Canon is no longer building or ex-panding factories in China, but the company is doubling its work force at a printer factory outside Hanoi to 8,000. Nearby, Nissan is expanding a vehicle engineering center. Hanes-brands, the underwear company based in Winston-Salem, N.C., is setting up two new factories in Hanoi, as is the Texhong Textile Group from Shanghai.

佳能已經不再在中國大陸建廠或擴廠，但這家以製造優質相機聞名的日本企業，已經轉而將在越南河內郊外一家印表機工廠的員工增加一倍；附近日產汽車也正在擴建其汽車工程研究中心。總公司設於美國北卡羅來納州溫斯頓塞冷的內衣及成衣製造商漢斯公司，也在河內建了兩家新廠；就連上海的天虹紡織集團也不例外。

China remains the most popular destination for foreign industrial in-vestment in the world, attracting al-most $83 billion last year. But a growing number of multinational corporations are pursuing a strategy that companies and analysts call “China plus one,” establishing or ex-panding Asian bases outside China, particularly in Vietnam.

中國仍是全世界外國工業投資最熱門的地點，光是去年就吸引了830億美元投資額。但越來越多跨國企業正在尋求一種界業和分析師所謂的「中國加一」投資策略，在中國大陸以外的地區建立或擴大亞洲據點，尤其看好越南。

A long list of concerns about China is feeding the trend: inflation, short-ages of workers and energy, a strengthening currency, changing government policies, even the possi-bility of widespread civil unrest someday. But most important, wages in China are rising close to 25 percent a year in many industries, in dollar terms, and China is no longer such a bargain.

中國大陸一長串令人關切的問題助長這個趨勢，其中包括通貨膨脹、人力和能源短缺，人民幣升值，政府政策朝令夕改，甚至有朝一日可能發生普遍的社會動盪；但最重要的是，在很多行業，大陸工資以美元計，一年就漲了將近25%，在中國投資已經不見得划得來了。

Companies are using the Chi-na-plus-one strategy to mitigate the risks of overdependence on factories in one country. Multinational corpo-rations are "thinking about all the world and keeping a balance between China and other countries," said Ed-ward Kang, the chief executive of Ever-Glory International, a sportswear manufacturer in Nanjing, China. Ever-Glory, which sells to Wal-Mart and Kohl's, is building a factory in Vietnam.

公司行號正利用「中國加一」策略，來減輕工廠過度集中依賴一個國家的風險。據南京運動用品製造商華瑞國際公司法人代表康宜華指出，跨國企業「正在考慮到世界各地設廠的可能性，在中國和其他國家中間設法維持平衡。」華瑞國際的運動用品主要賣給沃爾瑪和Kohl百貨，目前正在越南建廠。

Companies remaining in China are desperately seeking to control costs. "We will maintain our capacity in China, but we will make it more au-tomatic and reduce the number of employees," said Laurence Shu, the chief financial officer of Shang-hai-based Texhong.

留在中國大陸的企業亟欲控制成本。上海天虹紡織集團財務總監許子慧說：「我們還是會維持在大陸的產能，但我們會使工廠運作更自動化，並減少員工人數。」

To limit labor costs, Hanesbrands is building a largely automated factory in Nanjing. But the company is also building a factory in Vietnam, in ad-dition to a factory it bought in Hanoi, and two more in Thailand. Gerald E-vans, the president for global supply chain at Hanesbrands, said that com-pared with China, "we found more ready availability of both land and la-bor in both Vietnam and Thailand." Hanesbrands will be shifting some manufacturing from Mexico and Central America to Asia.

漢斯廠則為了減少勞工成本，在南京建了一座大半自動化的工廠，同時，除了在河內買一座工廠，也在越南建廠，並在泰國另建兩家工廠。漢斯全球供應網總裁伊凡斯說，跟中國相比，「我們發現越泰兩國，不管土地和人力都更寬裕。」漢斯打算把一些生產線從墨西哥和中南美洲轉移到亞洲。

Texhong estimates that average la-bor costs for each textile worker in China will rise 16 percent this year, including increases in benefits costs — on top of a 12 percent increase last year. New regulations are making it harder for companies to avoid paying for benefits, like pensions, further in-creasing labor costs.

上海天虹紡織集團估計，今年大陸每名紡織工人平均勞動成本會增加16%，包括福利支出的增加，去年已經增加了12%。新的勞工法規，使企業更難避免要付養老退休金之類的福利支出，使勞工成本更沈重。

When those increases are combined with a currency rising against the dollar at an annual pace of up to 10 percent, labor costs in China are now climbing at 25 percent a year or more. Inflation in China — more than 8 percent in February, March and April and 7.7 percent in May — raises the prospect that labor costs will soar even faster soon. That could push up prices for a wide range of goods exported to the United States.

這些支出增加，再加上人民幣每年以10%的比率對美元升值，大陸勞工成本目前每年已經爬升到25%以上。大陸通貨膨脹今年二、三、四月均飆升到8%以上，五月也達7.7%，展望未來可能會促使勞工成本進一步升高。那也可能使輸美多項產品價格續揚。

China is also phasing out its prac-tice of charging lower corporate tax rates for foreign-owned companies. By contrast, Vietnam still offers for-eign investors a corporate tax rate of zero for the first four years, and half the usual rate of 10 percent for the next four years.

中國也正逐步取消外商較低優惠稅率等措施。相形之下，越南仍給頭四年到當地投資設廠的外商零稅率，接著四年則是一般稅率10%減半。

Foreign direct investment in China has grown by a third over the last three years. By contrast, foreign direct investment has more than doubled in this period in the Philippines, quintu-pled in India and soared more than eightfold in Vietnam. For example, foreign investment in Vietnam reached nearly $18 billion last year. A popular saying among Western in-vestors is that Vietnam is the next China. Cambodia, with even lower wages attracting garment manufactur-ers, is called the next Vietnam.

過去三年，外商直接投資中國大陸的只成長了三分之一；同時期，外商在菲律賓直接投資額增加一倍以上，在印度增加三倍，在越南則飆漲了八倍以上。舉例而言，去年越南外商投資額將近180億美元。西方投資人現在常說，越南將成為下一個中國；柬埔寨則因工資更低廉，吸引成衣廠商進駐，已被稱為下一個越南。

Yet, like China, Vietnam does not offer complete tranquillity either. For instance, workers are becoming more vocal and staging more strikes, despite a government ban on independent u-nions. Nearly 20,000 workers walked out this spring at a Nike shoe factory run by a Taiwanese contractor. The workers went back to work only when given a 10 percent raise, to $55 a month, and a larger meal subsidy. That restive pattern is also evident in India, which is expected to have more people than China within two decades.

但一如中國，越南也不見得完全平靜，工人越來越勇於發言和罷工，雖然政府禁止勞工組工會。今春有將近兩萬名工人在台資經營的Nike鞋廠罷工，只有在資方同意加薪10%達每月55美元，及擴大食物補貼後，工人才回去上工。這種抗爭模式在印度也越來越明顯，印度預料在未來20年內人口就會超過中國。