社会动态:中国6月制造业活动急剧放缓

China’s manufacturing sector weakened sharply in June, an indication that the country’s growth slowdown has deepened as the government has refrained from stimulating the sluggish economy.

中国制造业活动6月急剧放缓，表明随着中国政府不愿出手刺激低迷的经济，中国经济增长进一步放缓。

The official purchasing managers’ index fell to 50.1 last month from 50.8 in May. It was the lowest reading in four months and just slightly above expectations.

中国官方发布的6月采购经理人指数(PMI)为50.1%，低于5月的50.8%。这是4个月以来的最低位，略高于预期。

In dipping towards the 50 line, which demarcates expansion from contraction in the PMI, the survey result means that Chinese factories have virtually stopped growing, weighed down by lacklustre domestic demand.

PMI数值向代表着制造业扩张与收缩的分界线50%滑落意味着，由于内需低迷，中国工厂实际上已经停止增长。

Even more alarming was a separate PMI published by HSBC that is more weighted to smaller companies in the private sector than the official survey, which focuses on state-owned companies. The HSBC PMI fell to 48.2 in June, a nine-month low.

汇丰银行(HSBC)单独发布的PMI数据甚至更令人不安。汇丰PMI调查以私营部门的中小企业为主，而中国官方PMI调查以国有企业为主。6月汇丰PMI数值下跌至48.2%，创下9个月的新低。

“In terms of the magnitude of decline, this is the biggest decline in the past year,” said Ding Shuang, an economist with Citi. “This is a picture of weak demand, both domestically and externally.”

花旗(Citi)经济学家丁爽表示：“就下降幅度而言，这是过去一年的最大跌幅。这表明无论国内还是国外，需求都极为疲弱。”

The anaemic data comes on the heels of a cash crunch that hit the Chinese financial system over the past two weeks, driving interbank rates to unprecedented highs and leading to a momentary freeze of the country’s credit market.

在疲弱的PMI数据发布之前，中国金融体系在过去两周出现了“钱荒”，推动银行间拆借利率飙升至史无前例的高位，并导致中国信贷市场暂时冻结。

Because it takes time for financial stresses to be transmitted to the broader economy, the impact of the liquidity squeeze will only really begin to show in July, suggesting that there could be worse to come.

由于金融紧张需要一定时间才会传导至宏观经济，流动性紧张的影响只有在7月才会真正开始显露出来，这表明今后形势可能更为糟糕。

Weakness was felt across the board in the official June PMI. The sub-index for new orders fell to 50.4 from 51.8, while the output sub-index declined to 52.0 from 53.3. More worrying for the government, the employment sub-index remained depressed at 48.7, edging down from 48.8, an indication that factories are cutting jobs.

中国6月官方PMI所有分类指标都反映出经济的疲弱。新订单指数从51.8%降至50.4%，生产指数从53.3%回落至52.0%。更令中国政府担心的是，从业人员指数从48.8%微降至48.7%，这表明工厂正在裁员。