中國製造業活動持續萎縮 Chinese manufacturing shrinks for 7th straight month大綱

Chinese manufacturers reported sluggish business for a seventh month in a row, with a PMI reading for February which was worse than expected.

2月份，中國製造業採購經理人指數(PMI)遜於預期，顯示出製造業已連續7個月陷於低迷。

The official manufacturing PMI for February came in at 49, compared to economists’ expectations of 49.4. It was 49.4 in January.

2月份的官方製造業PMI爲49，比經濟學家預期的49.4要低。1月份的製造業PMI爲49.4。

The reading means the manufacturing sector has been shrinking for the past seven months. It is the lowest reading since November 2011, when it was also 49.

該讀數意味着，中國製造業過去7個月一直處於收縮狀態。該讀數是2011年11月以來的最低讀數，當時的讀數也是49。

China recorded its weakest growth in a quarter of a century last year at 6.9 per cent.

去年，中國經濟增長率爲6.9%，是25年來的最低水平。

On Monday the central bank also opted for more easing, cutting the reserve ratio – or the share of customer deposits that banks must hold on reserve – to boost the availability of cheap credit to consumers and companies. It was also reported than almost 2m Chinese coal and steel workers will lose their jobs because of government policies to cut overcapacity, the majority of them likely to be in state-owned enterprises.

週一，中國央行決定進一步放鬆貨幣政策，下調了商業銀行存款準備金率，以便讓消費者和企業更容易獲得廉價信貸。另有報道稱，由於政府出臺政策去除產能過剩，將近200萬中國煤炭和鋼鐵工人將失去工作，其中大部分很可能都是國企工人。

The services PMI was 52.7, compared to a previous reading of 53.5.

中國官方服務業PMI爲52.7，前值爲53.5。

The Caixin-sponsored composite PMI for February came in at 48, below expectations for 48.4. It had been 48.4 in January.

2月份，財新(Caixin)中國製造業PMI爲48，比預期值48.4要低，1月份的讀數爲48.4。

The 50-mark separates contraction from expansion. The reading means the sector has been shrinking for a whole year now, and was its lowest in five months.

50爲收縮與擴張的分水嶺。2月份的財新PMI讀數爲5個月來的低點，而且意味着中國製造業過去一整年始終處於收縮狀態。

The survey also noted that staff numbers declined at the sharpest rate since January 2009, as companies downsized to cut costs and did not replace voluntary leavers.

財新的調查還指出，隨着企業壓縮規模以節省成本，加上不再填補自願離職員工的空缺，用工數量降至2009年1月以來最低。

He Fan, economist at Caixin Insight, said: The index readings for all key categories including output, new orders and employment signalled that conditions worsened, in line with signs that the economy’s road to stability remains bumpy. The government needs to press ahead with reforms, while adopting moderate stimulus policies and strengthening support of the economy in other ways to prevent it from falling off a cliff.

財新智庫(Caixin Insight)首席經濟學家何帆認爲，2月財新中國製造業PMI中，產出、新訂單、就業等關鍵分項指標均有所下探，表明中國經濟仍處於反覆震盪的探底階段。當前階段，政府應在繼續推進改革的基礎上，適度採取經濟刺激政策，加大託底政策力度，避免經濟出現斷崖式下跌，引發經濟動盪。