China's central bank on Friday lowered interest rates and injected liquidity into the banking system as Beijing assembled a last-ditch stimulus assault to pull economic growth back towards this year's roughly 5% target. More fiscal measures are expected to be announced before China's week-long holidays starting on Oct.1, after a meeting of the Communist Party's top leaders showed an increased sense of urgency about mounting economic headwinds.中国央行周五下调了利率并向银行体系注入流动性，正发起最后一轮刺激攻势，以实现今年约5%的经济增长目标。在会议显示对日益加剧的经济逆风的紧迫感增强之后，预计在10月1日开始的为期一周的假期之前，将宣布更多财政措施。 On the heels of the Politburo huddle, China plans to issue special sovereign bonds worth about 2 trillion yuan ($284.43 billion) this year as part of fresh fiscal stimulus, two sources with knowledge of the matter have told Reuters.据两位知情人士向路透社透露，紧随会议之后，中国计划今年发行约2万亿元人民币（约合2844.3亿美元）的特别国债，作为新一轮财政刺激措施的一部分。 Capital Economics chief Asia Economist Mark Williams estimates the package "would lift annual output by 0.4% relative to what it would otherwise have been."凯投宏观首席亚洲经济学家马克·威廉姆斯估计，该一揽子计划“将使年度产出比原本情况高出0.4%”。 "It's late in the year, but a new package of this size that was implemented soon should be enough to deliver growth in line with the 'around 5%' target," he said.他表示：“虽然时间已近年底，但这样规模的新一揽子计划如果很快实施，应该足以实现与‘约5%’目标相符的增长。” Chinese stocks are on track for the best week since 2008 on stimulus expectations.受刺激预期影响，中国股市有望实现自2008年以来的最佳周表现。 The world's second-largest economy faces strong deflationary pressures due to a sharp property market downturn and frail consumer confidence, which have exposed its over-reliance on exports in an increasingly tense global trade environment.由于房地产市场急剧下滑和消费者信心脆弱，世界第二大经济体面临强烈的通缩压力，这暴露出其在全球贸易环境日益紧张的情况下对出口过度依赖的问题。 A wide range of economic data in recent months has missed forecasts, raising concerns among economists that the growth target was at risk and that a longer-term structural slowdown could be in play.近几个月来，一系列经济数据未能达到预期，令经济学家担心增长目标面临风险，且可能正在经历长期结构性放缓。 On Friday, data showed industrial profits swinging back to a sharp contraction in August.周五公布的数据显示，8月份工业利润再次大幅下滑。 "We believe the persistent growth weakness has hit policymakers' pain threshold," Goldman Sachs analysts said in a note.高盛分析师在一份报告中表示：“我们认为，持续的增长疲软已触及政策制定者的痛苦门槛。” As flagged on Tuesday by Governor Pan Gongsheng, the People's Bank of China on Friday trimmed the amount of cash that banks must hold as reserves, known as the reserve requirement ratio (RRR), by 50 basis points, the second such reduction this year.正如中国人民银行行长潘功胜周二所预告的那样，中国人民银行周五将银行必须持有的现金储备量，即存款准备金率（RRR）下调了50个基点，这是今年第二次下调。 The move is expected to release 1 trillion yuan ($142.5 billion) in liquidity into the banking system and was accompanied by a cut in the benchmark interest rate on seven-day reverse repurchase agreements by 20 bps to 1.50%.此举预计将向银行体系释放1万亿元人民币（约合1425亿美元）的流动性，并伴随将七天期逆回购协议基准利率下调20个基点至1.50%。 The cuts take effect on Friday and Pan, in rare forward-looking remarks, left the door open to another RRR reduction later this year.降息措施于周五生效，潘功胜在罕见的前瞻性言论中，为今年晚些时候再次下调存款准备金率留出了空间。 FISCAL OOMPH财政刺激 Given weak credit demand from households and businesses, investors are more focused on the fiscal measures that are widely expected to be announced in coming days.鉴于家庭和企业的信贷需求疲软，投资者更关注预计将在未来几天宣布的财政措施。 Reuters reported on Thursday that 1 trillion yuan due to be raised via special bonds will be used to increase subsidies for a consumer goods replacement programme and for the upgrade of large-scale business equipment.路透社周四报道称，通过特别国债筹集的1万亿元人民币将用于增加消费品更换计划的补贴和大型商业设备的升级。 They will also be used to provide a monthly allowance of about 800 yuan, or $114, per child to all households with two or more children, excluding the first child.这些资金还将用于向所有拥有两个或更多孩子的家庭（第一个孩子除外）提供每个孩子每月约800元人民币（约合114美元）的补贴。 China aims to raise another 1 trillion yuan via a separate special sovereign debt issuance to help local governments tackle their debt problems.中国还计划通过另一笔特别主权债务发行筹集另外1万亿元人民币，以帮助地方政府解决债务问题。 Bloomberg News reported on Thursday that China is also considering the injection up to 1 trillion yuan of capital into its biggest state banks.彭博社周四报道称，中国还正在考虑向其最大的国有银行注资高达1万亿元人民币。 Most of China's fiscal stimulus still goes into investment, but returns are dwindling and the spending has saddled local governments with $13 trillion in debt.中国的大部分财政刺激资金仍用于投资，但回报正在减少，且支出已使地方政府背负了13万亿美元的债务。 The looming fiscal measures would mark a slight shift towards stimulating consumption, a direction Beijing has said for more than a decade that it wants to take but has made little progress on.即将出台的财政措施将标志着向刺激消费方向的轻微转变，这是十多年来一直希望采取的方向，但进展甚微。 China's household spending is less than 40% of annual economic output, some 20 percentage points below the global average. Investment, by comparison, is 20 points above but has been fuelling much more debt than growth.中国的家庭支出占年度经济产出的比例不到40%，比全球平均水平低约20个百分点。相比之下，投资高出20个百分点，但产生的债务比增长更多。 The politburo also pledged to stabilise the troubled real estate market, saying the government should expand a white list of housing projects that can receive further financing and revitalise idle land.政治局还承诺稳定陷入困境的房地产市场，表示政府应扩大可获得进一步融资的住房项目白名单，并振兴闲置土地。 The September meeting is not usually a forum for discussing the economy, which suggests growing anxiety among officials.9月会议通常不是讨论经济的论坛，这表明官员们越来越焦虑。 "The 'shock and awe' strategy could be meant to jumpstart the markets and boost confidence," Nomura analysts said in a note.野村证券分析师在一份报告中表示：“‘震惊与敬畏’策略可能是为了重启市场并提振信心。” "But eventually it is still necessary for Beijing to introduce well thought policies to address many of the deep-rooted problems, particularly regarding how to stabilize the property sector."“但最终仍需出台深思熟虑的政策，以解决许多根深蒂固的问题，特别是如何稳定房地产市场。” Chinese stocks are headed for the best week since 2008 as Beijing rolled out a huge stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally. The yen retreated to three-week lows ahead of a leadership contest of Japan's ruling Liberal Democratic Party on Friday, as investors looked to gauge what it could mean for the country's rate hike path.随着中国推出巨额经济刺激计划以重振经济，中国股市正迎来自2008年以来的最佳一周，推动亚洲股市触及两年半高位，而油价的急剧下跌则预示着全球通缩压力的缓解。在日本执政的自由民主党将于周五举行领导层选举之际，日元汇率跌至三周低点，投资者正试图评估这一选举对日本利率上调路径的影响。 In the United States, the core personal consumption expenditures (PCE) price index - the Fed's preferred measure of inflation - is due later in the day. Forecasts are centred around a small monthly rise of 0.2%, as markets are split on the size of an expected Federal Reserve rate cut in November. MSCI's broadest index of Asia-Pacific shares outside Japan, opens new tab gained 1.1% to its highest level since February 2022. It was headed for a weekly gain of 6%, thanks to a huge turnaround in Chinese shares.在美国，美联储偏好的通胀指标——核心个人消费支出（PCE）价格指数将于当天晚些时候公布。市场普遍预测该指数将小幅环比上涨0.2%，但市场对于11月美联储预期降息的幅度存在分歧。MSCI亚太地区（除日本外）最广泛股票指数开盘上涨1.1%，创下自2022年2月以来的最高水平。得益于中国股市的大幅反弹，该指数有望实现6%的周涨幅。 China's blue chips, opens new tab jumped another 2.9%, bringing the weekly rise to 14%, the most since November 2008.中国蓝筹股大涨2.9%，使周涨幅达到14%，为自2008年11月以来的最大涨幅。 Hong Kong's Hang Seng index, opens new tab also surged 2.7% and was up 12% for the week, its best performance since 2009.香港恒生指数也飙升2.7%，周涨幅达到12%，为2009年以来的最佳表现。 "Beijing seems finally determined to roll out its bazooka stimulus in rapid succession... Beijing's recognition of the severe situation of the economy and lack of success in a piecemeal approach should be valued by markets," said Ting Lu, chief China economist at Nomura.野村证券首席中国经济学家陆挺表示：“中国似乎终于下定决心迅速推出一系列重磅刺激措施……中国对经济严峻形势的认识以及零散措施的失败应得到市场的重视。” "But eventually it is still necessary for Beijing to introduce well thought policies to address many of the deep-rooted problems, particularly regarding how to stabilize the property sector, which is now in its fourth year of contraction." As flagged, the People's Bank of China on Friday lowered banks' reserve requirement ratio by 50 basis points and cut the 7-day reverse repo rate by 20 bps. It also cut the 14-day reverse repo rate by 20 bps, the second reduction this week.“但最终，中国仍需出台深思熟虑的政策，以解决许多根深蒂固的问题，特别是如何稳定目前正处于第四年收缩期的房地产市场。”正如所宣布的那样，中国人民银行周五下调了银行存款准备金率50个基点，并下调了7天期逆回购利率20个基点。同时，还下调了14天期逆回购利率20个基点，这是本周的第二次降息。 素材来源：iYuba 长按上方二维码，下载听歌学英语APP