4月貿易數據凸顯中國增長再放緩

China’s overall trade with the world slumped 10.9 per cent in April from a year earlier in the latest sign of the slowdown in what has been the world’s fastest growing major economy for decades.

4月份，中國與全球總體貿易額同比下滑10.9%。對於這個幾十年來全球增長最快的主要經濟體來說，這是其經濟放緩的又一個表象。

Chinese exports unexpectedly dropped 6.4 per cent last month year-on-year, while imports plummeted 16.2 per cent, according to customs data released on Friday.

根據週五發佈的海關數據，上個月中國出口額出人意料地同比下滑6.4%，進口則同比下滑了16.2%。

Exports fell 15 per cent in March from a year earlier but most economists had predicted a strong rebound in April and Chinese state media had suggested an improvement in trade last month.

今年3月，中國出口曾同比下跌15%。不過，多數經濟學家曾預計4月份中國出口會強勁反彈，而中國官方媒體也曾暗示上個月的貿易狀況有所好轉。

China’s trade surplus, traditionally a source of tension with major trading partners like the US and Europe, increased sharply in April to $34.1bn from $3.1bn in March.

4月份中國貿易順差從3月份的31億美元大幅上升至341億美元。過去，中國對外貿易順差通常是導致與歐美等貿易伙伴間關係緊張的因素之一。

The Chinese economy grew by 7 per cent in the first quarter, its weakest quarterly performance since the height of the global financial crisis, and annual growth last year of 7.4 per cent was the slowest in 24 years.

今年第一季度，中國經濟增長率只有7%，這是自全球金融危機最嚴重時期以來的最弱季度表現，而去年7.4%的年度增長率則是24年來的最低增長速度。

Much of the slowdown has been concentrated in the previously overheated property sector, which has seen prices and sales transactions falling for more than a year.

中國經濟的放緩，主要集中於此前過熱的房地產業。目前，樓市的價格和成交量已持續下跌了一年以上。

Even before the property market peaked at the start of 2014, many of the industries that feed it — such as steel, cement and glass — were already suffering from chronic overcapacity.

即使是在樓市見頂的2014年初以前，鋼鐵、水泥和玻璃等許多房地產相關行業也已遭遇長期的產能過剩。

With the downturn in new real estate construction projects gathering pace, Chinese producers are turning to overseas markets to sell their excess capacity.

隨着房地產新開工項目的下行趨勢加快，中國生產商正轉向海外市場，銷售其過剩的產能。

In the four months to the end of April, Chinese steel product exports were up 33 per cent.

在截止4月底的4個月裏，中國鋼產品的出口量上升了33%。

China’s crude oil exports were up 500 per cent over the same period as growth in domestic energy demand slid along with a downturn in heavy industrial production.

同一時期內，隨着國內能源需求增長下滑以及重工業生產的萎縮，中國原油出口增長了5倍。

A research paper published by the US Congressional Research Service this week highlighted that the size of the US’s bilateral trade deficit was seen by some in Congress as a sign of unfair economic policies in China.

美國國會研究服務中心(Congressional Research Service)本週發表的一份研究報告中特別提到，美國國會部分人士認爲，美國對華雙邊貿易赤字的規模，表明中國正在實施不公平的經濟政策。

It pointed out that there were large discrepancies between the two countries’ estimates of the size of the bilateral trade imbalance.

該報告指出，對於雙邊貿易失衡的程度，兩國的估計存在加大偏差。

According to the US, its 2014 bilateral trade deficit with China was $342.6bn but according to China, its trade surplus with the US was $237bn or $105.6bn less.

按照美國的說法，2014年美國對華雙邊貿易赤字爲3426億美元。而按照中國的說法，中國對美貿易順差爲2370億美元，比美國的估計少了1056億美元。

The main reasons for the difference were the fact that China does not determine the final destination for exports trans-shipped through a third location, usually Hong Kong, and differences in the list value of shipments when they leave China and when they enter the US.

這一差異的主要原因，一方面是中國不能確定經第三地（通常是香港）轉口的出口產品的最終目的地，另一方面則是貨物離開中國時的標價與進入美國時的標價存在差異。