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【经济报道】中国努力减少股市损失 China struggles to reduce stock market losses

来源:慢速英语   时间:2020-01-11 11:06:11

China's stock markets have lost nearly$3 trillion from their peak in June.As a result,the government has introduced new measures hoping to stop weeks of declining prices.


中国股市从6月份的峰值下跌了近3万亿美元。因此,政府出台了新措施,希望能阻止连续数周的价格下跌。


In an effort to avoid further losses,hundreds of companies listed on China's stock exchanges filed papers to suspend trading.By Thursday,the stocks of more than 1,400 mainland companies had been suspended.That is about 40 percent of the market.


为了避免进一步亏损,数百家在中国证券交易所上市的公司提交了停牌文件。截至周四,逾1400家内地公司的股票已停牌。这大约占市场的40%。


China's Securities Regulatory Commission blamed the losses partly on a"panic sentiment"and"irrational selling."Chinese state media have blamed short-sellers,traders who profit from falling prices,people spreading rumors and foreign investors.The government then put in place a number of measures to calm the stock markets.


中国证监会将亏损部分归咎于“恐慌情绪”和“非理性抛售”。中国官方媒体将责任归咎于卖空者、从下跌价格中获利的交易员、散布谣言的人和外国投资者。政府随后出台了一系列措施来稳定股市。


The government agency that oversees the country's biggest state-run companies has told them not to sell shares.Instead,it told them to buy more to keep the market stable.


负责监管中国最大国有企业的政府机构告诉它们不要出售股票。相反,它告诉他们多买一些以保持市场稳定。


The country's central bank promised to"offer(an)abundant liquidity supply for security brokers."That means it would make loans to stock traders,called brokers,to make sure they have enough money to carry out trades.


中国央行承诺“为证券经纪商提供充足的流动性供应”,这意味着它将向股票交易员(称为经纪商)提供贷款,以确保他们有足够的资金进行交易。

Chinese officials also have lent$42 billion to brokerages to buy shares.And the government moved to permit insurance companies to invest larger amounts of money in stocks.


中国官员还向券商提供420亿美元贷款,用于购买股票。政府还允许保险公司将更多资金投资于股票。


How Chinese stocks rose in 2014


2014年中国股市如何上涨


China's stock markets rose in late 2014 after the central bank cut interest rates for the first time in more than two years.A new trading link between the Shanghai and Hong Kong stock exchanges added to increased market activity.Higher"margin trading,"in which investors do not have to deposit the full cost of their stock trades in order to buy the shares,also fueled gains.


中国央行两年多来首次降息后,2014年末中国股市上涨。上海和香港证交所之间的新交易环节增加了市场活动。更高的“保证金交易”,即投资者不必为了购买股票而将股票交易的全部成本存入银行,也推动了收益。


In the twelve months before June 12 of this year,the total value of stocks traded on the Chinese market increased by more than 150 percent.


在今年6月12日之前的12个月里,中国股市的总市值增长了150%以上。


But as the market peaked in early June,the government tightened rules on margin trading.Investors then began to sell their holdings to protect their profits.


但随着6月初市场见顶,政府收紧了融资融券交易规则。投资者随后开始抛售手中的股票以保护自己的利润。


Treasury Secretary Urges Market Reforms to Continue


财政部长敦促市场改革继续进行


U.S.Treasury Secretary Jack Lew spoke about China's answer to its stock market problems at the Brookings Institution in Washington last week.


美国财长卢(Jack Lew)上周在华盛顿布鲁金斯学会(Brookings Institution)谈到了中国对股市问题的答案。


He said China's markets are not fully integrated into the world financial system.Mr.Lew says Chinese officials have a strong commitment to market reforms where they have clearly set out a plan.He said the speed at which the reforms are put in place remains a question.


他说,中国的市场还没有完全融入世界金融体系。卢说,中国官员对市场改革有着坚定的承诺,他们已经明确提出了一项计划。他说,改革的速度仍然是个问题。


"The question isn't their commitment to the goal.The question is the pace at which they implement it and do they do it fast enough for it to be effective.I hope this is not something that slows down the pace of reform...They've got a set of policies that they've outlined which,if they implement them,I think will make China's economy much stronger in the future."


“问题不在于他们对目标的承诺。问题是他们执行的速度,以及他们执行的速度是否足够快,使之有效。我希望这不是放慢改革步伐的事情……他们已经制定了一套政策,如果实施这些政策,我认为未来中国经济将更加强劲。”


Mr.Lew said China is moving from a centralized,industrial economy to a more market-based economy powered by consumer spending.This,he said,would lead to slower more sustainable growth and improve the lives of the Chinese people while lifting the world economy.He warned of slowing the reform process.


卢说,中国正在从一个集中的工业经济体向一个以消费支出为动力的更加市场化的经济体转变。他说,这将导致更可持续的经济增长,改善中国人民的生活,同时提升世界经济水平。他警告说要放慢改革进程。


"If the reaction is to put the brakes on reforms,that will slow that process."


“如果人们的反应是停止改革,这将减缓改革进程。”


Markets recover slightly


市场小幅回升


Investors welcomed the government actions to stop the decline.On Friday,Chinese stock markets regained some of the losses from the past few weeks.


投资者欢迎政府采取行动阻止股市下跌。上周五,中国股市收复了过去几周的部分跌幅。


However,stocks from many Chinese companies are still suspended from trading.Other investors believe prices may fall again once the suspended shares resume trading.


然而,许多中国公司的股票仍然停牌。其他投资者认为,一旦停牌股票恢复交易,价格可能再次下跌。


In a report on Friday,Bank of America wrote that the stock market crash would hit the Chinese economy in time and"will likely hurt consumption down the road."


美国银行(Bank of America)在上周五的一份报告中写道,股市崩盘将及时打击中国经济,“可能会损害未来的消费”


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