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(fā)關于通脹阱扬、增長、財政和貨幣政策的辯論
surge???????????????????????? v.浪涌伸辟；激增麻惶；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(fā)了一場激烈的經(jīng)濟辯論信夫，專家們正在努力解決一個由來已久的難題——在行業(yè)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窃蹋，如何實現(xiàn)穩(wěn)增長？
spawn? ? ? ? ? ? ? ? ? ? ? ? v.引發(fā)
conundrum? ???????????????????? n.令人迷惑的難題静稻；復雜難解的問題警没；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(fā)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(jīng)濟振湾，導致大宗商品價格去年開始失控杀迹。經(jīng)濟學家一致認為，強勁的行業(yè)復蘇押搪、庫存減少树酪、風險偏好上升和美元貶值共同推高了商品價格。而現(xiàn)在大州，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(jīng)濟動蕩续语。
?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(yè)成本厦画。他們要么消化這種不斷上漲的成本疮茄，接受較低的利潤，要么提高產(chǎn)品價格以保證盈利和增長根暑。專家表示力试，如果他們提高產(chǎn)品或服務的價格，可能會對下游消費產(chǎn)生影響排嫌，加劇通貨膨脹畸裳，阻礙全球經(jīng)濟復蘇。
aggravate????????????????????????? v.使嚴重躏率；使惡化躯畴；（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(jīng)感受到了壓力。自3月17日以來薇芝，包括行業(yè)巨頭山東晨鳴紙業(yè)股份有限公司和山東太陽紙業(yè)股份有限公司在內(nèi)的20多家中國領先造紙企業(yè)宣布蓬抄，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夯到。
per?metric?ton? ? ? ? ? ? ? ? ? ? ? ? 每公噸
combat? ? ? ? ? ? ? ? ? ? ?v.防止嚷缭；戰(zhàn)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(yè)宣布阅爽，從3月16日起路幸，將在中國上調產(chǎn)品價格8%至10%。面對銅付翁、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）简肴，這些公司別無選擇。
ventilation?????????????????????????????? n.通風百侧；通風裝置砰识；發(fā)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(yè)也不能幸免佣渴。江蘇匯鴻國際集團針棉織品進出口有限公司客戶經(jīng)理徐賢友表示辫狼，由于原材料價格不穩(wěn)定，公司訂單大幅收縮辛润。
contract???????????????????????? v.收縮膨处；訂約；感染????n.【法】合同砂竖；〈非正式〉買兇殺人
The?good?news?is,?the?central?government?has?taken?remedial?action?immediately.
好消息是真椿，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日晦溪，國務院總理李克強主持召開國務院常務會議瀑粥，中央政府宣布對所有行業(yè)的小微企業(yè)挣跋、按一般計稅方式納稅的個體工商戶退稅近1萬億元三圆，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避咆，穩(wěn)定市場預期和保就業(yè)舟肉。
micro?and?small?enterprises? ? ? ? ? ? ? ? ? ? ? ? 小微企業(yè)
self-employed?households? ? ? ? ? ? ? ? ? ? ? ? ? ? 個體工商戶
across?all?sectors? ? ? ? ? ? ? ? ? ? ? ? ? ? 在所有行業(yè)
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(fā)改委和其他11個中央政府部門發(fā)布了促進工業(yè)穩(wěn)定增長的政策文件查库，重申了穩(wěn)定整體經(jīng)濟的目標路媚。將加大幫助傳統(tǒng)出口企業(yè)、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樊销。文件稱整慎，地方政府和進出口商會將幫助中小企業(yè)直接與航運公司取得聯(lián)系。
reiterate???????????????????????? v.反復地說围苫；重申
logistics????????????????????????? n.物流裤园；后勤；組織工作剂府；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?
在此形勢下拧揽，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(xiàn)今年5.5%的GDP增長目標淤袜？
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(jīng)濟學家朱海斌表示痒谴，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(jīng)濟政策空間铡羡。
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.
朱海斌說积蔚，由于大宗商品價格的飆升，中國的出廠通脹將緩慢減弱烦周，他已將中國年度生產(chǎn)者物價指數(shù)（PPI）增長預測上調0.8個百分點至5.4%库倘。
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，但影響不大论矾。朱海斌表示教翩，他預計中國的CPI年增長率將達到1.7%，高于去年的0.9%贪壳，但仍遠低于政府設定的3%左右的目標饱亿。
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(wěn)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個基點闰靴、同時將存款準備金率下調50個基點來加大對中國經(jīng)濟的支持力度彪笼。
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(jīng)濟學家陸挺表示蚂且，在地緣政治緊張局勢下配猫，大宗商品價格飆升可能主要通過三個渠道影響中國經(jīng)濟——通脹壓力上升、貿(mào)易順差收窄和人民幣的邊際貶值壓力杏死。
trade?surplus? ? ? ? ? ? ? ? ? ? ? ? 貿(mào)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.
陸挺表示泵肄，作為原材料的主要進口國，由于國際能源和食品價格飆升淑翼，中國可能得花更多的錢用于進口腐巢，這可能會縮小中國的貿(mào)易順差，讓人民幣略微貶值玄括。
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.
他說冯丙，此外，全球油氣價格上漲可能會導致中國工業(yè)品價格相對較高遭京，抑制企業(yè)投資意愿胃惜，削弱宏觀經(jīng)濟政策在擴大內(nèi)需方面的有效性。
erode???????????????????????? v.侵蝕哪雕；腐蝕船殉；損害；削弱
dampen????????????????????????? ?? v.抑制热监；弄濕捺弦；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。一方面列吼，央行可能需要實施寬松的政策幽崩，阻止價格上漲對總需求的損害；另一方面寞钥，央行也需要保持貨幣狀況穩(wěn)定以避免擴大通脹壓力慌申。
amplify???????????????????????? v.放大；闡發(fā)
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(qū)首席經(jīng)濟學家彭藹嬈（Iris?Pang）預計理郑，能源價格上漲不會改變中國人民銀行未來的降息的決定蹄溉。
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(jīng)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您炉。?2021年上半年柒爵，由于大宗商品價格快速上漲斯辰，制造業(yè)企業(yè)的投資信心一度動搖诞仓。應該對未來大宗商品價格走勢和政策引導進行更專業(yè)的分析酗捌，這樣才能提振制造業(yè)企業(yè)的投資意愿渣慕。
buoyed?????????????????v.浮绵患；使浮起 〔比喻〕支持矿卑；用浮標指示(礁,水道等)????n.浮子柬焕；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(jīng)濟戰(zhàn)略研究院副院長楊志勇表示窝剖，傳統(tǒng)制造業(yè)企業(yè)現(xiàn)在面臨巨大挑戰(zhàn)麻掸，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赐纱，這樣企業(yè)才能大膽投資升級其設備和技術脊奋。
invest?boldly? ? ? ? ? ? ? ? ? ? ? ? 大膽投資
