The Chinese economy expanded at an annual rate of 6.7 per cent in the third quarter of 2016, putting it firmly on track to meet the government’s full-year target of at least 6.5 per cent growth.

中国经济在今年第三季度同比增长了6.7%，有很大把握实现政府定下的全年增长目标，即全年增长不低于6.5%。

But concerns are mounting that the rate could fall as officials try to cool an overheated property sector, a traditional motor of the country’s economy.

但是，随着官员们试图为过热的房地产业（中国经济传统的引擎之一）降温，人们越来越担心经济增速会下滑。

This month more than 20 urban governments across China introduced measures to restrain property prices, which over the past year have increased by as much as 25 per cent in cities such as Beijing and Shanghai.

本月，中国各地20多座城市的政府出台了抑制房价的措施。过去一年，北京和上海等城市的房价涨幅最高达25%。

Many analysts believe the sector ultimately accounts for more than half of all investment, after factoring in related demand for everything from concrete to household goods.

许多分析师认为，若把从混凝土到家居用品等相关需求考虑在内，房地产业投资最终占到总投资额的一半以上。

Real estate investment grew at 7.1 per cent in the year to September. Two other critical growth engines, the services sector and infrastructure investment, rose 7.6 per cent and 19.4 per cent respectively over the same period.

今年头三个季度，房地产投资增长了7.1%，另外两个关键增长引擎——服务业和基础设施投资——分别增长了7.6%和19.4%。

China’s gross domestic product grew 6.7 per cent in both the first and second quarters of the year, defying fears of a much sharper slowdown after turmoil on the country’s currency and stock markets dented global confidence in Beijing’s macroeconomic management.

今年第一季度和第二季度，中国国内生产总值(GDP)的增速都是6.7%，尽管在汇市和股市动荡削弱了国际社会对中国政府宏观经济管理的信心之后，人们曾担心增长的减速要厉害得多。

Earlier this year economic planners set a target range for full-year economic growth of 6.5-7 per cent.

今年早些时候，经济规划者将全年经济增长目标区间设定为6.5%至7%。

This signalled their willingness to tolerate a slower pace of expansion than the 6.9 per cent recorded in 2015 — the lowest annual figure in almost a quarter century.

这表明，他们愿意容忍比2015年的6.9%还要低的增速——6.9%是中国近四分之一个世纪以来的最低年经济增速。

The annual growth rate dipped as low as 6.2 per cent in the first quarter of 2009 as China was buffeted by the global financial crisis.

受全球金融危机冲击，2009年第一季度中国经济同比增速降至6.2%。

That slowdown was the catalyst for a Rmb4tn government stimulus programme that boosted global demand at a critical time but also led to overinvestment in a number of heavy industries, such as coal and steel, and contributed to a sharp rise in corporate debt levels.

那次放缓成了政府出台4万亿元人民币刺激计划的催化剂。刺激计划在紧要时刻提振了全球需求，但也导致了一些重工业（如煤炭和钢铁）的过度投资，并推动企业债务水平急剧上升。

Last week China’s State Council, headed by Premier Li Keqiang, approved a controversial debt-for-equity programme and other measures aimed at reducing corporate indebtedness.

上周，李克强总理领导下的中国国务院批准了一项有争议的债转股计划，以及其他旨在降低企业债务水平的措施。

Chinese companies have accumulated $18tn in debt, equivalent to about 170 per cent of GDP.

中国企业累积了18万亿美元债务，约相当于GDP的170%。

The International Monetary Fund, which has repeatedly warned Beijing about corporate debt levels, has projected that China’s economy will expand 6.6 per cent this year and 6.2 per cent in 2017.

国际货币基金组织(IMF)多次提醒北京方面关注企业债务水平。该组织预计，今明两年中国经济增速将分别为6.6%和6.2%。

Meanwhile, deflationary pressures are continuing to ease.

另一方面，中国的通缩压力继续缓解。

Last week the National Bureau of Statistics reported that producer prices had increased on an annual basis for the first time in more than four years.

上周中国国家统计局报告称，工业生产者出厂价格(PPI)四年多来首次出现同比上涨。

This represented a dramatic turnround from late 2015, when year-on-year producer price deflation was running at almost 6 per cent, and will relieve the pressure that has been building on China’s heavy industries.

这反映出，自2015年末以来局面发生了显著好转（2015年12月，PPI同比下降近6%），中国重工业一直以来承受的压力将得到缓解。

The Chinese government, however, says it remains committed to reducing overcapacity in a range of heavy industries.

不过，中国政府表示，它仍致力于削减多个重工行业的过剩产能。

Last week,a spokesman for the National Development and Reform Commission said that the government was on track to reduce capacity in the country’s steel industry by 45m tonnes this year.

上周，中国国家发改委发言人表示，今年政府会在钢铁业削减4500万吨的产能。

The government is also targeting a 20 per cent reduction in coal capacity — a goal that could be made more difficult by a recent surge in thermal coal prices.

中国政府还定下了在煤炭行业减少20%产能的目标——近期动力煤价格大涨可能会增加实现这一目标的难度。