ThelistingofAlibabainNewYorkinSeptembercreatedtheworld’ssecond-largestinternetcompanybymarketcapitalisation,behindGoogle.Thisdidnothappenbyaccident.Ofthetop10internetcompaniesintheworld,rankedbymarketcap,threeareChinese,andtherestarefromtheUS.9月，阿里巴巴(Alibaba)在纽约上市，成为以市值衡量的全球第二大互联网公司，仅次于谷歌(Google)。这并非偶然。在市值最高的全球十大互联网公司中，3家来自中国，其他则来自美国。Together,Baidu,AlibabaandTencentformwhatisknowinChinaas“BAT”.TheseeconomicjuggernautsthathavecometodominatetheinternetinChinaareoperatingalmostalongthelinesofJapan’skeiretsu,whicharealliancesofbusinesseswithsimilarinterestsorthathaveshareholdingsinoneanother.Theyarealsorapidlybranchingoutintoofflinesectors,suchastransport,travel,retailandbanking.在中国，百度(Baidu)、阿里巴巴和腾讯(Tencent)被合称为“BAT”。这些巨头主宰了中国互联网，它们的经营模式与日本的“经连体系”(keiretsu)非常相似，后者是由利益相似或者互相控股的企业组成的联盟。它们还迅速延展到线下行业，比如交通、旅游、零售和银行业。WhethertherapidgrowthoftheChineseinternetisjustabubbleorastabletrendisopentoquestion.However,forthetimebeingatleast,BAThasbecomethenucleusofaninternetindustrythatisstartingtorivaltheUS,creatingwhatisessentiallyaUS-Chinaduopoly.ThethreeChinesecompaniesalsobenefitfromwhathasbecomeknownasthe“GreatFirewall”,asmostofthetopUScompanies,suchasGoogle,FacebookandTwitter,areexcludedfromoperatinginChina.中国互联网的飞速发展到底是泡沫，还是一种稳定趋势，还须拭目以待。然而，至少就目前来看，BAT已经成为了中国互联网行业的核心，而中国的互联网行业已经开始与美国相匹敌，基本上形成了一种中美双头垄断的格局。这3家中国企业也受益于广为人知的“长城防火墙”(GreatFirewall)。依靠这个防火墙，中国把美国的多数领头企业，如谷歌、Facebook和Twitter拒之门外。However,noChineseinternetcompanyhasyetmadetheleapfromChinatobecomeaglobalbrand.Fornow,itisenoughforthembedominantinChina,whichhad632minternetusersasofJune,527mofwhomgoonlineusingmobiledevices.Thepotentialoftheforecastconsumptionboom,asChinamovesfromaninvestment-driveneconomytoaconsumption-drivenone,isenoughtoattractinvestmentssuchasthe$25bnsunkintoAlibabainitsinitialpublicoffering,thelargestever.然而，目前还没有哪家中国互联网企业跳出中国，成为一个全球品牌。目前来看，它们能在中国占据主导地位就足够了。6月的数据显示，中国有6.32亿网民，其中5.27亿网民使用移动设备上网。随着中国经济从投资驱动型转为消费驱动型，预计将出现的消费热潮蕴含的潜力，足以吸引大笔投资，比如阿里巴巴在首次公开募股(IPO)中筹得250亿美元，这也是目前规模最大的一次IPO。TheinternetisthemostdynamicpartofChina’sbuddingprivatesector,thoughitremainssolidlyunderthecontrolofthestate.ForeignersholdlargeshareholdingsinAlibaba,TencentandBaiduanddozensofotherinternetcompanies.Butthesestakesarelargelytheoreticalatbestand---本文来源于网络，仅供参考，勿照抄，如有侵权请联系删除---ownedvia“variableinterestentities”,orVIEs,whichguaranteeapaymentstreamfrom,butnotownershipof,thelicence-holdingvehiclesinChina.TheseVIE’saretechnicallyillegal,thoughChinesecourtsturnablindeyetothepractice,andownersknowtheirlargeholdingonlyexiststhankstothetacitconsentofthestate.互联网是中国崭露头角的私营部门中最活跃的部分，尽管其依然处于国家的严密控制之下。外国投资者持有阿里巴巴、腾讯、百度及其他数十家互联网企业的大量股份。但大体上，这些股份充其量不过是理论上的，是通过“可变利益实体”(variableinterestentities,VIE)持有的...