China is likely to persevere with tightening policies aimed at tackling surging inflation after the Chinese economy grew a robust 9.5 percent in the second quarter from a year earlier, a mild slowdown from its first quarter pace.

　　中国有可能将坚持收紧政策，以遏制不断飚涨的通胀。此前发布的数据显示，中国经济在第二季度同比强劲增长9.5%，比第一季度的增速略有放缓。

　　Economic data released on Wednesday showed Chinese growth holding up well, defying those who feared government tightening measures could trigger a “hard landing” for the world’s second-largest economy.

　　周三发布的经济数据显示，中国经济保持了良好的增长势头，没有应验有关政府收紧措施可能引发全球第二大经济体“硬着陆”的预言。

　　After inflation hit a three-year high of 6.4 percent in June, China’s central bank raised interest rates last week for the fifth time since October and has also raised the portion of deposits that banks must hold in reserve nine times over the same period.

　　在6月份通胀达到6.4%这个三年高位后，中国央行自去年10月以来第5次上调利率（同期中国央行还已经9次上调银行存款准备金率）。

　　“Controlling inflation remains the top policy priority in the short term, and we continue to expect monetary policy to remain tight in the next few months,” said Peng Wensheng, an economist with CICC, the Chinese investment bank.

　　“控制通胀仍是短期内的首要政策重点，我们仍预计货币政策在未来几个月内将保持偏紧，”投资银行中金公司(CICC)经济学家彭文生表示。

　　With Beijing trying since last year to limit bank lending, cool the scorching real estate market and slow rapid price increases, most economists had expected significantly lower GDP growth in the second quarter than the 9.7 percent year-on-year increase in the first three months.

　　鉴于中国政府从去年起就试图限制银行房贷，冷却火爆的房产市场，并减缓价格的快速上涨，多数经济学家此前预期，第二季度的国内生产总值(GDP)增速将明显低于今年首季的9.7%。

　　The stronger-than-expected second quarter growth of 9.5 percent was boosted by growth in industrial production of 15.1 percent from a year earlier in June, up from 13.3 percent growth in May and the fastest pace in almost a year.

　　第二季度9.5%的增长强于预期水平，其推动因素是6月份工业产出同比增长15.1%，高于5月份的13.3%，而且是近一年来的最快增速。

　　Resilience in underlying growth will give policymakers room in case they need to implement further measures to tackle stubbornly high inflation.

　　基本经济增长的韧性，将给政策制定者带来一定的回旋空间，让他们在需要时能够进一步采取措施，对付居高不下的通胀。

　　Politically sensitive food prices rose 14.4 percent from a year earlier in June, driven by a 57 percent year-on-year increase in the price of pork, but most economists believe inflation will peak this month and then start to moderate.

　　6月份，具有政治敏感性的食品价格同比上涨了14.4%，其主要驱动因素是猪肉价格同比上涨57%，但是，多数经济学家预期，通胀将在本月见顶，而后开始放缓。

　　Officials struck a confident note as they revealed the latest economic figures.

　　官员们在发布最新经济数据时语气自信。

　　“There is only a very small chance that China’s economy will witness a drastic and rapid decline,” said Sheng Laiyun, spokesman for the National Bureau of Statistics said on Wednesday. He said the mild slowdown in the second quarter was expected and desirable and that the Chinese economy was “just like a person who can’t always run at an accelerated speed – he has to slow down in order to run well over the long term.”

　　“中国经济增长的动力仍然比较强劲，经济增速快速回落的风险比较小，”中国国家统计局(NBS)新闻发言人盛来运周三表示。他表示，第二季度增长略有放缓在意料之中，也是可取的，而且中国经济“就像一个人跑步一样，不能老是以加速度在冲刺，他必须要放慢一下脚步，为了以后跑得更好”。

　　However, the raft of data released on Wednesday also showed that China’s growth remains seriously unbalanced and that Beijing is making little headway in its efforts to shift from over-reliance on investment towards a more consumption-driven model.

　　然而，周三发布的这批数据也显示，中国经济增长仍然严重不平衡，同时中国政府在调整增长模式（从过度依赖投资转向在更大程度上由消费驱动）方面进展甚微。

　　Investment in real estate and other fixed assets remained strong in the second quarter “indicating the persistent nature of over-investment in the country at present,” according to Liao Qun, an economist at Citic Bank International.

　　房地产和其它固定资产投资在第二季度仍很强劲。中信银行国际(Citic Bank International)经济学家廖群称，这“显示出目前中国过度投资的持久性”。

　　Retail sales in June were up 17.7 percent from a year earlier but once the figure was adjusted for inflation analysts said this was the weakest monthly growth in at least six years.

　　6月份零售销售额同比增长17.7%，但分析师们表示，经通胀调整后，这是至少6年来最疲软的月度数据。

　　In fact, investment contributed nearly twice as much as consumption to yearly growth in the second quarter (5.9 percentage points compared to 3.3 points), according to estimates from Capital Economics.

　　事实上，根据凯投宏观(Capital Economics)的估算，在第二季度的年度增幅中，投资的贡献（5.9个百分点）几乎达到消费（3.3个百分点）的两倍。

　　“Put another way, consumption, which already accounts for an exceptionally low level of spending, continued to fall as a share of GDP,” said Mark Williams, senior China economist at Capital Economics. “This pattern of growth is not sustainable, as the government has acknowledged; the longer investment-led growth continues, the greater the risk that capital is misallocated, undermining the banking sector, and that overcapacity becomes a serious issue.”

　　“换句话说，本来就导致支出水平低得出奇的消费，在GDP中的份额继续下降，”凯投宏观的资深中国经济学家马克?威廉姆斯(Mark Williams)表示。“这种增长模式是不可持续的，就像政府已经承认的那样；投资主导的增长持续越久，资本配置不当的风险就越大，这将打击银行业，同时产能过剩也将成为一个严重问题。”