Growth in China’s manufacturing sector slowed slightly in December but not by enough to reduce inflationary pressure in the country, according to a survey published by HSBC.

汇丰(HSBC)发布的一项调查显示，12月份中国制造业增长略有放缓，但放缓幅度不足以减轻中国的通胀压力。

The bank’s monthly China Purchasing Managers’ Index dropped to a three-month low of 54.4 in the final month of the year, from 55.3 in November.

12月份，汇丰中国制造业采购经理人指数(PMI)从11月份的55.3降至54.4，为3个月来最低。

A number above 50 indicates expansion in manufacturing activity, while a number below 50 indicates a contraction.

该指数若高于50，表明制造业活动处在扩张之中，若低于50则表明制造业活动正在萎缩。

The latest reading is still above the long-term average of 52.3 as the country continues to churn out goods for export and for the domestic consumer market. But the frenetic pace of growth has led to fears the economy is overheating.

由于中国仍在大量生产用于出口及面向国内消费市场的商品，12月份的PMI数字依旧高于52.3的长期平均值。不过，制造业的疯狂增长已引发人们对于经济过热的担忧。

“Despite the slower expansion in manufacturing activity, inflation will not get better any time soon,” HSBC economists Qu Hongbin and Sun Junwei said in a report on the latest survey. “Beijing will maintain its monetary tightening stance.”

汇丰经济学家屈宏斌和孙珺玮在一份有关这一最新调查的报告中称：“尽管制造业活动扩张有所放缓，但通胀局面不会在短时间内出现好转。中国政府将坚持其收紧货币政策的立场。”

Annual consumer price inflation hit 5.1 per cent in November, up from 4.4 per cent in October, prompting the government to raise interest rates on Christmas day for the second time in just over two months.

11月份，中国居民消费价格(CPI)同比增幅从10月份的4.4%升至5.1%，这促使中国政府在圣诞节当天加息。这是中国在短短两个多月内的第二次加息。

In a sign that the government is considering more strenuous efforts to rein in price rises, a senior central bank official published a statement saying price stability should always be the main target of Chinese monetary policy.

有迹象显示，中国政府正考虑付出更艰苦的努力来遏制物价上涨。中国央行调查统计司司长盛松成撰文表示，物价稳定应始终是中国货币政策的主要目标。

While the central bank may place more emphasis on growth during periods of crisis, “in the long run, keeping prices stable is always the main target of the country’s monetary policy”, wrote Sheng Songcheng, director of the financial survey and statistics department of the People’s Bank of China.

盛松成在文中写道，虽然当经济出现危机时，央行会更多地考虑经济增长，但“总体看，物价稳定始终是货币政策的主要目标”。

This month the government said it would shift from a “moderately loose” monetary policy to a “prudent” stance in 2011.

中国政府本月宣布，2011年的货币政策立场将由“适度宽松”转为“稳健”。

Chinese manufacturers covered by the HSBC survey reported growing backlogs in work in December and “the strength of manufacturing activity is unlikely to be affected meaningfully by the monetary tightening measures, including the two rate hikes”, according to Mr Qu.

12月，汇丰PMI调查涵盖的中国制造商的积压工作量日趋增加。屈宏斌表示：“制造业活动的强劲势头不太可能受到货币紧缩措施——包括这两次加息——的显著影响。”

Economists say the HSBC PMI index mainly reflects small and medium-sized private manufacturers and does not adequately reveal how larger state-controlled producers are faring.

经济学家们表示，汇丰PMI指数主要反映的是中小型民营制造商的状况，而没有充分展示出规模更大的国有制造商的表现。