China reins in economic expansion
China's growth in fixed-asset investment and its money supply slowed considerably in August, providing firm evidence that the government's tightening measures were reining in the country's rapid economic expansion.
Urban fixed-asset investment in August rose 21.5 per cent compared with a year ago, a marked slowdown from the 30.5 per cent expansion from January through July and the slowest for a single month since December 2004. M2, the broad indicator for money supply, rose 17.9 per cent last month compared with 18.4 per cent in July and June.
China's economy has been growing at a record pace, expanding by 11.3 per cent in the second quarter. Beijing officials and many economists are concerned that such growth rates are not sustainable in the longer term.
The latest economic data, which were released by Qiu Xiaohua, commissioner of China's National Bureau of Statistics, suggest Beijing has been able to control excessive lending and investment to sectors such as real estate that are especially at risk of overheating.
Beijing is using a combination of monetary and administrative controls in its attempts to moderate growth. Since late April, China's central bank has twice raised benchmark lending rates and bank reserve requirements. Yesterday it also mopped up a record Rmb225bn ($28.3bn) in its regular open market operations.
Su Ning, the deputy central bank governor, said this week at an international conference in Beijing that the country's money supply was slowing dramatically as a result of these measures.
At the same time, China's leaders are trying to control unnecessary production - for instance by limiting land rights and enforcing environmental standards in key industries such as steel, cement and automobiles.
Beijing is also worried about overlending to urban property projects, including residences, offices and industrial parks, and the threat it could lead to artificially high prices and excess supply.
While trying to temper credit and investment growth, Beijing is also attempting to stimulate consumer spending, since it believes a strong middle class will be a key driver of future growth.
China's statistics body said August retail sales were up 13.8 per cent, a rate consistent with that of the previous two months. Demand for oil products, jewellery, automobiles and building has been particularly strong.
一、参考译文：
8月份中国固定资产投资及货币供应量增长速度明显放缓，这有力地证明，政府的紧缩举措，正在抑制中国经济的迅速扩张。
8月份，中国城市固定资产投资较上年同期增长21.5%，与1至7月份期间30.5%的扩张速度相比，有明显放缓；同时也是自2004年12月以来，单月增幅最低的一个月。广义货币供应量M2上月增长17.9%，而7月份和6月份的增幅均为18.4%.
中国经济一直在以创纪录的速度增长，第二季度的增幅为11.3%.中国政府官员和许多经济学家担心，长远而言，这样的增长速度难以维持。
中国国家统计局(National Bureau of Statistics)局长邱晓华发布的最新经济数据显示，中国政府能够控制对房地产等行业的过渡放贷和投资，这些行业尤其存在过热风险。
中国政府正通过货币和行政调控手段相结合的方式，努力缓和经济增长。自4月底以来，中国央行已两度上调基准贷款利率和银行存款准备金比率。昨日，央行还在其例行的公开市场操作中，创纪录地完成2250亿元人民币(合283亿美元)的资金回笼工作。
本周，中国央行副行长苏宁在北京举行的一个国际会议上表示，由于上述措施，中国的货币供应“明显”放缓。
与此同时，中国领导人正试图控制非必要的生产——例如，在钢铁、水泥和汽车等关键行业，限制土地使用权并强制执行各种环保标准。
中国政府还对城市地产项目(包括住宅、写字楼和工业园区)上的过度放贷，以及可能由此导致的人为高价和供应过度感到担忧。
在努力遏制信贷和投资增长的同时，中国政府还试图刺激消费支出，因为它认为，一个强大的中产阶层，将成为未来经济增长的关键驱动力。
中国国家统计局表示，8月份，社会消费品零售总额较上年同期增长13.8%，这一幅度与前两个月持平。石油产品、珠宝、汽车和建筑方面的需求一直特别强劲。
二、重点词汇：
investment n.投资，可获利的东西
evidence n.明显，显著，明白，迹象，根据， [物]证据，证物
indicator n.指示器， [化]指示剂
sustainable adj.可以忍受的，足可支撑的，养得起的
excessive adj.过多的，过分的，额外
benchmark[计]基准
deputyn.代理人，代表
dramatically adv.戏剧地，引人注目地
artificially adv.人工
credit n.信任，信用，声望，荣誉， [财务]贷方，银行存款
vt.相信，信任，把……归给
previous adj.在前的，早先的
adv.(1)在……以前；(2)返回上一级菜单
