VOA慢速英语2014 中国向香港开放上海证券市场

 

China Opens Shanghai Stock Market to Hong Kong 中国向香港开放上海证券市场

From VOA Learning English, this is the Economics Report.

Investors¹ in Hong Kong and Shanghai may now invest in a limited group of securities on either city's stock exchange.  C. K. Chow is the chairman of Hong Kong Exchanges and Clearing. He called the move “a breakthrough in the opening of China’s financial markets and an important milestone² in the development of Hong Kong.” He said the new way to invest made Hong Kong a gateway³ between mainland China and international investors.

The Shanghai-Hong Kong Stock Connect gives investors the ability to buy stocks listed in mainland China. It also permits Chinese investors to buy stocks listed in Hong Kong.

There are limits, however, to the value and the kinds of stocks that can be traded. Investors may trade only a total of $3.8 billion-dollars-worth of stocks each day.

Julian Evans-Pritchard is a China economic expert at Capital Economics based in Singapore. He told VOA’s Victor Beattie that the move to open the stock exchanges to each other was important.  But Mr. Evans-Pritchard noted⁴ that the total value of stock that can be traded is a relatively⁵ small quota⁶.

“The immediate⁷ impact of the scheme is not likely to be that big and that is partly because regulators are taking a very cautious approach to limiting the quota to about one percent of the market capitalization of each market.”

Mr. Evans-Pritchard says, if the quota is filled, officials may see a reason to increase it over time and open up the exchange further. The stock plan represents a limited reform measure. Mr. Evans-Pritchard says what is important is that China is opening up its capital account to foreign investment money, which can come in or go out.

China’s stock market offerings have had limited success in recent years. The biggest public stock offering by a Chinese company, Alibaba, took place on the New York Stock Exchange rather than within China.

It was not clear if Chinese officials would approve the plan. Mr. Evans-Pritchard notes that the protests in Hong Kong had raised questions about whether Chinese officials would permit the plan, or scheme, to go forward.  

“I know some people had talked about the scheme being cancelled as a result of the Hong Kong protest as a kind of punishment. But, I don’t think that was in their interest.”

Michael McCormack is a financial advisor⁸ and executive director at Z-Ben Advisors⁹ based in Shanghai. He says the move is a major change that could increase the number of shareholders¹⁰.

"I think it's likely that we're going to see a lot of the state-owned firms in China - companies where one branch of the government or another owns 40 to even 80 percent of the firm - try to sell off their shares into the market and broaden the shareholding¹¹ base. Both inside China and internationally… That would be the really significant change."  

Words in this Story

listed-  adj., among the securities officially traded on a financial exchange

quota-  n.,  an official limit on the amount or number of things that are permitted

scheme-n. a plan or to get or do something; an official plan or program;

shareholders-n. people or companies that hold ownership shares in a business or company

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 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。

3 gateway   

n.大门口，出入口，途径，方法

参考例句：

• Hard work is the gateway to success.努力工作是通往成功之路。
• A man collected tolls at the gateway.一个人在大门口收通行费。

4 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

5 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。

6 quota   

n.（生产、进出口等的）配额，（移民的）限额

参考例句：

• A restricted import quota was set for meat products.肉类产品设定了进口配额。
• He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。

7 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

8 advisor   

n.顾问，指导老师，劝告者

参考例句：

• They employed me as an advisor.他们聘请我当顾问。
• The professor is engaged as a technical advisor.这位教授被聘请为技术顾问。

9 advisors   

n.顾问，劝告者( advisor的名词复数 )；（指导大学新生学科问题等的）指导教授

参考例句：

• The governors felt that they were being strung along by their advisors. 地方长官感到他们一直在受顾问们的愚弄。 来自《现代汉英综合大词典》
• We will consult together with advisors about her education. 我们将一起和专家商议她的教育事宜。 来自互联网

10 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

11 shareholding   

n.股权

参考例句：

• Shareholding commercial banks must exercise an independent system of board of directors. 股份制商业银行必须实行独立董事制度。 来自互联网
• Asset re-structuring: to conduct shareholding reform for high quality assets. 资产重组：对优质资产进行股份制改造。 来自互联网