英文原文

SHANGHAI STOCKS FALL ON LENDING CONCERNS

Chinese stocks yesterday recorded their biggest fall in more than a year as investors fretted that a slowdown in bank lending would stall the economic recovery both in China and around the world.

The 6.7 per cent slump was the worst since June 2008 and capped a dismal August for the Shanghai composite index, which recorded its second biggest monthly loss for 15 years. The index fell 21.8 per cent last month, compared with a 4.1 per cent drop by Hong Kong's Hang Seng index, a 3 per cent rise in the S&P 500 index and an 8.4 per cent gain in the FTSE 100 index over the same period.

Yesterday's decline in Shanghai also led US and European markets lower amid concerns that any faltering in the Chinese recovery could drag on economies elsewhere as they emerge from the worst economic crisis since the 1930s.

The fall appeared to have been triggered by a report on the website of financial magazine Caijing, which said that new lending in August had tumbled again from sharply lower July levels. The report sparked fears that the strong bank lending that powered this year's rally in the Chinese market and in the economy would be choked off by the government. It also raised concerns that the pipeline of companies looking to list on the mainland could be affected. China is one of the only areas with a robust market in stock market debuts.

Shanghai's weakness made it the worst performer in August among 89 indexes tracked by Bloomberg globally – a stunning reversal from the mainland market's glory days of earlier this year, when it was often the world's best performing market.

With additional reporting by Xi Chen in Hong Kong and Shirley Chen in Shanghai

中文翻译

中国股市昨日创下一年多来的最大跌幅，因投资者担心，银行放贷的放缓将遏制中国乃至世界各地的经济复苏。

上证综指昨日暴跌6.7%，结束惨淡的8月，不仅创下了2008年6月以来的最大单日跌幅，还使得该月的月度跌幅成为15年来第二大的。上证综指在8月份下跌了21.8%，与之相比，香港恒生指数在同期下跌了4.1%，标准普尔500指数上涨了3%，富时100指数则上涨了8.4%。

昨日上海股市的下跌，还致使美国和欧洲股市走低，投资者担心，在世界正走出上世纪30年代以来最严重的经济危机之时，中国经济复苏出现的任何反复，都会拖累其它经济体。

昨日的下跌似乎是由《财经》杂志(Caijing)网站一篇报道引发的。该报道称，继7月份新增贷款出现暴降之后，8月份的新增贷款又较7月份的水平再度大幅下降。该报道导致投资者担心，推动今年中国股市反弹和经济回升的强劲银行放贷，可能会受到政府的遏制。投资者还担心，许多期待在中国内地上市的企业可能会受到影响。中国是全球少数首次公开发行(IPO)市场活跃的地区之一。

上证综指的疲软使得它在8月份成为彭博社(Bloomberg)在全球追踪的89个股指中表现最差的一个。这与今年早些时候中国股市的辉煌形成了鲜明的反差。当时，中国股市往往是全球表现最好的股市。