2021年经济学人 中国出厂价飙升加剧全球通胀忧虑(1)

Inflation

通货膨胀

Paid in China

中国内部承担

Long a force for lower consumer prices, is China now exporting inflation?

一直是廉价商品来源的中国如今在输出高价？

Eric zhu, an international sales manager at a Chinese forklift-maker, has just sent his second letter of the year to customers, explaining that prices are going up once again.

中国一家叉车制造商的国际销售经理埃里克·朱刚刚给客户发出了今年第二封信，对再一次涨价做解释。

"We need to share some of the price increases with our partners. We cannot absorb them all ourselves," he says. "The world is crazy now."

“我们需要合作伙伴分担一部分价格涨幅。我们没法全部自己承担，”他说，“目前的市道太疯狂了。”

Although not standard economics terminology¹, crazy is a good description for the price movements now coursing through global markets.

虽然不是一个标准经济学术语，但“疯狂”的确很好地描述了眼下全球市场上的价格趋势。

Inflation in America is running at its fastest since 2008. Energy and commodity prices have soared.

美国的通胀增速为2008年以来最高。能源和大宗商品价格飙升。

And as Mr Zhu can attest², investors³ and company bosses are worried that China, the world's workshop, is itself starting to export inflation.

而就像朱先生可以证明的那样，投资者和公司老板们都担心中国这个世界工厂本身开始输出通胀。

It is easy to see why people are concerned. On June 9th China reported that factory-gate prices rose at an annual rate of 9% in May, the highest in more than a decade.

不难看出人们为何担忧。6月9日，中国公布的数据显示5月工业生产者出厂价格同比增长9％，为十几年来最高。

That, along with soaring shipping⁴ costs and a stronger yuan, will probably push up the prices of made-in-China goods, from phones to futons.

再加上运输成本飙升和人民币汇率走高，从手机到沙发床的中国制造商品的价格都很可能被推高。

America's imports from China already cost 2.1% more in April than they did a year ago, the fastest rise since 2012.

美国从中国进口的商品在4月已同比涨价2.1％，是自2012年以来最快的增幅。

Yet the danger of China-exported inflation can be overplayed. Only part of the rise in China's producer prices reflects domestic causes.

但是，中国输出通胀的风险有可能被高估。中国生产商价格上升只有一部分是源于国内因素。

Its strong economic recovery was led by investment in homes and infrastructure⁵, which pushed up the price of steel.

中国强劲的经济复苏是由房地产和基建投资带动的，这推高了钢材的价格。

In order to meet green targets, the government has reined⁶ in both coal and steel production.

为实现环保目标，中国政府已经在限制煤炭和钢铁生产。

Officials have also vowed⁷ to crack down on "excessive speculation⁸" in domestic commodity futures⁹, suggesting that this helped the run-up in prices.

官员们还誓言要打击国内大宗商品期货市场的“过度投机”，暗示这也是推动价格上涨的因素之一。

Most of the price pressures instead reflect the peculiarities¹⁰ of the covid-clouded world.

实际上，这波价格压力主要反映了全球在疫情阴影下的特殊现状。

The global demand for consumer goods—things you can buy online while confined at home—has soared.

全球对消费品（人们困居家中之时仍可从网上买到的物品）的需求飙升。

Chinese exports are about 20% higher than their prepandemic trend, and factories have struggled to keep up with orders.

中国出口量比疫情前高约20％，工厂产能难以跟上订单。

Disruptions to global commodity supplies, such as lockdowns that limited copper¹¹ mining in Chile and Peru, have also pushed up prices.

全球大宗商品供应受到疫情干扰，例如智利和秘鲁的铜矿开采因封城而受限，也推高了价格。

1 terminology   

n.术语；专有名词

参考例句：

• He particularly criticized the terminology in the document.他特别批评了文件中使用的术语。
• The article uses rather specialized musical terminology.这篇文章用了相当专业的音乐术语。

2 attest   

vt.证明，证实；表明

参考例句：

• I can attest to the absolute truth of his statement. 我可以证实他的话是千真万确的。
• These ruins sufficiently attest the former grandeur of the place. 这些遗迹充分证明此处昔日的宏伟。

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 shipping   

n.船运（发货，运输，乘船）

参考例句：

• We struck a bargain with an American shipping firm.我们和一家美国船运公司谈成了一笔生意。
• There's a shipping charge of ￡5 added to the price.价格之外另加五英镑运输费。

5 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

6 reined   

勒缰绳使（马）停步( rein的过去式和过去分词 )； 驾驭； 严格控制； 加强管理

参考例句：

• Then, all of a sudden, he reined up his tired horse. 这时，他突然把疲倦的马勒住了。
• The officer reined in his horse at a crossroads. 军官在十字路口勒住了马。

7 vowed   

起誓，发誓（vow的过去式与过去分词形式）

参考例句：

• He vowed quite solemnly that he would carry out his promise. 他非常庄严地发誓要实现他的诺言。
• I vowed to do more of the cooking myself. 我发誓自己要多动手做饭。

8 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

9 futures   

n.期货，期货交易

参考例句：

• He continued his operations in cotton futures.他继续进行棉花期货交易。
• Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

10 peculiarities   

n. 特质, 特性, 怪癖, 古怪

参考例句：

• the cultural peculiarities of the English 英国人的文化特点
• He used to mimic speech peculiarities of another. 他过去总是模仿别人讲话的特点。

11 copper   

n.铜；铜币；铜器；adj.铜(制)的；(紫)铜色的

参考例句：

• The students are asked to prove the purity of copper.要求学生们检验铜的纯度。
• Copper is a good medium for the conduction of heat and electricity.铜是热和电的良导体。