2025年3月17日
The Chinese government and the Communist Party jointly issued a lengthy list of planned initiatives on Sunday to get people to spend more, in yet another move by Beijing to offset potential harm from its escalating economic warfare with Washington.
中国政府和中共周日联合发布了一系列计划措施,试图鼓励人们增加消费,这是北京为抵消与华盛顿不断升级的经济战可能造成的影响而采取的又一举措。
The road map for economic stimulus included larger pensions, better medical benefits and higher wages — measures that could bolster China’s lagging domestic consumption. But it assigned many of these tasks to the country’s local governments, many of which are struggling under enormous debts and plummeting revenues from the sale of state land.
经济刺激计划包括提高养老金、改善医疗福利和提高工资,这些措施可能会提振中国滞后的国内消费。但它把其中许多任务交给了地方政府,而不少地方政府正承受着巨额债务和国有土地出售收入大幅下降的沉重压力。
The action comes as China’s leaders are searching for ways to rebalance the economy away from its current dependence on an ever-rising trade surplus, which reached almost $1 trillion last year. President Trump has already imposed 20 percent tariffs on China’s shipments to the United States. Countries in Europe, Latin America, Africa and the Middle East are also raising tariffs on China’s flood of manufactured-goods exports.
这一举措出台之际,正值中国领导人寻求方法让经济摆脱对不断增长的贸易顺差的依赖。去年,贸易顺差已达到近1万亿美元。特朗普总统已对中国出口到美国的商品征收了20%的关税。欧洲、拉丁美洲、非洲和中东国家也在对中国大量出口制成品提高关税。
Part of the document released on Sunday seemed aimed at reassuring the Chinese public that their investments were safe, so that they would start spending money again. The authorities promised to undertake “multiple measures to stabilize the stock market” and to underpin the real estate market, which has been marred by falling property prices.
周日发布的文件部分内容似乎旨在让中国公众相信他们的投资是安全的,这样他们就会重新开始消费。当局承诺采取“多项措施稳定股市”,并支撑因房价下跌而受损的房地产市场。
A housing market crash has wiped out much of the savings of China’s middle class in the past three years. Chinese households have responded by curtailing their spending on hotels, restaurants and other services and stuffing savings into bank deposits that pay very little interest.
在过去三年里,房地产市场崩盘令中国中产阶级的储蓄大量蒸发。中国家庭的应对措施是减少酒店、外食和其他服务的支出,并将储蓄存入利息极低的银行账户。
One bright spot of late for China has been its stock markets. In the United States, the tariffs and uncertainty caused by Mr. Trump’s policies dragged the S&P 500 last week into a correction, down more than 10 percent from its peak. But China’s markets are positive, partly on enthusiasm for the country’s progress in developing its own artificial intelligence programs. Hong Kong’s stock market, where many Chinese companies trade, is up about 20 percent since Mr. Trump’s inauguration.
最近,中国经济的一个亮点是股市。在美国,关税和特朗普政策引发的不确定性导致标普500指数上周陷入回调,较峰值下跌逾10%。但中国股市表现积极,部分原因是人们对该国在自主开发人工智能项目方面取得的进展感到兴奋。自特朗普就职以来,香港股市已上涨20%,许多中国公司在香港股市交易。
The “Special Action Plan to Boost Consumption” was issued in the name of two of the highest organs of power in China: the General Office of the cabinet and the General Office of the Central Committee of the Communist Party. The unusual step showed that Beijing’s leaders want to signal that they are serious about addressing lackluster domestic spending.
《提振消费专项行动方案》由中国两个最高权力机关发布:国务院办公厅和中共中央办公厅。这一不同寻常的举措表明,北京领导人希望释放出这样的信号:他们严肃对待解决国内消费低迷的问题。
China’s National Bureau of Statistics has scheduled a news conference on Monday morning in Beijing to release economic data from January and February. Later in the day, senior officials are scheduled to speak at a news conference about the initiatives to increase consumption.
中国国家统计局将于周一上午在北京举行新闻发布会,公布1月和2月的经济数据。当天晚些时候,高级官员将在新闻发布会上介绍促进消费的举措。
The plan includes many details that could prove popular with the Chinese public if implemented. It calls for local governments to issue payments or increase subsidies to “people in need” and increase retirees’ pension benefits. It also directed local governments to pay their overdue debts to businesses.
该计划包含许多细节,如果实施,可能会受到中国公众的欢迎。它要求地方政府向“困难群众”发放款项或增加补贴,并增加退休人员的养老金福利。它还指示地方政府偿还拖欠的企业债务。
But the outline released on Sunday contained no new promises of money from the national government to help local governments pay for all of this.
但周日发布的这份纲要中并没有关于国家政府提供资金帮助地方政府支付所有这些费用的新承诺。
China’s local governments, which are responsible for almost all social spending, raised most of their money until three years ago by selling state land to private sector developers. But these sales have collapsed because of the housing market crash.
中国地方政府负责几乎所有的社会支出,直到三年前,它们的大部分资金都是通过向私营开发商出售国有土地筹集的。但由于房地产市场崩溃,土地出让收入已大幅减少。