團體一

部分傾向於靠攏北京，另一部分則尋求更

為民主的制度。香港的自治體制將在 37 年

後結束，即 2047 年。作為全球唯一使用粵

語的自治地區，香港秉承深厚的中國傳統，

部分傳統在當今中國已很難看到，該現象

在全球各地的諸多華人社區十分常見。不

過，在歷經英國 100 多年的管轄之後，英

國對香港社會的影響亦十分顯著。

Technology 39


Technology40

In all areas, Hong Kong carries a very thick culture between ancient Chinese traditions with western style development that has a distinct British flavour. Leveraging on the best of both worlds, the Chimera Islands of Hong Kong have a lot to be proud of. The dual culture is reflected in all levels of society and function that includes schooling systems, government agencies, armed forces, business conduct, financial services and more. It is also an incredibly dense and very developed nation facing an increasingly ageing population – a common issue in several developed dense countries in Asia Pacific such as Japan and Singapore. An ageing society has long term ailments such as a lack of skilled labour needed to drive the economy; this is, in part, being remedied with a very open labour market much alike the job markets in Singapore, Abu Dhabi and Dubai.香港在各個方面都秉承深厚的中國傳統，

同時具有鮮明英國特色的西方風格。香港作

為中西合璧之島，充分借鑒東西文化的精髓，

有很多值得自豪的優勢。香港的雙重文化特

點在社會的各個層面都有所體現，包括教育

體制 ,政府機構 ,武裝力量 ,營商方式及金

融服務等。香港人口密度驚人，經濟發達，

老齡化人口不斷增加，該特點在亞太地區多

個高人口密度的發達國家十分常見，例如日

本及新加坡。老齡化社會可能帶來長期的不

利影響，例如缺乏推動經濟發展的高素質勞

動力，為彌補這方面的不足，香港建立十分

開放的勞動力市場，與新加坡 ,阿布扎比及

迪拜的人才市場類似。

Like a powerful financial house, decorated with low taxation, free trade and a mostly ‘hands off ’ administration, the Hong Kong dollar remains the 9th-10th most traded currency worldwide while Hong Kong has become a channel for Chinese currency, the Renminbi’s (RMB), internationalization. Approximately 50% of Hong Kong’s exports are to China and for many local and foreign investors, Hong Kong represents a secure, stable and mature environment which acts as a gateway to the mainland Chinese markets. In this two way street, approximately 40% of the firms on the Hong Kong Stock Exchange are mainland Chinese companies, leveraging on the British built financial services hub that Hong Kong has become, fed by the Herculean financial muscle of the mainland.香港經濟實力雄厚，稅率較低，實行自

由貿易制度，政府很少干預經濟，在全球

交易最頻繁的貨幣中，港元位列第九至第

十，香港還是中國的人民幣國際化的重要

渠道。香港約 50％的出口輸入中國，對諸

多本地及境外投資者而言，香港的經濟環

境安全 ,穩定且成熟，是進入中國大陸市

場的門戶。歷經多年的雙向交流，香港聯

交所的上市公司約有 40％來自中國大陸，

英國的長期管轄將香港打造成為金融服務

樞紐，企業充分利用該優勢，大陸的巨額

資金亦給予香港金融市場有力支援。

The autonomy provided by the mainland to Hong Kong ensures the Hong Kong legal system is still based on English common law. China has strategically leveraged on Hong Kong’s civil practices as a by way for foreign investors to invest in the Chinese market. As laws within the Chinese mainland, especially to foreign firms, can be a perilous terrain to navigate, the stability and clarity of laws and policies in Hong Kong represent perhaps the best bet for many firms looking to expand into the enormous buying power that is the Chinese population.在高度自治體制下，香港的司法系統仍

沿用英國的普通法。中國政府充分利用香

港的民事服務制度，推動境外投資者投資

大陸市場。對境外企業而言，中國大陸的

法律往往難以駕馭，而香港的法律及政策

穩定且明確，境外企業若想充分把握中國

龐大的購買能力，香港是十分明智的跳板。

Technologically speaking, Hong Kong holds a very unique position in its own right; a culture that in a sense follows the

high receptiveness of Far East nations coupled with a very well developed private sector that holds a strong appreciation for research and strategy, it allows for modern management techniques and far sighted strategies to be executed.從科技角度出發，香港十分注重保護自

身權利，這裏的文化對遠東各國接受程度

較高，私營企業高度發達，注重研發及策略，

現代管理方法及遠見卓識的策略在這裏能

得到很好地執行。

Successful Smart Card Footprints成功的智能卡市場

Hong Kong is amongst the key adopters of smart card technology across Asia Pacific; notable smart card projects in Hong Kong include migrating from magnetic stripe banking card (credit, debit and ATM cards) to smart card based technology, e-Passports, and smart card based mass transit ticketing cards.在亞太地區，香港是利用智能卡科技的

主要地區之一，香港最值得注意的智能卡

項目包括磁條銀行卡（信用卡 ,貸記卡及

ATM 卡）,基於智能卡的科技 ,電子護照

以及基於智能卡的公共交通乘車卡。

The ‘fragrant harbour’ – a direct translation to the meaning of Hong Kong, by large owes the strategic waterfront for its long history of economic prosperity. Hong Kong has a market that is very mature which can be attributed to three key prongs – the government, private sector and the general public. The Hong Kong government


Economy 41Technology 41

Government Effort Corporate Effort

Market Penetration

EZ-Link Card ~230% Penetration - Singapore

Touch ‘n Go Card ~30% Penetration - Malaysia

T-Money ~98% Penetration – South Korea

Suica Card ~30% - Japan

Octopus Card ~250% Penetration – Hong Kong

Mass Transit Ticketing Market Comparison in Asia Pacific – Market Penetration and Government Intervention


Market Penetration







Source : Frost & Sullivan

Singapore and T-Money Card in South Korea.在私營業務領域，八達通卡是又一實例，

該著名的公共交通卡在香港居民中的普及率

已達到約250％，可能是亞太地區甚至全球

範圍內普及率最高的電子現金卡。新加坡的

EZ-Link 卡普及率緊隨其後，約為230％，

位居第三的智能卡普及率低於100％。更重

要的是，八達通卡是香港主要交通運輸公司

合作努力的結果，該項目的推廣過程中，政

府沒有絲毫介入。而在亞太地區，其他類似

八達通卡的項目在推行過程中均有政府的強

勢介入，例如馬來西亞的 Touch'n Go 卡 ,

新加坡的 EZ-Link 卡及韓國的 T-Money 卡。

Complementing the effort by the government and private sectors is the fast-paced culture that the proud people living in Hong Kong carry, quickly picking up applications and technology that will serve them better. This is reflected in both the uptake of e-Passports, the Octopus Card as well as mobile penetration rate. At more than 160% penetration, Hong Kong is second only to Macau in Asia Pacific. 香港社會始終保持快節奏文化，能夠提

供更好服務的應用及科技會快速得到公眾

認可，因而無需政府及私人企業大力推廣。

電子護照 ,八達通卡及手機普及率均體現

出該特點。香港的手機普及率超過 160％，

在亞太地區緊隨澳門之後。

The very high mobile handset penetration rate coupled with the extensive contactless card payment infrastructure paved by Octopus Holdings has created the ideal environment for the release of a commercial scale Near Field Communication (NFC) implementation, which is expected to pick up quickly in Hong Kong given the pro-

technology culture of its citizens.由於手機普及率極高，加之八達通控股

有限公司廣泛安裝非接觸卡支付設施，為

香港應用商業級近距離無線通訊（NFC）創

造理想環境，在香港市民熱衷科技文化的

影響下，預計該技術將迅速普及。

A commercial NFC project in Hong Kong, however, may take some time to be realized. While the commercial hub of

is well known for being a very pro-active government that enacts farsighted rules, regulations and initiatives. A prime example would be the Hong Kong e-Passport (also known as the biometric passport) which is often considered an exemplary model of an e-Passport system implementation. The relevant government agencies have been known to conduct extensive research with pioneering projects such as Malaysia as well as contract the appropriate advisory services for the project, ensuring a ‘best in class implementation’. The success of the Hong Kong e-Passport is reflected by its adoption, boasting one of the highest e-Passport penetration rates in Asia Pacific rivaled only by Singapore, Macau and Brunei.香港的字面含義即芬芳的港口，這裏擁

有濱海優勢，經濟繁榮的歷史十分悠久。

香港擁有非常成熟的市場，政府 ,私營企

業及普通公眾是三大貢獻因素。香港政府

執政積極主動，推行遠見卓識的法規及計

劃。其中香港電子護照（亦被稱為生物特

徵護照）計劃即是實例，該計劃被視為電

子護照系統推行的典範。相關政府部門深

入研究馬來西亞等國的領先計劃，聘請顧

問機構參與，確保最高水準的政策執行。

香港電子護照的採用及普及率在亞太地區

位居前列，與新加坡 ,澳門及文萊相當，

充分證明該計劃的成功。

With regards to the private sector on the other hand, a prime example is the Octopus Card – the famous mass transit ticketing card that has achieved approximately 250% penetration amongst the islands population, arguably the highest penetration rate for an e-Money card in Asia Pacific and possibly even across the globe. Such a high adoption rate is followed closely the EZ-Link card in Singapore with an approximate penetration of 230%; the next closest rival to these two champions resides at below 100% penetration. More importantly perhaps is the fact that the Octopus Card was born out of a collaborative effort amongst the dominant public transportation companies in the island, a project conducted and executed in unity without any government intervention whatsoever. Other such projects in Asia Pacific that dominates the geography like the Octopus Card, is typically only achievable with strong government intervention such as the Touch ‘n Go Card in Malaysia, EZ-Link Card in


Market Penetration








Market Penetration








PHOTO FROM EquIvOCALITY.COM

PHOTO FROM HONGKONGHuSTLE.COM


Market Penetration








Market Penetration








亞太地區公共交通卡市場對比－市場普及率及政府干預

資料來源：Frost & Sullivan

市場覆蓋率

EZ-Link Card~230% Penetration - Singapore

T-Money~98% Penetration - South Korea

EZ-Link 卡－普及率230％－新加坡

T-Money－普及率98％－韓國

Touch 'n Go Card~30% Penetration - MalaysiaTouch’n Go 卡－普及率30％－馬來西亞

Suica Card~30% - JapanSuica 卡－30％－日本

政府努力企業努力

Octopus Card~250% Pentetration - Hong Kong八達通卡－普及率250％－香港


Technology42

Asia Pacific that is Hong Kong has been demonstrated to implement best practices, with regards to technology, business models as well as laws and policies, best practices only comes from studying the trials and tribulations of pioneering efforts, which Hong Kong lacks. The islands culture seemingly prefers to study pioneering projects with the intention of getting their efforts right the first time around, hence the success of numerous exemplary initiatives.不過，香港的商業 NFC 項目真正實現尚

需時日。香港作為亞太地區的商業樞紐，

在科技 ,商業模式 ,法律及政治方面一直

秉承最佳實踐方法，而最佳實踐方法源自

測試研究及領先的應用嘗試，香港在這方

面尚有不足。香港文化更願意研究領先項

目，希望從一開始就找到正確方向，確保

諸多示範計劃取得成功。

It might however be interesting to note that, owing to the three key sectors – the pro-active government, mature private sector and fast paced culture – that evolution of technology, consumer demand and response as well as government initiatives and response seem to move at an accelerated pace in Hong Kong. This is very well reflected in the short time it took for the adoption of e-Passports, the Octopus Card and mobile handsets, surpassing most countries in the region; and even more so, the elaborate infrastructures that grow at an accelerated pace, putting Hong Kong at the forefront of these industries. It is then that Hong Kong quickly becomes an example for the rest of the region to learn from with regards to the evolution and potentials of smart card technology, applications, business models and government policies.值得注意的是，在高效政府 ,成熟私營

行業及快節奏文化的影響下，科技發展 ,

消費者需求及反應以及政府計劃及反應在

Source: Frost & Sullivan

Mobile Subscription Penetration Rate (Post Paid and Pre Paid) of Selected Countries in Asia Pacific (base year 2009)

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China

香港正加速發展。香港的電子護照 ,八達

通卡及手機在短時間內迅速普及，超越該

地區的其他國家，充分證明香港自身的特

點；更重要的是，香港的基礎設施建設快

速發展，具備應用新科技的優勢。因此，

在智能卡科技的發展及潛力 ,應用 ,商業

模式及政府政策方面，香港迅速成為其他

國家效仿的榜樣。

Other notable smart card based efforts in Hong Kong include the Hong Kong government ID application, SMARTICS (Smart Identity Card System), which is a citizen card launched in 2003 and has brought the nation several regional and international awards. On the other hand, bank cards were migrated from magnetic stripe technology to smart card technology beginning 2006 and have just recently achieved full migration this year.香港還有一項值得注意的智能卡應用計

劃，即香港政府執行 SMARTICS（智能身份

證系統）計劃，該身份證項目於2003年啟動，

贏得多項地區及國際大獎。另一方面，自

2006年開始，香港推行磁條銀行卡向智能卡

技術的過渡，今年該工作已實現全面過渡。

The Watchful Eye - Market To Observe市場觀察

An interesting development to look forward to in Hong Kong with regards to smart cards would be within the hospitality and gaming industries. Hong Kong has begun to experience implementations of high security smart card chips within casino gaming chips as well as smart cards beginning to be implemented within hotel access cards. These eventually extend to facility access as well as an e-Money application, possibly incorporating the access cum e-Money card into a gaming facility and loyalty card as well. Such projects have been observed

with much success in the neighboring Special Administrative Region of Macau; we highly anticipate a very well structured approach to smart cards in gaming and hospitality in Hong Kong.在香港的酒店及博彩行業，智能卡的發

展趨勢亦值得關注。香港已經開始在賭場

籌碼上安裝高安全性智能卡芯片，酒店房

卡亦開始採用智能卡。該技術最終將應用

於門禁系統及 e-Money 應用，還可能在賭

場設施內融合 e-Money 卡及會員卡。此類

項目在臨近香港的澳門特別行政區大獲成

功，我們預計，香港的博彩及酒店行業亦

會合理採用智能卡技術。

Near Field Communications – or NFC, is very much believed to be the next large wave of technology and market potential in the communications, payment and mobile markets. NFC technology, which allows an end user to manage and handle mass transit ticketing, bank cards, loyalty cards and so on, all within the convenience of a mobile handset. It is expected to open up new revenues and untapped markets for advertising, micro payments, mobile banking and operations. 近距離無線通訊或 NFC 很可能引領下一

次科技浪潮，在通訊 ,支付及手機領域擁

有巨大市場潛力。藉助 NFC 科技，最終用

戶可管理並使用公共交通卡 ,銀行卡及會

員卡等卡片，僅憑手機即可方便實現所有

功能。該技術將催生全新收入來源，為廣告,

小額支付,手機銀行等業務帶來全新市場。

It is the one emerging market that has gained the attention, interest and heavy participation of mobile network operators, retail banks, mobile handset manufacturers, semiconductor manufacturers, mass transit operators,

An interesting development to look forward to in Hong Kong with regards to smart cards would be within the hospitality and gaming industries

亞太地區特定國家的手機用戶普及率（用後付費及預付費）（2009年數據）




0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China中國澳門

中國香港

泰國

新加坡

中國台灣

新西蘭

馬來西亞

澳洲



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China



0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

120.0%

140.0%

160.0%

180.0%

Australia

Malaysia

New Zealand

Taiwan, China

Singapore

Thailand

Hong Kong, China

Macao, China


Economy 43Technology 43

相關企業均保持審慎。根據香港近期的發展

情況，香港很可能持更為審慎的態度，關注

有待解決的問題。我們預計，鑒於試驗項目

已在全球範圍內展開，在 2010 － 2011 年間，

香港將推出試驗項目。在商業應用方面，一

旦商業應用在韓國及馬來西亞等國展開，香

港可能在未來的 2－ 4年內啟動商用計劃。

Satellite industries on the other hand have developed to provide for and fill in gaps within the elaborate smart card market. Such services as third party testing services, providing technical and business case expertise, certification and recognition to potential projects, have found themselves in demand, and more such firms are appearing on the landscape. Another budding industry would be the machine-to-machine or M2M market, which has enabled utility meters, cars, vending machines, industrial process control and operation sites to be monitored, billed and even controlled remotely. This industry has formed strong roots in Europe followed closely by Asia Pacific. An area which is typically dominated by Mobile Network Operators (MNO’s – wireless telecommunications providers), it is in the midst of an exploration era, where many different business models, systems and concepts are being put to the test. It will

be very interesting to observe how the Chimera Islands will plant their seeds.另一方面，衛星行業的發展有助於彌合智

能卡市場的不足。第三方測試服務 ,提供

技術及商業案例 ,潛在項目的認證及確認

等服務均有旺盛市場需求，越來越多的公

司正進入該市場領域。機器至機器或 M2M

市場亦有較大發展潛力，憑藉此類服務，

可改進公用事業計數表 ,汽車 ,自動售貨

機 ,工業流程控制及營運場所的管理，實

現監控 ,計費 ,甚至遙距控制。該行業在

歐洲已蓬勃開展，亞太地區緊隨其後。手

機網絡營運商（MON －無線電訊服務提供商）

在該領域佔據主導地位，該領域正處於探

索時期，服務商將不斷測試各種商業模式 ,

系統及概念。作為中西合璧之島的香港將

如何把握未來發展機遇？讓我們拭目以待。

Shifting Stance – An Organic Cultural Revolution變革姿態－有機文化革命

Hong Kong has a tendency to take the road well traveled albeit going down the road in a very farsighted, well thought manner. It is perhaps only a matter of time before the accelerated pace of technology, end user demand and business cycles that will produce an accelerated evolution of the market. The Hong Kong market will face unique issues, which will lead to the implementation of pioneering strategies in the years to come. It is then that places will trade. Hong Kong will then be forced to lead the way while nations waiting to catch up will have the luxury of studying the best practices of a road well paved by the Chimera Islands.香港擅長選擇合理的發展道路，以遠見

卓識且深思熟慮的方式推動自身發展。科

技飛速發展 ,最終用戶需求及商業週期推

動市場加速演化或許只是時間問題。香港

市場將面臨獨特的問題，最終會引導香港

在不遠的將來推行領先策略。到時，香港

將充滿商機。到時香港會繼續發揮領先作

用，為其他國家的發展奠定堅實基礎，提

供值得借鑒的最佳實踐方法。|AT|

This article was authored by: Reuben Foong, Research Analyst, Asia Pacific Smart Cards Practice, Frost & Sullivan. 本文作者：Reuben Foong，Frost &

Sullivan 亞太區智能卡業務部研究分析師。



retail outlets, software developers and server system providers.該新興市場已經備受關注，手機網絡營

運商 ,零售銀行 ,手機廠商 ,半導體廠商 ,

公共交通營運商 ,零售店 ,軟體開發機構

及伺服器系統提供商均已參與其中。

Where NFC is concerned, all players in Asia Pacific are treading very carefully. Given Hong Kong’s recent history, chances are, Hong Kong will be a lot more careful in seeing what issues need to be addressed. We expect there to be a pilot project in 2010-2011 as pilot projects have been executed worldwide. As for commercial rollouts, it may be seen in the next 2-4 years, once commercial rollouts begin to gain traction in places like South Korea and Malaysia.在 NFC 技術的應用方面，亞太地區所有

近距離無線通訊市場的市場劃分及主要參與者

•Financial Institutions•Transportation •Loyalty Card Issuers•Clearing House

•MNO’s•VMNO’s (Virtual Mobile Network Operators)

•Retail Outlets•Mass Transit Ticketing•Leisure Facility Ticketing•Credit Card Acceptance Outlets•Physical/Logical Access

•Personal•Corporate•Government

Contactless Smart Card

Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM

End UsersEnd UsersEnd Users

•Trusted Service Managers•Service/Application Vendors

Acceptance Outlets

Acceptance Outlets

Acceptance Outlets


Market Segments and Key Participants in the Near Field Communications Market

•Financial Institutions

•Transportation

•Loyalty Card Issuers

•Clearing House

•MNO’s

•VMNO’s (Virtual Mobile

Network Operators)

•Retail Outlets

•Mass Transit Ticketing

•Leisure Facility Ticketing

•Credit Card Acceptance

Outlets

•Physical/Logical Access

•Personal

•Corporate

•Government

Contactless

Smart Card

IssuersContactless

Smart Card

IssuersContactless

Smart Card

Issuers

Mobile

Network

OperatorsMobile

Network

OperatorsMobile

Network

Operators

Trusted

Service

Managers

TSM

Trusted

Service

ManagersTrusted

Service

Managers

TSM


•Trusted Service Managers

•Service/Application Vendors

Acceptance

OutletsAcceptance

OutletsAcceptance

Outlets




•Transportation


•Clearing House

•MNO’s

•VMNO’s(Virtual Mobile

Network Operators)

•Retail Outlets




Outlets


•Personal

•Corporate

•Government

Contactless

Smart Card

IssuersContactless

Smart Card

IssuersContactless

Smart Card

Issuers

Mobile

Network

OperatorsMobile

Network

OperatorsMobile

Network

Operators

Trusted

Service

Managers

TSM

Trusted

Service

ManagersTrusted

Service

Managers

TSM




Acceptance

Outlets Acceptance

Outlets Acceptance

Outlets








Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets



●信託服務經理

●服務／應用廠商

●零售網點

●公共交通卡

●休閒設施卡

●接受信用卡的網點

●實體／邏輯訪問

●金融機構

●交通部門

●會員卡發行機構

●結算機構

●個人

●企業

●政府






Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets



●手機網絡營運商

●虛擬手機網絡營運商

手機網絡營運商






Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets



接受網點






Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets



信託服務經理

非接觸式智能卡發行機構






Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets








Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets



最終用戶 nFCenviRonment

•Financial Institutions•Transportation •Loyalty C

ard Issuers•C

learing House

•MN

O’s

•VMN

O’s

(Virtual Mobile

Netw

ork Operators)

•Retail O

utlets•M

ass Transit Ticketing•Leisure Facility Ticketing•C

redit Card Acceptance

Outlets


•Personal•C

orporate•G

overnment

Contactless

Sm

art Card

Issuers

Contactless

Sm

art Card

Issuers

Contactless

Sm

art Card

Issuers

Mobile

Netw

ork O

perators

Mobile

Netw

ork O

perators

Mobile

Netw

ork O

perators

Trusted S

ervice M

anagersTSM

Trusted S

ervice M

anagers

Trusted S

ervice M

anagersTSM

End U

sersE

nd Users

End U

sers



Acceptance O

utletsA

cceptance O

utletsA

cceptance O

utlets

Source: Frost &

Sullivan

Market S

egments and K

ey Participants in the N

ear Field Com

munications M

arket






Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets




•Transportation


•Clearing House

•MNO’s

•VMNO’s (Virtual Mobile

Network Operators)

•Retail Outlets




Outlets


•Personal

•Corporate

•Government

Contactless

Smart Card

IssuersContactless

Smart Card

IssuersContactless

Smart Card

Issuers

Mobile

Network

OperatorsMobile

Network

OperatorsMobile

Network

Operators

Trusted

Service

Managers

TSM

Trusted

Service

ManagersTrusted

Service

Managers

TSM




Acceptance

OutletsAcceptance

OutletsAcceptance

Outlets




•Transportation


•Clearing House

•MNO’s

•VMNO’s(Virtual Mobile

Network Operators)

•Retail Outlets




Outlets


•Personal

•Corporate

•Government

Contactless

Smart Card

IssuersContactless

Smart Card

IssuersContactless

Smart Card

Issuers

Mobile

Network

OperatorsMobile

Network

OperatorsMobile

Network

Operators

Trusted

Service

Managers

TSM

Trusted

Service

ManagersTrusted

Service

Managers

TSM




Acceptance

Outlets Acceptance

Outlets Acceptance

Outlets








Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets


Market Segments and Key Participants in the Near Field Communications MarketMarket Segments and key Participants in the Filed Communications Market

●Trusted Service Managers● Service/Application

vendors

● Retail outlets● Mass Transit Ticketing● Leisure Facility Titcketing● Credit Card Accptance

Outlets● Physical/Logical Outlets

●Financial Institutions●Transportation●Loyalty Card Issuers●Clearing House

●Personal●Corporate●Government






Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets








Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets



● MNO's● vMNO's (virtual Mobile Network Operators)

Mobile Network

Operators






Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets








Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets








Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets








Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets








Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

Trusted Service

ManagersTSM

Trusted Service

Managers

Trusted Service

ManagersTSM



Acceptance Outlets

Acceptance Outlets

Acceptance Outlets



nFCenviRonment

•Financial Institutions•Transportation •Loyalty C

ard Issuers•C

learing House

•MN

O’s

•VMN

O’s

(Virtual Mobile

Netw

ork Operators)

•Retail O

utlets•M

ass Transit Ticketing•Leisure Facility Ticketing•C

redit Card Acceptance

Outlets


•Personal•C

orporate•G

overnment

Contactless

Sm

art Card

Issuers

Contactless

Sm

art Card

Issuers

Contactless

Sm

art Card

Issuers

Mobile

Netw

ork O

perators

Mobile

Netw

ork O

perators

Mobile

Netw

ork O

perators

Trusted S

ervice M

anagersTSM

Trusted S

ervice M

anagers

Trusted S

ervice M

anagersTSM

End U

sersE

nd Users

End U

sers



Acceptance O

utletsA

cceptance O

utletsA

cceptance O

utlets

Source: Frost &

Sullivan

Market S

egments and K

ey Participants in the N

ear Field Com

munications M

arket


Issuers

End users

Trusted Service

Managers TSM

Acceptance Outlets






Issuers


Issuers


Issuers

Mobile Network

Operators

Mobile Network

Operators

Mobile Network

Operators

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MAY 2010

Medical tourisM ahealthY sector ForMalaYsia作者/by Neha Koul

馬來西亞的健康行業醫療旅遊44 Medical Tourism


the mediCal tourism industrY in Malaysia is one sector that has been gradually gaining strength and has now emerged as an area of fast growth and increasing profit, engendering direct government support to further develop the necessary supplementary infrastructure and effectively tap this potentially lucrative market.

在馬來西亞，醫療旅遊行業的優勢逐步凸

顯，現已成為高速增長的行業，利潤不斷

增加，在政府的直接扶植下，必要的輔助

基礎設施得到進一步發展，深入挖掘發展

潛力。

According to Frost & Sullivan, the healthcare tourism industry in Malaysia grew at a rate of 25 percent per year from 1998 till 2007. Revenues from foreign patients grew 37.9 percent during the same period, bringing total revenue in 2007 to USD72.5million. Revenue per patient increased by a factor of 2.5, from USD92 in 1998 to USD212 in 2008. 370,000 foreign patients came to Malaysia that year.Frost & Sullivan 的調查顯示，自

1998 年至 2007 年，馬來西亞的醫療旅遊

行業年均增長率達 25％。該時期內，境外


Economy 45Medical Tourism 45


患者帶來的收入增長 37.9％，2007 年行

業總收入高達 7250 萬美元。每位患者帶

來的收入保持 2.5％的增長率，由 1998 年

的 92 美元增長至 2008 年的 212 美元。僅

在 2008 年，就有 370,000 境外患者赴馬

來西亞就醫。

In 2008 and 2009, the number of patients dipped due to the economic downturn that directly affected the number of international patients to Malaysia. Frost & Sullivan forecasts a growth rate of 15% for 2009/2010 with total revenue in 2010 reaching USD111million. Revenue per patient will increase to USD227 in 2010. 在 2008 和 2009 年，受經濟危機影響，

赴馬來西亞就醫的國際患者明顯減少。

Frost & Sullivan 預計，在 2009 ／ 2010

年，該領域的增長率將達 15％，2010 年總

收入將達 1.11 億美元。在 2010 年，每位

患者帶來的收入將增長至 227 美元。

As the industry is bolstered by the many international patients that come from neighboring Asian countries with less developed medical infrastructure, as well as from other developed countries from the West and the Middle East, the growth in these figures signifies increased foreign confidence of Malaysia’s more advanced medical care services. Compared to its neighboring countries, Malaysia advantage for these international patients are the higher foreign exchange rate in Singapore and the unstable political scene in Thailand.在赴馬來西亞就醫的患者中，很多來自

醫療條件不夠發達的周邊鄰國，還有來自

西方及中東地區發達國家的患者，就醫人

數的增長表明，境外患者對馬來西亞先進

的醫療服務充滿信心。與周邊鄰國相比，

馬來西亞的匯率較之新加坡更低，政局較

之泰國更為穩定，因而獨具優勢。

According to the Association of Private Hospitals Malaysia (APHM), some of the factors fueling this growth for Malaysia include:馬來西亞私營醫院協會（APHM）的調查

顯示，推動馬來西亞醫療旅遊行業發

展的主要因素包括：

●Medical staff are generally English speakers

●醫護人員普遍掌握英語

●Multi-cultural, multi-lingual, and multi-ethnic society

●多文化 ,多語言及多種族社會

●As a Muslim country, it is an attractive option for Middle Eastern and other Muslim patients

●作為穆斯林國家，馬來西亞對中東及其

他穆斯林患者獨具吸引力

●Favorable exchange rates (one Ringgit Malaysia is equivalent to approx. USD 0.26, Sterling Pound 0.18, Indonesian Rupiah 2700, Singapore Dollar 0.47)

●匯率相宜（1馬來西亞林吉特約合 0.26

美元 ,0.18 英鎊 ,2700 印尼盧比 ,0.47

新加坡元）

●Affordable hospitalization costs, for example, a routine cardiac bypass surgery would cost in the region of USD 6,000 to 7,000, compared to USD 130,000 in the United States

●住院治療費用廉宜，例如，馬來西亞

的普通心臟搭橋手術費用為 6,000 至

7,000 美元，而美國同類手術的費用為

130,000 美元

●Highly-trained medical specialists with recognized post-graduate qualifications from the UK, Australia and the USA

●高水準醫療專家，持有英國 ,澳洲及美

國授予的研究生專業資格

●Comprehensive network of hospitals and clinics, where 88.5% of the population is within 5 km of a public health clinic or private practitioner

●完善的醫院及診所網絡，88.5％的人口

在 5公里範圍內擁有公立醫療診所或私

人醫生

A cost comparison of medical proce-dures as at 2007 is shown in figure 1-1. 表1-1介紹2007年的醫療手術費用對比。

Band of Aid by Malaysia’s Government馬來西亞政府的扶植

The Malaysian government has set up a medical tourism website, titled “www.myhealthcare.gov.my”, which is sponsored by the Ministry of Health (MOH). It helps in planning the medical trip, goes over visa requirements, and lists the hospitals that provide medical tourism services. Furthermore, the government, through the website, offers medical tourism as a package deal, complete with bundling of hospital, hotels and leisure

figure 1-1. Source: Patients Beyond Border

Malaysia Medical Tourism : Cost Comparison of Surgical Procedures

Heart Bypass

PROCEDuREuSA (uSD)

130,000+ 10,000 11,000 18,500 9,000

160,000 9,000 10,000 12,500 9,000

57,000 11,000 13,000 13,000 11,000

43,000 9,000 12,000 12,000 10,000

40,000 8,500 10,000 13,000 8,000

INDIA (uSD) THAILAND (uSD) SINGAPORE (uSD) MALAYSIA (uSD)

Heart valve Replacement

Angioplasty

Hip Replacement

心臟搭橋

手術項目美國（美元）

馬來西亞醫療旅遊：外科手術費用對比

美國（美元）美國（美元）美國（美元）美國（美元）

心臟瓣膜置換

血管成形術

髖關節置換

Knee Replacement 膝關節置換


Medical Tourism46

使患者不僅能享受醫療服務，還可選擇更多

休閒活動。為鼓勵該行業發展，政府為就醫

遊客延長簽證期，由一個月延長至六個月，

使恢復期內的患者能繼續在馬來西亞逗留並

旅遊，給患者留下美好的印象。該舉措已取

得顯著成效，自 2003 年以來，選擇馬來西

亞醫療旅遊的境外患者人數增長超過三倍，

2008 年達 370,000 人。

Increasingly, healthcare expenditure in Malaysia is driven by greater privatization within the healthcare services sector. Healthcare in Malaysia is dominated by private hospitals, where 62 percent of the total hospitals in Malaysia are privately owned. Additionally, the number of private hospitals has increased dramatically from 50 in 1980 to an estimated of 224 private hospitals in 2008. 馬來西亞醫療服務行業的私有化程度不

斷提高，進一步推動醫療行

業的投入增加。馬來西亞的

醫療機構以私人醫院為主

導，62％的醫院為私人所有。

此外，馬來西亞私人醫院的

數量大幅增加，由 1980 年

的 50 間增長至 2008 年的約

224 間。

Private hospital groups and major private healthcare providers such as Gleneagles Intan Medical Centre and Pantai Hospitals have invested in setting

up international patient departments specifically for the admission and support of international patients. On the other hand, KPJ Medical Group, Mahkota Hospital and Sime Darby Medical Center have taken a different approach through tie-ups with travel agencies and hotels to provide comprehensive tourism packages in conjunction with healthcare services, as well as setting up representative or referral offices. Gleneagles Intan Medical Centre 及

Pantai Hospitals 等私人醫院集團及大

型私人醫療服務提供機構投資建立國際患

者科室，專門收治國際患者。另一方面，

KPJ Medical Group,Mahkota Hospital 及

Sime Darby Medical Center 採取不同的

業務模式，他們與旅行社及酒店合作，提

供與醫療服務相配合的成套旅遊服務，並

建立代表處或推薦辦事處。

Privatization of the healthcare services sector has also given rise to the adoption of Health IT investment. Such was the examples of Prince Court Medical Center, a new internationally JCI accredited hospital, that has invested in a Total Hospital Information System software. The software helps in managing patient information from admission to discharge in order to achieve a seamless operation. Through its collaboration with the Medical University of Vienna, the hospital also aims to be the forefront in establishing innovative telemedicine,


travel, making the prospect of coming to Malaysia attractive for more than just a stop for a medical procedure. In order to encourage this, the government has extended the visa period for health tourists from one month to six months, which allows patients to extend their stay and travel within the area whilst recuperating, thus leaving with a positive impression of their experience. It is a move that seems to have paid off, since the number of foreigners visiting the country for medical tourism has more than tripled since 2003 to a total of 370,000 in 2008. 馬來西亞政府建立名為 myhealthcare.

gov.my 的醫療旅遊網站，由衛生部提供贊

助。該網站幫助患者規劃醫療行程，介紹簽

證要求，並介紹能提供醫療旅遊服務的各間

醫院。此外，政府還透過網站提供醫療旅遊

成套服務，包括預訂醫院 ,酒店及休閒旅遊，

PHO

TO FRO

M PIC

ASAW

EB.GO

OG

LE.COM

Increasingly, healthcare expenditure in Malaysia is driven by greater privatization within the healthcare services sector. Healthcare in Malaysia is dominated by private hospitals, where 62 percent of the total hospitals in Malaysia are privately owned


Economy 47Medical Tourism 47

telepathology, teleradiology and telecytogenetics services in Malaysia.醫療服務行業的私有化還推動醫療 IT

投資的增長。例如，獲得國際 JCI 認證的

新醫院 Prince Court Medical Center 近

期投資購買 Total Hospital Information

System 軟體。該軟體可幫助醫院管理患者

資料，涵蓋入院至出院的各個環節，實現

無縫營運。透過與 Medical University of

Vienna 合作，該醫院還率先在馬來西亞推

出創新的遙距醫學 ,遙距病理學 ,遙距放

射學及遙距細胞遺傳學服務。

In other instances, US based company Unival, signed a contract with the leading facilitator of medical tourism to Malaysia, Malaysia Healthcare (MHC), in early 2010 to create portable medical records for U.S. patients traveling to receive healthcare services in Malaysia. Prior to leaving for Malaysia, patients forward their medical records to Unival where nurses convert them into an electronic format. Images of all their records are made, along with a conversion of the information in their records to a Continuity of Care Record (CCR) that can be easily carried to Malaysia for use during their treatment. This information is also sent to the individuals’ Microsoft HealthVault personal health record. After their treatment in Malaysia, patients send discharge summaries and other information from the Malaysian treatment centers back to Unival and that data is updated in their Microsoft HealthVault to be shared with their treating physicians back home.此外，馬來西亞領先的醫療旅遊服務

機構 Malaysia Healthcare（MHC）於

2010 年初與美國公司 Unival 簽訂合作

協議，為赴馬來西亞接受醫療服務的美國

患者提供便攜醫療記錄。患者赴馬來西亞

之前，可將醫療記錄轉發至 Unival，護

士會將記錄轉為電子格式。所有記錄的圖

片以及轉化後資料均保存在持續醫療記錄

（CCR）內，可輕鬆帶至馬來西亞，供治療

使用。該資料還會發至患者的 Microsoft

HealthVault 個人健康記錄。在馬來西亞

的治療結束後，患者可在馬來西亞治療中

心將出院概要及其他資訊傳回 Unival，然

後更新至 Microsoft HealthVault，患者

返回家鄉後可與主治醫生共享。

Additionally, the Malaysian Ministry of Health (MOH) has set up a healthcare travel council, to work in tandem with the Economic Planning Unit, government agencies and the Association of Private Hospitals of Malaysia to further encourage

growth within the medical tourism industry. Along with the formation of the council, the Malaysian government has five incentives to encourage medical tourism:另外，馬來西亞衛生部還建立醫療旅行

委員會，與經濟規劃局 ,政府部門及馬來

西亞私人醫院協會合作，進一步推動醫療

旅遊行業的發展。除建立醫療旅行委員會

外，馬來西亞政府還推出五項鼓勵措施，

推動醫療旅遊的發展：

●The government will provide a tax exemption equivalent to 100 percent for capital expenditure over a period of five years for the construction of new hospitals or for expansion, modernization or refurbishment of existing hospitals. To be eligible for the exemption, the hospitals must be registered with the MOH for the promotion of medical tourism

●對於新成立的醫院，或現有醫院的擴建 ,

現代化改造或裝修項目，政府對資本開

支 100％免稅五年。為符合免稅資格，醫

院必須在衛生部註冊，以推廣醫療旅遊

●To encourage private hospitals to attain high quality of healthcare services, expenses incurred to obtain

domestic or internationally recognized accreditation would be eligible for a double deduction incentive under the Income Tax Act 1967

●為鼓勵私人醫院提供高水準醫療服務，

為獲得國內或國際資格認證帶來的成本

開支可依據 1967 年《收入稅法案》獲得

雙倍稅費減免

●To encourage more Malaysians to return, or non-Malaysian medical specialists to come from abroad to serve in local hospitals, their non-Malaysian spouse qualified as a professional under the Malaysian Classification of Occupation (MASCO) will automatically be offered an employment/professional pass

●為鼓勵更多馬來西亞醫療人才回國，或

非馬來西亞籍醫療專家赴馬來西亞本地

醫院工作，依據馬來西亞職業分類具備

專業資格的非馬來西亞籍配偶可自動獲

得工作許可

To facilitate efficient arrival, stay, and departure for medical tourists, permits would be issued to hospitals registered under the MOH for the promotion of medical tourism. The permits would allow hospital vehicles to ferry patients and any accompanying people to and from the airport and hotel● 為給醫療遊客的入境 ,逗留及離境提供

最大便利，政府向在衛生部註冊的醫院

提供通行證，以推廣醫療旅遊。持通行


Medical Tourism48

attractive option for foreign travelers. Increased efforts to advertise this message in the context of Malaysia will be a key factor to gaining a greater influx of medical tourists. As an area of industry that continued to grow in the midst of the economic downturn, globally positioning Malaysia as a top medical destination has become crucial to the growth of this sector. 隨著醫療成本不斷攀升，醫療旅遊始終

有市場前景。綜合低成本 , 專業醫療 , 最

新科技及舒適入住條件等因素，馬來西亞

將繼續吸引境外患者。馬來西亞不斷加大

對醫療旅遊的推廣力度，這是推動更多醫

療遊客不斷湧入的重要因素。在全球經濟

低迷的背景下，馬來西亞的醫療旅遊行業

不斷增長，將該領域打造成為全球醫療旅

遊的首選目的地長遠增長至關重要。

It is up to a combination of the government and association of medical institutions to encourage travelers by providing lucrative travel packages, top class medical technology and talent, while keeping cost low. The relative stability of the government, together with a reputation as a comprehensive healthcare provider for its own population, are essential points of importance for foreign travelers seeking reassurance before embarking on essential surgeries and subsequent recoveries. The growth in the number of medical travelers shows that Malaysia has provided that reassurance, but the country must continuously work on widening that net to gain a greater share of the market. 政府及醫療機構協會應通力配合，提供充

滿吸引力的成套旅行計劃 ,頂級醫療科技及

高水準醫療人才，同時保持較低費用，方能

吸引更多患者。對境外患者而言，在確定重

大手術及康復方案之前，目的地國的政局是

否穩定，醫療服務機構是否聲譽卓著均是重

要考慮因素。醫療遊客的增長表明，馬來西

亞能在上述方面提供保證，同時必須不斷深

化服務，佔據更多市場份額。 |AT|

This article was authored by Neha Koul, Research Analyst, Healthcare Practice, Asia Pacific, Frost & Sullivan.本文作者：Neha Koul，Frost & Sullivan

亞太區醫療業務部研究分析師。



證的醫院車輛可在機場與酒店之間接送

患者及任何陪同人員

●International patients entering Malaysia for medical treatment during an emergency, using a ‘Visa on Arrival’, would be allowed to convert their status to social visit pass upon recommendation of private hospitals registered for the promotion of medical tourism

● 對於因緊急情況持落地簽進入馬來西亞接

受醫療服務的境外患者，可依據註冊私人

醫院的推薦，將落地簽轉為社會訪問簽證

Figure 1-2 illustrates the various factors that are involved in making a country an attractive medical tourism option. In this table, evaluation of the most suitable location is based on 8 factors, which are scored from 1

to 5 for each country, where 1 most favorable and 5 is the least. Thus, the lower the total score, the more attractive the country is as a medical tourist destination. Malaysia yields a low score of 19, making it a viable option for those seeking medical care. 表 1-2 介紹使某一國家的醫療旅遊具有

吸引力的各類因素。在該表格中，對最適

宜地點的評估依據 8個因素，各個國家的

得分為1至5分，1為最適宜，5為最不適宜。

因此，總分越低，作為醫療旅遊目的地的

吸引力就越高。馬來西亞得分為 19，是患

者接受醫療服務的理想選擇。

As healthcare costs skyrocket, there will always be a place for medical tourism. The combination of low costs, expert care, latest technology, and comfortable accommodations will continue to be an

4

26

3

3

4

3

3

3

3

4

SouthKoreaRanking China India Singapore Thailand Malaysia

Political Stability 3 3 1 5 2

Government's support for medical tourism and regulation towards foreign investment

3 2 1 2 1

Availability of medical expertise 3 2 3 2 2

Volume of patients 3 2 2 1 2

Medical Tourism Revenues - 2005 (USD) 3 2 1 1 2

Duration of travel to treatment destination 4 2 4 4 4

Physician referral networks 3 1 2 2 2

Number of competitors serving foreign patients 2 4 4 4 4

Total score 24 18 18 21 1926

3

3

4

3

3

3

3

4




3 2 1 2 1







Total score 24 18 18 21 19


As healthcare costs skyrocket, there will always be a place for medical tourism. The combination of low costs, expert care, latest technology, and comfortable accommodations will continue to be an attractive option for foreign travelers. Increased efforts to advertise this message in the context of Malaysia will be a key factor to gaining a greater influx of medical tourists. As an area of industry that continued to grow in the midst of the economic downturn, globally positioning Malaysia as a top medical destination has become crucial to the growth of this sector.

It is up to a combination of the government and association of medical institutions to encourage travelers by providing lucrative travel packages, top class medical technology and talent, while keeping cost low. The relative stability of the government, together with a reputation as a comprehensive healthcare provider for its own population, are essential points of importance for foreign travelers seeking reassurance before embarking on essential surgeries and subsequent recoveries. The growth in the number of medical travelers shows that Malaysia has provided that reassurance, but the country must continuously work on widening that net to gain a greater share of the market.

This article was authored by Neha Koul, Research Analyst, Healthcare Practice, Asia Pacific, Frost & Sullivan.

Malaysia Medical Tourism: Relative Ranking of Countries

figure 1-2.

4

26

3

3

4

3

3

3

3

4




3 2 1 2 1







Total score 24 18 18 21 1926

3

3

4

3

3

3

3

4




3 2 1 2 1







Total score 24 18 18 21 19


As healthcare costs skyrocket, there will always be a place for medical tourism. The combination of low costs, expert care, latest technology, and comfortable accommodations will continue to be an attractive option for foreign travelers. Increased efforts to advertise this message in the context of Malaysia will be a key factor to gaining a greater influx of medical tourists. As an area of industry that continued to grow in the midst of the economic downturn, globally positioning Malaysia as a top medical destination has become crucial to the growth of this sector.

It is up to a combination of the government and association of medical institutions to encourage travelers by providing lucrative travel packages, top class medical technology and talent, while keeping cost low. The relative stability of the government, together with a reputation as a comprehensive healthcare provider for its own population, are essential points of importance for foreign travelers seeking reassurance before embarking on essential surgeries and subsequent recoveries. The growth in the number of medical travelers shows that Malaysia has provided that reassurance, but the country must continuously work on widening that net to gain a greater share of the market.

This article was authored by Neha Koul, Research Analyst, Healthcare Practice, Asia Pacific, Frost & Sullivan.

3

1-2 81 5 1 5

19

1-2

Frost & Sullivan

Neha Koul Frost & Sullivan

26

3

3

4

3

3

3

3

4

South KoreaRanking China India Singapore Thailand Malaysia


Government's support for medical tourism and regulation towardsforeign investment

3 2 1 2 1



Medical Tourism Revenues - 2005(USD) 3 2 1 1 2



Number of competitors servingforeign patients 2 4 4 4 4

Total score 24 18 18 21 1926

3

3

4

3

3

3

3

43 3 1 5 2

3 2 1 2 1

3 2 3 2 2

3 2 2 1 2

2005 3 2 1 1 2

4 2 4 4 4

3 1 2 2 2

2 4 4 4 4

24 18 18 21 19

3

1-2 81 5 1 5

19

1-2

Frost & Sullivan


26

3

3

4

3

3

3

3

4




3 2 1 2 1







Total score 24 18 18 21 1926

3

3

4

3

3

3

3

43 3 1 5 2

3 2 1 2 1

3 2 3 2 2

3 2 2 1 2

2005 3 2 1 1 2

4 2 4 4 4

3 1 2 2 2

2 4 4 4 4

24 18 18 21 19

3

1-2 81 5 1 5

19

1-2

Frost & Sullivan


26

3

3

4

3

3

3

3

4




3 2 1 2 1







Total score 24 18 18 21 1926

3

3

4

3

3

3

3

43 3 1 5 2

3 2 1 2 1

3 2 3 2 2

3 2 2 1 2

2005 3 2 1 1 2

4 2 4 4 4

3 1 2 2 2

2 4 4 4 4

24 18 18 21 19

3

1-2 81 5 1 5

19

1-2

Frost & Sullivan


26

3

3

4

3

3

3

3

4




3 2 1 2 1







Total score 24 18 18 21 1926

3

3

4

3

3

3

3

43 3 1 5 2

3 2 1 2 1

3 2 3 2 2

3 2 2 1 2

2005 3 2 1 1 2

4 2 4 4 4

3 1 2 2 2

2 4 4 4 4

24 18 18 21 19

3

1-2 81 5 1 5

19

1-2

Frost & Sullivan


26

3

3

4

3

3

3

3

4




3 2 1 2 1







Total score 24 18 18 21 1926

3

3

4

3

3

3

3

43 3 1 5 2

3 2 1 2 1

3 2 3 2 2

3 2 2 1 2

2005 3 2 1 1 2

4 2 4 4 4

3 1 2 2 2

2 4 4 4 4

24 18 18 21 19

韓國馬來西亞


Myjet -TigerAsia Mag 2010 3/22/10 2:11 PM Page 1

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Asian Tigers Investor Report