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更新时间:2016/1/27 18:45:29 来源:纽约时报中文网 作者:佚名

Chinese Stocks Fall Sharply, Leading Asian Markets Lower

HONG KONG — China’s stock market sank on Tuesday amid accumulating evidence of the Chinese economy’s deeply rooted troubles and as the central bank pushed huge sums of money into the banking system.


The drop took Chinese stocks to their lowest level in 13 months. It followed a sell-off in the United States on Monday that was caused by a fall in the price of oil, an indicator of global economic health.


European shares were down slightly in midday trading, while futures trading suggested that Wall Street stocks could be set to fall on Tuesday. Oil also resumed its decline on Tuesday in Asian trading, dropping less than 1 percent after falling beneath the psychologically important $30 level earlier in the Asian trading day.


China’s economy grew last year at the slowest pace in 25 years. Among other problems, it has a glut of old-line factories that make products like steel, glass and cement. That industrial overcapacity stems from years of debt-financed investment in industries that now show little sign that they can repay those loans.


Beijing, which is seeking to rebalance its economy to focus more on consumer spending and services, is slowly moving to address those concerns. The country’s State Council, or cabinet, decided on Sunday that it would close 100 million to 150 million tons of steel-making capacity. That is enough capacity to potentially rival the total annual steel output of Japan, the world’s No. 2 steel maker, which totaled 110.7 million tons in 2014.


By contrast, China produced 804 million tons of steel last year, even as demand faltered. Over all, China’s steel-making capacity was set to reach 1.17 billion tons last year, according to estimates from Fitch Ratings.

相比之下,尽管需求减弱,中国去年的钢产量却达8.04亿吨。据国际评级机构惠誉(Fitch Ratings)估计,中国去年的总体钢产能为11.7亿吨。

Li Xinchuang, the head of the China Metallurgical Industry Planning and Research Institute, told the official Xinhua news agency that the planned steel mill closings could cost 400,000 jobs.


The State Council decision, which was released on Monday, also called for large reductions in coal mining capacity, without providing a target figure.


China’s markets are falling even as policy makers are attempting to rein in soaring capital outflows prompted by investors’ seeking to avoid China’s slowing growth and wide expectations that its currency will weaken. Excluding foreign investment, capital outflows probably rose to as much as $900 billion in 2015, economists at Standard Chartered wrote Tuesday in a research note.

资本外流现象日益严重,因为投资者希望避开中国经济增长放缓、人民币走弱的广泛预期的影响,尽管政策制定者正在试图遏制资本外流,中国市场仍然无法止住下跌。渣打银行(Standard Chartered)经济师在一份研究报告中写道,不包括外商投资在内,2015年的资本外流可能升至高达9000亿美元。

In response to the outflows, China’s central bank, the People’s Bank of China, has been eating into its reserves at a record pace in recent months. The central bank is selling dollars in an effort to prop up the value of the Chinese currency, the renminbi, which is under pressure to depreciate as China’s growth prospects weaken.


Those dollar sales mean the central bank is buying renminbi, which effectively takes money out of the financial system. To offset that, it has been injecting huge amounts of new liquidity. On Tuesday, the central bank added 440 billion renminbi, equivalent to $67 billion, to its financial system, according to an announcement on its website.


China’s stock markets have also suffered from worries about whether the government will eventually allow the sale of a flood of additional shares. Government-backed groups have been buying shares since last summer in an unsuccessful effort to stem the markets’ decline. That has raised the government’s overall holdings at a time when many economic reformers had hoped the government would privatize more companies to increase efficiency.


China’s large private-equity funds also have a large and growing backlog of companies for which they would like to conduct initial public offerings, so as to exit their investments and pay back investors. “The exit numbers are too low compared to what has been invested,” said David Brown, a PricewaterhouseCoopers partner who leads the consulting firm’s greater China private equity group.

中国的大型私募股权基金手上也积压了数量巨大而且越来越多的企业,他们希望这些企业能进行首次公开募股,以便收回自己的投资,偿还给投资者。“退出额跟融资额相比要少太多了,”咨询公司普华永道(PricewaterhouseCoopers)大中华区私募股权基金业务组主管合伙人鲍德暐(David Brown)说。

Shanghai’s main share index plunged in late trading on Tuesday to close down 6.4 percent, at a new one-year low. Japan’s main share index closed 2.4 percent lower, while stocks in Hong Kong closed down about 2.5 percent.


Investors in Asia were reacting in part to the sell-off in the United States on Monday, where the Dow Jones industrial average fell 1.3 percent and the broader Standard & Poor’s 500-share index closed 1.6 percent lower.

亚洲的投资者做出这种反应,部分原因在于美国在周一出现了抛售,道琼斯工业平均指数下跌1.3%,涵盖范围更广的标准普尔500指数(Standard & Poor’s 500)收盘时下跌1.6%。

The renewed volatility in China’s markets comes after a senior Chinese leader sought to reassure investors that the government would curb volatility.


In remarks at the World Economic Forum in Davos, Switzerland, last week, Vice President Li Yuanchao admitted that China’s market was “not yet mature.” But he pledged to use regulation to help tame “an excessively fluctuating market,” according to an interview with Bloomberg News.

中国国家副主席李源潮上周在瑞士达沃斯出席世界经济论坛(World Economic Forum)并发表讲话,期间他承认中国股市“还不成熟”。但在接受彭博新闻社(Bloomberg News)采访时,他承诺会利用法规帮助驯服“一个波动过大的市场”。

The FTSE 100 index in Britain was down 0.7 percent at midday, and the Euro Stoxx 50 index had fallen 0.3 percent.

英国富时100指数(FTSE100)在午盘交易时下跌0.7%,欧元区Stoxx50指数(Euro Stoxx 50)下跌0.3%。