China reins in economic expansion

China's growth in fixed-asset investment and its money supply slowed considerably in August，providing firm evidence that the government's tightening measures were reining in the country's rapid economic expansion.examda

Urban fixed-asset investment in August rose 21.5 per cent compared with a year ago，a marked slowdown from the 30.5 per cent expansion from January through July and the slowest for a single month since December 2004. M2，the broad indicator for money supply， rose 17.9 per cent last month compared with 18.4 per cent in July and June.

China's economy has been growing at a record pace，expanding by 11.3 per cent in the second quarter. Beijing officials and many economists are concerned that such growth rates are not sustainable in the longer term.

The latest economic data，which were released by Qiu Xiaohua，commissioner of China's National Bureau of Statistics，suggest Beijing has been able to control excessive lending and investment to sectors such as real estate that are especially at risk of overheating.

Beijing is using a combination of monetary and administrative controls in its attempts to moderate growth. Since late April，China's central bank has twice raised benchmark lending rates and bank reserve requirements. Yesterday it also mopped up a record Rmb225bn ($28.3bn) in its regular open market operations.examda

Su Ning，the deputy central bank governor，said this week at an international conference in Beijing that the country's money supply was slowing dramatically as a result of these measures.

At the same time，China's leaders are trying to control unnecessary production - for instance by limiting land rights and enforcing environmental standards in key industries such as steel，cement and automobiles.

Beijing is also worried about overlending to urban property projects，including residences，offices and industrial parks，and the threat it could lead to artificially high prices and excess supply.

While trying to temper credit and investment growth，Beijing is also attempting to stimulate consumer spending， since it believes a strong middle class will be a key driver of future growth.

China's statistics body said August retail sales were up 13.8 per cent，a rate consistent with that of the previous two months. Demand for oil products，jewellery，automobiles and building has been particularly strong.

一、參考譯文：

8月份中國(guó)固定資產(chǎn)投資及貨幣供應(yīng)量增長(zhǎng)速度明顯放緩，這有力地證明，政府的緊縮舉措，正在抑制中國(guó)經(jīng)濟(jì)的迅速擴(kuò)張。

8月份，中國(guó)城市固定資產(chǎn)投資較上年同期增長(zhǎng)21.5%，與1至7月份期間30.5%的擴(kuò)張速度相比，有明顯放緩;同時(shí)也是自2004年12月以來，單月增幅最低的一個(gè)月。廣義貨幣供應(yīng)量M2上月增長(zhǎng)17.9%，而7月份和6月份的增幅均為18.4%.

中國(guó)經(jīng)濟(jì)一直在以創(chuàng)紀(jì)錄的速度增長(zhǎng)，第二季度的增幅為11.3%.中國(guó)政府官員和許多經(jīng)濟(jì)學(xué)家擔(dān)心，長(zhǎng)遠(yuǎn)而言，這樣的增長(zhǎng)速度難以維持。

中國(guó)統(tǒng)計(jì)局(National Bureau of Statistics)局長(zhǎng)邱曉華發(fā)布的最新經(jīng)濟(jì)數(shù)據(jù)顯示，中國(guó)政府能夠控制對(duì)房地產(chǎn)等行業(yè)的過渡放貸和投資，這些行業(yè)尤其存在過熱風(fēng)險(xiǎn)。

中國(guó)政府正通過貨幣和行政調(diào)控手段相結(jié)合的方式，努力緩和經(jīng)濟(jì)增長(zhǎng)。自4月底以來，中國(guó)央行已兩度上調(diào)基準(zhǔn)貸款利率和銀行存款準(zhǔn)備金比率。昨日，央行還在其例行的公開市場(chǎng)操作中，創(chuàng)紀(jì)錄地完成2250億元人民幣(合283億美元)的資金回籠工作。

本周，中國(guó)央行副行長(zhǎng)蘇寧在北京舉行的一個(gè)國(guó)際會(huì)議上表示，由于上述措施，中國(guó)的貨幣供應(yīng)“明顯”放緩。

與此同時(shí)，中國(guó)領(lǐng)導(dǎo)人正試圖控制非必要的生產(chǎn)——例如，在鋼鐵、水泥和汽車等關(guān)鍵行業(yè)，限制土地使用權(quán)并強(qiáng)制執(zhí)行各種環(huán)保標(biāo)準(zhǔn)。

中國(guó)政府還對(duì)城市地產(chǎn)項(xiàng)目(包括住宅、寫字樓和工業(yè)園區(qū))上的過度放貸，以及可能由此導(dǎo)致的人為高價(jià)和供應(yīng)過度感到擔(dān)憂?？荚嚧?/p>

在努力遏制信貸和投資增長(zhǎng)的同時(shí)，中國(guó)政府還試圖刺激消費(fèi)支出，因?yàn)樗J(rèn)為，一個(gè)強(qiáng)大的中產(chǎn)階層，將成為未來經(jīng)濟(jì)增長(zhǎng)的關(guān)鍵驅(qū)動(dòng)力。

中國(guó)統(tǒng)計(jì)局表示，8月份，社會(huì)消費(fèi)品零售總額較上年同期增長(zhǎng)13.8%，這一幅度與前兩個(gè)月持平。石油產(chǎn)品、珠寶、汽車和建筑方面的需求一直特別強(qiáng)勁。

二、重點(diǎn)詞匯：

investment n.投資，可獲利的東西

evidence n.明顯，顯著，明白，跡象，根據(jù)， [物]證據(jù)，證物

indicator n.指示器， [化]指示劑

sustainable adj.可以忍受的，足可支撐的，養(yǎng)得起的

excessive adj.過多的，過分的，額外

benchmark[計(jì)]基準(zhǔn)

deputyn.代理人，代表

dramatically adv.戲劇地，引人注目地

artificially adv.人工(考試大)

credit n.信任，信用，聲望，榮譽(yù)， [財(cái)務(wù)]貸方，銀行存款

vt.相信，信任，把……歸給

previous adj.在前的，早先的

adv.(1)在……以前;(2)返回上一級(jí)菜單