Chinese prices continued to fall in July from a year earlier, reducing the likelihood that Beijing will soon adjust its policy of boosting growth with easy credit and surging infrastructure spending. 

　　7月份中國(guó)物價(jià)繼續(xù)同比下跌，這使得中國(guó)政府很快進(jìn)行政策調(diào)整的可能性有所下降。目前中國(guó)正憑借寬松的信貸和激增的基礎(chǔ)設(shè)施支出來(lái)推動(dòng)經(jīng)濟(jì)增長(zhǎng)。

　　According to data released by the National Bureau of Statistics on Tuesday, China's consumer price index fell 1.8 per cent while the producer price index was down 8.2 per cent from a year earlier, despite a flood of bank lending and investment in recent months.

　　根據(jù)國(guó)家統(tǒng)計(jì)局(NBS)周二公布的數(shù)據(jù)，盡管近幾個(gè)月銀行貸款和投資激增，但中國(guó)7月居民消費(fèi)價(jià)格(CPI)和工業(yè)品出廠價(jià)格指數(shù)(PPI)仍分別同比下降1.8%和8.2%。

　　Fixed asset investment rose 32.9 per cent from a year earlier in July while industrial output expanded by 10.8 per cent, the fastest rate in nine months. The figures provided further evidence of recovery in China's economy, which has come largely as a result of government investment and state-directed lending that saw new bank loans triple in the first half from the same period last year.

　　今年7月，中國(guó)固定資產(chǎn)投資同比增長(zhǎng)32.9%。工業(yè)增加值同比增長(zhǎng)10.8%，為9個(gè)月以來(lái)的最高增速。這些數(shù)據(jù)為中國(guó)經(jīng)濟(jì)復(fù)蘇提供了進(jìn)一步的證據(jù)，復(fù)蘇主要是政府投資和政府指導(dǎo)下放貸的結(jié)果。今年上半年，中國(guó)新增貸款規(guī)模為去年同期的3倍。

　　Meanwhile, China's exports and imports continued to decline in July from a year earlier, underscoring the need for the government to maintain its domestic investment-led stimulus.

　　與此同時(shí)，中國(guó)7月進(jìn)出口繼續(xù)同比下滑，這突顯出政府繼續(xù)保持其國(guó)內(nèi)由投資拉動(dòng)的刺激舉措的必要性。

　　Exports were down 23 per cent from a year earlier, while imports fell 14.9 per cent but both were up around 10 per cent month-on-month from June, continuing a sequential rebound that began in April.

　　中國(guó)7月進(jìn)出口分別較去年同期下降14.9%和23%，但與6月相比均增長(zhǎng)10%左右，持續(xù)了從4月份開始的逐月反彈趨勢(shì)。

　　While Beijing is worried about asset price inflation in the real estate and stock markets, the negative year-on-year CPI and PPI readings provide the government with breathing room to maintain its “moderately loose” monetary policy, according to economists.

　　經(jīng)濟(jì)學(xué)家表示，在中國(guó)政府擔(dān)憂房地產(chǎn)及股市資產(chǎn)價(jià)格上漲之際，CPI和PPI數(shù)據(jù)同比下跌，為政府繼續(xù)保持其“適度寬松”的貨幣政策提供了喘息之機(jī)。

　　“People will pay most attention to the inflation figures to see whether the government is likely to tighten its monetary policy,” according to Vincent Chan, an economist at Credit Suisse in Hong Kong. “These latest figures mean there will be no near-term change in the government's monetary policy.”

　　瑞士信貸(Credit Suisse)駐香港的經(jīng)濟(jì)學(xué)家陳昌華(Vincent Chan)表示：“人們最關(guān)注的將是通脹數(shù)據(jù)，以此判斷（中國(guó)）政府是否可能收緊貨幣政策。這些最新數(shù)據(jù)表明，政府的貨幣政策在短期內(nèi)不會(huì)變化。”

　　Senior leaders have repeatedly emphasized their commitment to the current loose monetary conditions in recent weeks but the central bank and banking regulators have also ordered banks to rein in new lendingand reduce exposure to potential bad loans.

　　近幾周來(lái)，中國(guó)高層領(lǐng)導(dǎo)人反復(fù)強(qiáng)調(diào)了維持當(dāng)前寬松貨幣環(huán)境的決心，但央行和銀行業(yè)監(jiān)管機(jī)構(gòu)同時(shí)也命令各銀行控制新的放貸行為，降低潛在壞賬的風(fēng)險(xiǎn)。

　　In a recent report, China's central bank forecast CPI would bottom out at the end of the fourth quarter and while prices fell year-on-year, CPI was flat in July from a month earlier, while PPI rose 1 per cent from the previous month.

　　中國(guó)央行在最近一份報(bào)告中預(yù)測(cè)，CPI將在第四季度末見(jiàn)底。盡管7月份物價(jià)同比有所下降，但CPI與上月持平，而PPI環(huán)比增長(zhǎng)1%。

　　China's rampant manufacturing overcapacity raised serious worries earlier this year over the potential for deflation but that fear has receded amid strong domestic demand, a flood of liquidity and rising global commodity prices.

　　今年早些時(shí)候，中國(guó)制造業(yè)產(chǎn)能嚴(yán)重過(guò)剩，引發(fā)了人們對(duì)于有可能出現(xiàn)通縮局面的深切憂慮。但由于強(qiáng)勁的國(guó)內(nèi)需求、充沛的流動(dòng)性，加之全球大宗商品價(jià)格日益上漲，上述擔(dān)憂已逐漸消退。

　　According to official data, retail sales of consumer goods rose 5.2 per cent in July from a year earlier, a healthy pace compared to most other economies but still 8.1 percentage point lower than the year-on-year growth in July last year.

　　官方數(shù)據(jù)顯示，7月份消費(fèi)品零售總額同比增長(zhǎng)15.2%，與其它多數(shù)經(jīng)濟(jì)體相比，這一增幅都相當(dāng)可觀，但仍較去年同期的增幅低8.1個(gè)百分點(diǎn)。