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Stable China-United States business ties would contribute to the security and stability of global industrial supply chains, fostering a favorable policy environment for collaboration between companies from both sides, said market watchers and business executives on Wednesday.

10月9日，市场观察人士和企业高管们表示，稳定的中美经贸关系将有助于全球产业链供应链的安全和稳定，为双方企业的合作创造有利的政策环境。

China's Ministry of Commerce said on Tuesday that China has called on the US to promptly lift sanctions on Chinese companies and enhance the business environment for its firms operating in the US.

10月8日，根据中国商务部消息，中方敦促美方及早取消对中国企业的制裁，并改善中国企业在美营商环境。

During a phone call with US Secretary of Commerce Gina Raimondo on the same day, China's Minister of Commerce Wang Wentao expressed serious concerns over US policies on semiconductors, targeting China, and restrictions on Chinese intelligent connected vehicles.

中国商务部部长王文涛当天同美国商务部长雷蒙多举行通话，重点就美对华半导体政策、限制中国网联车等表达严正关切。

It is necessary to clarify national security boundaries in the economic and trade fields, as it is conducive to maintaining the security and stability of global industrial supply chains and creating a favorable policy environment for cooperation between the business communities from the two countries, Wang stressed.

王文涛强调，厘清经贸领域国家安全边界尤为必要，有利于维护全球产业链供应链安全稳定，为两国业界合作创造良好政策环境。

This conversation was part of the institutional communication arrangement between the commerce authorities of both countries, said the Ministry of Commerce.

商务部表示，本次通话是两国商务部门机制性沟通安排。

As many global industries, such as electronics, automotive and pharmaceuticals, rely on components and materials sourced from both China and the US, a stable relationship can minimize disruptions and prevent production delays and supply shortages in many business areas, said Wang Zhongmei, a researcher at the Institute of World Economy of Shanghai Academy of Social Sciences.

上海国际问题研究院世界经济研究所研究员王中美表示，由于电子、汽车和制药等许多全球产业都依赖来自中国和美国的零部件和材料，稳定的关系可以最大限度地减少干扰，防止许多业务领域出现生产延误和供应短缺。

Zhang Yongjun, a researcher at the China Center for International Economic Exchanges in Beijing, warned that given various factors such as the upcoming US election in early November, it is critical to view Sino-US economic and trade relations with caution.
中国国际经济交流中心研究员张永军表示，考虑到即将到来的11月初美国大选等各种因素，谨慎看待中美经贸关系至关重要。

In the short term, there will be challenges, but in the long run, the trend of mutually beneficial cooperation between China and the US remains unchangeable, said Zhang.

张永军认为，短期内会有挑战，但从长远来看，中美互利合作的趋势不会改变。

"For US companies, China is an indispensable market," he added. "If trade tensions escalate, these companies may once again urge the US government to adopt a more proactive and balanced economic and trade policy. Business needs can, to a certain extent, influence government actions."

“对于美国公司来说，中国是不可或缺的市场。”张永军补充，“如果贸易紧张局势升级，这些公司可能会再次敦促美国政府采取更积极、更平衡的经贸政策。商业需求可在一定程度上影响政府的行动。”

According to the 2024 Kearney FDI (foreign direct investment) Confidence Index, reflecting investors' expectations for FDI over the next three years, China's global ranking has risen from seventh to third place.

根据科尔尼发布的2024年外商直接投资信心指数（反映投资者对未来三年外商直接投资的预期），中国的全球排名从第七位上升到第三位。

"Multinational companies initially looked at China as a supplier and then as a huge market. But now, increasingly, we are looking at China as an innovation center," said Andrew Wu, general manager of the China branch of US-based commercial data and analytics firm Dun & Bradstreet.

“跨国公司最初将中国视为供应商，后来又将其视为一个巨大的市场。但现在，我们越来越多地将中国视为创新中心。”美国商业数据和分析公司邓白氏中国区总裁吴广宇说。

Also viewing China as crucial to its global business strategy, Willie Tan, CEO of Skechers China, South Korea and Southeast Asia, said that despite external challenges, China remains a crucial market for global brands. Its vast consumer base, strategic importance in global supply chains and ongoing commitment to reform and innovation create significant opportunities.

斯凯奇中国、韩国及东南亚首席执行官陈伟利也认为中国对其全球业务战略至关重要。他表示，尽管面临外部挑战，但中国仍然是全球品牌的重要市场。其庞大的消费群体、在全球供应链中的战略重要性以及对改革和创新的持续投入创造了重大机遇。

With over 3,500 stores in China, the US footwear brand plans to continue market expansion in the coming years.

该美国鞋类品牌在中国拥有3500多家专卖店，计划在未来几年继续扩大市场。

Mark Jaffe, CEO of the Greater New York Chamber of Commerce, said that no one wants to halt cooperation and exchange between the two countries. China and the US have already established long-term partnerships in fields such as artificial intelligence and pharmaceuticals.

美国大纽约商会会长马克·加菲认为，没有人愿意停止两国之间的合作与交流，中美两国已在人工智能和制药等领域建立了长期合作伙伴关系。

In the face of increasingly intense global competition, Jaffe said it will be necessary for the two sides to further expand and deepen trade relations in the future.

加菲表示，面对日益激烈的全球竞争，双方未来有必要进一步扩大和深化贸易关系。

In the first eight months of 2024, the US remained China's third-largest trading partner, with the total trade value between the two countries reaching 3.15 trillion yuan ($446.21 billion), up 4.4 percent year-on-year and accounting for 11 percent of China's total foreign trade value, statistics from the General Administration of Customs showed.

海关总署数据显示，2024年前8个月，美国仍是中国第三大贸易伙伴，两国贸易总值达3.15万亿元人民币（约4462.1亿美元），同比增长4.4%，占中国外贸总值的11%。

promptly

adv. 迅速地；立即地

sanction

n. 制裁

indispensable

adj. 不可或缺的

semiconductor

n. 半导体

pharmaceutical

adj. 制药的

President Xi Jinping extended greetings to the elderly ahead of the country's Seniors' Day, which falls on Friday, and he called on the silver-haired group nationwide to continue their pursuits to live a fulfilling life.

He also called for efforts to address the pressing concerns of the elderly, improve relevant policies and measures, ensure the protection of their rights and well-being, and enable them to effectively contribute to society.

Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks in a reply letter, dated Wednesday, to representatives of seniors who participate in a national volunteer initiative.

The Silver Age Action initiative was launched in 2003 with the goal of leveraging the expertise of senior professionals across various domains to assist in improving underdeveloped areas.

More than 7 million elderly volunteers have participated in the initiative, undertaking over 4,000 assistance projects. It has become one of the key platforms for promoting the active engagement of elderly people in social activities.

In his letter, Xi commended the participants in the initiative who have taken part in volunteer activities in recent years and applied their knowledge and skills to serve the public. This embodies the fine spirit of the Chinese elderly in the new era, he said.

Noting that the seniors are a valuable asset to both the Party and the country, Xi expressed the hope that more seniors would maintain an enterprising spirit to contribute to the advancement of Chinese modernization.

He urged Party committees and governments at all levels to prioritize work related to the elderly in order to address their concerns.

The president also underlined the need to improve policies and measures to foster a favorable social environment for the elderly.

Seniors' Day, also known as Chongyang Festival or Double Ninth Festival in China, falls on the ninth day of the ninth lunar month. It is an occasion to care for and send blessings to the elderly throughout the nation.

China's population age 60 and above approached 300 million by the end of 2023, accounting for 21.1 percent of the total population, according to statistics from the Ministry of Civil Affairs. Among them, the number of people age 65 and above was more than 217 million, representing 15.4 percent of the total population.

Ensuring that elderly people can live happy and fulfilling lives is something that Xi always bears in mind. He has expressed his personal care on many occasions, including during his inspection tours nationwide, about the well-being of seniors in the country, particularly those who live alone.

Under Xi's leadership, China has pursued a proactive national strategy in response to an aging population, and it strives to develop elderly care programs and services. The goal of ensuring that all elderly people can be well provided for, have access to elderly care and enjoy fulfilling lives is becoming a reality.

As of the end of 2023, more than 43 million elderly people nationwide have benefited from various elderly subsidies, highlighting the high level of attention the country pays to the welfare of the elderly, according to a report released by the Ministry of Civil Affairs in September.

After the Nobel Prize in physics went to John J. Hopfield and Geoffrey E. Hinton "for foundational discoveries and inventions that enable machine learning with artificial neural networks", many asked why a prize for physics has gone to computer scientists for what is also an achievement in computer science.

在约翰·霍普菲尔德和杰弗里·辛顿因“为推动利用人工神经网络进行机器学习作出的基础性发现和发明”获得诺贝尔物理学奖后，许多人发问，为什么物理学奖授予了计算机学家，且其成就也属于计算机科学领域。

Even Hinton, a winner of the 2018 Turing Award and one of the "godfathers of AI", was himself "extremely surprised" at receiving the call telling him he had got the Nobel in physics, while the other recipient Hopfield said "It was just astounding."

就连2018年图灵奖得主、“人工智能教父”之一的辛顿，在接到瑞典皇家科学院的电话时，也直呼“没有想到”。另一位获奖者霍普菲尔德则说：“这简直令人震惊。”

Actually, the artificial neural network research has a lot to do with physics. Most notably, Hopfield replicated the functioning of the human brain by using the self-rotation of single molecules as if they were neurons and linking them together into a network, which is what the famous Hopfield neural network is about. In the process, Hopfield used two physical equations. Similarly, Hinton made Hopfield's approach the basis for a more sophisticated artificial neural network called the Boltzmann machine, which can catch and correct computational errors.
其实，人工神经网络研究与物理学有很大关系。最值得注意的是，霍普菲尔德利用单分子自旋复制了人脑的功能，把它们当作神经元，并把它们连接成一个网络，这就是著名的“霍普菲尔德神经网络”。在这个过程中，霍普菲尔德使用了两个物理方程。同样，辛顿将霍普菲尔德的方法作为一种更复杂的人工神经网络的基础，这种人工神经网络被称为玻尔兹曼机，它可以捕捉和纠正计算错误。

The two steps have helped in forming a net that can act like a human brain and compute. The neural networks today can learn from their own mistakes and constantly improve, thus being able to solve complicated problems for humanity. For example, the Large Language Model that's the basis of the various GPT technologies people use today dates back to the early days when Hopfield and Hinton formed and improved their network.
这两项成果帮助形成了可以像人脑一样进行计算的网络。如今的神经网络可以从自己的错误中学习并不断改进，从而能够为人类解决复杂的问题。例如，作为当今人们使用的各种GPT技术基础的大语言模型，就可以追溯到早期霍普菲尔德和辛顿形成和改进人工神经网络的时候。

Instead of weakening the role of physics, that the Nobel Prize in Physics goes to neural network achievements strengthens it by revealing to the world the role physics, or fundamental science as a whole, plays in sharpening technology. Physics studies the rules followed by particles and the universe and paves the way for modern technologies. That is why there is much to thank physicists for the milestones modern computer science has crossed.

诺贝尔物理学奖授予神经网络成就，并不是削弱物理学的作用，而是通过向世界揭示物理学或整个基础科学在提高技术方面的作用来加强其地位。物理学研究粒子和宇宙所遵循的规则，并为现代技术铺平道路。这就是现代计算机科学所跨越的里程碑要感谢物理学家的原因。

neural

adj. 神经的

astounding

adj. 令人震惊的

replicate

v. 复制，重复

Home sales and inquiries by potential buyers rose considerably in benchmark cities including Beijing and Shanghai during the just-concluded National Day holiday, thanks to a number of optimization measures rolled out by the central government and first-tier cities, industry experts said on Tuesday.

行业专家10月8日表示，在刚刚结束的国庆长假期间，得益于中央政府和一线城市推出的一系列优化措施，北京、上海等标杆城市的房屋销售量和咨询量大幅上升。

This is playing a positive role in digesting the housing policies and shoring up market sentiment, they added.

专家补充，这对消化住房政策、稳定市场情绪起到了积极作用。

After announcing policies to free up restrictions on home purchases ahead of the weeklong holiday, China's top-tier cities saw a market recovery during the holiday period, despite it being a conventional low season for home transactions, the experts said.
专家表示，在假期前政策宣布放开购房限制后，国庆长假期间，中国一线城市出现了市场回暖，尽管这段时间是传统的楼市销售淡季。

Some 59,000 square meters of new home space were traded across Shanghai in the first six days of October, doubling from that of last year's 29,000 sq m, said Lu Wenxi, a market analyst with Centaline Shanghai.

上海中原地产市场分析师卢文曦介绍，10月前六天，上海新房交易面积约为5.9万平方米，比去年同期的2.9万平方米翻了一番。

In the pre-owned homes market, 2,133 units of existing residential properties changed hands during the weeklong holiday, more than twice the 1,064 units registered during the same period last year, Lu said.

卢文曦表示，在二手房市场，国庆长假期间共有2133套现房转手，是去年同期登记的1064套的两倍多。

According to Lu, the market recovery followed a batch of favorable local policies effective on the first day of October, such as the lowering of a threshold for non-local buyers, reduction in down payments for both first-time and second home purchases, and expanding VAT exemptions during home trading.
据卢文曦解释，市场回暖得益于一批利好的地方政策于10月1日生效，如放宽非本地购房者门槛、降低首套住房和二套住房的首付比例、扩大个人对外销售住房增值税免征范围等。

"There is an evident warm-up in market confidence as we see some 20 percent rise in business inquiries and visits," said Ye Yongxiang, an agent with Sinyi Realty in Shanghai's Xuhui district.
上海徐汇区信义房屋的经纪人叶永祥说：“我们看到业务咨询和访问量上升了约 20%，市场信心明显回暖。”

Ye said it has been an extremely busy holiday season for himself as well as his colleagues, a sharp contrast from the same period during the past two years.

叶永祥表示，对于他本人和他的同事，这是一个非常繁忙的假期，与过去两年的同时期形成了鲜明对比。

"Being in the business for nearly a decade, I can really feel the vibes of the market on the rise," Ye said.

“从业近十年，我真切地感受到了市场回升的氛围。”叶永祥说。

Beijing saw new home transaction volumes surge 730 percent during the first six days of the month from the same period last year, and its existing home market also experienced a gradual growth since the latter half of the holiday, with trade volumes rising 58 percent compared to last year, according to a report on the official website of Beijing Youth Daily.

据《北京青年报》官方网站报道，10月前六天，北京的新房交易量比去年同期激增730%，而北京的现房市场也从假期后半段开始逐步增长，交易量比去年同期增长58%。

Guangzhou, the capital of South China's Guangdong province, saw more than 3,000 units of new homes traded at real estate brokerage platform Beike as of 2 pm Monday, more than tripling from that of last year, the local Guangzhou Daily reported.

据《广州日报》报道，截至10月7日下午2点，华南地区广东省省会广州的房地产经纪平台贝壳的新房交易量超过3000套，比去年同期增长了两倍多。

The rising market demand could be seen in a broader scale in the secondary home market of major cities.

在各大城市的二手房市场上，可以更广泛地看到市场需求的增长。

As many as 384 units of pre-owned homes were sold daily in six key cities, soaring 117.6 percent year-on-year, according to Linping Real Estate Data Research Institute.

据麟评居住大数据研究院统计，6个重点城市的二手房日成交量高达384套，同比猛增117.6%。

"The market confidence index has been on an upward trend three weeks in a row, according to the weekly data collected in 50 cities, indicating that the supportive measures introduced one after another have boosted market confidence," said Wang Xiaoqiang, chief analyst at the institute.

麟评居住大数据研究院首席分析师王小嫱表示：“从50个城市的周度数据来看，市场信心指数已经连续三周呈上升趋势，这表明陆续出台的扶持措施提振了市场信心。”

"The encouraging messages delivered by both local and central governments will certainly help stabilize the property market and improve market confidence," Wang added.

“中央和地方政府发布的积极信息必将有助于稳定房地产市场，增强市场信心。”王小嫱补充。

low season

淡季

pre-owned home

二手房

batch

n. 一批

The Ailao Mountains in Yunnan province saw a surge in visitors during the National Day holiday from Tuesday to Monday, following a viral mineral-collecting adventure video posted by a vlogger.

近日，一位视频博主独自进山探矿的视频在网络走红，也让云南哀牢山再次走进公众视野。在10月1日至7日的国庆假期，哀牢山的游客数量激增。

During the weeklong holiday, the Ailao Mountain scenic area in Xinping county welcomed over 50,000 tourists, a 15 percent increase compared to the same period last year, according to the county's culture and tourism bureau. The annual average for the scenic area is around 500,000 visitors.

新平县文化和旅游局称，在为期一周的长假期间，新平县哀牢山景区共接待游客5万多人次，与去年同期相比增长15%。该景区的年平均游客量约为50万人次。

The influx of tourists led to full occupancy and skyrocketing prices at local accommodations. A popular topic on social media platform Sina Weibo was "Traffic jam in the Ailao Mountains."
大量游客的涌入导致当地住宿爆满，价格飞涨。社交媒体平台新浪微博上的热门话题是#哀牢山堵车#。

A local homestay owner, surnamed Chen, told Shangyou News that his 20-room establishment was fully booked within hours.
当地一位陈姓民宿老板告诉《上游新闻》，他的20间客房在几小时内就被预订一空。

"Normally, our rooms cost about 90 yuan ($12.80) per night, but during the holiday, prices went up to 240 yuan. Even then, demand far exceeded supply," he said.

这位民宿老板说：“平时，我们客房的价格约为每晚90元（约12.8美元），但在国庆假期，价格涨到了每晚240元。即便如此，需求还是远远超过了供应。”

One visitor surnamed Long, who drove from Chongqing to witness the sea of clouds and sunrise, said the experience was breathtaking. However, she noted challenges, including thick fog and poor visibility while driving through the mountains.
一位从重庆驱车前来观赏云海和日出的龙姓游客说，这次经历令人叹为观止。不过，她也注意到了一些挑战，比如在山间行驶时有浓雾、能见度低。

The surge in tourism has sparked safety concerns among local authorities as well as residents. The Ailao Mountains span multiple counties, including Xinping and Chuxiong. While parts of the mountains, such as the scenic area in Xinping, offer better facilities and safety measures, officials warned that other areas, especially the core zone of the Ailao Mountains National Nature Reserve, pose significant risks.
旅游业的迅猛发展引发了当地政府和居民对安全问题的担忧。哀牢山横跨新平、楚雄等多个县。虽然山脉的部分地区，如新平的风景区，提供了较好的设施和安全措施，但当地政府警告说，其他地区，尤其是哀牢山国家级自然保护区的核心区，存在着巨大的风险。

In 2021, four geological survey workers went missing in the mountains and were later confirmed dead due to hypothermia.

2021年，4名地质调查人员在哀牢山失踪遇难，后确认因人体失温死亡。

On Saturday, the scenic area issued a safety advisory urging tourists to avoid underdeveloped areas. On Sunday, the Chuxiong management bureau of the nature reserve issued notices warning that unauthorized entry into the reserve would result in fines ranging from 100 to 5,000 yuan.

10月5日，景区发布安全提示，呼吁游客避开未开发区域。10月6日，哀牢山自然保护区楚雄管护局发布公告，警告未经批准进入自然保护区将被处以100元以上5000元以下的罚款。

Experts have cited the mountains' complex geography, the release of carbon dioxide at night and abnormal geomagnetic fields as factors that can disorient visitors, leading to unconsciousness or causing compasses to malfunction. Local villagers also warned of wild animals such as bears and snakes, as well as unpredictable weather conditions that can cause tourists to become lost.

专家们指出，山区复杂的地理环境、夜晚释放的二氧化碳以及异常的大地磁场都可能使游客迷失方向，导致缺氧失去意识或指南针失灵。当地村民还警告说，熊和蛇等野生动物以及难以预测的天气状况都可能导致游客迷路。

The growing popularity of outdoor adventure tourism in China has exposed visitors to increasing risks. In May, a woman died from hypothermia while hiking on Wugong Mountain in Jiangxi province. In June, 25 hikers were trapped in Hainan Tropical Rainforest National Park, resulting in one death.

随着户外探险旅游在中国的日益普及，游客面临的风险也越来越大。5月，一女子在江西武功山徒步时出现失温不幸离世。6月，25名徒步人员在海南热带雨林国家公园被困，其中一人死亡。

skyrocket

v. 突升，猛涨

disorient

v. 使迷失方向

breathtaking

adj. 壮观的，非常激动人心的

hypothermia

n. 体温过低，低温症

As there have been more signs recently of a bull run in the A-share market, including soaring indexes and the stratospheric level of the trading volume, more economic stimulus policies as well as investors' patience are equally important to further consolidate the upward trend of Chinese equities, said experts.

专家表示，由于近期A股市场已出现诸多牛市到来的迹象，比如指数飙升、交易量达到历史最高水平，要进一步巩固中国股市的上升趋势，十分需要更多的经济刺激政策和投资者的耐心。

Resuming after the National Day holiday, the benchmark Shanghai Composite Index gained 4.59 percent to close at 3489.78 points on Tuesday, while the Shenzhen Component Index surged 9.17 percent. The technology-focused ChiNext in Shenzhen spiked 17.25 percent. Semiconductor, software development and securities companies led Tuesday's rally.

国庆长假后复盘，上证综指10月8日涨4.59%、报3489.78点，深证成指涨9.17%，创业板指涨17.25%，半导体、软件开发和证券公司引领了该日涨势。

The combined trading value at the Shanghai and Shenzhen bourses stood at 3.45 trillion yuan ($490 billion) on Tuesday, surpassing the previous record of 2.6 trillion yuan on Sept 30, the last trading day before the holiday.
10月8日，沪深两市成交额达3.45万亿元（约4900亿美元），刷新了节前最后一个交易日9月30日创下的2.6万亿元成交金额历史纪录。

The A-share market's rally on Tuesday came as officials of the National Development and Reform Commission, China's top economic regulator, said on the same day that the country will launch a batch of incremental policies to promote the sustained economic recovery and development.

10月8日，中国最高经济监管机构——国家发展改革委表示，将加力推出一揽子增量政策，推动经济持续回升向好。同日，A股市场反弹。

"China is confident of maintaining steady and healthy economic growth and achieve the full-year growth target," said Zheng Shanjie, head of the NDRC, at a news conference on Tuesday, adding that more efforts will be made to strengthen the countercyclical adjustments for macroeconomic policies.

“我们对实现全年经济社会发展目标任务充满信心，对保持经济社会持续平稳健康发展充满信心。”国家发展改革委主任郑栅洁10月8日在国新办新闻发布会上表示，将加大宏观政策逆周期调节。

The incremental policies released in late September attached greater importance to improving the quality of economic growth, supporting the real economy, facilitating the sound development of market entities, and coordinating high-quality development and high-level security, he said.

郑栅洁介绍，9月下旬起发布的一揽子增量政策更加注重提高经济发展质量，更加注重支持实体经济和经营主体健康发展，更加注重统筹高质量发展和高水平安全。

Since Sept 24, the country's top regulators have come up with supportive measures covering the financial sector, the property market, and support to the real economy, among others.
自9月24日以来，国家最高监管机构已陆续出台了涵盖金融业、房地产市场和支持实体经济等方面的支持措施。

The measures will be better used to spur more development potential and better achieve this year's growth target, said Zheng.

郑栅洁表示，这些措施将更好地激发更多发展潜力，推动实现今年的增长目标。

Meanwhile, continued efforts will be made to boost the capital market, according to Zheng. More effective and comprehensive measures will be introduced to vigorously guide the inflow of long-term capital. Blockages preventing the smoother entry of social security funds, as well as insurance and wealth management funds into the capital market should be removed.

与此同时，郑栅洁强调，将继续努力提振资本市场。有关部门将采取有力有效的综合措施，大力引导中长期资金入市，打通社保、保险、理财等资金入市堵点。

Public companies will be supported in mergers and acquisitions as well as restructuring. The reform of mutual funds should be advanced steadily, and efforts will be made to promulgate measures to protect individual investors, said Zheng, noting that these policies will be released at a faster pace.

支持上市公司并购重组，稳步推进公募基金改革，研究出台保护中小投资者的政策措施。郑栅洁指出，目前各项政策正在加快推出。

Liu Gang, managing director of China International Capital Corp, said the measures announced in September had exceeded market expectations and rekindled investors' passion, emphasizing the financial measures' support for the stock market.

中金公司研究部董事总经理刘刚强调了金融措施对股市的支持。9月份公布的各项政策超出市场预期，重新点燃了投资者的热情。

These have served as a driver for the recent bullish performance of the A-share market. But the market's future performance will be determined by the pace and scale of successive policies, especially fiscal policies, Liu said.

刘刚表示，这些都是近期A股市场“走牛”的驱动力。但市场未来的表现将取决于后续政策的步伐和规模，尤其是财政政策。

Luo Zhiheng, chief economist at Yuekai Securities, said that fiscal and property market policies should better coordinate with the recently released monetary policies to stabilize investors' confidence and expectations. Increasing the scale of this year's budget deficit, accelerating the issuance of special bonds, granting subsidies to special groups of people and the issuance of additional treasury bonds can be possible options in terms of supportive fiscal measures, he said.

粤开证券首席经济学家罗志恒表示，财政政策和楼市政策应更好地配合近期发布的货币政策，以稳定投资者的信心和预期。在支持性财政措施方面，增加今年的预算赤字规模、加快发行专项债券、对特殊人群发放补贴、增发国债等都是可能的选择。

China may adopt moderate fiscal stimulus of about 1.5 to 2 trillion yuan in the short term, which is also a reasonable level, said Wang Tao, chief China economist at UBS Investment Bank.

瑞银亚洲经济研究主管及首席中国经济学家汪涛表示，更为合理的预期是短期内政府出台1.5-2万亿元较为温和的财政刺激政策。

Chen Guo, chief strategist at China Securities, said that the Chinese stock market's recent bullish performance is supported by the revaluation of Chinese assets and recovered confidence. But a well-grounded overall bull run still needs time, especially the further improvement of economic fundamentals. Investors should have patience for the medium term, he said.

中信建投证券首席策略官陈果表示，中国股市近期的牛市迹象得益于中国资产价值重估和信心的恢复。但全面牛市启动仍需要时间，特别是经济发展基本面的进一步改善，投资者应葆有耐心。

Noting that the A-share market will enter a period of sustainable growth in the medium term, during which fluctuations cannot be avoided, Zhang Qiyao, chief strategist at Industrial Securities, said there is still room for a rise in the short run. Investors should watch for how long the bullish trend will last rather than focus on short-term peaks, he said.

兴业证券首席策略分析师张启尧表示，A股市场将进入中期持续增长期，期间难免出现波动，但短期内仍有上涨空间。相较于关注短期高峰，投资者更应关注牛市趋势将持续多久。

In a report released on Monday, analysts from Goldman Sachs raised 10 reasons to increase exposure to A-shares, including strong economic stimulus, upbeat investors' mood, undervalued Chinese equities, companies' improving earnings and a relaxed external environment.

在10月7日发布的研报中，高盛分析师提出了看涨中国股市的十大理由，其中包括强劲的经济刺激、上升的投资者情绪、中国股票估值仍有折价、企业盈利前景改善以及宽松的外部环境。

consolidate

v. 巩固；加强；合并

spike

v. 飙升，上涨

stratospheric

adj. 平流层的；高层次的

incremental

adj. 增加的，增量的

bullish

adj. 股票行情看涨的；乐观的

During this year's National Day holiday, sports events across China, including those in Beijing and Shanghai, have been seen igniting public enthusiasm and spurring local consumption, reflected by ticket sales and retail figures from the tourism and catering sectors.

今年国庆假期，从门票销售量以及旅游餐饮业的零售数据中可窥见，包括北京、上海在内的全国各地的体育赛事点燃了公众的热情，刺激了当地消费。

The "Village Super League" soccer tournament in Guizhou province and the three-day Jinshajiang River Regatta held in Yunnan province drew large crowds, further igniting public interest in sports. The World Table Tennis China Smash was held between Sept 26 and Sunday in Beijing, with ticket sales standing at some 60 million yuan ($8.5 million).

贵州的“村超”足球赛和云南为期三天的金沙江（国际）帆船赛吸引了大量观众，进一步激发了大众对体育的兴趣。WTT中国大满贯赛于9月26日至10月6日在北京举行，门票销售额达6000万元（约850万美元）。

Among the standout events was the China Open, an ATP 500 and WTA 1000 hard court tennis tournament held in Beijing, which began on Sept 23.
诸多赛事中，最引人注目的是9月23日起在北京举行的中国网球公开赛，这是一项WTA1000和ATP500级别的硬地网球赛事。

This year, the China Open attracted around 300,000 visitors, a 50 percent increase compared to last year.

今年，中国网球公开赛吸引了约30万名观众，较去年增长50%。

The event generated over 80 million yuan in ticket sales revenue, up 60 percent year-on-year. By Tuesday, all tickets for the event had been sold out, and more than 29,000 attendees showed up on Wednesday alone.

赛事门票收入超过8000万元，同比增长60%。截至10月1日，中网门票已全部售罄，仅10月2日一天就有29000多人到场。

The event also attracted about 140,000 tennis fans from outside Beijing and over 13,000 international visitors.
赛事还吸引了约140000名外地网球爱好者和13000多名国际游客。

The tournament's success has been fueled by the rising prominence of Chinese tennis players, including 21-year-old Zheng Qinwen, who made history at the Paris Games as the first Chinese athlete to win an Olympic women's singles gold medal.
这项赛事的成功得益于中国网球运动员的崛起。其中，21岁的郑钦文在巴黎奥运会上创造历史，成为第一位赢得奥运女子单打金牌的中国运动员。

At the China Open 2024, Buyunchaokete became the first Chinese man to reach the semifinals, further boosting national interest in the sport.
在2024中国网球公开赛上，布云朝克特成为第一位闯入半决赛的中国男子选手，更加激起国人对这项运动的兴趣。

Tennis legend Novak Djokovic, who returned to the Rolex Shanghai Masters after five years, praised the growing success of Chinese tennis players during a visit to support Chinese junior players from the ASICS Junior Tennis Tour.
网球传奇人物诺瓦克·德约科维奇时隔五年重返上海劳力士大师赛，他在参观ASICS亚瑟士青少年网球巡回赛时，对中国青少年球员表示了支持，并赞赏了中国网球运动员日益取得的成功。

"I've been on the tour for more than 20 years, and Chinese women's tennis players have always been successful globally," Djokovic said. "It's great to see Chinese men's tennis emerging, and I'm enjoying this new trend."
“我已经在赛场上20多年了，在国际舞台上，中国女子网球一直都非常成功。”德约科维奇说，“现在中国男子网球在网球界已经掀起了一波浪潮，这是我很高兴看到的。”

Beyond tennis,the China Open also spurred the local retail and catering industries.
赛场之外，中网还带动了当地零售和餐饮业的发展。

Mo Tianfei, manager of the tournament's official retail store, said it had sold over 10,000 products on Tuesday alone.
中网赛事官方零售店经理莫天飞介绍，仅10月1日一天就售出了1万多件商品。

"Some items sold out, and we had to rush production to meet demand," Mo said.
“有些商品已经售罄，我们不得不赶工生产以满足需求。”莫天飞说。

Sales of the tournament's new mascot—Azhong—were particularly strong, which increased 50 percent compared to last year.
中网新吉祥物“阿中”的销量尤为火爆，与去年相比增长50%。

Catering at the event also saw a significant uptick. Catering sales exceeded 10 million yuan by Friday, with a 30-40 percent increase in on-site revenue.
赛事期间，餐饮业也有大幅增长。截至10月4日，餐饮销售额已超过1000万元，线下收入增长30%-40%。

The China Open continues to gain popularity among younger audiences, with most fans under 40, including 800 to 1,000 international visitors daily.
中网持续受到年轻观众的欢迎，大多数球迷年龄在40岁以下，其中包括每天800到1000名的国际游客。

Liang Xi, a local fan, spent 1,800 yuan on tickets for her family. "We came to support my 13-year-old son, Li Liangxinqi, who served as a ball kid last year. This year, he's excited to watch his favorite players like Jannik Sinner and Zhang Zhizhen."
当地球迷梁熙花费1800元为家人购买了门票：“我们是来支持13岁的儿子的，他去年担任了球童。今年，他很开心能够看到扬尼克·辛纳和张之臻等他喜欢的球员。”

Jiang Yiyi, deputy dean of the School of Sports, Leisure and Tourism at Beijing Sport University, highlighted the broader economic impact of sports events.
北京体育大学体育休闲与旅游学院副院长蒋依依强调了体育赛事对经济的广泛影响。

"Sports events play a key role in driving tourism consumption and enhancing a city's global image," Jiang said. "Building strong events, teams and players is essential to sustaining this momentum."
“体育赛事在拉动旅游消费、提升城市国际形象方面发挥着关键作用，”蒋依依表示，“打造高水平赛事、团队和选手对于保持这一势头至关重要。”

The eighth ATP Masters 1000 event of 2024 at the Rolex Shanghai Masters is being held from Wednesday through Oct 13 in Shanghai, including top-ranking players Jannik Sinner, Carlos Alcaraz and Alexander Zverev.
2024年第八届ATP1000大师赛——上海劳力士网球大师赛将于10月2日至13日在上海举行，参赛选手包括顶级球员扬尼克·辛纳、卡洛斯·阿尔卡拉斯和亚历山大·兹维列夫。

spur

v. 激励；鼓舞

uptick

n. 小幅增加；上升

prominence

n. 声望；杰出

semifinal

n. 半决赛

Following the A-share market's recent robust recovery buoyed by a number of stronger-than-expected stimulative policies, increasingly confident investors are attaching more attention to the stock market, whose upward momentum can be further consolidated by more supportive measures and the ongoing optimization of China's economic growth, said industry experts.

Preparations were made during the National Day holiday, which ended on Monday. The Shanghai Stock Exchange announced on Sunday that it will add an extra five minutes, from 9:25 to 9:30 on each trading day, fordesignated

transactions. The new policy will take effect on Tuesday, the first trading day after the holiday.

As explained by industry experts, a designated transaction is a step that an investor must take between opening a new stock account and commencing trading on the SSE.

The latest adjustment at the SSE has been made to address the surging number of newly registered retail investors over the past few days and to facilitate trading efficiency once the market resumes, they said.

The market's upbeat sentiment can be felt at securities brokerages. Leading brokerages provided round-the-clock online account opening and consulting services during the recent holiday. 

Sinolink Securities said the account opening appointments they received during the holiday jumped 150 percent from a month earlier. 

Minsheng Securities said the number of daily requests for opening stock accounts over the past seven days was four times the amount before the holiday.

To meet such surging demand, the securities account platform and identification information checking system at China Securities Depository and Clearing Co resumed operation on Sunday and Monday.Investor confidence has been supported by the A-share market's recent strong rebound. 

Ever since the batch of incremental policies was introduced on Sept 24, the Shanghai Composite Index gained 20 percent by the end of September, with the Shenzhen Component Index up 29 percent.

 The combined trading value at the Shanghai and Shenzhen exchanges hit a new single-day record of 2.6 trillion yuan ($370 billion) on Sept 30.

Laura Wang, chief China equity strategist at Morgan Stanley, said on Oct 3 that Chinese equities will gain another 10 to 15 percent on average if a new round of fiscal expenditure measures can be released in the following weeks.

At a news conference scheduled for Tuesday, officials from the National Development and Reform Commission, the country's top economic regulator, will explain their measures to better implement the range of supportive policies released in late September, in order to further advance economic growth and optimize China's economic structure.Yang Delong, chief economist at First Seafront Fund, said the 140-trillion-yuan Chinese household savings will provide more capital for the A-share market after the National Day holiday, providing more upward impetus for the indexes.

The increase in the Hong Kong stock market has already overtaken that of the A-share market as the latter took more days off for the holiday, said experts at Shenwan Hongyuan Securities. 

Therefore, a continued rally can be expected from the A-share market in the short run to narrow the price gap with Hong Kong, they added.Dai Kang, managing director of the development research center at GF Securities, said private equity investment funds have increased their exposure to the A-share market, which has just seen the strongest rebound in months.

 Chinese policymakers have smartly used the time window of interest rate cuts made by the US Federal Reserve to introduce stronger-than-expected supportive measures, he said.Goldman Sachs upgraded its call on Chinese stocks to overweight, saying that recent stimulus measures have bolstered confidence, and Chinese equities' valuations are below historical averages while their earnings could further improve.

Qiu Xiang, joint chief strategist at CITIC Securities, said that the current A-share market rally is mainly supported by reversed market expectations, as a result of the innovative monetary policies and a relaxed grip on the property market announced in late September.

 A further market recovery can be expected, with companies showing improving earnings and those benefiting from a recovery in domestic demand offering more opportunities to investors, he added.Analysts from Huafu Securities also warned investors of the possibility of adjustments and fluctuations in the A-share market after it experienced a drastic increase. 

But the recent bull run is far from its end. The overall rise will last longer, they said.

Reporter: Shi Jing

Wake up early enough and, depending on where you live, you’ll likely hear a pleasant chorus of birds chirping their tiny hearts out. This am avian arrangement is instinctual behavior for birds, but why?
早上起得够早的话，在你所住的地方也许能听到一阵悦耳的鸟鸣。在清晨歌唱是鸟的本能行为，但是鸟鸣为什么都在清晨呢？

According to the Woodland Trust, this early singing is known as the dawn chorus, and it can start as early as 4 am and last for several hours. Birds do it to attract mates and warn other birds to avoid their turf. One theory as to why they opt for the wee hours to communicate these important messages is because the low visibility makes it hard to do other bird activities, like foraging. Keeping their activity level low, they opt to sing instead.
林地信托机构称，鸟儿在清晨鸣叫最早从凌晨4点开始，可持续数个小时。鸟鸣叫是为了吸引配偶，也是为了警告其他鸟不要入侵自己的领地。关于鸟类为什么选择在凌晨传递这些重要信息，有一个理论是，凌晨能见度低，鸟类难以进行觅食等其他活动，既然无事可做，那么鸟儿就转而选择鸣叫。

Another theory argues that birds use the morning vocals to project an image of strength. By singing with fervor, they’re letting other birds know they survived the night—no guarantee in nature—and would make for an excellent mate.
另一种理论认为，鸟类利用晨鸣来展示自己的力量。通过热情地歌唱，它们让其他鸟儿知道自己已经安然度过黑夜——要知道自然界的动物过着朝不保夕的日子，不一定能看见明天的太阳——并能够成为出色的伴侣。

Like a good recording studio, the early morning hours also allow birds to transmit a clear tune thanks to the cooler, drier air. Because birds have distinctive chirps, that clarity helps them be more easily identified by birds within listening distance.
清晨的空气更凉爽、更干燥，就像一个效果很好的录音棚，鸟儿在此时歌唱能传递出清晰的音质。因为鸟儿的声音各有不同，这种清晰度可以让听得见的鸟儿更容易识别出它们的声音。

There used to be a prevailing theory that birds sang so much in the mornings because the sounds could travel greater distances due to less atmospheric turbulence, but it was disproven by researchers at the University of Western Ontario in 2003. They played recordings of sparrows at dawn and midday. The songs didn’t travel farther, but they were more consistent.
过去有一个流行的理论认为，鸟儿最爱在清晨鸣叫是因为在气流稳定的时候声音能传播得更远。但是西安大略大学的研究人员在2003年否定了这一理论。研究人员在黎明和中午分别播放了麻雀的录音。然而麻雀声音并没有传播得更远，只不过黎明时分麻雀的叫声更连贯。

Because birds only have so much energy to belt one out, singing when they stand the best chance of being heard makes sense. For a bird, an early morning session is like having the perfect acoustic environment for their performance.
因为鸟儿只能用有限的精力来鸣叫，它们自然会选择在最可能被听到的时候歌唱。对一只鸟儿来说，清晨鸣叫相当于在最佳音效环境中表演。

Starting Friday, consumers shopping on Alibaba's Taobao platform can now use Tencent's WeChat Pay for transactions, according to an official statement from Taobao.

根据淘宝的官方声明，9月27日开始，消费者在阿里巴巴淘宝平台购物时，可以使用腾讯的微信支付进行交易。

The new payment option allows users to complete purchases with WeChat Pay, and subsequent updates will enable users to access transaction records and bills directly within the WeChat app, WeChat Pay said.

微信支付方面表示，新的支付选项允许用户使用微信支付在淘宝购物，后续更新将会支持用户在微信内查询相关支付凭证、用户账单等操作。

Additionally, Taobao and Tmall are set to officially integrate JD Logistics, with the service expected to be available by mid-October. Once live, sellers on Taobao and Tmall will have the option of selecting JD Logistics for shipments.
此外，淘宝天猫平台预计将于10月中旬正式接入京东物流服务。上线后，淘宝天猫平台上的卖家即可选择使用京东物流发货。

JD.com will also introduce services from Cainiao's delivery network, including Cainiao Express and Cainiao Post, which offers parcel pickup points.

京东还将接入菜鸟配送网络的服务，包括菜鸟速递和菜鸟驿站，后者可提供包裹自提点。

JD.com is also preparing to add Alipay as a payment option, expected to launch ahead of the Nov 11 shopping festival. Both companies have confirmed that their logistics and payment cooperation agreements are now in place.

与此同时，京东也将正式接入支付宝支付，预计将在双11购物节前夕推出。两家公司都确认，他们的物流和支付合作协议现已签订。

The collaboration indicates that Chinese tech companies are moving toward more efficient resource integration and enhanced user experiences, said Liang Qiang, dean of Shantou University's School of Business.
汕头大学商学院院长梁强表示，此次合作表明中国科技公司正朝着更高效的资源整合和增强用户体验的方向发展。

The partnership is also aligned with China's macro policies to advance digital infrastructure and facilitate the dual circulation of domestic and international markets while enhancing the competitiveness of Chinese e-commerce platforms in the global supply chain, he added.
梁强补充，这一合作顺应了中国的宏观政策，即推进数字基础设施建设，促进国内国际双循环，同时增强中国电子商务平台在全球供应链中的竞争力。

transaction

n. 交易；买卖

logistics

n. 物流；后勤

dual circulation

双循环