VOA慢速英語： 中國(guó)政府全力救市

12 July, 2015

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.

六月份股市高峰后，中國(guó)股市近來遭受近三萬億美元的損失。政府最終采取新的措施希望停止幾周以來的股票市值下跌的局勢(shì)。

Investors look at computer screens showing stock information at a brokerage house in Shanghai, China, July 8, 2015.

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.

為了挽救損失，中國(guó)幾百家上市公司紛紛發(fā)表通知將暫停業(yè)務(wù)。截止到周四，1.400多家大陸上市公司暫停業(yè)務(wù)。這些上市公司大約占百分之四十的市場(chǎng)份額。

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.

中國(guó)證監(jiān)局表示此次股市跌損部分原因是“瘋狂的情緒”和“非理智賣出”。中國(guó)國(guó)家媒體提到短期銷售者，獲得降價(jià)利潤(rùn)的買賣者和散播謠言的人們以及外國(guó)投資者應(yīng)受到批評(píng)。接著中國(guó)政府出臺(tái)一些措施挽救股市。

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.

政府辦公室告知國(guó)內(nèi)最大的國(guó)有企業(yè)停止售出股票。相反，卻告知他們買進(jìn)更多股票以穩(wěn)定股票市場(chǎng)。

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.

國(guó)家央行承諾向證券商提供足額流動(dòng)資金，這意味著該行將向股票交易人貸款，以保證他們有足夠的資金進(jìn)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.

中國(guó)官員已經(jīng)向證券經(jīng)紀(jì)商貸款四億兩千萬。政府允許保險(xiǎn)公司向股市投入更多的資金，

How Chinese stocks rose in 2014

2014中國(guó)股市的上升

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.

2014年，繼央行兩年來首次減少利率后，中國(guó)股市一路飆升。上海和香港的證券交易市場(chǎng)建立新的合作關(guān)系以增加更多的市場(chǎng)活動(dòng)。更高“差額交易”——投資者不必為了買股票而投入全部資金，也增長(zhǎng)迅速。

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6.12號(hào)之前的12個(gè)月里，中國(guó)股票市場(chǎng)交易總額上升150多個(gè)百分點(diǎn)。

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.

但是六月份股市達(dá)到峰值后，政府對(duì)差額交易實(shí)施緊縮政策。投資者接著就開始銷售他們的股票以保證他們的利潤(rùn)。

Treasury Secretary Urges Market Reforms to Continue

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

美國(guó)財(cái)政部長(zhǎng)杰克上周在華盛頓就中國(guó)在布魯金斯協(xié)會(huì)上陳述救市方案時(shí)表達(dá)了自己的觀點(diǎn)。

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.

他表示，中國(guó)市場(chǎng)并未充分的融入世界金融市場(chǎng)系統(tǒng)，中國(guó)官員致力于市場(chǎng)改革，他們很明確的制定改革方案，中國(guó)改革速度仍是一個(gè)問題。

"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."

問題并不是他們致力于改革目標(biāo)的決心，而是他們實(shí)施改革的速度和是否及時(shí)奏效，我希望這不是拖慢改革步伐的原因。他們制定了政策藍(lán)圖，如果他們實(shí)施這些政策，我認(rèn)為這將會(huì)使中國(guó)未來的經(jīng)濟(jì)更加強(qiáng)大。

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.

杰克盧表示中國(guó)正在從中央集權(quán)化和工業(yè)化經(jīng)濟(jì)向更多以消費(fèi)帶動(dòng)的市場(chǎng)經(jīng)濟(jì)轉(zhuǎn)化。這將會(huì)拖慢可持續(xù)增長(zhǎng)，提升中國(guó)人民生活水平，提高世界經(jīng)濟(jì)水平。他警告了改革步伐放慢的影響：

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

如果改革奏效不明顯，則會(huì)拖慢進(jìn)程。

Markets recover slightly

市場(chǎng)緩慢回升

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

投資者對(duì)政府救市舉措表示歡迎，周五，中國(guó)股票市場(chǎng)在過去幾周跌損后有了一些增長(zhǎng)。

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，中國(guó)許多上市公司的股票仍暫停交易。一些投資者相信一旦暫停股票的供公司恢復(fù)交易，股市將再次下跌。

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."

周五一則報(bào)道聲稱，美國(guó)銀行寫到。。并減少消費(fèi)。

I'm Mario Ritter.

VOA's Ken Bredemeir, Steve Herman, Saibal Dasgupta, Joyce Huang and Victor Beattie reported this story. Mario Ritter adapted their reports into VOA Learning English. Hai Do was the editor.

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Words in This Story

peak – v. to reach its highest point; to reach the top

rumor(s) –n. stories about others passed between people which may not be true, but are spread anyway

stable–adj. not easily changed, solid

abundant– adj. having a large supply of something

margin trading – n. using borrowed money to buy securities

deposit – n. money placed in a bank or held with a financial institution like a brokerage

integrated –adj. integrate –v. to bring different things or people together into a group that works together

implement –v. to put a plan into action; to put something into place

consumer –n. a person who buys and uses products in an economy