First, Chinese markets participants and investors need to be efficiently informed about foreign markets, while second, their non-Chinese counterparts overseas need to be efficiently informed about China.
首先，中國的市場參與方與投資者需要充分了解外國市場的情況；同時(shí)，海外交易夥伴也需要及時(shí)有效地了解關(guān)於中國的資訊。
Mutual benefit and success depend upon this reciprocal relationship. It is noteworthy, for example, that China has permitted more Chinese funds to invest in international equities than it has permitted foreign investors to invest in the Chinese stock market. Accurate and comprehensive information about foreign financial markets is therefore particularly critical for markets professionals in China. To provide some examples about the increasing global linkage of financial markets news:
值得一提的是，中國批準(zhǔn)的QDII(合格境內(nèi)機(jī)構(gòu)投資者)數(shù)量超過QFII(合格的境外機(jī)構(gòu)投資者)。因此，對於中國的市場專業(yè)人士而言，準(zhǔn)確、全面地了解海外金融市場的資訊顯得格外重要。下面我舉些例子，來說明全球金融市場資訊間的彼此聯(lián)系。
US consumption data has become a reliable proxy indicator of the volume of China's exports, with direct relevance to stock market prices in China. Likewise, the announcement by China last November that it was to launch a 4 trillion yuan stimulus package caused sharp rises on stock markets not only in China, but all around the world. Recent news that China has been taking action against polluting metals smelters caused prices on the London Metals Exchange to soar. Even a seemingly low-key announcement such as China offering subsidies to producers of solar power equipment can cause major stock market rises for shares in non-Chinese companies active in this field.
譬如美國消費(fèi)者支出數(shù)據(jù)是判斷中國出口的可靠指標(biāo)，而後者與中國股市直接相關(guān)。反過來，中國去年11月宣布將出臺(tái)4萬億元人民幣經(jīng)濟(jì)刺激計(jì)劃，不僅大幅推升了中國股市，也提振了全球股市。近來有消息稱中國采取行動(dòng)控制金屬冶煉污染，這導(dǎo)致了倫敦金屬交易所(LME)金屬價(jià)格大漲。甚至就連一些看似低調(diào)的消息，譬如中國向太陽能設(shè)備生產(chǎn)商提供補(bǔ)貼，都能帶動(dòng)海外此類企業(yè)股價(jià)大漲。
The integration of China into global financial markets presents numerous challenges for financial media, on which the financial markets depend. But it also presents some challenges for Chinese policy makers to create the optimal conditions in which financial media can operate to respond efficiently to the needs of both Chinese and non-Chinese markets professionals and investors. Let me respectfully suggest a few areas where China could take steps to facilitate the quality of financial information and reinforce the contribution of financial media:
中國日益融入全球金融市場，給財(cái)經(jīng)媒體帶來了許多挑戰(zhàn)。這也對中國決策層形成挑戰(zhàn)，需考慮如何創(chuàng)造條件，以便財(cái)經(jīng)媒體有效滿足中外市場專業(yè)人士和投資者的需求。我謹(jǐn)在此建議中國在以下領(lǐng)域采取一些措施，提升財(cái)經(jīng)資訊的品質(zhì)，使得財(cái)經(jīng)媒體能做出更大貢獻(xiàn)。
Greater discipline around the public release of official statistics:
Economic statistics are, of course, of critical relevance to financial markets. Still too frequently in China, rumours about statistics circulate for several days before their official release. Often the rumours later turn out to have been correct. Those "insiders" with access to the rumours enjoy unfair trading advantages over those who do not.
1. 發(fā)布官方數(shù)據(jù)方面應(yīng)加強(qiáng)約束。
經(jīng)濟(jì)數(shù)據(jù)與金融市場肯定是息息相關(guān)的。但在中國，往往在數(shù)據(jù)正式發(fā)布前幾天，市場就已經(jīng)傳言滿天飛，而且這些傳言往往與正式公布的數(shù)據(jù)吻合。這樣，了解了傳言的"內(nèi)幕人士"就可能取得不公平的交易優(yōu)勢。
The correct policy response is not to punish the media for reporting the rumours, but instead to ensure that the processes and safeguards around the release of statistics are tightened. Indeed, where rumours are influencing the market, the financial media has a duty to report them --as rumours-- so that the market as a whole, and not just a section of insiders, is informed, understands why the market is moving in a particular direction, and can take appropriate action to safeguard their investments. It might, for example, be advisable to shorten the time span between the production of the statistics, and/or limit still further those with privileged access to the data before it is released.
正確的作法不是去懲罰那些報(bào)道了傳言的媒體，而是要加強(qiáng)對數(shù)據(jù)發(fā)布流程的管理。事實(shí)上，當(dāng)傳言影響到市場時(shí)，財(cái)經(jīng)媒體是有責(zé)任去報(bào)道的-- 當(dāng)然也要明確指出它們是"傳言"--從而讓整個(gè)市場，而不只是一小撥"內(nèi)幕人士"了解消息，這樣人們就可采取相應(yīng)行動(dòng)，保護(hù)自己的投資安全。政府或許可以短數(shù)據(jù)制作的時(shí)間，以及進(jìn)一步限制那些有特權(quán)能夠在發(fā)布前獲得數(shù)據(jù)的人。
Enhancing the information disclosure policies of government ministries and official agencies that originate information relevant to financial markets.
There has already been some good progress here, with many more high-level news briefings and press conferences by ministerial agencies than there used to be.
2.優(yōu)化政府部門和官方機(jī)構(gòu)的信息披露政策。
中國在這方面已經(jīng)取得長足進(jìn)步，政府部委的高層新聞簡報(bào)會(huì)和新聞發(fā)布會(huì)比過去多多了。
I also welcome the initiatives of those government departments that have adopted web release of their information. I applaud those that have gone one step further to alert reporters to news announcements with helpful text messages. But there is still further to go in extending these examples of best more widely until they become the norm across government.
我非常贊賞一些政府部門通過網(wǎng)絡(luò)發(fā)布信息的作法；有些部門還會(huì)給記者發(fā)短信，提醒將有重大新聞發(fā)布，這更值得稱贊。但這些作法還需要進(jìn)一步推廣，直到成為政府各部門的通行做法。
Aligning the treatment of Chinese and Foreign Journalists
It is important to gain greater recognition and acceptance of the important role of foreign financial journalists in China. There continues to be insufficient recognition and understanding of the important role that they have in underpinning China's own economic goals of maximising foreign investment in China. Journalists working for foreign media are still too often excluded or granted a lower level of access at key meetings.
3.對中國和外國記者應(yīng)平等對待。
應(yīng)該充分認(rèn)識(shí)到外國財(cái)經(jīng)記者對中國實(shí)現(xiàn)自己的經(jīng)濟(jì)目標(biāo)以及擴(kuò)大吸引外資的重要作用，目前在這方面還有不盡人意之處。現(xiàn)在服務(wù)于外國媒體的記者，常常不能參加或不能充分報(bào)道一些重要會(huì)議。
As Chinese financial journalism professionalises further, I look forward to mutually beneficial competition. I also look forward to Chinese nationals having full careers within foreign media organisations in China. My fervent wish is that one day soon Reuters financial news editor in China will be a Chinese national - one step on that person's path to be global editor in chief!
隨著中國財(cái)經(jīng)報(bào)道越來越專業(yè)化，我期待互利的良性競爭，也期待中國公民能在駐華外國媒體獲得不受限制的充分發(fā)展空間。我熱切盼望，路透中國經(jīng)濟(jì)主編一職有一天能夠由中國人擔(dān)任，并進(jìn)一步走向路透全球總編輯的職責(zé)！
首先，中國的市場參與方與投資者需要充分了解外國市場的情況；同時(shí)，海外交易夥伴也需要及時(shí)有效地了解關(guān)於中國的資訊。
Mutual benefit and success depend upon this reciprocal relationship. It is noteworthy, for example, that China has permitted more Chinese funds to invest in international equities than it has permitted foreign investors to invest in the Chinese stock market. Accurate and comprehensive information about foreign financial markets is therefore particularly critical for markets professionals in China. To provide some examples about the increasing global linkage of financial markets news:
值得一提的是，中國批準(zhǔn)的QDII(合格境內(nèi)機(jī)構(gòu)投資者)數(shù)量超過QFII(合格的境外機(jī)構(gòu)投資者)。因此，對於中國的市場專業(yè)人士而言，準(zhǔn)確、全面地了解海外金融市場的資訊顯得格外重要。下面我舉些例子，來說明全球金融市場資訊間的彼此聯(lián)系。
US consumption data has become a reliable proxy indicator of the volume of China's exports, with direct relevance to stock market prices in China. Likewise, the announcement by China last November that it was to launch a 4 trillion yuan stimulus package caused sharp rises on stock markets not only in China, but all around the world. Recent news that China has been taking action against polluting metals smelters caused prices on the London Metals Exchange to soar. Even a seemingly low-key announcement such as China offering subsidies to producers of solar power equipment can cause major stock market rises for shares in non-Chinese companies active in this field.
譬如美國消費(fèi)者支出數(shù)據(jù)是判斷中國出口的可靠指標(biāo)，而後者與中國股市直接相關(guān)。反過來，中國去年11月宣布將出臺(tái)4萬億元人民幣經(jīng)濟(jì)刺激計(jì)劃，不僅大幅推升了中國股市，也提振了全球股市。近來有消息稱中國采取行動(dòng)控制金屬冶煉污染，這導(dǎo)致了倫敦金屬交易所(LME)金屬價(jià)格大漲。甚至就連一些看似低調(diào)的消息，譬如中國向太陽能設(shè)備生產(chǎn)商提供補(bǔ)貼，都能帶動(dòng)海外此類企業(yè)股價(jià)大漲。
The integration of China into global financial markets presents numerous challenges for financial media, on which the financial markets depend. But it also presents some challenges for Chinese policy makers to create the optimal conditions in which financial media can operate to respond efficiently to the needs of both Chinese and non-Chinese markets professionals and investors. Let me respectfully suggest a few areas where China could take steps to facilitate the quality of financial information and reinforce the contribution of financial media:
中國日益融入全球金融市場，給財(cái)經(jīng)媒體帶來了許多挑戰(zhàn)。這也對中國決策層形成挑戰(zhàn)，需考慮如何創(chuàng)造條件，以便財(cái)經(jīng)媒體有效滿足中外市場專業(yè)人士和投資者的需求。我謹(jǐn)在此建議中國在以下領(lǐng)域采取一些措施，提升財(cái)經(jīng)資訊的品質(zhì)，使得財(cái)經(jīng)媒體能做出更大貢獻(xiàn)。
Greater discipline around the public release of official statistics:
Economic statistics are, of course, of critical relevance to financial markets. Still too frequently in China, rumours about statistics circulate for several days before their official release. Often the rumours later turn out to have been correct. Those "insiders" with access to the rumours enjoy unfair trading advantages over those who do not.
1. 發(fā)布官方數(shù)據(jù)方面應(yīng)加強(qiáng)約束。
經(jīng)濟(jì)數(shù)據(jù)與金融市場肯定是息息相關(guān)的。但在中國，往往在數(shù)據(jù)正式發(fā)布前幾天，市場就已經(jīng)傳言滿天飛，而且這些傳言往往與正式公布的數(shù)據(jù)吻合。這樣，了解了傳言的"內(nèi)幕人士"就可能取得不公平的交易優(yōu)勢。
The correct policy response is not to punish the media for reporting the rumours, but instead to ensure that the processes and safeguards around the release of statistics are tightened. Indeed, where rumours are influencing the market, the financial media has a duty to report them --as rumours-- so that the market as a whole, and not just a section of insiders, is informed, understands why the market is moving in a particular direction, and can take appropriate action to safeguard their investments. It might, for example, be advisable to shorten the time span between the production of the statistics, and/or limit still further those with privileged access to the data before it is released.
正確的作法不是去懲罰那些報(bào)道了傳言的媒體，而是要加強(qiáng)對數(shù)據(jù)發(fā)布流程的管理。事實(shí)上，當(dāng)傳言影響到市場時(shí)，財(cái)經(jīng)媒體是有責(zé)任去報(bào)道的-- 當(dāng)然也要明確指出它們是"傳言"--從而讓整個(gè)市場，而不只是一小撥"內(nèi)幕人士"了解消息，這樣人們就可采取相應(yīng)行動(dòng)，保護(hù)自己的投資安全。政府或許可以短數(shù)據(jù)制作的時(shí)間，以及進(jìn)一步限制那些有特權(quán)能夠在發(fā)布前獲得數(shù)據(jù)的人。
Enhancing the information disclosure policies of government ministries and official agencies that originate information relevant to financial markets.
There has already been some good progress here, with many more high-level news briefings and press conferences by ministerial agencies than there used to be.
2.優(yōu)化政府部門和官方機(jī)構(gòu)的信息披露政策。
中國在這方面已經(jīng)取得長足進(jìn)步，政府部委的高層新聞簡報(bào)會(huì)和新聞發(fā)布會(huì)比過去多多了。
I also welcome the initiatives of those government departments that have adopted web release of their information. I applaud those that have gone one step further to alert reporters to news announcements with helpful text messages. But there is still further to go in extending these examples of best more widely until they become the norm across government.
我非常贊賞一些政府部門通過網(wǎng)絡(luò)發(fā)布信息的作法；有些部門還會(huì)給記者發(fā)短信，提醒將有重大新聞發(fā)布，這更值得稱贊。但這些作法還需要進(jìn)一步推廣，直到成為政府各部門的通行做法。
Aligning the treatment of Chinese and Foreign Journalists
It is important to gain greater recognition and acceptance of the important role of foreign financial journalists in China. There continues to be insufficient recognition and understanding of the important role that they have in underpinning China's own economic goals of maximising foreign investment in China. Journalists working for foreign media are still too often excluded or granted a lower level of access at key meetings.
3.對中國和外國記者應(yīng)平等對待。
應(yīng)該充分認(rèn)識(shí)到外國財(cái)經(jīng)記者對中國實(shí)現(xiàn)自己的經(jīng)濟(jì)目標(biāo)以及擴(kuò)大吸引外資的重要作用，目前在這方面還有不盡人意之處。現(xiàn)在服務(wù)于外國媒體的記者，常常不能參加或不能充分報(bào)道一些重要會(huì)議。
As Chinese financial journalism professionalises further, I look forward to mutually beneficial competition. I also look forward to Chinese nationals having full careers within foreign media organisations in China. My fervent wish is that one day soon Reuters financial news editor in China will be a Chinese national - one step on that person's path to be global editor in chief!
隨著中國財(cái)經(jīng)報(bào)道越來越專業(yè)化，我期待互利的良性競爭，也期待中國公民能在駐華外國媒體獲得不受限制的充分發(fā)展空間。我熱切盼望，路透中國經(jīng)濟(jì)主編一職有一天能夠由中國人擔(dān)任，并進(jìn)一步走向路透全球總編輯的職責(zé)！