全球经济复苏持续出现杂音，中国制造业扩张放缓，而美国增长令人失望。
昨日发布的7月份中国官方采购经理指数(PMI)跌至2009年2月以来的最低点，政府限制贷款和房地产投机的举措，抑制了增长。
本周，美国将发布广受关注的制造业和服务业活动指数，这些数据有可能证实，美国经济正继续减速。
"经济正在放缓过程中，第二季度实际增长率数据明确地证明了这一点，"咨询公司环球通视(IHS Global Insight)的布莱恩・贝休恩(Brian Bethune)表示。上周五发布的数据显示，美国国内生产总值(GDP)在第二季度按年率计算增长了2.4%，低于第一季度的3.7%。
中国物流与采购联合会(China Federation of Logistics and Purchasing)发表的官方PMI指数从6月份的52.1降至7月份的51.2。当读数高于50，表明经济活动在扩张。经济学家们表示，经季节性因素修正后，调查显示出企稳局面，而非增长大幅减速。
政府旨在遏制房地产投机的努力，抑制了经济增长，扶摇直上的房价在许多城市引发了不满情绪。
在鼓励银行放贷、将其作为经济刺激方案的一部分之后，北京方面近几个月收紧了银行信贷，此前国有银行的不良贷款率大幅上升。中国央行昨日表示，将坚持今年新增贷款7.5万亿元人民币（合1.1万亿美元）的信贷目标，并严格实施紧缩的信贷政策。
美国供应管理学会(ISM)本周将发表的指数可能显示，美国制造业和服务业增长有所放缓。根据市场经济学家的平均预测，制造业指数将从56.2降至54，表明增长在继续，但速度有所放慢。服务业指数预期将出现小幅下降。
高盛(Goldman Sachs)发表制造业与服务业综合经济活动指数，采用的方法类似于较早版本的ISM数据。该银行表示，其指数在7月份下降6.1点，至55.4，这是2009年11月以来的最低水平。不妙的是，高盛经济学家表示，指数下降主要是由于衡量销售和新订单的组成部分出现下滑。
在中国的指数中，制造业产出和新订单这两个PMI分类指数在7月份均跌至三个月来最低点，但继续显示出增长。进口与上月相比出现滑坡。
译者/和风
http://www.ftchinese.com/story/001033869
The global economic recovery continues to sputter, with news of slowing expansion in Chinese manufacturing adding to disappointing growth in the US.
The Chinese official purchasing managers' index for July, published yesterday, sank to its lowest since February 2009, with government curbs on lending and real estate speculation restraining growth.
Widely watched indices of manufacturing and service sector activity for the US due for release this week are likely to confirm that the American economy continues to decelerate.
"The economy is in the process of slowing down, as clearly evidenced by the second-quarter real growth numbers," said Brian Bethune at the consultancy IHS Global Insight. Figures released on Friday showed US GDP expanding at an annualised rate of 2.4 per cent in the second quarter compared to 3.7 per cent in the first.
The official PMI published by the China Federation of Logistics and Purchasing slid from 52.1 in June to 51.2 in July. A reading above 50 indicates growth. Economists said that, after correcting for seasonal factors, the survey showed a stabilisation rather than a sharp slowing in growth.
The economy has been restrained by attempts to curb real estate speculation, as skyrocketing house prices have triggered dissatisfaction in many cities.
After encouraging lending as part of a stimulus package, Beijing has reined in bank credit in recent months after bad loan ratios at state banks shot up. The Chinese central bank said yesterday that it would stick to its credit target of Rmb7,500bn ($1,100bn) in new loans for this year and strictly implement the tight credit policies it adopted.
Indices produced this week by the US Institute of Supply Management are likely to show growth slowing in manufacturing and services. The average forecast of market economists predicts that the manufacturing index will fall from 56.2 to 54, indicating continued growth but at a slower pace. The service sector index is expected to show a smaller decline.
Goldman Sachs, which publishes a composite manufacturing and services economic activity index using similar methodology to an earlier vintage of the ISM measure, said that its index dropped by 6.1 points to 55.4 in July, the lowest level since November 2009. Ominously, Goldman Sachs economists said, the fall was driven by decreases in the components measuring sales and new orders.
In the Chinese index, PMI sub-indices for both manufacturing output and new orders fell to their lowest level in three months in July but continued to show growth. Imports fell compared with a month earlier.
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