A slowdown in real estate is denting demand for steel and other construction materials. Yang Jian, sales manager of a steel trade company in Zhengzhou in central China, said the market 'is not good.' 'Steel prices keep declining, sales are down too,' he said. 'This year is worse than last year. We can't see any hope.'
房地产业的放缓开始打击钢材及其他建筑材料的需求。河南郑州一家钢材贸易公司的销售经理杨健(音)说,市场行情不好。他说,钢材价格不断下降,销售也在下滑,今年比去年还糟,我们看不到任何希望。
Household consumption, which China's leaders hope will play a bigger part in supporting growth, showed some signs of resilience. Taking account of changes in prices, retail-sales growth edged up modestly to 12.2% on year from 12.1% in June. Sales of passenger cars were also robust, up 11% on year in July according to the China Association of Automobile Manufacturers, an industry group.
家庭消费显示出一些增长的迹象。中国7月份经通胀调整后的零售额同比增长12.2%,略高于6月份的12.1%。轿车销量也较强劲,据行业组织中国汽车工业协会(China Association of Automobile Manufacturers)的数据显示,7月份轿车销量同比增长11%。中国领导人希望家庭消费能在支撑经济增长方面发挥更大的作用。
China's leaders have promised to swing policy into pro-growth mode, with cuts in the benchmark interest rate in June and July reducing the cost of a one-year loan by 1.7 percentage points for some borrowers. Speaking at the end of July, Premier Wen Jiabao said the government would give higher priority to protecting growth, a message repeated by the central bank in its second-quarter Monetary Policy Report.
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