中国政府采取全方位托市举措

A range of extra measures aimed at calming Chinese stock markets had the desired effect on Tuesday, sending share prices soaring and halting a two-week slide.

周二，中国采取的一系列旨在稳定股市的额外举措取得了想要的效果，股市出现大幅攀升，两周来的下跌行情暂时告一段落。

The Shanghai Composite closed the day with a 5.5 per cent gain, having at one point been as much as 5.1 per cent lower. The Shenzhen index also reversed course to rise 4.8 per cent, while the small-cap ChiNext board swung from a 8.1 per cent drop in the morning session to finish 6.4 per cent higher.

上证综指盘中一度下跌5.1%，收盘时却上涨5.5%。深证综指也逆转了跌势，收涨4.8%。此外，小盘股为主的创业板(ChiNext)早盘时一度下跌8.1%，大幅反弹后收涨6.4%。

The gains snap a losing streak that has wiped more than $2tn off the market capitalisation of companies listed on China’s two stock exchanges since June 12.

这一上涨让连日来的下跌行情暂时告一段落。自6月12日以来的这轮下跌行情，已使沪深两市上市公司的市值合计蒸发了逾2万亿美元。

Earlier on Tuesday, the Asset Management Association of China issued a statement titled: “Beautiful sunlight always comes after wind and rain,” urging members to “seize the investment opportunity” following a near 25 per cent fall in the Shanghai market over the past fortnight.

周二早些时候，中国证券投资基金业协会(Asset Management Association of China)发布一份题为《艳阳总在风雨后》的倡议书，督促该协会成员在沪市两周来下跌了近25%之后，“积极把握投资良机”。

“As we pursue personal profit, we should also pay attention to others’ profits and not abandon our integrity as we grab for riches, not kill the goose that laid the golden egg,” the industry body said.

该协会表示：“在追求自身利益时要兼顾他人利益，切不可见利忘义、竭泽而渔。”

The government itself has also been intervening to soothe fears of a stock market collapse, after an unexpected weekend interest rate cut failed to right the ship.

中国政府自身也在采取干预措施缓解市场对股市崩盘的担心，它上周末出台的出人意料的降息举措并没能逆转股市的跌势。

In a statement posted to its official Weibo account late on Monday, the securities watchdog said that an “excessively fast correction” was not healthy — a signal to investors that regulators would seek to stabilise the market.

周一晚，中国证监会在其官方微博账号上发布声明，称“回调过快”并不健康，从而向投资者释放了监管机构试图稳定股市的信号。

Separately, late on Monday the finance and social security ministries jointly published draft rules that would permit the state pension fund to invest in stocks, potentially allowing Rmb600bn ($97bn) to enter the market.

另外，周一晚，中国财政部以及人力资源和社会保障部联合发布了允许国家养老基金投资股市的管理办法草案。这一“办法”可能允许6000亿元人民币（合970亿美元）资金进入股市。

“It is clear the authorities are keen to promote stability and we are seeing signs the various Chinese markets are responding,” said Chris Weston, strategist at IG.

IG策略师克里斯韦斯顿(Chris Weston)表示：“显然，当局急于促成稳定。我们看到了一些迹象，显示中国各个市场正在对此作出响应。”

In addition, there were signs that Central Huijin, the main state-owned financial holding company, had moved to anchor demand for blue-chip stocks by buying Rmb10bn in large-cap exchange-traded funds on Monday.

除此以外，有迹象表明，中国主要的国有金融控股公司中央汇金(Central Huijin)已在周一斥资近100亿元人民币买入蓝筹权重ETF（交易所交易基金），以稳定对蓝筹股的需求。

Chinese equities swung wildly on Monday before ending down significantly, as the central bank’s rate cut failed to slow the market rollercoaster.

周一，中国股市遭遇剧烈震荡，并大幅收跌，说明中国央行的降息举措未能让中国股市“过山车”放慢速度。

The Shanghai Composite index sank another 4.6 per cent in early trading on Tuesday and has now fallen 23 per cent since its seven-year high hit on June 12, putting it in technical “bear market” territory.

中国证监会新闻发言人张晓军试图平复市场情绪，他在新浪微博上表示，近期股市下跌是此前大幅上涨所积累的“获利盘”的自然结果。他补充说，尽管周一股市出现了大跌，但买盘较上周五明显增加，市场交投和活跃度依然保持在较高水平。

Seeking to calm markets, China Securities Regulatory Commission spokesman Zhang Xiaojun said on Weibo that the recent market tumble was the natural result of “profit-taking” following previous big gains. In spite of the market’s fall on Monday, he added, there were more willing buyers than on Friday, while trading volume and liquidity remained healthy.

在上述草案发布之前，中国政府曾就放宽公共养老基金投资限制开展过多年讨论。更大的自由度能让基金经理追求更高的回报，有助于堵住日益显现的养老金缺口。目前，中国人口日益老龄化，退休人员不断增加。上述“办法”草案将允许至多30%的养老基金投资于股市。

The draft rules on pension investment follow years of discussions about looser investment restrictions on public pension funds. Greater freedom would allow fund managers to seek higher returns, and help plug a looming pension shortfall as China’s ageing population swells the ranks of retirees. The draft rules would allow up to 30 per cent of the fund to be in stocks. China’s stock market is widely seen as policy-driven, with investors taking cues from state media and official pronouncements about the degree of government support for the market.

中国股市被普遍视为政策市，投资者会从国家媒体和官方声明中获取政府对股市支持力度的线索。

During the 2007 bull run that propelled the Shanghai index to a record high, the finance ministry increased a stock transaction to cool the market. As the market was collapsing in 2008, the tax was cut and eventually abolished.

在2007年的牛市将沪指推升至创纪录高点之时，中国财政部曾上调印花税税率，以便为股市降温。而在2008年股市崩盘时，中国曾下调印花税税率，并最终改为单边征收。

The CSRC has in the past restricted approvals for initial public offerings in times of market weakness to avoid diverting demand from existing shares. IPOs were completely frozen from October 2012 to January 2014.

过去，在股市疲软时，中国证监会会收紧对首次公开发行(IPO)的审批，以避免将资金从现有的股票中分流出来。2012年10月到2014年1月，中国政府曾彻底冻结IPO。

The state also periodically deploys public funds to boost the market by directly buying shares.

此外，中国政府还不时调动公共资金提振股市，办法是直接买入股票。

In spite if Monday’s fall stock exchange data show net inflows worth about Rmb95 for four blue-chip ETFs, including those tracking the SSE 50 and CSI 300 large-cap indexes. Local media speculated the inflows may have come from Central Huijin, a subsidiary of the sovereign wealth fund that holds stakes in major domestic financial institutions.

尽管周一股市大跌，但数据显示有价值约95亿元人民币的净资金流入四家蓝筹权重ETF，其中包括跟踪投资上证50 (SSE 50)和沪深300 (CSI 300)权重股指数的ETF基金。中国国内媒体猜测，这些净流入资金可能来自中央汇金。中央汇金是中国主权财富基金的子公司，持有国内主要金融机构的股份。

Central Huijin has frequently stepped in to buy blue chips in periods of flagging confidence. Late last month, an unexpected share sale by Huijin helped spark a big loss.

在股市信心不振时期，中央汇金经常入场买入蓝筹股。上月底，中央汇金出人意料地抛售了部分股票，在一定程度上导致了股市的一次急剧下跌。