中国股市改革迎来新时代

 　　BEIJING, Dec. 28 (Xinhua) -- The highly-anticipated stock listing reform, which will be launched in March of 2016 at the earliest according to the latest legal changes, is set to usher¹ in a new era for China's stock market, officials and experts have said.

　　The Standing² Committee of the National People's Congress, the country's top legislative³ body, on Sunday authorized⁴ the State Council to adjust rules based on the securities law to allow the stock listing system to be changed from approval-based to registration-based.

　　The changes will take effect on March 1 and expires in two years' time, which means the reform has to be finished by March 1, 2018.

　　Officials and experts hailed the reform as a landmark⁵ in China's overall capital market reform, which could usher in a new era for the country's nascent⁶ stock market.

　　Stock listing reform to usher in new era for China stock market

　　The reform does not mean the regulator will simply delegate the power, but a fundamental switch of the regulatory method, China Securities Regulatory Commission (CSRC), the top securities regulator, said late Sunday in a statement.

　　Under the current system, the issuing of new shares is subject to approval by the CSRC, which controls both the timing⁷ and pricing. A registration-based system will give the market a bigger say and help ease the financing difficulty of businesses.

　　"A registration-based Initial Public Offering (IPO) system will be a milestone⁸ in reforms of the capital market and financial sector," said Yu Fenghui, an independent stock analyst⁹ and columnist¹⁰.

　　The current approval-based system, effective for over two decades, has curbed¹¹ the allocation of financial resources and dragged down the efficiency of direct funding of Chinese companies, Yu said.

　　There has been an urgent need to introduce a new system to boost corporate¹² direct financing through the stock market and bond market, Yu added.

　　After the completion of the split-share structure reform launched in 2005, the stock listing system is the only remaining defect in China's stock market, CSRC's deputy head Fang¹³ Xinghai said at a recent press briefing

　　The reform is designed to removed the major institutional barrier, and a bright future for China's stock market can be expected, Fang added.

　　Calling the reform "a big leap forward" in the reforms of China's A-share market, Dong Dengxin, a securities researcher at Wuhan University of Science and Technology, said the new stock listing system lets market forces determine the timing and pricing of IPOs, and respects the judgement and decisions of investors¹⁴.

　　As to the impact of the reform on the stock market performance, experts said prices of those overvalued stocks, blue chips or smaller stocks, might face a process of "correction in value" in the short term as listing will become easier and the supply of new stocks would increase.

　　In the long run, the overall market environment will change fundamentally, the stock market's function of investment and financing will be improved and more balanced, and investors will become more rational, said Li Daxiao, head of the research institute of Yingda Securities.

　　The lawmakers' approval of the legal changes necessary for carrying out the stock listing reform on Sunday was greeted with drops in China's stock market, which tumbled on Monday.

　　The benchmark Shanghai Composite Index dived 2.59 percent to close at 3,533.78 points, and the smaller Shenzhen index nosedived 2.27 percent to close at 12,686.34 points. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 2.12 percent.

　　To counter the possible negative effect of the reform, China's top securities regulator vowed¹⁵ on Sunday to press ahead with stock listing reforms in an active, steady and orderly way.

　　The pace and prices of IPOs will not be fully¹⁶ liberalized right away, and there will be no large increase in the number of IPOs, the CSRC reassured¹⁷.

1 usher   

n.带位员，招待员；vt.引导，护送；vi.做招待，担任引座员

参考例句：

• The usher seated us in the front row.引座员让我们在前排就座。
• They were quickly ushered away.他们被迅速领开。

2 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

3 legislative   

n.立法机构，立法权；adj.立法的，有立法权的

参考例句：

• Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
• Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。

4 authorized   

a.委任的，许可的

参考例句：

• An administrative order is valid if authorized by a statute.如果一个行政命令得到一个法规的认可那么这个命令就是有效的。

5 landmark   

n.陆标，划时代的事，地界标

参考例句：

• The Russian Revolution represents a landmark in world history.俄国革命是世界历史上的一个里程碑。
• The tower was once a landmark for ships.这座塔曾是船只的陆标。

6 nascent   

adj.初生的，发生中的

参考例句：

• That slim book showed the Chinese intelligentsia and the nascent working class.那本小册子讲述了中国的知识界和新兴的工人阶级。
• Despite a nascent democracy movement,there's little traction for direct suffrage.尽管有过一次新生的民主运动，但几乎不会带来直接选举。

7 timing   

n.时间安排，时间选择

参考例句：

• The timing of the meeting is not convenient.会议的时间安排不合适。
• The timing of our statement is very opportune.我们发表声明选择的时机很恰当。

8 milestone   

n.里程碑；划时代的事件

参考例句：

• The film proved to be a milestone in the history of cinema.事实证明这部影片是电影史上的一个里程碑。
• I think this is a very important milestone in the relations between our two countries.我认为这是我们两国关系中一个十分重要的里程碑。

9 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

10 columnist   

n.专栏作家

参考例句：

• The host was interviewing a local columnist.节目主持人正在同一位当地的专栏作家交谈。
• She's a columnist for USA Today.她是《今日美国报》的专栏作家。

11 curbed   

v.限制，克制，抑制( curb的过去式和过去分词 )

参考例句：

• Advertising aimed at children should be curbed. 针对儿童的广告应受到限制。 来自辞典例句
• Inflation needs to be curbed in Russia. 俄罗斯需要抑制通货膨胀。 来自辞典例句

12 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

13 fang   

n.尖牙，犬牙

参考例句：

• Look how the bone sticks out of the flesh like a dog's fang.瞧瞧,这根骨头从肉里露出来，象一只犬牙似的。
• The green fairy's fang thrusting between his lips.绿妖精的尖牙从他的嘴唇里龇出来。

14 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

15 vowed   

起誓，发誓（vow的过去式与过去分词形式）

参考例句：

• He vowed quite solemnly that he would carry out his promise. 他非常庄严地发誓要实现他的诺言。
• I vowed to do more of the cooking myself. 我发誓自己要多动手做饭。

16 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

17 reassured   

adj.使消除疑虑的；使放心的v.再保证，恢复信心( reassure的过去式和过去分词)

参考例句：

• The captain's confidence during the storm reassured the passengers. 在风暴中船长的信念使旅客们恢复了信心。 来自《现代英汉综合大词典》
• The doctor reassured the old lady. 医生叫那位老妇人放心。 来自《简明英汉词典》