AHI Journal美研擬放行逾 1,000 億美元中國藥物授權，川普拍板格陵蘭防務協議並加壓盟邦關係US Drafts Rules Permitting Chinese Biotech Licensing Deals Exceeding $100 Billion; Trump Seals Greenland Defense Pact While Pressuring Allies
美財政部擬放行中國生技授權交易，同日宣布取得格陵蘭安全控制權，對歐韓關係則持續顯現政策裂痕。The US Treasury prepares rules to permit Chinese biotech licensing, as Washington clinches a security agreement over Greenland and policy fissures widen with European and South Korean allies.
前情提要Previously本刊第 10 次談Our take #10 on 美國政局
本篇重點：The key points:
- 美國財政部起草法規，擬放行非病原體相關的中國潛力新藥授權投資US Treasury drafts regulations to allow investments in licensing prospective Chinese therapeutics unrelated to pathogens
- 川普宣布與丹麥及格陵蘭達成無限期協議，由美方取得格陵蘭安全控制權Trump announces an indefinite pact with Denmark and Greenland granting the US security control over the island
- 德國總理梅爾茨指跨大西洋無條件友誼恐已結束，美方撤軍 5000 人施壓German Chancellor Merz warns the era of unconditional transatlantic friendship may be over as US withdraws 5,000 troops
- 南韓就 3500 億美元對美投資承諾重啟磋商，部分接近敲定條款引發內部爭端South Korea reopens talks on its $350 billion US investment commitment as near-final terms spark domestic pushback
美國財政部研擬對非病原體或武器化技術放行，為去年達 1150 億美元的中國生技對外授權保留交易管道；與此同時，行政部門宣布與丹麥就格陵蘭達成永久安全控制協議。這項政策轉向顯示美方在國安法規框架下對特定生技產業採取相對寬鬆標準，但同時對歐洲駐軍與對韓投資等傳統盟邦事務持續加壓談判。The US Treasury Department is drafting rules to permit licensing of non-pathogen or non-weaponized technologies, safeguarding a deal corridor for Chinese biotechnology licensing that reached $115 billion last year. Concurrently, the administration announced an agreement with Denmark granting the US security control over Greenland. This policy shift reveals the US adopting more lenient standards for select biotechnology segments within its national security framework, even as it exerts transactional pressure on traditional alliances concerning European troop deployments and South Korean investment pledges.
美國財政部（跨境生技投資規範）US Department of the Treasury (Cross-Border Biotech Investment Rules)
美國財政部正負責起草一項針對製藥業者在中國投資的法規，3 名聽取簡報的知情人士指出，該規範可能會保留美國製藥業者達成多數中國藥物授權交易的能力。這項進展標誌著行政部門在國家安全框架下，對不同產業收緊對中往來的政策出現差別化處置，其限制標準較部分國會議員主張的方案寬鬆。The US Department of the Treasury is drafting regulations targeting pharmaceutical investments in China. Three people briefed on the matter said the rules will likely preserve the ability of US pharmaceutical companies to execute most Chinese drug-licensing transactions. The move reflects a differentiated approach within the administration's national security framework across sectors, adopting a looser stance than proposals backed by some congressional lawmakers.
依據起草中的條款，只要相關藥物不涉及病原體或可能被武器化的生物科技，美國製藥商即可投資中國正在開發的潛力新藥。部分國會議員與美國本土規模較小的製藥業者對此持反對立場，認為放行投資將削弱美國在藥物研發上的領先地位並構成國安風險。外部研究機構GlobalData統計顯示，去年中國生技業對外授權交易總價值達 1,150 億美元，這項法規若確定放行，將影響數十億美元規模的跨國新藥產品線布局與資金流向。Under the draft provisions, US drugmakers would be permitted to invest in prospective therapies under development in China, provided the drugs do not involve pathogens or biotechnology with potential for weaponization. Certain lawmakers and smaller domestic pharmaceutical firms oppose the carve-out, arguing that allowing such investments undermines US leadership in drug development and poses national security risks. According to industry tracker GlobalData, the aggregate value of outbound licensing transactions by Chinese biotech firms reached $115 billion last year; finalizing this exemption would direct billions of dollars in multinational pipeline capital and cross-border deal flows.
格陵蘭防務協議Greenland Defense Agreement
美國總統川普宣布已與丹麥王國及格陵蘭達成一項「無限期」協議，美方將取得格陵蘭安全事務的控制權，並全面禁止外國敵對勢力在當地設立軍事基地。川普在社群平台表示，美利堅合眾國將對格陵蘭的安全及其他需求擁有永久控制權。US President Donald Trump announced that an "indefinite" agreement has been reached with the Kingdom of Denmark and Greenland, granting the US control over Greenland's security affairs and strictly prohibiting foreign adversaries from establishing military bases in the territory. Trump stated on social media that the United States would maintain permanent control over Greenland's security and other strategic requirements.
格陵蘭與丹麥官方隨後表示，雙方預計將在即將召開的聯合國大會期間，正式與美國簽署這項安全協議。這項進展使長年圍繞在北極圈戰略要地防務管轄權的爭議告一段落，也落實了美方防範競爭對手插足北大西洋及北極航道的軍事布局。Officials from Greenland and Denmark subsequently confirmed that both governments expect to formally sign the security pact with the United States on the sidelines of the upcoming United Nations General Assembly. The accord brings a long-standing jurisdictional dispute over defense of the strategic Arctic outpost to a close, cementing US military posture against rival access to North Atlantic and Arctic shipping routes.
德國聯邦政府（跨大西洋防務關係）German Federal Government (Transatlantic Defense Relations)
德國總理梅爾茨於 17 日公開表示，二戰後建立的歐洲與美國「無條件跨大西洋友誼」時代在可預見的未來可能已經結束。梅爾茨指出，美國當前的政治立場及其對跨大西洋聯盟的看法正在出現過去難以想像的轉變，歐美同盟關係面臨實質考驗。German Chancellor Friedrich Merz publicly stated on Sept. 17 that the postwar era of "unconditional transatlantic friendship" between Europe and the United States may be over for the foreseeable future. Merz noted that the current US political stance and its view of the transatlantic alliance are undergoing once-unthinkable shifts, placing European-American ties under substantial strain.
美德關係近月持續摩擦。川普政府在 4 月因談判代表爭議宣布自德國撤走約 5,000 名美軍部隊。此外，在加拿大總理表達有意成為歐盟首個聯席成員後，美方隨即警告若認定該舉措為敵對行為，將對歐盟加徵新一輪關稅。梅爾茨的發言反映出歐洲主要領導階層對美方戰略調整的戒心持續升溫。US-German relations have seen persistent frictions in recent months. In April, the Trump administration announced the withdrawal of roughly 5,000 US troops stationed in Germany following a dispute over negotiating representatives. Furthermore, after Canada's Prime Minister expressed interest in becoming an associate member of the European Union, Washington warned it would impose new tariffs on the EU if the move was deemed an adversarial act. Merz's remarks underscore growing apprehension among core European leaders regarding Washington's shifting strategic posture.
南韓對美投資談判South Korea-US Investment Negotiations
南韓方面正就先前承諾的 3,500 億美元對美投資項目與美方展開高度緊繃的協商。南韓政壇主要人士李在明透露，雙方針對投資條款的談判壓力沉重，部分接近敲定的關鍵條款內容難以被韓方接受，目前雙方已重啟細節磋商。South Korea is engaged in tense negotiations with the United States over its previous commitment to invest $350 billion in the US. Lee Jae-myung, a prominent South Korean political figure, disclosed that negotiations over investment terms have placed Seoul under intense pressure, with key clauses that were near completion proving difficult for South Korea to accept, prompting both sides to reopen detailed discussions.
該談判目前正處於遴選首批具體投資項目的關鍵階段。美方對於整體進度延宕已表達不滿，要求韓方加速落實資本支出承諾；南韓內部則對部分涉及技術外流與產能配置的附帶限制條款產生強烈反彈，雙方在條款細節上的分歧尚未完全化解。The talks have reached a critical stage concerning the selection of the initial slate of specific investment projects. Washington has expressed frustration over broad timeline delays, urging Seoul to accelerate its capital expenditure commitments. Domestically, South Korean stakeholders have pushed back strongly against conditional clauses involving technology transfer and manufacturing capacity allocation, leaving disagreements over contractual details unresolved.
其他要聞Other News
川普宣布禁止CNN等 3 家新聞媒體進入白宮工作區；迪士尼向聯邦法院提訴要求阻止FCC提前審查旗下 8 家ABC電視台執照；川普另證實美軍在波蘭設立常駐基地一案正由美波雙方推進協商；而獲准赴美出席聯大高階週的伊朗代表團其規模將受限且不得購買奢侈品。Trump announced a ban on three news outlets, including CNN, from entering the White House press workspace; Disney filed suit in federal court seeking to block the FCC from initiating an early review of broadcast licenses for eight ABC stations; Trump confirmed the US and Poland are advancing negotiations to establish a permanent US military base in Poland; and the Iranian delegation cleared to attend the UN General Assembly high-level week will face size restrictions and a ban on luxury goods purchases.
本刊觀點：The Journal's View: 行政部門正在對外展現具高度選擇性的國安與經貿防線。今天變了的是財政部對中國醫藥授權釋出保留空間，未延續半導體與人工智慧領域的全方位封鎖，但未變的是對傳統地緣盟邦的持續交易化施壓。
數據與共識的裂縫在於：國會議員與本土中小型藥廠主張限制對中生物技術投資以防技術流失，但外部統計顯示去年中國生技對外授權規模高達 1150 億美元，跨國大型藥廠對填補新藥產品線的需求，在會計上直接挑戰了全面脫鉤的實務可行性。
本刊認為，市場已充分消化對中科技管制的負面衝擊，但對歐美防務補貼爭端以及韓美投資承諾重談的經貿外溢風險尚未完全定價。行政體系在關鍵產業維持戰略彈性，卻在傳統盟國體系中反覆建立交易籌碼，使得跨國企業在面臨政策執行時的不確定性再度拉高。
The administration is executing a highly selective perimeter across national security and trade policy.
What changed today is the Treasury Department carving out leeway for Chinese pharmaceutical licensing—departing from the blanket containment applied to semiconductors and artificial intelligence—while transactional pressure on traditional geopolitical allies persisted unabated.
The fault line between market assumptions and institutional reality lies in Congress: while lawmakers and smaller domestic drugmakers advocate restricting biotechnology investments in China to prevent technology transfer, external data shows Chinese out-licensing reached $115 billion last year.
Multinational pharmaceutical companies' need to refill clinical pipelines poses an accounting and operational challenge to full decoupling.
The Journal believes markets have largely priced in negative shocks from tech restrictions against China, but have yet to fully account for economic spillovers from transatlantic defense cost-sharing disputes and the renegotiation of South Korea's investment commitments.
The administration's tactical flexibility in select industries, juxtaposed with coercive leverage over long-standing allies, elevates policy uncertainty for multinational corporations.
接下來看什麼：What to watch:
- 美財政部中國投資限制新規草案：若完全排除生技藥物授權，生技授權說法成立；若增設合規審查門檻，產業准入空間限縮，2026-11-15 前檢驗Draft US Treasury outbound investment rules on China: If pharmaceutical licensing is entirely exempted, the biotech carve-out holds; if compliance screening hurdles are imposed, sector access narrows. Verification milestone: Nov. 15, 2026.
- 聯合國大會美丹協議簽署進度：若正式簽署永久安全協議，格陵蘭控制權底定；若未如期簽署，多邊管轄爭議延長，2026-10-15 前檢驗Formal signing of the US-Denmark agreement during the UN General Assembly: If a permanent security pact is signed, US control over Greenland is solidified; if delayed, multilateral jurisdictional disputes drag on. Verification milestone: Oct. 15, 2026.
- 韓美 3500 億美元投資首批清單公告：若年內完成首批項目簽署，談判延宕說法消退；若條款退回重審，雙邊經貿摩擦加劇，2026-11-30 前檢驗Announcement of the initial project slate under the $350 billion South Korea-US investment pact: If the first batch is finalized within the year, talk of stalled negotiations dissipates; if terms are sent back for revision, bilateral friction escalates. Verification milestone: Nov. 30, 2026.
圖表與數字以公開行情與營收面板另行計算，行情資料日 2026-09-18。Charts and figures are computed from public price and revenue panels; market data as of 2026-09-18.
