VOA慢速英语： 中国政府全力救市

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，中国股市近来遭受近三万亿美元的损失。政府最终采取新的措施希望停止几周以来的股票市值下跌的局势。

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.

为了挽救损失，中国几百家上市公司纷纷发表通知将暂停业务。截止到周四，1.400多家大陆上市公司暂停业务。这些上市公司大约占百分之四十的市场份额。

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.

中国证监局表示此次股市跌损部分原因是“疯狂的情绪”和“非理智卖出”。中国国家媒体提到短期销售者，获得降价利润的买卖者和散播谣言的人们以及外国投资者应受到批评。接着中国政府出台一些措施挽救股市。

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.

政府办公室告知国内最大的国有企业停止售出股票。相反，却告知他们买进更多股票以稳定股票市场。

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.

国家央行承诺向证券商提供足额流动资金，这意味着该行将向股票交易人贷款，以保证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.

中国官员已经向证券经纪商贷款四亿两千万。政府允许保险公司向股市投入更多的资金，

How Chinese stocks rose in 2014

2014中国股市的上升

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，继央行两年来首次减少利率后，中国股市一路飙升。上海和香港的证券交易市场建立新的合作关系以增加更多的市场活动。更高“差额交易”——投资者不必为了买股票而投入全部资金，也增长迅速。

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号之前的12个月里，中国股票市场交易总额上升150多个百分点。

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.

但是六月份股市达到峰值后，政府对差额交易实施紧缩政策。投资者接着就开始销售他们的股票以保证他们的利润。

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.

美国财政部长杰克上周在华盛顿就中国在布鲁金斯协会上陈述救市方案时表达了自己的观点。

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，中国市场并未充分的融入世界金融市场系统，中国官员致力于市场改革，他们很明确的制定改革方案，中国改革速度仍是一个问题。

"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."

问题并不是他们致力于改革目标的决心，而是他们实施改革的速度和是否及时奏效，我希望这不是拖慢改革步伐的原因。他们制定了政策蓝图，如果他们实施这些政策，我认为这将会使中国未来的经济更加强大。

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.

杰克卢表示中国正在从中央集权化和工业化经济向更多以消费带动的市场经济转化。这将会拖慢可持续增长，提升中国人民生活水平，提高世界经济水平。他警告了改革步伐放慢的影响：

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

如果改革奏效不明显，则会拖慢进程。

Markets recover slightly

市场缓慢回升

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

投资者对政府救市举措表示欢迎，周五，中国股票市场在过去几周跌损后有了一些增长。

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，中国许多上市公司的股票仍暂停交易。一些投资者相信一旦暂停股票的供公司恢复交易，股市将再次下跌。

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."

周五一则报道声称，美国银行写到。。并减少消费。

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.

______________________________________________________________

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