英語(yǔ)新聞丨High-tech manufacturing, fixed-asset investment strong

China's fixed-asset investment, a pivotal growth driver, grew at a faster-than-anticipated clip in the first quarter amid a big bet on manufacturing and high-tech sectors, thus getting the economy off to a solid start this year, analysts said on Tuesday.

2024年4月16日，分析人士表示，在側(cè)重發(fā)展制造業(yè)和高科技行業(yè)的情況下，作為經(jīng)濟(jì)增長(zhǎng)關(guān)鍵驅(qū)動(dòng)力的中國(guó)固定資產(chǎn)投資在第一季度以高于預(yù)期的速度增長(zhǎng)，從而使中國(guó)經(jīng)濟(jì)在2024年有了一個(gè)堅(jiān)實(shí)的開(kāi)端。

The real estate sector, however, is still a major drag on China's economy as business and consumer confidence remain weak, they added, calling for more robust government support to help address falling sales and rising default risks facing property developers.

不過(guò)，分析人士補(bǔ)充稱(chēng)，由于企業(yè)和消費(fèi)者信心依然疲軟，房地產(chǎn)行業(yè)仍是拖累中國(guó)經(jīng)濟(jì)的主要因素。他們呼吁政府提供更有力的支持，以幫助解決房地產(chǎn)開(kāi)發(fā)商面臨的銷(xiāo)售下滑和違約風(fēng)險(xiǎn)上升的問(wèn)題。

Fixed-asset investment, as shown by data released by the National Bureau of Statistics on Tuesday, grew 4.5 percent year-on-year in the first three months to over 10 trillion yuan ($1.38 trillion), above analysts' expectations, which had projected an increase ranging between 4.2 percent and 4.3 percent.

國(guó)家統(tǒng)計(jì)局4月16日發(fā)布的數(shù)據(jù)顯示，2024年第一季度，固定資產(chǎn)投資同比增長(zhǎng)4.5%，超過(guò)10萬(wàn)億元(1.38萬(wàn)億美元)，高于分析人士預(yù)期，他們此前預(yù)計(jì)的增長(zhǎng)幅度在4.2%至4.3%之間。

The accelerated growth rate in the first quarter was primarily supported by increased investments in infrastructure and manufacturing, which climbed by 6.5 percent and 9.9 percent year-on-year, respectively, said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International.

金信國(guó)際首席宏觀經(jīng)濟(jì)分析師王慶表示，第一季度的加速增長(zhǎng)主要得益于基礎(chǔ)設(shè)施和制造業(yè)投資的增加，這兩項(xiàng)投資分別同比增長(zhǎng)6.5%和9.9%。

As the weather warms up and projects resume after holidays, construction progress across various localities picked up pace, leading to a boost in infrastructure investment, Wang said, adding that the issuance of 1 trillion yuan in special treasury bonds at the end of last year has provided ample funds for various local infrastructure projects.

王慶表示，基于天氣轉(zhuǎn)暖和假期后項(xiàng)目恢復(fù)，各地的建設(shè)進(jìn)度加快，傳導(dǎo)至基礎(chǔ)設(shè)施投資激增；同時(shí)，去年年底發(fā)行的1萬(wàn)億元特別國(guó)債為各種地方基礎(chǔ)設(shè)施項(xiàng)目提供了充足的資金。

Meanwhile, the recovery in global demand, particularly in sectors such as electronics, automobiles and machinery, translated into increased orders and higher profits for manufacturers. As a result, investment in industry maintained a relatively high growth rate, Wang said.

與此同時(shí)，全球需求的復(fù)蘇，尤其是在電子、汽車(chē)和機(jī)械等行業(yè)，轉(zhuǎn)化為制造商訂單的增加和利潤(rùn)的提高。因此，工業(yè)投資保持了較高的增長(zhǎng)速度。

In particular, the high-tech manufacturing sector witnessed a first-quarter investment growth rate of 10.8 percent, surpassing investment growth in overall manufacturing, according to the bureau.

國(guó)家統(tǒng)計(jì)局表示，特別是高科技制造業(yè)，第一季度投資增長(zhǎng)率為10.8%，超過(guò)了整體制造業(yè)的投資增長(zhǎng)。

The country's policy support fostering new quality productive forces and large-scale equipment upgrades has boosted businesses' demand for advanced computing technologies, digitization efforts and the adoption of cutting-edge office equipment, said Li Chao, chief economist at Zheshang Securities.

浙商證券首席經(jīng)濟(jì)學(xué)家李超表示，國(guó)家對(duì)培育新型優(yōu)質(zhì)生產(chǎn)力和大規(guī)模設(shè)備升級(jí)的政策支持，推動(dòng)了企業(yè)對(duì)先進(jìn)計(jì)算技術(shù)、數(shù)字化工作和尖端辦公設(shè)備的需求。

Going forward, banking and insurance institutions should enhance their medium- to long-term financial support for equipment upgrades and technological improvements, as outlined in a notice jointly issued on Tuesday by the National Financial Regulatory Administration, Ministry of Industry and Information Technology and National Development and Reform Commission. Efforts will be made to leverage the role of national production-financing platforms, to effectively align financial resources with the financing needs of industrial transformation. Moreover, the country will expand credit loans specifically tailored for strategic emerging industries such as artificial intelligence and aerospace, the notice said.

國(guó)家金融監(jiān)督管理總局、工業(yè)和信息化部、國(guó)家發(fā)展改革委4月16日聯(lián)合發(fā)布《關(guān)于深化制造業(yè)金融服務(wù)助力推進(jìn)新型工業(yè)化的通知》指出，未來(lái)，銀行和保險(xiǎn)機(jī)構(gòu)應(yīng)加強(qiáng)對(duì)設(shè)備升級(jí)和技術(shù)改進(jìn)的中長(zhǎng)期金融支持。發(fā)揮國(guó)家生產(chǎn)融資平臺(tái)作用，有效對(duì)接金融資源和產(chǎn)業(yè)轉(zhuǎn)型融資需求。此外，國(guó)家將擴(kuò)大專(zhuān)門(mén)為人工智能和航空航天等戰(zhàn)略性新興產(chǎn)業(yè)量身定制的信貸貸款。

While other sectors are showing signs of growth, the sluggish performance of real estate investment raises concerns about implications for the overall economy.

在其他行業(yè)顯示出增長(zhǎng)跡象之際，房地產(chǎn)投資的低迷表現(xiàn)引發(fā)了對(duì)整體經(jīng)濟(jì)影響的擔(dān)憂(yōu)。

Data from the NBS showed that investment in property development during the first three months dipped 9.5 percent year-on-year, with commercial housing sales plunging 27.6 percent.

國(guó)家統(tǒng)計(jì)局的數(shù)據(jù)顯示，今年前三個(gè)月房地產(chǎn)開(kāi)發(fā)投資同比下降9.5%，商品房銷(xiāo)售暴跌27.6%。

Several top-tier cities in China, including Beijing and Shanghai — as well as some second-tier cities — have recently relaxed their property policies, leading to increased activity in the new home market, said Wang.

王慶表示，中國(guó)包括北京和上海的幾個(gè)一線(xiàn)城市，以及一些二線(xiàn)城市，最近放松了他們的房地產(chǎn)政策，導(dǎo)致新房市場(chǎng)的交易增加。

However, overall recovery of the real estate sector remains sluggish due to insufficient purchasing power on the demand side and persistently low industry expectations, Wang added.

然而，由于需求側(cè)購(gòu)買(mǎi)力不足和行業(yè)預(yù)期持續(xù)低迷，房地產(chǎn)行業(yè)的整體復(fù)蘇仍然緩慢。

China still has significant room for policy adjustments including allowing for the potential reduction of home purchase restrictions and the lowering of mortgage rates, Wang said.

王慶表示，中國(guó)仍有很大的政策調(diào)整空間，包括允許潛在的減少購(gòu)房限制和降低抵押貸款利率。

Given the complex and challenging external environment and insufficient domestic effective demand, it is essential to maintain a certain level of intensity in infrastructure investment, said Wu Chaoming, deputy director of the Chasing International Economic Institute.

追逐國(guó)際經(jīng)濟(jì)研究所副所長(zhǎng)吳超明表示，在外部環(huán)境復(fù)雜而充滿(mǎn)挑戰(zhàn)、國(guó)內(nèi)有效需求不足的情況下，保持一定程度的基礎(chǔ)設(shè)施投資強(qiáng)度至關(guān)重要。

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