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| Stocks in Hong Kong entered a bear market on Friday, down 21 percent from their high near the start of the year, as investors around the world grew increasingly worried that the deteriorating condition of China’s real estate sector could spill over into the broader economy. | 随着世界各地投资者越来越担心中国房地产行业不断恶化的状况可能会蔓延到更广泛的经济领域，香港股市上周五进入熊市，较年初的高点下跌了21%。 |
| The slump in the Hang Seng Index, which is made up mostly of companies from China’s mainland, comes as the country’s economy confronts weakening growth. After three years of harsh Covid restrictions, foreign investment is down, consumers are spending less and the housing market is in turmoil. | 主要由中国内地企业组成的恒生指数在中国经济面临增长乏力之际出现下滑。经过三年严厉的新冠限制，外国投资下降，消费者支出减少，房市陷入动荡。 |
| Bear markets, when stocks drop at least 20 percent from their most recent peak, are a relatively rare signal that investors view the economy with serious pessimism. The Hang Seng fell just over 2 percent on Friday, and about 6 percent for the week. The index is down more than 10 percent so far this month. | 熊市是指股票从最近的最高点下跌至少20%，这是一个相对罕见的信号，表明投资者对经济持严重悲观态度。恒生指数上周五下跌超过2%，上周下跌约6%。到目前为止，本月跌幅超过10%。 |
| Global investors are also wary of the effects of China’s weakening economy, which has added to worries about inflation and high interest rates in Europe and the United States. On Friday, European stocks mostly fell and the S&P 500 was flat. The U.S. benchmark index is on track to record its third consecutive weekly decline. | 除了人们对欧洲和美国的通货膨胀和高利率的担忧，全球投资者也在担心中国经济疲软的影响。上周五，欧洲股市大部分下跌，标准普尔500指数持平。美国基准股指将连续第三周下跌。 |
| A small rise in oil prices on Friday, to about $81 per barrel, was not enough to reverse the first weekly decline since June for West Texas Intermediate crude, the U.S. benchmark. The yield on the 10-year U.S. Treasury bond, which underpins borrowing costs across the economy, slipped on Friday to about 4.2 percent, after touching its highest level since 2007 a day earlier. | 油价上周五小幅上涨至每桶约81美元，但不足以扭转美国西得克萨斯中间基原油自6月以来的首个单周跌势。支撑整个经济借贷成本的10年期美国国债收益率周五下滑至约4.2%，此前一天曾触及2007年以来最高水平。 |
| “Markets are being hit by the perfect storm,” analysts at Barclays wrote in a report on Friday, citing rising interest rates, grim economic data in China and other factors. | “市场正受到完美风暴的冲击，”巴克莱国际银行分析师在上周五的一份报告中写道，理由是利率上升、中国经济数据黯淡以及其他因素。 |
| A real estate crisis is at the heart of the concerns over China. Among the companies hit hardest recently is the Chinese real estate giant Country Garden, whose shares are trading well below one Hong Kong dollar. Another behemoth developer, China Evergrande, sought bankruptcy protection in the United States on Thursday as it struggled to settle with creditors over tens of billions of dollars in debt. | 房地产危机是对中国担忧的核心。最近受创最严重的公司之一是中国房地产巨头碧桂园，其股价远低于一港元。另一家大型开发商中国恒大上周四在美国寻求破产保护，目前该公司正努力与债权人就数百亿美元的债务达成和解。 |
| Highlighting the depths of the downturn, Soho China, a Hong Kong-listed developer of office buildings in mainland China, on Friday reported a plunge in first-half profit of more than 90 percent. The company said in a statement that “market confidence was yet to be restored.” | 在香港上市的中国内地写字楼开发商Soho中国上周五公布，上半年利润暴跌逾90%，凸显了经济低迷的程度。该公司在一份声明中表示，“市场信心尚未恢复。” |
| Chinese stocks had bounced after officials in December lifted the government’s extreme “zero Covid” measures that sharply curtailed economic activity. But hopes that China’s economy would show a sustained recovery faded as the country released a string of concerning economic statistics. Prices fell, raising the threat of deflation; retail sales and industrial production missed economists’ expectations; and real estate investments dwindled. | 在政府官员于去年12月取消了严重遏制经济活动的极端“清零”措施后，中国股市一度出现反弹。但随着中国公布了一系列令人担忧的经济统计数据，人们对中国经济持续复苏的希望逐渐破灭。物价下跌，加大了通货紧缩的威胁；零售销售和工业生产低于经济学家的预期；房地产投资减少。 |
| Exports, a cornerstone of China’s economy, have fallen. China’s currency, the renminbi, has sunk to its lowest level in years. A number of major banks have downgraded their forecasts for how much China’s economy will grow in 2023, to levels below the government’s target of about 5 percent. The most recent official numbers indicate that China was growing at an annual growth rate of about 3 percent. | 作为中国经济基石的出口已经下降。人民币跌至多年来的最低水平。多家大银行下调了对2023年中国经济增长的预测，低于政府设定的5%左右的目标。最新的官方数据显示，中国经济年增长率约为3%。 |
| China’s policymakers have responded with a series of measures aimed at encouraging consumers to spend more and banks to step up their lending. The central bank, the People’s Bank of China, has cut key interest rates to new lows, while securities regulators have proposed ways to make trading stocks cheaper and easier. But the moves have done little to bolster the confidence of investors or generate greater economy activity. | 中国的政策制定者采取了一系列措施，以鼓励消费者增加支出，银行增加放贷。中国人民银行将关键利率降至新低，而证券监管机构则提出了让股票交易更便宜、更容易的方法。但这些举措在提振投资者信心或促进经济活动方面收效甚微。 |
| One problem weighing heavily on China is debt, particularly at local governments that depend greatly on the real estate market. Overall debt in China is now larger, relative to national economic output, than in the United States. | 中国面临的一个严重问题是债务，尤其是严重依赖房地产市场的地方政府的债务。目前，中国相对于国民经济产出而言的总体债务规模已超过美国。 |
| And so the stock market has lost steam. In Hong Kong, stocks have declined for six consecutive days, and eight of the past 10 trading sessions. | 因此，股市失去了动力。香港股市已经连续六个交易日下跌，过去10个交易日有八个交易日下跌。 |
| Stocks have also tumbled in mainland China. The CSI 300 index, which tracks the biggest companies listed in Shanghai and Shenzhen, has dropped about 10 percent since its January high. | 中国大陆股市也大幅下挫。追踪上海和深圳证券市场中最大公司的沪深300指数自1月份的高点下跌了约10%。 |
| The situation for investors is brighter in the United States, where the S&P 500 index, even after recent declines, is up about 14 percent this year, buoyed by optimism about technology — especially the prospects for artificial intelligence, and the chip makers that power those applications — and the resilience of consumer spending. | 对投资者来说，美国的情况要好一些，在对技术——尤其是人工智能前景以及为这些应用提供动力的芯片制造商——的乐观情绪和消费支出弹性的推动下，标准普尔500指数即使在近期下跌之后，今年仍上涨了约14%。 |
| Still, the benchmark index has shed about 5 percent of its value this month, chipping away at the gains recorded in recent months. “The U.S. economy remains strong, while China continues disappointing at the margin and global investors are becoming increasingly concerned,” Claudio Irigoyen, an economist at Bank of America, wrote in a report. This “decoupling” could eventually “contaminate sentiment” enough to precipitate a sharper fall in global markets, he added. | 尽管如此，基准指数本月已下跌约5%，削弱了近几个月的涨幅。“美国经济依然强劲，而中国继续令人失望，全球投资者越来越担心，”美国银行经济学家克劳迪奥·伊里戈恩在一份报告中写道。他还说，这种“脱钩”可能最终“污染市场情绪”，足以导致全球市场出现更大幅度的下跌。 |
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