【英语财经】中国证监会警告媒体勿扰乱市场 China markets regulator warns media on ‘market disturbance ...

China’s stock market regulator began its most recent press briefing with a telling instruction for the mostly local journalists in attendance. “We have a requirement concerning speculative reports,” said the China Securities Regulatory Commission. “They must first be confirmed by the CSRC in order to prevent the spread of false information and market disturbance.”

The warning was a reminder that as a “national team” comprised of largely state-owned entities struggles to shore up China’s slumping stock market, the government is orchestrating an equally important cheerleading campaign involving a broad array of state media outlets.

Illustrating just how delicate investor sentiment remains despite the government’s all-out propaganda war, the Shanghai Composite Index experienced the second-largest points fall in its 25-year history on the first trading day after CSRC’s remarks. The 8.5 per cent fall on July 27 left the SCI just 200 points above 3,500 — the level at which the government’s rescue effort began in earnest on July 8.

A move below the intervention point would be extremely embarrassing for the national team led by China Securities Finance, the CSRC vehicle fronting a rescue effort estimated to be worth at least Rmb2.2tn ($350bn). One of the team’s key players, the Securities Association of China representing more than 100 state-controlled brokers, has pledged not to sell shares until the SCI has recovered to at least 4,500 points.

“Market confidence is extremely fragile,” says Chen Long, China economist at Gavekal Dragonomics in Beijing. “The government will continue buying but in the long run they cannot really change the trajectory.”

Reflecting government concern that the SCI is more likely to fall through the 3,500-point floor than soar past the securities association’s 4,500 target, this week the CSRC has adopted language reminiscent of Maoist campaigns against “capitalist roaders” and other “bad elements”.

In terse late-night statements, posted in question-and-answer format, the CSRC has pledged to pursue all “relevant clues” as it pursues stock “dumping” in contravention of its July 8 decree banning listed companies’ large shareholders and directors from selling their shares.

Investors have also been urged to report any such “malicious” activity to official hotlines, in a throwback to the Cultural Revolution and other political campaigns in which the Chinese Communist party encouraged people to monitor and inform on their neighbours. “Where [malicious dumping] is discovered, the punishment will be severe,” the CSRC said after the 8.5 per cent fall on July 27.

中国证监会在开始举行最新一次新闻发布会时，向多数为国内记者参加的媒体发出明确指示。“我们对推测性报道是有规定的，”证监会表示，为了防止不实信息的扩散和市场动荡，它们首先必须要与证监会核实。

这番警告提醒人们，在基本上由国有实体组成的“国家队”正努力提振中国不断下跌的股市之际，中国政府正组织同样重要的包括大量国有媒体机构的“拉拉队”。

尽管中国政府全力启动宣传大战，但上证综指的表现证明脆弱的投资者情绪仍然存在。在证监会发表言论后的第一个交易日，该指数创下25年来第二低位。7月27日8.5%的跌幅令该指数仅较3500点高出200点，3500点是政府7月8日推出救市计划时该指数所处水平。

低于这个水平将令由中国证券金融公司(China Securities Finance)为首的“国家队”极为尴尬，该公司是中国证监会据估计至少2.2万亿元人民币(合3500亿美元)救市计划的排头兵。“国家队”主要选手之一是中国证券业协会(Securities Association of China)，代表逾100家国有券商，该协会承诺不会在沪指反弹至至少4500点之前出售股票。

“市场信心极其脆弱，”研究咨询公司龙洲经讯(Gavekal Dragonomics)中国经济学家陈龙表示，“政府将继续买入，但长期而言，他们不可能真正改变形势。”

中国证监会本周使用的措辞让人想起毛泽东时代打击“走资派”和其他“恶势力”的运动，这反映出政府担心，上证综指更有可能跌落3500点关口，而不是升至中国证券业协会的4500点目标。

在深夜一份以问答形式发布的简短声明中，证监会承诺将对违反7月8日规定集中抛售股票等有关线索进场核查，这项规定禁止上市公司大股东和董事出售股票。

投资者也被敦促通过官方热线举报这类“恶意”做空活动，这让人想起文化大革命以及其他政治运动，当时中国共产党鼓励人们监视并举报自己的邻居。证监会在7月27日上证综指大跌8.48%后表示：“一经查实，将严厉惩处。”

译者/何黎