周
四的官方数据显示，中国银行业放贷及投资支出的快速增长势头在2月份有所减速，这一迹象表明政府数月来逐步撤出经济刺激计划的举措已经开始对实体经济产生影响。不过，经济学家继续对通货膨胀压力提出警告，并敦促中国政府进一步退出经济刺激措施。
中国国家统计局发布的数据显示，今年1-2月城镇固定资产投资较上年同期增长26.6%，该增幅为一年来最低水平，不及2009年全年30.5%的增速，反映出今年中国经济侧重点的变化。上周，总理温家宝作政府工作报告时表示要严格控制新开工项目。
周四发布的数据显示，中国2月份消费者价格指数(CPI)较上年同期增长2.7%，高于1月份时的1.5%，也创下了一年多以来最高水平。今年2月份适逢中国农历新年假期（去年春节是在1月份），人们在节日期间花费了更多的钱来购物和出行，这往往会推动价格走高。
中国央行已经表示将在今年逐步恢复正常的货币环境，该行发布的数据显示，2月份新增人民币贷款7,001亿元（合1,026亿美元），约为1月份1.39万亿元新增贷款规模的一半，也远远少于去年2月份的1.07万亿元。此外，2月份人民币贷款余额同比增幅从1月份的29.3%降到了27.2%，为一年来最低增幅。
拜政府成功刺激经济所赐，中国成为了第一个从全球金融危机中恢复元气的主要经济体。虽然中国领导人重申在全球经济前景尚不确定的情况下将继续支持经济增长，但对通货膨胀和潜在资产泡沫的担忧促使他们自去年年底以来就开始降低刺激力度。政府官员限制了银行可放贷资金规模，并放缓了政府在公共项目上的支出。
里昂证券(CLSA)中国策略师罗福万(Andy Rothman)在一份研究报告中指出，中国继续成功地加大收紧力度、降低经济增速，将其从去年靠强刺激带动的水平带回更可持续的状态。
花旗集团(Citigroup)经济学家沈明高说，去年信贷高速增长和出口反弹缓和了政策改变的影响；不过，随着信贷收紧，加之出口增长因美国库存补充放缓而走软，政策调整所带来的冲击将在今年第二和第三季度表现得更为明显。
国土资源部(Ministry of Land and Resources)周三宣布，当开发商从当地政府手中购置土地时，合同签订后一个月内必须缴纳出让价款50%的首付款，高于此前20%-30%的首付要求。这反映出中国确实正在地对新增投资进行更加严格的控制。
Terence Poon / Andrew Batson
The rapid growth in China's bank lending and investment spending slowed in February, official data issued Thursday show, a sign that the government's gradual withdrawal of stimulus policies in recent months is starting to have an effect on the real economy.
Still, economists continued to sound warnings about inflation pressures and urged Beijing to unwind its stimulus measures further.
Fixed-asset investment in urban areas, China's main barometer of capital spending, rose 26.6% in the January-February period from a year earlier, according to data from the National Bureau of Statistics. That is the slowest growth rate in a year, and down from the 30.5% expansion for all of 2009, reflecting the shift in priorities for this year. Premier Wen Jiabao said in his annual work report last week that 'the launching of new projects must be strictly controlled' this year.
Meanwhile, the consumer-price index, the nation's key inflation gauge, in February rose 2.7% from a year earlier, the fastest rise in more than a year and quickening from January's 1.5% rise. The Lunar New Year holidays, which fell in February this year and January last year, lifted the latest CPI number as people spent more on food and travel during the holidays, which tends to drive up prices.
The People's Bank of China, which has said it will work to gradually normalize monetary conditions this year, reported that banks extended 700.1 billion yuan ($102.6 billion) in new local-currency loans in February, around half the 1.39 trillion yuan in January and well below the 1.07 trillion yuan in February 2009. Growth in outstanding loans eased to 27.2% at the end of February, from 29.3% in January, also the slowest growth rate in a year.
China was the first major economy to recover from the global financial crisis, thanks to the government's successful drive to boost the economy. Although China's top leaders have repeatedly said they are committed to supporting growth amid uncertain prospects for the global economy, the concern about a buildup of inflation and possible asset bubbles have led them to dial back the intensity of the stimulus since late 2009. Officials have restricted the funds available to banks for lending and have slowed government spending on public-works projects.
'Beijing has continued to successfully use incremental tightening measures to slow the pace of economic growth back to a more sustainable level from last year's hyperstimulated rate,' said Andy Rothman, China strategist for brokerage firm CLSA, in a research note.
Citigroup economist Shen Minggao said last year's fast credit growth and the export rebound have tempered the impact of policy changes. 'But their impact will become more marked in the second and third quarters, as export growth slows on the weakening momentum in U.S. restocking and as credit tightens,' he said, adding investment and import growth could slow.
Confirming the stricter trend on new investments, China's Ministry of Land and Resources published rules Wednesday requiring developers purchasing land from local governments to put up a down payment of at least 50%, up from 20% to 30% previously.
Terence Poon / Andrew Batson
Still, economists continued to sound warnings about inflation pressures and urged Beijing to unwind its stimulus measures further.
Fixed-asset investment in urban areas, China's main barometer of capital spending, rose 26.6% in the January-February period from a year earlier, according to data from the National Bureau of Statistics. That is the slowest growth rate in a year, and down from the 30.5% expansion for all of 2009, reflecting the shift in priorities for this year. Premier Wen Jiabao said in his annual work report last week that 'the launching of new projects must be strictly controlled' this year.
Meanwhile, the consumer-price index, the nation's key inflation gauge, in February rose 2.7% from a year earlier, the fastest rise in more than a year and quickening from January's 1.5% rise. The Lunar New Year holidays, which fell in February this year and January last year, lifted the latest CPI number as people spent more on food and travel during the holidays, which tends to drive up prices.
The People's Bank of China, which has said it will work to gradually normalize monetary conditions this year, reported that banks extended 700.1 billion yuan ($102.6 billion) in new local-currency loans in February, around half the 1.39 trillion yuan in January and well below the 1.07 trillion yuan in February 2009. Growth in outstanding loans eased to 27.2% at the end of February, from 29.3% in January, also the slowest growth rate in a year.
China was the first major economy to recover from the global financial crisis, thanks to the government's successful drive to boost the economy. Although China's top leaders have repeatedly said they are committed to supporting growth amid uncertain prospects for the global economy, the concern about a buildup of inflation and possible asset bubbles have led them to dial back the intensity of the stimulus since late 2009. Officials have restricted the funds available to banks for lending and have slowed government spending on public-works projects.
'Beijing has continued to successfully use incremental tightening measures to slow the pace of economic growth back to a more sustainable level from last year's hyperstimulated rate,' said Andy Rothman, China strategist for brokerage firm CLSA, in a research note.
Citigroup economist Shen Minggao said last year's fast credit growth and the export rebound have tempered the impact of policy changes. 'But their impact will become more marked in the second and third quarters, as export growth slows on the weakening momentum in U.S. restocking and as credit tightens,' he said, adding investment and import growth could slow.
Confirming the stricter trend on new investments, China's Ministry of Land and Resources published rules Wednesday requiring developers purchasing land from local governments to put up a down payment of at least 50%, up from 20% to 30% previously.
Terence Poon / Andrew Batson
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