中國固定資產投資增速降至16年低點

Fixed-asset investment in China grew at its slowest rate for 16 years in the first five months of this year, as private companies held off spending and left the state sector to keep the economy humming.

今年1-5月，中國固定資產投資增速創16年來新低，民營企業暫緩支出，國有部門獨力維繫經濟活力。

The figures could weigh on China’s ability to hit its economic growth in line with its annual target this quarter. Beijing targets average annual economic growth of 6.5 per cent until 2020, and reported 6.7 per cent year-on-year growth in the first quarter.

這一數字或令中國經濟難以在本季度取得與年度增長目標相符的增長。中國政府的目標是在2020年前經濟年均增長6.5%。今年首季度，中國經濟同比增長了6.7%。

Fixed-asset investment grew 9.6 per cent in the first five months of the year against the same period in 2015. The slowdown, to its lowest level since 2000, was led by the private sector, where investment grew by a meagre 3.9 per cent against 23.3 per cent for the state sector.

今年1-5月，固定資產投資同比增長9.6%，增速降至2000年以來的最低水平。增速放緩主要是由民營部門導致的，民間投資僅增長3.9%，而國有控股投資增長23.3%。

Meanwhile, industrial production rose 6 per cent year on year in May, unchanged from April, while retail sales growth slipped to an annual rate of 10 per cent in May from 10.1 per cent in April. Real estate investment decelerated to 6.6 per cent annual growth from 10.3 per cent in April.

此外，5月份的工業增加值同比增長6.0%，增速與4月份持平。5月份的零售總額同比增長10%，而4月份同比增長了10.1%。1-5月房地產投資同比增長7.0%，1-4月同比增長7.2%。

Private entrepreneurs’ lack of enthusiasm weighed on the housing market, which is struggling to work through the ranks of empty apartment blocks in provincial cities and county towns. Property sales have slowed in recent weeks after sharp rises in the largest and most sought-after cities in the first quarter.

民營企業家缺乏熱情拖累了住房市場。中國住房市場正面對一個難題，即如何解決中小城市城鎮住房庫存積壓問題。今年首季度，中國最大、最熱門城市的房地產銷售大幅上揚，但近幾周來已有所放緩。