[MP3] [PDF] [中英对照] 经济学人 2016-05-13
JD, its main local rival, saw revenues leap by nearly 58%.
Chinese are still spending heavily abroad.
Their international tax-free shopping shot up 58% last year, according to a new report from Global Blue, a big operator of duty-free shops.
Overall, Chinese tourists spent 215 billion on outbound travel last year, a rise of 53% on the previous year.
Ctrip, a big online travel firm partly owned by Baidu, a Chinese internet search giant, saw its revenues jump by nearly half last year, to 10.9 billion yuan.
As with cars, screens and travel, so with consumption generally.
All retail sales across the economy, adjusted for inflation, rose by 9.6% during the first quarter, compared with the same period a year ago.
The services sector, which caters to the growing demands of the middle class, has been rising by 8% a year in real terms since 2012.
Services made up 57% of economic output in the first quarter; electricity consumption in services rose by some 10%, but was as flat for industry.
Not every market is as bouncy as it once was.
A cooling economy and an official anti-corruption drive have squeezed luxury goods, sales of which fell by 2% year on year in 2015, to 113 billion yuan.
But some firms are doing well.
Remy Cointreau, a premium liquor brand offering tamper-proof bottles on the mainland (near field communications tags tell your smartphone if the booze has been diluted), saw global revenues rise by nearly 10% last quarter and credited improving trends in greater China.
According to Bernard Arnault, the boss of LVMH, a luxury goliath: Analysts underestimate the Chinese economy… the fundamentals are good. Household spending is still increasing.
The two Chinas
Can consumption remain resilient given the troubles of the country's state-dominated industrial economy, ranging from vast overcapacity to record levels of debt?
One temporary source of comfort is the fact that the state sector may now itself be stabilising, thanks to a massive, debt-fuelled government stimulus.
But greater reassurance comes from the fact that even a big shakeout in heavy industry would be unlikely to derail the Chinese consumer.
By one estimate, if 30% of capacity is slashed across China's most bloated state industries, perhaps 3m workers will lose their jobs over the next three years.
But thanks largely to the private sector, the country created 64m jobs between 2011 and 2015, with more than 13m emerging in the past year alone.
京东作为阿里巴巴主要的竞争对手，它的年收入增长也有将近58%。
中国人依旧有较高的境外支出。
据环球蓝联新公布的一份报告显示，在2015年，国际免税购物额激增58%（环球蓝联是一家较大的免税店运营商）。
总体来说，在去年，中国游客的境外旅游支出达2150亿美元，同比增长53%。
携程一家线上旅游公司，其股东之一是百度（中国的搜索引擎巨头），其年收入为109亿人民币，同比增加近一半之多。
消费跟汽车、荧屏以及旅游是一样的。
与去年同期相比，今年第一季度的零售销售额增长率为9.6%（排除通货膨胀因素的影响）。
服务业满足中产阶级日益增长的需求，从2012年开始，其销售额就已经增加了8%。
在第一季度，服务输出占经济总输出的57%；服务业用电量增长近10%， 但是工业用电量呈现平稳趋势。
并非所有市场都能一如既往地充满活力。
经济趋冷以及国家反腐行动已对奢侈品造成压力，其2016年年销售额为1130亿人民币，同比下降了2%。
但有些公司表现得不错。
人头马君度—一个高档烈性酒品牌，它向中国大陆提供一种NFC酒瓶（近场通讯技术标识会使得智能手机得以分辨出该酒是否已被稀释），其2015年第四季度收入增长近10%，并被誉为大中华地区日益盛行的潮流。
奢侈品巨头路易?威登集团的老板贝尔纳?阿尔诺说道：分析员们低估了中国经济……基本情况是好的。家庭支出仍在增加。
两个中国
考虑到这个国家国企主导的工业经济陷于困难之中，具体表现在生产能力过剩和负债达到新高，这个国家的消费还能保持弹性吗？
但比较令人宽慰的是，国有部门现在正稳定下来，这要归功于政府大规模的债务刺激。
即使重工业严重跌落也不会使中国消费脱轨失控，这才是最大的信心来源。
根据一项评估，如果中国那些过度膨胀的国有工业30%的生产力被削减，那么在未来三年里将会有三百万的工人失业。
幸好私营企业在2011年至2015年期间为中国创造了六千四百万的工作岗位，仅去年一年就增加了一千三百万。
JD, its main local rival, saw revenues leap by nearly 58%.
京东作为阿里巴巴主要的竞争对手，它的年收入增长也有将近58%。
Chinese are still spending heavily abroad.
中国人依旧有较高的境外支出。
Their international tax-free shopping shot up 58% last year, according to a new report from Global Blue, a big operator of duty-free shops.
据环球蓝联新公布的一份报告显示，在2015年，国际免税购物额激增58%（环球蓝联是一家较大的免税店运营商）。
Overall, Chinese tourists spent 215 billion on outbound travel last year, a rise of 53% on the previous year.
总体来说，在去年，中国游客的境外旅游支出达2150亿美元，同比增长53%。
Ctrip, a big online travel firm partly owned by Baidu, a Chinese internet search giant, saw its revenues jump by nearly half last year, to 10.9 billion yuan.
携程一家线上旅游公司，其股东之一是百度（中国的搜索引擎巨头），其年收入为109亿人民币，同比增加近一半之多。
As with cars, screens and travel, so with consumption generally.
消费跟汽车、荧屏以及旅游是一样的。
All retail sales across the economy, adjusted for inflation, rose by 9.6% during the first quarter, compared with the same period a year ago.
与去年同期相比，今年第一季度的零售销售额增长率为9.6%（排除通货膨胀因素的影响）。
The services sector, which caters to the growing demands of the middle class, has been rising by 8% a year in real terms since 2012.
服务业满足中产阶级日益增长的需求，从2012年开始，其销售额就已经增加了8%。
Services made up 57% of economic output in the first quarter; electricity consumption in services rose by some 10%, but was as flat for industry.
在第一季度，服务输出占经济总输出的57%；服务业用电量增长近10%， 但是工业用电量呈现平稳趋势。
Not every market is as bouncy as it once was.
并非所有市场都能一如既往地充满活力。
A cooling economy and an official anti-corruption drive have squeezed luxury goods, sales of which fell by 2% year on year in 2015, to 113 billion yuan.
经济趋冷以及国家反腐行动已对奢侈品造成压力，其2016年年销售额为1130亿人民币，同比下降了2%。
But some firms are doing well.
但有些公司表现得不错。
Remy Cointreau, a premium liquor brand offering tamper-proof bottles on the mainland (near field communications tags tell your smartphone if the booze has been diluted), saw global revenues rise by nearly 10% last quarter and credited improving trends in greater China.
人头马君度—一个高档烈性酒品牌，它向中国大陆提供一种NFC酒瓶（近场通讯技术标识会使得智能手机得以分辨出该酒是否已被稀释），其2015年第四季度收入增长近10%，并被誉为大中华地区日益盛行的潮流。
According to Bernard Arnault, the boss of LVMH, a luxury goliath: Analysts underestimate the Chinese economy… the fundamentals are good. Household spending is still increasing.
奢侈品巨头路易?威登集团的老板贝尔纳?阿尔诺说道：分析员们低估了中国经济……基本情况是好的。家庭支出仍在增加。
The two Chinas
两个中国
Can consumption remain resilient given the troubles of the country's state-dominated industrial economy, ranging from vast overcapacity to record levels of debt?
考虑到这个国家国企主导的工业经济陷于困难之中，具体表现在生产能力过剩和负债达到新高，这个国家的消费还能保持弹性吗？
One temporary source of comfort is the fact that the state sector may now itself be stabilising, thanks to a massive, debt-fuelled government stimulus.
但比较令人宽慰的是，国有部门现在正稳定下来，这要归功于政府大规模的债务刺激。
But greater reassurance comes from the fact that even a big shakeout in heavy industry would be unlikely to derail the Chinese consumer.
即使重工业严重跌落也不会使中国消费脱轨失控，这才是最大的信心来源。
By one estimate, if 30% of capacity is slashed across China's most bloated state industries, perhaps 3m workers will lose their jobs over the next three years.
根据一项评估，如果中国那些过度膨胀的国有工业30%的生产力被削减，那么在未来三年里将会有三百万的工人失业。
But thanks largely to the private sector, the country created 64m jobs between 2011 and 2015, with more than 13m emerging in the past year alone.
幸好私营企业在2011年至2015年期间为中国创造了六千四百万的工作岗位，仅去年一年就增加了一千三百万。
JD, its main local rival, saw revenues leap by nearly 58%. |
京东作为阿里巴巴主要的竞争对手，它的年收入增长也有将近58%。 |
Chinese are still spending heavily abroad. |
中国人依旧有较高的境外支出。 |
Their international tax-free shopping shot up 58% last year, according to a new report from Global Blue, a big operator of duty-free shops. |
据环球蓝联新公布的一份报告显示，在2015年，国际免税购物额激增58%（环球蓝联是一家较大的免税店运营商）。 |
Overall, Chinese tourists spent 215 billion on outbound travel last year, a rise of 53% on the previous year. |
总体来说，在去年，中国游客的境外旅游支出达2150亿美元，同比增长53%。 |
Ctrip, a big online travel firm partly owned by Baidu, a Chinese internet search giant, saw its revenues jump by nearly half last year, to 10.9 billion yuan. |
携程一家线上旅游公司，其股东之一是百度（中国的搜索引擎巨头），其年收入为109亿人民币，同比增加近一半之多。 |
As with cars, screens and travel, so with consumption generally. |
消费跟汽车、荧屏以及旅游是一样的。 |
All retail sales across the economy, adjusted for inflation, rose by 9.6% during the first quarter, compared with the same period a year ago. |
与去年同期相比，今年第一季度的零售销售额增长率为9.6%（排除通货膨胀因素的影响）。 |
The services sector, which caters to the growing demands of the middle class, has been rising by 8% a year in real terms since 2012. |
服务业满足中产阶级日益增长的需求，从2012年开始，其销售额就已经增加了8%。 |
Services made up 57% of economic output in the first quarter; electricity consumption in services rose by some 10%, but was as flat for industry. |
在第一季度，服务输出占经济总输出的57%；服务业用电量增长近10%， 但是工业用电量呈现平稳趋势。 |
Not every market is as bouncy as it once was. |
并非所有市场都能一如既往地充满活力。 |
A cooling economy and an official anti-corruption drive have squeezed luxury goods, sales of which fell by 2% year on year in 2015, to 113 billion yuan. |
经济趋冷以及国家反腐行动已对奢侈品造成压力，其2016年年销售额为1130亿人民币，同比下降了2%。 |
But some firms are doing well. |
但有些公司表现得不错。 |
Remy Cointreau, a premium liquor brand offering tamper-proof bottles on the mainland (near field communications tags tell your smartphone if the booze has been diluted), saw global revenues rise by nearly 10% last quarter and credited improving trends in greater China. |
人头马君度—一个高档烈性酒品牌，它向中国大陆提供一种NFC酒瓶（近场通讯技术标识会使得智能手机得以分辨出该酒是否已被稀释），其2015年第四季度收入增长近10%，并被誉为大中华地区日益盛行的潮流。 |
According to Bernard Arnault, the boss of LVMH, a luxury goliath: Analysts underestimate the Chinese economy… the fundamentals are good. Household spending is still increasing. |
奢侈品巨头路易?威登集团的老板贝尔纳?阿尔诺说道：分析员们低估了中国经济……基本情况是好的。家庭支出仍在增加。 |
The two Chinas |
两个中国 |
Can consumption remain resilient given the troubles of the country's state-dominated industrial economy, ranging from vast overcapacity to record levels of debt? |
考虑到这个国家国企主导的工业经济陷于困难之中，具体表现在生产能力过剩和负债达到新高，这个国家的消费还能保持弹性吗？ |
One temporary source of comfort is the fact that the state sector may now itself be stabilising, thanks to a massive, debt-fuelled government stimulus. |
但比较令人宽慰的是，国有部门现在正稳定下来，这要归功于政府大规模的债务刺激。 |
But greater reassurance comes from the fact that even a big shakeout in heavy industry would be unlikely to derail the Chinese consumer. |
即使重工业严重跌落也不会使中国消费脱轨失控，这才是最大的信心来源。 |
By one estimate, if 30% of capacity is slashed across China's most bloated state industries, perhaps 3m workers will lose their jobs over the next three years. |
根据一项评估，如果中国那些过度膨胀的国有工业30%的生产力被削减，那么在未来三年里将会有三百万的工人失业。 |
But thanks largely to the private sector, the country created 64m jobs between 2011 and 2015, with more than 13m emerging in the past year alone. |
幸好私营企业在2011年至2015年期间为中国创造了六千四百万的工作岗位，仅去年一年就增加了一千三百万。 |
1.take over 接管
例句:A British newspaper says British Airways plan to take over Trans World Airways.
一家英国报纸称，英国航空公司计划接管环球航空公司。
2.enough to 足以
例句:You've got enough to think about for the moment.
目前你要考虑的事情够多了。
3.pay off 还清
例句:It would take him the rest of his life to pay off that loan.
他得用余生来还清那笔贷款。
4.need to 需要
例句:All right, no need to say any more.
好了，不要再说了。