中国制造业活动持续萎缩 Chinese manufacturing shrinks for 7th straight month大纲

Chinese manufacturers reported sluggish business for a seventh month in a row, with a PMI reading for February which was worse than expected.

2月份，中国制造业采购经理人指数(PMI)逊于预期，显示出制造业已连续7个月陷于低迷。

The official manufacturing PMI for February came in at 49, compared to economists’ expectations of 49.4. It was 49.4 in January.

2月份的官方制造业PMI为49，比经济学家预期的49.4要低。1月份的制造业PMI为49.4。

The reading means the manufacturing sector has been shrinking for the past seven months. It is the lowest reading since November 2011, when it was also 49.

该读数意味着，中国制造业过去7个月一直处于收缩状态。该读数是2011年11月以来的最低读数，当时的读数也是49。

China recorded its weakest growth in a quarter of a century last year at 6.9 per cent.

去年，中国经济增长率为6.9%，是25年来的最低水平。

On Monday the central bank also opted for more easing, cutting the reserve ratio – or the share of customer deposits that banks must hold on reserve – to boost the availability of cheap credit to consumers and companies. It was also reported than almost 2m Chinese coal and steel workers will lose their jobs because of government policies to cut overcapacity, the majority of them likely to be in state-owned enterprises.

周一，中国央行决定进一步放松货币政策，下调了商业银行存款准备金率，以便让消费者和企业更容易获得廉价信贷。另有报道称，由于政府出台政策去除产能过剩，将近200万中国煤炭和钢铁工人将失去工作，其中大部分很可能都是国企工人。

The services PMI was 52.7, compared to a previous reading of 53.5.

中国官方服务业PMI为52.7，前值为53.5。

The Caixin-sponsored composite PMI for February came in at 48, below expectations for 48.4. It had been 48.4 in January.

2月份，财新(Caixin)中国制造业PMI为48，比预期值48.4要低，1月份的读数为48.4。

The 50-mark separates contraction from expansion. The reading means the sector has been shrinking for a whole year now, and was its lowest in five months.

50为收缩与扩张的分水岭。2月份的财新PMI读数为5个月来的低点，而且意味着中国制造业过去一整年始终处于收缩状态。

The survey also noted that staff numbers declined at the sharpest rate since January 2009, as companies downsized to cut costs and did not replace voluntary leavers.

财新的调查还指出，随着企业压缩规模以节省成本，加上不再填补自愿离职员工的空缺，用工数量降至2009年1月以来最低。

He Fan, economist at Caixin Insight, said: The index readings for all key categories including output, new orders and employment signalled that conditions worsened, in line with signs that the economy’s road to stability remains bumpy. The government needs to press ahead with reforms, while adopting moderate stimulus policies and strengthening support of the economy in other ways to prevent it from falling off a cliff.

财新智库(Caixin Insight)首席经济学家何帆认为，2月财新中国制造业PMI中，产出、新订单、就业等关键分项指标均有所下探，表明中国经济仍处于反复震荡的探底阶段。当前阶段，政府应在继续推进改革的基础上，适度采取经济刺激政策，加大托底政策力度，避免经济出现断崖式下跌，引发经济动荡。