社會動態:中國6月製造業活動急劇放緩
China’s manufacturing sector weakened sharply in June, an indication that the country’s growth slowdown has deepened as the government has refrained from stimulating the sluggish economy.
中國製造業活動6月急劇放緩，表明隨着中國政府不願出手刺激低迷的經濟，中國經濟增長進一步放緩。The official purchasing managers’ index fell to 50.1 last month from 50.8 in May. It was the lowest reading in four months and just slightly above expectations.
中國官方發佈的6月採購經理人指數(PMI)爲50.1%，低於5月的50.8%。這是4個月以來的最低位，略高於預期。In dipping towards the 50 line, which demarcates expansion from contraction in the PMI, the survey result means that Chinese factories have virtually stopped growing, weighed down by lacklustre domestic demand.
PMI數值向代表着製造業擴張與收縮的分界線50%滑落意味着，由於內需低迷，中國工廠實際上已經停止增長。
Even more alarming was a separate PMI published by HSBC that is more weighted to smaller companies in the private sector than the official survey, which focuses on state-owned companies. The HSBC PMI fell to 48.2 in June, a nine-month low.
匯豐銀行(HSBC)單獨發佈的PMI數據甚至更令人不安。匯豐PMI調查以私營部門的中小企業爲主，而中國官方PMI調查以國有企業爲主。6月匯豐PMI數值下跌至48.2%，創下9個月的新低。“In terms of the magnitude of decline, this is the biggest decline in the past year,” said Ding Shuang, an economist with Citi. “This is a picture of weak demand, both domestically and externally.”
花旗(Citi)經濟學家丁爽表示：“就下降幅度而言，這是過去一年的最大跌幅。這表明無論國內還是國外，需求都極爲疲弱。”The anaemic data comes on the heels of a cash crunch that hit the Chinese financial system over the past two weeks, driving interbank rates to unprecedented highs and leading to a momentary freeze of the country’s credit market.
在疲弱的PMI數據發佈之前，中國金融體系在過去兩週出現了“錢荒”，推動銀行間拆借利率飆升至史無前例的高位，並導致中國信貸市場暫時凍結。Because it takes time for financial stresses to be transmitted to the broader economy, the impact of the liquidity squeeze will only really begin to show in July, suggesting that there could be worse to come.
由於金融緊張需要一定時間纔會傳導至宏觀經濟，流動性緊張的影響只有在7月纔會真正開始顯露出來，這表明今後形勢可能更爲糟糕。Weakness was felt across the board in the official June PMI. The sub-index for new orders fell to 50.4 from 51.8, while the output sub-index declined to 52.0 from 53.3. More worrying for the government, the employment sub-index remained depressed at 48.7, edging down from 48.8, an indication that factories are cutting jobs.
中國6月官方PMI所有分類指標都反映出經濟的疲弱。新訂單指數從51.8%降至50.4%，生產指數從53.3%回落至52.0%。更令中國政府擔心的是，從業人員指數從48.8%微降至48.7%，這表明工廠正在裁員。
