英语新闻丨一揽子增量政策推动经济持续回升向好

As there have been more signs recently of a bull run in the A-share market, including soaring indexes and the stratospheric level of the trading volume, more economic stimulus policies as well as investors' patience are equally important to further consolidate the upward trend of Chinese equities, said experts.

专家表示，由于近期A股市场已出现诸多牛市到来的迹象，比如指数飙升、交易量达到历史最高水平，要进一步巩固中国股市的上升趋势，十分需要更多的经济刺激政策和投资者的耐心。

Resuming after the National Day holiday, the benchmark Shanghai Composite Index gained 4.59 percent to close at 3489.78 points on Tuesday, while the Shenzhen Component Index surged 9.17 percent. The technology-focused ChiNext in Shenzhen spiked 17.25 percent. Semiconductor, software development and securities companies led Tuesday's rally.

国庆长假后复盘，上证综指10月8日涨4.59%、报3489.78点，深证成指涨9.17%，创业板指涨17.25%，半导体、软件开发和证券公司引领了该日涨势。

The combined trading value at the Shanghai and Shenzhen bourses stood at 3.45 trillion yuan ($490 billion) on Tuesday, surpassing the previous record of 2.6 trillion yuan on Sept 30, the last trading day before the holiday.
10月8日，沪深两市成交额达3.45万亿元（约4900亿美元），刷新了节前最后一个交易日9月30日创下的2.6万亿元成交金额历史纪录。

The A-share market's rally on Tuesday came as officials of the National Development and Reform Commission, China's top economic regulator, said on the same day that the country will launch a batch of incremental policies to promote the sustained economic recovery and development.

10月8日，中国最高经济监管机构——国家发展改革委表示，将加力推出一揽子增量政策，推动经济持续回升向好。同日，A股市场反弹。

"China is confident of maintaining steady and healthy economic growth and achieve the full-year growth target," said Zheng Shanjie, head of the NDRC, at a news conference on Tuesday, adding that more efforts will be made to strengthen the countercyclical adjustments for macroeconomic policies.

“我们对实现全年经济社会发展目标任务充满信心，对保持经济社会持续平稳健康发展充满信心。”国家发展改革委主任郑栅洁10月8日在国新办新闻发布会上表示，将加大宏观政策逆周期调节。

The incremental policies released in late September attached greater importance to improving the quality of economic growth, supporting the real economy, facilitating the sound development of market entities, and coordinating high-quality development and high-level security, he said.

郑栅洁介绍，9月下旬起发布的一揽子增量政策更加注重提高经济发展质量，更加注重支持实体经济和经营主体健康发展，更加注重统筹高质量发展和高水平安全。

Since Sept 24, the country's top regulators have come up with supportive measures covering the financial sector, the property market, and support to the real economy, among others.
自9月24日以来，国家最高监管机构已陆续出台了涵盖金融业、房地产市场和支持实体经济等方面的支持措施。

The measures will be better used to spur more development potential and better achieve this year's growth target, said Zheng.

郑栅洁表示，这些措施将更好地激发更多发展潜力，推动实现今年的增长目标。

Meanwhile, continued efforts will be made to boost the capital market, according to Zheng. More effective and comprehensive measures will be introduced to vigorously guide the inflow of long-term capital. Blockages preventing the smoother entry of social security funds, as well as insurance and wealth management funds into the capital market should be removed.

与此同时，郑栅洁强调，将继续努力提振资本市场。有关部门将采取有力有效的综合措施，大力引导中长期资金入市，打通社保、保险、理财等资金入市堵点。

Public companies will be supported in mergers and acquisitions as well as restructuring. The reform of mutual funds should be advanced steadily, and efforts will be made to promulgate measures to protect individual investors, said Zheng, noting that these policies will be released at a faster pace.

支持上市公司并购重组，稳步推进公募基金改革，研究出台保护中小投资者的政策措施。郑栅洁指出，目前各项政策正在加快推出。

Liu Gang, managing director of China International Capital Corp, said the measures announced in September had exceeded market expectations and rekindled investors' passion, emphasizing the financial measures' support for the stock market.

中金公司研究部董事总经理刘刚强调了金融措施对股市的支持。9月份公布的各项政策超出市场预期，重新点燃了投资者的热情。

These have served as a driver for the recent bullish performance of the A-share market. But the market's future performance will be determined by the pace and scale of successive policies, especially fiscal policies, Liu said.

刘刚表示，这些都是近期A股市场“走牛”的驱动力。但市场未来的表现将取决于后续政策的步伐和规模，尤其是财政政策。

Luo Zhiheng, chief economist at Yuekai Securities, said that fiscal and property market policies should better coordinate with the recently released monetary policies to stabilize investors' confidence and expectations. Increasing the scale of this year's budget deficit, accelerating the issuance of special bonds, granting subsidies to special groups of people and the issuance of additional treasury bonds can be possible options in terms of supportive fiscal measures, he said.

粤开证券首席经济学家罗志恒表示，财政政策和楼市政策应更好地配合近期发布的货币政策，以稳定投资者的信心和预期。在支持性财政措施方面，增加今年的预算赤字规模、加快发行专项债券、对特殊人群发放补贴、增发国债等都是可能的选择。

China may adopt moderate fiscal stimulus of about 1.5 to 2 trillion yuan in the short term, which is also a reasonable level, said Wang Tao, chief China economist at UBS Investment Bank.

瑞银亚洲经济研究主管及首席中国经济学家汪涛表示，更为合理的预期是短期内政府出台1.5-2万亿元较为温和的财政刺激政策。

Chen Guo, chief strategist at China Securities, said that the Chinese stock market's recent bullish performance is supported by the revaluation of Chinese assets and recovered confidence. But a well-grounded overall bull run still needs time, especially the further improvement of economic fundamentals. Investors should have patience for the medium term, he said.

中信建投证券首席策略官陈果表示，中国股市近期的牛市迹象得益于中国资产价值重估和信心的恢复。但全面牛市启动仍需要时间，特别是经济发展基本面的进一步改善，投资者应葆有耐心。

Noting that the A-share market will enter a period of sustainable growth in the medium term, during which fluctuations cannot be avoided, Zhang Qiyao, chief strategist at Industrial Securities, said there is still room for a rise in the short run. Investors should watch for how long the bullish trend will last rather than focus on short-term peaks, he said.

兴业证券首席策略分析师张启尧表示，A股市场将进入中期持续增长期，期间难免出现波动，但短期内仍有上涨空间。相较于关注短期高峰，投资者更应关注牛市趋势将持续多久。

In a report released on Monday, analysts from Goldman Sachs raised 10 reasons to increase exposure to A-shares, including strong economic stimulus, upbeat investors' mood, undervalued Chinese equities, companies' improving earnings and a relaxed external environment.

在10月7日发布的研报中，高盛分析师提出了看涨中国股市的十大理由，其中包括强劲的经济刺激、上升的投资者情绪、中国股票估值仍有折价、企业盈利前景改善以及宽松的外部环境。

consolidate

v. 巩固；加强；合并

spike

v. 飙升，上涨

stratospheric

adj. 平流层的；高层次的

incremental

adj. 增加的，增量的

bullish

adj. 股票行情看涨的；乐观的