尽管2015年中国股市出现巨幅震荡，但专注中国的共同基金的发行数量达到了创纪录水平，使得许多资产管理公司被指涌入一个将来难有强劲表现的市场。
A record number of China-focused mutual funds were launched in 2015 despite huge turmoil in the country’s stock markets, leaving asset managers accused of piling into a market where many will struggle to perform strongly.
据数据提供商汤森路透理柏(Thomson Reuters Lipper)统计，2015年，专注中国的基金的发行数量超过830支，远高于2014年的406支。
More than 830 funds focused on China were launched in 2015, up from 406 in 2014, according to Thomson Reuters Lipper, the data provider.
虽然中国股市近年有所成长，但2015年经历了巨大波动。去年夏天，上市公司的市值几周内就蒸发数百亿美元。
Although China’s stock markets have grown over recent years, they experienced huge volatility in 2015. Billions of dollars were wiped off the value of listed businesses in just a few weeks last summer.
理柏的数据显示，投资中国股市的国际基金仅在去年8月的一个周的损失就高达22%——尽管大多数基金在全年基础上实现了正回报。
International funds that invest in Chinese stocks lost up to 22 per cent in just one week in August, according to data from Lipper, although most provided positive returns over the year.
2016年，中国股市仍继续动荡。上周，在触发“熔断”机制后，沪深两大主要证券交易所在股价暴跌后两次提前收市。上周五，该机制被叫停。
The market turmoil has continued in 2016. Trading on China’s two main stock exchanges, in Shenzhen and Shanghai, was suspended twice last week after a “circuit breaker” mechanism kicked in amid sharp drops in share prices. The mechanism was suspended on Friday.
理柏的英国与爱尔兰研究主管杰克莫勒(Jake Moeller)表示：“中国故事已经见顶。这些基金的发行正值（中国市场）顶峰时期。”
Jake Moeller, head of UK and Ireland research at Lipper, said: “The China story has peaked. The funds were in the process of being launched just at the peak [of the Chinese market].”
多家国际资产管理公司表示仍看好中国的增长机遇。经济增速放缓与动荡的交易环境都没有阻止他们进行投资。
International asset managers said they still see good growth opportunities in the country. Neither slowing economic growth nor the turbulent trading environment is deterring them from investing.
安本资产管理(Aberdeen Asset Management)亚洲董事总经理休氠(Hugh Young)称：“最近的事态并未改变我们对中国的长远看法。随着政府设法推动经济从出口导向转向由内需驱动，中国经济增速正在放缓。”
Hugh Young, managing director of Aberdeen Asset Management in Asia, which launched a fund focused on the onshore Chinese equity market last year, said: “Recent events have not altered our long-term view on China. The economy is slowing as the administration seeks to transition it from being export led to one driven by domestic demand.
“但我们毫不怀疑未来几十年中国仍将是全球经济的关键动力。”该机构去年发行了一支专注中国内地股市的基金。
“But we have no doubt China will remain a key driver of the global economy throughout the next decades.”
霸菱资产管理公司(Baring Asset Management)的业务发展主管戴维史蒂文森(David Stevenson)补充说：“如今，中国经济已大到不容忽视。作为资产管理公司，你就是不得不拥有一支（中国基金）。”这家339亿英镑的基金公司管理着多支专注中国的基金。
David Stevenson, head of business development at Baring Asset Management, the 33.9bn fund house that has several China-focused funds, added: “The Chinese economy now is just simply too big to ignore. As an asset manager you simply have to have [a China fund].”
史蒂文森表示，随着中国市场逐渐向国际投资者开放，全球资产管理公司发行专注中国的国际产品已经变得更加容易。
Mr Stevenson said that as the Chinese market gradually opens up to international investors, it has become easier for global asset managers to launch China-focused international products.
然而，理柏的数据显示，去年发行的专注中国的基金大多落户中国，将目标对准中国日益扩大的零售投资市场。
However, according to Lipper’s data, the majority of the China-focused funds launched last year were domiciled in China and aimed at the country’s expanding retail investment market.
咨询公司Casey Quirk的亚太区主管Daniel Celeghin说：“2015年，本地在岸基金业实现了惊人增长。”
“In 2015 there was extraordinary growth in the local, onshore fund industry,” said Daniel Celeghin, head of Asia-Pacific at Casey Quirk, a consultancy.
哲奔投资管理咨询(Z-Ben Advisors)的数据显示，中国共同基金业上季度增长了25%，中国将超越澳大利亚和日本，成为亚太地区最大的共同基金市场。
China’s mutual fund industry grew 25 per cent last quarter and the country is set to overtake Australia and Japan as the largest mutual fund market in the Asia-Pacific region, according to Z-Ben Advisors, the consultancy.