Companies?grapple?with?rising?costs
grapple with? ? ? ? ? ? ? ? ? ? ?努力克服
Commodity?price?surge?stirs?debate?on?inflation,?growth,?fiscal?and?monetary?policies
大宗商品價格飆升引發關于通脹、增長、財政和貨幣政策的辯論
surge???????????????????????? v.浪涌；激增；洶涌；涌動
stir? ? ? ? ? ? ? ? ? ? ? ? ? ? v.攪動
Rising?commodity?prices?have?spawned?a?robust?economic?debate?in?China,?with?experts?grappling?with?the?age-old?conundrum?-?how?to?achieve?stable?growth?amid?a?risk?of?high?inflation?even?as?the?industry?struggles?to?remain?profitable,?and?a?flurry?of?adjustments?are?made?to?fiscal?and?monetary?policies?
不斷上漲的大宗商品價格在中國引發了一場激烈的經濟辯論，專家們正在努力解決一個由來已久的難題——在行業努力保持盈利卻存在高通脹風險和財政貨幣政策調整的情況下，如何實現穩增長？
spawn? ? ? ? ? ? ? ? ? ? ? ? v.引發
conundrum? ???????????????????? n.令人迷惑的難題；復雜難解的問題；謎語
a?flurry?of????????????????????? 一陣
Commodity?prices?turned?runaway?last?year?as?major?developed?countries?unveiled?liberal?liquidity?injections?and?expansionary?fiscal?policies?for?economic?reopening?after?the?2020?pandemic?impact.?The?consensus?among?economists?is?that?strong?industry?revival,?reduction?in?inventories,?higher?appetite?for?risk?and?depreciation?of?the?US?dollar?all?combined?to?push?commodity?prices?higher.?And?now,?heightened?geopolitical?tensions?involving?Russia?and?Ukraine?have?added?to?the?economic?turmoil.
受2020年新冠疫情的影響，主要發達國家采取了自由注入流動性和擴張性財政政策以重新開放經濟，導致大宗商品價格去年開始失控。經濟學家一致認為，強勁的行業復蘇、庫存減少、風險偏好上升和美元貶值共同推高了商品價格。而現在，俄羅斯和烏克蘭地緣政治緊張局勢的不斷升級也加劇了經濟動蕩。
?liberal?liquidity?injections???????????????????????? 自由注入流動性
runaway? ? ? ? ? ? ? ? ? ? ? ? ?adj.失控的
depreciation? ? ? ? ? ? ? ? ? ? ? ? ?n.貶值
turmoil? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?n.混亂，動亂? ? ?
Rising?raw?material?prices?may?push?up?companies'?costs.?They?either?have?to?absorb?such?rising?costs?and?settle?for?lower?profits?or?raise?product?prices?to?remain?profitable?and?grow.?If?they?raise?prices?of?their?products?or?services,?it?may?have?an?impact?on?downstream?consumption,?aggravate?inflation?and?crimp?the?global?economic?recovery,?experts?said.
原材料價格上漲可能推高企業成本。他們要么消化這種不斷上漲的成本，接受較低的利潤，要么提高產品價格以保證盈利和增長。專家表示，如果他們提高產品或服務的價格，可能會對下游消費產生影響，加劇通貨膨脹，阻礙全球經濟復蘇。
aggravate????????????????????????? v.使嚴重；使惡化；（尤指故意地）激怒
crimp? ? ? ? ? ? ? ? ? ? ? ? ?v.阻礙
Exporters?have?already?felt?the?pressure.?Since?March?17,?more?than?20?leading?Chinese?papermakers,?including?industry?giant?Shandong?Chenming?Paper?Holdings?Ltd?and?Shandong?Sun?Paper?Co?Ltd,?have?announced?they?will?raise?paper?prices?by?100?yuan?($15.7)?to?300?yuan?per?metric?ton?to?combat?soaring?raw?material?and?energy?prices.
出口商已經感受到了壓力。自3月17日以來，包括行業巨頭山東晨鳴紙業股份有限公司和山東太陽紙業股份有限公司在內的20多家中國領先造紙企業宣布，他們將把紙價每公噸上調100元（15.7美元）至300元，以應對飆升的原材料和能源價格。
per?metric?ton? ? ? ? ? ? ? ? ? ? ? ? 每公噸
combat? ? ? ? ? ? ? ? ? ? ?v.防止；戰斗
Likewise,?heating,?ventilation?and?air-conditioning?companies?best?represented?by?Midea,?Haier?and?Daikin?announced?they?will?raise?their?product?prices?by?8?percent?to?10?percent?in?China?from?March?16.?The?surging?prices?of?commodities?like?copper,?iron?and?aluminum,?whose?negative?impact?has?been?amplified?by?the?lingering?COVID-19?pandemic,?have?left?these?companies?with?no?better?choice.
同樣地，以美的、海爾和大金為代表的暖通空調企業宣布，從3月16日起，將在中國上調產品價格8%至10%。面對銅、鐵和鋁等大宗商品的價格飆升（其帶來的負面影響已被揮之不去的新冠疫情放大），這些公司別無選擇。
ventilation?????????????????????????????? n.通風；通風裝置；發泄；(問題的)公開討論
leave ... with?no?better?choice? ? ? ? ? ? ? ? ????使……別無選擇? ? ? ? ??
The?textile?industry?is?not?immune.?Xu?Xianyou,?an?account?manager?of?Jiangsu?High?Hope?Textile?Import?and?Export?Co?Ltd,?said?orders?of?the?company?have?been?significantly?contracting?due?to?unstable?raw?material?prices.
紡織業也不能幸免。江蘇匯鴻國際集團針棉織品進出口有限公司客戶經理徐賢友表示，由于原材料價格不穩定，公司訂單大幅收縮。
contract???????????????????????? v.收縮；訂約；感染????n.【法】合同；〈非正式〉買兇殺人
The?good?news?is,?the?central?government?has?taken?remedial?action?immediately.
好消息是，中央政府已立即采取補救措施。
remedial?action? ? ? ? ? ? ? ? ? ? ? ? ? ? 補救措施
During?an?executive?meeting?of?the?State?Council,?China's?Cabinet,?chaired?by?Premier?Li?Keqiang?on?March?21,?the?central?government?announced?it?will?refund?around?1?trillion?yuan?worth?of?value-added?tax?credits,?which?is?nearly?two-thirds?of?total?VAT?credit?refunds?this?year,?to?micro?and?small?enterprises?and?self-employed?households?as?general?VAT?payers?across?all?sectors.?The?purpose?is?to?help?market?entities?weather?the?difficulties,?stabilize?market?expectations?and?ensure?employment.
3月21日，國務院總理李克強主持召開國務院常務會議，中央政府宣布對所有行業的小微企業、按一般計稅方式納稅的個體工商戶退稅近1萬億元，占今年增值稅留抵退稅總額的近2/3。這是為了幫助市場主體渡過難關，穩定市場預期和保就業。
micro?and?small?enterprises? ? ? ? ? ? ? ? ? ? ? ? 小微企業
self-employed?households? ? ? ? ? ? ? ? ? ? ? ? ? ? 個體工商戶
across?all?sectors? ? ? ? ? ? ? ? ? ? ? ? ? ? 在所有行業
weather?the?difficulties? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 渡過難關
The?National?Development?and?Reform?Commission?and?11?other?central?government?departments?released?a?policy?document?on?Feb?18?to?promote?steady?growth?in?the?industrial?sector,?reiterating?the?goal?of?stabilizing?the?overall?economy.?More?financial?help?will?be?rendered?to?traditional?export?companies,?cross-border?e-commerce?platforms?and?logistics?service?providers?to?set?up?overseas?warehouses.?Local?governments?as?well?as?import?and?export?chambers?of?commerce?will?help?small?and?medium-sized?enterprises?to?seek?direct?contacts?with?shipping?companies,?according?to?the?document.
2月18日，國家發改委和其他11個中央政府部門發布了促進工業穩定增長的政策文件，重申了穩定整體經濟的目標。將加大幫助傳統出口企業、跨境電商平臺和物流服務商設立海外倉庫的金融支持力度。文件稱，地方政府和進出口商會將幫助中小企業直接與航運公司取得聯系。
reiterate???????????????????????? v.反復地說；重申
logistics????????????????????????? n.物流；后勤；組織工作；軍事后勤
Amid?all?this,?everyone?concerned?is?keen?to?know:?Will?the?People's?Bank?of?China,?the?country's?central?bank,?change?its?monetary?policy?to?address?mounting?difficulties?so?that?China?can?successfully?attain?the?5.5?percent?GDP?growth?target?this?year?
在此形勢下，所有相關人士都迫切想知道：中國人民銀行作為中國的中央銀行，是否會改變貨幣政策以解決日益增加的困難，以順利實現今年5.5%的GDP增長目標？
be keen to? ? ? ? ? ? ? ? ? ? ? ? 渴望
Zhu?Haibin,?JP?Morgan's?chief?China?economist,?said?the?rising?global?commodity?prices?will?intensify?the?inflationary?pressure?facing?China.?But?the?pressure?is?unlikely?to?be?massive?enough?to?significantly?restrict?the?country's?macroeconomic?policy?space.
摩根大通首席中國經濟學家朱海斌表示，全球大宗商品價格上漲將使中國面臨更大的通脹壓力，但壓力不太可能大到顯著限制該國的宏觀經濟政策空間。
inflationary?pressure? ? ? ? ? ? ? ? ? ? ? ? 通脹壓力
China's?factory-gate?inflation?will?abate?by?a?slower?slope?because?of?the?spike?in?commodity?prices,?said?Zhu,?who?has?raised?the?forecast?for?China's?annual?producer?price?index?growth?by?0.8?percentage?point?to?5.4?percent.
朱海斌說，由于大宗商品價格的飆升，中國的出廠通脹將緩慢減弱，他已將中國年度生產者物價指數（PPI）增長預測上調0.8個百分點至5.4%。
spike? ? ? ? ? ? ? ? ? ? ? ? ?v.猛增
Consumer?inflation?will?also?be?affected,?but?only?in?a?moderate?way.?Zhu?said?he?expects?China's?annual?CPI?growth?to?come?in?at?1.7?percent,?higher?than?0.9?percent?last?year?and?still?well?below?the?government's?target?of?around?3?percent.
消費者通脹也將受到影響，但影響不大。朱海斌表示，他預計中國的CPI年增長率將達到1.7%，高于去年的0.9%，但仍遠低于政府設定的3%左右的目標。
in?a?moderate?way? ? ? ? ? ? ? ? ? ? ? ? 以一種溫和的方式
The?overall?stable?consumer?inflation?will?allow?the?PBOC?to?ramp?up?support?for?the?Chinese?economy,?by?way?of?cutting?both?the?interest?rate?of?its?medium-term?lending?facility,?a?key?policy?rate?known?as?MLF,?by?10?basis?points?and?the?reserve?requirement?ratio?by?50?basis?points?in?the?coming?months.
總體穩定的消費者通脹意味著，中國人民銀行可以在接下來的幾個月里通過將中期借貸便利利率（稱為MLF的關鍵政策利率）下調10個基點、同時將存款準備金率下調50個基點來加大對中國經濟的支持力度。
ramp?up? ? ? ? ? ? ? ? ? ? ? ? 加大，提高
Lu?Ting,?Nomura's?chief?China?economist,?said?a?spike?in?commodity?prices?amid?geopolitical?tensions?may?influence?China's?economy?mainly?through?three?channels?-?higher?inflationary?pressure,?narrower?trade?surplus?and?marginal?depreciation?pressure?on?the?Chinese?yuan.
野村證券首席中國經濟學家陸挺表示，在地緣政治緊張局勢下，大宗商品價格飆升可能主要通過三個渠道影響中國經濟——通脹壓力上升、貿易順差收窄和人民幣的邊際貶值壓力。
trade?surplus? ? ? ? ? ? ? ? ? ? ? ? 貿易順差
As?a?major?importer?of?raw?materials,?China?may?have?to?pay?more?for?imports?due?to?soaring?international?energy?and?food?prices,?which?could?shrink?the?country's?trade?surplus?and?weaken?the?country's?currency?slightly,?Lu?said.
陸挺表示，作為原材料的主要進口國，由于國際能源和食品價格飆升，中國可能得花更多的錢用于進口，這可能會縮小中國的貿易順差，讓人民幣略微貶值。
Also,?rising?global?oil?and?gas?prices?could?sustain?industrial?goods?prices?relatively?high?in?China,?dampening?the?willingness?of?companies?to?invest?and?eroding?the?effectiveness?of?macroeconomic?policy?in?expanding?domestic?demand,?he?said.
他說，此外，全球油氣價格上漲可能會導致中國工業品價格相對較高，抑制企業投資意愿，削弱宏觀經濟政策在擴大內需方面的有效性。
erode???????????????????????? v.侵蝕；腐蝕；損害；削弱
dampen????????????????????????? ?? v.抑制；弄濕；使潮濕
A?potentially?higher?price?level?could?put?the?PBOC?in?a?dilemma?to?some?degree,?Lu?said.?On?the?one?hand,?the?central?bank?may?need?to?ease?its?policy?to?stem?price?rises?from?impairing?aggregate?demand?in?the?economy.?On?the?other?hand,?it?may?need?to?keep?the?monetary?condition?stable?to?avoid?amplifying?inflationary?pressure.
陸挺表示，潛在的物價上漲可能會讓中國人民銀行在一定程度上陷入兩難。一方面，央行可能需要實施寬松的政策，阻止價格上漲對總需求的損害；另一方面，央行也需要保持貨幣狀況穩定以避免擴大通脹壓力。
amplify???????????????????????? v.放大；闡發
Iris?Pang,?chief?China?economist?at?Dutch?bank?ING,?does?not?expect?the?rising?energy?prices?to?change?the?PBOC's?future?decisions?to?cut?interest?rates.
荷蘭國際集團（ING）大中華區首席經濟學家彭藹嬈（Iris?Pang）預計，能源價格上漲不會改變中國人民銀行未來的降息的決定。
But?Su?Jian,?a?professor?with?the?School?of?Economics?at?Peking?University,?stressed?that?fluctuating?raw?material?prices?should?receive?more?attention.?Manufacturing?companies'?investment?confidence?was?once?shaken?in?the?first?half?of?2021?due?to?rapidly?rising?commodity?prices.?There?should?be?more?professional?analysis?of?the?future?commodity?price?trend?and?policy?guidance?so?that?manufacturing?companies'?willingness?to?invest?can?be?buoyed.
但北京大學經濟學院教授蘇劍強調，波動的原材料價格應該受到更多關注。?2021年上半年，由于大宗商品價格快速上漲，制造業企業的投資信心一度動搖。應該對未來大宗商品價格走勢和政策引導進行更專業的分析，這樣才能提振制造業企業的投資意愿。
buoyed?????????????????v.浮；使浮起 〔比喻〕支持；用浮標指示(礁,水道等)????n.浮子；浮圈
Traditional?manufacturing?companies?now?face?tremendous?challenges,?and?technology?upgrading?is?the?only?way?to?survive,?said?Yang?Zhiyong,?deputy?director?of?the?National?Academy?of?Economic?Strategy.?But?strong?government?support?is?crucial?so?that?companies?can?invest?boldly?to?upgrade?their?equipment?and?technologies.
國家經濟戰略研究院副院長楊志勇表示，傳統制造業企業現在面臨巨大挑戰，技術升級是生存的必由之路。但強有力的政府支持至關重要，這樣企業才能大膽投資升級其設備和技術。
invest?boldly? ? ? ? ? ? ? ? ? ? ? ? 大膽投資
