Investors can take some comfort in the 10 per cent fall in the Shanghai Composite Index (SCI) over the past week. Yes, the gloom appears to have sparked fear in markets elsewhere. But if, as seems likely, the slump has been prompted by the spectre of Chinese price controls – where companies are forced not to raise prices, or to run certain operations at a loss in the national interest – that is more encouraging. It suggests that the index, which has historically borne a close relationship to domestic liquidity, may be becoming a better reflection of the market’s best estimate of earnings growth prospects.
投資者可從上證綜指過去一週下跌10%中得到一些安慰。沒錯，上海股市的悲觀情緒似乎引發了其它股市投資者的恐慌。但是，如果此輪下跌是由中國將出臺價格控制措施（企業被迫從國家利益出發，不提價或虧本運營某些業務）的可怕前景所致（這看上去很有可能），那就比較令人鼓舞。它表明，傳統上與國內流動性密切相關的上證綜指，也許正變得能夠更好地反映市場對盈利成長前景的最佳估計。