中國股災(zāi)熱點問題解答.

　　The Chinese stock market rout in recent weeks has prompted the country’s government to actaggressively to stop the slide. If stocks continue to fall, that could erode consumerconfidence in China and slow further the country’s already weakening economy, which wouldhave painful implications for the global economy.

　　中國股市近幾周的崩潰已促使政府采取積極措施以阻止下滑。如果股票繼續(xù)下跌，將損害中國消費者的信心并使已然減速的經(jīng)濟增長進一步放緩，而這對于全球經(jīng)濟將影響慘痛。

　　What has happened?

　　發(fā)生了什么?

　　Chinese stocks have surged almost unimpeded, more than doubling in the 12 months endingJune 12. Millions of working-class and middle-class Chinese families bet heavily on stocks, oftenborrowing money to do so and further spurring the rise.

　　中國股市曾一路飆升，在6月12日之前的一年里上漲了超過一倍。數(shù)百萬中國的工薪階層和中產(chǎn)階級對股市下了重注，經(jīng)常借錢炒股，而這也進一步刺激了上漲。

　　But the rally died fundamentals, prompting concerns of a bubble. Stocks rose even as theChinese economy was slowing. While foreigners and domestic institutions bought shares inlarge companies with fairly stable businesses, working-class and middle-class families mainlybought inexpensive shares in small and medium-size companies, and kept buying theseshares simply because they were rising. Weak balance sheets and chronic problems withcorporate governance at many of these companies were swept aside.

　　但上漲與經(jīng)濟基本面并不相符，催生了對于泡沫的擔憂。股票在中國經(jīng)濟增速放緩之時仍在上漲。當外國投資者和國內(nèi)的機構(gòu)購買經(jīng)營穩(wěn)定的大型公司股票時，工薪階層和中產(chǎn)階級家庭購買價格較低的中小型公司股票，并因為這些股票的價格在上漲而不斷購入。許多這些公司脆弱的資產(chǎn)負債表和長期的公司管理問題被擱置一邊。

　　In recent months, the Chinese stocks have experienced bri periods of weakness, asinvestors started to grow concerned that the market was getting overheated. Thegovernment, though, has regularly reassured investors, helping to steady the markets.

　　最近幾個月，中國股市經(jīng)歷了短暫的虛弱期，因為投資者對于市場過熱的憂慮開始增加。即便如此，政府仍頻繁地安撫投資者以穩(wěn)定市場。

　　Now, investors are losing faith. After a drop of more than 7 percent in the Shanghai andShenzhen markets on June 26, the Chinese central bank responded the next day with aninterest rate cut, saying it was acting to shore up the economy. A broad slide in stockscontinued, prompting the government to take aggressive action.

　　現(xiàn)在，投資者失去了信心。在6月26日滬深兩市大跌超過7%后，中國的中央銀行在第二天以下調(diào)利率作為回應(yīng)，稱這是為了提振經(jīng)濟。但股市持續(xù)大規(guī)模下跌，促使政府采取積極的行動。

　　What is China doing about the sell-off?

　　對于股價下跌，中國正在如何應(yīng)對?

　　Since June 25, the Chinese government has tried a series of policy measures to halt the slide.It has cut interest rates, made more loans available to buyers of stocks and promised toinvestigate anyone involved in market manipulation.

　　自6月25日起，中國政府已經(jīng)采取了一系列政策措施以阻止下跌。政府降低了利率，增加了投資者可獲得的貸款，并承諾調(diào)查任何涉嫌操縱市場的人。

　　The government made its boldest move on July 4, orchestrating a plan for 21 brokerages to put$19.4 billion in a fund to buy the shares of large companies. The Shanghai and Shenzhen stockexchanges suspended 28 pending initial public offerings and said that all deposits paid forshares would be returned to the would-be buyers, freeing up cash that could be invested inexisting stocks. Government agencies announced on July 5 that they would lend money tobrokerages so that the brokerages could lend the money to investors who wanted to buyshares.

　　政府在7月4日采取了最為勇敢的舉措，策劃了一項計劃，將21家證券公司將出資194億美元(1200億人民幣)建立基金購買大型公司的股票。上海和深圳證券交易所暫停了28個新股的發(fā)行計劃，并稱將向未來的購買者退還所有已支付的定金，以釋放更多現(xiàn)金投入到現(xiàn)有的股票中。政府機構(gòu)還在7月5日宣布將向證券公司提供貸款，之后證券公司將可以向有意愿購買股票的投資者提供資金。

　　Following the move, large company shares held most of their value on July 6. But the shares ofsmall and medium-size companies, widely held by retail investors, kept falling.

　　救市舉措之后，大部分大型公司的股票價格在7月6日止跌。但大量散戶投資者持有的中小型公司股票仍持續(xù)下跌。

　　How exposed are foreign investors?

　　外國投資者受影響程度如何?

　　The Chinese markets have only recently started to open up to outside investors, so overseasplayers are not heavily exposed to the downturn. Such investors own an estimated 4 percentof Chinese shares. And they have been heavily concentrated in large companies, which havenot been as volatile as their smaller brethren.

　　中國股市才剛剛向外國投資者開放，所以海外買家并未受到下跌的嚴重影響。這類投資者持有大約4%的中國股票。而這些股票高度集中在并不像中小型公司那般不穩(wěn)定的大型公司。

　　But stock market routs can quickly spread. The Hong Kong market withstood previous boutsof selling, but fell on July 6 after the Chinese government’s moves. And foreigners haveinvested heavily in the Hong Kong market, often as a proxy for mainland China.

　　但是股市的下跌能夠很快蔓延。香港股市抵擋住了此前的幾輪拋售，但在7月6日政府的行動之后下挫。而且外國投資者在經(jīng)常作為內(nèi)地股市代言者的香港股市大量投資。

　　Will China’s stock market troubles affect the global economy?

　　中國股市的問題會影響全球經(jīng)濟嗎?

　　Possibly.

　　這是有可能的。

　　China has the world’s second-largest economy. It is the biggest importer of commodities, fromcountries like Australia and Brazil. China is also a huge buyer of factory equipment and othermachinery in Germany and other places. If the Chinese stock market slump damagesconsumer confidence, it could lead to a slowdown in those purchases.

　　中國是世界第二大經(jīng)濟體，也是澳大利亞和巴西等國商品的最大進口國。中國也是德國以及其他國家重要的工廠設(shè)備和其他機械的買家。如果中國股市的下跌損害了消費者信心，這將導(dǎo)致此類采購的減緩。

　　The stock market weakness, should it spread to the Chinese economy over the long term,could prompt Beijing to reassess its overseas loans and investments. Many countries,industries and companies have come to depend on Chinese money to fund their own growth.But Chinese outbound investment could still increase if companies and individuals seek safetyoverseas.

　　股市的衰弱如果長期蔓延到整個中國經(jīng)濟，可能促使北京重新審視其海外貸款和投資。許多國家的行業(yè)和公司的發(fā)展都依賴中國的資金。但是如果公司和個人到海外尋求資金安全，中國的境外投資可能還會上升。