Business Channel 2007-02-28&0301

Never in the brief history of China's stock market has there been a boom like this, and small-time investors¹ are grabbing the bull run by the horns. Among them, Zhu Shuliang, he's been following his small portfolio² everyday for the past 12 years at this Beijing brokerage. "Every month," he says, "more and more are joining in on the hard-wooden benches, watching the electronic numbers tick by ." "Most come here for one reason," he told me, "they win some and then they lose some, and then they have to win it back."

Casinos are illegal on China's mainland, and analysts³ warn the stock market has become the next best thing.

They love playing the stock market, ah, but the trouble with the stock market is that it is not, not, it bears no relation to the economy, it bears no relation to the health of the companies. It's like a parallel universe.

In recent weeks, there have been repeated government warnings that most shares are overvalued and a bubble could be in the making. Despite that, though, it seems many Chinese investors just don't care. They want a piece of the action of China's booming economy and this is the place they come to get it.

And to do that, there is anecdotal evidence that growing number are willing to put their homes out for cash. At the Bao Rui Tong pawnshop, luxury cars fill the lot outside, but most of the business, says the manager, is from customers pawning⁴ real estate.

With the stock market so strong, we've been advising our customers not to spend their money irrationally⁶ on stocks.

In a country where Communist leaders once declared "to get rich is glorious", a little irrational⁵ exuberance⁷ seems only to be expected. But many of China's new, small-time investors could still learn the hard way that often what goes up also comes down.

John Vause, CNN, Beijing.

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 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

3 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

4 pawning   

v.典当，抵押( pawn的现在分词 )；以（某事物）担保

参考例句：

• He is contemplating pawning his watch. 他正在考虑抵押他的手表。 来自辞典例句
• My clothes were excellent, and I had jewellery; but I never even thought of pawning them. 我的衣服是很讲究的，我有珠宝；但是我从没想到要把它们当掉。 来自辞典例句

5 irrational   

adj.无理性的，失去理性的

参考例句：

• After taking the drug she became completely irrational.她在吸毒后变得完全失去了理性。
• There are also signs of irrational exuberance among some investors.在某些投资者中是存在非理性繁荣的征象的。

6 irrationally   

ad.不理性地

参考例句：

• They reacted irrationally to the challenge of Russian power. 他们对俄军的挑衅做出了很不理智的反应。
• The market is irrationally, right? 市场的走势是不是有点失去了理性？

7 exuberance   

n.丰富；繁荣

参考例句：

• Her burst of exuberance and her brightness overwhelmed me.她勃发的热情和阳光的性格征服了我。
• The sheer exuberance of the sculpture was exhilarating.那尊雕塑表现出的勃勃生机让人振奋。