(单词翻译:单击)
After nearly a decade in gestation1, the Chinese second board, or the Growth Enterprises Board, has got regulatory approval.
Although the securities regulator has yet to disclose a timetable for its launch, it issued a road map last week laying down, for the first time, the rules and procedures that will help in the unveiling of the NASDAQ-style board.
The idea of a NASDAQ-like market on the mainland was first mooted2 in the mid-1990s. After a few false starts, it was put on the back burner and nearly forgotten until 2007, when the stock markets boomed. The buoyancy led to increased demand, by many private sector3 entrepreneurs, for an appropriate channel to raise funds directly from the investment public.
Indeed, quite a few private sector enterprises, especially those in the technology sector, had successfully obtained listings on the NASDAQ or the growth enterprise market in Hong Kong.
Despite fervent4 discussions over setting up such a market on the mainland, the regulator was widely perceived as taking a decidedly slow approach to its formation, until now.
GEB came back into the reckoning in August 2007 when the country's State Council approved a plan to develop a multi-level capital market system.
In March 2008, Shang Fulin, chairman of the China Securities Regulatory Commission, said the regulator would "try to roll out the GEB in the first half" of that year. A few days later, on March 22, the CSRC released draft regulations for the GEB and began to solicit5 public feedback. But the early days of the US mortgage crisis forced the regulator to take a cautious approach.
This year, as China's proactive monetary6 and fiscal7 policies started to yield results, things looked different for the establishment of a second board. Since the beginning of the year, the country's benchmark Shanghai Composite Index has rallied by over 30 percent despite occasional hiccups8, catapulting the Chinese stock market to second place after Peru among the best performing stock markets in the world.
To be sure, the country's capital market is more mature than what it was 10 years ago, and investors9 and VC firms are keen to invest in the country now than before. Coupled with the recovery of the stock market, the GEB launch roadmap comes at a time when meeting the funding needs of many cash-strapped private sector enterprises has become an integral part of the government's stimulus10 efforts.
According to China Association of Small and Medium Enterprises, SMEs account for 99.8 percent of the country's companies, and contribute about 60 percent to the GDP and offer 75 percent of all manufacturing jobs. However, only 2 percent of the capital raised by SMEs comes from direct financing. Most of it is from banking11 loans and other lenders.
1
gestation
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n.怀孕;酝酿 | |
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2
mooted
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adj.未决定的,有争议的,有疑问的v.提出…供讨论( moot的过去式和过去分词 ) | |
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3
sector
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n.部门,部分;防御地段,防区;扇形 | |
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4
fervent
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adj.热的,热烈的,热情的 | |
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5
solicit
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vi.勾引;乞求;vt.请求,乞求;招揽(生意) | |
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6
monetary
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adj.货币的,钱的;通货的;金融的;财政的 | |
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7
fiscal
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adj.财政的,会计的,国库的,国库岁入的 | |
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8
hiccups
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n.嗝( hiccup的名词复数 );连续地打嗝;暂时性的小问题;短暂的停顿v.嗝( hiccup的第三人称单数 );连续地打嗝;暂时性的小问题;短暂的停顿 | |
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9
investors
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n.投资者,出资者( investor的名词复数 ) | |
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10
stimulus
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n.刺激,刺激物,促进因素,引起兴奋的事物 | |
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11
banking
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n.银行业,银行学,金融业 | |
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