Nine dragons paper lies at the heart of China's booming industrial relations with the rest of the world: it packages exports. The strength of the business was abundantly clear on March 17th, when it announced record first-half earnings. Immediately afterwards, however, its share price tumbled by 40%. That reflects a pattern during the latest earnings season, says Alvin Chong of Sun Hung Kai Financial, a Hong Kong brokerage firm. Good results: awful stockmarket performance.rnAmid nervousness in global markets about risky investments, over-leverage and slowing growth, even China's once impregnable stockmarkets seem to be hitting reality with a bump. There is as yet none of the panic that has afflicted Wall Street. But China's stockmarkets are off by about 30% this year (see chart)-by comparison, the s&p 500 is down by 13%.rnChina appears to be suffering from a home-grown liquidity squeeze that is not so different from the one afflicting the West.
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机译：九龙纸业是中国与世界其他地区蓬勃发展的工业关系的核心：它包装了出口产品。当3月17日宣布上半年收益创历史新高时，该业务的实力十分明显。然而，此后不久，其股价暴跌了40％。香港经纪公司新鸿基金融（Hong Hung Kai Financial）的阿尔文•钟（Alvin Chong）表示，这反映了最新财季的一种模式。良好的结果：糟糕的股市表现。rn由于全球市场对风险投资，过度杠杆化和增长放缓的担忧，即使是曾经一度坚不可摧的中国股市也似乎正在遭受重创。迄今为止，还没有任何恐慌困扰着华尔街。但是今年中国股市下跌了约30％（见图），相比之下，标准普尔500指数下跌了13％.rn中国似乎遭受了本土流动性紧缩的困扰，这与遭受金融危机困扰的人没有太大不同。西方。
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