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来源:爱问共享    发布时间:2018年03月21日 07:19:02    编辑:admin         

Chinese stocks fell again as authorities continued to try to halt the slide.虽然中国有关部门继续采取措施阻止股市下滑,但中国股市周五再次出现下跌。The country’s main stock index in Shanghai fell 5.8 per cent on Friday, after shedding 3.5 per cent on Thursday, while the Shenzhen Composite shed 5.4 per cent after falling 5.6 per cent the previous day.继周四下跌3.5%后,上综指周五收跌5.8%;而深综指则在周四下跌5.6%后,周五收跌5.4%。The declines came as China’s securities regulator said it had launched a probe into short selling, and there were reports on Friday that the futures exchange was using “window guidance” to urge traders not to short the market.此前中国券业监管部门表示,它已启动针对做空行为的调查。周五还有报道称,中国的期货交易所正通过“窗口指导”敦促交易员不要做空市场。The China Securities Regulatory Commission said late on Thursday that it had opened an investigation into market manipulation “based on reports of unusual movements” in securities and futures markets.周四晚,中国监会(CSRC)表示,已根据券和期货交易所“市场监察异动报告”,启动对市场操纵行为的调查。The country’s two main indices have tumbled more than 20 per cent over the past three weeks, taking them into bear-market territory.中国两大股指在过去三周里下跌了逾20%,已经步入熊市。The Shanghai Composite fell 12.1 per cent for the latest week, its third consecutive week of double-digit losses after hitting a seven-year high on June 12.上综指最近一周下跌了12.1%,这是该指数自6月12日触及七年高点以来,连续第三周出现两位数的周跌幅。Some 457 companies suspended trading of their shares on Thursday, ostensibly because of pending announcements, according to data compiled by the official China Securities News, though many suspect the real motive was to prevent further share-price losses.根据官方的《中国券报》(China Securities Journal)的数据,周四大约有457家公司的股票被停牌,停牌的表面原因是等待进一步公告。不过,许多人怀疑这么做的真实动机是阻止股价进一步下跌。The effort to curb short selling follows relaxation of margin lending rules on Thursday, which also failed to staunch the bleeding.就在推出限制做空行为的举措之前,中国有关部门周四还曾放宽对融资融券的规定,但此举未能阻止股市下跌。The 21st Century Business Herald, a Chinese daily, ed multiple futures traders as saying they had received phone calls from the China Financial Futures Exchange instructing them not to short the market. Stock index futures are the main tool for placing bearish bets on mainland stocks, as short selling of individual shares is difficult.中文日报《21世纪经济报道》(21st Century Business Herald)援引多名期货交易员的说法称,他们已接到中国金融期货交易所(China Financial Futures Exchange)打来的电话,指示他们不要做空市场。在中国,由于很难做空个股,股指期货是做空中国内地股票的主要工具。Analysts say any effort to discourage short selling is probably coming from regulators, with exchange officials simply carrying out orders. The futures and stock exchanges are state-owned companies with close links to financial regulators.分析师表示,所有旨在抑制做空行为的举措很可能都出自监管部门,交易所的官员只是在执行命令。在中国,期货交易所和券交易所都是国有企业,与金融监管部门关系密切。Most market participants question whether illegal market manipulation is behind the market’s fall. Instead, they say investors are using index futures to hedge long positions in small and mid-cap stocks.多数市场参与者都质疑股市下跌的背后是否真的隐藏着非法市场操纵行为。相反,他们表示,投资者是在用股指期货对冲中小盘股上的多头仓位。“In the futures market we have quantitative traders, algorithmic traders and short sellers. Everyone is there. And of course there are hedgers, too. The whole purpose of futures is for risk management,” said a trader at a major futures company in Shanghai. “After the big drop, what the market lacks most is confidence.”上海一家主要期货公司的一名交易员表示:“在期货市场,我们有量化交易员、算法交易员和卖空者。各种人都有。对冲者当然也不例外。期货的唯一用途就是管理风险。大跌之后,市场最缺的是信心。”The futures exchange on Thursday denied rumours that foreign investors including Goldman Sachs were using futures to place big bearish bets on mainland stocks, known as A shares.周四,中国金融期货交易所否认了高盛(Goldman Sachs)等外国投资者用期货做空A股的传闻。The exchange said foreign investors with access to the futures market via the Qualified Foreign Institutional Investor (QFII) programme were only permitted to use futures for hedging operations and are not allowed to make directional bets. All recent trades by QFIIs complied with regulations, it said.该所表示,有权通过合格境外机构投资者(QFII)计划进入期货市场的外国投资者只能用期货做套保交易,不允许建立裸头寸。该所表示,QFII资金近期从事的一切交易都符合规则。Small and mid-caps have been the biggest losers in the recent downturn, as investors have sought the relative safety of large caps amid the turmoil. An index of large mainland-listed banks has fallen 13 per cent since June 12 compared to 28 per cent for the Shanghai Composite.在近期的下跌中,中小盘股一直是最大的输家,原因是投资者在动荡的行情中更青睐大盘股具备的相对安全性。自6月12日以来,一个以中国大A股股票为成分股的指数只下跌了13%,相比之下上综指下跌了28%。Margin lending, which helped fuel the stock market rally that began late last year, is now dragging on the market. Outstanding margin loans on the Shanghai and Shenzhen exchanges fell by Rmb51bn on Thursday, the second-biggest daily drop ever, just below the Rmb56bn loss last Friday.保金贷款曾为中国股市从去年底开始上涨助了一臂之力,但它如今却在拖累股市。周四,沪深两市融资余额减少510亿元人民币,是有史以来第二大单日降幅,仅次于上周五560亿元人民币的降幅。 /201507/384180。

Starting this week, people sporting long beards, headscarves or clothes bearing the Islamic symbol of a star and crescent moon won#39;t be permitted to board buses in one Chinese city.从本周开始,在中国新疆克拉玛依市,蓄留大胡子、戴里切克以及穿带有伊斯兰标志星月装的人将禁止乘坐公交车。According to the state-backed Karamay Daily, the ban will be extended in the city of Karamay in northwestern Xinjiang until Aug. 20, when a local sports competition concludes.本周,一张在社交媒体上流传的图片显示,五种人士禁乘公交。据《克拉玛依日报》报道称,新疆西北部城市克拉玛依的这道禁令将延续至8月20日当地一项体育比赛结束。The measures come as Chinese authorities have grown increasingly unnerved by what they perceive as deepening religious extremism in the region. The massive province of Xinjiang, which lies at the far reaches of China, bordering Kazakhstan and Pakistan, is home to a sizable, mostly Muslim Uighur ethnic minority that has increasingly chafed under what exile leaders criticize as Chinese restrictions on religious practices.中国政府对新疆地区不断加重的宗教极端主义越来越感到不安。地域广阔的新疆自治区位于中国西北边陲,与哈萨克斯坦和巴基斯坦接壤,自治区内居住着人数众多的维吾尔族人,其中绝大部分是穆斯林。流亡海外的维吾尔族领袖批评中国政府限制了新疆的宗教活动,新疆的穆斯林对中国政府的此类政策越发感到愤怒。In recent years, such restrictions have included campaigns against veils and other outward expressions of Muslim faith. Earlier this year, for example, authorities in one Xinjiang county said they would reward local residents for informing on neighbors who grow beards, which they deemed among a number of #39;potential hazards to society.#39;最近几年,此类限制举措包括了反对面纱以及其他穆斯林外在特征的活动。例如今年早些时候,新疆一个县称,将奖励举报邻居蓄胡须的当地居民,他们认为蓄须是潜在的社会危险因素。Once rarely seen in Xinjiang, veils and hijabs have become increasingly common in the region, even as the government has worked to dissuade women from such attire, saying they can cause calcium deficiency or heatstroke.曾经很少见到的面纱和头巾在该地区变得越来越常见了,尽管政府试图劝阻妇女不要穿戴这种装,称这可能会引起缺钙和中暑。China says it respects the rights of its ethnic minorities and that its financial commitments to the region have been a boon to locals. The province#39;s tensions -- and bouts of violence that have periodically convulsed its cities -- are the product of a small number of troublemakers, the government says.中国政府称,尊重少数民族的权利,对该地区的财政投入对当地人来说是福祉。政府还说,新疆的紧张局势以及该自治区内的城市偶尔会发生的暴力事件是一小撮滋事者引起的。Wang Yaqiang, general coordinator for the local sports competition#39;s organizing committee, confirmed Wednesday that the ban was in place in Karamay. In addition to the bus restrictions, such individuals are also barred from entering other #39;public areas#39; in the city, Mr. Wang said, without elaborating on what such areas might be.此次地方体育赛事的总协调人王亚强(音)周三实,克拉玛依市已实施这一禁令。他还说,除了被禁止乘公交外,这些人还被禁止进入克拉玛依市的其他“公共场所”,但他未详细说明“公共场所”是指哪些场所。Tensions between Uighurs and China#39;s Han Chinese majority have been sorely tested of late, following a wave of deadly violence in Chinese cities in recent months, including several attacks allegedly perpetrated by Uighurs. Last week in Xinjiang, a group of knife-armed assailants launched a series of attacks on government and police buildings in a violent uprising that left nearly 100 dead, according to authorities, among them 37 Han and Uighur bystanders. State media attributed the violence to Xinjiang separatists who carried banners declaring a #39;holy war.#39;最近数月,中国城市出现了多起致命暴力事件,其中包括被指是由维族滋事分子发动的几次暴力事件,维汉关系因此受到了严峻考验。据相关部门称,上周在新疆,一群持刀袭击者对政府大楼和警察局发动多次袭击,导致近100人丧生,其中37人为汉族和维族旁观者。官方媒体称此次暴力袭击系打着“圣战”旗号的新疆分裂势力所为。 /201408/318985。

Container ships from China laden with cargo for the rest of the world disperse more than toys, televisions and other exports. They are also a serious, often neglected, emitter of pollution from the cheap fuel allowed under Chinese rules, according to a new report from the Natural Resources Defense Council, a ed States-based environmental advocacy group.来自中国的集装箱运货船上满载着运送到世界其他地方的货物,但它们运输的却不只是玩具、电视机和其他出口物资。设在美国的环境倡导组织自然资源保护协会(Natural Resources Defense Council)的一篇新报告称,这些船还是往往被忽视的严重污染源,因为它们使用了中国规定所允许的廉价燃料。Except when they approach and dock at ports that require cleaner fuel, such as in the ed States or Europe, oceangoing ships plying trade through Chinese ports usually use cheap “bunker” oil, a grade of fuel that is heavy in sulfur and leaves a dense trail of fine soot, ozone and nitrogen- and sulfur-based pollutants, said the report, which was released on Tuesday.周二发布的报告表示,除了靠近或停靠在要求使用清洁燃料的港口时——比如美国或欧洲港口——在中国各港口从事贸易活动的海运船只通常会使用廉价的燃料油。这种级别的燃料含有大量硫磺,会留下由微细烟尘、臭氧,以及氮硫污染物组成的明显痕迹。“Regulation of air emissions from ships is virtually nonexistent today in China and the rest of the developing world,” the report said.报告称,“目前,中国几乎没有任何规定来管理船只排放的空气污染物,其他发展中国家也是如此。”“With ships allowed to burn fuel with much higher sulfur levels than permitted in on-road diesel, one container ship cruising along the coast of China emits as much diesel fuel pollution as 500,000 new Chinese trucks in a single day,” an accompanying summary of the report said.随报告一同发布的摘要称,“由于与陆用柴油机相比,船用燃料的含硫量可以高很多,一艘沿中国海岸航行的货船所排放的柴油污染物,相当于50万辆新的中国卡车一天所排放的污染物。”Freda Fung, a consultant in Hong Kong who was one of the report’s four co-authors, said in an interview that the estimate referred to PM 2.5: the soup of small-particle pollution that hangs over many Chinese cities, causing breathing problems and public ire.香港顾问冯淑慧(Freda Fung)是这篇报告的四名作者之一,她在采访中说,上述估值指的是PM 2.5:由微细颗粒混合而成的污染物,它笼罩在许多中国城市上方,引起了呼吸问题和公众的愤怒。The shipping pollution is a significant contributor to overall pollution and to poor health in some of China’s biggest cities, Ms. Fung said. China has seven of the world’s 10 busiest ports, with Shanghai at the top of the list, and about a quarter of the world’s container volume passes through the country’s 10 busiest ports, the report said. Other big port cities in China include Shenzhen, Qingdao and Tianjin, and nearly all of the port equipment uses diesel, also heavy in pollutants.冯淑慧说,海运所产生污染物对整体污染情况造成了极大影响,也在一些中国大城市引起了健康问题。报告称,世界上最繁忙的10个港口有7个都在中国,其中最繁忙的是上海;而且,世界总体货运量中大约有四分之一都要经过中国最繁忙的10个港口。中国其他大型港口城市还包括深圳、青岛和天津,而且几乎所有的港口设备使用的都是柴油机,污染也很严重。“Since Chinese port cities are among the most densely populated with the busiest ports in the world,” the report said, “air pollution from ships and port activities likely contributes to much higher public health risks than are found in other port regions.”“因为中国港口城市是世界上人口密度最大,且港口最为繁忙的城市,”报告称,“所以与其他港口地区相比,这里的船只和港口活动所产生的污染物很可能会对公众健康造成更大威胁。”The damage is difficult to quantify given the other sources of contaminants and the complexities of tracking health. But soot from bunker fuel and low-grade diesel exhaust tends to be especially harmful because it is so fine and carries dozens of chemical contaminants, some of which can travel through the air for many thousands of miles.由于存在其他污染源,而且跟踪健康状况具有一定的复杂性,所以很难对损害进行量化。但是,燃料油所产生的烟尘和低级柴油机废气可能危害更大。这是因为,它们的体积非常小,而且携带着数十种化学污染物,有些污染物能够通过空气到达数千英里以外。The result is “a toxic stew of cancer-causing diesel exhaust and black carbon that chronically plagues China’s growing port regions,” Barbara Finamore, the Asia director of the Natural Resources Defense Council, said in an email. One study cited in the report estimated that in 2008, air pollutants from ocean and river vessels had caused about 1,200 premature deaths in Hong Kong.结果产生了“一种由可致癌柴油废气和黑碳组成的有毒混合物,长期盘踞在中国发展中的港口地区上空,”自然资源保护协会的亚洲项目主任芭芭拉·菲娜慕(Barbara Finamore)在电子邮件中说。据报告援引的一份研究估计,到2008年,来自航行在海洋与河流上的船只的污染物就已经导致香港1200人过早死亡。Stricter standards in North America, especially California, and Western Europe mean that when ships approach and stop at ports there, they switch their engines to cleaner diesel that has much less sulfur, Ms. Fung said. The International Maritime Organization has also set fuel sulfur standards for seas off North America and parts of Europe.冯淑慧说,北美——尤其是加州——和西欧的标准比较严格,也就是说,当船只靠近或停靠在那里的港口时,它们就要使用比较清洁的柴油来驱动引擎,这种燃料的含硫量要低很多。国际海事组织(International Maritime Organization)也为北美和欧洲部分地区的海洋设定了燃料的含硫标准。But bunker oil is “the cheapest fuel, so whenever possible the ship operators prefer to use it, unless they’re required to use a different fuel,” Ms. Fung said.但是,燃料油是“最廉价的燃料,所以只要有机会,船只的运营者就会选择它,除非有人要求他们使用别的燃料,”冯淑慧说。Stung by public alarm about pollution, China has introduced tougher fuel and vehicle standards on its roads. Ms. Fung said she hoped the same pressure would encourage the government to introduce more stringent rules for ships. Hong Kong, with its own distinctive laws and government, has used the incentive of reduced port fees to encourage ships stopping there to use cleaner fuel and was developing proposed mandatory restrictions, she said.由于公众对污染问题十分担心,促使中国政府对路面交通采取了更严格的燃料和车辆标准。冯淑慧表示,她希望同样的压力将促使政府针对船只出台一些更严格的规定。她说,拥有独立法律体系和政府的香港政府采取了减少港口使用费的激励措施,以鼓励停靠在那里的船只使用比较清洁的燃料,有关方面提出的强制性限制措施也在酝酿中。Shenzhen, the large port on mainland China near Hong Kong, has developed plans to discourage use of the dirtiest diesel by ships docking there, Ms. Fung said. But other mainland Chinese ports have been slower to act, and without concerted international action, ship operators are likely to keep switching their vessels to bunker fuel on the open seas after they leave regulated ports and waters, she said.深圳是中国大陆的一个大型港口城市,靠近香港。冯淑慧称,深圳已经推出了一些计划,意图阻止停靠在那里的船只使用污染最严重的柴油。她说,但是其他中国大陆港口的行动比较迟缓,而且如果没有国际社会的一致行动,船只运营者很可能就会在离开受管制的港口和水域后,在公海上使用燃料油。“If Shenzhen follows, eventually I hope there’ll be a chain reaction for the other major ports in China,” she said.她说,“如果深圳也能这样做,我希望中国的其他重要港口最终也会发生连锁反应。” /201410/339477。

Even those who know little about China have heard of its policy limiting most couples to one child. The 1980 law in the world#39;s most populous country was originally intended to tame fears that a surging population would suck up resources and hurt growth. Birthrates plunged to 1.64 children per woman in 2011 from 4.77 in the 1970s, but the policy has led to countless troublesome consequences over the years, including forced sterilizations and abortions and a shortage of women in a country that overwhelmingly prefers boys over girls.即便是对中国所知不多的人,也听说过计划生育政策,这项政策限制大部分中国夫妇只能生一个孩子。1980年,这个全球人口最多的国家颁布了这一法律,其原意是出于对人口增长过快所带来的资源消耗和伤害经济增长的担忧。中国的人口出生率从70年代的每名妇女生育4.77个儿童锐减至2011年的1.64个,但是这些年来,这一政策显示出了无数后遗症,包括强制绝育和流产,以及重男轻女导致的女性人口短缺失衡。Last week, leaders pledged to relax the one-child policy, allowing couples to have two children if one parent is an only child. Currently, couples are restricted to one child unless both parents are only children and rural families are allowed to do so if their first child is a girl. The policy change comes as China seeks to address a looming shortage of workers in the face of a rapidly aging population. Such demographic changes could also ripple across an unexpected part of China#39;s economy -- its booming housing market.上周,中国领导人表示将放宽计划生育政策,允许有一方为独生子女的夫妇生二胎。目前,除非夫妻双方都是独生子女,否则仍只能要一个孩子;如果农村家庭的第一个孩子是女孩的话,可以生第二胎。政策变化的原因在于中国正寻求解决人口迅速老龄化背后所隐现的劳工短缺问题。这一人口结构的变化也将出人意料地影响到中国经济的某一块——蓬勃发展的房地产市场。Property prices have spiked dramatically, making it unaffordable for many Chinese to buy. And studies have found that the rapid rise of China#39;s home prices is linked to its widening gender imbalance. Because there are many more men than women (a ratio of 1.15 men of marriage age of 15 to 30 years old for every woman), China#39;s dating scene has become ultra-competitive.房价长期上涨,已超出了很多中国人的承受范围。一些研究发现,中国房价的飙升与日益扩大的男女比例失衡有关。因为男性比女性多很多(15-30岁适婚年龄段中的男女比例为1.15:1),中国的婚恋竞争已变得异常激烈。While nothing says ;Will you marry me?; quite like a shiny diamond in the U.S., an engagement in China typically comes with a home. To be considered marriage material, men are expected to either own property or have enough for a down payment; as a result, between 2003 and 2009, as much as 48% (or trillion worth) of the rise in property values across China#39;s 35 major cities is linked to the nation#39;s gender imbalance, according to a 2012 study by Columbia University professor Shang-Jin Wei.在美国,闪闪发光的钻石是“你愿意嫁给我吗?”的最佳代言,然而,在中国,求婚的典型必备品是房子。作为挑选如意郎君的标准,女性往往期待男性要么拥有自己的房产,要么有足够的首付;正因为如此,哥伦比亚大学(Columbia University)教授魏尚进2012年所做的调查显示,2003-2009年间,在中国35个主要城市中,房价上涨的部分中高达48%(价值约合8万亿美元)都与国内男女比例失衡有关。With China easing its one-child policy, however, demand for housing could eventually fall.然而,随着中国放宽计划生育政策,房屋需求量最终有可能下降。Wei cites two reasons: It could take another 10 to 15 years before China sees any fundamental changes, but giving more couples a chance to have two children would help balance the male-to-female ratio. And if more men can find wives, it would help ease China#39;s super competitive marriage market.魏尚进列举了两个原因:虽然中国要在10-15年之后才能看到重大的变化,但是给更多的家庭生二胎的机会将有助于平衡男女比例。如果适婚女性数量增多,那么中国婚恋市场异常激烈的竞争将有望得到缓和。Also, raising the birthrate would compel citizens to save less. Because China#39;s government invests so little on medical coverage, education, and other social safety nets, most Chinese save overwhelmingly more than they spend. They often store their money by buying up real estate, but with more children, couples would need to spend more. More than that, such couples would enjoy a wider safety net in a country where children are expected to take care of their elderly parents (Yup, that#39;s right -- in China, visiting mom and dad is the law).此外,生育率的提升将迫使公民减少储蓄。因为中国政府在医疗覆盖、教育和其他社会保障网络领域的投资甚少,大多数中国人更愿意攒钱,不愿意花钱。他们往往会通过购买房地产的方式来存钱,但是孩子越多,需要花销的地方也就越多。除此之外,这样的夫妇也将享有更多的保障,因为孩子有望会给他们养老(没错,的确如此——在中国,看望父母已被写入法律)。It#39;s unclear how Chinese families would respond to a relaxed policy. After all, rising housing and education costs have made couples in urban areas prefer having only one child.我们仍不清楚政策放宽后中国家庭会有什么样的反应。毕竟,房价和教育开销的上涨让城镇家庭宁愿只要一个孩子。It has been estimated the policy change could add 1 to 2 million more births every year, in addition to the approximately 15 million births a year today. Wei says as incomes rise in the world#39;s second largest economy, it#39;s likely that more couples will have more children.目前,中国每年的新生婴儿数量约为1500万,据估计,计划生育政策的变化每年将为中国新添1-2百万的人口。魏尚进表示,随着世界第二大经济体国民收入的不断增加,想多生孩子的夫妇可能会越来越多。All this could make homes more affordable over the next several years; that is, of course, if the Chinese choose to have more babies.所有这些因素可能将在未来几年内让房价更平易近人;当然,前提是中国家庭愿意生更多的孩子。 /201311/266014。

Time magazine named Pope Francis its Person of the Year on Wednesday, crediting him with shifting the message of the Catholic Church while capturing the imagination of millions of people who had become disillusioned with the Vatican.美国《时代》周刊11日宣布罗马教皇方济各选为2013年度人物,称赞他改革了天主教教堂的信条,从而重新抓住了那些对罗马教廷信仰破灭的百万信徒的心。This is the third time the magazine has chosen a pope as its Person of the Year. Time gave that honor to Pope John Paul II in 1994 and to Pope John XXIII in 1963.这是《时代》杂志第三次将教皇选举为年度人物。《时代》杂志曾将教皇约翰·保罗二世选举为1994年年度人物,还曾将教皇约翰二十三世选举为1963年年度人物。The Argentine pontiff - who, as archbishop of Buenos Aires was known as the slum cardinal for his visits to the poor and penchant for subway travel - beat former U.S. National Security Agency contractor Edward Snowden and gay rights activist Edith Windsor for the award.这位来自阿根廷的教皇是布宜诺斯艾利斯的大主教。他常常拜访穷人,喜欢乘地铁,因而也被人们称为亲民红衣主教,打败了其他候选人当选年度人物,候选人还有前美国国家安全局雇员爱德华·斯诺登,同性恋平权提倡者伊迪斯·温莎。Other finalists included Syrian President Bashar al-Assad and U.S. Senator Ted Cruz from Texas.其他入围年度人物终选环节的人物还有叙利亚总统巴沙尔·阿萨德和美国德克萨斯州国会参议员克鲁兹。 /201312/269072。

Private equity firms engaged in an unusual bidding battle this year: slugging it out over an upmarket chain of private hospitals in China.私人股本公司今年投入到了一场不寻常的竞标战中:它们要在中国民营医院的高端产业链上一决胜负。TPG and a consortium that included Shanghai Fosun Pharmaceutical, emerged the victor in the fight for US-listed Chindex International after sweetening its bid and shelling out 1m. Chinese media and people close to the deal named Carlyle as the rival bidder, although it declined to comment.在对美国上市公司美中互利(Chindex International)的竞购中,德克萨斯太平洋集团(TPG)和一家包括上海复星医药(Fosun Pharmaceutical)在内的财团提高报价并付4.61亿美元之后,成为最终赢家。熟悉此次交易的中国媒体和知情人称凯雷(Carlyle)也参与了竞购,不过凯雷拒绝置评。Chindex is the top of the pyramid of hundreds of potential private hospital deals, as investors chase a Chinese gold rush.随着众多投资者前来淘金,中国可能会有数民营医院成为并购对象,美中互利成为首当其冲的一家。Guo Guangchang, chairman of Fosun Group, parent of Fosun Pharma, said recently that the group might invest in as many as 500 hospitals in China – although people close to the company say this was more an expression of enthusiasm than an exact number.复星医药的母公司、复星集团(Fosun Group)的董事长郭广昌最近表示,该集团要在中国投资500家医院,尽管接近该公司的人士表示,这更像一种热情洋溢的表达方式,跟确切数字无关。Either way, investment is set to pour into the sector, continuing a trend begun when Beijing lifted restrictions on foreign investment in private hospitals in 2012.无论是哪种情况,投资已准备涌入该领域,延续了2012年以来的趋势。2012年,中国政府解除了外商投资民营医院的限制。As demand for medical care has risen in line with prosperity, demand for investment opportunities has spilled over into other appendages of a wealthier lifestyle: dentists, rehabilitation clinics and cosmetic surgery centres.人们对医疗务的需求随着与经济繁荣同步增长的同时,对投资机会的需求也有所增加,且已蔓延到高品质生活方式的其他附属领域:牙医、康复诊所和整容手术中心。While many investors are coveting hospitals that are aly private, dozens of other local and foreign private equity investors are looking into the harder task of privatising public hospitals or building new ones.虽然许多投资者觊觎的是已经民营化的医院,但还有数十家中外私人股本投资机构将目光投向了更艰苦的任务:公立医院私有化及兴建新医院。The total value of healthcare deals in China exceeded bn last year, nearly five times the level of 2006, according to statistics from Dealogic.根据Dealogic的统计数据,去年中国医疗业并购总额超过100亿美元,近乎2006年水平的5倍,Sweeping reforms of the sector are under way, including doubling the private hospital share in treating Chinese patients to 20 per cent by 2015.该行业正进行大刀阔斧的改革,包括至2015年,实现民营医院的床位数占比和务量占比翻一番,达到总量的20%。Spending on healthcare is about 5 per cent of gross domestic product, compared with about 9 per cent in Japan and nearly 18 per cent in the US, according to a report from McKinsey. “Perhaps an even bigger difference is that in China, services account for only 30 per cent of spending versus 70 per cent in Japan and the US,” says Gordon Orr of McKinsey Asia.根据麦肯锡(McKinsey)的报告,中国的医疗出约为国内生产总值(GDP)的5%,相比之下日本的出约为9%,美国的出近于18%。麦肯锡亚洲的欧高敦(Gordon Orr)说:“或许更大的区别是,在中国,医疗务仅占医疗出的30%,而在日本和美国要占到70%。”According to a survey by Bain amp; Co, healthcare was identified by private equity funds as the most attractive sector for China investment this year.根据贝恩咨询公司(Bain amp; Co)的一项调查,私人股本基金已将医疗业确定为本年度在中国投资的最具吸引力行业。“We are seeing a lot of interest in medtech and private hospitals but the challenge in China is that there are few large deal opportunities,” says Vinit Bhatia, head of China private equity for Bain amp; Co.贝恩咨询公司中国私人股本部门的负责人威尼#8226;巴蒂亚(Vinit Bhatia)说:“我们看到许多机构对医疗科技和民营医院感兴趣,但中国的挑战在于大的交易机会并不多。”Several investors say it may prove hard to identify profitable deals in a sector where corruption is rife among doctors and administrators, and hospital finances are opaque.一些投资者表示,在一个医生和管理人员普遍涉嫌腐败,且医院财务状况不透明的行业,想识别有利可图的交易恐怕不容易。Perhaps the biggest problem is that private hospitals must stick to charges held down by the government or risk losing their eligibility for public reimbursement.或许最大的问题在于,民营医院必须遵守政府压低的收费标准,否则将可能被撤销医保定点资格。Improving management and achieving economies of scale in drug procurement may help profitability; but attracting high-quality doctors, retraining staff in a more service-orientated culture and matching doctor salaries inflated by bribes may all prove costly, health analysts say.健康产业分析师指出,提高管理水平、实现药品采购的规模经济或许有助盈利,但吸引高素质医生、以务型文化对员工进行再培训,还有将医生工资提高到被贿赂抬高的水平,这些可能都要投入大量资金。Alexander Ng of McKinsey says the pay-off could take longer than usual for a private equity fund. “If you have an investment horizon of 20, 30, 40 years, China is the right place but if you have a seven-year timeframe then, unless you buy cheap, it may not be the place to be as the valuations are going up because of more bullish expectations.”麦肯锡的Alexander Ng表示,私人股本基金想获得成功要比平常花费更长时间。“如果你的投资期限为20年、30年、40年,投资中国是选对了地方,但如果你的时间表为7年,那么除非你买便宜货,否则中国不是合适的地方,因为看涨预期较强,估值会往上走。” /201408/321616。

Not content with a 6.4 per cent tumble last Friday to cap off the worst week since the financial crisis, the Shanghai Composite chose to push the envelope today, chalking up a 7.4 per cent fall to 4,192.88.上周五,上综指收跌6.4%,为金融危机以来表现最糟糕的一周画上了句号。今日,该指数选择挑战一下极限,以7.4%这一更大的跌幅收盘,最终收至4192.88点。At an intra-day low of 4,139.53, the index was down as much as 8.57 per cent.该指数今日盘中一度跌至4139.53点,跌幅高达8.57%。The 7.4 per cent fall now ranks as the second-biggest fall this year for Shanghai stocks, behind a 7.7 per cent plunge on January 19. It also makes the cut as the fifth-biggest daily fall since 2000 (see table). The index is now down 18.8 per cent since a multi-year closing high of 5,166.35.上综指今日的下跌创下今年以来上海股市第二大单日跌幅(1月19日下跌7.7%),也是2000年以来的第五大单日跌幅(见图表)。上综指现在已较5166.35点的多年收盘价高点下跌了18.8%。That leaves the index very close to entering bear market territory, defined as a decline of 20 per cent from a peak.该指数非常接近于进入熊市,熊市的定义是自峰值水平下跌20%。On an intra-day basis, the Shanghai Composite did enter a bear market, with a fall of 20.06 per cent from an intra-day high of 5,178.191 on June 12 to today#39;s intra-day low. On a closing basis, the level for a bear market is 4,133.08.按盘中价格计算,上综指其实已步入熊市,从6月12日5178.19点的盘中高点到今日的盘中低点,跌幅已达20.06%。按收盘价计算,要达到熊市标准,收盘点位需要达到4133.08点。The Shenzhen Composite is aly growling, down 20.3 per cent from its June 12 record close of 3,140.663. The tech-heavy index closed 7.87 per cent lower at 2,502.96 for its biggest one-day drop since June 10, 2008, and its third-biggest one-day fall since 2000 (see table).深综指已从6月12日3140.66点的创纪录收盘点位下跌20.3%。成份股中科技股众多的该指数今日收跌7.87%,至2502.96点,为自2008年6月10日以来最大单日跌幅,也是自2000年以来第三大单日跌幅。For the week, the Shanghai Composite was down 6.37 per cent and the Shenzhen Composite was down 8.72 per cent, for the first back-to-back weekly declines since early February.本周,上综指累计下跌6.37%,深综指累计下跌8.72%,这是自2月初以来首次出现连续两周下跌。On a back-of-the-envelope calculation (relax, I#39;m using a spsheet), today#39;s fall wiped a combined 7bn in market capitalisation from the Shanghai and Shenzhen exchanges.粗略算来,今天的下跌导致沪深两市市值蒸发了7670亿美元。During China#39;s bull market of 2006-07, the Shanghai Composite suffered six corrections greater than 10 per cent (see squiggle chart). That includes a decline from mid-October to the end of November 2007 that wiped off 21.15 per cent. Although the index managed to recover some poise after that, the bear market had begun, and the index then sank for the next 12 months as the financial crisis took hold.2006-07年的中国牛市期间,上综指曾经历6次跌幅超过10%的调整(见图表),其中包括从2007年10月中旬到11月底的一轮下跌行情,那次的跌幅达21.15%。尽管该指数在那之后有所企稳,但沪市却开始步入熊市,随着金融危机站稳脚跟,该指数在接下来的12个月里一路下跌。In other words, during that previous bull market, there was no sustainable recovery from a correction as deep as the one Chinese investors are experiencing now. It remains to be seen whether that pattern will play out this time around.换句话说,在那次牛市中,中国投资者在遭遇和这次同等幅度的调整后,并没有迎来可持续的反弹。这一次,这一幕是否会重演,还有待观察。 /201506/383360。