Chinese stocks are pushing record lows. The Hang Seng China Enterprises index could be bought for 1.33 times book value on Friday. The last time the finest red-chips were trading that cheaply, almost exactly three years ago, policymakers swung into action with interest rate cuts, a bank-loan binge and Rmb4,000bn of fiscal stimulus. This time, the prospect of a similar package looks remote indeed.
中國股市正逼近歷史低點。上週五，恒生中國企業指數(Hang Seng China Enterprises Index)的市淨率爲1.33倍。上一次這些最優質的紅籌股價格如此便宜，是差不多正好三年前，當時政策制定者迅速採取了一系列措施，包括降息、開啓銀行貸款閘門和推出4兆元人民幣的財政刺激計劃。而這一次，出臺類似方案的可能性十分渺茫。
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