• China considers offshore money for stabilization fund: sources
  中国考虑将离岸资金用于稳定基金：消息人士
• Some policy measures could come as soon as this week
  一些政策措施最早可能在本周出台

By Bloomberg News 作者：彭博新闻

2024年1月23日 at GMT+8 09:57

Policymakers are seeking to mobilize about 2 trillion yuan ($278 billion), mainly from the offshore accounts of Chinese state-owned enterprises, as part of a stabilization fund to buy shares onshore through the Hong Kong exchange link, said the people, asking not to be identified discussing a private matter. They have also earmarked at least 300 billion yuan of local funds to invest in onshore shares through Li Qiang
知情人士表示，政策制定者正在寻求筹集约 2 万亿元人民币（合 2780 亿美元），主要来自中国国有企业的离岸账户，作为稳定基金的一部分，通过港交所购买境内股票。由于涉及私人事务，知情人士要求不透露身份。。他们还通过李强拨出至少3000亿元的地方资金投资境内股票

Policymakers are seeking to mobilize about 2 trillion yuan ($278 billion), mainly from the offshore accounts of Chinese state-owned enterprises, as part of a stabilization fund to buy shares onshore through the Hong Kong exchange link, said the people, asking not to be identified discussing a private matter. They have also earmarked at least 300 billion yuan of local funds to invest in onshore shares through China Securities Finance Corp. or Central Huijin Investment Ltd., the people said.
知情人士表示，政策制定者正在寻求筹集约 2 万亿元人民币（合 2780 亿美元），主要来自中国国有企业的离岸账户，作为稳定基金的一部分，通过港交所购买境内股票。被指认正在讨论私人事务。知情人士称，他们还拨出至少3000亿元人民币的地方资金，通过中国证券金融公司或中央汇金投资有限责任公司投资境内股票。

Officials are also weighing other options and may announce some of them as soon as this week if approved by the top leadership, the people said. The plans are still subject to change. The China Securities Regulatory Commission didn’t respond to a request for comment.
知情人士称，官员们还在权衡其他选择，如果得到最高领导层的批准，可能最早在本周宣布其中一些选择。该计划仍可能发生变化。中国证监会没有回应置评请求。

The deliberations underscore the elevated level sense of urgency among Chinese authorities to stem a selloff that sent the benchmark CSI 300 Index to a five-year low this week. Calming the nation’s retail investors, many of whom have been bruised by the protracted property downturn, is also seen as key to maintaining social stability.
这些审议凸显了中国当局遏制股市抛售的紧迫感，股市抛售导致基准沪深300指数本周跌至五年低点。安抚国内散户投资者也被视为维持社会稳定的关键，其中许多散户投资者因房地产长期低迷而受到重创。

A gauge of Chinese stocks listed in Hong Kong jumped as much as 3.8%, the most since Nov. 15, after falling to near-19-year lows on Monday. The onshore benchmark CSI 300 erased an earlier decline of 1% to edge higher. Both onshore and offshore yuan reversed earlier losses, while yields on the 10-year government bond rose one basis point to 2.5%.
在香港上市的中国股票指数周一跌至近 19 年低点后，股价上涨 3.8%，创 11 月 15 日以来最大涨幅。在岸基准沪深 300 指数收复早前 1% 的跌幅，小幅走高。在岸和离岸人民币均扭转了早前的跌势，10年期政府债券收益率上涨1个基点至2.5%。

Whether such measures will be enough to end the rout is far from certain. The property crisis, depressed consumer sentiment, tumbling foreign investment and diminished confidence among local businesses after years of volatile policymaking are exerting strong downward pressure on both the economy and financial markets. Past efforts to shore up the stock market, most notably in 2015, proved insufficient at best and at times counterproductive. Authorities have also been reluctant to roll out major economic stimulus of the sort that many equity investors have called for.
这些措施是否足以结束溃败还远未确定。房地产危机、消费者信心低迷、外国投资大幅下滑以及多年来政策制定不稳定后当地企业信心下降，给经济和金融市场带来了巨大的下行压力。过去为提振股市所做的努力，尤其是2015年的努力，充其量也被证明是不够的，有时甚至会适得其反。当局也一直不愿推出许多股票投资者所呼吁的那种重大经济刺激措施。

At a State Council meeting on Monday, chaired by Li, China’s cabinet received a briefing on the operations of the capital markets as well as considerations for related work, according to an official statement, which didn’t provide more details on what Beijing is mulling.
根据一份官方声明，在李强主持的周一国务院会议上，中国国务院听取了有关资本市场运行情况以及相关工作考虑的情况通报，但该声明没有提供有关北京方面正在考虑的更多细节。 。

“This is a massive boost to confidence,” said Li Weiqing, fund manager at JH Investment Management Co. “The state council comments also affirm that the top policymakers are attaching high importance on this matter, but whether the gains can sustain after the buying or if people will sell into the rally, is hard to tell right now.”
JH投资管理公司基金经理李伟庆表示：“这对信心是一个巨大的提振。国务院的意见也肯定了高层决策者对此事的高度重视，但买入后涨势是否能持续？”或者人们是否会在涨势中卖出，现在还很难说。”

In all, more than $6 trillion has been wiped out from the market value of Chinese and Hong Kong stocks since a peak reached in 2021, underscoring the challenge that Beijing faces as it seeks to arrest a decline in investor confidence.
自 2021 年达到峰值以来，中国内地和香港股市的市值总计已蒸发超过 6 万亿美元，凸显出北京方面在遏制投资者信心下降方面面临的挑战。