經濟股市皆發燒 (轉載)

文章轉貼自： **日報 dated 2１/05/2007
文：Teric
專欄：中英聯合州社評

長實集團主席李嘉誠昨表示，內地股市存在泡沫，他感到擔心；內地股市發高燒已叫中央頭痛，近期經濟數據及走勢，亦顯示內地經濟有由偏快走向過熱的危機．要治理股市，經濟高燒，中央卻苦無良藥，才是最大的憂慮．

Li Ka-shing, chairman of Cheung Kong (Holdings) and Hutchison Whampoa (長實集團), yesterday said that he was worried about the mainland stock market bubble. The feverish mainland stock market has already given the central government headache. The latest economic data and trends have also shown that the mainland economy has the risk of going from over-paced (偏快) to over-heated (過熱). The greatest worry, however, is that knowing full well that the stock  market needs to be harnessed (治理) and the overheated economy cooled down, the central government simply has no effective remedy to prescrible (苦無良藥）．

過去半年股市漲，且漲勢愈來愈急，樓市首季的升幅亦壓不住，資產泡沫造成人民帳面財富暴增，推動個人消費，企業投資增加，勢將加速今，明兩季的經濟增長．

The stock market has skyrocketed in a faster and faster pace in the past six months, and the first quarter rise of the property market was unstoppable. The asset bubble has pumped up the paper wealth (帳面財富) of the people and propelled the rise in individual consumption and corporate investment, which in turn will speed up the economic growth for this and the coming quarter.

過去一年推出的宏調，控制流動資金過剩的措施，如７次調高存款準備金率，３次加息，抑制個別過熱行業新建項目，遏抑樓市措施等，仿如泥牛入海，今年初起經濟反彈復熾．

The macroeconomic adjustments and other measures to contain overflowing liquidity in the past year, such as the seven hikes in bank reserve requirement ratio (存款準備金率), the three interest rate rises and the curbing of new projects in over-heated industries and measures to rein in the property market, have all proved to be futile. Since the beginning of the year, the economy has rebounded with a vengeance.

守調措施未見成效，就算是本月底人行可能加息，亦已為市場所消化，若今次亦如過去只加息０．２７厘，只怕市場當好消息，因未來２，３個月將暫不再加息，投機，投資均可能再加速．

Macroeconomic adjustments have failed to work; the news that the People's Bank of China may raise interest rates again at the end of the month is already discounted (預計到，喻消化) by the market. If the rise turns out to be just 0.27% as in the past, it will likely be regarded by the market as good news as it means there will be no more interest rate hikes in the coming two to three months. Speculation and investment may accelerate again.

fultile : 形容詞｛亳無用處｝，如：
It's quite futile trying to reason with him - he just won't listen. 跟他講道理簡直費時失事－他根本不聽人說．

with a vengeance ：慣用語｛肆意忘形｝
如：He 's been working with a vengeance over the past few weeks to make up for lost time. 他在過去２星期忘形地工作，以追回錯失了的時間．