Investors can take some comfort in the 10 per cent fall in the Shanghai Composite Index (SCI) over the past week. Yes, the gloom appears to have sparked fear in markets elsewhere. But if, as seems likely, the slump has been prompted by the spectre of Chinese price controls – where companies are forced not to raise prices, or to run certain operations at a loss in the national interest – that is more encouraging. It suggests that the index, which has historically borne a close relationship to domestic liquidity, may be becoming a better reflection of the market’s best estimate of earnings growth prospects.
投资者可从上证综指过去一周下跌10%中得到一些安慰。没错，上海股市的悲观情绪似乎引发了其它股市投资者的恐慌。但是，如果此轮下跌是由manbetx3.0 将出台价格控制措施（企业被迫从国家利益出发，不提价或亏本运营某些业务）的可怕前景所致（这看上去很有可能），那就比较令人鼓舞。它表明，传统上与国内流动性密切相关的上证综指，也许正变得能够更好地反映市场对盈利增长前景的最佳估计。