波顿：三中全会改革有利中国股市（英汉对照）

　　Reforms will be China stocks catalyst, says Bolton

Veteran UK fund manager Anthony Bolton believes that China’s “momentous” package of economic reforms, revealed last week, will be the catalyst that draws foreign investors back to one of the world’s worst performing equity markets.        

　　资深的英国基金经理人安东尼•波顿(Anthony Bolton)相信，中国上周出台的“重大”改革方案将成为一剂催化剂，将外国投资者吸引回世界上表现最差的股市之一。

    China’s top leaders last week released a blueprint for change covering various aspects of economic, social, and financial policy. Some economists have described it as the most important political development in China for more than 20 years.         　　

　　中国最高领导人在上周发布了一份涵盖经济、社会和金融政策等各个方面的改革蓝图。部分经济学家称，这是20余年来中国最重要的政治动态。

    Mr Bolton, a perennial China bull, steps down from running Fidelity’s China Special Situations fund in April next year. He sees these sweeping changes as the key to reversing years of entrenched antipathy towards Chinese equities among global investors.    

　　持续看好中国的波顿明年4月份退出对“富达中国特殊情况投资信托基金”(Fidelity China Special Situations Trust)的管理。他认为这些全面改革将扭转全球投资者近年对中国股市根深蒂固的反感。

    “What I think is really impressive is the extent of what they’re doing, and the amount of reform that they’re doing . . . When you add all this up, I think it is pretty significant,” Mr Bolton told reporters in Hong Kong.       

　　 波顿在香港向记者表示：“我觉得，他们的举措范围之广、他们的改革力度之大真的令人印象深刻……把这一切都考虑在内，我认为其影响是相当重大的。”

    “There hasn’t been a catalyst, particularly to get foreign interest back in China. I think this could be the catalyst that brings that money back,” he added. “I think this will be the new story.”        

　　他补充说：“近年中国没有什么催化剂，尤其是就恢复海外对中国的投资兴趣而言。我想这些措施有可能成为吸引资金回流的催化剂。我认为这将成为新的故事主线。”

    China’s stock market has been among the world’s worst performers since Mr Bolton set up his fund in April 2010. The H-share index of Chinese companies listed in Hong Kong has fallen 12 per cent, while the FTSE 100 has risen by one-fifth and the S&P 500 is up about 50 per cent.        

　　自从波顿2010年4月份建立中国基金以来，中国股市是世界表现最糟的股市之一。在此期间在香港上市的中国企业H股指数下跌了12%，而同期英国基准股指富时100指数(FTSE 100)上涨了五分之一，美国基准股指标普500(S&P 500)则上涨了大约50%。

    Much of the negativity has come from fears that bad debts are building up in the banking sector, something that is much less of a concern for Mr Bolton.        

　　多数消极情绪来自对银行业坏账不断积累的担忧，而对波顿来说，这远不是那么值得担忧的问题。

    “I’m much less worried about the financial things that have worried other China bears,” said Mr Bolton. “There are certainly issues out there, but I think China . . . can move money around in the system to alleviate these problems and push them into the future.”       

　　 波顿说：“我对看跌中国的人担心的金融方面的问题远远没有他们那么担心。当然，确实存在一些问题，不过我认为中国……可以在整个体系内调动资金缓解这些问题，并将它们留待将来解决。”

    Mr Bolton, who made his name as one of the UK’s most successful stock pickers, has overseen a patchy three years in charge of Fidelity’s flagship China fund.        　　

　　波顿曾被誉为英国最成功的炒股高手之一，然而他执掌富达中国旗舰基金的这三年表现不佳。

    Many criticised his early attempts to apply western-style investing logic to China’s complex and opaque market, while the fund’s performance was hit by accounting scandals at some listed Chinese companies including Sino-Forest, which Mr Bolton had invested in. By September 2012, the fund had lost one-third of its value.        　　

　　许多人批评他早期企图将西式投资逻辑运用于中国复杂而不透明的股市，而基金的业绩受到一些中国上市企业财会丑闻的影响，包括波顿曾经投资的嘉汉林业(Sino-Forest)。到2012年9月份，该基金亏损了三分之一。

    However, Mr Bolton has enjoyed a recent reversal in fortunes. The fund is up 26 per cent this year, compared with a 2 per cent rise in the MSCI China index, against which its performance is measured. After more than two years underwater the fund’s share price is finally back into positive territory.        

　　然而，波顿最近时来运转，今年该基金上涨了26%，跑赢了作为该基金业绩衡量基准的摩根士丹利资本国际中国指数(MSCI China index)——该指数的上涨幅度只有2%。在发行价以下徘徊了逾两年之后，该基金股价终于重返发行价以上。

    While most analysts agree that China’s reform package will prove positive for the longer term health of the economy, opinion is divided over whether it will be good news for investors.        

　　尽管多数分析人士同意中国改革方案长远而言将有益于中国经济。不过，对于这对投资者来说是否是个好消息，人们的看法仍有分歧。