Official data shows China's economy in the first quarter grew at its slowest pace in 18 months, but two proxies point to some resilience.

官方数据显示，中国第一季度经济增速创下18个月以来最低水平，但两项分类指标显示出经济有一定程度的反弹。

Electricity output-- an indicator favored by Premier Li Keqiang over gross domestic product--and crude steel production grew faster in March than in the preceding two months. In addition, steel output in March hit a record high, the National Bureau of Statistics said.

中国国家统计局周三称，3月份发电量和粗钢产量双双实现增长，且增速快于前两个月；除此之外，3月份钢铁产量还触及纪录高点。其中，发电量是中国国务院总理李克强较之国内生产总值(GDP)更为青睐的一个指标。

Back in 2007, when he was party boss of Liaoning province, Mr. Li quipped that when it comes to growth data, officials might lie--but volts do not.

李克强2007年担任辽宁省委书记时指出，涉及增长数据时，官员们可能会撒谎，但发电量不会。

Electricity output in March was up 6.2% from a year earlier to 453 billion kilowatt-hours, faster than the combined 5.5% pace of January and February (the two months were counted together to limit distortions from the Lunar New Year holidays). Steel production was up 2.2% to a record 70.3 million tons. That compares with a 0.6% expansion in February and a contraction of 3.2% in January.

3月份中国发电量较上年同期增长6.2%，至4,530亿千瓦时，快于1-2月份5.5%的同比增速（1月和2月两个月的数据被合并计算，以减少农历新年假期所带来的失真影响）。与此同时，3月份粗钢产量较上年同期增加2.2%，达到创纪录的7,030万吨，好于1月份同比下降3.2%和2月份同比增长0.6%的表现。

The data added to a sense China's economy may have stabilized in March. Other data released Wednesday--including retail sales and industrial production--edged up from the previous two months.

今日公布的数据再次坐实了中国3月份经济可能企稳的认知。包括零售额、工业增加值在内的其他数据也较前两个月有小幅改善。

In part, the uptick is seasonal: Economic activity usually is subdued during the Lunar New Year holidays and rebounds in March. But the upturn might also signal a return of confidence, however fragile, among manufacturers.

从某种程度上来讲，这种回升是季节性的――通常，农历新年假日期间的经济活动比较低迷，然后在3月份实现反弹。不过这种回升也可能暗示了制造商信心略有回暖。

'It's possible that some of the destocking in the manufacturing sector had run its course by March,' said Bill Adams, senior international economist for PNC Financial Services Group. An indicator for manufacturing activity in March showed large enterprises posting a strong expansion, Mr. Adams said.

浦瑞兴金融集团(PNC Financial Services Group)资深国际经济学家叶文斌(Bill Adams)说，制造业减少库存的一些活动可能已经在3月份结束。他说，3月份制造业活动的一个指标显示，大型企业正强力扩张。

Trade data showing March copper imports up 31.4% from a year earlier and iron ore imports up 15% also point to resilience in the industrial and construction sectors.

中国3月份铜进口量同比增长31.4%，铁矿石进口量同比增长15%，这些最新贸易数据也表明了中国工业和建筑业的抗打击能力。

Still, there's no doubt the economy is slowing. China's first-quarter GDP was up 7.4% from a year earlier--slightly more than analysts expected, but lower than the fourth quarter's 7.7% and the slowest pace of growth since September 2012.

但中国经济无疑正在放缓。中国第一季度GDP同比增7.4%，略高于分析师预期，但低于去年第四季度7.7%的升幅，也是2012年9月以来增幅最低的一个季度。

The electricity- and steel-growth numbers for March were weaker than last year's, when the economy expanded 7.7%. Growth in electricity output in March was still well below last year's average 7.6%. Its 5.8% expansion in the first quarter was slower than broader economic growth. Crude steel production in the month lagged behind last year's average 7.5% growth rate.

3月份发电量和钢铁产量增速均不如去年，去年中国经济增速为7.7%。3月发电量增幅远低于去年平均增幅7.6%，第一季度5.8%的发电量增幅也不及总体经济增幅。3月粗钢产量增幅低于去年平均增幅7.5%。

The jury is still out on whether the upturn in steel production signifies that companies are emboldened by the government's mini-stimulus package in recent weeks targeting a fresh building program for railways, bridges and other infrastructure.

钢铁产量上升是否意味着中国企业受到了政府刺激措施的鼓舞也尚无定论。中国政府最近几周推出了新建铁路、桥梁和其他基础设施的小型刺激计划。

The higher production volumes also suggest the government campaign to cut capacity and roll back steelmaking's environmental impact isn't happening fast.

产量上升也表明，中国政府削减过剩产能、控制钢铁产业对环境影响的计划并没有得到迅速执行。

Beijing wants steel mills to radically cut production capacity as part of its effort to shift the main driver of economic growth from heavy investment to consumer spending. But policy makers fear that forcing closures too quickly will lead to a fast drop in growth, putting more people out of work.

中国政府希望钢厂大幅降低产能，这是中国为从投资驱动型向消费驱动型增长方式转变而采取的部分举措。但政策制定者担心，关闭钢厂的动作太快将导致经济增速迅速下滑，同时导致失业人口增加。

Some analysts say steelmakers may have boosted output in March to ensure a flow of loans from state-owned banks, which are under pressure from authorities to rein in credit.

一些分析师表示，钢铁生产商可能在3月份提高了产量，以确保获得国有银行的贷款。这些国有银行面临着政府部门要求控制信贷的压力。

'They're afraid to cut or suspend output, because once they do, the banks will look to squeeze their short-term credit,' said Frank Tang, an analyst at consulting firm North Square Blue Oak.

蓝橡资本(North Square Blue Oak)分析师Frank Tang表示，钢铁生产商不敢减产或停产，因为一旦这样做了，银行就可能压缩给它们的短期信贷额度。

Chinese mills may also have increased production to deal with steel prices, which have fallen 18% from last year's high as fears over slowing growth have spread. Mills often seek to make up for slimmer margins by increase sales volume.

中国钢铁企业也可能是为了抵御价格下跌而增加产量。由于经济增长放缓的担忧不断蔓延，钢铁价格已较去年高点下降18%。钢铁厂往往会通过增加销量的方式弥补利润率的下滑。

The return of warmer weather also could have boosted output. The construction sector, which accounts for half of China's steel consumption, generally puts new projects on hold for the winter.

天气转暖也可能是促使钢铁产量上升的原因。占中国钢铁消费一半的建筑业通常在寒冷的冬季暂停新项目施工。

The state-backed China Iron and Steel Association has said that despite forced restructuring in the industry, there is enough steel demand from the construction of smaller cities and towns to underpin growth in steel consumption. It forecasts crude steel output in China will rise about 3% this year, to 815 million tons. Last year output grew 7.5%.

中国钢铁工业协会(China Iron and Steel Association, 简称：中钢协)曾表示，尽管钢铁行业被强制进行结构调整，但中小城镇的建筑需求足以支撑钢铁消费量的增长。中钢协预计今年中国粗钢产量将增长3%左右，至8.15亿吨。去年粗钢产量增长了7.5%。