Chinese investment grew at its slowest pace in more than a decade in the first 10 months of the year, while factory output missed expectations, adding to pressure on authorities to adopt fresh measures to boost the economy.
今年头10个月中国投资增长是10多年来最慢的，工业产出增长也逊于预期，这给政府带来更大压力，要求其采取新的措施以提振经济。
The data will add to fears that weak investment will lead to a sharper-than-expected deceleration in China’s overall economy. But economists say slower growth is inevitable as China shifts to a growth model in which consumption plays a larger role. The challenge for policy makers is to ensure that the investment slowdown is gradual enough to avoid a spike in unemployment and acute stress in the financial system.

这些数据会令人们更加担心，投资疲弱将导致中国整体经济出现比预期更为剧烈的减速。但经济学家表示，随着中国转向一种让消费扮演更重要角色的经济增长模式，增长放缓是不可避免的。政策制定者面临的挑战是，要确保投资放慢的幅度足够平缓，以避免失业激增和让金融体系一下子承受很大压力。
Fixed-asset investment grew 15.9 per cent in the year to October compared with a year earlier, the weakest pace since December 2001, dragged down by a slowdown in property investment amid a continuing decline in home sales.
受房地产投资放缓和住宅销售持续下降拖累，今年头10个月全国固定资产投资同比增长15.9%，这是2001年12月以来最弱的增幅。
Factory output grew at 7.7 per cent in October, below expectations of 8.0 per cent and the second-lowest monthly reading since 2009. Only August’s reading of 6.9 per cent was lower.
10月份规模以上工业增加值同比增长7.7%，低于8.0%的预期。这是自2009年以来第二疲弱的月同比增幅，只有今年8月份6.9%的同比增幅比它低。
But there were signs the property market may have bottomed. Year-on-year sales fell 1.3 per cent in October, much slower than the 10.3 per cent decline in September. Local governments in most major cities have relaxed limits on mortgage lending put in place around 2010 when prices were soaring.
但有一些迹象显示，房地产市场可能已经触底。10月份销售额同比下降1.3%，比9月份10.3%的同比降幅平缓得多。多数大城市的地方政府已放松了2010年前后房价飙升时出台的房贷限制。
“This data is in line with our view of the economic outlook: growth momentum remains subdued, although not alarmingly so,” Louis Kujis, chief greater China economist at Royal Bank of Scotland, said in a note.
“这批数据符合我们对经济前景的看法：增长势头仍然疲弱，尽管并不令人担忧，”苏格兰皇家银行(RBS)首席大中华区经济学家高路易(Louis Kuijs)在一份简报中写道。
However, the weak headline data are likely to intensify debate over whether more aggressive easing steps are necessary. The central bank has adopted a series of targeted measures this year, mainly by offering loans to select banks. The economic planning agency recently approved a range of infrastructure projects, including railways, according to state media.
不过，疲弱的整体数据很可能会加剧关于是否有必要采取更大力度放松措施的辩论。中国央行今年采取了一系列有针对性的措施，主要是向选定的银行提供贷款。官方媒体称，经济规划机构最近批准了一系列基础设施项目，包括铁路。
But the People’s Bank of China has refrained from stronger medicine such as a cut in benchmark interest rates or in banks’ reserve ratio requirements. Some analysts say more help is needed.
但是，中国央行迄今还没有开出效力更强的药物，如下调基准利率或银行存款准备金率。一些分析师说，有必要出台更多支撑措施。
“Growth slowed despite further policy easing, which suggests the headwinds from the property market correction, severe overcapacity in many upstream industries and an overleveraged corporate sector are very strong,” Nomura economists led by Chang Chunhua wrote on Thursday.
“尽管政策进一步放松，经济增长还是放缓了。这似乎表明，楼市回调、诸多上游产业的产能严重过剩、以及企业部门杠杆过高等因素形成的逆风很强，”野村(Nomura)经济学家常春华等人周四写道。
Nomura forecasts an RRR cut before the end of the year and another in each quarter of 2015.
野村预测，中国央行将在今年年底前下调一次存款准备金率，2015年的每个季度将分别下调一次。
Advocates of the current light-touch approach say a gradual slowdown, especially in investment, is necessary and desirable in order to reduce industrial overcapacity and draw down unsold inventory in housing and basic commodity sectors.
当前这种“微刺激”方式的倡导者表示，逐步放缓、尤其是投资的逐步放缓，是必要和可取的，这将有助于减少工业产能过剩、消耗掉住房和基本商品行业的未售出库存。
“We expect the response of economic policy to remain restrained. Senior policy makers emphasise that as long as the labour market holds up, they can accept GDP growth falling somewhat below the government’s target of 7.5 per cent this year,” said Mr Kujis.
“我们预计经济政策回应将保持克制。高层政策制定者强调，只要劳动力市场保持稳定，他们就能接受国内生产总值(GDP)增速降至今年增长7.5%的政府目标的下方，”高路易表示。
China’s economy grew at 7.3 per cent in the third quarter, the weakest pace in five years.
中国经济在第三季度增长7.3%，是五年来最弱的。