新加坡对中国的大量投资是通过中国香港进入的(表1)。
A large amount of Singapore's OFDI to China was also channelled through Hong Kong (China) (table 1).
8. 表1所示新加坡本国控股跨国公司的进一步数据表明，1996-2002年期间，本国控股企业对亚洲的直接投资比例从1996年的62%下降到2002年的52%，表明新加坡本土企业的投资重点从亚洲转向欧洲(58%，2002年)和澳大利亚(64%，2002年)等其他发达地区。
Further data on locally controlled Singaporean TNCs in table 1 indicate that between 1996 and 2002 the proportion of locally controlled OFDI from Singapore to Asia decreased from about 62 per cent in 1996 to 52 per cent in 2002, indicating a gradual shift in the geographical focus of indigenous Singaporean firms from investing in Asia to such developed regions as Europe (58 per cent in 2002) and Australia (64 per cent in 2002).
地域变化的一个主要原因是本国控股大型跨国企业越来越多地进行购买和兼并(见以下)。
One key explanation for this geographical shift is the increasing number of mergers and acquisitions (M&As) conducted by large locally controlled SINTNCs (see below).
表1. 按地域分列的新加坡1981-2003年对外直接投资余额 (百万新元：括号内是本国控股公司的百分比)
Another interesting observation is that the Caribbean and Latin American countries emerged as an important host region for OFDI from Singapore.
表1 (续). 按地域分列的新加坡1981-2003年对外直接投资余额 (百万新元：括号内是本国控股公司的百分比)
In 2003, the region hosted some 28 per cent of OFDI from Singapore.
While some of this OFDI was in the natural resources sector, a substantial portion went to tax-free zones in the region.
注：1981-1985年数据指对外直接投资(D1)，即新加坡公司持有的海外子公司和联营公司的实缴款股份数额。
The financial sector continues to spearhead Singapore's OFDI.
Some 47 per cent of OFDI in 1990 came from this sector.
1990-1995年数据指直接股本投资(D2)，即直接投资(D1)加上这些公司的海外子公司和联营公司的储备金。
The sector's share of OFDI consistently increased in 1990-2003.
对于海外分公司而言，欠本国母公司的净额被认为是直接投资规模的近似值。
By 2002, the financial sector accounted for a 62 per cent share, a reflection of Singapore's competitive role as an international financial centre in the global economy.
1996-2002年数据指对外直接投资总额(D3)，即D2加上对子公司的贷款。
Table 1.
Singapore: OFDI stock, by geographical distribution, 1981-2003
从1994年起，银行、融资和保险公司等金融机构也被列入在内。
(Millions of Singapore dollars; percentage of local-controlled companies in parentheses)
1 2003年数据为初步数据。
Table 1 (Cont'd).
Singapore: OFDI stock, 1981-2003
资料来源：新加坡统计局，“新加坡海外投资”(各年)
(Millions of Singapore dollars; percentage of locally-controlled companies in parentheses)
9. 另一有意义的现象是加勒比和拉丁美洲国家已成为新加坡对外直接投资的重要地区。
For overseas branches, the net amount due to the local parent companies is taken as an approximation of the magnitude of direct investment.
2003年，该地区接受了约28%的新加坡对外直接投资。
Data for 1996-2002 refer to total direct investment abroad (D3), which are D2 plus loans granted to affiliates.
有些投资流入自然资源领域，很大部分进入该地区的免税区。
From 1994 onwards, financial institutions such as banks, finance and insurance companies were included.
1990年约有47%的对外直接投资来自金融行业。
1 Data for 2003 are preliminary.
1990-2003年该行业对外直接投资持续增长，2002年已占62%，反映了新加坡作为全球经济国际金融中心的竞争地位。
Source: Department of Statistics, Singapore, Singapore's Investment Abroad (various years).
11. 尽管新加坡制造业具有竞争实力，但1990年仅占新加坡对外直接投资的20%，2002年下降到8.5%(表2)。
Despite Singapore's competitive strength in manufacturing, the sector accounted for only 20 per cent of OFDI in 1990, and declined to 8.5 per cent in 2002 (table 2).
这一下降是新加坡制造业同期在国内生产总值中所占份额减少的结果。
This decline was a consequence of the decrease in the share of manufacturing activities in Singapore's GDP in the same period.
在国外业务中，制造业份额相当稳定，同期维持在18%至25%之间。
In terms of activity abroad, the share of the manufacturing sector remained fairly consistent, hovering between 18 per cent and 25 per cent in the same period.
制造业份额的这一差别表明参与对外直接投资的新加坡企业产业来源在发生变化和制造业作为在国外受欢迎的产业活动仍然十分重要。
This difference in manufacturing's share reflects the changing industrial origin of Singaporean firms that engage in OFDI and the continuing importance of the manufacturing sector as a favoured industrial activity abroad.
换言之，新加坡投资者尽管在国外也投资于制造活动，但可不列为制造企业类别。
In other words, investors from Singapore may not be classified as manufacturing firms, even though they are investing in manufacturing activities abroad.
金融、运输和制造企业是新加坡的三个主要投资行业，它们在2002年底占新加坡对外直接投资的86%。
Financial, transport and manufacturing firms were the three major investors from Singapore.
They accounted for 86 per cent of Singapore's OFDI at year end 2002.
表2 按行业和国外活动分列的1990、1995、2000、2002、1990-2002年 新加坡对外直接投资余额 (百万新元、百分比)
Table 2.
Singapore: OFDI stock, by industry and activity abroad, 1990, 1995, 2000, 2002, 1990-2002