IN THE GOOD old days China appealed to investors as the world’s greatest convergence(趋同) story. Its living standards would catch up with those in the West, its economy would multiply in size and the value of its stock market would grow in tandem(同步地). Or so the story went. Investors just needed to position themselves on the right side of history(站在历史正确的一边) before everyone else arrived.
在美好的旧时光里，中国作为世界上最伟大的趋同故事吸引着投资者。它的生活水平会赶上西方，经济规模会成倍增长，股市价值也会同步攀升。至少故事是这么讲的。投资者只需在其他人到来之前，把自己放在历史正确的一边。
In more recent years China’s residual(剩余的) appeal to global investors has rested on the opposite logic—not convergence, but diversification. There is less talk of China’s destiny, more recognition of its idiosyncrasy(独特性). China, it has become clear, dances to the beat of the Communist Party’s own drum(跟着共产党的鼓点起舞). That means it can defy(无视，违抗) global trends, good and bad.
近年来，中国对全球投资者的剩余吸引力建立在相反的逻辑上——不是趋同，而是分散化。人们较少谈论中国的命运，更多认识到它的独特性。已经很清楚，中国跟着共产党自己的鼓点起舞。这意味着它可以无视全球趋势，无论好坏。
One recent example is the stock market. Global equities have risen by 11% this year, according to the MSCI World index, despite recent jitters(市场不安). Other East Asian economies like South Korea and Taiwan have ridden the artificial-intelligence boom to far greater heights(乘AI热潮升至更高水平). China is also tightly stitched into(紧密嵌入) the AI supply chain and boasts several innovative model-makers of its own, including listed companies like Z.ai and MiniMax, which both trade in Hong Kong. But China’s tech shares have plummeted(暴跌) in the second half of the year, onshore and off. And its blue-chip(蓝筹的) index, the CSI 300, is down by more than 11% so far in 2026. Chinese equities have put the sync into idiosyncrasy.(中国股市把“同步”放进了“独特性”里。)
最近的一个例子是股市。根据MSCI世界指数，尽管近期市场不安，全球股市今年已上涨11%。韩国和台湾等其他东亚经济体乘着人工智能热潮升至更高水平。中国也紧密嵌入AI供应链，并拥有多家自己的创新模型制造商，包括在香港上市的Z.ai和MiniMax。但中国科技股在下半年大幅下跌，无论是在岸还是离岸。其蓝筹股指数沪深300在2026年迄今下跌超过11%。中国股市把“同步”放进了“独特性”里。