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.

　　滬市股票相對于預期企業(yè)盈利是有史以來最便宜的，表明中國投資者對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.

　　根據彭博(Bloomberg)編制的數據，目前，上證綜指與預期盈利之比為10.9倍，為歷來最低水平。按當前盈利計算，上海股市的市盈率為12.6倍，同樣處于歷史低點。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下跌15.8%，與2007年10月繁榮時期達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.

　　投資者對企業(yè)在未來數月乃至數年的盈利前景看法悲觀，可能是中國股市的市盈率跌至歷史低點的一個原因。

　　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.

　　但上海獨立經濟學家謝國忠(Andy Xie)表示，中國股市低迷的最大原因是灰色貸款市場興盛。

　　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，由于中國國有銀行減少了放貸，影子銀行體系和地下放貸市場的利率猛升至20%以上，有時甚至達到三位數水平。從銀行告貸無門、又被擋在公開債券市場門外的房地產開發(fā)商，成為地下信貸的主要需求來源。

　　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.

　　謝國忠表示，兩位數、甚至三位數利率的誘惑，吸引投資者把資金投向地下放貸市場或理財產品，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.

　　如果他的觀點是正確的，那么，樓市下滑可能成為觸發(fā)中國股市反彈的契機，因為那些以高利率借出資金和押注房價上漲的投資者將重新把資金投入股市。