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| The value of China’s exports to the world dropped 8.8 percent in August from a year earlier, the government announced on Thursday, marking the fourth month in a row of sliding overseas sales. |
| 中国政府周四宣布，8月出口总额较去年同期下降8.8%，这是中国对外出口数据连续第四个月出现下滑。 |
| At the same time, imports fell 7.3 percent in August from a year earlier, China’s General Administration of Customs said. |
| 同时，中国海关总署表示，8月进口总额同比去年下降了7.3%。 |
| China’s economy, the world’s second largest, is under a microscope. Since the spring, growth has sagged and home prices have suffered, shaking consumer and investor confidence. The new data reflects continued weak demand in China and abroad. |
| 作为全球第二大经济体，中国经济的现状正受到密切关注。自春季以来，中国经济增长放缓，房价下跌，消费者和投资者的信心发生了动摇。这些新数据都反映了中国国内外需求的持续疲软。 |
| The Background |
| 背景 |
| Economists had expected the August trade numbers to be slightly worse. A Reuters survey forecast that exports had fallen 9.2 percent in August from a year earlier, and that imports had dropped 9 percent. Exports had plunged 14.5 percent from a year earlier in July. |
| 经济学家对中国8月进出口数据的预测要更差一些。路透社的一项调查预估8月出口同比下降9.2%，进口下降9%。7月的出口比去年同期暴跌了14.5%。 |
| Many multinationals, especially large retailers in the United States, have become worried about the dependence of their supply chains on China as geopolitical tensions have increased in recent years and as international trade disputes have intensified, particularly between the United States and China. |
| 随着近年来地缘政治紧张的加剧和国际——尤其是美中之间——贸易争端的激化，许多跨国企业（特别是美国大型零售商）开始担忧自身供应链对中国的依赖问题。 |
| China’s drastic “zero Covid” measures during the pandemic, particularly the weekslong lockdowns of Shanghai, Shenzhen, Guangzhou and other big industrial centers and ports, led to many shipping delays as well as the departure from China of many expatriate managers for multinationals. |
| 疫情期间，中国实施了严厉的“新冠清零”措施，特别是上海、深圳、广州和其它大型工业中心及港口长达数周的封锁导致大量航运延误，许多跨国企业的外派经理也纷纷离开中国。 |
| With pandemic concerns now fading, households around the world, including in China, have shifted their spending patterns toward travel, restaurant meals and other services. Many had stocked up on manufactured goods during the pandemic, often from China, which has by far the world’s largest factory sector. |
| 等到对疫情的担忧开始消退，世界各地的家庭都将消费转向旅游、餐厅和其它服务，中国也不例外。许多家庭在疫情期间都储备了各种制成品，这些商品通常来自拥有迄今为止全球最大工厂部门的中国。 |
| Why It Matters |
| 重要性 |
| Export and import statistics provide one of the early indications each month of how the Chinese economy fared in the preceding month. China relies heavily on running very large trade surpluses every month as a way to create tens of millions of jobs, and that has become particularly important this year as youth unemployment has surged. |
| 每月公布的进出口数据是反映前一个月中国经济表现的初步指标之一。中国严重依赖每个月巨额的贸易顺差来创造海量就业岗位，随着青年失业率飙升，今年的数据尤为重要。 |
| Exports have become even more important in the past couple years as China confronts a sharp slowdown in the housing market, following years of rampant speculation that drove apartment prices up tenfold or more in many Chinese cities. |
| 过去几年，出口变得愈发重要，因为中国房市急剧放缓，此前多年的猖獗投机推动中国许多城市的房价上涨了十倍甚至更多。 |
| The data released on Thursday was the latest sign that overall demand for China’s goods may have begun to bottom out. “Less bad exports and imports add to our conviction that July was likely the darkest hour for economic activity in China,” said Louise Loo, an economist in the Singapore office of Oxford Economics, a consulting firm. |
| 周四公布的数据是中国商品的总体需求可能已经开始触底反弹的最新迹象。咨询公司牛津经济研究院驻新加坡的经济学家卢姿蕙(Louise Loo)表示，“进出口数据的好转使我们确信，7月是应该中国经济活动的最低点了。” |
| While China’s exports have been weak this year, they are coming down from a very high level achieved during the pandemic. The country remains an industrial powerhouse. |
| 中国今年的出口虽然疲软，但这是相对于疫情时期极高水平的下滑。该国依然是个工业强国。 |
| “Export orders aren’t looking good to the U.S. or Europe, but in terms of Asia and elsewhere they are ramping up solidly,” said a recent research note issued by China Beige Book, an economic research group. |
| 经济研究机构中国褐皮书最近发布的一份研究报告称，“欧美的出口订单情况并不乐观，但在亚洲和其他地区正迎来稳定的迅速增长。” |
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