双语：中国股市为何波动如此剧烈？.docx

China is now home to the world’s largest equity markets after the US. Yet extreme volatility is still typical, with benchmark indices often swinging as much as 10 per cent in hours. On one day in June, for example, more than $700bn was wiped off Chinese stocks.中国现在已经是全球仅次于美国的第二大股票市场。然而极度波动仍然是中国股市的典型特征，基准股指在数小时内的振幅常常高达10%。例如，今年6月的某一天，中国股市逾7000亿美元市值灰飞烟灭。What is the investor profile behind China’s equity market?中国股市的投资者是什么样子的？Retail punters account for 80-90 per cent of trading. Many of them are new to investing — in May alone 12m trading accounts were opened. That means millions of people trading stocks have little or no direct memory of the 2007-08 stock market bubble and crash.散户投资者占到中国股市成交量的80%至90%。其中许多人是新股民——仅在今年5月一个月就有1200万新开账户。这意味着数百万股民对2007-08年股市泡沫和崩盘只有很少的直接记忆，或者完全没有记忆。Even professional fund managers often act with very short-term horizons. Many are measured on monthly or quarterly performance, adding pressure to chase the market higher as it moves.即便专业的基金公司往往也会超短线交易。许多基金公司按月或者按季衡量业绩，这增加了它们在股市上涨时追涨的压力。What impact has state policy had on the market?政府政策对中国股市有什么影响？Chinese markets are often described as policy-driven. That goes well beyond monetary policy and deep into securities and banking regulation. State-media rhetoric has a role, shown by supportive messages in various government newspapers. But Beijing’s pronouncements are often open to interpretation, leading to sharp rises and falls as millions of investors try to read the runes.中国股市往往被称为“政策市”。这远非仅仅指货币政策，而是还深深涉及证券和银行业监管。官方媒体言论也占一席之地，各类政府报纸发表的支持性信息就体现了这一点。但对中国政府的声明往往会有各种解读，在数百万投资者努力一窥玄机时，导致股市暴涨暴跌。As long as the stock market remains a policy lever for the government, and share indices dominated by state-owned enterprises, Beijing’s heavy hand is unlikely to be significantly weakened.只要股市依然是中国政府的政策工具、同时股指依然由国有企业主导，中国政府的强力干预就不太可能被大幅削弱。Beijing has tried to encourage long-term institutional investors, for example by granting freer access to large foreign asset managers or sovereign wealth funds. Progress has be