斯里兰卡之旅:政治及投资环境
Sri Lanka's Political and Investment Climate
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2020-01-03 19:47
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本帖还有中文(简体)、荷兰文、法文、德文、意大利文、西班牙文、波兰文版

My team and I recently traveled to Sri Lanka and saw firsthand its great appeal as a tourist draw. We crisscrossed the country by air and by automobile, visiting a few of its cultural attractions and speaking with officials there. Along the way we gained a better understanding of the people and the business climate. While my previous blog focused on our travel experiences as we visited a few historic sites, here my team and I further explore the country's business and political climate as we seek out potential investment opportunities.

近期我和我的团队到斯里兰卡旅游,亲身领略了该国作为旅游圣地的巨大魅力。我们乘坐飞机及汽车横穿整个国家,参观了几个文化景点并与当地官员进行交谈。在这次旅途中,我们对当地人民及商业氛围有了更深入地了解。我的上一篇博客主要讲述我们参观几个历史遗址的游览经历,而在本文中,我和我的团队将进一步探究该国的商业和政治环境,挖掘潜在的投资机会。

Politics in Sri Lanka: Tempest in Paradise

斯里兰卡的政治:天堂里的风暴

Meeting with Sri Lankan Prime Minister Ranil Wickremesinghe

The ethnic composition of Sri Lanka has had a critical impact on its political development. The Sinhalese constitute its largest ethnic group, making up approximately 75% of the total population, while Sri Lankan Tamils—some of whom came from India to work on tea plantations during the British colonial era—are the second major ethnic group at 12%.1 In addition to introducing tea, which became a major export crop, the British introduced a new political culture based on a representative government. Initially, voting rights were limited to only a small part of the population and the ethnic divisions could be balanced, but when universal ad/ult suffrage was introduced in 1931, the Tamil and other minority groups demanded equal representation to the majority Sinhalese. Tension between the Sinhalese and Tamils resulted in a civil war. By 1983, insurgency by the Liberation Tigers of Tamil Eelam (LTTE) based in the north of the country with support from adjacent Tamil Nadu in southern India resulted in an estimated 100,000 casualties. Finally, in 2009 the Sri Lanka Armed Forces under President Mahinda Rajapaksa defeated the LTTE and re-established control over the entire country.

斯里兰卡的民族构成对其政治发展有着至关重要的影响。僧伽罗族是斯里兰卡最大的民族,约占总人口的75%,而占总人口12%的泰米尔族则是第二大民族,其中部分泰米尔人在英国殖民时期从印度来到茶园工作。[1]  除引进茶叶(成为主要的出口农作物)外,英国在代议政府的基础上引入一种新的政治文化。起初投票权仅限于少数人口而且民族划分平衡,但一九三一年引入成人普选后,泰米尔族和其他少数民族要求获得与僧伽罗族同等的代表权。僧伽罗族与泰米尔族之间紧张关系引发内战。一九八三年,该国北部的泰米尔伊拉姆猛虎解放组织(猛虎组织)在印度南部的泰米尔纳德邦的支持下发动暴乱,估计伤亡人数达到100,000人。总统拉贾帕克萨领导的斯里兰卡武装部队最终在二零零九年击败猛虎组织,夺回对整个国家的控制权。

In January 2015 Maithripala Sirisena was elected president, ousting Mahinda Rajapaksa with the help of the United National Party (UNP), which reached an alliance with a faction of the Sri Lanka Freedom Party (SLFP) and other smaller Muslim and Tamil parties. Sirisena appointed UNP leader Ranil Wickremesinghe as prime minister of a UNP-led minority government and encouraged the SLFP to work with the new ruling party to pass constitutional reforms. After general elections in August 2015, the UNP emerged as the largest party, and President Sirisena re-appointed Wickramasinghe. On my recent travels to Sri Lanka, I had the pleasure of meeting Wickremesinghe, who was quite generous with his time. He was very relaxed and seemed confident about his term in office under the new government, although he recognized challenges, including the ability to get legislation passed.

二零一五年一月,西里塞纳携手统一国/民党击败拉贾帕克萨,当选总统,与斯里兰卡自由党的其中一个派系及其他较小的穆/斯林和泰米尔党派达成联盟。西里塞纳任命统一国/民党领袖拉尼尔·维克勒马辛哈为统一国/民党领导的少数派政府总理,并鼓励斯里兰卡自由党与新的执政党合作通过宪法改革。二零一五年十月大选后,统一国/民党成为最大的党派,总统西里塞纳再次任命维克勒马辛哈。在最近的斯里兰卡旅程中,我很荣幸能够与维克勒马辛哈会面,他给予我们充足的交谈时间。尽管他承认存在挑战,包括能否通过立法,但他对自己在新政府的任期感到非常轻松和自信。

Chinese Influence in Sri Lanka

中国对斯里兰卡的影响

Driving around the city of Colombo in Sri Lanka, the signs of Chinese involvement are very clear. We spotted a tall telecommunications tower and a beautiful, flower-shaped concert hall, both built by the Chinese. Perhaps most important is a new Chinese-built container port right on the city seafront, which is capable of handling the world's largest container ships. Throughout the country there are additional signs of Chinese-funded infrastructure, including excellent roads, one being a highway from the city center to the airport.

开车游览斯里兰卡的科伦坡市区,中国参与建设的痕迹清晰可见。我们发现中国人建造的一座高耸的电信塔和一幢美丽的花朵状音乐厅。最重要的可能要数由中国人在城市滨海区新建的集装箱港口 ,它能容纳世界上最大的集装箱轮船。整个国家还可以见到中国人投资基建的其他迹象,包括畅通的道路,其中一条高速公路连接着市中心与机场。

Chinese-built container terminal in Sri Lanka

During his 10-year term in office, former President Rajapaksa had encouraged Chinese investment and concessionary loans, which since the end of the civil war in 2009 became the foundation of the Sri Lankan economy. Under the new government, Chinese projects have more recently come under scrutiny and have faced delays and cancellations, including a coal power plant, the south extension of the modern Chinese-built Colombo harbor, and the Colombo Port City project involving massive reclamation with plans to create a new city. In early 2015, the government cancelled a US$95 million contract to upgrade the runway at the international airport at Katunayake, alleging that the domestic company selected had insufficient experience.

前总统贾帕克萨在其10年任期间曾鼓励中国人投资以及给予优惠贷款,成为自二零零九年内战结束以来斯里兰卡经济发展的基础。新政府上台后,中国项目近来受到严格审查,并且面临推延和取消,包括一家燃煤电厂,中国建造的现代科伦坡港的南部延伸,以及涉及填海造地,计划建造一个新城市的科伦坡海港城项目。二零一五年初,政府取消一份升级卡图那雅克国际机场跑道的9,500万美元合约,称选用的国内公司经验不足。

Ongoing investigations of suspected corruption by the previous administration could mean extensive delays and even cancellation of important projects. Ravi Karunanayake, Sri Lanka's new finance minister, has stated every deal, decision and transaction is being scrutinized with great detail and attention. The new administration inherited debt of more US$25 billion to offshore creditors, amounting to around a third of gross domestic product (GDP).2 Interest payments are estimated to consume about 40% of government revenue, a real problem when the Sri Lankan rupee has devaluated in recent years by as much as 20%.3 The new administration believes that eliminating corruption and the associated economic costs should bring benefits to Sri Lanka's economy. Anticorruption efforts have already resulted in action not only against Chinese projects but also projects sponsored by Indian firms, and in some cases, past contracts are being cancelled or renegotiated. The government has also shown a tendency to favor local businesses, but foreign companies remain active in the country.

对前政府涉嫌贪污的持续调查可能会大量延迟甚至取消重要的项目。斯里兰卡新任财政部长拉维·卡鲁纳纳亚克声明正在对每一项交易、决策及事务进行详细而谨慎的审查。新政府继承了250多亿美元的海外债务,约占国内生产总值的三分之一。[2]  预计支付利息将消耗40%的政府收入,基于斯里兰卡卢比近年来贬值高达20%,这成为一个现实的问题。[3]新政府认为消除腐败及相关经济成本将有利于斯里兰卡的经济发展。反腐败措施已导致中国项目及印度公司发起的项目遭到反对,甚至一些过去的合约也被取消或重新磋商。政府也倾向于支持当地企业,但外国公司在该国依然活跃。

The Importance of Privatization

私有化的重要性

After our trip to Sri Lanka, its new government announced a policy statement that included efforts to revitalize underperforming state enterprises. In recent years, the government had taken over private companies or companies that had been previously privatized with the so-called “Underutilized Assets Act.” There were mixed reactions to this law; while some genuinely underutilized assets (i.e., state land leased to private businesses) were taken over, certain assets that were performing or on the path to recovery were unfortunately also taken over. Some say these actions were politically motivated.

我们的斯里兰卡之旅结束后,新政府宣布一项政策声明,包括振兴表现欠佳的国有企业的措施。近几年来,政府已经根据所谓的“未充分利用资产法案”接管部分私营企业或先前已被私有化的企业。人们对这项法案的反应不尽相同;尽管确实有部分未充分利用的资产(如私营企业租赁的国有土地)被接管,但表现良好或正在复苏的部分资产也不幸地被接管。部分人士认为这些行为存在政治动机。

Policy statement plans called for the formation of a State Holding Corporation Limited, structured like Singapore's Temasek Holdings, where all state-owned enterprises would be managed by experienced executives, replacing inefficient and corrupt state employees. A Public Wealth Trust would pass on the shares of these enterprises to the people, with the treasury secretary and the central bank governor acting as custodians. Local and global investors would be invited to participate in equity in these ventures. Other non-strategic enterprises such as hotels and hospitals would be sold. In addition, a National Pension Fund would be formed combining the Employees' Provident Fund and the Employees' Trust Fund.

政策声明计划要求成立结构与新加坡淡马锡控股公司相似的国有控股有限公司,而所有国有企业均由经验丰富的管理人员管理,取代无法胜任且腐败的政府雇员。这些公司的股份将通过一个公共财富信托转让给人民,并由财政部长和央行行长担任托管人。当地及全球投资者将获邀参与这些合资企业的股权投资。酒店和医院等其他非战略性企业将被出售。另外还将成立国家养老基金,与员工的公积金与信托基金合并。

The statement also called for converting the economy from a “non-tradable” economy to a “tradable” economy, since the ratio of exports to GDP had fallen to the current level of about 12%, compared with more than 30% in 2000.4  Despite the huge market potential of India, it is the destination for only about 6% of Sri Lanka's exports, with just over 1% to China and more than 50% to the United States and European Union.5

由于该国出口占国内生产总值的比例由二零零零年的30%以上减少至当前约12%,[4] 政策声明还要求将经济由“非贸易型”经济转变为“贸易型”经济。尽管印度市场潜力巨大,但斯里兰卡仅有约6%的商品出口到印度,而对中国的出口比例仅超过1%,对美国和欧盟的出口比例则超过50%。[5]

The International Monetary Fund (IMF) estimates GDP growth at 6% in 2015,6  although Sri Lanka's finance minister has a higher forecast. Foreign direct investment flows have been solid, climbing from US$516 million in 2010 to US$1.685 billion in 2014.7  It remains to be seen if foreign investment will continue to rise in view of the more aggressive tax regime and a generally unfriendly attitude toward businesses with some retrospective and ad-hoc tax proposals in recent times.

虽然斯里兰卡财政部长对国内生产总值增长抱有更高预期,但国际货币基金组织估计其二零一五年国内生产总值增长为6%[6]。国外直接投资稳定增长,从二零一零年的5.16亿美元上升至二零一四年的16.85亿美元。[7] 鉴于较激进的税制和对商业整体不友好的态度,以及最近提出的一些具有追溯性的特别的税务提案,国外投资是否将会继续增加尚待分晓。

Market capitalization of Sri Lanka's stock exchange is low and represents only 32% of GDP.8  In order to expand capital markets, in our view it will be necessary to carry out more privatizations of state enterprises and encourage the growth of businesses generally. Privatization immediately brings revenue to the state, increases productivity with more efficient management and increases tax revenue. We think this model is better than state-owned regimes in terms of driving economic prosperity.

斯里兰卡证券交易所的市值较低,仅占国内生产总值32%[8]。我们认为,要扩大资本市场,斯里兰卡必须扩大国有企业私有化,并从整体上支持商业发展。私有化直接为国家带来收入,通过更高效的管理提高生产力 以及增加税收。我们认为私有化模式比国有制更能促进经济繁荣。

Companies currently listed on Sri Lanka's stock exchange include a number of conglomerates, and many go back to the time of British colonial rule. For example, an alcoholic beverage company we visited started as a part of the excise department of the British colonial government in 1913 and then was converted into a corporation in 1974. Their key product is arrack, a liquor drawn from the coconut flower. It is believed to be one of the purest naturally derived alcoholic beverages in the world, produced through a natural fermentation process. If you go into the coconut-growing areas of the country, you will see two ropes tying the tops of high coconut trees and the tappers walking on one of rope and hanging onto the other rope above for balance and moving from one tree to another to tap the unopened coconut flowers, stimulating the sap to drip into earthenware pots.

目前在斯里兰卡证券交易所上市的企业包括很多集团公司,且其中很多集团公司的历史可追溯到英国殖民统治时期。例如我们参观的一家酒精饮料公司,其最初在一九一三年是英国殖民政府税务机构的一部分,随后于一九七四年转变为一家公司。这家公司的主要产品为亚力酒,一种由椰花制成的酒。这种酒通过自然发酵制成,据说是世界上最纯粹的天然酒精饮料之一。走进该国的椰树种植区,你会发现在高大的椰树顶部系有两根绳子,打花人站在一根绳子上,抓住上面的另一根绳子保持平衡,他们从一棵树移动到另一棵树,轻拍着未开放的椰花,刺激花汁,以便让花汁滴到陶罐里。

Another listed company is involved in fast-moving consumer goods (FMCG) such as shampoos and other personal care items, pharmaceuticals, hospitals, hotels, airline and shipping agencies. Although formed and still controlled by a family group, it represents a growing trend for family companies to be run by professional managers. Another firm has a portfolio of business operations which includes beverages, tea plantations, telecommunications, insurance, financial services, power generation, automobile servicing and logistics, textiles, business processing operations and call-center services, media buying and creative services, leisure hotels and beverages.

另一家上市公司涉及快速消费品行业,如洗发水和其他个人护理用品、药品、医院、酒店、航空及船舶代理。这家公司虽然由家族组建且目前依然由家族控制,但它代表着家族企业将由职业经理人管理的发展趋势。另一家公司经营多种业务,包括饮料、茶叶种植、电信、保险、金融服务、发电、汽车服务与物流、纺织、业务处理运营及呼叫中心服务、媒体购买及创意服务,以及休闲酒店和餐饮。

One conglomerate is the holding company for a group of companies in the retail sector. The group operates a chain of supermarkets and a department store in addition to other enterprises. According to various estimates, only a small amount of consumer goods sales in the country are currently sold through the organized retail sector, with “mom-and-pop” small-scale shops dominating the market. So, we see opportunity for organized retail chains to gain market share.

一间集团公司是零售行业中很多公司的控股公司。集团经营连锁超市和百货商店,还管理着其它企业。据多方评估,目前该国只有少数的消费品是通过有组织的零售行业销售,市场由小规模的“夫妻”店主导。因此,我们认为有组织的零售连锁企业有机会增加市场份额。

Sri Lankan banking is led by two state-owned banks but there are a number of private banks, many of which are listed on the stock exchange. Some evolved from British colonial banks or were created through mergers of smaller local banks, and a few of the largest have branch networks of over 200 branches and hundreds of ATMs. Like their conglomerate customers, some are extending their business to Bangladesh by acquiring banks there. Interestingly, according to Sri Lankan banking regulations, no controlling shareholders are allowed, which opens the equity base to many shareholders, both local and foreign. Remittances from Sri Lankan workers overseas run at about US$7 billion9 and are an important factor in the GDP and foreign currency flows for the banks. One unique aspect of the banks is the practice of pawning gold, where gold is given by clients as security against loans. However, the risk for such lending is high and some banks suffered losses when the price of gold declined and clients did not honor their loan commitments. Some banks have entered into microfinance. One bank has acquired a microfinance firm with 125,000 sales ladies who solicit and provide small loans to housewives.

斯里兰卡的银行业由两家国有银行领导,但存在很多私营银行,其中很多已在证券交易所上市。部分银行由英国殖民银行发展而来,或者通过合并当地小型银行而成立,少数银行巨头拥有200多家分行以及数以百计的自动取款机。与其集团公司客户的做法类似,部分银行通过收购当地银行向孟加拉国扩张业务。有趣的是,斯里兰卡银行业条例规定不允许存在控股股东,而是须向众多境内和海外股东开放股本基数。斯里兰卡海外劳工的汇款约达70亿美元[9],是国内生产总值和银行外汇资金的重要组成因素。典当黄金是银行一项独特的业务,客户可用黄金担保贷款。然而,这类借贷存在高风险,某些银行曾因黄金价格下跌或者客户不兑现其贷款承诺而蒙受损失。部分银行已开展小额贷款业务。一家银行已收购一家小额贷款公司,该公司拥有125,000名女销售员,她们向家庭主妇招揽和提供小额贷款。

After our recent visit to Sri Lanka, we think the country has the potential to offer more and attract much larger investment, and we hope to be part of that pool. We would encourage a more favorable tax environment to attract foreign investors, without the threat of retroactive taxes. The retroactive “Super Gains Tax” targets large companies deemed to be making “excessive” profits. Companies have started paying these retroactive taxes since the third quarter of 2015 and it has had adverse impacts for shareholders.

通过最近对斯里兰卡的考察,我们认为该国有潜力提供更多机会并吸引更大的投资,我们希望成为其中的一员。我们支持通过更有利的税务环境吸引国外投资者,而不存在追溯税项的威胁。具有追溯的“超级利得税”针对的对象为实现“暴利”的大型企业。企业已从二零一五年第三季度开始支付追溯税,这对股东造成不利影响。

Other successful Asian countries can be viewed as examples for Sri Lanka as it continues to grow and develop its economy. More business investment means more jobs, more economic activity and less poverty. We also believe a lower rate of taxation will likely lead to less evasion.

斯里兰卡在继续增长和发展经济时可以借鉴其他成功的亚洲国家。增加商业投资能够提供更多就业机会,开展更多经济活动,同时减少贫困。我们相信较低的税率也将有可能减少逃税漏税。

Additionally, we think Sri Lanka must continue to develop and modernize critical infrastructure as well as diversify the economy. Sri Lanka has a high literacy rate, so outsourcing of certain services could be a bright spot for the future, in addition to tourism and traditional exports.

此外,斯里兰卡须继续发展和改造重要的基础设施,同时发展多元化经济。斯里兰卡的识字率较高,因此,除旅游业和传统出口外,部分外包服务有可能成为未来发展的亮点。

We know there is much interest in Sri Lanka as an investment destination, but not only do the political and economic conditions need to be right, but shares must be readily and easily available for us to purchase, which isn't the case right now where liquidity is low as a result of large controlling family holdings. We are hopeful Sri Lanka will continue to progress—and prosper.

众所周知,投资者对斯里兰卡抱有浓厚的兴趣,但不仅政治和经济条件需要完善,而且公司股份必须很容易购买,而目前的情况并非如此,大型控股家族持股导致流动性很低。我们期待斯里兰卡继续发展和繁荣。

Comments, opinions and analyses are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, comments, opinions and analyses are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy.

评论、意见及分析仅供参考之用,不应被视为个人的投资建议或推荐投资于任何证券或采取任何投资策略的建议。由于市场和经济状况可能出现急剧变化,评论、意见和分析都以公布日期当日为准,若有更改恕不另行通知。本文材料不是针对任何国家、地区、市场、行业、投资或策略的所有重大事实的全面分析。

Important Legal Information

重要的法律信息

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The companies and case studies shown herein are used solely for illustrative purposes; any investment may or may not be currently held by any portfolio advised by Franklin Templeton Investments.

本文只供一般性参考,不应被视为个人投资建议,或推荐投资者购买、出售、持有任何证券及采纳任何投资策略的建议或招揽,不构成法律或税务咨询。本文所列的公司和案例研究仅供说明;富兰克林邓普顿(Franklin Templeton)所建议的任何投资组合目前尚未确认是否存在投入。

The opinions are intended solely to provide insight into how securities are analyzed. The information provided is not a recommendation or individual investment advice for any particular security, strategy, or investment product and is not an indication of the trading intent of any Franklin Templeton managed portfolio. This is not a complete analysis of every material fact regarding any industry, security or investment and should not be viewed as an investment recommendation. This is intended to provide insight into the portfolio selection and research process. Factual statements are taken from sources considered reliable but have not been independently verified for completeness or accuracy. These opinions may not be relied upon as investment advice or as an offer for any particular security. Past performance does not guarantee future results.

这些意见仅仅是为人们提供有关证券的分析方法参考。本文所提供的信息并非针对任何特定证券、策略或投资产品的推荐或个人投资建议,富兰克林邓普顿管理团队不对任何有关投资组合的交易意图做出指示本博文不是针对任何行业、证券或投资的所有重大事实的全面分析,不作投资建议参考。于此提供的某些评论旨在提供对投资组合选择和研究过程的的见解。本文所载之资料属可靠的公开来源,但未经独立验证且并不保证其完整性和准确性。这些意见不得作为投资建议或任何特定证券的要约。过往表现不能预示或保证其未来表现。

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market.

评论、意见及分析均为投资经理的个人观点,并以公布日期当日为准,若有更改恕不另行通知。本文提供的信息不是针对任何国家、地区或市场的所有重大事实的全面分析。

Data from third party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments opinions and analyses in the material is at the sole discretion of the user. Products, services and information may not be available in all jurisdictions and are offered outside the U.S. by other FT affiliates and/or their distributors as local laws and regulation permits. Please consult your own professional adviser or Franklin Templeton institutional contact for further information on availability of products and services in your jurisdiction.

富兰克林邓普顿投资(FTI)可能使用了来自第三方的数据来准备这份材料,FTI并没有独立核实、验证或审核这些数据。对于因使用这些资料而产生的任何损失, FTI概不承担任何责任,依赖评论观点和分析材料,由用户自行决定。产品、服务和信息可能不会在所有司法管辖区提供,由FTI附属公司及/或其当地的法律和法规许可的分销商提供。关于产品和服务在您的司法管辖范围是否提供,请咨询您的专业顾问获取更多信息。

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Copyright © [2019]  。富兰克林邓普顿投资。版权所有。

What Are the Risks?

有何风险?

All investments involve risks, including the possible loss of principal. Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments. Investments in emerging markets, of which frontier markets are a subset, involve heightened risks related to the same factors, in addition to those associated with these markets' smaller size, lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets. Because these frameworks are typically even less developed in frontier markets, as well as various factors including the increased potential for extreme price volatility, illiquidity, trade barriers and exchange controls, the risks associated with emerging markets are magnified in frontier markets. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions.

所有投资均涉及风险,包括可能损失本金。外国证券投资涉及特别风险,包括汇率波动、经济不稳定和政治发展。在新兴市场(包括前沿市场)国家的投资涉及相同因素的较高风险,以及与这些市场的规模较小、流动性较低、并缺乏既定的法律、政治、商业和社会的框架以支持证券市场的相关风险。因为前沿市场的这些框架往往更欠发达,以及各种因素,包括极端价格波动、流动性不足、贸易壁垒和外汇管制,潜在的与新兴市场相关的风险在前沿市场尤为突出。在影响个别公司、特定行业或部门或一般市场状况的因素作用下,股票价格会表现出极大的不稳定性。

To get insights from Franklin Templeton delivered to your inbox, subscribe to the Investment Adventures in Emerging Markets blog.

有意从富兰克林邓普顿 (Franklin Templeton) 的邮件中了解更多信息,请订阅 “新兴市场的投资冒险” (Investment Adventures in Emerging Markets) 博客。

For timely investing tidbits, follow us on Twitter @FTI_Emerging and on LinkedIn.

有意及时投资的话,请在推特上关注 @FTI_emerging和LinkedIn。

The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. The technology sector has historically been volatile due to the rapid pace of product change and development within the sector.

现有技术过时、产品周期短、价格和利润下降、市场新进入者带来的竞争以及一般的经济条件都可能对技术产业产生重大影响。由于科技产品更新换代周期较短,该行业一直以来面临着巨大/波动。

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1. Source: 2002 Census of Population and Housing, Department of Census and Statistics, Sri Lanka.

[1] 资料来源:斯里兰卡政府统计处,二零零二年人口与住房普查。

2. Sources: International Monetary Fund, Central Bank of Sri Lanka, as of 2014.

[2] 资料来源:国际货币基金组织,斯里兰卡中央银行,截至二零一四年。

3. Source: Bloomberg, January 2015.

[3] 资料来源:彭博资讯,二零一五年一月。

4. Sources: World Bank as of 2000; IMF, as of May 2015.

[4] 资料来源:世界银行,截至二零零零年;国际货币基金组织,截至二零一五年五月。

5. Source: World Bank, 2014 data.

[5] 资料来源:世界银行,二零一五年数据。

6. Source: IMF World Economic Outlook database, October 2015. There is no assurance that any estimate or forecast will be realized.

[6] 资料来源:国际货币基金组织《世界经济展望》数据库,二零一五年十月。不保证任何估计或预测会实现。

7. Source: Central Bank of Sri Lanka.

[7] 资料来源:斯里兰卡中央银行。

8. Source: Market cap as of December 10, 2015 is US$19.3 billion; Source: Bloomberg. GDP based on 2014 data; Source: World Bank.

[8] 截至二零一五年十二月十日的市值为193亿美元;资料来源:彭博资讯。国内生产总值基于二零一四年数据;资料来源:世界银行。

9. Source: Central Bank of Sri Lanka, 2014 data.

[9] 资料来源:斯里兰卡中央银行,二零一四年数据。

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