By Jack Perkowski由杰克潘考夫斯基

On matters economic, I generally give the Chinese government high marks. 对经济事项的，我一般给中国政府高度马克。 Starting in 1978 with an economy that could barely feed its people, the government has guided China through 30 incredible years of economic reform and development. 开始于1978年与经济几乎无法养活其人民，政府已为指导，中国经过30多年的令人难以置信的经济改革和发展。

I have been here for half that period, and have personally witnessed how China has built out its infrastructure, deregulated one industry after another, privatized many of its state-owned companies and embraced globalization by joining the World Trade Organization.我一直在这里的一半，这期间，并亲眼目睹了中国如何建立其基础设施，放松管制的一个行业，纷纷私有化，它的许多国有控股公司和拥抱全球化，加入世界贸易组织。 As a result of these reforms and more, China is now the third-largest economy in the world, and everyone is waiting to see what the next 30 years will bring.由于这些改革和更多的，中国现在是第三大经济体在世界上，每个人都在等待，看看有什么未来30年会带来的。

Despite the impressive growth of China’s economy, though, the country’s capital markets remain stuck in an earlier time and have not played the role they should have in supporting economic development.尽管令人印象深刻的增长，中国经济的，虽然，该国的资本市场仍然停留在较早的时间，并没有发挥作用，他们应该有在支持经济发展。 That’sa shame because it represents an enormous lost opportunity for China. that'sa的耻辱，因为它代表着一个巨大的机会，失去了中国。 Well-developed capital markets ensure that capital is used most efficiently and that companies and people with the right ideas get proper funding, and companies and people with bad business propositions do not.发展良好的资本市场，确保资金使用的最有效和公司和人与权利的想法得到适当的资金，公司和人民与恶劣的商业主张，不。 There is plenty of capital in China.有足够的资本在中国。 The country has created enormous wealth over these past 30 years, and the Chinese are savers.该国已创造了巨大的财富，这些过去30年，和中国是储蓄。 Problem is, there is no way to efficiently distribute those savings and provide investors with a range of investment opportunities from which to choose, and companies with the financing needed to grow their businesses.问题是，是没有出路的有效分发这些储蓄和投资者提供一系列的投资机会，从其中选择权和公司的融资需要成长，他们的业务。

Unlike developed markets such as the United States, it is very difficult to finance a business in China.不同于发达市场如美国，它是非常困难的资金，在中国的业务。 Ask any entrepreneur.问任何企业家。 Other than bank loans based on working capital or secured by real estate, there is no debt market for small and midsized companies.以外的其他银行贷款的基础上周转资金或担保，房地产，是没有债务市场，为小型和中型公司。 The large state-owned companies seem to get all the financing they need or can possibly use, but smaller private companies and foreign invested enterprises must rely primarily on their own sources of equity capital to finance growth.国有大型公司似乎让所有的融资需要，或可能使用，但规模较小的私营公司和外商投资企业必须主要依靠自己的来源，股本融资的增长。 The Shanghai and Shenzhen markets are merely extensions of policy lending with government regulators, not underwriters, deciding which companies can list their shares.上海证券交易所和深圳市场，只不过是延长贷款的政策，与政府监管机构，而不是承销商，决定哪些公司可以列出他们的股份。

Rather than focus on ensuring a fair and transparent stock market, China’s stock market regulators seem to believe that their job is to ensure that share prices always go up.而不是把重点放在确保公正和透明的证券市场，中国证券市场的监管机构似乎认为，他们的工作是要确保股票价格一直上涨。 The Chinese government is understandably concerned about the 40 percent drop in share prices this year and the pictures of forlorn investors that accompany each story about the stock market, but that’s just the way the markets work.中国政府，这是可以理解关心的40 ％下降，股票价格和今年的照片， forlorn投资者认为，伴随着每一个故事，关于股市，但只是方式，市场运作的规律。 Share prices are a reflection of the sum total of investor sentiment on a wide range of issues: the health of the economy; inflation; prospects for corporate earnings; political factors and others.股票价格是反映的总和，投资意欲，就广泛的问题：健康的经济;通货膨胀;的前景，公司盈利;政治因素等。 In some cases, a country’s stock markets may even be impacted by global events that are only indirectly related to its economy.在某些情况下，一个国家的股票市场，甚至可能影响全球的事件，只是间接相关的经济。 If investor sentiment is positive, share prices will rise.如果投资者情绪是积极的，股票价格会上升。 If the opposite is the case, they will fall.如果相反的情况是，他们将会下跌。 There is nothing that regulators could or should do.有没有什么监管机构可以或应该做的事。

Chinese investors today are worried about a number of factors.今天的中国投资者所担心的几个因素。 Inflation is at its highest level in over 10 years.通货膨胀是在其最高水平，超过10年。 The government is trying to reign in the economy, calling into question prospects for corporate earnings.政府正试图统治，在经济，要求到问题的前景，企业获利。 The economy of the United States, China’s largest customer, is slowing, and the yuan is appreciating against the dollar, both factors raising concerns about exports.经济的美国，中国最大的客户，正在放慢，以及人民币升值，对美元的汇率，这两个因素的关注，提高出口。 Apart from economic fundamentals, the A share market soared last year to nose-bleed levels of valuation and no market anywhere only goes up.除了来自经济基本面， A股市场大幅上升，去年鼻出血水平的估价和没有市场，任何地方，只有去了。 China’s A share market was overdue for a correction, and even at current levels is overpriced compared to global markets.中国的A股市场是逾期更正，甚至在目前的水平是过高相比，全球市场。

In this environment, stock market intervention by government regulators is counterproductive.在这种环境下，股票对市场的干预，政府的监管是适得其反。 Slowing IPOs and limiting big share sales, as the government is currently doing, works against the integrity of the stock market as a true market and only serves to weaken investor confidence.放慢首次公开募股，并限制大份额的销售，由于政府目前正在做的，对工程的完整性，股票市场作为一个真正的市场，只会削弱了投资者的信心。 Moreover, intervention by the regulators raises false expectations that the government will somehow be able to reverse the market slide.此外，干预所监管提出了虚假的期望表示，政府会在某种程度上能够扭转市场的幻灯片。 Analysts last week分析师上周 called on Beijing所谓对北京 to reduce the stamp tax, launch stock-index futures and allow margin trading.降低印花税，推出股票指数期货及容许保证金交易。

Cutting taxes on stock market transactions is positive because it reduces the friction costs of investing.减税对股票市场的交易是积极的，因为它降低了摩擦成本投资。 However, reducing friction costs will only increase the volume of share trading, not necessarily cause share prices to rise.然而，减少摩擦成本只会增加量的股票买卖，不一定导致股票价格上升。 Likewise, allowing investors to buy stocks on margin and creating a futures market may be healthy developments for the market, but they will only serve to increase market volatility.同样地，让投资者购买股票，保证金，并创造了期货市场可能会健康发展，为市场，但他们只会增加市场的波动。 When investors are positive, shares may go up faster, but when they are negative, share prices may decline even faster than they are now.当投资者是积极的，股票可升速度越来越快，但是当他们的负面，股票价格可能会下降，甚至速度比他们现在。

As stock market regulators in the United States and other countries with well-developed capital markets have found, sometimes markets just want to go down.作为证券市场监管机构在美国和其他国家发展良好的资本市场已经找到，有时市场，只想走。 In all but the most extreme cases, it’s best to let them do just that.在所有，但最极端的情况下，最好让他们做到这一点。

Jack Perkowski,杰克潘考夫斯基， Managing the Dragon管理龙
Chairman and Chief Executive Officer of主席及首席执行干事 ASIMCO Technologies亚新科技术