中国7月份CPI同比涨幅回落至1.8%

Chinese inflation slowed to 1.8 per cent in July, opening up more space for the government to stimulate the stuttering economy.

中国7月份的居民消费价格(CPI)同比涨幅回落至1.8%，为中国政府提振日趋放缓的经济开启了更大的空间。

Consumer price inflation has dropped to its lowest level in 30 months, after falling from June’s 2.2 per cent rise. Factory-gate inflation is even weaker, with producer prices falling 2.9 per cent in July. China will release other important economic data, including investment and industrial output, later on Thursday.

7月份的CPI同比涨幅下滑至30个月以来的最低水平，而6月份的CPI同比涨幅为2.2%。生产环节的价格走势更为疲软，7月份的工业生产者出厂价格(PPI)同比下降2.9%。中国将于周四晚些时候发布其他重要经济数据，包括投资规模与工业产出数据。

With Europe on the brink of recession and the US economy struggling, the world’s second-largest economy, stands as the brightest spot on a bleak global map. But China has also been facing trouble.

目前欧洲处在经济衰退的边缘，美国经济正在苦苦挣扎。作为全球第二大经济体，中国可谓是当前暗淡的全球经济版图中的最亮点。但中国经济同样面临着困难。

Chinese economic growth slowed to an annualised 7.6 per cent in the second quarter, its slowest pace since the height of the global financial crisis in 2010. This has prompted Wen Jiabao, the premier, to declare that the government’s priority was to support growth

第二季度中国国内生产总值(GDP)同比增速降至7.6%，为2010年全球金融危机最严重时期以来的最低水平。受此影响，中国国家总理温家宝宣布政府将把稳增长放在更加重要的位置。

Since the start of June, the central bank has cut interest rates twice, state planning officials have accelerated approvals for investment projects, and a series of local governments have announced large spending plans.

自6月初以来，中国央行已两次下调利率，国家经济规划部门加快了投资项目的审批速度，而且有多个地方政府公布了大规模的支出计划。

Most analysts anticipate these measures will spur a recovery, and are expecting stabilisation in the third quarter and a more pronounced upturn in the following one.

分析师普遍认为，以上举措将刺激经济复苏，整体经济增速将于第三季度趋稳，并将在第四季度呈现明显的上升势头。

But the strength of this recovery is expected to be much milder than the rebound China experienced in 2010 when the government pushed through a mammoth stimulus programme.

但此轮经济复苏的力度预计将远远弱于2010年的经济反弹，当时中国政府推出了超大规模的经济刺激计划。

That spending binge ultimately created stubbornly high inflation and a surge in local government debts, so Beijing has been much more reluctant to launch a similarly big stimulus this time.

2010年的大举支出最终导致通胀高居不下和地方政府债务激增，因此中央政府此次对于推出类似的大规模刺激计划的意愿较低。

Moreover, the job market, though weakening, has held up relatively well, obviating the need for major policy support for the economy. With China embarking on a once-in-a-decade leadership transition later this year, the government is focused on ensuring that the economic and social backdrop is as trouble-free as possible.

除此之外，国内就业市场虽有疲软迹象，但整体态仍较为坚挺，这使得政府没有出台重大经济支持政策的必要。由于中国将于今年晚些时候启动十年一次的领导层换届，当前中国政府将把尽可能地确保经济与社会环境稳定作为工作重点。