中国投资者不宜轻易动摇?

 BEIJING, March 19 (Xinhua) -- The recent dramatic movements in the financial market show yet again investors¹ on China should not allow themselves to be easily swayed by speculative² comments.

The Chinese currency has held relatively³ stable against a basket of foreign currencies but, as a result of U.S. dollar weakness, it appreciated against the greenback. Investors betting on the collapse⁴ or continued depreciation⁵ of the yuan have suffered losses.

Meanwhile, some well-known international investment gurus who had predicted bad news for the Chinese currency and the Chinese economy have now become silent.

As for the investors who went short on China, they complained of being misled by those investment gurus.

Commentary: Investors on China should not be easily swayedIt may be true that these investors have suffered losses as a result of misleading comments which had been spread on the media worldwide. But the lesson that should be learned is that investors should look at the fundamentals of the Chinese economy and do more research themselves.

Comments by the investment gurus can be misleading, and when they are, they tend to create big noises on the increasingly globalized financial markets with the help of the social media and, sometimes, rumor⁶ mongers who spread the message in hope of profiting from market volatilities.

The threat is often real in that they can lead to capital outflows. It is now known that expectation of depreciation can often be self-fulfilling as expectation alone can create a downward spiral due to herd⁷ behavior.

The Chinese economy has experienced such pressure in recent months amid bearish⁸ comments on the Chinese economy and currency. It is close to a stress test. Luckily but not coincidentally, China passed the test.

Numerous events or statistics have been used as excuses of shorting China, such as the market volatilities on the Chinese mainland stock market, individual cases of debt restructuring, the reduction of redundant⁹ industrial capacity and the reform of state-owned enterprises.

But these incidents should not have been excuses for investors to ignore the fundamentals of the Chinese economy. Statistics released recently attest¹⁰ to the robustness¹¹ of the Chinese economy.

Despite a slowdown from extremely high growth in the past, the Chinese economy remained resilient. Employment creation remains¹² strong, with 13.12 million new jobs created in 2015. The Chinese government expects at least 10 million new jobs to be created this year, reflecting a strong momentum¹³ of the Chinese economy as it is driven by internal demand.

The Chinese economy is undergoing quiet but substantial structural¹⁴ changes. Consumption contributed 66.4 percent of China's economic growth last year. The services sector¹⁵, for the first time, accounts for slightly more than 50 percent of China's gross domestic product (GDP), compared with about 40 percent for the manufacturing sector.

Meanwhile, the policy makers¹⁶ have opted¹⁷ not to adopt comprehensive easing in macroeconomic policies, but chosen to push forward structural reforms on the supply side by tapping strong domestic demand, pursuing innovation-driven growth and simplifying government procedures.

These changes mean China is now increasingly pursuing quality growth at a higher level instead of the fast but low quality growth in the past. Indicators¹⁸ that were closely watched may not be so telling nowadays.

With the people growing better off, the Chinese economy is changing fast and deep. It means that investors who are still trying to gauge¹⁹ China's economic performance with the old measures may not get the true picture. Betting against China based on the wrong information has led to losses.

There will definitely continue to be bearish comments on China, some by the so-called investment gurus or even by rating agencies. But it is for investors themselves to make a call based on up-to-date information, and it is advisable that they should not allow themselves to be easily swayed by noises in the market.

 

1 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

2 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

3 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

4 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

5 depreciation   

n.价值低落，贬值，蔑视，贬低

参考例句：

• She can't bear the depreciation of the enemy.她受不了敌人的蹂躏。
• They wrote off 500 for depreciation of machinery.他们注销了500镑作为机器折旧费。

6 rumor   

n.谣言，谣传，传说

参考例句：

• The rumor has been traced back to a bad man.那谣言经追查是个坏人造的。
• The rumor has taken air.谣言流传开了。

7 herd   

n.兽群，牧群；vt.使集中，把…赶在一起

参考例句：

• She drove the herd of cattle through the wilderness.她赶着牛群穿过荒野。
• He had no opinions of his own but simply follow the herd.他从无主见，只是人云亦云。

8 bearish   

adj.(行情)看跌的，卖空的

参考例句：

• It is foolish not to invest in stocks,so I will show her how to be bearish without them too,if she chooses.不投资股票是愚蠢的，因此如果她选择股票，我会向她展示怎样在没有长期潜力的情况下进行卖空。
• I think a bearish market must be a good time for bargain-hunters to invest.我觉得熊市对于想买低的人可是个投资的大好机会。

9 redundant   

adj.多余的，过剩的；(食物)丰富的；被解雇的

参考例句：

• There are too many redundant words in this book.这本书里多余的词太多。
• Nearly all the redundant worker have been absorbed into other departments.几乎所有冗员，都已调往其他部门任职。

10 attest   

vt.证明，证实；表明

参考例句：

• I can attest to the absolute truth of his statement. 我可以证实他的话是千真万确的。
• These ruins sufficiently attest the former grandeur of the place. 这些遗迹充分证明此处昔日的宏伟。

11 robustness   

坚固性，健壮性；鲁棒性

参考例句：

• There were other reasons for concern about the robustness of an economic recovery. 人们还有其他一些原因对经济恢复的健全程度表示关心。 来自英汉非文学 - 政府文件
• Robustness analysis attracts more and more attention in these years. 鲁棒性分析是近几年学术界较为关注的问题。 来自互联网

12 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

13 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。

14 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

15 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

16 makers   

n.制造者，制造商（maker的复数形式）

参考例句：

• The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
• The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》

17 opted   

v.选择，挑选( opt的过去式和过去分词 )

参考例句：

• She was co-opted onto the board. 她获增选为董事会成员。
• After graduating she opted for a career in music. 毕业后她选择了从事音乐工作。

18 indicators   

（仪器上显示温度、压力、耗油量等的）指针( indicator的名词复数 )； 指示物； （车辆上的）转弯指示灯； 指示信号

参考例句：

• The economic indicators are better than expected. 经济指标比预期的好。
• It is still difficult to develop indicators for many concepts used in social science. 为社会科学领域的许多概念确立一个指标仍然很难。

19 gauge   

v.精确计量；估计；n.标准度量；计量器

参考例句：

• Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
• It's difficult to gauge one's character.要判断一个人的品格是很困难的。