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A test of will

机译:意志的考验

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When Li Keqiang, China's prime minister, spoke at a big business meeting earlier this month, he trumpeted two achievements. Not only had the government overseen steady economic growth, he said, but it had done so without resorting to a big stimulus. Both assertions are now looking rather doubtful. A barrage of data for August pointed to a sudden weakening in growth, catching many analysts and investors by surprise. Although it is unwise to read too much into one month's numbers, the figures had a distressingly uniform downward tilt. Investment, retail sales and credit issuance all slowed. Industrial output, which is closely correlated with gdp given the size of China's manufacturing sector, grew at its weakest pace since late 2008, when the global financial crisis was battering the economy. Housing sales, already struggling, contracted further; they have fallen 8% so far this year. That has started to eat into the revenues of local governments, since property developers are holding back on land purchases. Yao Wei of Societe Generale, a French bank, called it a "shockingly sharp" deceleration.
机译:当中国总理李克强在本月初的一次大型商务会议上发表讲话时,他吹嘘了两项成就。他说,政府不仅监督了经济的稳定增长,而且没有采取大规模的刺激措施。这两个断言现在看起来都值得怀疑。 8月份的大量数据表明经济增长突然减弱,令许多分析师和投资者感到意外。尽管过多读入一个月的数字是不明智的,但这些数字的下降趋势令人痛苦。投资,零售和信贷发行均放缓。考虑到中国制造业的规模,与国民生产总值密切相关的工业产值增长速度是自2008年末以来最弱的,当时全球金融危机正在打击经济。已经陷入困境的房屋销售进一步萎缩;今年到目前为止,它们已经下降了8%。由于房地产开发商不愿购买土地,这已经开始侵蚀地方政府的收入。法国兴业银行的姚伟称其为“惊人的急剧减速”。

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    《The economist》 |2014年第8905期|69-70|共2页
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