Investors buffeted by turmoil in China’s markets have lambasted Beijing for its poor communications. Now the government has responded with its own definition of good communications — instructing ministries to tell the world that everything is really just fine.

受中國市場動蕩連累的投資者近來紛紛抨擊北京方面溝通欠佳。現(xiàn)在中國政府用自己定義的良好溝通作出了回應(yīng)——指示各部委告訴世界，一切其實都不錯。

Premier Li Keqiang urged “better communication” by ministries in a weekend speech carried extensively by Chinese media. The message should be that China “has sufficient policy weapons” to cope with its challenges, Mr Li told the State Council, or cabinet, in comments loaded with military metaphors. But he added: “We don’t want to use our weapons when we’re not fully prepared.”

中國媒體廣泛報道了中國總理李克強上周末發(fā)表的一個講話。他在講話中敦促各部委“積極回應(yīng)輿論關(guān)切”。李克強在國務(wù)院常務(wù)會議上表示，基本信息應(yīng)該是，“我們的工具箱里還有很多工具”，可以應(yīng)對國家面臨的挑戰(zhàn)。但他補充說：“不能無備而動。”

As if on cue, the powerful state planning commission convened a rare press conference yesterday and foreign journalists have been invited to not one but two panel discussions on the state of the economy today.

仿佛應(yīng)聲而動的是，實權(quán)部門國家發(fā)改委(NDRC)昨日舉行了罕見的記者會，同時外國記者應(yīng)邀在今日聆聽兩場有關(guān)經(jīng)濟(jì)狀態(tài)的小組討論。

Meanwhile, central bank governor Zhou Xiaochuan, who has been barely seen or heard from in the past six months, appeared at the weekend in an extensive interview in Caixin, a financial publication.

與此同時，過去六個月難見蹤影的中國央行行長周小川在上周末露面，接受了《財新周刊》的長篇采訪。

The call for better communications comes after a year in which China cracked down on media reporting on financial turmoil, even forcing one journalist into a televised confession for his scoops. A more general political tightening over the past few years has sharply constrained media and academic discussion of the economy, once considered a safe topic for public debate.

中國高層呼吁加強溝通之前的一年，中國打擊了媒體對金融動蕩的報道，甚至強迫一名記者在電視上為他采訪到的獨家資訊承認(rèn)錯誤。過去幾年里普遍的政治收緊已經(jīng)極大地壓制了媒體和學(xué)術(shù)界的經(jīng)濟(jì)討論，而經(jīng)濟(jì)一度被認(rèn)為是安全的公共辯論話題。

The long list of China’s policy challenges includes slowing growth, rising debt, crippling overcapacity, squeezed corporate profits, chaotic equity markets, pronounced capital outflows and Beijing’s desire to maintain a stable foreign exchange rate. Heavy-handed attempts to intervene as equity markets crashed last year and a clumsy August devaluation of the renminbi alarmed foreign observers.

中國的政策挑戰(zhàn)清單很長，包括經(jīng)濟(jì)增長放緩、債務(wù)不斷上升、產(chǎn)能過剩嚴(yán)重、企業(yè)利潤受到擠壓、股市混亂、資本外流顯著，以及北京方面保持穩(wěn)定匯率的意愿。去年股市大跌時的強力干預(yù)手段和去年8月處理不佳的人民幣貶值，都讓外國觀察員感到震驚。

Mr Li defended the interventions as “the right call” and necessary to ward off systemic risk and “defuse some bombs” but he also appeared to call the regulators to task for “internal management issues” marring their response.

李克強為干預(yù)措施進(jìn)行了辯護(hù)，稱其是“正確的”，避免了系統(tǒng)性風(fēng)險的發(fā)生，而且“拆掉了一些‘炸彈’”，但他似乎責(zé)怪監(jiān)管部門的“內(nèi)部管理問題”影響了它們的回應(yīng)。

As money has flowed out of China, international bank analysts have spent months trying to work out how much in reserves the central bank has at its disposal to defend the currency, which appears to have pushed the Chinese government into responding.

隨著資金不斷從中國外流，國際銀行的分析師們花了幾個月試圖估算中國央行可以動用多少外匯儲備捍衛(wèi)人民幣，這似乎促使中國政府作出回應(yīng)。

“It seems to me that this is a government or a leadership not in control and [it] is not at ease with itself and seems to be clearly worried because they take every slight and every negative comment on their economy in such a bad fashion,” said Fraser Howie, an expert on Chinese financial markets.

“在我看來，這說明本屆政府或本屆領(lǐng)導(dǎo)層沒有控制住局面，對自己不自在，而且看上去明顯擔(dān)心，因為他們對有關(guān)中國經(jīng)濟(jì)的任何微詞、任何負(fù)面言論都那么敏感，”研究中國金融市場的專家侯偉(Fraser Howie)表示。

At the National Development and Reform Commission yesterday, a Chinese reporter pointed to questions over the renminbi’s value by saying: “People around me, including investors and common folk, are starting to exchange their money into dollars.”

在國家發(fā)改委昨日舉行的記者會上，一名中國記者在談到人們對于人民幣幣值的疑慮時說道：“我身邊的許多人，包括一些投資者和一些普通老百姓都開始兌換美元。”

Zhao Chenxin, NDRC spokesman, shot back that those people were just like the proverbial blind men and the elephant: “They have the problem of incomplete information.”

對此，國家發(fā)改委資訊發(fā)言人趙辰昕反駁稱，那些人就像寓言中的盲人摸象，存在“信息不充分的問題”。

Investors buffeted by turmoil in China’s markets have lambasted Beijing for its poor communications. Now the government has responded with its own definition of good communications — instructing ministries to tell the world that everything is really just fine.

受中國市場動蕩連累的投資者近來紛紛抨擊北京方面溝通欠佳。現(xiàn)在中國政府用自己定義的良好溝通作出了回應(yīng)——指示各部委告訴世界，一切其實都不錯。

Premier Li Keqiang urged “better communication” by ministries in a weekend speech carried extensively by Chinese media. The message should be that China “has sufficient policy weapons” to cope with its challenges, Mr Li told the State Council, or cabinet, in comments loaded with military metaphors. But he added: “We don’t want to use our weapons when we’re not fully prepared.”

中國媒體廣泛報道了中國總理李克強上周末發(fā)表的一個講話。他在講話中敦促各部委“積極回應(yīng)輿論關(guān)切”。李克強在國務(wù)院常務(wù)會議上表示，基本信息應(yīng)該是，“我們的工具箱里還有很多工具”，可以應(yīng)對國家面臨的挑戰(zhàn)。但他補充說：“不能無備而動。”

As if on cue, the powerful state planning commission convened a rare press conference yesterday and foreign journalists have been invited to not one but two panel discussions on the state of the economy today.

仿佛應(yīng)聲而動的是，實權(quán)部門國家發(fā)改委(NDRC)昨日舉行了罕見的記者會，同時外國記者應(yīng)邀在今日聆聽兩場有關(guān)經(jīng)濟(jì)狀態(tài)的小組討論。

Meanwhile, central bank governor Zhou Xiaochuan, who has been barely seen or heard from in the past six months, appeared at the weekend in an extensive interview in Caixin, a financial publication.

與此同時，過去六個月難見蹤影的中國央行行長周小川在上周末露面，接受了《財新周刊》的長篇采訪。

The call for better communications comes after a year in which China cracked down on media reporting on financial turmoil, even forcing one journalist into a televised confession for his scoops. A more general political tightening over the past few years has sharply constrained media and academic discussion of the economy, once considered a safe topic for public debate.

中國高層呼吁加強溝通之前的一年，中國打擊了媒體對金融動蕩的報道，甚至強迫一名記者在電視上為他采訪到的獨家資訊承認(rèn)錯誤。過去幾年里普遍的政治收緊已經(jīng)極大地壓制了媒體和學(xué)術(shù)界的經(jīng)濟(jì)討論，而經(jīng)濟(jì)一度被認(rèn)為是安全的公共辯論話題。

The long list of China’s policy challenges includes slowing growth, rising debt, crippling overcapacity, squeezed corporate profits, chaotic equity markets, pronounced capital outflows and Beijing’s desire to maintain a stable foreign exchange rate. Heavy-handed attempts to intervene as equity markets crashed last year and a clumsy August devaluation of the renminbi alarmed foreign observers.

中國的政策挑戰(zhàn)清單很長，包括經(jīng)濟(jì)增長放緩、債務(wù)不斷上升、產(chǎn)能過剩嚴(yán)重、企業(yè)利潤受到擠壓、股市混亂、資本外流顯著，以及北京方面保持穩(wěn)定匯率的意愿。去年股市大跌時的強力干預(yù)手段和去年8月處理不佳的人民幣貶值，都讓外國觀察員感到震驚。

Mr Li defended the interventions as “the right call” and necessary to ward off systemic risk and “defuse some bombs” but he also appeared to call the regulators to task for “internal management issues” marring their response.

李克強為干預(yù)措施進(jìn)行了辯護(hù)，稱其是“正確的”，避免了系統(tǒng)性風(fēng)險的發(fā)生，而且“拆掉了一些‘炸彈’”，但他似乎責(zé)怪監(jiān)管部門的“內(nèi)部管理問題”影響了它們的回應(yīng)。

As money has flowed out of China, international bank analysts have spent months trying to work out how much in reserves the central bank has at its disposal to defend the currency, which appears to have pushed the Chinese government into responding.

隨著資金不斷從中國外流，國際銀行的分析師們花了幾個月試圖估算中國央行可以動用多少外匯儲備捍衛(wèi)人民幣，這似乎促使中國政府作出回應(yīng)。

“It seems to me that this is a government or a leadership not in control and [it] is not at ease with itself and seems to be clearly worried because they take every slight and every negative comment on their economy in such a bad fashion,” said Fraser Howie, an expert on Chinese financial markets.

“在我看來，這說明本屆政府或本屆領(lǐng)導(dǎo)層沒有控制住局面，對自己不自在，而且看上去明顯擔(dān)心，因為他們對有關(guān)中國經(jīng)濟(jì)的任何微詞、任何負(fù)面言論都那么敏感，”研究中國金融市場的專家侯偉(Fraser Howie)表示。

At the National Development and Reform Commission yesterday, a Chinese reporter pointed to questions over the renminbi’s value by saying: “People around me, including investors and common folk, are starting to exchange their money into dollars.”

在國家發(fā)改委昨日舉行的記者會上，一名中國記者在談到人們對于人民幣幣值的疑慮時說道：“我身邊的許多人，包括一些投資者和一些普通老百姓都開始兌換美元。”

Zhao Chenxin, NDRC spokesman, shot back that those people were just like the proverbial blind men and the elephant: “They have the problem of incomplete information.”

對此，國家發(fā)改委資訊發(fā)言人趙辰昕反駁稱，那些人就像寓言中的盲人摸象，存在“信息不充分的問題”。