China’s retail sales softened as industrial production and investment held more or less steady in spite of a weaker showing from exports last month.
10月份，中国社会消费品零售总额增长放缓。另一方面，尽管上月出口走弱，中国规模以上工业增加值和全国固定资产投资增长仍大致保持平稳。
Industrial production rose 6.1 per cent year on year in October, according to China’s National Bureau of Statistics, unchanged from September’s level and just below a median forecast from economists of 6.2 per cent.
根据中国国家统计局的数据，10月份中国规模以上工业增加值同比增长6.1%，与9月份的增幅一致，略低于经济学家的预期中值6.2%。
That was in line with last month’s manufacturing PMIs, which showed an uptick in sector activity,
这与上月制造业采购经理人指数(PMI)的表现相一致，PMI显示制造业活动有所扩张。
And despite exports having fallen 7.3 per cent during the same period.
此外，规模以上工业增加值的同比增长，是在同期出口下滑7.3%的背景下取得的。
But retail sales growth softened to 10 per cent in October, betraying economists’ expectations it would hold steady at 10.7 per cent growth from September.
不过，10月份社会消费品零售总额增速放缓至10%，低于经济学家的预期。经济学家曾预期，10月份的增速将与9月份一致，同为10.7%。
That deceleration could prove a spoiler to broader growth if it continues apace, as observers have attributed sustained activity growth among manufacturers to stronger domestic demand.
这种迅速放缓的势头如果延续下去，可能会阻碍更广泛的增长。观察人士认为，制造业企业活动的持续扩张源于国内需求的增长。
Economists had likewise expected year-to-date urban fixed asset investment, a rough proxy for long-term spending, to remain at September’s level of 8.2 per cent year on year growth.
经济学家原本还预计，今年1至10月份全国固定资产投资（不含农户）增长速度会与1至9月份的增长速度8.2%持平。
Instead it ticked upward slightly to 8.3 per cent.
实际上，1至10月份的增速小幅升至8.3%。该指标大致反映了长期支出。
Private investment for the year ended October was up 2.9 per cent, up 0.4 percentage points, while state investment dropped 1.1 percentage points to 20.5 per cent.
今年1至10月份的民间固定资产投资同比增长2.9%，比1至9月份的增速快了0.4个百分点。
That pushed the state share of total investment for the year to date down marginally to 36.6 per cent, still the largest share since 2011 and reflecting the outsize role of government spending in sustaining economic growth during 2016.
国有控股投资增速下滑1.1个百分点至20.5%，这使得国有控股投资在今年1至10月份全国固定资产投资总额中所占的比例小幅下滑至36.6%，但这仍是2011年以来的最高占比之一，反映出今年政府开支在支撑经济增长方面发挥着巨大作用。