中国固定资产投资增速降至16年低点

Fixed-asset investment in China grew at its slowest rate for 16 years in the first five months of this year, as private companies held off spending and left the state sector to keep the economy humming.

今年1-5月，中国固定资产投资增速创16年来新低，民营企业暂缓支出，国有部门独力维系经济活力。

The figures could weigh on China’s ability to hit its economic growth in line with its annual target this quarter. Beijing targets average annual economic growth of 6.5 per cent until 2020, and reported 6.7 per cent year-on-year growth in the first quarter.

这一数字或令中国经济难以在本季度取得与年度增长目标相符的增长。中国政府的目标是在2020年前经济年均增长6.5%。今年首季度，中国经济同比增长了6.7%。

Fixed-asset investment grew 9.6 per cent in the first five months of the year against the same period in 2015. The slowdown, to its lowest level since 2000, was led by the private sector, where investment grew by a meagre 3.9 per cent against 23.3 per cent for the state sector.

今年1-5月，固定资产投资同比增长9.6%，增速降至2000年以来的最低水平。增速放缓主要是由民营部门导致的，民间投资仅增长3.9%，而国有控股投资增长23.3%。

Meanwhile, industrial production rose 6 per cent year on year in May, unchanged from April, while retail sales growth slipped to an annual rate of 10 per cent in May from 10.1 per cent in April. Real estate investment decelerated to 6.6 per cent annual growth from 10.3 per cent in April.

此外，5月份的工业增加值同比增长6.0%，增速与4月份持平。5月份的零售总额同比增长10%，而4月份同比增长了10.1%。1-5月房地产投资同比增长7.0%，1-4月同比增长7.2%。

Private entrepreneurs’ lack of enthusiasm weighed on the housing market, which is struggling to work through the ranks of empty apartment blocks in provincial cities and county towns. Property sales have slowed in recent weeks after sharp rises in the largest and most sought-after cities in the first quarter.

民营企业家缺乏热情拖累了住房市场。中国住房市场正面对一个难题，即如何解决中小城市城镇住房库存积压问题。今年首季度，中国最大、最热门城市的房地产销售大幅上扬，但近几周来已有所放缓。