中國股市首現熔斷

　　2016年1月6日VOA聽力：中國股市首現熔斷

　　Stock markets in the cities of Shanghai andShenzhen were suspended Monday after fallingmore than 7 percent on the opening trading day of2016.

　　The sell-off triggered the Chinese government so-called circuit-breaker mechanism for the first time asystem designed to prevent volatility by halting trades.

　　I'm in favor of the 'circuit breaker' mechanism but the government implementing it on the firstday, it's kind of like testing the market.

　　It’s the millions of Chinese investors like Mr Wu many of them agedness they drive volatility,says analyst John Driffill of Birkbeck College University of London.

　　The Chinese stock market is populated by a large number of small investors who are veryprone to panics and booms and crashes. They are exchanging information and rumors. Theseare stock market players with a very short-term perspective. They’re gambling with smallamounts of life savings.

　　The falls were driven by a survey showing that activity in Chinese factories contracted for the10th straight month in December, and at a sharper pace than in November.

　　It's just renewed the same fears that dogged a lot of last year's trading, namely that theslowdown in China's economy could be set to speed up.

　　Those fears were echoed in European and U.S. markets which saw declines of several percent.

　　Figures due out later this year are expected to show that China posted its weakest economicgrowth for 25 years in 2015, slipping to around 7 percent. But that's a natural consequenceof China is rebalancing economy says Driffill.

　　Analysts say concerns over worsening tensions between Saudi Arabia and Iran are alsoweighing on stock markets and driving up the price of oil.

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