中国证监会主席肖钢发表讲话

 　　Xiao Gang, head of the China Securities Regulatory Commission, started his keynote address by acknowledging regulation defects and showing determination to make changes.

　　"The abnormal fluctuation¹ lately has shown how immature² our stock market is: our investors³ are still irrational⁴. The trading system is far from perfect. We are not well prepared in terms of regulation. It has also exposed other problems, such as loopholes left, and poor skills on the part of CSRC in regulation. We must learn from this profound lesson."

　　China's A-share market has suffered a dramatic fall of 38 percent since its peak in mid-June, and the plunge⁵ has erased⁶ 5 trillion US dollars in market value.

　　To deal with the market volatilities, Xiao Gang reiterated⁷ that the commission will resolutely⁸ crack down on illegal trading and enhance supervision⁹ over investors' accounts.

　　中国证监会主席肖钢发表讲话

　　"China will investigate the borrowing of accounts, the opening of virtual accounts, parent-son accounts and accounts with more than one shareholder¹⁰ attached and ban all kinds of illegal securities and futures¹¹ trading."

　　Xiao pointed¹² out that more supervision is also needed to ensure transparency in the stock market, as some listed companies have failed to disclose real information to investors.

　　In his speech, the head of securities watchdog mention the word "supervision" 99 times in total.

　　However, Xiao did not directly talk about the "circuit breaker mechanism¹³", which has now been suspended by the CSRC on January 7th to maintain market stability.

　　Under the short-lived system, a rise or fall of 5 percent in the benchmark CSI 300 index triggered a 15-minute suspension in stock trading, while a move of 7 percent closed the market for the rest of the day.

　　To deepen reform of the Chinese capital market, the securities regulator has also promised to gradually launch a registration¹⁴-based initial public offering system.

　　"Registration system reform will be a step-by-step process, and could not be achieved in one step. The issue of new shares will not open immediately, thus there will be no massive expansion of new stocks."

　　Meanwhile, Xiao Gang revealed that the regulator aims to grant international investors greater access to China's capital market in 2016.

　　As such, China will initiate¹⁵ a Shenzhen-Hong Kong Stock Connect, improve the Shanghai-Hong Kong Stock Connect and study the feasibility of Shanghai-London Stock Connect later this year.

　　For CRI, I am Wang Mengzhen.

1 fluctuation   

n.(物价的)波动，涨落；周期性变动；脉动

参考例句：

• The erratic fluctuation of market prices are in consequence of unstable economy.经济波动致使市场物价忽起忽落。
• Early and adequate drainage is essential if fluctuation occurs.有波动感时，应及早地充分引流。

2 immature   

adj.未成熟的，发育未全的，未充分发展的

参考例句：

• Tony seemed very shallow and immature.托尼看起来好像很肤浅，不夠成熟。
• The birds were in immature plumage.这些鸟儿羽翅未全。

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 irrational   

adj.无理性的，失去理性的

参考例句：

• After taking the drug she became completely irrational.她在吸毒后变得完全失去了理性。
• There are also signs of irrational exuberance among some investors.在某些投资者中是存在非理性繁荣的征象的。

5 plunge   

v.跳入，(使)投入，(使)陷入；猛冲

参考例句：

• Test pool's water temperature before you plunge in.在你跳入之前你应该测试水温。
• That would plunge them in the broil of the two countries.那将会使他们陷入这两国的争斗之中。

6 erased   

v.擦掉( erase的过去式和过去分词 )；抹去；清除

参考例句：

• He erased the wrong answer and wrote in the right one. 他擦去了错误答案，写上了正确答案。 来自《简明英汉词典》
• He removed the dogmatism from politics; he erased the party line. 他根除了政治中的教条主义，消除了政党界限。 来自《简明英汉词典》

7 reiterated   

反复地说，重申( reiterate的过去式和过去分词 )

参考例句：

• "Well, I want to know about it,'she reiterated. “嗯，我一定要知道你的休假日期，"她重复说。 来自英汉文学 - 嘉莉妹妹
• Some twenty-two years later President Polk reiterated and elaborated upon these principles. 大约二十二年之后，波尔克总统重申这些原则并且刻意阐释一番。

8 resolutely   

adj.坚决地，果断地

参考例句：

• He resolutely adhered to what he had said at the meeting. 他坚持他在会上所说的话。
• He grumbles at his lot instead of resolutely facing his difficulties. 他不是果敢地去面对困难，而是抱怨自己运气不佳。

9 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

10 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。

11 futures   

n.期货，期货交易

参考例句：

• He continued his operations in cotton futures.他继续进行棉花期货交易。
• Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

12 pointed   

adj.尖的，直截了当的

参考例句：

• He gave me a very sharp pointed pencil.他给我一支削得非常尖的铅笔。
• She wished to show Mrs.John Dashwood by this pointed invitation to her brother.她想通过对达茨伍德夫人提出直截了当的邀请向她的哥哥表示出来。

13 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

14 registration   

n.登记，注册，挂号

参考例句：

• Marriage without registration is not recognized by law.法律不承认未登记的婚姻。
• What's your registration number?你挂的是几号？

15 initiate   

vt.开始，创始，发动；启蒙，使入门；引入

参考例句：

• A language teacher should initiate pupils into the elements of grammar.语言老师应该把基本语法教给学生。
• They wanted to initiate a discussion on economics.他们想启动一次经济学讨论。