China's manufacturing sector had a strong January, at least according to an official survey that required extensive statistical adjustments due to last week's New Year holiday. Independent economists who conducted their own data adjustments found signs of surprising weakness.
中国制造业在1月份表现强劲——至少这是官方调查所展现的景象。由于上周的春节黄金周,该项调查需要进行大量的统计调整。同时,自主进行数据调整的一些独立经济学家表示,他们发现了出乎意料的疲软迹象。
Amid the confusion, all could agree on one point: trying to get a clear read on the Chinese economy at the start of the year, when much of the country shuts down for a couple of weeks, is fiendishly difficult.
在一团迷茫中,各方应该会同意一点:要在年初清晰地判读中国经济是极其困难的,因为全国相当大部分产业要停工两周过年。
This has always been the case but is particularly vexing this year. The economy may be at a turning point, requiring much more policy support to keep growth on track. Yet it could be weeks, even months, before the full extent of any slowdown becomes clear.
这个问题一直存在,但今年尤其令人头疼。中国经济也许正处于一个转折点,需要多得多的政策支持才能保持增长。可是,经济放缓的全貌可能需要数周乃至数月时间才能清晰展现。
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