China’s economy grew 6.7 per cent in the second quarter, unchanged from the previous three-month period, as a buoyant property market and government spending on infrastructure softened the blow from a slowdown in manufacturing.

由于楼市上涨和政府基建开支缓冲了制造业放缓造成的打击，今年第二季度中国经济同比增长6.7%，与上一季度持平。

The latest quarterly real growth figure is slightly ahead of the 6.6 per cent pace that economists expected, according to a Reuters poll. China’s legislature approved a full-year growth target of 6.5 to 7 per cent for 2016. China’s economy grew 6.9 per cent in 2015.

这一最新季度实际增长数据略高于经济学家的预期。根据路透社(Retuers)的调查，经济学家原本预期本季度增长率为6.6%。中国人大通过的2016年全年增长目标为6.5%到7%。2015年，中国经济同比增长6.9%。

China’s industrial economy, which is suffering from rampant overcapacity and deflation, remained a drag on growth, but less so than in the first quarter, Value added from industrial sectors — which include manufacturing, construction, mining, and power generation — grew at a 6.1 per cent annual pace in the first half, up from 5.8 per cent growth in the first quarter.

中国工业经济正在经历难以遏制的产能过剩和通缩，目前它依然在拖累中国的增长，不过已经比一季度减轻了一些。涵盖制造、建筑、采矿和发电的第二产业增加值年增长率为6.1%，高于一季度5.8%的增长幅度。

Services remained the biggest growth driver, growing 7.5 per cent in the first half, down slightly from 7.6 per cent in the first quarter. Retail sales were another bright spot, growing. 10.6 per cent in June from a year earlier, the fastest pace since December and well ahead of expectations of 10 per cent.

服务业依然是最大的增长推动因素，上半年增长7.5%，略低于一季度的7.6%。社会消费品零售总额则是另一个亮点，6月份该指标同比增长10.6%，是自去年12月以来的最快增长速度，大大超过了10%的预期。

Manufacturers have cut spending on new factories, leading to slowdown in investment by privately-owned companies. But a surge in infrastructure investment by state-owned enterprises has taken up the slack, supporting demand for commodities such as steel, copper and cement.

制造商已削减了建设新工厂方面的开支，导致民企投资急剧放缓。不过，国企基建投资的猛增补上了这一短板，支撑着对钢铁、铜和水泥等大宗商品的需求。

Global investors remain broadly pessimistic about China, which is in the midst of a wrenching transition from a growth model based on construction and heavy industry towards greater reliance on consumption and services. But fear of a hard landing and spillovers to the global economy have eased since falls in China’s stock market and currency sent global markets into a tailspin in January.

中国正处于一轮痛苦的转型之中，打算从基于建筑和重工业的增长模式，转型为更依赖消费和服务业的增长模式。目前，全球投资者对这一转型中的中国依然普遍持悲观态度。不过，自1月份中国股市和货币汇率下跌令全球市场陷入混乱以来，人们对中国经济硬着陆和中国经济对全球经济的溢出效应的担忧已经缓解。

The renminbi weakened 3 per cent in the second quarter, its second-worst three-month run to-date. But unlike in January, investors have reacted with indifference. China’s main stock index was trading just shy of the three-month high touched on Wednesday.

今年第二季度人民币贬值了3%，这是迄今第二糟糕的季度行情。不过，与1月份不同的是，投资者对此反应冷淡。中国主要股指处于只比周三达到的季度最高点低一点的位置上。

But other indicators also released on Friday showed that downward pressure on the economy remains significant. Fixed-asset investment — which includes both infrastructure and manufacturing investment — grew at 9.0 per cent, its slowest pace since 2000 in the first six months and down sharply from 9.6 per cent in the year to May.

不过，周五公布的其他指标显示，中国经济下行压力依然很大。上半年，包括基建投资和制造业投资在内的固定资产投资同比增长9.0%，这是自2000年以来上半年投资同比增长最慢的一年，也大大低于今年1到5月固定资产投资9.6%的增幅。