第三季度中國經濟增速跌破7%
China’s economy grew at its slowest pace since the global financial crisis in the third quarter, as growth in services failed to make up for weakness in manufacturing and property.
今年第三季度，中國經濟增速降至全球金融危機以來最低水平，原因是服務業的增長未能抵消製造業和房地業的疲軟。
China's statistics bureau said on Monday that gross domestic product rose by 6.9 per cent in the third quarter in inflation-adjusted terms, down from 7 per cent in the first two quarters and 7.3 per cent in the same period in 2014. It was the slowest quarterly growth rate since the first quarter of 2009 but higher than expectations of 6.7 per cent in a Bloomberg poll.
中國國家統計局週一表示，按可比價格計算，第三季度國內生產總值(GDP)同比增長6.9%，增速低於今年第一、第二季度的7%以及2014年同期的7.3%。這是自2009年第一季度以來的最慢季度增速，但比彭博(Bloomberg)調查得出的預期值6.7%要高。
Monday’s figure suggests that China may struggle to meet the full-year growth target of “around 7 per cent” that Premier Li Keqiang announced in March. The National Bureau of Statistics said last month that growth as low as 6.5 per cent would be within the target range.
週一的數據表明，中國或許很難實現李克強總理3月份時宣佈的“7%左右”的全年增長目標。國家統計局上月表示，即使今年增長率低至6.5%，也在目標範圍內。
While manufacturing and property construction have slowed for more than a year, financial services provided a temporary boost to growth earlier in 2015 as brokerages raked in commissions from the stock market boom.
儘管製造業和房地產建設放緩已持續一年多，但今年早些時候，由於券商從股市繁榮中賺到大量佣金，金融業爲經濟增長提供了暫時的提振。
Yet services growth remained strong in the third quarter, with nominal growth falling only slightly to 11.9 per cent annually from 12.1 per cent in the second quarter.
不過，服務業增長依然強勁，年化名義增長率僅從第二季度的12.1%略微下滑至11.9%。
Stagnation continued in the industrial sector, however, where nominal growth was roughly flat at 0.2 per cent, down from 1.6 per cent in the second quarter. The statistics bureau does not break down real growth figures by sector.
然而，工業部門的增長仍然極其緩慢，名義增長率僅爲0.2%，低於第二季度的1.6%。國家統計局沒有公佈各個行業的實際增長率。
Economists agree that a long-term slowdown in Chinese growth is inevitable due to structural factors such as a shrinking labour force and the end of “catch-up growth” as China completes the transition from a rural to industrial economy. But a cyclical slowdown in manufacturing, oversupply of housing and weak foreign demand for Chinese exports is adding to the pain.
經濟學家一致認爲，由於結構性原因——比如勞動力減少以及農業經濟向工業經濟轉型完成導致的“追趕型增長”結束——中國增長的長期放緩是不可避免的。但是，製造業的週期性放緩、住房供應量過高、以及外部對中國出口產品需求疲弱，正在加劇這一痛苦。
The government has announced plans to boost spending on infrastructure projects to make up for the fall in property and manufacturing-linked investment.
中國政府已經宣佈了一些計劃，旨在擴大基建項目支出，以抵消房地產和製造業相關投資下滑帶來的影響。
Economists also expect the central bank to cut benchmark interest rates again before the end of 2015, as well as make another reduction in banks’ required reserve ratio. That would follow five rate cuts since November and three RRR cuts in 2015.
經濟學家還預計，中國央行在今年底前會再次下調基準利率，並會再次下調商業銀行存款準備金率。此前，中國央行自去年11月以來已五次降息，在2015年已三次降準。
