中国5月出口增速反弹

Chinese trade data for May have provided a glimmer of hope for the global economy, with domestic and external demand both much stronger than expected.

中国5月份贸易数据为全球经济带来一线希望的曙光，国内和外部需求的强劲程度均超出预期。

Beijing has already started to loosen its policy stance, cutting interest rates last week for the first time since 2010. While that shift is expected to continue, the fact that growth appears to be holding up reasonably well could put a cap on the extent to which officials try to stimulate the economy.

北京方面已开始放松其政策姿态，上周自2010年以来首次降息。尽管这种政策转变预计将会继续，但增长似乎保持得相当良好这一点，可能会限制官方试图刺激经济的程度。

Exports rose 15.3 per cent in May from a year earlier, topping April’s 4.9 per cent pace and also far ahead of analysts’ forecasts. Imports were up 12.7 per cent in May, also easily surpassing both April’s 0.3 per cent increase and forecasts.

5月出口同比增长15.3%，超过4月4.9%的增幅，并且远高于分析师们的预测。5月进口同比增长12.7%，同样轻松超过4月0.3%的增幅和分析师预测。

China’s trade surplus was $18.7bn in May, a touch bigger than its $18.4bn surplus in April.

5月当月，中国的贸易顺差为187亿美元，略高于4月的184亿美元。

Coming after the People’s Bank of China surprised markets by cutting interest rates on Thursday, the economic data published this weekend were expected to be extremely weak.

上周四中国央行出乎市场意料地降息之后，各方预期，周末发布的经济数据可能极为疲弱。

The battery of indicators, from industrial output to retail sales, did highlight sluggishness in the Chinese economy, but the overall picture was not nearly as bad as some had feared. This was especially true of the trade data.

从工业增加值到消费品零售总额，这批经济指标数据确实突显中国经济存在一些疲软，但整体局面（尤其是贸易数据）远远不像有些人所担心的那么糟糕。

The performance of Chinese exports, an important proxy for the health of the global economy, revealed unmistakable weakness in Europe. Shipments to the European Union rose just 1.3 per cent in the first five months of the year as the eurozone’s debt troubles weighed on business activity. But the US helped plug the hole, with exports to the American market rising 12 per cent.

中国出口表现是全球经济健康状况的重要指标，它明显反映出欧洲的疲弱。今年头五个月，随着欧债危机对商业活动造成拖累，中欧双边贸易总值仅同比增长1.3%。但美国帮助填补了缺口，中美双边贸易总值同比增长12%。

Imports were driven by the strength of China’s appetite for commodities, though there were questions about how robust its fundamental demand really was. Copper imports, for example, jumped 11.9 per cent in May from a month earlier, ending two straight months of declines, but analysts said that this may have largely reflected a shift of inventories from western markets to China.

进口得到中国对大宗商品旺盛胃口的推动，尽管人们对于中国的基本面需求究竟如何存在一些疑问。以铜的进口为例，5月进口量比上月大增11.9%，终结了此前连续两个月的跌势，但分析师们表示，这可能在很大程度上反映了库存从西方市场转向中国。

The trade data followed a batch of other numbers published on Saturday that cast China’s growth outlook in a gloomier light.

除了贸易数据以外，中国在上周六还发布了其它一些数据，这些数据所描绘的中国增长前景更为黯淡一些。

Fixed-asset investment, a crucial driver of the economy, edged down in May to 20.1 per cent year-to-date growth from 20.2 per cent in April, despite news that the government had ramped up the pace of approvals for investment projects.

今年1-5月，固定资产投资（中国经济的关键推动因素之一）同比增长20.1%，略低于1-4月的20.2%，尽管资讯报道称，政府已加快审批投资项目。

Industrial production nudged up to a 9.6 per cent rise from 9.3 per cent in April, but came in shy of forecasts for a stronger rebound.

工业增加值在5月同比增长9.6%，略高于4月9.3%的增幅，但低于有关更强劲反弹的预测。

Meanwhile, retail sales slouched to a 13.8 per cent increase from 14.1 per cent growth a month earlier. The government has been trying to fire up consumption as a new engine of economic growth, so tepid retail sales were disappointing.

与此同时，社会消费品零售总额增长放缓至13.8%，低于上月的14.1%。中国政府近年一直在试图鼓励消费，使其成为新的经济增长发动机，因此不温不火的零售销售额令人失望。

Inflation receded to 3 per cent year-on-year in May, the lowest in two years and down from 3.4 per cent in April. While indicative of weakness in consumer demand, the decline in price pressure gives authorities scope to use monetary and fiscal tools to support the economy.

5月，中国消费价格指数(CPI)同比涨幅降至3%，低于4月的3.4%，达到两年来最低位。尽管这显示消费需求疲软，但价格压力的下降，也给官方带来了动用货币及财政工具支持经济的更大空间。