中国股票市盈率跌至创纪录低位（双语）

　　Shanghai equities are the cheapest they have ever been relative to forecast company earnings, highlighting the extent to which Chinese investors have lost their appetite for stocks.

　　沪市股票相对于预期企业盈利是有史以来最便宜的，表明中国投资者对股市已明显失去兴趣。

　　The Shanghai Composite index, which dropped 1.1 percent on Thursday, is now valued at 10.9 times forward earnings, the lowest level on record, according to data compiled by Bloomberg. On current earnings, the index is also at record lows with a price-to-earnings ratio of 12.6.

　　根据彭博(Bloomberg)编制的数据，目前，上证综指与预期盈利之比为10.9倍，为历来最低水平。按当前盈利计算，上海股市的市盈率为12.6倍，同样处于历史低点。周四上证综指下跌了1.1%。

　　The index has fallen 15.8 percent since the start of the year and is down 60 percent from its boom-time peak in October 2007.

　　上证综指今年迄今累计下跌15.8%，与2007年10月繁荣时期达到的峰值相较则下跌了60%。

　　Investor pessimism about the outlook for corporate profits in the coming months and years provides one potential explanation for the Chinese stock market‘s record low P/E ratio.

　　投资者对企业在未来数月乃至数年的盈利前景看法悲观，可能是中国股市的市盈率跌至历史低点的一个原因。

　　However, Andy Xie, a Shanghai-based independent economist, said that the biggest reason for the depressed stock market was China’s booming grey market for loans.

　　但上海独立经济学家谢国忠(Andy Xie)表示，中国股市低迷的最大原因是灰色贷款市场兴盛。

　　As China’s state-owned banks have reined in their lending this year, interest rates in the shadow banking system and underground lending markets have jumped above 20 percent, sometimes reaching triple-digits. Much of the demand for this credit comes from property developers starved of funds by the banks and shut out of public bond markets.

　　今年以来，由于中国国有银行减少了放贷，影子银行体系和地下放贷市场的利率猛升至20%以上，有时甚至达到三位数水平。从银行告贷无门、又被挡在公开债券市场门外的房地产开发商，成为地下信贷的主要需求来源。

　　The lure of double or even triple-digit interest rates has attracted investors to place their money in underground lending markets or wealth management products, rather than in the stock market, says Mr Xie.

　　谢国忠表示，两位数、甚至三位数利率的诱惑，吸引投资者把资金投向地下放贷市场或理财产品，而不是股市。

　　If his view is correct, a downturn in the property market could provide the catalyst for a Chinese stock market rally as those investors who have been funding loans at high interest rates and betting on property price rises channel their funds back into the stock market.

　　如果他的观点是正确的，那么，楼市下滑可能成为触发中国股市反弹的契机，因为那些以高利率借出资金和押注房价上涨的投资者将重新把资金投入股市。