董登新（武汉科技大学金融证券研究所所长）

DongDengXin(Wuhan university of science and technology financial securities institute director)

　　历史不会重演，但似曾相识。2005年6月6日，上证综指瞬间击穿1000点，盘中最低998点，当日收于千点之上。这就是当年反转的开始。今天，上证综指直抵2000点一线挣扎，或许就是当年的“千点转折”。市场反转往往是悄无声息的，它就产生在人们普遍的绝望与质疑声中。当90%以上的股民绝望，并对股市产生恐惧情绪时，市场反转的时机也就成熟了。2005年6月6日上证综指创下998点的低点后，从1000点走到1200点花了半年时间，直到2006年大牛市爆发，人们才敢相信市场真正反转了。

History won't repeat itself,But someone like you.June 6, 2005,The Shanghai composite index instantaneous breakdown 1000 points,Plate minimum 998 points,In that day the thousand point above.This is the beginning of the reversal.today,The Shanghai composite index reaches 2000 points a line struggle,Perhaps it is in those days"Thousands turning point".Market reversal is often quiet,It occurs in people widespread despair and misgivings about.When more than 90% of the people despair,And the stock market produce fear emotions,Market reversal time will mature.On June 6, 2005, the Shanghai composite index hit a 998 points after low,From 1000 points to 1200 points go spent six months,Until the 2006 outbreak of big bull market,People will dare to believe that the market truly the reversal.

　　许小年（中欧国际工商学院经济学与金融学教授）

XuXiaoNian(China Europe international business school professor of economics and finance)

　　经济下行比预想的还快，“降价潮”正从钢铁、水泥等资本品蔓延到消费品。企业为求生存，不得不削减成本，大批裁员。产能过剩的环境中，货币政策失灵，企业不想借，银行也不敢贷。

Economic down faster than expected,"Reduction tide"Is from steel/Cement and capital goods spread to consumer goods.Enterprise for the sake of survival,Had to cut costs,Large number of layoffs.The environment of excess capacity,Monetary policy failure,Enterprise don't want to borrow,The bank also dare not credit.

　　韩志国（经济学家）

HanZhiGuo(economists)

　　在新兴国家拉动经济增长的进程中，中国、俄罗斯、印度、巴西、南非普遍岀现了结构性矛盾显露、经济增长乏力的局面。这个过程不是短期的和局部的，而是长期的和全面的。过于依赖资源、能源、外需的经济增长遇到重大瓶颈。

In emerging countries in the process of promoting the economic growth,China/Russia/India/Brazil/South Africa is the 岀 common structural contradictions revealed/Weak economic growth situation.This process is not short and local,But long-term and comprehensive.Too dependent on resources/energy/Now economic growth encountered major bottleneck.