5月中國消費者信心繼續低迷
A stunning equity rally and a series of easing steps from the central bank has done little to embolden Chinese consumers.
A股漲幅驚人，中國央行也祭出一系列寬鬆措施，但這些都沒能幫中國消費者壯膽。The Westpac MNI China Consumer Sentiment Indicator held steady this month at 111.1, after falling from 114.7 in March. The level is below the 12-month average of 112.4.
本月，澳大利亞西太研究所中國消費者信心指數(Westpac MNI China Consumer Sentiment Indicator)維持在111.1，低於3月的114.7。本月讀數低於112.4的12個月平均值。
With the economy in a broad slowdown, perhaps this shouldn't be surprising. "Consumer confidence has declined throughout much of the last year along with deterioration in the economy," MNI says.
隨着經濟整體放緩，或許對於這一讀數的低迷並不應感到意外。國際市場新聞社(MNI)表示：“由於經濟形勢的惡化，去年大部分時間裏消費者信心一直在下滑。”
But Beijing played a key role in propelling the stock market higher in the last year, likely in an effort to create a "wealth effect" and help aid the economy.
但北京方面在去年推動股市上漲方面發揮了關鍵的作用，很可能是爲了製造“財富效應”，併爲幫助支撐經濟發展。Details of the report bear out some success on this front: lower income households, who are less likely to be involved in the equity market, reported a 3.1 per cent decline in confidence, but higher income households reported a 2.8 per cent increase.
報告的細節證明了這方面的部分成功：低收入家庭（不大可能投資股市）的信心指數下降了3.1%，但高收入家庭的信心指數則升高了2.8%。Plus, a record 7.8 per cent of consumers said that local shares "were the wisest place to keep their savings." (The worrying aspect of that line can be dealt with later).
另外，有7.8%的消費者表示，國內股票“是他們配置存款的最明智渠道。”這一比例是創紀錄的。But where's the ripple effect? Consumers "turned less optimistic about future business conditions," the survey noted, and the component tracking the one-year outlook is now "back to the level recorded before the authorities began cutting interest rates in November."
但連鎖反應體現在哪裏？調查指出，消費者“對未來商業狀況更不樂觀了，”現在追蹤一年展望的指數“回到了當局去年11月降息之前的水平。”Current conditions and the five-year outlook also registered declines, while confidence among people aged between 55 and 64 even hit a record low. (Everyone between 18 and 54 was feeling better, however).
當前狀況和五年展望的信心指數也在下降，55歲至64歲之間人羣的信心指數甚至下降到創紀錄的低點。（然而，18歲至54歲人羣的信心更強。）In short, the stock market might be up but it's the broader economy weighing on the minds of ordinary people. Efforts from the People's Bank of China have helped to stabilise sentiment, but that might be it.
簡言之，股市或許會上漲，但對普通民衆影響更大的是宏觀經濟。中國央行(PBoC)的努力對穩定信心有幫助，但那也只是一種可能性。
