財(cái)經(jīng)雙語(yǔ)閱讀：《中國(guó)經(jīng)濟(jì)發(fā)展如何“針灸”刺激》

　　中國(guó)經(jīng)濟(jì)數(shù)據(jù)起起落落，經(jīng)濟(jì)前景尚難言全面樂(lè)觀，為了推動(dòng)中國(guó)經(jīng)濟(jì)的持續(xù)發(fā)展，有必要實(shí)施新的有力的措施。下面學(xué)習(xí)啦小編為大家?guī)?lái)金融財(cái)經(jīng)雙語(yǔ)閱讀：《中國(guó)經(jīng)濟(jì)發(fā)展如何“針灸”刺激》，希望大家喜歡!

　　The stock market sell-off is not the problem. Yes, the Shanghai Composite Stock Index has dropped almost 40 per cent since its June peak, but the Chinese economy has rarely been upset by fluctuations of its financial markets. The problem — not a huge one, but a problem nonetheless — is the Chinese economy itself. It requires corrective action from Chinese authorities — not surgery, but acupuncture.

　　股市拋售不是問(wèn)題所在。是的，上證綜指(Shanghai Composite Stock Index)從6月份的高峰下跌了近40%，但中國(guó)經(jīng)濟(jì)很少受國(guó)內(nèi)金融市場(chǎng)波動(dòng)的影響。問(wèn)題——這不是個(gè)很大的問(wèn)題，但無(wú)論如何是個(gè)問(wèn)題——是中國(guó)經(jīng)濟(jì)本身。它需要中國(guó)當(dāng)局采取矯正措施——不是外科手術(shù)，而是針灸。

　　It is easy to see why markets are unnerved. Trade and exports barely grew in the first half of this year, and in July exports fell significantly. Production of electricity and cement, both of which are consumed locally rather than exported, declined for the first seven months of the year. These signs indicate that the economy is slowing down.

　　不難看出為何市場(chǎng)感到緊張。今年上半年貿(mào)易和出口幾乎沒(méi)有增長(zhǎng)，7月份出口大幅下滑。發(fā)電量和水泥產(chǎn)量(這兩項(xiàng)供當(dāng)?shù)叵M(fèi)而非出口)在頭7個(gè)月下降。這些跡象表明經(jīng)濟(jì)正在放緩。

　　Last month, after months of market pressure, the People’s Bank of China introduced a new mechanism for trading the renminbi, which caused its value to fall and triggered worldwide speculation of further devaluation. Yet this will not help China as much as one might expect. Other countries have also devalued, mitigating any potential benefits to Chinese exporters.

　　7月，在數(shù)月的市場(chǎng)壓力下，中國(guó)央行宣布了新的人民幣匯率形成機(jī)制，使人民幣貶值，并引發(fā)了全世界對(duì)于人民幣將進(jìn)一步貶值的猜測(cè)。然而，此舉對(duì)中國(guó)的幫助不像某些人預(yù)期的那么大。其他國(guó)家也紛紛貶值，減少了惠及中國(guó)出口商的潛在好處。

　　None of this augurs well for the government’s chances of increasing output per head by 60 per cent by 2021. And China’s economic hiccup is echoing around the world as never before. Share prices from New York to Moscow followed the country down last week, only to bounce back after the PBoC cut interest rates. Developments in China move commodities markets, too.

　　這些事情不能提高政府到2021年將人均產(chǎn)出提高60%的勝算。而中國(guó)的經(jīng)濟(jì)問(wèn)題也前所未有地在世界各地引起反響。上周，從紐約到莫斯科的各地股市隨中國(guó)股市下跌，在中國(guó)央行下調(diào)利率后才出現(xiàn)回彈。中國(guó)經(jīng)濟(jì)形勢(shì)也左右了大宗商品市場(chǎng)走向。

　　This is not a beautiful picture for Beijing’s top decision makers, who must also contend with a rate cut expected this year from the US Federal Reserve. But the situation is not grave. Chinese consumers are still hungry for higher living standards, and given a little more disposable income, they are willing to spend. This is not mere speculation; my research has shown that as labour shortages have led to higher wages for blue-collar workers, private consumption has risen as a share of gross domestic product. If the Chinese cared only about economic security they would have squirrelled the money away.

　　對(duì)北京的最高決策者來(lái)說(shuō)，這不是什么美好的畫面。此外他們還必須應(yīng)對(duì)美聯(lián)儲(chǔ)(Fed)預(yù)計(jì)將在今年進(jìn)行的加息。但形勢(shì)并不嚴(yán)峻。中國(guó)消費(fèi)者仍然渴望更高的生活水平，只要可支配收入有所增加，他們就愿意進(jìn)行支出。這不僅僅是推測(cè);我的研究已經(jīng)表明，由于勞動(dòng)力短缺導(dǎo)致藍(lán)領(lǐng)勞動(dòng)者的薪資提高，私人消費(fèi)占國(guó)內(nèi)生產(chǎn)總值(GDP)的比例有所上升。如果中國(guó)人只關(guān)注經(jīng)濟(jì)安全，他們會(huì)把錢存起來(lái)。

　　What China needs is not a vast stimulus like that of 2009, which amounted to 7.5 per cent of GDP then (roughly the trade surplus) and encompassed huge infrastructure projects. It needs a pinprick stimulus targeted at the financial sector. Households and businesses pay some of the world’s highest financing costs — which is ridiculous given the extraordinarily high savings rates.

　　中國(guó)需要的不是像2009年那樣包含大型基礎(chǔ)設(shè)施項(xiàng)目的大規(guī)模刺激計(jì)劃，而是以金融行業(yè)為目標(biāo)，采取“針灸”式刺激。中國(guó)家庭和企業(yè)支付的融資成本處于世界最高之列——考慮到中國(guó)極高的儲(chǔ)蓄率，這種情況十分荒謬。

　　The first element of the acupuncture stimulus is to cut interest rates, allow local governments to borrow for longer periods on the bond markets, and let banks lend more for a given amount of capital. The second is to enable this money to flow into infrastructure investments more quickly, by speeding up the process of land acquisition and implementing engineering blueprints. Local officials often avoid making decisions for fear that they will be accused of corruption. The fears of the upright and hard working must be dispelled.

　　實(shí)施針灸刺激的第一個(gè)要素是降息，允許地方政府在債券市場(chǎng)上借入更長(zhǎng)時(shí)期的債務(wù)，并讓銀行增加一定的放貸量。第二個(gè)要素是通過(guò)加快征地以及施工進(jìn)程，讓這些錢更快地流入基礎(chǔ)設(shè)施投資項(xiàng)目。地方官員往往由于擔(dān)心受到腐敗指控而回避決策。必須消除正直與勤勉之人所懷的擔(dān)憂。

　　The third “needle” is to encourage private enterprise, by lowering tax rates and implementing the already announced reform of selling off parts of state-owned enterprises to private investors. Outside managers should be brought in on market terms, and allowed much greater autonomy.

　　第三“針”是通過(guò)降低稅率、落實(shí)此前已宣布的允許私人投資者入股國(guó)企的改革，激勵(lì)民營(yíng)企業(yè)。應(yīng)按市場(chǎng)條件引入外部管理人員，并給予他們更大的自主權(quán)。

　　Many Chinese citizens have criticised the previous government’s Rmb4tn stimulus package, taking to social media to argue that it did more to save the economies of the west than to benefit China. Academic economists, too, have been sceptical. Their negative memories of the central planning years led to their embrace of neoclassical economic thought, placing more faith in markets than government action.

　　國(guó)內(nèi)許多人批評(píng)上屆政府的4萬(wàn)億人民幣經(jīng)濟(jì)刺激計(jì)劃，在社交媒體上表示該計(jì)劃更多是幫助西方經(jīng)濟(jì)脫困而不是中國(guó)自己。學(xué)院派經(jīng)濟(jì)學(xué)家也持懷疑態(tài)度，對(duì)計(jì)劃經(jīng)濟(jì)多年的負(fù)面印象使他們倒向新古典經(jīng)濟(jì)學(xué)思想，他們更相信市場(chǎng)而不是政府行動(dòng)。

　　But inactivity on the part of the government would be a grave mistake. The current situation differs from that of the past few years. China’s financial market sell-off is having such a wide global impact. It may well be exacerbated by the actions of the Fed. In these circumstances, voices of concern must be set aside — and I believe they will be.

　　但就政府而言，不采取行動(dòng)將是大錯(cuò)特錯(cuò)。目前形勢(shì)不同于過(guò)去幾年，中國(guó)金融市場(chǎng)上的拋售正在全球產(chǎn)生廣泛影響，而且美聯(lián)儲(chǔ)的行動(dòng)很可能會(huì)放大這一影響。在這種情況下，必須將各種擔(dān)憂之聲拋在腦后——我也相信將會(huì)這樣。