中国 8 月份制造业活动连续第二个月萎缩,，但幅度低于市场预期,，随着增长失去动力，北京仍面临支持经济的压力。
China的 manufacturing activity in August shrank for a second straight month, though by less than market estimates, keeping the pressure on Beijing to support the economy as growth loses momentum.
官方采购经理 指数读数为 49.8,，而 7 月份的, 为 49.2。国家统计局数据显示周一, 好于路透社调查的经济学家 预测的 49.6。
The official purchasing managers index reading came in at 49.8, compared with 49.2 in July, National Bureau of Statistics data showed Monday, better than Reuters-polled economists forecast of 49.6.
中国'的经济面临越来越大的压力,，第二季度增速放缓至4.3%,，这是自2022年末,以来的最低增速，因为国内需求疲软和房地产长期低迷继续对经济活动构成压力。
China的 economy has come under mounting strain, with growth slowing to 4.3% in the second quarter, the weakest pace since late 2022, as soft domestic demand and a prolonged property slump continue to weigh on activity.
今年下半年, 经济萎靡进一步加深，消费者支出停滞, 城市投资收缩速度加快, 且失业率上升。
The economic malaise deepened further in the second half of this year, as consumer spending stalled, urban investment contracted at a faster pace, and unemployment ticked higher.
7 月份零售额和工业产出双双放缓,，而工业利润增速则降至今年以来的最低水平。
Retail sales and industrial output both slowed in July, while growth in industrial profits cooled to its weakest pace this year.
出口是今年支撑经济增长的少数支柱之一,，随着全球人工智能基础设施支出的繁荣提振了对中国制造科技产品的需求，缓冲了外部冲击带来的部分拖累。今年大部分时间出境出货量均录得两位数增长。
Exports have been one of the few pillars propping up growth this year, cushioning some of the drag from external shocks as a global boom in AI infrastructure spending lifts demand for Chinese-made tech goods. Outbound shipments recorded double-digit growth for most of this year.
刺激源源不断
Stimulus trickling in
经济学家预计，随着不利天气的消退和地方政府加快财政支出，今年剩余时间, 的经济增长会更好。
Economists expect better growth for the rest of the year, as adverse weather fades and local governments accelerate fiscal spending.
经济学人智库高级经济学家徐天辰, 表示，随着政策制定者越来越担心城市投资崩溃,，北京可能会进一步加快财政支出。 "这应该可以加快项目审批和资金拨付。"
Beijing is likely to further accelerate fiscal spending as policymakers have grown increasingly worried over the collapse in urban investment, said Tianchen Xu, senior economist at the Economist Intelligence Unit. "This should fast-track project approval and fund disbursement."
但此类政策扩张的效果只会在下个月, 和第四季度, 中更加凸显。徐, 指出，国内需求复苏的早期迹象。
But the effect of such policy expansion will only become more prominent next month, and in the fourth quarter, Xu said, pointing to early signs of recovery in domestic demand.
根据国家统计局发布的,，8 月份供需双双改善,，跟踪生产和新订单的分项指数分别扩大至 50.4, 和 50.6,。
Supply and demand both improved in August, according to the NBS release, with the sub-indexes tracking production and new orders expanding to 50.4 and 50.6, respectively.
8 月份新出口订单从上月的 49.6, 反弹至 50.1，表明尽管全球经济经受住了中东长期动荡的考验，但海外需求仍在复苏。
New export orders rebounded to 50.1 in August from 49.6 in the previous month, signaling a recovery in overseas demand even as the global economy weathered the prolonged Middle East turmoil.
然而，原材料库存和就业, 分项指数, 处于收缩区间，低于50 关口。
The sub-indexes on raw materials inventory and employment, however, were in contractionary territory below the 50-mark threshold.
高科技装备制造业超过了更广泛的工厂部门。电子机械和设备,计算机通信设备行业的生产和新订单读数高达53,，而消费品生产则落后于49,。
High-tech equipment manufacturing outpaced the broader factory sector. The production and new orders readings for the electronic machinery and equipment, computer communication devices sectors topped 53, while consumer goods production lagged at 49.
凯投宏观 (Capital Economics) 的 Nguyen Hoang Nam, 中国经济学家表示，随着地方政府在今年剩余时间内加大支出,"，, 企业似乎预计"a 会提振经济活动。
Overall, firms appeared to be anticipating "a boost to economic activity as local governments step up spending over the rest of the year," said Nguyen Hoang Nam, China economist at Capital Economics.
工厂出厂价格分项指数的改善也表明通胀压力,再次出现，部分原因是全球原油和金属价格上涨。
The improvement in the factory-gate price sub-indexes also pointed to renewed inflationary pressures, in part due to higher global crude and metal prices.
"大宗商品价格的上涨可能使上游制造业的一些企业受益," Pinpoint Asset Management,总裁张志伟,表示，尽管价格上涨是由供应限制,推动的，因为需求仍然疲弱。
"The rise of commodity prices may have benefited some firms in the upstream manufacturing sector," said Zhiwei Zhang, president at Pinpoint Asset Management, although the price gains were driven by supply constraints, as demand remained weak.
8 月份, 跟踪建筑和服务活动, 的非制造业指标, 保持在 49% 不变，但建筑业分项指数下降 0.1 个百分点至 46.9%。
The non-manufacturing gauge, which tracks construction and services activity, stayed unchanged at 49% in August, though the sub-index for the construction industry fell 0.1 percentage point to 46.9%.
在服务类别,批发,零售,和资本市场服务活动收缩。
Within the services category, wholesale, retail, and capital markets services activity contracted.
根据周二公布的路透社调查,，私人RatingDog制造业PMI调查预计显示工厂活动将攀升至51,。该指标往往涵盖规模较小、出口导向型的企业，并且历来描绘出比官方 PMI 读数更加乐观的景象。
The private RatingDog manufacturing PMI survey is estimated to show factory activity climbing to 51, according to a Reuters poll, with results due Tuesday. The gauge tends to capture smaller and more export-oriented firms and has historically painted a rosier picture than the official PMI reading.
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