Business Channel 2007-05-19&21
时间：2007-08-02 06:33:45
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（单词翻译）
The numbers are staggering, the Shanghai Composite, China's main stock exchange up more than 50% this year alone, on top of a 130% increase last year, the benchmark index passing a record 4000 last week. A buying frenzy1 fueled by small-time investors2 like retiree Yang Yongbiao. Every morning just as the market opens she checks her portfolio3. "This is a good stock"she tells me, "I've made quite a lot of money."
She is just one of almost a hundred million Chinese who now have their own stock trading account. "Chinese living standards are improving. We have extra money to invest now. Once we didn't even have enough to eat." She says.
Yang knows there are risks. The Shanghai Composite plummeted4 9% in one day last February, the biggest fall in a decade, sending shockwave from New York to Mumbai. Officials here are worried there could be much worse to come, warning of a bubble, urging investors to be cautious.
It is almost purely5 a speculative6 market, and that means that volatility7 is going to be greater in China than in say the US or Europe or other developed markets.
Even so in dollar value, more shares are now being traded on the Chinese Stock Exchange each day than anywhere else in Asia including Japan.
For a growing number of Chinese with spare cash, it seems the lure8 of the booming stock market is hard to resist, especially when banks are offering low interest rates on savings9 and tough government regulations make it difficult to invest overseas.
And for now that means Chinese shares could continue to defy gravity.
John Vause, CNN, Beijing.
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