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1、外文翻译原文TheCurrentPerformanceoftheChineseCapitalMarketMaterialSource:http://springer.lib.tsinghua.edu.cnAuthor:AnnetteKleinbrodAtfirst,theformationofthePeople'sRepublicofChinaresultedinahaltofcapitalmarketactivities.TheremainingstockmarketsinBeijingandTianji
2、nstoppedoperationsin1952andnationalgovernmentbondissueswerediscontinuedafter1958.Thispartofthefinancialsystemwasconsideredacapitalisticelementandcouldre-emergeonlygraduallyduringthe1980sinaratherunregulatedenvironment.Thefirstbondwasissuedin1981andthetwost
3、ockmarketswereestablishedin1990inShanghaiand1991inShenzhen.Todate,thesearetheonlyofficiallyapproveddomesticstockexchanges.Thesolereasonforthisdevelopmentwasthatthecapitalrequiredforeconomicdevelopmentcouldnotbemobilizedthroughotherchannelsbythegovernmentto
4、adegreedeemedsatisfactory.ThisconstitutedatremendousstepforChina,buttheChinesecapitalmarketwasstillfarfromaformthatwouldmeasureuptointernationalstandardsintermsofmarketcompositionandperformanceatthetime.Forone,thecapitalmarketdevelopmenthadtobealignedwitht
5、heprevailingpoliticalideology,whichoftenaffordedflexibilityinvariousways.Similarly,capitalmarketinstrumentshadtobeextendedandadvancedinstepsfromthegroundup,whileadheringtotheparticularChinesepoliticalandeconomiccontext.Togiveanexample,sharesandbondswererat
6、hersimilarinthe1980sinthatsharesfrequentlyhadbeenprovidedwithaguaranteedreturnaswellasaguaranteedrepurchaseafteranagreedtime,whereasdividends-ifprovidedatall-werecommonlynotdependentonannualprofitorloss.Nonetheless,thecapitalmarkethasevolvedovertheyears,wi
7、thpromising,shaky,andtroublesomephases.Additionally,thecapitalmarkethasplayedaroleingeneratingasenseofprofessionalisminfinancialservicesthatisnowverydifferentfromthephasepriortothestartofthereformsattheendofthel970s.However,aquestionofvitalimportancerelate
8、stothecurrentstatusoftheChinesecapitalmarketandtowhatlevelitisrealisticallyinapositiontoeffectivelyperformcapitalmarketfunctions,andthuscontributetoChina'sdevelopmentasdescribedinChapter3.3.Asscoresoftreatise
