中國製造業的兩副面孔
Manufacturing in China expanded by more than originally thought last month, according to a closely-watched index by HSBC and Markit.
The reading for February was 50.7, ahead of a preliminary estimate of 50.1 and up from 49.7 in January. Any score above 50 indicates expansion.
2月份該指數爲50.7，高於50.1的初步估算，也高於1月份的49.7。該指數高於50表示製造業處於擴張之中。The reading signals a reversal of a two month decline, but taken as an indicator about the Chinese economy should be treated with a degree of caution.
這一讀數逆轉了爲期兩個月的跌勢。不過，要把該讀數視爲中國經濟的風向標，必須格外小心。
The HSBC index is heavily skewed towards small, private companies and tends to be more volatile than China's official PMI, which shows the manufacturing sector shrank for the second month in a row in February according to figures released over the weekend. The official PMI, which focuses more on state-backed companies, came in at 49.9 in February, up very slightly from January's 49.8 reading but still below the 50-point level that separates growth in the sector from contraction. This points to a worsening economy.
匯豐銀行的PMI指數調查對象嚴重偏向小型民營企業，這導致指數的波動性超過了更偏重國有企業的官方PMI指數。根據週末發佈的數據，2月份中國官方PMI指數爲49.9，顯示製造業活動連續第二個月收縮。雖然這一讀數略高於1月份的49.8，卻仍低於50的榮枯線，顯示中國經濟仍在惡化。Those involved in the survey also urged caution.
那些匯豐指數調查的參與者，也提醒人們要小心看待這一指數。Annabel Fiddes, economist at Markit said:“China's manufacturing sector saw an improvement in overall operating conditions in February, with companies registering the strongest expansion of output since last summer while total new business also rose at a faster rate.
Markit經濟學家安娜貝爾•菲德斯(Annabel Fiddes)表示：“2月份中國製造業部門的運營狀況總體出現了改善，各企業產出錄得自去年夏天以來的最強勁增長。同時，新增業務量的增幅也提高了。“However, the renewed fall in new export orders suggests that foreign demand has weakened, while manufacturers continued to cut their staff numbers (albeit fractionally). Meanwhile, marked reductions in both input and output prices indicated that deflationary pressures persist.”
“不過，新的出口訂單再次減少，表明國外需求已經減弱。而且，生產商仍在裁員，儘管裁員的人數很少。與此同時，進貨價格和出廠價格雙雙出現明顯下跌，說明通縮壓力依然存在。”
