中国二季度增速7.5%：经济放缓阴影淡化，信贷泡沫挥之不去

    中国经济在今年第二季度环比增长2％，同比增长7.5％，较第一季度的7.4％略有改善。这个迹象表明，中国政府为阻止经济进一步放缓所做的努力已经获得成功，至少在短期内是这样。

    这是中国经济年增速在最近这三个季度首次出现增长，较这个世界第二大经济体两年间最慢的年增速略有上扬。

    最近几个月，央行已经放宽了银行存款准备金要求，同时也在采取其他措施防止经济“硬着陆”。从正在回升的工厂产出和商业信心可以看出，这些措施的效果已经开始显现。工业产值今年六月份的年化增速为9.2%，略高于五月份的年化增速（8.8%）。

    然而，这意味着推迟旨在抑制信贷增长的计划，目前依然有过多的信贷资金正在进入非生产性企业或投机性房地产项目。

    央行周二发布的数据显示，涌入经济的银行贷款增速比市场预期快得多。但在最近几个月，对贷款质量的疑虑有所上升，因为关于空置及未售出物业的报道不绝于耳，表明房地产泡沫正在萎缩。房屋销售在今年上半年下降了9.2％。

    由于国家统计局（the National Bureau of Statistics）公布的其他数据令人失望，中国金融市场出现轻微的恐慌性抛售。特别是，零售业销售额6月份年化增速低于预期的12.4%，表明中国政府推动经济增长方式更多地转向国内消费的计划进展缓慢。

    另外，周二晚些时候，北京宣布启动一个试点项目，推动民间资本投资某些大型央企，其中包括中国建材集团(China National Building Materials Group)和中国医药集团总公司(China National Pharmaceuticals Group Corp.)，目的是提高这些公司的经营效率，但政府目前尚未披露这项计划的实施细节。（财富中文网）

    译者：叶寒

    China’s economy grew by 2% in the second quarter of the year and by 7.5% in year-on-year terms, a modest improvement from 7.4% in the first quarter and a sign that the authorities’ efforts to stop it slowing further have succeeded, at least in the short term.

    The increase in the annual growth rate was the first in three quarters, and a slight uptick from what had been the slowest annual rate in two years in the world’s second-largest economy.

    The central bank has relaxed reserve requirements for banks and taken other measures in recent months to keep the economy from a “hard landing”. The effects of those measures are already visible in rebounding factory output and business confidence. Industrial output grew 9.2% in the years to June, up from 8.8% in the year through May.

    However, that has meant pushing back plans to rein in credit growth, too much of which is still going into unproductive companies or to speculative real estate projects.

    Figures released Tuesday by the central bank had showed bank lending to the economy growing much faster than consensus forecasts, but doubts about the quality of that lending have risen in recent months as reports of vacant and unsold properties have risen, suggesting that a real estate bubble is deflating. Housing sales were down 9.2% in the first half of the year.

    Local financial markets sold off slightly, owing to disappointments at other data released by the National Bureau of Statistics. Retail sales growth in particular came in at a lower-than-expected 12.4% on the year in June, suggesting slower progress in reorienting the economy more toward domestic consumption.

    Separately, Beijing had announced plans late Tuesday for a pilot program to bring private investment into some of the largest enterprises owned by the central government, including China National Building Materials Group and China National Pharmaceuticals Group Corp., with a view to raising efficiency at those companies, but had provided few details about how it would proceed.