Shanghai equities are the cheapest they have ever been relative to forecast company earnings, highlighting the extent to which Chinese investors have lost their appetite for stocks.

　　滬市股票相對(duì)于預(yù)期企業(yè)盈利是有史以來(lái)最便宜的，表明中國(guó)投資者對(duì)股市已明顯失去興趣。

　　The Shanghai Composite index, which dropped 1.1 percent on Thursday, is now valued at 10.9 times forward earnings, the lowest level on record, according to data compiled by Bloomberg. On current earnings, the index is also at record lows with a price-to-earnings ratio of 12.6.

　　根據(jù)彭博(Bloomberg)編制的數(shù)據(jù)，目前，上證綜指與預(yù)期盈利之比為10.9倍，為歷來(lái)最低水平。按當(dāng)前盈利計(jì)算，上海股市的市盈率為12.6倍，同樣處于歷史低點(diǎn)。周四上證綜指下跌了1.1%。

　　The index has fallen 15.8 percent since the start of the year and is down 60 percent from its boom-time peak in October 2007.

　　上證綜指今年迄今累計(jì)下跌15.8%，與2007年10月繁榮時(shí)期達(dá)到的峰值相較則下跌了60%。

　　Investor pessimism about the outlook for corporate profits in the coming months and years provides one potential explanation for the Chinese stock market‘s record low P/E ratio.

　　投資者對(duì)企業(yè)在未來(lái)數(shù)月乃至數(shù)年的盈利前景看法悲觀，可能是中國(guó)股市的市盈率跌至歷史低點(diǎn)的一個(gè)原因。

　　However, Andy Xie, a Shanghai-based independent economist, said that the biggest reason for the depressed stock market was China’s booming grey market for loans.

　　但上海獨(dú)立經(jīng)濟(jì)學(xué)家謝國(guó)忠(Andy Xie)表示，中國(guó)股市低迷的最大原因是灰色貸款市場(chǎng)興盛。

　　As China’s state-owned banks have reined in their lending this year, interest rates in the shadow banking system and underground lending markets have jumped above 20 percent, sometimes reaching triple-digits. Much of the demand for this credit comes from property developers starved of funds by the banks and shut out of public bond markets.

　　今年以來(lái)，由于中國(guó)國(guó)有銀行減少了放貸，影子銀行體系和地下放貸市場(chǎng)的利率猛升至20%以上，有時(shí)甚至達(dá)到三位數(shù)水平。從銀行告貸無(wú)門、又被擋在公開債券市場(chǎng)門外的房地產(chǎn)開發(fā)商，成為地下信貸的主要需求來(lái)源。

　　The lure of double or even triple-digit interest rates has attracted investors to place their money in underground lending markets or wealth management products, rather than in the stock market, says Mr Xie.

　　謝國(guó)忠表示，兩位數(shù)、甚至三位數(shù)利率的誘惑，吸引投資者把資金投向地下放貸市場(chǎng)或理財(cái)產(chǎn)品，而不是股市。

　　If his view is correct, a downturn in the property market could provide the catalyst for a Chinese stock market rally as those investors who have been funding loans at high interest rates and betting on property price rises channel their funds back into the stock market.

　　如果他的觀點(diǎn)是正確的，那么，樓市下滑可能成為觸發(fā)中國(guó)股市反彈的契機(jī)，因?yàn)槟切┮愿呃式璩鲑Y金和押注房?jī)r(jià)上漲的投資者將重新把資金投入股市。