China's new OTC board makes official debut
英语课
BEIJING, Jan. 16 (Xinhua) -- The official establishment of the New Third Board, a national share transfer system for small- and medium-sized enterprises (SMEs), was announced Wednesday, after years of trials in several cities.
The move marks another step in China's efforts to nurture 1 the over-the-counter (OTC) market amid moves to diversify 2 the capital market, analysts 3 said.
The New Third Board was initiated 4 in 2006 as an experimental platform intended to facilitate financing for China's non-listed small, promising 5 high-tech 6 enterprises in Beijing's Zhongguancun Science Park, allowing them to transfer shares and raise funds for specific purposes.
The trial later expanded to cover several high-tech zones in Shanghai, Wuhan and Tianjin before being officially established on Wednesday.
Yao Gang, vice 7 chairman of the China Securities Regulatory Commission (CSRC), called the latest move "a significant transition" in the country's construction of the OTC market.
As of the end of 2012, around 200 companies traded on the New Third Board, and analysts expect the scale to accelerate in 2013 with the new developments. But they also pointed 8 out that more innovative 9 policies are needed to stimulate 10 activity on the board, which has been sluggish 11.
In 2012, transactions on the board decreased 22.8 percent from 2011, and the average funding per firm came in at only 33.8 million yuan (about 5.4 million U.S. dollars), far from enough to feed China's hungry SMEs.
The key to making the new mechanism 12 effective is policy reforms in regulations covering market entrance, public transfers, financing and market makers 13, according to a research report by Shenyin&Wanguo Securities.
Yao said the CSRC will explore a proper development path for the new board to strike a balance between the exchange and OTC markets.
n.养育，照顾，教育；滋养，营养品；vt.养育，给与营养物，教养，扶持
- The tree grows well in his nurture.在他的培育下这棵树长得很好。
- The two sisters had received very different nurture.这俩个姊妹接受过极不同的教育。
v.（使）不同，（使）变得多样化
- Our company is trying to diversify.我们公司正力图往多样化方面发展。
- Hills and woods diversify the landscape.山陵和树木点缀景色。
分析家，化验员( analyst的名词复数 )
- City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
- I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
adj.有希望的，有前途的
- The results of the experiments are very promising.实验的结果充满了希望。
- We're trying to bring along one or two promising young swimmers.我们正设法培养出一两名有前途的年轻游泳选手。
adj.高科技的
- The economy is in the upswing which makes high-tech services in more demand too.经济在蓬勃发展，这就使对高科技服务的需求量也在加大。
- The quest of a cure for disease with high-tech has never ceased. 人们希望运用高科技治疗疾病的追求从未停止过。
n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的
- He guarded himself against vice.他避免染上坏习惯。
- They are sunk in the depth of vice.他们堕入了罪恶的深渊。
adj.尖的，直截了当的
- He gave me a very sharp pointed pencil.他给我一支削得非常尖的铅笔。
- She wished to show Mrs.John Dashwood by this pointed invitation to her brother.她想通过对达茨伍德夫人提出直截了当的邀请向她的哥哥表示出来。
adj.革新的，新颖的，富有革新精神的
- Discover an innovative way of marketing.发现一个创新的营销方式。
- He was one of the most creative and innovative engineers of his generation.他是他那代人当中最富创造性与革新精神的工程师之一。
vt.刺激，使兴奋；激励，使…振奋
- Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
- Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。
adj.懒惰的，迟钝的，无精打采的
- This humid heat makes you feel rather sluggish.这种湿热的天气使人感到懒洋洋的。
- Circulation is much more sluggish in the feet than in the hands.脚部的循环比手部的循环缓慢得多。
n.机械装置；机构，结构
- The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
- The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。
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