第一个原因很简单股市不够成熟。中国股市创建至今仅有20年时间，假若中国股市的表现和发达经济体中那些历史悠久的股市表现一样，人们反倒会倍感意
第一个原因很简单——股市不够成熟。中国股市创建至今仅有20年时间，假若中国股市的表现和发达经济体中那些历史悠久的股市表现一样，人们反倒会倍感意外。上证综指成分股中，有许多权重股（包括几家大型银行）均是在2005年之后才上市。
Moreover, there has been a steady dilution of existing investors as China has reformed state-owned companies by gradually "unlocking" their shares for trading. The portion of tradable shares in China has risen from about 30 per cent of listed companies a decade ago to 70 per cent.
另外，中国采取原始股逐步“解禁”的方式推进国企改革，导致现有投资者股权不断被稀释。中国流通股占股市总股本的比重已从10年前的约30%增至70%。
"The objective in establishing the stock market was to give state-owned companies a way to escape their difficulties. It was only after the late 1990s that thought was given to protecting investors' interests, and this transformation is not yet complete," says Zhao Xijun, a professor at People's University.
中国人民大学(People's University)教授赵锡军表示：“（最早）建立股市是为了给国有企业脱困服务。上世纪90年代后期才提出来要保护投资者的利益（等理念）。这些理念的改革现在还没有到位。”
The second factor, as in other developing countries, is the market's legal and political backdrop. This is much harder to change. The corrosive influence of insider trading was highlighted in a 2002 study of China's stock market by Dow Jones Indexes. It showed that the vast bulk of the gains over the previous decade had occurred on 10 specific trading days when stocks jumped.
第二个原因（如在其他发展中国家一样）是市场的法律和政治背景。改变这个因素的难度要大得多。从道琼斯指数(Dow Jones Indexes)2002年一项对中国股市的研究中可以明显看出，内幕交易会腐蚀市场。该研究显示，之前10年中大部分获利是在股价上涨的10个特定交易日内发生的。
The inference was that only investors who possessed critical information – often linked to state policy announcements – were able to make money. Everyone else was just along for the ride. Although China has taken steps to clean up its markets since then, insider trading remains pervasive. Mr Guo has launched yet another crackdown.
由此可以推出，只有获知关键信息（通常与政府即将宣布的某项政策有关）的投资者能够获利。其他所有人都只是在碰运气。尽管自那以后中国已采取措施清理市场，但内幕交易仍十分普遍。郭树清已发起一轮新的治市活动。
Investors are by now familiar with the immaturity and the insider trading in the Chinese market. After the disappointing performance of the past decade, it is clear that negatives are more fully priced in. The ratio of Chinese share prices to last year's earnings is near a historic low at 14.7, about the same as in the US.
投资者如今已对中国股市的不成熟和内幕交易习以为常了。经过过去十年差强人意的表现，如今的股市显然已更多地体现了各种负面因素。中国股市市盈率（按去年利润计算）现为14.7，已接近历史最低点，约与美国的水平一致。
As Mr Guo continues his reform drive – pinging more institutional money into the market, adjusting the IPO pricing system, implementing easier delisting rules and more – the maturation of the Chinese stock market could be argued to be accelerating.
在郭树清继续推进股市改革之际，中国股市趋于成熟的速度可以说在加快。郭树清的改革措施包括：向股市引入更多机构资金，调整IPO的定价体制，改变规则、降低上市公司退市的难度，等等。
Geoff Lewis, head of investment services with JPMorgan Asset Management in Hong Kong, says Chinese shares are approaching a point where they can be assessed like those in other markets.
驻香港的摩根大通资产管理(JPMorgan Asset Management)投资服务负责人杰夫?刘易斯(Geoff Lewis)表示，中国股市的可评估程度正在趋近于其他股市。
"Your view on China should be whether you think it will be a soft landing or a hard landing. I don't think it should be related to structural overhangs or market imperfections," he says. If economic performance does start determining investment performance, it would indeed be a new departure for Chinese stocks.
刘易斯表示：“你对中国的看法应该取决于你认为中国经济会软着陆还是会硬着陆。我认为结构性威胁或市场失灵的因素不应影响你对中国的看法。”如果经济的表现真的开始决定投资业绩，中国股市将真正展开一段新的旅程。Additional reporting by Emma Dong董慧(Emma Dong)补充报道 译者:何黎
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