中國政府採取全方位託市舉措

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.

週二，中國採取的一系列旨在穩定股市的額外舉措取得了想要的效果，股市出現大幅攀升，兩週來的下跌行情暫時告一段落。

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.

上證綜指盤中一度下跌5.1%，收盤時卻上漲5.5%。深證綜指也逆轉了跌勢，收漲4.8%。此外，小盤股爲主的創業板(ChiNext)早盤時一度下跌8.1%，大幅反彈後收漲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.

這一上漲讓連日來的下跌行情暫時告一段落。自6月12日以來的這輪下跌行情，已使滬深兩市上市公司的市值合計蒸發了逾2萬億美元。

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.

週二早些時候，中國證券投資基金業協會(Asset Management Association of China)發佈一份題爲《豔陽總在風雨後》的倡議書，督促該協會成員在滬市兩週來下跌了近25%之後，“積極把握投資良機”。

“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.

該協會表示：“在追求自身利益時要兼顧他人利益，切不可見利忘義、竭澤而漁。”

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.

中國政府自身也在採取干預措施緩解市場對股市崩盤的擔心，它上週末出臺的出人意料的降息舉措並沒能逆轉股市的跌勢。

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.

週一晚，中國證監會在其官方微博賬號上發佈聲明，稱“回調過快”並不健康，從而向投資者釋放了監管機構試圖穩定股市的信號。

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，週一晚，中國財政部以及人力資源和社會保障部聯合發佈了允許國家養老基金投資股市的管理辦法草案。這一“辦法”可能允許6000億元人民幣（合970億美元）資金進入股市。

“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策略師克里斯韋斯頓(Chris Weston)表示：“顯然，當局急於促成穩定。我們看到了一些跡象，顯示中國各個市場正在對此作出響應。”

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，有跡象表明，中國主要的國有金融控股公司中央匯金(Central Huijin)已在週一斥資近100億元人民幣買入藍籌權重ETF（交易所交易基金），以穩定對藍籌股的需求。

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

週一，中國股市遭遇劇烈震盪，並大幅收跌，說明中國央行的降息舉措未能讓中國股市“過山車”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.

中國證監會新聞發言人張曉軍試圖平復市場情緒，他在新浪微博上表示，近期股市下跌是此前大幅上漲所積累的“獲利盤”的自然結果。他補充說，儘管週一股市出現了大跌，但買盤較上週五明顯增加，市場交投和活躍度依然保持在較高水平。

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.

在上述草案發布之前，中國政府曾就放寬公共養老基金投資限制開展過多年討論。更大的自由度能讓基金經理追求更高的回報，有助於堵住日益顯現的養老金缺口。目前，中國人口日益老齡化，退休人員不斷增加。上述“辦法”草案將允許至多30%的養老基金投資於股市。

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.

中國股市被普遍視爲政策市，投資者會從國家媒體和官方聲明中獲取政府對股市支持力度的線索。

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年的牛市將滬指推升至創紀錄高點之時，中國財政部曾上調印花稅稅率，以便爲股市降溫。而在2008年股市崩盤時，中國曾下調印花稅稅率，並最終改爲單邊徵收。

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.

過去，在股市疲軟時，中國證監會會收緊對首次公開發行(IPO)的審批，以避免將資金從現有的股票中分流出來。2012年10月到2014年1月，中國政府曾徹底凍結IPO。

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

此外，中國政府還不時調動公共資金提振股市，辦法是直接買入股票。

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.

儘管週一股市大跌，但數據顯示有價值約95億元人民幣的淨資金流入四家藍籌權重ETF，其中包括跟蹤投資上證50 (SSE 50)和滬深300 (CSI 300)權重股指數的ETF基金。中國國內媒體猜測，這些淨流入資金可能來自中央匯金。中央匯金是中國主權財富基金的子公司，持有國內主要金融機構的股份。

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.

在股市信心不振時期，中央匯金經常入場買入藍籌股。上月底，中央匯金出人意料地拋售了部分股票，在一定程度上導致了股市的一次急劇下跌。