How China’s tremors could weaken the world’s major economies

中国的“震动”如何削弱世界经济大国

WASHINGTON: China is exporting something new to the world economy: Fear.

Global investors are quaking over the prospect of a devastating slump in the world’s second-biggest economy. And they’re fast losing confidence that China’s policymakers, seemingly so sure-footed in the past, know how to solve the problem.

华盛顿：中国正向世界经济体出口一些新的东西——恐惧

全球投资者对世界第二大经济体的衰退前景感到颤抖，对中国迅速失去信心，而中国过去看似如此稳健，懂得如何解决问题。

The worst-case scenario is that a coll**ing Chinese economy would derail others around the world – from emerging markets in Chile and Indonesia to industrial powers such the United States, the European Union and Japan.

最糟糕的情况是中国经济会导致世界其他经济体“脱轨”，从智利和印尼等新兴市场到美国、欧盟和日本等工业大国。

The free-fall in the stock markets, in the words of David Kelly, chief global strategist at JP Morgan Funds, is “Made in China.”

用摩根大通首席全球策略师大卫·凯利的话来说，股市的“自由下降”是“中国造”的。

This year, the International Monetary Fund expects China’s economy to grow 6.8 per cent, which would be its weakest peace since 1990.

今年，国际货币基金组织预测中国经济体增长6.8%，而这会是1990年最疲软的增速。

China, which was posting double-digit growth in the mid-2000s, is trying to engineer a daunting transition — from overheated growth based on exports and often-wasteful investment to slower growth built on consumer spending.

2000年代中期，中国保持两位数的经济增长。目前，中国竭尽全力进行一项艰巨的转型，从靠出口和投资拉动的过热增长转向靠消费拉动的较慢增长。

Official numbers show the Chinese economy grew 7 per cent from January through March from a year earlier. Yet there’s growing suspicion that Beijing’s statistics are failing to capture the extent of the slowdown: Auto sales, electricity consumption and construction activity are “all looking very weak,” Kelly notes.

官方数据显示，中国经济1月至3月同比增长7%。然而，凯利指出，人们越来越怀疑北京的统计并未捕捉到放缓的程度：汽车销量、耗电量和建设活动看起来都非常疲软。