中國零售增長放緩但國有投資加快

Retail sales rose less than expected during the January-February period in China despite accelerated growth in both industrial production and fixed asset investment, with state spending bolstering the latter.

2017年1-2月份，中國零售銷售增速低於預期，儘管工業增加值以及受到政府支出提振的固定資產投資增速均有所加快。

Retail sales surprised on the downside, growing 9.5 per cent year on year in the first two months of 2017. That was down from 10.4 per cent growth in the twelve months ended December as well as lower from the 10.2 per cent rise seen for the same period in 2016.

今年頭兩個月，中國社會消費品零售總額同比增長9.5%，遜於預期，令外界意外。這一增速低於截至去年12月的一年期間的10.4%，也不及2016年同期的10.2%。

The rise was also more than a percentage point short of a median estimate of 10.6 per cent from economists polled by Bloomberg. The softening was more pronounced at above-scale enterprises, where sales growth came in at 6.8 per cent, though online purchases of goods were up 25.5 per cent from the previous year.

這一增速較彭博(Bloomberg)調查的經濟學家10.6%的預估中值低出逾一個百分點。放緩趨勢在限額以上單位較爲明顯，這些單位的消費品零售增長6.8%，不過實物商品網上零售額同比增長25.5%。

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The softening in overall consumer spending growth comes despite a rise in investment. Urban fixed-asset investment grew 8.9 per cent year on year in the two months of 2016, up from from 8.1 per cent in the year ended December and besting expectations of an 8.3 per cent rise.

在中國整體消費支出增速放緩之際，投資出現增加。今年頭兩個月，城鎮固定資產投資同比增長8.9%，高於去年全年的8.1%，也超出增長8.3%的預期。

Growth was far more pronounced at state-controlled firms, which saw investment jump 14.4 per cent during the period, compared to a rise of 6.7 per cent from privately owned firms.

今年頭兩個月，國有控股企業的固定資產投資增速要明顯得多，增長14.4%，而民營企業投資增長6.7%。

While private firms’ FAI growth was up noticeably from a year-end level of 3.2 per cent, that was lower compared to a rise of 6.9 per cent for the same period in 2016. State-run enterprises’ FAI likewise grew faster at the start of 2016, rising 20.2 per cent in the year’s first two months.

儘管民營企業的固定資產投資增速顯著快於去年底的3.2%，但仍低於2016年同期的6.9%。同樣，在去年頭兩個月，國有企業固定資產投資增速也較快，達到20.2%。

That brought the state share of fixed asset investment in 2017 so far to 35.4 per cent, slightly lower from 35.7 per cent in the 12 months ended December but still reflecting a visible rise from 33.7 per cent a year earlier.

這令國有企業佔2017年迄今固定資產投資的比例達到35.4%，略低於去年全年的35.7%，但較一年前的33.7%有明顯增加。

Industrial production grew at a slightly quicker clip than anticipated as well, rising 6.3 per cent in the January-February period from a year prior versus expectations of a 6.2 per cent rise.

今年頭兩個月，規模以上工業增加值同比實際增長6.3%，略高於6.2%的預期。