The standard explanation is weak Chinese demand, with the oil-price collapse widely regarded as a portent of recession, either in China or for the entire global economy. But this is almost certainly wrong, even though it seems to be confirmed by the tight correlation between oil and equity markets, which have fallen to their lowest levels since 2009 not only in China, but also in Europe and most emerging economies.
标准解释是中国需求疲软，石油价格崩盘被广泛视为衰退的前兆，可能是中国衰退，也可能是整个全球经济衰退。但这几乎肯定是错误的，即使石油和股市之间的强相关性似乎确认了这一点。这一相关性已跌至2009年以来的最低点，不仅中国如此，欧洲和大部分新兴经济体亦然。