9月财新中国制造业PMI触及6年半低点

China's manufacturing sector is in worse shape than expected according to a closely-watched survey, news that will add fuel to the view that the US Fed will hold off raising interest rates until next year.

一项受到密切关注的调查显示，中国制造业状况逊于预期。这条消息将让人们更加认为，美联储(Fed)会把加息行动拖到明年展开。

The Caixin-sponsored preliminary manufacturing PMI reading for September was 47, versus economists' expectations of 47.5. The reading was the worst since April 2008.

9月份，由财新(Caixin)赞助的制造业采购经理人指数(PMI)初值为47，为2008年4月以来的最低值，经济学家们的预测值为47.5。

Dr. He Fan, Chief Economist at Caixin Insight Group said the manufacturing sector "has reached a crucial stage in the structural transformation process."

财新智库(Caixin Insight Group)首席经济学家何帆表示，中国制造业“正处于结构调整的关键时期”。

Overall, the fundamentals are good. The principle reason for the weakening of manufacturing is tied to previous changes in factors related to external demand and prices. Fiscal expenditures surged in August, pointing to stronger government efforts on the fiscal policy front. Patience may be needed for policies designed to promote stabilization to demonstrate their effectiveness

经济基本面总体良好。制造业放缓的主要原因与之前外需和价格相关因素的变动有关。8月财政支出大幅增加，反映财政支出力度进一步加大。要看到稳增长政策发挥作用，可能需要一定耐心。

The PMI is the first major Chinese data release since the Federal Reserve flagged last week it was delaying a potential interest rate rise due to turmoil in global markets and a slowdown in emerging economies, meaning the health of the Chinese economy could have a greater role in determining the path of US monetary policy.

制造业PMI是自美联储宣布推迟加息以来中国公布的首个重要数据。上周美联储表示，由于全球市场动荡以及新兴经济体增长放缓，将把可能进行的加息推后展开。这意味着，中国经济的健康状况可能会在决定美国货币政策路径方面起更大作用。

It was last above 50 - the threshold separating contraction from expansion - in February. The reading was 47.3 in August.

该数据的读数上次超过50（区分活动收缩与扩张的荣枯线）是在今年2月。8月的读数为47.3。

The Caixin-sponsored series is based on a much smaller sample of private companies than the official PMI reading, which focuses on larger state enterprises, and tends to be more volatile.

财新PMI的调查对象是民营企业，样本远远小于官方的PMI调查，而且读数往往波动较大。中国官方的PMI调查聚焦大中型国有企业。