[00:00.32]China's stock markets have lost nearly $3 trillion from their peak in June.
[00:06.76]As a result, the government has introduced new measures
[00:11.24]hoping to stop weeks of declining prices.
[00:16.12]In an effort to avoid further losses,
[00:19.28]hundreds of companies listed on China's stock exchanges
[00:24.00]filed papers to suspend trading.
[00:27.80]By Thursday, the stocks of more than 1,400 mainland companies had been suspended.
[00:35.56]That is about 40 percent of the market.
[00:40.60]China's Securities Regulatory Commission
[00:43.84]blamed the losses partly on a "panic sentiment" and "irrational selling."
[00:50.76]Chinese state media have blamed short-sellers,
[00:54.36]traders who profit from falling prices,
[00:57.72]people spreading rumors and foreign investors.
[01:01.88]The government then put in place a number of measures to calm the stock markets.
[01:09.68]The government agency that oversees the country's biggest state-run companies
[01:15.24]has told them not to sell shares.
[01:18.56]Instead, it told them to buy more to keep the market stable.
[01:24.16]The country's central bank
[01:26.64]promised to "offer (an) abundant liquidity supply for security brokers."
[01:32.44]That means it would make loans to stock traders, called brokers,
[01:37.32]to make sure they have enough money to carry out trades.
[01:42.40]Chinese officials also have lent $42 billion to brokerages to buy shares.
[01:49.52]And the government moved to permit insurance companies
[01:53.80]to invest larger amounts of money in stocks.
[01:57.72]How Chinese stocks rose in 2014
[01:59.21]China's stock markets rose in late 2014
[02:03.28]after the central bank cut interest rates for the first time in more than two years.
[02:09.84]A new trading link between the Shanghai and Hong Kong stock exchanges
[02:15.40]added to increased market activity.
[02:19.52]Higher "margin trading," in which investors do not have to deposit
[02:24.84]the full cost of their stock trades
[02:27.64]in order to buy the shares, also fueled gains.
[02:32.32]In the twelve months before June 12 of this year,
[02:36.12]the total value of stocks traded on the Chinese market
[02:40.44]increased by more than 150 percent.
[02:44.52]But as the market peaked in early June, the government tightened rules on margin trading.
[02:52.28]Investors then began to sell their holdings to protect their profits.
[02:57.80]Treasury Secretary Urges Market Reforms to Continue
[02:58.98]U.S. Treasury Secretary Jack Lew
[03:02.20]spoke about China's answer to its stock market problems
[03:06.52]at the Brookings Institution in Washington last week.
[03:11.52]He said China's markets are not fully integrated into the world financial system.
[03:18.96]Mr. Lew says Chinese officials
[03:22.12]have a strong commitment to market reforms
[03:25.60]where they have clearly set out a plan.
[03:29.56]He said the speed at which the reforms are put in place remains a question.
[03:36.40]"The question isn't their commitment to the goal. The question is the pace at which they implement it and do they do it fast enough for it to be effective.
[03:43.96]I hope this is not something that slows down the pace of reform...
[03:47.72]They've got a set of policies that they've outlined
[03:51.28]which, if they implement them, I think will make China's economy much stronger in the future."
[03:56.93]Mr. Lew said China is moving from a centralized, industrial economy
[04:02.84]to a more market-based economy powered by consumer spending.
[04:09.00]This, he said, would lead to slower more sustainable growth and improve the lives of the Chinese people
[04:17.68]while lifting the world economy. He warned of slowing the reform process.
[04:24.20]"If the reaction is to put the brakes on reforms, that will slow that process."
[04:29.48]Investors welcomed the government actions to stop the decline.
[04:35.00]On Friday, Chinese stock markets regained some of the losses from the past few weeks.
[04:42.28]However, stocks from many Chinese companies are still suspended from trading.
[04:49.28]Other investors believe prices may fall again once the suspended shares resume trading.
[04:58.00]In a report on Friday, Bank of America wrote that the stock market crash
[05:03.60]would hit the Chinese economy in time
[05:07.08]and "will likely hurt consumption down the road."
[05:11.52]I'm Mario Ritter.
[05:14.48]Words in This Story
[05:16.52]peak 每 v. to reach its highest point; to reach the top
[05:22.76]rumor(s) 每n. stories about others
[05:27.20]passed between people which may not be true, but are spread anyway
[05:32.96]stable 每adj. not easily changed, solid
[05:39.44]abundant 每 adj. having a large supply of something
[05:45.64]margin trading 每 n. using borrowed money to buy securities
[05:52.68]deposit 每 n. money placed in a bank or held with a financial institution like a brokerage
[06:00.80]integrated 每adj. integrate 每v.
[06:06.24]to bring different things or people together into a group that works together
[06:13.00]implement 每v. to put a plan into action; to put something into place
[06:20.00]consumer 每n. a person who buys and uses products in an economy
END OF TRACK. "END OF TRACK." The two men bowed. "Whoever was that person you were talking to?" she enquired, as soon as they stood together. The took of triumph faded from her eyes, she had grown worn and weary. The roses were wilting on the walls, the lights were mostly down now. Hetty, looking in to see if anything was wanted, found herself driven away almost fiercely. I only saw Master Jervie once when he called at tea time, The year 1747 was opened by measures of restriction. The House of Lords, offended at the publication of the proceedings of the trial of Lord Lovat, summoned the parties to their bar, committed them to prison, and refused to liberate them till they had pledged themselves not to repeat the offence, and had paid very heavy fees. The consequence of this was that the transactions of the Peers were almost entirely suppressed for nearly thirty years from this time, and we draw our knowledge of them chiefly from notes taken by Horace Walpole and Lord Chancellor Hardwicke. What is still more remarkable, the reports of the House of Commons, being taken by stealth, and on the merest sufferance, are of the most meagre kind, sometimes altogether wanting, and the speeches are given uniformly under fictitious names; for to have attributed to Pitt or Pelham their[112] speeches by name would have brought down on the printers the summary vengeance of the House. Many of the members complained bitterly of this breach of the privileges of Parliament, and of "being put into print by low fellows"; but Pelham had the sense to tolerate them, saying, "Let them alone; they make better speeches for us than we can make for ourselves." Altogether, the House of Commons exhibited the most deplorable aspect that can be conceived. The Ministry had pursued Walpole's system of buying up opponents by place, or pension, or secret service money, till there was no life left in the House. Ministers passed their measures without troubling themselves to say much in their behalf; and the opposition dwindled to Sir John Hinde Cotton, now dismissed from office, and a feeble remnant of Jacobites raised but miserable resistance. In vain the Prince of Wales and the secret instigations of Bolingbroke and Doddington stimulated the spirit of discontent; both Houses had degenerated into most silent and insignificant arenas of very commonplace business. "It certainly will be. Miss Widgeon," answered Maria, with strictly "company manners." "One who has never had a brother exposed to the constant dangers of army life can hardly understand how glad we all feel to have Si snatched from the very jaws of death and brung back to us." "Just plug at 'em as you would at a crow, and then go on your way whistlin'?" persisted Harry. "Hurroo!" echoed Hennessey; "that's the ticket." "Come forward, keeper," continued the baron, "and state how these arrows came into your hands!" "Yes." HoMEJULIA儔眅2018狟婥
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