wow ! it is the same artical i have read yesterday . i give a translation form others . maybe it can help you understand !


China does its bit to calm worries about the world economy
中国尽能及之力，平抑对世界经济的担忧  

Jul 14th 2011 | HONG KONG | from the print edition

A RUNNER cannot sprint all the time, noted Sheng Laiyun of China’s National Bureau of Statistics, after the release of China’s new growth figures on July 13th; he must pace himself so that he can run better later. Over the past four quarters China’s economy has recorded what runners call “even splits”, keeping a steady pace, lap after lap. It grew by 9.5% in the second quarter (year on year), having grown at a similar rate in the previous three.
      
中国新的经济增长数值公布之后，国家统计局新闻发言人盛来运表示，赛跑者不能永远在保持冲刺状态，他必须调整自己的步伐以便今后跑得更好。过去的四个季度中国经济经历了被跑步者称为“正分裂”的情形，保持稳定的速率，一圈又一圈的跑下去。（与去年同期相比）中国经济在第二季度以9.5%的速率保持增长，这一增长速度与其前三年的速度相近。


The figures helped allay fears of a hard landing for China’s economy. But they raised some doubts about whether the economy is landing at all. Consumer prices rose by 6.4%. in the year to June. The economy’s pace may be steady. But is it too fast to sustain?
      
这一增长速度缓解了中国经济硬着落的担忧。但是怀疑论者担忧中国经济是否是正真的良好发展。今年6月份居民消费价格与上月相比上升了6.4%。中国的经济增长速度也许是平稳的，但太快了反而难以为继。


China’s macroeconomists, if not its consumers, can take some comfort from the nature of the inflation. Two-thirds of it was due to food prices, and much of that was due to pork. Farmers responded to low pork prices last year by breeding fewer pigs, some of which have since fallen victim to porcine diarrhoea. That pushed up prices by 11.4% in June alone, an annualised rate of 265%. This has played havoc with many economists’ inflation forecasts. “Perhaps I should have become a veterinarian,” says Andy Rothman of CLSA.


中国的宏观经济学家，如果不是消费者的话，可以从通货膨胀中得到些许安慰。2/3的通货膨胀是由食物价上涨引起的，而期中最大的原因在于猪肉价格的上涨。养猪户以减少饲养数量的方式来应对去年的猪肉价格低迷状况。这致使仅仅今年七月份猪肉价格以265%的年率上升了11.4%。这打乱了许多经济学家对通货膨胀的预期。里昂证券的经济学家安迪•罗斯曼笑称“要是我是一名兽医就好了”


The source of China’s growth is more worrying than its speed. According to Mark Williams of Capital Economics, investment comprised 62% of the economy’s expansion in the second quarter, its biggest contribution for 18 months. Investment in fixed assets, such as buildings, factories and equipment, has grown by between 21% and 26%, year on year, for the past four quarters, despite the government’s efforts to tighten credit. This resilience may be because so much investment is carried out by state-owned firms, which are at the top of the pecking order when banks make loans. It may also be a sign that financing is not as tight as the hawks would like.

与经济增长速度相比更令人担忧的是中国经济增长的根源问题。Capital Economics的经济学家Mark Williams称，投资在第二季度的经济增长中占据62%的份额，这是它在过去的18个月的最大贡献。尽管ZF做出了紧缩信贷的努力，固定资产的投入,如建筑物、厂房和设备, 与去年同期相比,在过去的四个季度已增长到21%—26%。这种回弹可能是由于国有企业大量投资的缘故，而国有公司是银行发放贷款的首要对象。这可能表明融资并不像鹰派所期望的那样稳固。

On the face of it, banks are feeling the pinch, charging each other high rates in the interbank lending market. They made new loans worth 634 billion yuan ($98 billion) in June, typically a strong month for lending. This puts them on course to add less than 7.5 trillion yuan to their loan books this year, according to Peng Wensheng of China International Capital Corporation.

表面上看，银行之间在同业拆借市场上的相互控制让它们感到压力。在六月份它们共发放了6340亿元人民币（合980亿美元）的贷款，一个典型而强大的月贷出。中国国际金融有限公司经济学家彭文生指出，这使得他们在账面上增加将近7.5万亿元的贷款。


But other analysts think financial conditions are looser than they appear. The central bank publishes a broader measure of “social financing”, which includes corporate bonds and some loans repackaged by “trust” companies. By this measure, financing could reach 14.5 trillion yuan this year, according to Fitch, a ratings agency. Even that total may be too low. Fitch believes a better measure of financing—which includes letters of credit loans from Hong Kong and more of the credit from trust companies and similar firms —could exceed 18 trillion yuan this year. That would take China’s stock of financing to 185% of GDP, up from 124% in 2007.


但其他经济分析家认为金融条件比它们所呈现的更加宽松。中央银行颁布了一个范围更广的“社会融资”方案,其中包括公司债券和一些重组的 “信托”投资公司贷款。评级机构惠誉指出，通过这一措施，融资可达到14.5万亿元人民币。然而总数可能太少了。惠誉认为更好的融资方案应该包括来自香港的信贷投资以及来自信托投资公司和类似公司——今年的总数将超过18万亿元人民币。这需要中国的股票融资占国内生产总值的比重由2007年的124％上升至185％。


Yet China seems to be getting less bang for its financial buck. In 2007, Fitch reckons, it took 1.28 yuan of extra financing to produce an additional yuan of GDP. Now it takes 2.38. China’s growth may be remarkably even. But its financial system is having to pump harder to maintain the pace.

但是，中国可能面临较小的金融压力。2007年惠誉推断，只需花费1.28元人民币的额外金融支出就能实现GDP的增长。而现在则需2.38元。中国的经济增长将是显著的，但是金融系统需要再接再厉才能实现。

楼上的也太niubility了，都一下子全文翻译了 让偶和楼下的情何以堪啊……至少留点空位给我们自己学习一下吧……毕竟follow us是让大家共同学习 共同提高的嘛 The chart in the article
even splits 半程匀速   played havoc with  对…造成严重破坏  resilience弹性;恢复力 on course 在规定过程中  diarrhoea 腹泻  veterinarian 兽医的   

呵呵,是值得认真考虑了,The source of China’s growth is moreworrying than its speed. According to Mark Williams of Capital Economics,investment comprised 62% of the economy’s expansion in the second quarter, itsbiggest contribution for 18 months. Investment in fixed assets, such asbuildings, factories and equipment, has grown by between 21% and 26%, year onyear, for the past four quarters, despite the government’s efforts to tightencredit. This resilience may be because so much investment is carried out bystate-owned firms, which are at the top of the pecking order when banks makeloans. It may also be a sign that financing is not as tight as the hawks wouldlike

呵呵,是值得认真考虑了,The source of China’s growth is more worrying than its speed. According to Mark Williams of Capital Economics,investment comprised 62% of the economy’s expansion in the second quarter, its biggest contribution for 18 months. Investment in fixed assets, such asbuildings, factories and equipment, has grown by between 21% and 26%, year on year, for the past four quarters, despite the government’s efforts to tighten credit. This resilience may be because so much investment is carried out bystate-owned firms, which are at the top of the pecking order when banks makeloans. It may also be a sign that financing is not as tight as the hawks would like.
抱歉,网络故障,重复了

文章很好，复制过程中多处出现连词现象，这个现象很常见了，不过编辑下会看着舒服些。另外有篇文章，可以对这篇做个补充，有兴趣的看看，继续学习。
IMF delivers critical report of China's economy

WASHINGTON - The International Monetary Fund predicted on Wednesday that China will continue to drive global economic development with an estimated GDP growth rate of 9.6 percent this year.

China, however, still faces a number of risks, such as high inflation, a precarious property bubble and a decline in credit quality from an excessive amount of bank loans, according to the IMF.

The organization's executive board made these conclusions after a team of its staff members visited China between May 23 and June 9 to collect economic and financial information and hold discussions with Chinese officials, who included Vice-Premier Wang Qishan, Minister of Finance Xie Xuren and People's Bank of China Governor Zhou Xiaochuan.

During the IMF visit, staff members looked into a number of indicators, including China's macroeconomic outlook, the potential for a property price bubble burst and factors endangering the banking system, said Nigel Chalk, senior adviser of the fund's Asia and Pacific department who led the IMF's visit to China. He spoke via phone conference before the fund released an 83-page staff report on China and a 15-page spillover report on the effect of China's growth on other countries.

According to the IMF, China has increased its impact on the global economy and holds "an important stake for the world in its stability".

Though the IMF scrutinized China's efforts to reform its financial sectors, Chalk said his team noted in the staff report that China has made progress in changing its GDP-based growth model while expanding its social safety net and introducing policies for affordable housing.

Inflation will start to "move to (a) downward trend" toward the end of the year, Chalk said.

He Jianxiong, IMF executive director for China, and Zhang Zhengxin, senior adviser to the executive director, said China's key challenges are to "balance the need for containing inflation, sustaining strong growth, and accelerating the transformation of the growth model" in a statement of Chinese government views.


"The task is complicated by the difficult external environment, which acutely constrains macroeconomic policy options and rebalancing efforts," according to their statement.

He and Zhang voiced their disagreement with IMF staff assessment that China's yuan is under valued.

"We do believe that China's currency needs to be stronger," Chalk said, adding that a stronger yuan is a precondition to further its economic reforms, grow its service industry, increase household income and liberalize China's financial system.

The two Chinese argued that the IMF report is based on "the assumption of unchanged policies and constant exchange rate"and "ignores the trend exchange rate movement and the far-reaching legally-binding rebalancing measures that will be implemented in the medium term".

Chalk said that the team recognized that reform of the yuan exchange rate is an integration of a "package of reforms" in making China's financial sector more market-oriented and more integrated into the global financial system.

Currency appreciation is important in China's effort to rebalance its economy but China needs to undergo a more "comprehensive transformation" to increase household income, reduce household and corporate savings, boost domestic consumption and reduce its reliance on exports, Chalk said.

But he also noted that China's financial reform is a "risky undertaking" and "needs to be managed carefully". That process will take three to five years before the country moves from its current system toward one that is much more market-based, he added.
China Daily