Chinese equities tumbled again as concerns over the health of the country’s economy continued to unnerve international investors and officials.

中国股市再次下跌，同时对中国经济的忧虑继续让国际投资者和官员感到不安。

The falls came with many economists and investors expecting the Federal Reserve to shelve plans to tighten monetary policy at its pivotal interest rate-setting meeting on Thursday, largely because of mounting concerns over China and the turbulence it has caused.

此次下跌之际，许多经济学家和投资者预计美联储(Fed)周四将在至关重要的利率制定会议上搁置收紧货币政策的计划，主要原因是人们对中国及其引起的动荡的忧虑正在加深。

The benchmark Shanghai Composite shed 2.7 per cent and the small-cap focused Shenzhen Composite fell 6.7 per cent. For both indices, it was the worst session since August 25.

基准的上证综指昨日下跌2.7%，小盘股集中的深圳综指下跌6.7%。两项指数都遭遇8月25日以来最差的一个交易日。

Meanwhile, a long-awaited plan to overhaul China’s bloated state-owned enterprises was met with disappointment by investors. Shares in many of the SOEs that were expected to benefit had risen over the past year, and when the plan turned out to be less far-reaching than many people hoped, investors seized the moment to lock in profits.

同时，人们期待已久的整顿中国臃肿的国有企业的计划让投资者感到失望。预计将获益于改革的许多国企的股价在过去1年已经上升，当最终公布的改革方案不如许多人期待的那么影响深远时，投资者抓住时机锁定利润。

Yesterday’s share price falls also came amid growing disquiet among foreign investors that China’s slowdown is worse than previously thought, and worries that measures taken by the Beijing authorities to stabilise the stock market and revive the broader economy are failing.

此外，昨日中国股价下跌之际，外国投资者日益忧虑中国的放缓可能比之前设想的更严重，同时各方担忧中国官方采取的稳定股市和重振整体经济的措施正面临失败。

“It is still unclear whether the policy response in China will be sufficient... dispel concerns about [a] spillover on the global economy,” Deutsche Bank analysts wrote in a report.

“还不清楚中国的政策回应是否足以……消除对全球经济将遭遇溢出效应的忧虑，”德意志银行(Deutsche Bank)分析师在一份报告中写道。

There was more bad news over the weekend, as data released on Sunday showed fixed-asset investment for the year till the end of August posting the slowest rate of growth for 15 years. Factory output growth also remained near its weakest level in a decade.

上周末传来了更多坏消息，周日公布的数据表明，今年前8个月的固定资产投资增长率是15年来最慢的。工业产出增长也依然处于10年来的最低水平。

Simmering concerns over China also weighed on western financial markets yesterday, with the FTSE Eurofirst 300 slipping for a third consecutive day and the US S&P 500 also losing ground.

对中国的忧虑情绪不断发酵，昨日也拖累了西方金融市场，在欧洲，富时Eurofirst 300(FTSE Eurofirst 300)连续第三日下跌，美国的标准普尔500指数(S&P 500)也出现下滑。

Some economists and investors have argued that the Fed, faced with signs of weakness in the global economy, should keep rates on hold. Interest rate futures indicate that there is only a 30 per cent chance the US central bank will lift rates on Thursday, and some traders are betting that it will keep its benchmark rate near zero until 2016.

一些经济学家和投资者主张，面对全球经济呈现的疲弱迹象，美联储应该暂缓利率调整。利率期货表明，期货市场估计美国央行周四加息的几率仅为30%，而一些交易员打赌美联储将保持接近于零的基准利率至2016年。

Shares in bigger Chinese listed companies staged a late rally in the final 40 minutes of the trading day. That matched a pattern in recent weeks, when the “national team” of state financial institutions has stepped in during the final hour of trade to curb losses.

较大的中国上市公司的股价昨日尾盘40分钟出现上扬。这符合最近数周的模式——由国家金融机构组成的“国家队”在交易日的最后一小时进场以遏止损失。