第一季度中國GDP增長6.9% 增幅超預期

A surge in industrial activity has pushed up China’s annual economic growth rate to 6.9 per cent in the first quarter, according to government statistics released on Monday,

週一發佈的中國政府統計數據顯示，工業活動的急劇攀升，將今年第一季度中國經濟同比增長率推升至6.9%。

Growth for the first three months of 2017 came in above Chinese premier Li Keqiang’s prediction that full year growth would be “around 6.5 per cent”, after recording 6.7 per cent growth in 2016.

2017年頭三個月的增長速度超過了中國總理李克強關於全年增速將在“6.5%左右”的預期。2016年，中國經濟增長了6.7%。

Industrial production for March rose 7.6 per cent compared with the same month last year, surpassing expectations of 6.3 per cent growth, while retail sales for the month jumped 10.9 per cent.

3月份，中國規模以上工業增加值同比增長7.6%，超過了6.3%的增幅預期，社會消費品零售總額同比躍升10.9%。

Fixed asset investment in the first quarter expanded 9.2 per cent, beating forecasts of 8.8 per cent.

一季度，全國固定資產投資同比增長9.2%，超過了8.8%的預期。

China has kept growth relatively robust thanks in part to rising levels of corporate debt, with credit continuing to grow at more than twice the rate of the underlying economy. The country’s overall indebtedness is creeping towards 300 per cent, most of it concentrated in the corporate sector.

中國保持了相對強勁的增長，部分要歸因於企業債的攀升，中國的信貸繼續以基礎經濟增速兩倍多的速度增長。中國的總體負債率正悄然接近300%，其中多數債務集中於企業部門。

The relative predictability of China’s official growth figures masks big swings in specific regions or industries.

中國官方增長數據的相對可預測性，掩蓋了特定地區或產業的巨大波動。

The four-year slump in the oil, coal and steel industries afflicted the northern and western parts of the country. A recovery in resources prices since the first quarter of 2016 has buoyed the economy and helped producer prices return to positive territory in September after four years of deflation.

石油、煤炭和鋼鐵產業長達四年的低迷，令中國北部和西部陷入困境。2016年第一季度以來的資源價格回升提振了經濟，幫助工業生產者出廠價格指數(PPI)在滯留萎縮區間達四年之久後、於去年9月重返擴張區間。