By Jack Perkowski由傑克潘考夫斯基

On matters economic, I generally give the Chinese government high marks. 對經濟事項的，我一般給中國政府高度馬克。 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. 開始於1978年與經濟幾乎無法養活其人民，政府已為指導，中國經過30多年的令人難以置信的經濟改革和發展。

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.我一直在這裡的一半，這期間，並親眼目睹了中國如何建立其基礎設施，放鬆管制的一個行業，紛紛私有化，它的許多國有控股公司和擁抱全球化，加入世界貿易組織。 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.由於這些改革和更多的，中國現在是第三大經濟體在世界上，每個人都在等待，看看有什麼未來30年會帶來的。

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.儘管令人印象深刻的增長，中國經濟的，雖然，該國的資本市場仍然停留在較早的時間，並沒有發揮作用，他們應該有在支持經濟發展。 That’sa shame because it represents an enormous lost opportunity for China. that'sa的恥辱，因為它代表著一個巨大的機會，失去了中國。 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.發展良好的資本市場，確保資金使用的最有效和公司和人與權利的想法得到適當的資金，公司和人民與惡劣的商業主張，不。 There is plenty of capital in China.有足夠的資本在中國。 The country has created enormous wealth over these past 30 years, and the Chinese are savers.該國已創造了巨大的財富，這些過去30年，和中國是儲蓄。 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.問題是，是沒有出路的有效分發這些儲蓄和投資者提供一系列的投資機會，從其中選擇權和公司的融資需要成長，他們的業務。

Unlike developed markets such as the United States, it is very difficult to finance a business in China.不同於發達市場如美國，它是非常困難的資金，在中國的業務。 Ask any entrepreneur.問任何企業家。 Other than bank loans based on working capital or secured by real estate, there is no debt market for small and midsized companies.以外的其他銀行貸款的基礎上周轉資金或擔保，房地產，是沒有債務市場，為小型和中型公司。 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.該大型國有公司，似乎讓所有的融資需要或可能使用，但規模較小的私營公司和外商投資企業必須主要依靠自己的來源，股本融資的增長。 The Shanghai and Shenzhen markets are merely extensions of policy lending with government regulators, not underwriters, deciding which companies can list their shares.上海證券交易所和深圳市場，只不過是延長貸款的政策，與政府監管機構，而不是承銷商，決定哪些公司可以列出他們的股份。

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.而不是把重點放在確保公正和透明的證券市場，中國證券市場的監管機構似乎認為，他們的工作是要確保股票價格一直上漲。 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.中國政府，這是可以理解關心的40 ％下降，股票價格和今年的照片， forlorn投資者認為，伴隨著每一個故事，關於股市，但只是方式，市場運作的規律。 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.股票價格是反映的總和，投資意欲，就廣泛的問題：健康的經濟;通貨膨脹;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.在某些情況下，一個國家的股票市場，甚至可能影響全球的事件，只是間接相關的經濟。 If investor sentiment is positive, share prices will rise.如果投資者情緒是積極的，股票價格會上升。 If the opposite is the case, they will fall.如果相反的情況是，他們將會下跌。 There is nothing that regulators could or should do.有沒有什麼監管機構可以或應該做的事。

Chinese investors today are worried about a number of factors.今天的中國投資者所擔心的幾個因素。 Inflation is at its highest level in over 10 years.通貨膨脹是在其最高水平，超過10年。 The government is trying to reign in the economy, calling into question prospects for corporate earnings.政府正試圖統治，在經濟，要求到問題的前景，企業獲利。 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.經濟的美國，中國最大的客戶，正在放慢，以及人民幣升值，對美元的匯率，這兩個因素的關注，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.除了來自經濟基本面， A股市場大幅上升，去年鼻出血水平的估價和沒有市場，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.中國的A股市場是逾期更正，甚至在目前的水平是過高相比，全球市場。

In this environment, stock market intervention by government regulators is counterproductive.在這種環境下，股票對市場的干預，政府的監管是適得其反。 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.放慢首次公開募股，並限制大份額的銷售，由於政府目前正在做的，對工程的完整性，股票市場作為一個真正的市場，只會削弱了投資者的信心。 Moreover, intervention by the regulators raises false expectations that the government will somehow be able to reverse the market slide.此外，干預所監管提出了虛假的期望表示，政府會在某種程度上能夠扭轉市場的幻燈片。 Analysts last week分析師上週 called on Beijing所謂對北京 to reduce the stamp tax, launch stock-index futures and allow margin trading.降低印花稅，推出股票指數期貨及容許保證金交易。

Cutting taxes on stock market transactions is positive because it reduces the friction costs of investing.減稅對股票市場的交易是積極的，因為它降低了摩擦成本投資。 However, reducing friction costs will only increase the volume of share trading, not necessarily cause share prices to rise.然而，減少摩擦成本只會增加量的股票買賣，不一定導致股票價格上升。 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.同樣地，讓投資者購買股票，保證金，並創造了期貨市場可能會健康發展，為市場，但他們只會增加市場的波動。 When investors are positive, shares may go up faster, but when they are negative, share prices may decline even faster than they are now.當投資者是積極的，股票可升速度越來越快，但是當他們的負面，股票價格可能會下降，甚至速度比他們現在。

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.作為證券市場監管機構在美國和其他國家發展良好的資本市場已經找到，有時市場，只想走。 In all but the most extreme cases, it’s best to let them do just that.在所有，但最極端的情況下，最好讓他們做到這一點。

Jack Perkowski,傑克潘考夫斯基， Managing the Dragon管理龍
Chairman and Chief Executive Officer of主席及首席執行幹事 ASIMCO Technologies亞新科技術