Beijing intervenes to prop up Shanghai market 中国政府出手干预以提振股市

Dramatic steps to prop up the Chinese stock market were unveiled by Beijing yesterday after a 70 per cent in stock prices since last October.
中国政府昨日公布重大举措以提振股市。自去年10月份以来，中国股市已下跌70%。


The stamp duty on stock purchases will be scrapped and government money will be used to buy shares to support the market, state media said. Beijing said Central Huijin, an arm of the country’s sovereign wealth fund, would buy into listed companies, including state-owned banks Industrial and Commercial Bank of China, Bank of China and China Construction Bank.
中国官方媒体称，股票受让方的印花税将被取消，同时将动用政府资金买进股票托市。中国政府表示，中国主权财富基金旗下的中央汇金公司(Central Huijin)将购入上市企业的股票，其中包括国有的中国工商银行(ICBC)、中国银行(Bank of China)和中国建设银行(China Construction Bank)。


Chinese bank shares have fallen steeply in response to the global financial crisis, helping drive the Shanghai Composite index to a 22-month low of 1,896 yesterday. The market peaked last October at 6,092.
受全球金融危机的影响，中国银行类股价大幅下跌，推动上证综指于昨日跌至1896点的22个月低点。该指数去年10月曾达到6092点的峰值水平。


Earlier this week, the Shanghai index breached the important psychological barrier of 2,000, triggering widespread rumours the government would intervene.
本周早些时候，上证综指跌破2000点的重要心理关口，引发了有关政府将进行干预的广泛传言。


Several Shanghai stockbrokers said they believed government-sanctioned share purchases began even before the official announcement last night, helping Shanghai to recover from a 6 per cent early decline to close 1.72 per cent down on the day.
几位上海的证券经纪人表示，他们认为政府授权的股票购买行动甚至在昨晚官方公告前就已开始，帮助上海股市从昨日早盘时的下跌6%，回升至收盘时的跌1.72%。


Beijing was trying to provide a floor for the market, which had seemed in free-fall since the weekend crisis on Wall Street, China market experts said last night. But it is not clear if the government will succeed in stopping the market slide, they said.
中国市场专家昨夜表示，政府试图为市场提供一个底部，自上周末华尔街危机爆发以来，中国股市似乎出现了自由落体式的下跌。但他们表示，目前尚不清楚政府能否成功阻止股市下滑。


Previous such efforts – including an April cut in stamp tax – have yielded only a brief recoveries. “There will be a quick rebound of the market but the impact tends to be shortly phased,” said Mu Qiguo of Guangda Securities in Shanghai.
此前的类似努力——包括在4月份调低印花税——只是使市场出现了短暂的反弹。“市场将出现迅速反弹，但这些措施的影响往往是短期的，”上海光大证券(Guangda Securities)的穆启国表示。


Qian Qimin, of Shenyin Wanguo Securities in Shanghai, said he expected further intervention if the reaction to Thursday’s measures was only “lukewarm”.
上海申银万国证券(Shenyin Wanguo Securities)的钱启敏预计，如果市场对周四出台的措施只作出“冷淡”的反应，那么政府将采取进一步的干预举措。