2月份中國企業產量降至兩年低點

Chinese business sentiment declined again in February, setting a downbeat tone for 2016 as production fell to its lowest level in two years.

2月份中國企業信心繼續下降，產量降至兩年來最低水平，爲2016年定下了一個悲觀的基調。

The MNI China Business Indicator fell to 49.9 in February from 52.3 in January – below the 50 threshold needed to indicate optimists outnumber pessimists.

2月份，MNI中國企業信心指數(MNI China Business Indicator)從1月份的52.3降至49.9，低於50這一閾值，50及以上表明企業情緒樂觀。

The survey, which questions 200 companies listed on the Shanghai and Shenzhen stock exchanges, said production fell to the extent that it wiped out a small gain made last month, and was at the lowest level since February 2014. New orders were at their lowest since August 2012.

該指數調查了在滬深股市上市的200家企業，表示2月份產量下滑幅度抵消了上一個月的小幅增長，且降至2014年2月以來最低水平。新訂單處於2012年8月以來最低水平。

Surprisingly there are still some glass-half-full types making their voices heard: the ‘future expectations’ component of the survey rose 1 per cent to 53.1. It relates to expectations over the coming three months.

令人驚訝的是仍有某些分項指標表現出樂觀態度，該調查中“未來展望”的部分上升1%至53.1，它涉及對未來3個月的預期。

Philip Uglow, chief economist of MNI Indicators, added: The absence of the usual monthly indicators of economic activity make judging the trajectory of the Chinese economy difficult over the Lunar New Year holiday.

MNI指數(MNI Indicators)首席經濟學家菲利普萠格洛(Philip Uglow)表示：由於缺乏經濟活動的一般月度指標，因此很難對春節期間中國經濟的軌跡作出判斷。

From a business sentiment standpoint the theme is more of the same; conditions remain subdued as companies weigh a more supportive policy environment with market volatility. The significant fall in activity measures suggests that we’re unlikely to see a jump in economic activity over the festive period.

從企業信心角度來看基調大致相同：企業在考慮，更具支持性的政策環境與市場的波動，哪個會給自己帶來更大的影響，因此活動情況依然低迷。產量的顯著下降表明，春節期間的經濟活動不太可能出現猛增。