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Chinese equity funds have suffered nearly $2bn of outflows from international investors in the first three months of the year, putting the asset class on track to record its fifth straight year of net withdrawals.
中国股票基金在今年头三个月遭遇国际投资者近20亿美元的资金流出，使这一资产类别可能出现连续第五年净撤资。
The outflows, which have stemmed predominantly from cross-border funds domiciled in Europe but sold internationally, demonstrate a stark divide in sentiment towards the Chinese stock market.
资金流出主要发生在欧洲注册、但在国际上销售的跨境基金。这一现象展示了境内外对中国股市的情绪截然不同。
China’s mainland A-share market has surged 125 per cent in the past year, largely on the back of domestic retail demand for Chinese equities.
中国内地A股市场在过去一年里飙涨125%，主要得益于国内散户投资者的追捧。
International investors have proved more circumspect, pulling $4.4bn from greater China equity funds in 2014 and another $1.8bn in the first quarter of this year, according to figures from Morningstar, the data provider.
国际投资者已被证明更为犹豫。根据数据提供商晨星(Morningstar)的数据，他们在2014年从大中华区股票基金撤走了44亿美元，今年第一季度进一步撤走了18亿美元。
Although many global fund managers believe the Chinese stock market can continue to climb, some are unconvinced.
虽然很多全球基金经理相信中国股市有望继续攀升，但也有一些人不相信。
Maarten-Jan Bakkum, senior emerging market strategist at NN Investment Partners, the Dutch fund house, argued Chinese investors had not paid enough attention to vulnerabilities in the country’s financial system.
荷兰基金管理公司NN Investment Partners新兴市场高级策略师马尔滕-扬•巴库姆(Maarten-Jan Bakkum)提出，中国投资者对国内金融体系的脆弱性重视不够。
He said: “The sharp increase in Chinese stock markets in recent months demonstrates that citizen confidence in the Chinese government is not at issue. Prices soar with every indication that there are more stimulus measures to come.
他说：“近几个月来中国股市大幅上涨表明，中国公民对政府的信心不成问题。每次有迹象表明更多刺激措施即将出炉，股价都会大涨。
“While foreign investors exit the market, Chinese investors seem to ignore the risks that are bigger by the day. A government that loses control over the economy and makes major policy mistakes is simply not part of the Chinese collective memory.”
“尽管境外投资者在退出这个市场，但中国投资者似乎忽略了一天比一天大的风险。中国人的集体记忆中，根本不存在政府失去对经济的控制、并犯下重大政策错误的事情。”
However, Anne Richards, chief investment officer of Aberdeen Asset Management, Europe’s largest listed fund house, believes pockets of value remain in some companies.
不过，欧洲最大上市基金公司——安本资产管理(Aberdeen Asset Management)的首席投资官安妮•理查兹(Anne Richards)相信，少数公司仍有投资价值。
She said: “It is true that mainland Chinese stocks have had an exceptional run and can no longer be considered cheap. While a slowing China is a worry for everyone, policy makers there at least have the financial resources to cushion the economy from a so-called ‘hard landing’, as well as safely deflate any asset bubbles.
她说：“没错，中国内地股市近来急剧上涨，不再可被视为便宜。尽管中国的不断放缓让所有人都担心，但那里的政策制定者至少有财力提供缓冲，使经济不致遭受‘硬着陆’，同时安全戳破任何资产泡沫。
“If the authorities are successful, better quality companies with attractive corporate earnings, and hence portfolio investment opportunities, will result.”
“如果当局取得成功，较高质素的公司，即那些拥有有吸引力的企业盈利、因而成为投资组合投资机遇的公司，将会涌现。”
