數(shù)據(jù)分析機(jī)構(gòu)CBB的一項(xiàng)調(diào)查顯示，今年第一季度中國企業(yè)的資本支出降到了至少五年來的最低點(diǎn)。這充分表明，雖然政府出臺了各項(xiàng)政策防止經(jīng)濟(jì)劇烈滑坡，但中國經(jīng)濟(jì)依然表現(xiàn)乏力。

CBB的這項(xiàng)季度性調(diào)查覆蓋2200多家公司。調(diào)查結(jié)果還表明，企業(yè)的招聘規(guī)模下降。隨著公司管理層壓縮借貸和支出，就業(yè)連續(xù)第二個季度面臨下行壓力。

調(diào)查中只有33%的公司一季度資本支出上升，也是此項(xiàng)調(diào)查開展五年來的最低水平。

2014年第二季度以來，資本支出上升的受訪公司所占的比例已經(jīng)下降了40%以上。

但調(diào)查表明，由于收入穩(wěn)定增長，今年一季度公司利潤高于上季度的低點(diǎn)。

利蘭德?米勒和謝赫扎德?卡齊在調(diào)查報(bào)告中寫道：“今年一季度中國經(jīng)濟(jì)是否再次整體下滑還不明朗。但政策方面的挑戰(zhàn)有所增加，因此中國政府或許會認(rèn)為經(jīng)濟(jì)更疲弱。”

多年來，經(jīng)濟(jì)學(xué)家一直對中國的官方數(shù)據(jù)表示懷疑。為更好地把握中國這個全球第二大經(jīng)濟(jì)體的風(fēng)吹草動，他們轉(zhuǎn)向參考CBB等民間機(jī)構(gòu)的調(diào)查結(jié)果以及水泥、鋼鐵產(chǎn)量或發(fā)電量等指標(biāo)。

上周，國務(wù)院副總理張高麗在一個高層經(jīng)濟(jì)論壇上表示，截至3月初的數(shù)據(jù)表明中國經(jīng)濟(jì)正在好轉(zhuǎn)。

CBB的調(diào)查結(jié)果顯示，今年前兩個月中國工業(yè)產(chǎn)值增速降至2008年以來的最低點(diǎn)，進(jìn)出口規(guī)模繼續(xù)下降，只有固定資產(chǎn)投資增長率超過了預(yù)期，原因是房地產(chǎn)投資速度加快。

調(diào)查表明，一季度員工人數(shù)增加的公司僅占23%，是2012年CBB首次進(jìn)行此項(xiàng)調(diào)查時的一半。

調(diào)查報(bào)告指出：“2009-2010年的過度增長過后，借貸和支出水平下降是不可避免的。招人規(guī)模下降的問題則要尖銳得多?！?/p>

CBB調(diào)查發(fā)現(xiàn)中國企業(yè)發(fā)展壓力漸增，這也與路透社上周的分析不謀而合，路透社稱由于客戶的付款周期變長，中國公司的流動性處于10年來最緊張的狀態(tài)。部分企業(yè)為了維持經(jīng)營被迫尋求成本更高、安全性更低的資金。

國務(wù)院總理李克強(qiáng)上周四表示，今年前兩個月國內(nèi)就業(yè)保持穩(wěn)定，調(diào)查失業(yè)率約為5.1%。但外界普遍認(rèn)為，中國的實(shí)際失業(yè)率要高得多。

2015年中國經(jīng)濟(jì)增長率為6.9%，降至25年來的最低點(diǎn)。今年中國政府設(shè)定的增長目標(biāo)為6.5%-7%。

雖然更傾向于通過增加財(cái)政支出和減稅來促進(jìn)經(jīng)濟(jì)增長，以及減輕結(jié)構(gòu)性改革的陣痛，但中國政府也表示，今年將采取更靈活的貨幣政策。（財(cái)富中文網(wǎng)）

譯者：Charlie

審校：夏林

Capital expenditure by Chinese companies fell to the lowest in at least five years in the first quarter, a private survey showed, highlighting persistent weakness in the economy even as the government ratchets up policy support to head off a sharper slowdown.

The quarterly survey of over 2,200 firms by China Beige Book International (CBB) also showed less hiring by companies, marking the second consecutive quarter of downward pressure on employment as executives scale back borrowing and spending.

Only 33% of firms reported capital expenditure growth in the first quarter, the lowest in the survey’s five-year history.

The share of firms reporting capex growth has fallen by over 40% since the second quarter of 2014.

However, profits in the first quarter improved from the previous quarter’s lows as revenue growth steadied, the survey showed.

“It’s unclear whether the economy as a whole weakened again in the first quarter. But policy challenges appear to have grown, and Beijing therefore may perceive the economy as weaker,” survey report authors Leland Miller and Shehzad Qazi wrote.

Economists have questioned China’s official statistics for years and turn to private surveys such as the CBB and measures such as concrete, steel or electricity production to better gauge changes in the world’s second-largest economy.

Vice Premier Zhang Gaoli told a high-level economic forum last week that recent data through early March showed that the economy is improving.

The latest reported data showed factory output in January and February grew at its weakest pace since 2008, while exports and imports continued to shrink, although fixed-asset investment growth beat expectations due to quickening property investment.

The survey showed just 23% of firms expanded their workforces in the first quarter, falling to half of what CCB reported in its inaugural report back in 2012.

“Less borrowing and spending was necessary after the 2009-10 excesses. Less hiring is a much more pointed problem,” it said.

The survey’s findings of growing strains on corporate China echo those of a Reuters analysis last week, which showed Chinese companies are facing their tightest liquidity crunch in a decade as customers take longer to pay their bills, forcing some into more costly and less secure borrowing to stay afloat.

Premier Li Keqiang said on Thursday that China’s employment was stable in the first two months of 2016, with a survey-based jobless rate at about 5.1%, though the real jobless rate is widely believed to be much higher.

The government has set a growth target of 6.5% to 7% for 2016, after the economy expanded 6.9% in 2015—the slowest pace in 25 years.

Beijing has pledged to make monetary policy more flexible this year even as it leans more on increased fiscal spending and tax cuts to support economic growth and cushion the pain from structural reforms.