China's economy is on track to hit the government's growth target of 8 per cent this year following increased government spending and a surge in bank lending in the second quarter.

在政府扩大支出和第二季度银行贷款激增的形势下，今年中国经济有望达到政府设定的8%的增长目标。

The economy expanded at an annual rate of 7.9 per cent in the three months to the end of June, the National Bureau of Statistics announced yesterday, with investment, industrial production and retail sales all contributing to higher output.

国家统计局昨日公布，第二季度经济增长率折成年率为7.9%，产出增长受到投资、工业生产和零售等环节的推动。

China's accelerating growth has already lifted prices of commodities such as iron ore and copper and boosted economic output of raw materials exporters such as Australia and Brazil.

中国经济增长加快，推高了铁矿石和铜等大宗商品价格，也提振了澳大利亚和巴西等原材料出口国的经济产出。

The speed of the Chinese recovery, without an accompanying boost in demand from advanced economies in North America and Europe, has surprised economists and led the International Monetary Fund to revise higher its outlook for the world economy earlier this month. The Chinese government's mass injection of money into the economy has also pumped air back into the asset price bubbles in the domestic property and stock markets.

在北美和欧洲发达经济体的需求没有增加的形势下，中国经济的复苏之快，令经济学家感到意外，也促使国际货币基金组织(IMF)在本月早些时候调高了全球经济预期。中国政府向经济注入大量资金，也再度吹大了国内房地产及股票市场的资产价格泡沫。

Li Xiaochao, a spokesman for the NBS, said the economy “had stabilised with increasing positive changes” after dipping sharply at the end of last year and expanding at an annual rate of only 6.1 per cent in the first quarter, leading many economists to believe that the government would not be able to meet its year-long growth target of 8 per cent. But the government's pump-priming has turned the economy round, prompting rapid revisions by many economists, and the World Bank, to upgrade China's outlook.

国家统计局发言人李晓超表示，经济“运行中积极因素不断增多，国民经济企稳回升”。去年底中国经济大幅减速，今年第一季度也仅增长6.1%，许多经济学家因此认为，政府将无法达到全年增长8%的目标。但政府的各项刺激措施已带动经济好转，许多经济学家迅速调整经济预测，世界银行(World Bank)也更加看好中国前景。

“The Rmb1,530bn [$224bn] in new loans in June brought total new lending in the first half of the year to Rmb7,400bn, or almost one quarter of our estimated 2009 GDP,” said Wang Tao, of UBS, in Beijing. “We now expect total new lending in 2009 to reach Rmb9,000bn, a speed of re-leveraging unprecedented in China's history.”

“6月份新增贷款为1.53万亿人民币，上半年新增贷款总额达到7.4万亿，接近我们估计的2009年GDP的四分之一，”瑞银(UBS)驻北京的汪涛表示。“我们目前预计，2009年新增贷款将达到9万亿。这种再杠杆化的速度在中国是空前的。”

译者/岱嵩