盘点：中国经济【经济学人浓咖啡】第226期

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Taking stock: China’s economy 盘点：中国经济

Data out today suggest that China bulls have gotten ahead of themselves. The government published its first detailed economic report of 2019. Activity was, almost across the board, weak compared with a year ago. Industrial output growth slowed, new home sales fell and infrastructure investment came in below expectations. That is a reality check for investors, who believed that the government’s efforts to pep up growth were working, and so have driven the Chinese stockmarket up by around 25% this year, making it the world’s top performer. They are absolutely right that officials are easing policy, by cutting taxes and pushing banks to lend more. Yet the figures today show that this stimulus has not gained traction. Attention will now shift back to the government. It has wanted to keep its spending in check. But it doesn’t want to see growth suffer. Get ready for some more pump-priming.

• Take stock:

清查存货；评估状况（To make an appraisal, estimation, or assessment of something. Moving forward, we'll be holding biweekly meetingsto take stock of our financial situation. ），这里指盘点中国经济状况。

• China bulls:

bull: 原意是公牛，也有“看好股市的人”的意思，bull market: 牛市。China bulls: 看好中国经济的那些人。

• reality check:

现实检验，迫使一个人接受或重新评估自己原来观点、状态的事件(An event or outcome that forces one to accept or reevaluate the reality of one's position or situation.)

• pep up:  

使振奋; 使活跃（To increase or enhance one's excitement,interest, energy, or alertness. eg. I think I need some coffee to pep me up.）。pep up growth: 刺激增长。

• traction:

原意指机械牵引力（Pulling power, as of a draft animal or engine.），这里可以理解为以上政府采取的措施并未推动经济增长。

• pump-priming: 刺激经济的政府投资。

今天公布的数据显示，看好中国的人走得太远了。政府发布了2019年第一份详细的经济报告。与一年前相比，几乎所有行业都显疲弱。工业产出增长放缓，新房销售下降，基础设施投资低于预期。这对投资者来说是现实的考验，他们相信政府刺激经济增长的努力会起作用，这也确实推动中国今年股市上涨了25%左右，成为全球表现最好的股市。但他们的观点也是对的，官员们确实正在通过减税和推动银行增加放贷来放松政策。然而，今天的数据显示，这一刺激计划并未取得很大的推动力。现在大家都把注意力转移到政府，政府想控制自己的开，但又不希望抑制经济增长。准备好迎接更多的刺激吧。