中国零售增长放缓但国有投资加快

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，中国零售销售增速低于预期，尽管工业增加值以及受到政府支出提振的固定资产投资增速均有所加快。

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.

今年头两个月，中国社会消费品零售总额同比增长9.5%，逊于预期，令外界意外。这一增速低于截至去年12月的一年期间的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.

这一增速较彭博(Bloomberg)调查的经济学家10.6%的预估中值低出逾一个百分点。放缓趋势在限额以上单位较为明显，这些单位的消费品零售增长6.8%，不过实物商品网上零售额同比增长25.5%。

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.

在中国整体消费支出增速放缓之际，投资出现增加。今年头两个月，城镇固定资产投资同比增长8.9%，高于去年全年的8.1%，也超出增长8.3%的预期。

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.

今年头两个月，国有控股企业的固定资产投资增速要明显得多，增长14.4%，而民营企业投资增长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.

尽管民营企业的固定资产投资增速显著快于去年底的3.2%，但仍低于2016年同期的6.9%。同样，在去年头两个月，国有企业固定资产投资增速也较快，达到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.

这令国有企业占2017年迄今固定资产投资的比例达到35.4%，略低于去年全年的35.7%，但较一年前的33.7%有明显增加。

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.

今年头两个月，规模以上工业增加值同比实际增长6.3%，略高于6.2%的预期。