消費接棒助推中國經濟增長
China’s consumers are gradually picking up the baton from the traditional economic engines of manufacturing and real estate, data released on Wednesday show, as the painful rebalancing process inches ahead.
週三發佈的數據顯示，隨着痛苦的再平衡過程緩緩向前推進，中國消費者正一步步地從經濟增長的兩個傳統引擎——製造業和房地產業——那裏接過接力棒。
The slowdown of factory activity and construction pushed Chinese gross domestic product growth to its lowest annual pace since 2009 in the third quarter at 6.9 per cent, and the latest data suggest these sectors have not yet bottomed out.
今年第三季度，製造業和建築業的放緩把中國國內生產總值(GDP)的同比增速拉低至6.9%，爲2009年以來的最低水平。最新數據顯示，這兩個行業仍未見底。
Urban fixed-asset investment grew at an annual rate of 10.2 per cent in the first 10 months of the year, the slowest pace since 2000 and the 17th straight month of declines, according to the statistics bureau. Industrial production, a gauge of the manufacturing sector, matched the six-year low of 5.6 per cent annual growth touched in April.
中國國家統計局數據顯示，今年1月至10月，全國城鎮固定資產投資同比增長10.2%，爲2000年來最慢增速，也是連續第17個月放緩。作爲製造業的衡量指標之一，10月份的工業增加值的同比增速爲5.6%，與今年4月創下的6年低點持平。
Shoppers, out in force for Singles Day, helped take up the slack. Retail sales grew 11 per cent in October, the swiftest annual rate this year. Passenger car sales also grew strongly, rising by 13.3 per cent to 1.9m units in October, the fastest pace in 17 months, according to the China Association of Automobile Manufacturers.
消費者幫助挽回了頹勢（雙十一這天，有大批中國消費者出手購物）。10月份，社會消費品零售總額同比增長11%，爲今年最快增速。中國汽車工業協會(CAAM)數據顯示，10月份乘用車銷量也增長強勁，同比增加13.3%，至190萬輛，增速爲17個月來最快。
Property was the biggest drag on fixed-asset investment, with real estate investment dipping to 2 per cent, the slowest pace since data began in 2004. Home sales and prices have begun to creep higher in recent months following a year of declines, but developers are delaying new construction in the face of unsold inventory gluts.
房地產對固定資產投資增長的拖累最顯著。10月份，房地產投資同比增速放緩至2%，爲2004年開始統計該數據以來的最低水平。經歷了一年的下滑後，住房銷量和價格在近幾個月都開始回升，但鑑於未售存量房依然積壓，開發商們正在推遲建造新屋。
Beijing has ramped up fiscal spending to fill the gap. Fixed-asset investment by local governments rose 10.6 per cent in the year to October.
中國政府增加了財政支出，希望填補投資缺口。今年1月至10月，地方政府固定資產投資同比增長了10.6%。
Economists expect easing measures, including six interest rate cuts since last November, to help stabilise growth through the rest of the year.
經濟學家預期，寬鬆性政策（包括自去年11月以來6次降息）將幫助中國經濟增長在今年餘下的時間裏企穩。
Lower-priced basic commodities such as steel, copper and cement exaggerate the deceleration in growth of fixed investment and industrial output. In inflation-adjusted terms, industrial production grew 6.1 per cent in October, although that is still the weakest pace since early 2009.
鋼、銅和水泥等基礎大宗商品價格走低，加劇了固定資產投資和工業產值增速的放緩。經通脹調整後，今年1月至10月，工業增加值同比增長了6.1%，但這仍是自2009年初以來的最慢增速。
