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| In downtown Nanjing, China, a fishmonger sold a lot more ribbon fish than usual for Lunar New Year family gatherings two weeks ago. A florist in a run-down shopping mall on the south side of the city sold more roses. |
| 两周前的春节是家人团聚的日子，在中国南京的市中心，一家鱼贩在那段时间卖的带鱼比平时多出许多。位于南城的一处破败的购物中心里，花店的玫瑰销量上升。 |
| But a lamp vendor a few steps away in the mall has seen no recovery in sales. And at an Infiniti car dealership on Nanjing’s edge, customer visits have jumped 20 or 30 percent, but have not yet translated into extra car sales. |
| 但是，商场里几步之外的一家灯具店，销售并未恢复。在郊区的一家英菲尼迪汽车经销店，客流量增加了百分之二三十，但尚未转化为销量。 |
| “The economic impact of the epidemic lingers in some ways, but we estimate that things will get better this year,” Edith Xu, the marketing manager for the dealership said on Thursday. |
| “疫情前期对经济有影响，现在可能有一些体现。今年我们估计会有好转，”该经销商的营销经理伊迪丝·徐周四表示。 |
| Two months after China abruptly abandoned its stringent “zero Covid” policies and let the virus sweep through its population with deadly effect, the country’s economy has begun to recover. Consumers are spending again after taking a long pause during lockdowns in Shanghai last spring and in many Chinese cities in late autumn. Factories and ports are running smoothly, as an end to citywide lockdowns has resolved the disruptions that bedeviled global supply chains over the past three years. |
| 中国放弃“清零”政策、任由病毒席卷人口并造成致命影响两个月后，经济开始复苏。去年春天上海封城以及深秋许多城市遭遇封锁期间，消费者支出长时间停滞，如今人们又开始花钱了。工厂和港口运行平稳，结束封城解决了过去三年困扰全球供应链的中断。 |
| Yet weaknesses remain, and a hoped-for binge of post-pandemic “revenge spending” has not yet materialized. Domestic air travel, tourism spending and subway usage are all up sharply from a year ago. But they have not yet matched 2019, before the pandemic began. |
| 但薄弱之处依然存在，人们所期待的大流行后“报复性消费”的热潮尚未实现。国内航空旅行、旅游支出和地铁客流量较一年前均大幅上升。但它们尚未回到大流行开始之前2019年的水平。 |
| China’s cabinet, the State Council, is betting that consumer spending will revive, but hedged that bet by promising continued economic stimulus at a meeting on Jan. 28. The cabinet said that large infrastructure projects planned last year, when the economy was on its knees, should go ahead. Small businesses will continue to receive a variety of tax breaks. |
| 中国国务院押注消费支出将复苏，但为了做多手准备，它在1月28日的一次会议上承诺，将继续实施经济刺激措施。国务院表示，去年经济不景气时计划的大型基础设施项目应该继续。小型企业将继续享受各种税收优惠。 |
| The cabinet also promised further measures to help sales of cars and other big-ticket items. China bounced back quickly in 2009 from the global financial crisis partly by sharply cutting taxes on purchases of cars and household appliances. |
| 国务院还承诺采取进一步措施，促进汽车和其他昂贵商品的销售。在2009年，中国从全球金融危机中迅速反弹的部分原因是大幅削减了汽车和家用电器的消费税。 |
| “The greatest potential of the Chinese economy lies in the consumption by the 1.4 billion people,” Premier Li Keqiang said in a statement after the cabinet meeting. |
| “中国经济最大的潜力在于14亿人的消费，”中国的新闻报道援引国务院总理李克强的话说。 |
| The world is watching closely. Many investors and economists expect China to fare considerably better than the 3 percent growth rate that it eked out last year. But practically no one expects a rebound like the country’s 8.1 percent growth in 2021, when it recovered rapidly from a 76-day lockdown in Wuhan at the start of the pandemic. |
| 全世界都在密切关注。许多投资者和经济学家预计，中国的经济增长率将大大高于去年勉强实现的3%。但几乎没有人指望会出现像2021年那样的反弹，增长率高达8.1%，当时中国从大流行之初武汉76天的封锁中迅速恢复过来。 |
| The International Monetary Fund predicted last Monday that the Chinese economy would expand 5.2 percent this year. Investors have already bet heavily on a recovery. |
| 国际货币基金组织上周一预测，中国经济今年将增长5.2%。投资者已经在大量押注经济的复苏。 |
| On the Shanghai and Shenzhen stock markets, the shares of large companies are up 18 percent from a low at the end of October. They have managed that gain despite a modest sell-off on Friday, when some traders worried about the strength of China’s recovery. |
| 在上海和深圳股市，大公司的股票较10月底的低点上涨了18%。尽管一些交易员担心中国复苏的力度，周五出现小幅抛售，但股市还是成功实现了这一增长。 |
| “The next leg up may take better economic data,” said Larry Hu, an economist at Macquarie Securities. |
| “下一阶段可能需要更好的经济数据，”麦格理证券经济学家胡伟俊表示。 |
| The questions marks hovering over the Chinese economy are about demand: How much of the country’s enormous output of goods and services will consumers in China and abroad buy? Late last year, exports to the United States and the European Union plunged as the buying power of businesses and individuals was pinched by high inflation. |
| 悬而未决的中国经济取决于需求：中国商品和服务的巨大产出将有多少被国内外消费者购买？去年底，中国对美国和欧盟的出口大幅下降，这是因为企业和个人的购买力受到高通胀的挤压。 |
| Real estate remains one of the biggest worries in China. The construction sector represents a quarter to a third of the entire country’s economic output, including steel, cement and the fitting out of new homes. |
| 房地产仍然是中国最大的担忧之一。建筑业占全国经济产出的四分之一到三分之一，包括钢铁、水泥和新房装修。 |
| Years of significant borrowing by developers, homeowners and speculators led to a slow-motion crash that began in the autumn of 2021 and still has not ended. Many would-be homeowners are still nervous after hundreds of thousands of families who had prepaid for apartments were caught with unfinished homes as several dozen developers failed in late 2021 and through last year. |
| 从2021年秋季开始，开发商、房主和投机者多年来的大量借贷引发了一场缓慢崩盘，至今仍未结束。由于大批开发商在2021年底和去年全年陷入困境，无数预付了房款的家庭遇到楼盘烂尾的情况，许多想要买房的人仍然感到紧张。 |
| Sales of new apartments dropped last month compared with the same period early last year. Weak sales of apartments in turn hurts demand for home furnishings. |
| 与去年同期相比，上个月的新房销售量有所下降。房屋销售的疲软进而也影响了家居用品的消费需求。 |
| Ying Yongxiang, the manager of a lamp and light shop in Nanjing, is still waiting for customers to start coming back. “Our business’s sales have not seen much of a change since the epidemic policy was shifted,” he said. |
| 南京一家灯饰店的经理应永祥（音）仍在等待客人的回归。“疫情放开后，生意没什么变化，”他说。 |
| Cinema box office receipts rebounded during the recent, weeklong Lunar New Year holiday compared with the same holiday last year. |
| 比起去年同期，在刚刚过去的一周春节假期，影院票房收入出现反弹。 |
| Ren Xuejie, 25, said he could hardly remember the last time he went to a cinema, as he mostly stayed home last year because of Covid restrictions. |
| 25岁的任学杰（音）说，他都快记不起上次去电影院是什么时候，因为疫情限制，他去年大部分时间都待在家中。 |
| “Now that there are not many epidemic restrictions, I might go to the cinema more often this year,” he said as he waited for the screening of a Chinese animation movie at a cinema in Nanjing, a city of 8 million in east-central China that used to be the country’s capital. |
| “现在没有那么多疫情限制了，今年应该会多去电影院，”他在南京一家影院等待一部中国动画影片放映时表示，这座有800万人口的中东部城市曾是中国的首都。 |
| While nationwide Lunar New Year box office receipts were up sharply from a year ago, they were still down 13.6 percent from a record achieved during the same holiday in early 2021. That was when China enjoyed a flurry of spending after seeming to have vanquished Covid with the lockdown in Wuhan. |
| 尽管全国春节票房比一年前有了大幅增长，但仍比2021年春节期间的最高纪录低了13.6%，当时武汉封城似乎战胜了疫情，中国也迎来了一波消费热潮。 |
| The cinema industry is one of many industries with lasting scars from the pandemic and “zero Covid” policies. The pandemic forced the closing of nearly a third of China’s cinemas since 2020. |
| 电影业是受到疫情和“清零”政策持久打击的众多行业之一。自2020年以来，疫情已经迫使中国近三分之一的影院倒闭。 |
| Last year “was a really tough year for us — I feel like we worked two or three times harder,” said Yi Li, the chief executive of Appotronics, a laser display and movie projector manufacturer in Shenzhen, a city adjacent to Hong Kong. “We are excited about lives going back to normal.” |
| 去年“对我们来说真是艰难的一年——我觉得我们比以前还要努力两三倍”，光峰科技总经理李屹表示，这家激光显示屏和电影放映机制造商位于毗邻香港的深圳。“我们都对生活恢复正常感到十分兴奋。” |
| China’s cities are also stuck with vast numbers of quarantine rooms, Covid testing booths and labs, and other investments the central government forced them to make that cannot easily be put to other uses. Jinan, the capital of eastern China’s Shandong Province, announced last month that it was converting 650 rooms at a recently built quarantine center into low-cost housing for skilled factory workers at an adjacent industrial park. |
| 中国各城市还承受了建造大量隔离场所、新冠检测站点和实验室的负担，以及中央政府强迫它们进行的其他投资，这些投资很难用于其他用途。中国东部山东省省会济南上个月宣布，将把新建方舱的650个房间改造成人才公寓，供附近工业园的技术工人入住。 |
| By contrast, China’s huge factory sector seems to have weathered the rapid outbreak of Covid in December very well. |
| 相较之下，中国庞大的制造业似乎安然渡过了疫情在去年12月的迅猛爆发。 |
| Fette Compacting is a leading German manufacturer of machines and equipment for turning pharmaceutical chemicals into tablets. Over just a few days in December, the virus swept through four-fifths of its work force at its factory and offices in Nanjing. But none of the roughly 140 workers fell seriously ill and everyone recovered quickly, said Andreas Risch, the managing director of the company’s China’s operations. |
| 菲特制药是一家领先的德国制造商，生产将医药化学品制成片剂的机器和设备。去年12月，在短短几天时间里，病毒就席卷了该公司南京工厂和办事处五分之四的员工。但该公司中国业务总经理安睿史(Andreas Risch)表示，大约140名感染员工都没有出现重症，所有人都很快康复。 |
| With demand strong for pharmaceuticals, Fette Compacting used overtime to deliver nearly twice as many machines in December as usual, Mr. Risch said. Nearby companies supplying sheet metal and other components for the machines were also able to make deliveries on schedule throughout the outbreak of infections. |
| 安睿史说，由于药品需求旺盛，菲特制药12月加班交付的设备数量几乎是往年同期的两倍。疫情暴发期间，该公司附近为设备提供钣金件和其他部件的企业也能够按时交货。 |
| But the economic boost for China for that kind of spending is likely to be temporary. And with exports uncertain, local governments low on money for construction projects and the real estate sector struggling, the Chinese economy depends most on sustained spending by the country’s consumers, said Daniel Rosen, a partner at the Rhodium Group, a New York advisory firm. |
| 但这种支出对中国经济的提振可能只是暂时的。纽约荣鼎咨询的合伙人荣大聂(Daniel Rosen)表示，由于出口预期不确定，地方政府缺乏建设项目资金，房地产行业还举步维艰，中国经济在很大程度上依赖于中国消费者的持续支出。 |
| “Epic household consumption right now is needed,” he said. |
| “现在需要大规模的家庭消费，”他说。 |
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