中國股市極有可能將迅速回歸"牛市常態"
Chinese stocks are back on the bull market, a surprising achievement after a volatile summer wiped out trillions of dollars in value from mainland equities, reported Wall Street Journal.
據華爾街日報報道，中國股市迴歸牛市，這是經過從大陸撤出萬億股值的浮動不定的夏天之後，股市取得的令人驚訝的成就。The benchmark Shanghai Composite Index has rallied 20.3 percent since Aug 26, the bottom of the summer selloff. Such surge signals a bull market where by definition stocks rise 20 percent from a recent low.
自8月26日以來，上海綜合指數漲停至20.3%，這是夏季的最低值。這個報賬形勢預示着牛市的到來，據股市定義，從最近的最低點上漲20%即爲牛市。The Shanghai gauge climbed 1.8 percent to close at 3,522.82 on Thursday, bringing its year-to-date gains to 8.9 percent.
上海數據攀升1.8%，在週四接近3522.82，使今年的漲幅達到8.9%。
The outstanding balance of margin debts at the Shanghai Stock Exchange rose to a two-month high of 648.76 billion yuan ($102.1 billion) as of Thursday, according to the bourse data, but are still down 54 percent from its 1.4 trillion yuan peak in June when the Shanghai index touched on 5178.19.
根據交易所的數據，截至星期四在上海股票交易所的保證金債務餘額升至兩個月高位6487.6億元（1021億美元）， 但是相比六月上海接近5178.19，1.4萬億交易額高峯數據還是下降54%。
Investors have gradually returned to the market since the rout, said the newspaper, as trading volumes have rebounded to the highest level since mid-August.
自從上次崩盤後，投資者逐漸恢復到市場，交易額總量又迴歸到8月中旬以來的最高峯。The Shenzhen Composite Index and ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, have surged 32 percent and 43 percent respectively from their recent lows on Sept 15.
深圳綜合指數和創業板指數，兩個追蹤中國的納斯達克式板成長性企業，從最近的9月15日低點分別上漲32%和43%。The rebound came as the government launched a spate of policies to prop up the economy and restore market faith. Among which, China cut benchmark interest rates for a sixth time in a year on Oct 23 and unveiled its five-year plan ending 2020.
股市回彈得益於中國政府一系列的刺激經濟和重拾市場信心的政策措施。今年10月23日，中國政府第六次降低基準利率，並且頒佈了到2020年的下一個五年規劃。The country will have to keep its economy growing at no less than 6.5 percent over the next five years to realize the goal of doubling 2010 gross domestic product and per capita income by 2020, President Xi Jinping said, according to Xinhua.
新華網報道，習近平主席說道，在未來五年國家經濟將保持6.5%以上，實現比2010年GDP翻一番的目標。Financial and technology stocks fueled the latest gains after central bank governor Zhou Xiaochuan was reported to have said that China would launch a trading link connecting bourses in Shenzhen and Hong Kong within the year. Brokerages including Huatai Securities and Everbright Securities rallied by the daily limit of 10 percent over the past two days.
央行行長周小川曾說，中國將在年內上市交易環節連接深圳和香港，金融和科技板塊股市將推動最新收益。包括華泰證券和光大證券的券商在過去兩天裏以10%漲停。The Chinese government has likely spent hundreds of billions of yuan buying shares to stabilize the market since it announced state intervention in early July, said the Journal citing consensus estimate, adding that authorities have held on to stocks since then, if not adding more to their portfolio.
今年7月政府出臺干預股市，出資上千億元購買股份來穩定股市。據日報援引的統一意見指出，如果不增加投資，中國當局已經不再幹預股市。Despite the gains, some investors remain skeptical as lessons were learnt from the rout, while for others, confidence that the government will not soon sell its holdings has encouraged more buying, reported the newspaper.
即使有這些收益，投資者因爲上次的大崩盤得到的教訓,還是對中國股市持懷疑態度。據報紙稱，政府將賣掉其所持股票來刺激投資給予了更多股民信心。
