通过选择私人股权公司，中国也能够直接投资在合伙人方，他们可以使投资运作免于公众的关注，尽管即将到来的股权交割众所周知。 而这也是此次交易最具讽刺意味的方面。  芝加哥大学商业研究所的Raghuram Rajan说，“是裙带资本主义吗？ 真是绝佳的联姻-和其公司投资者无权过问的国家进行的其投资者无权过问的合作。 我担心这会产生严重的利益冲突。 一般来讲，政府法人不应该投资在私人公司。”

Moreover, it is widely believed that by having China as a partner, Blackstone will receive preferential access to China's market (as well as providing China with experience it clearly covets on how to set up its own domestic private-equity industry). This is an advantage for Blackstone, and for its shareholders, China included, particularly so when other private-equity firms complain that the impediments to operating in China are growing.

再者，据广泛认为，由于和中国合作，黑石集团能优先进入中国的市场（同时为中国提供其明显渴望得到的怎样建立国内私人股本企业的经验）。 这对黑石集团，对其董事，包括中国在内都有利。尤其是当其它私人股本公司抱怨在中国操作的阻碍愈来愈大时。

However, providing an economic incentive to a lucky few, even if that includes the government itself, impedes China's broader need to create a fair and transparent financial market for all participants. That is what would produce the most efficient market for capital.

然而，为少数幸运者提供经济鼓励，即使其中包括政府自己，也会阻止中国为所有参与者创建公平透明的金融市场的广泛需求。 而这样的需求会产生高效运作的资本市场。

China still has vast holdings of state assets, and its embryonic stockmarket is bubbling over—if anything it needs more publicly traded companies. Like other countries with sovereign-wealth funds, it would appear to need more expertise in selling companies that it owns, rather than learning how to buy the ones it does not.

中国仍然拥有非常大量的国有资产，她新生的股票市场正在迅猛增长-如果她还需要什么的话，那就是更多的上市公司。 正像其它拥有主权财富基金的国家一样，中国似乎需要更多的专业技术使其公司上市出售，而不是学会怎样购买她还没有的公司。

英文版权归《 The Economist 》所有

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