英语新闻｜印花税下调提振股市信心

Chinese equities soared on Monday morning following the announcement of a stamp duty cut, but most of these gains were lost by the time the market closed, indicating that more substantial stimulus to shore up economic growth may still be integral for the rally to become sustained and full-blown, experts said.

专家表示，在宣布下调印花税后，中国股市于28日上午飙升，但到收盘时，大部分涨幅已经消失，这表明出台更多支撑经济增长的实质性刺激措施仍然是使股市持续反弹的关键。

The benchmark Shanghai Composite Index jumped 5.06 percent when the market opened on Monday as investors were cheered by a significant policy package delivered on Sunday to revitalize the capital market, including slashing the stamp duty levied on stock trading from 0.1 percent to 0.05 percent, starting from Monday.

近日，财政部、国家税务总局、证监会发布多项活跃资本市场的政策，其中包括从8月28日起，将证券交易印花税从0.1%下调至0.05%，受此影响，28日上证指数开盘涨5.06%。

Nevertheless, the index lost most of its early gains when the market closed, ending 1.13 percent higher at 3,098.64 points. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 6.96 percent at the market opening but closed only 0.96 percent higher at 2,060.04 points.

不过，截至当天收盘，该指数涨1.13%，报3,098.64点，回吐早盘大部分涨幅。当天开盘时，创业板指数涨6.96%，收盘时指数涨0.96%，报2060.04点。

An index tracking securities firms, which led the morning rally, went up by 2.35 percent to close at 9,408.82 points, versus 10.75 percent at the market opening, according to market tracker Wind Info.

根据市场追踪机构万得资讯的数据，证券板指数上涨2.35%，收于9,408.82点，而市场开盘时为10.75%，领涨早盘。

Charlie Zheng, chief economist at Samoyed Cloud Technology Group Holdings, said the market might have overreacted in the morning session to the announcement and triggered a sell-off later, with investors' expectations of future market movements diverging.

萨摩耶云科技集团首席经济学家郑磊表示，由于投资者对未来市场走势的预期出现分歧，在早盘时市场可能对这一消息反应过度，但随后引发了抛售。

The A-share market may stabilize in the coming weeks as the pace of IPOs and refinancing slows while additional capital is ushered into the market。

收紧IPO和再融资以及更多资本进入市场，有助于在未来几周稳定A股市场。

The China Securities Regulatory Commission pledged on Sunday to temporarily slow the pace of IPOs, relax the margin financing requirement and implement more stringent regulation on major shareholder selling. This came after the commission encouraged mid- and long-term funds, such as those managed by pension managers and insurance companies, to beef up equity investments, on Thursday.

中国证监会27日表示，阶段性收紧IPO节奏，适当放宽融资保证金比例，严格监管上市公司大股东减持行为。此前，中国证监会于24日鼓励中长期基金(如养老金、保险资金)加快发展权益投资。

"But, to kick-start an upward market trend, merely relying on these policies aimed at supporting the market won't be enough," said Zheng, who urged more efforts to improve economic fundamentals, such as restoring the confidence of private enterprises and approving more central government debt to boost aggregate demand.

郑磊表示，仅依靠支持性市场政策来提振市场是不够的，因此，他呼吁采取更多的措施改善经济基本面，比如恢复私营企业的信心，批准更多中央政府债务以刺激总需求等。

David Scutt, a market analyst at GAIN Capital, also cautioned that it's "debatable" whether the latest measures can lead to anything more than a short-term bounce if meaningful measures to spur activity in the real economy are not delivered.

嘉盛资本市场分析师戴维•斯卡特提醒，如果没有出台有效的刺激实体经济的措施，那么最新的措施不一定能带来短期反弹。

On Monday, northbound trading of stock connects between mainland and Hong Kong exchanges saw a net 8.25 billion yuan ($1.13 billion) outflow of A shares, after Bloomberg reported on Friday that Morgan Stanley had cut its price targets of Chinese equities indexes due to earnings pressures.

28日，在中国内地和香港交易所之间的股票交易中，A股净流出82.5亿元人民币(11.3亿美元)，彭博社曾于25日表示，摩根士丹利因盈利压力下调了中国大陆和香港股指目标。

Ming Ming, chief economist of CITIC Securities, said both China's economic fundamentals and the A-shares earnings cycle are in the process of bottoming out and will likely gradually improve, citing that more policies to stabilize the economy are in the offing, including those to address the real estate downturn and local government debt risks.

中信证券首席经济学家明明表示，经济基本面和A股盈利周期均处于磨底状态，未来两者均有望逐步改善，并将出台更多稳定经济的政策，包括解决房地产低迷和地方政府债务风险的政策。

Chris Liu, a senior portfolio manager at Invesco, a global investment management company, said there could also be further policy support to the  market if needed, such as extending trading hours and expanding mutual fund investment scope.

全球投资管理公司景顺投资管理公司高级投资组合经理刘徽表示，如有必要，还可能进一步出台政策以支持市场，如延长交易时间和扩大共同基金投资范围。

This is because the stamp duty cut — which could save investors annual trading costs of roughly 138 billion yuan — has signaled that the authorities are paying a great deal of attention to revitalizing investors' sentiment, Liu said.

刘徽说，印花税下调不仅将为投资者每年节省大约1380亿元的交易成本，这更向市场释放信号，表明政府非常关注中国股市，以提振投资者情绪。

Stampduty

英[ˈstæmp djuːti] 美[ˈstæmp duːti]

n.印花税;

Boost

英[buːst] 美[buːst]

vt.促进;使增长;使兴旺;偷窃;

n.提高;增长;帮助;激励

Stock

英[stɒk] 美[stɑːk]

n.股票;