5月份中國進口降幅收窄至年以來的最低水平
Chinese imports contracted at their slowest pace since 2014 in May, suggesting government stimulus measures focused on housing and infrastructure are succeeding in stabilising demand.
5月份，中國進口下滑速度降至2014年以來的最低水平，說明中國政府聚焦於樓市和基建的刺激措施正使需求趨穩。
The recent rebound in commodity prices also helped buoy imports, which fell by 0.4 per cent in US dollar value terms last month, less than the 10.9 per cent drop in April and the narrowest monthly decline since October 2014, according to customs data released on Wednesday.
大宗商品價格近期的反彈也幫助推升了進口。中國海關週三發佈的數據顯示，上個月以美元計的進口額同比下降0.4%，是2014年10月以來的最小月度降幅。4月份的同比降幅爲10.9%。
Exports were less rosy, falling 4.1 per cent in May against a 1.8 per cent decline in April, reflecting sluggish demand in Europe and the US. Analysts had forecast an import decline of 6 per cent and an export decline of 3.6 per cent, according to a Reuters poll.
出口數據則沒有這麼喜人。5月份，出口額同比下滑4.1%，幅度大於4月份的下滑1.8%，反映出歐美需求疲軟。路透社(Reuters)一項調查顯示，分析師原本預期進口下滑6%，出口下滑3.6%。
“The import figure reflects the recovery of domestic demand but it’s partly also the low base of comparison from last year. It’s not only prices, import volumes also rose. In general, it shows domestic demand isn’t as poor as everyone imagines,” said Hu Yanni, economist at China Securities in Beijing.
中信建投證券(China Securities)駐北京經濟學家胡豔妮表示：“進口數字反映出國內需求的復甦，但它在一定程度上也是由去年的比較基數較低所致。不只是進口價格，進口量也上升了。總體上說，這表明國內需求並不像大家想象的那麼糟。”
Dollar-denominated imports from Hong Kong surged by a record 242.6 per cent year on year in May, suggesting no let-up in the ploy of over-invoicing to move cash out of China.
5月份，以美元計的來自香港的進口同比激增了創紀錄的242.6%，說明通過虛開發票將現金轉移出中國的做法並未減少。
Inflating the value of imports from Hong Kong to China is an old ruse that has regained popularity this year as authorities in China clamp down on official channels of taking cash abroad.
虛報從香港進口至中國內地的商品的價值，是一種老招數。今年，在中國當局對把現金轉移出境的官方渠道加以限制之際，這種招數又火了起來。
China’s merchandise trade surplus rose to $50bn in May, the largest monthly figure since January, helping to offset ongoing capital outflows last month.
5月份，中國商品貿易順差攀升至500億美元，是1月份以來最高的，這幫助抵消了上個月的持續資本外流。
The outlook on imports for the remainder of the year depends largely on whether a surge in monetary and fiscal stimulus, which began late last year, continues.
今年接下來的進口前景，很大程度上取決於去年底開始大力加強的貨幣和財政刺激能否持續下去。
If the government vigorously implements promises to cut overcapacity in basic manufacturing industries such as steel and non-ferrous metals, that would also crimp demand for commodity imports.
此外，如果中國政府積極履行承諾、削減鋼鐵和有色金屬等基礎製造業的過剩產能，也會抑制大宗商品的進口需求。
