双语新闻：基金经理沪港通仍面临障碍

2014-09-09 11:59:59来源：可可英语

　　China’s trading rules pose a threat to the earlysuccess of the first direct access many foreigners willhave to the country’s mainland stock markets, fundmanagers have warned.

　　基金经理们警告，中国的交易规则不利于境外投资者直接投资境内股市的渠道取得早期成功;这将是许多外国人首次拥有直接投资中国股市的渠道。

　　The Hong Kong-Shanghai Stock Connect is due togo live next month, allowing investors in each marketto trade shares directly in the other. But fundmanagers say that a series of still unresolved issuescould cause traditional long-only investors – exactly the kind of investor China wants toattract – to hold back from using the new system.

　　沪港通(Hong Kong-Shanghai Stock Connect)定于下月开通，使香港和上海股市的投资者能够直接交易对方股市的股票。但基金经理们表示，一系列尚未解决的问题可能导致只做长仓的传统投资者(正是中国希望吸引的那一类投资者)不敢使用新的系统。

　　Issues include legal ownership of Chinese A-shares, the requirements for delivering stock forsale and how China’s taxation regime will apply.

　　问题包括中国A股的法定所有权，交割卖出股票的要求，以及中国的税收制度将如何适用。

　　The opening of the link between the two exchanges has been hailed as an important, albeitsmall, step in the opening of China’s capital account. This is because it allows investors for thefirst time to buy Chinese securities under a general quota and without having to be approvedindividually by the authorities, as under the current qualified foreign institutional investor(QFII) scheme.

　　在两个交易所之间实现互联互通，被誉为向着开放中国资本账户迈出的重要的一小步。这是因为该制度首次允许境外投资者在一个总额度下买入中国证券，而无需得到主管部门的个别批准，就像现行的合格境外机构投资者(QFII)制度那样。

　　The assumption is that should the Stock Connect be a success, the initial quotas could bewidened and more exchanges added. China also wants to encourage longer term investors tobalance out its retail-heavy investor base. About 80 per cent of trading is done by small,individual investors who tend to follow market moods rather than investing based onfundamentals, which can exacerbate rallies and slumps.

　　人们的假设是，如果沪港通取得成功，最初的额度可能被拓宽，更多的交易所可能加入。中国还希望鼓励长线投资者，以平衡国内以散户为主的投资者基础。在中国境内股市，大约80%的交易是由小打小闹的个人投资者进行的，他们倾向于追随市场情绪，而不是根据基本面因素进行投资，这种格局可能加剧股市大起大落。

　　But long-only fund managers are warning they will have to hold off unless a string of issues areresolved. Testing of the technology has so far been successful but draft final rules are yet tobe issued by either exchange.

　　但是，只做长仓的基金经理们警告，除非一系列问题得到解决，否则他们不会利用这一机制。技术测试迄今是成功的，但两地交易所都尚未公布最终规则的草案。

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