China is prepared to take action to stimulate the economy and boost market confidence, Premier Li Keqiang said in Beijing yesterday.
李克强昨日在北京表示，中国准备好采取措施刺激经济，提振市场信心。
Mr Li gave his assurance while warning that China would struggle to meet its annual growth target of “around 7 per cent” this year.
在做出上述保证的同时，李克强也警告称，今年中国完成“7%左右”的年增长目标将并不容易。
The premier’s pledge will be welcomed as evidence of willingness to support growth amid signs the country’s slowdown is worsening.
由于中国出现增长放缓日趋严重的迹象，这位中国总理的承诺将受到欢迎，被认为表明了中国支持增长的意愿。
The government has already lowered its target for gross domestic product from last year’s goal of “around 7.5 per cent” after a 7.4 per cent expansion in 2014 — the slowest rate since 1990.
中国政府已下调了今年的国内生产总值(GDP)年增长目标，去年的目标是“7.5%左右”。2014年，中国经济增速为7.4%，是1990年以来的最低增速。
“It is true we have adjusted down somewhat our GDP target, but it will by no means be easy for us to reach this target.” Mr Li told reporters in the Great Hall of the People after the annual parliamentary session. “China’s economy has already exceeded $10tn so a 7 per cent increase is equivalent to the entire economy of a medium-sized country.”
“看起来增速是调低了，实际上实现这个目标并不容易，”李克强在全国人大会议闭幕之后在人民大会堂对记者们表示，“因为中国的经济总量增大了，已经超过了十万亿美元。如果按7%增长，那每年就要增加一个中等国家的经济规模。”
As well as a slowdown in headline growth, many investors and government officials worry about the worsening slump in the crucial property sector and the huge accumulation of debt in recent years. China’s overall debt load reached 282 per cent of GDP by the middle of last year, a higher proportion than either the US or Germany, according to estimates from McKinsey consultants.
除总体增长放缓之外，令许多投资者和政府官员担心的还有，至关重要的房地产行业越来越不景气，以及中国近年来积累了巨额债务。麦肯锡(McKinsey)顾问估计，到去年年中，中国总债务对GDP的比率达到了282%，高于美国或德国的水平。
Even more worrying is the speed at which it has grown, as total debt has quadrupled in seven years to about $28tn, from $7tn in 2007.
更令人担忧的是债务的增长速度。中国的总债务在7年内已增加了三倍，从2007年的7万亿美元增加至约28万亿美元。
Mr Li said the government had a “host of policy instruments” at its disposal and would not hesitate to use them if the slowdown caused widespread unemployment or hit incomes.
李克强表示，中国政府“工具箱里的工具还比较多”，如果速度放缓影响了就业或收入，政府将会毫不犹豫地使用这些工具。
Government officials have been saying recently that a “new normal” of slower growth is desirable as they seek to wean the economy off its dependence on debt-financed investment and try to clean up the environment — provided job creation targets are met.
政府官员们最近一直在说，更低增速的“新常态”是受欢迎的，他们正寻求斩断中国经济对举债投资的依赖，努力治理环境——如果新增就业目标能达到的话。
“Under this ‘new normal’ state, we need to ensure that China’s economy operates within a proper range,” Mr Li told yesterday’s press conference. “If our growth speed comes close to the lower limit of its proper range and affects the employment and increase of people’s incomes, we are prepared to step up targeted macroeconomic regulation to boost market confidence.”
“在新常态下，我们会保持中国经济在合理区间运行。”李克强在昨日的记者招待会上表示，“如果速度放缓影响了就业收入等，逼近合理区间的下限，我们会加大定向调控的力度，来稳定市场的当前信心。”
The premier did not specify what the economy’s “lower limit” was, and did not elaborate on what shape any targeted measures might take.
李克强没有具体讲中国经济增长率的“下限”是多少，也没有详细讲解可能会采取何种定向调控措施。