关注经济.学习英语 之 中国股市正在形成“泡沫”

Jeff.家里一口田

WARNING ON CHINA 'BUBBLE'
成思危：中国股市正在形成“泡沫”



By Sundeep Tucker in Dubai and Geoff Dyer in ShanghaiWednesday, January 31, 2007英国《金融时报》森迪普"塔克( Sundeep Tucker) 迪拜、杰夫"代尔(Geoff Dyer)上海报道2007年1月31日 星期三



The Chinese stock market is developing into a “bubble” and investors are in danger of behaving irrationally, a leading Chinese lawmaker said yesterday in the strongest public expression of concern to come from a senior state figure.中国全国人大(NPC)副委员长成思危昨日表示，中国股市正在形成“泡沫”，投资者面临投资行为不理性的危险。这是一位中国政府高层官员对股市最为公开表达的担忧。


Cheng Siwei, vice-chairman of the National People's Congress and an influential figure in Beijing financial circles, warned that the mainland stock market could be overheating, following a rise of 130 per cent last year.
成思危是北京金融界一位有影响力的人物。他警告称，在去年上涨了130%之后，内地股市可能已经过热。

“There is a bubble going on. Investors should be concerned about the risks,” Mr Cheng said in an interview with the Financial Times. “But in a bull market, people will invest relatively irrationally. Every investor thinks they can win. But many will end up losing. But that is their risk and their choice.”
“泡沫正在形成。投资者应关注风险，”成思危在接受英国《金融时报》采访时表示。“但在牛市行情中，人们的投资相对不理性。每个投资者都认为自己能赢，但许多投资者最终都是输家。不过，这就是他们的风险，也是他们的选择。”




Mr Cheng, who was speaking at yesterday's FT China-Middle East summit in Dubai, is not officially involved in deciding financial policy but his public comments often reflect the thinking of senior leaders.
成思危是在迪拜召开的英国《金融时报》中国-中东峰会上发表这番讲话的。他并不正式参与中国金融政策的决策，但他的公开讲话经常会反映出中国高层领导人的想法。


His comments came as new signs emerged that the government was trying to limit speculation in the stock market. A sharp fall in the market could hamper government plans for large companies to launch domestic initial public offerings this year.
在他发表讲话之际，已有新的迹象显示，中国政府正试图限制股市的投机行为。股市的大幅下挫可能会妨碍政府今年让大型企业在国内上市的计划。

The China Banking Regulatory Commission has launched an investigation into whether individuals have been using loans taken out to buy cars or houses to invest in the stock market, a government official said yesterday. The banking regulator is also looking into the use of credit cards to fund share purchases.
一位政府官员昨日表示，中国银行业监督管理委员会(CBRC，简称：银监会)正在调查是否有个人将汽车或住房贷款投资于股市。银监会同时也在了解，是否有人利用信用卡来为购买股票提供资金。


The government body that oversees state-owned companies has also issued a warning that the groups should not speculate on the stock market. The State-owned Assets Supervision and Administration Commission warned that a collapse in the stock market would hurt both companies and the public. During the previous market boom, some state-owned companies borrowed money to buy shares.
中国国有资产监督管理委员会(State-owned Assets Supervision and Administration Commission，简称国资委)也已发出警告，国有企业不应投机股市。这个负责监督国有企业的政府机构警告称，股市的猛跌，对企业和股民都会造成伤害。在上一轮牛市行情期间，曾有部分国有企业贷款购买股票。


Some China-based analysts believe the fears of a stock market bubble are exaggerated. “After the recent rise in share prices, there might not be much space for further increases in the next few months but at the current price level the market is not facing a serious problem of over-valuation,” said Zhu Haibin, an analyst at Everbright Securities in Shanghai. Other analysts say a modest correction would create the conditions for a sustainable medium-term rise in mainland share prices.
一些驻中国的分析师认为，对股市泡沫的担忧被夸大了。光大证券(Everbright Securities)驻上海的分析师朱海滨(Zhu Haibin)表示：“经过近期股价的大幅上涨，未来几个月的上涨空间可能不会很大，但就目前的价格水平来看，市场并未面临估价过高的严重问题。”其他分析师表示，股市的温和调整，将为内地股价的中期持续上涨创造条件。


Mr Cheng also warned investors that “in terms of profits, returns and other indicators, 70 per cent of listed companies on the mainland do not meet international standards”.
成思危还警告投资者，“从利润、回报率和其它指标来看，70%的内地上市公司没有达到国际标准。”

安迪

镇静剂~学习了！