财新传媒 财新传媒

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今天,我在领英LinkedIn写了一篇英文评论,讲中国基本上没有垄断,除了政府以外。阿里、蚂蚁、腾讯、京东算得上垄断吗?当然算不上。永远有竞争者。而且永远有人资助新的进入者。

反垄断对中国来讲是一个全新的概念。十年前我们用这个概念阻拦可口可乐收购汇源果汁。结果让大家狼狈不堪。中国真正的垄断是铁路、三大航空、三大电信、三桶油、一些港口、一些机场。仅此而已。

它们虽然都是国有企业,相互竞争也很激烈。你看一下中国与美国在很多领域的收费,就知道了。美国的公司上市IPO收费7%。基本上不能讨价还价。在中国收1-2%。还会大跌。美国支付公司的收费起码是中国支付公司的20倍!美国的律师、会计师、医生、顾问、公关公司的收费都是中国的若干倍。

中国各个省在市场管制方面并没有立法权,所以中国就是一个大市场。充分竞争,这也许是中国的经济的强项。遗憾的是办任何事情都要无数的批文,并且朝令夕改。

Alibaba, Ant and trustbusters.

Is China suddenly waking up to monopolies? For all their market prowess, Alibaba, Ant, Tencent, JD and PDD are not real monopolies (Search engine Baidu arguably is). There are always well-funded challengers.

China does not have an established anti-trust concept. A decade ago Beijing used this alien concept to block Coca Cola’s acquisition of Huiyuan Juice, and it went very wrong. Huiyuan went bust soon after, to Beijing’s embarrassment.

Most industries are more fragmented and more competitive in China than elsewhere. There is no such a thing as a long-term franchise such as an officially-sanctioned scheme of control you see elsewhere.

True monopolies are railways, the three major airlines, the three oil majors, the dozens of ports and three telcos. Even they compete fiercely amongst themselves - though they are all SOEs.

Proof is in the pricing of their services: investment banks charge 7% for corporate IPOs in America but only 1-2% in China. The fees American payments companies charge is at least 20x that in China. Not to mention the fee gap among lawyers, accountants, medics, advisors and PR firms. There is no real demarcation between provinces and China is just one big market. This is probably a strength of China’s economy. The pain is the overbearing license regime.

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张化桥

张化桥

1392篇文章 2年前更新

香港慢牛投资公司董事长。瑞士银行11年 (研究主管/投行副主管)。86-89年任职人行总行。五年(2001-05)"机构投资者"杂志评选的中国分析师第一名。

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