Share prices surged as trading resumed on Tuesday in mainland China following a weeklong national holiday, as investors rushed in to make bullish bets that Beijing’s leaders are committed to providing stimulus for the faltering Chinese economy.

为期一周的国庆假期结束后，中国大陆股市在周二恢复交易，股价飙升。投资者蜂拥入市，乐观地押注中国领导人致力于为步履蹒跚的中国经济提供刺激。

Before the break, the Chinese government jolted stock markets sharply higher with a package of measures aimed at halting the cycle of falling real estate prices and weakening consumer confidence.

在休市之前，中国政府推出了一系列措施，旨在阻止房地产价格下跌和消费者信心减弱的周期，从而推动股市大幅走高。

The central bank and other top financial agencies announced on Sept. 24 that they were cutting interest rates, reducing the minimum down payments for mortgages, and encouraging banks to lend more money for investors to buy shares.

9月24日，央行和其他主要金融机构宣布将下调利率，降低抵押贷款的最低首付比例，并鼓励银行向投资者提供更多贷款，以购买股票。

Two days later, the ruling Politburo issued an uncommonly blunt call for more to be done to help the economy. Several municipal governments soon followed by trimming or dismantling their restrictions on real estate purchases as a way to stabilize the housing market in their cities.

两天后，执政的中共中央政治局发出了一项不同寻常的直率呼吁，要求采取更多措施提振经济。随后，一些城市很快就减少或取消了购房限制，以此来稳定本地房市。

The CSI 300, an index of large companies traded in Shanghai and Shenzhen, soared 25 percent in heavy trading over the five sessions before the holiday. Market operators tested their systems on Monday in anticipation of another influx of activity.

沪深300指数是在上海和深圳两地交易的大型公司的指数，在假期前的五个交易日里，交易量飙升了25%。市场运营商在周一测试自己的系统，迎接新一轮市场活动的大量到来。

The CSI 300 climbed about 10 percent in early trading on Tuesday.

沪深300指数周二早盘上涨约10%。

Retail investors in China have rushed into the markets, flocking to online trading platforms like Snowball and Tiger Brokers. The craze for Chinese stocks has also spread to investors outside the country who feared they were missing out on the biggest rally in decades.

中国的散户投资者纷纷进入股市，涌向雪球和老虎证券等在线交易平台。对中国股市的狂热也蔓延到了海外投资者，他们担心自己会错过几十年来最大的一次上涨。

Tay Chi Keng, an independent investor in Singapore who runs a YouTube channel about investing, said his inbox has filled with requests for advice.

新加坡独立投资者Tay Chi Keng在YouTube上开设了一个投资频道，他说自己的收件箱里全是寻求咨询建议的请求。

“People are thinking of it like, ‘If I don’t have a stake in the Chinese stock market, that means I’m losing out,’ and everything has caught like wildfire,” Mr. Tay said.

“人们的想法是，‘如果我在中国股市没有股份，那就意味着我在赔钱。’一切都像野火一样蔓延，”他说。

Mr. Tay, 26, has held shares in multiple Chinese companies through the recent down years. He said he forces himself to consider any moves for at least 48 hours. But he was nearly tempted to abandon his discipline, he said, to invest in the Chinese liquor company Kweichow Moutai, whose products can fetch thousands of dollars a bottle and whose shares rose nearly 40 percent in the week before the holiday shutdown.

26岁的Tay Chi Keng在最近几年的经济低迷时期持有多家中国公司的股票。他说，他强迫自己采取任何行动时至少思考48小时。但他说，他几乎想放弃这个原则去投资中国白酒公司贵州茅台。茅台的产品每瓶可以卖到数千美元，其股价在假期休市前一周上涨了近40%。

“This rally is just mind boggling,” he said.

他说：“这次反弹令人难以置信。”

中国经济已连续三年遭遇房地产价格下跌。

China’s stock markets were among the worst performing in the world before the recent turnabout. Since early 2021, the CSI 300 had lost almost half its value, while the Hang Seng in Hong Kong dropped by more than half. After the recent rally, the CSI 300 is 17 percent higher this year and the Hang Seng over 35 percent.

在最近的转变之前，中国股市是世界上表现最差的股市之一。自2021年初以来，沪深300指数下跌了近一半，而香港恒生指数下跌了一半以上。在最近的反弹之后，沪深300指数今年上涨了17%，恒生指数上涨了35%以上。

China’s economy has endured three years of falling real estate prices, and a big question is whether China’s leaders will follow through with further economic stimulus measures.

中国经济已经经历了三年的房地产价格下跌，一个很大的问题是中国领导人是否会采取进一步的经济刺激措施。

The tipping point that prompted the Chinese leadership to act at the end of September remains a mystery. Economic data through the summer was weak but not calamitous. While the government is not scheduled to release detailed statistics for September until Oct. 18, a survey of Chinese businesses by the China Beige Book, an economic research group, found that little had changed in the past month.

促使中国领导人在9月底采取行动的临界点仍然是个谜。整个夏季的经济数据虽然疲软，但并非灾难性的。虽然政府要到10月18日才会公布9月份的详细统计数据，但经济研究机构中国褐皮书对中国企业进行的一项调查发现，过去一个月几乎没有什么变化。

“After Beijing announced it would provide its most aggressive policy support in years, many analysts took to assuming that only an economy teetering on cataclysm would’ve kicked policymakers into action,” said Leland Miller, the consultancy’s chief executive. “It’s a compelling narrative, but it’s wrong.”

该咨询公司首席执行官利兰·米勒表示：“在北京宣布将提供多年来最积极的政策支持后，许多分析师认为，只有在经济濒临灾难的情况下，政策制定者才会采取行动。这个说法很有说服力，但它是错误的。”

The Politburo, the 24 men who run the Communist Party, usually does a broad, quarterly review of economic policy at the end of October. So investors were surprised when the Politburo called for immediate action at a meeting at the end of September.

由24人组成的中共中央政治局通常在10月底对经济政策进行一次广泛的季度评估。因此，当中共中央政治局在9月底的一次会议上要求立即采取行动时，投资者感到意外。

The abrupt change of tack was all the more unexpected because of the lack of urgency evident just two months earlier, when the leadership met to review the state of growth. Back then, a Politburo statement said the economy “continues on an upturn and is trending positively.”

就在两个月前，领导层开会审议经济增长状况时明显缺乏紧迫感，这种策略的突然转变就更加出人意料。当时，中共中央政治局的声明称，经济“继续回升向好态势”。

The leaders noted challenges, including slack domestic demand. But they focused on a favorite theme of China’s top leader, Xi Jinping — “new quality productive forces,” such as electric vehicles — as a cure.

领导人指出了各种挑战，包括国内需求疲软。但他们把焦点放在了中国最高领导人习近平最喜欢的主题“新质生产力”上——比如电动汽车——作为一剂良药。

In mid-July, the party’s Central Committee also appeared unruffled when it held a special meeting on long-term economic goals, a so-called Third Plenum that occurs roughly every five years.

7月中旬，中共中央委员会召开了一次关于长期经济目标的特别会议，也就是大约每五年召开一次的所谓三中全会，这次会议似乎也是风平浪静。

中国的政策制定者极力关注制造业投资。

Some overseas economists have suggested that China’s recent measures could mark the beginning of a long-delayed effort to increase consumer spending and lay a more sustainable base for economic growth. But there are lingering signs that the country’s leadership is still committed to building ever more factories, despite signs of chronic overcapacity and falling prices in many industries.

一些海外经济学家表示，中国最近的措施可能标志着一项拖延已久的努力的开始，即增加消费者支出，为经济增长奠定更可持续的基础。但仍有迹象表明，尽管许多行业出现了长期产能过剩和价格下跌的迹象，但中国领导层仍致力于建设更多的工厂。

“Manufacturing industry is the foundation of the nation and the bedrock of a strong country,” Mr. Xi said in a letter on Sept. 28 to workers of China First Heavy Industries, a state-owned conglomerate that makes smelting and industrial equipment.

“制造业是立国之本、强国之基，”习近平在9月28日给中国一重集团工人的一封信中写道，该公司是一家生产冶炼和工业设备的国有企业。

Underlying many of the country’s economic difficulties is the steep slide in prices for apartments. During a boom that peaked in 2021, middle-class families put their savings into buying apartments, often borrowing to do so. Many bought second and third apartments as investments. Real estate came to represent 60 to 80 percent of household assets.

中国的许多经济困难是住房价格的急剧下滑所致。在2021年达到顶峰的繁荣时期，中产阶级家庭将他们的储蓄用于购买公寓，通常是通过贷款购买。许多人购买了第二套和第三套公寓作为投资。房地产占家庭资产的60%到80%。

Prices of existing homes have been falling 10 percent a year and some economists have suggested that the decline could accelerate to 15 percent next year unless more is done. The Communist Party Politburo recognized the problem at its session late last month. It directed officials to stabilize the housing market, strictly control any uptick in construction and expand loans for officially approved projects..

二手房价格每年下跌10%，一些经济学家认为，除非采取更多措施，否则明年跌幅可能加速至15%。中共中央政治局在上月底的会议上承认了这个问题。它指示官员稳定房地产市场，严格控制任何建设的增长，并扩大对官方批准项目的贷款。

The danger for China lies in a possible repeat of a stock market debacle it experienced in 2015.

中国面临的危险在于，2015年经历的股市崩盘可能会重演。

Faced with weakness in real estate prices, the Chinese government engineered a rally that saw the CSI 300 more than double in less than seven months. Millions of Chinese rushed to open brokerage accounts and borrowed heavily to place big bets on shares.

当时面对房地产价格的疲软，中国政府策划了一场反弹，在不到7个月的时间里，沪深300指数上涨了一倍以上。成百上千万的中国人争相开户，并大举借贷，押注股市。

Many then lost most or all of their savings when the index shed most of its gains in during the summer of 2015. Before that sell-off, Chinese official media had encouraged investors to buy.

2015年夏天，沪深300指数跌去了大部分涨幅，许多人损失了大部分或全部积蓄。在那次抛售之前，中国的官方媒体曾鼓励投资者买入。