新闻来源：www.bloomberg.com
原文地址：China Stock Selloff Pushes Benchmark to Lowest Since Early 2019
新闻日期：2024-09-12
中国股市跌至2019年初以来最低水平，反映出投资者对中国经济增长和盈利恢复的信心减弱。
周四，沪深300指数收盘下跌0.4%，自5月高点以来累计下跌约14%。内地股指预计也将连续第四年下跌。
DBS银行香港有限公司的高级经济学家表示：“长期通缩压力、消费疲软以及房地产市场的持续低迷现在已显得十分明显。”“这种对风险固有的认识促使市场情绪大幅转为悲观。”
为解决今年市场的疲弱，中国政府采取了多项措施，包括国家基金购买交易所股票和加强短仓及量化交易活动监管。虽然这些措施曾引发从2月到5月的反弹，但此后股市再度下跌，表明投资者希望从根本上解决房地产问题，并改善商业环境。
对中共政府而言，长期市场低迷可能进一步削弱信心，使经济复苏变得更加困难。截至8月份的数据表明，中国经济仍未恢复动力。生产活动连续第四个月下降，核心通胀率降至三年多来的最低水平。
在美总统大选临近之际，中美关系也变得愈发紧张。周四的电视辩论中，副总统哈里斯批评了对手和前总统特朗普未能保护美国利益免受中国的影响，而特朗普则表示如果他在11月的大选中胜出，将会上调对中国关税。
原文摘要：
Chinese stocks fell to the lowest since January 2019, a grim reflection of how investors have lost faith over a recovery in the country’s earnings and economy. The CSI 300 closed down 0.4% on Thursday, taking its slide since a May high to around 14%. The benchmark of onshore shares is also headed for an unprecedented fourth straight year of losses. Confidence in China’s near-term recovery has dwindled as a years-long property hurts consumption and threatens the country’s growth target of around 5%. In another blow to sentiment, geopolitical tensions are rising ahead of the November US presidential elections. Both candidates firmed up their anti-China rhetoric during the that aired Wednesday in Asia.“The depth and entrenchment of challenges such as disinflationary pressures, anemic consumption, and an extended property slump have now become apparent,” said , senior economist at DBS Bank (Hong Kong) Ltd. “This growing realization of entrenched risks has shifted market sentiment sharply bearish.”Read more: China has taken steps to address the market’s weakness this year, including state funds’ purchases of exchange-traded and stronger oversight of short-selling and quant trading activities. While the measures have spurred a rally from February through mid-May, the slide since then suggests traders want a fundamental fix to the property woes and a more business-friendly environment. The risk for Xi Jinping’s government is that the extended market slump may further erode confidence and dim the prospect of an economic recovery in a negative feedback loop. Data for August so far shows the economy to regain momentum. Factory activity contracted for a fourth straight month, while core inflation to the weakest in more than three years. In a worrying sign of what may come as the US election nears, both presidential candidates deployed rhetorical attacks against China during this week’s debate. Vice President Kamala Harris slammed her rival and former President Donald Trump for not protecting American interests against China. Trump indicated again that he’d further hike tariffs on China if elected in November.Read more: “On top of China-US relations as both presidential candidates are anti-China, macro factors are also affecting the investment sentiment,” said , head of investment strategy at KGI Asia Ltd. “Technically, if the CSI 300 breaks this year’s support level, there may be another round of selling pressure. The index may further test the low in 2019 or an even lower level.”
