The decades-long, trillion-dollar love affair between China and Wall Street is coming to an end.

中国与华尔街长达几十年、价值高达上万亿美元的热恋即将结束。

Didi Chuxing, a $39 billion company that is China’s answer to Uber, said on Friday that it would delist its shares from the New York Stock Exchange. Just six months ago, Didi was a Wall Street darling, raising billions of dollars from American pension funds and international investors in a splashy New York initial public offering.

上周五，市值390亿美元、相当于中国版优步的滴滴出行表示，将从纽约证券交易所退市。仅六个月前，滴滴还是华尔街的宠儿，在纽约进行了引人注目的首次公开发行，从美国养老基金和国际投资者那里筹集到数十亿美元。

Those sorts of deals once fueled a three-decade relationship that helped reshape the global political and financial landscape. China generated heaps of money for Wall Street by hiring banks to manage deals like I.P.O.s. In return, Wall Street gave China access to the halls of global finance and political power, especially when it came to introductions in Washington.

这类交易曾推动了中美双方长达30年的关系，帮助重塑了全球政治和金融格局。中国通过雇用华尔街银行来管理首次公开发行等交易，为华尔街带来了大笔收入。作为回报，华尔街让中国进入了全球金融和政治权力的殿堂，尤其是在将其引荐给华盛顿方面。

Didi’s abrupt decision to leave brings home a stark truth for Wall Street: China doesn’t need it anymore. The world’s No. 2 economy has plenty of its own money and few problems attracting more from elsewhere. China’s friends on Wall Street have lost their sway in Washington at a time when mistrust of Beijing’s intentions is running high. And China’s leaders would rather keep tight control of its companies than open them up to investors on American markets.

滴滴突然做出退市决定，让华尔街明白了一个无法回避的事实：中国已不再需要华尔街。作为世界第二大经济体的中国，自身的资金已足够充足，而且不难从其他地方吸引更多资金。在人们对北京的意图越来越不信任的时候，中国在华尔街的朋友已失去了他们在华盛顿的影响力。中国的领导人则宁愿对本国公司保持严格控制，也不愿让它们对美国市场的投资者开放。

Now Wall Street has become the latest area in which leaders on both sides are trying to weaken the extensive and complicated ties between the world’s two largest economies. And just as the alliance of China and Wall Street helped shape business in the past, the way the two sides disentangle those ties could reshape its future.

如今，两国领导人都在试图削弱世界上这两个最大经济体之间广泛且复杂的联系，华尔街已成为其中的最新领域。正如中国与华尔街的联手曾帮助塑造了商业的过去一样，双方摆脱这种联系的做法也可能重塑商业的未来。

“It is mutual decoupling, but it is also a contest to set the rules by which international intercourse takes place,” said Lester Ross, a partner in the Beijing office of the WilmerHale law firm.

“这是在相互脱钩，但也是一个为国际交往制定规则的竞赛，”美国威凯平和而德律师事务所常驻北京办事处的合伙人莱斯特·罗斯说。

Beijing has been asserting greater control over its private companies, particularly those like Didi, which has extensive data on hundreds of millions of the Chinese taxi hailers and ride sharers. It seeks a private sector more in line with the Communist Party’s growing focus on spreading wealth and meeting its policy goals — aims that Wall Street investors most likely can’t help with.

中国政府一直在加大对民营企业的控制，尤其是像滴滴这样的企业，其手中掌握着中国数亿网约车和拼车出行者的数据。北京希望私营部门在中共日益关注的财富分配问题上步调与其一致，并能满足其政策目标，这些都是华尔街投资者恐怕帮不上忙的事情。

The American government, which sees China as the greatest economic, political and military rival, has been putting pressure of its own on Chinese ties. It has forced some state-controlled Chinese companies in delist their U.S. shares. On Thursday, the U.S. Securities and Exchange Commission adopted rules that would require reluctant Chinese companies listed in the United States to further open their books to American accounting firms or get kicked off its stock exchanges.

美国政府将中国视为最大的经济、政治和军事对手，一直在对华尔街与中国的关系施压。美国政府曾迫使几家国家控股的中国公司在美摘牌。上周四，美国证券交易委员会（简称SEC）采取新规定，要求在美上市的中国公司向美国的会计师事务所进一步公开账目，否则将被踢出美国的证券交易所。

The attraction between China and Wall Street is increasingly one-sided. Wall Street banks like Goldman Sachs and JPMorgan Chase are hiring and investing heavily in building out their businesses in mainland China. Chinese regulators have loosened limits on what foreign banks can do inside the country, but the firms will still be subject to Chinese laws and mores.

中国与华尔街之间的吸引力越来越一边倒。高盛和摩根大通等华尔街银行正在为扩大中国大陆的业务大举招聘、大笔投资。虽然中国监管机构已放松了对外资银行在中国境内业务的限制，但这些公司仍将受中国法律以及其他规则的制约。

China also has Hong Kong, which remains a financial capital despite Beijing’s tightening its grip over the government and daily life. Didi on Friday paved the way for allowing investors who bought shares on the New York exchange to swap them for those that will someday soon be traded in Hong Kong.

中国还有香港，尽管中央政府收紧了对当地政府和日常生活的控制，但香港尚未失去金融之都的地位。上周五，滴滴为在纽约交易所购买了其股票的投资者转换不久将在香港交易的股票创造了条件。

Didi’s move will put a focus on Chinese companies that still trade in the United States, and they represent a lot of money. A congressional commission estimated this year that nearly 250 Chinese companies had a total of $2.1 trillion in shares trading on American exchanges.

滴滴的做法使人们的注意力放到仍在美国交易的中国公司身上，这些公司有着可观的总市值。美国国会的一个委员会曾在今年估计，在美国交易所上市的近250家中国公司的股票交易总额达2.1万亿美元。

The most prominent is Alibaba, the e-commerce giant, which once conducted the biggest I.P.O. in the world when it sold shares in New York in 2014. The company didn’t immediately respond to a request for comment.

其中最有名的是电商巨头阿里巴巴。2014年，阿里巴巴在纽约上市时，创下了世界上IPO最高记录。阿里巴巴没有马上回复记者的置评请求。

Chinese regulators were said to have been looking at ways to limit Chinese listings in the United States. This week, they denied a report that they would close a legal loophole that Chinese companies like Didi and Alibaba have long used to list overseas while keeping corporate control in the mainland. But even without more regulatory action, few Chinese companies have listed in the United States since Didi’s I.P.O. and a subsequent regulatory crackdown on the company by Beijing.

中国监管部门据说一直在寻找限制中国企业在美国上市的方法。上周，他们否认了一篇关于中国监管部门将弥补一个法律漏洞的报道，滴滴和阿里巴巴等中国企业长期以来一直靠钻这个漏洞去海外上市，同时将公司的控制权保留在中国大陆。但是，即使没有更多的监管行动，自从滴滴在美IPO、随即受到中国政府的监管压力之后，已几乎没有中国公司在美国上市。

There was a time when Wall Street’s bankers could lobby Washington on China’s behalf and get results. In the late 1990s, as China was trying to lower trade barriers, Zhu Rongji, then its premier, flew to New York to meet with finance and business leaders. The heads of Goldman Sachs and American International Group later worked to persuade President Bill Clinton to strike a deal to help China join the World Trade Organization in 2001.

曾经有段时间，华尔街的银行家们能在华盛顿为中国展开游说，并取得成果。中国在20世纪90年代末试图降低贸易壁垒时，时任总理的朱镕基曾飞到美国与金融和商界领袖见面。高盛和美国国际集团的负责人后来努力说服了克林顿总统，在2001年达成了一项帮助中国加入世界贸易组织的协议。

Wall Street was also able to intervene when Presidents George W. Bush and Barack Obama considered labeling China a currency manipulator, urging lawmakers to reconsider taking official action against Beijing’s attempts to weaken its currency in order to boost its importers.

小布什总统和奥巴马总统考虑给中国贴上汇率操纵国的标签时，华尔街也曾出面干预，敦促美国立法者们重新考虑对中国政府为提振出口压低人民币汇率的企图采取官方行动。

These days, calls from Wall Street executives like Blackstone’s Stephen A. Schwarzman, who has raised over $500 million for a scholarship program at China’s prestigious Tsinghua University, have increasingly fallen on deaf ears in Washington. In 2019, the Trump administration labeled China a currency manipulator. The designation was later formally removed, but the sentiment of getting tough on China has remained.

如今，像黑石集团的苏世民(Stephen A. Schwarzman)这样的华尔街高管打给华盛顿的电话正越来越不被理睬。苏世民曾为中国著名学府清华大学的一个奖学金项目筹集了五亿多美元。2019年，特朗普政府将中国列为汇率操纵国。虽然这个标签后来被正式取消，但对中国采取强硬态度的情绪依然存在。

As the U.S.-Chinese relationship cools, more companies like Didi will get caught in the middle.

随着美中关系降温，更多像滴滴这样的公司将被夹在中间。

“It’s bad for business to be caught between two superpowers flexing their economic and regulatory powers,” said Paul Leder, a lawyer at Miller & Chevalier and a former director of the S.E.C.’s Office of International Affairs.

“夹在两个正在显示自己的经济和监管实力的超级大国之间，对企业不利，”米勒·希瓦利埃律师事务所的律师、曾任SEC国际事务办公室主任的保罗·利德说。

The delisting is likely to increase investor concerns about what seems to be a growing hostility by Chinese officials toward domestic companies that list shares on overseas exchanges.

滴滴退市可能会加剧投资者的担忧，他们担心中国官员似乎对在海外交易所上市的国内公司越来越敌视。

For Didi, once hailed as an innovator and disrupter in China’s staid transportation sector, it has been a fast fall from grace. In 2016, it was considered the pride of China’s spunky start-up scene when it vanquished its American rival, Uber, and bought that company’s Chinese operations. Promises to use its banks of data to unsnarl traffic and develop driverless car technologies made its executives icons.

对曾被誉为颠覆了中国古板的交通行业的创新者滴滴来说，它的失宠异常迅速。2016年，滴滴曾因击败美国竞争对手优步，并收购了后者的中国业务而被认为是中国充满活力的初创企业的骄傲。该公司曾承诺使用自己的数据库来疏导交通，并承诺研发无人驾驶汽车技术，这让滴滴的高管成为崇拜对象。

When it listed over the summer in New York, Didi appeared to be following a long list of Chinese success stories that saw getting into Wall Street as an ultimate validation of a company’s business achievements.

今年夏天在纽约上市时，滴滴似乎加入一长串中国成功企业的行列，这些企业曾将进入华尔街视为对公司业务成就的最终验证。

Beijing’s sudden clampdown on Didi jolted the company’s new Wall Street shareholders. Since its blockbuster I.P.O., Didi’s share price has roughly halved in value.

中国政府对滴滴突如其来的打压让公司在华尔街的新股东们震惊。自从声势浩大的IPO以来，滴滴的股价已下跌了大约一半。

In a rebuke to Didi, Chinese regulators followed up its megabucks listing with a series of regulatory slaps. Worried that the listing meant Didi might transfer sensitive data on Chinese riders to the United States, regulators forced the company to halt registering new users two days after the I.P.O. as they began a cybersecurity review of its practices.

滴滴在美国上市得到大笔资金之后，作为对滴滴做法的批评，中国监管机构对其进行了一系列监管打击。由于担心在美上市意味着滴滴可能会将中国乘客的敏感数据转交给美国，监管机构在滴滴上市两天后迫使公司停止注册新用户，并开始对公司的运作展开网络安全审查。

Shortly after, officials ordered a halt to downloads of Didi’s main, consumer-facing application, before broadening the block to 25 more of the company’s apps, including its car-pooling app, its finance app and its app for corporate customers.

不久之后，官员下令滴滴主要面向消费者的应用程序从网上下架，随后又将下架的滴滴应用程序扩大到25个，包括其拼车应用程序、金融应用程序和面向企业客户的应用程序。

Investors can still go to Hong Kong if they want to invest in Didi or other Chinese stocks, said David Webb, a former banker and longtime investor in Hong Kong. But broadly, China wants its companies to be only a short distance away.

如果想投资滴滴或其他中国股票的话，投资者仍可去香港，曾在银行工作的长期投资人戴维·韦布说。但大体来说，中国不想让本国公司去太远的地方。

“It is all part of a mainland government plan to ‘bring them home’ and disengage from U.S. regulation,” he said.

“这都是中国大陆政府‘喊它们回家’，从而摆脱美国监管的计划的一部分，”韦布说。