口译时事：中国货币政策恰与美欧相反

2013-03-15 00:00:00来源：金融时报

　　　　China must be “on high alert” against inflation, central bank governor Zhou Xiaochuan said yesterday, striking a hawkish tone at his most important news conference of the year.

　　　　中国必须“高度警惕”通货膨胀，这是中国央行行长周小川昨日在他一年里最重要的记者会上做出的鹰派表态。

　　　　Speaking the week after China reported a jump in inflation to a 10-month high of 3.2 per cent, Mr Zhou said the increase in prices had been larger than expected and that experience had taught him not to delay the fight against inflation.

　　　　上周中国刚刚报告通胀达到3.2%的10个月高位。周小川在记者会上表示，价格涨幅大于预期，而经验告诉他，抗击通胀宜早不宜迟。

　　　　His comments were the latest sign that Beijing is willing to tolerate slightly slower growth in order to keep prices and the property market in check. After growing 7.8 per cent in 2012, its weakest year in more than a decade, China’s economy is on track to grow more quickly this year but policy tightening could limit the size of its rebound.

　　　　他的这番言论是最新的迹象，表明中国高层为了遏制物价和楼市，愿意接受略微慢一些的经济增长。2012年中国经济增长7.8%，这是10多年来最慢的增速。进入今年以来，中国经济增长有所加快，但政策收紧可能遏制反弹幅度。

　　　　“In the past some of us thought it was no big deal if inflation was a little bit high, growth will be a little faster and then we can control inflation afterwards,” Mr Zhou said at the central bank’s news conference.

　　　　“曾经有同志认为通货膨胀高一点也没关系，高一点也许增长会更快一点，以后再调下来，”周小川在央行举行的记者会上表示。

　　　　“But international experience and our own experience here show that this thinking might not be correct. It requires careful attention to maintain low inflation,” he said.

　　　　“但是国际经验和我们中国自己的经验都表明，这种想法可能不一定对，所以还是要高度重视保持低通货膨胀，”他表示。

　　　　Mr Zhou’s comments put China at the opposite end of the policy spectrum from the US and Europe, where central banks have kept monetary conditions extremely loose in order to rev up sluggish growth.

　　　　周小川的言论意味着中国的货币政策姿态与美欧恰好相反，在美欧，央行正保持极其宽松的货币条件，以重振乏力的经济增长。

　　　　The split with other central banks is not an ideological rift so much as an acknowledgment of China’s very different economic reality, where even a moderate policy loosening last year led to a sharp rise in credit issuance, a pick-up in growth and, lately, the threat of inflation.

　　　　与别的央行采取不同姿态，与其说是意识形态分歧，不如说是承认中国的经济现实非常不同，在中国，即便是去年温和的政策放松，也导致信贷发放量大举增加，增长反弹，最近还再度出现通胀威胁。

　　　　With property prices starting to soar, the government last month stepped up its controls of the real estate market, vowing to levy a 20 per cent capital gains tax to thwart speculators.

　　　　鉴于房地产价格开始飙升，中国政府上月加大对楼市的调控力度，宣布将对售房所得征收20%的资本利得税，以打击投机者。

　　　　The central bank has also shifted towards a tighter stance in recent weeks, withdrawing cash from the economy via its open-market operations.

　　　　中国央行在近几周也转向偏紧的姿态，通过公开市场操作回笼部分资金。

　　　　Mr Zhou, who has served as governor of the People’s Bank of China for the past decade, has reached the mandatory retirement age of 65, but the government is widely expected to keep him in office for at least another year in order to bring stability at time when the country is going through a once-in-a-decade leadership transition. Asked about the speculation surrounding his future, Mr Zhou refused to be drawn.

　　　　周小川担任中国央行行长已有10年，他已达到65岁的规定退休年龄，但普遍预期政府将让他留任至少一年，以便在领导层进行10年一度的换届时保持央行人事稳定。在被问及他的未来去向时，周小川拒绝深入回答。

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