本文摘要：The Chinese economy continued to slow in April, prompting predictions of more fiscal and monetary stimulus from Beijing, much of which is likely to boost its booming stock market.中国经济在4月之后上升，促成人们预测北京方面将实施更加多财政和货币性刺激措施，而这些措施有相当大一部分很有可能推高正处于

The Chinese economy continued to slow in April, prompting predictions of more fiscal and monetary stimulus from Beijing, much of which is likely to boost its booming stock market.中国经济在4月之后上升，促成人们预测北京方面将实施更加多财政和货币性刺激措施，而这些措施有相当大一部分很有可能推高正处于牛市中的股市。Fixed asset investment, a key driver of the economy, expanded by 12 per cent in the first four months of the year from a year earlier, the slowest pace since 2000 and down from 13.5 per cent in the first quarter.中国经济的关键驱动力——固定资产投资在今年头四个月同比扩展12%，这是自2000年以来最快的步伐，而且高于第一季度13.5%的同比增幅。

That was driven largely by sliding investment and construction in the crucial real estate sector, which is suffering from oversupply and tepid demand.这在相当大程度上可归咎于最重要的房地产行业投资和建设大大下降，该行业于是以遭遇供应不足和市场需求力弱。Overall property investment in the country grew 6 per cent in the first four months from a year earlier, a sharp deceleration from 8.5 per cent growth in the first quarter and the slowest pace since May 2009.中国的总体房地产投资在今年头四个月同比快速增长6%，比起第一季度的8.5%经常出现急遽滑行，而且是自2009年5月以来最快的增长速度。Growth in retail sales came in at 10 per cent in April from a year earlier, down slightly from 10.2 per cent in March but the weakest monthly reading in nine years.4月份社会消费品零售总额同比快速增长10%，仅有略低于3月的10.2%，但毕竟9年来最不振的月度同比增幅。

China is almost certain to grow at its slowest pace in 25 years this year and the government will struggle to meet its already lowered target of “around 7 per cent” expansion.今年中国完全可以认同将袭港25年以来最快的经济快速增长，政府要超过其早已上调的“7%左右”的快速增长目标将有可玩性。“Today’s activity data suggest that the momentum of growth during the first month of the second quarter could have slowed further to below 7 per cent,” said Liu Ligang, economist at ANZ bank. “Thus, more growth stabilisation policies could be expected to roll out.”“今日公布的经济活动数据或许指出，第二季度第一个月的增长势头有可能更进一步上升至7%以下，”澳新银行(ANZ bank)经济学家刘利刚回应。“因此，可以预期不会有更加多的大位快速增长政策实施。”On Sunday China cut benchmark interest rates for the third time in six months to shore up flagging activity.上周日，中国在六个月内第三次上调基准利率，以提振不振的经济活动。

The central bank has also lowered the proportion of deposits banks must hold in reserve (known as the reserve ratio requirement) twice since the start of the year, including a 100-basis-point cut last month that was the biggest since the height of the financial crisis in 2008.自年初以来，中国央行还两次上调了存款准备金率，还包括上月的100个基点上调，那是自2008年金融危机最相当严重时期以来的最大幅“降准”。Most analysts expect Beijing to continue cutting interest rates and the RRR in the coming months.多数分析师预计，北京将在未来几个月之后降息和上调存款准备金率。“We expect sequential growth momentum to improve in the coming months, but given the deep-rooted challenges such as the severe overcapacity problem in upstream industries, any improvement will still be rather fragile,” said Yang Zhao, an economist at Nomura. “Hence, we expect policy to remain accommodative.”“我们预计，环比增长势头将在接下来的几个月经常出现起色，但考虑到根深蒂固的挑战，比如上游产业生产能力相当严重不足的问题，任何恶化都仍将是非常薄弱的，”野村证券(Nomura)经济学家赵扬回应。

“因此，我们预计政策将维持严格。”While the government has tried to target its stimulus policies to benefit the economy and keep construction going across the country, much of the fresh liquidity has found its way into the booming stock market, helping the benchmark index to double in the past year.虽然政府仍然企图实施针对性的性刺激政策，借此惠及经济，扶植全国各地的建设活动，但相当大一部分新的流动性转入了大大下跌的境内股市，推展基准股指在过去一年缩减到。

After the data release yesterday, the Shanghai Composite Index fell 0.58 per cent after rising 1.6 per cent on Tuesday.昨日数据发布后，上证综指(Shanghai Composite Index)暴跌0.58%，周二该指数下跌1.6%。Japan’s Nikkei stock index erased early losses to end up 0.7 per cent on hopes of fresh Chinese stimulus.不受中国实施新的性刺激措施的期望激励，日本的MBS股指(Nikkei stock index)昨日止跌转涨，收盘下降0.7%。

On the bright side, some analysts highlighted data suggesting the year-long slump in demand for Chinese real estate could be coming to an end.从光明的一面看，一些分析师特别强调了一些或许指出持续一年的中国房地产市场需求下滑有可能将要完结的数据。For example, the floor area of property sold in the first four months of the year fell 4.8 per cent from a year earlier, an improvement on the 9.2 per cent year-on-year decline in the first quarter.例如，今年头四个月的商品房销售面积同比上升4.8%，比起第一季度9.2%的同比降幅有所恶化。

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