The deal on the debt ceiling in the U.S. shifts priorities for China's economic policy makers. Reuters

　　美國達成的債務上限協(xié)議將改變中國經(jīng)濟決策人士的任務重點。

　　Deficit spending seems to be turning into something of a dirty word in Washington, D.C. But growth in the world's largest economy is already dismal. U.S. gross domestic product grew at an annualized rate of just 1.3% in the second quarter of 2011. Spending cuts from the debt deal, even if delayed, will drag on the recovery in the U.S.

　　在華盛頓，透支看起來開始成為禁忌字眼。不過，全球最大經(jīng)濟體的增長業(yè)已低落。2011年二季度，美國國內(nèi)生產(chǎn)總值(GDP)年化增速只有1.3%。債務協(xié)議帶來的支出削減，即使姍姍來遲，也將拖累美國的復蘇。

　　The importance of trade as a driver of China's growth is often overstated. But China still sold $283 billion in goods to the U.S. in 2010, equivalent to 4.7% of GDP. Slower growth in the U.S., second only to the European Union among China's trading partners, won't be a positive.

　　貿(mào)易作為中國增長動力的重要性常常被夸大。不過，2010年，中國仍向美國出口了2,830億美元的商品，相當于中國GDP的4.7%。美國是中國第二大貿(mào)易伙伴，僅次于歐盟，美國增長的放緩不會是個利好因素。

　　What Uncle Sam takes away in lower growth, though, he will give back in reduced inflation. High oil prices in the first quarter were a contributing factor to China's turbocharged increase in consumer prices. The weak U.S. recovery and further spending cuts ahead should help keep a lid on oil prices. That will reduce China's problem with imported price pressure.

　　不過，山姆大叔以增速放緩的方式拿走的，他會以通貨膨脹回落的方式送回來。一季度的高企油價是中國消費價格飆升的推動因素之一。美國復蘇的疲弱以及未來進一步的支出削減，這些應該會有助于遏制油價。這將減少輸入型通脹在中國造成的問題。

　　Meanwhile, the ripples from a weak U.S. economy are already reaching China's shores. The country's purchasing managers' index data for July, released on Monday, points to a stagnant manufacturing sector. The official PMI fell to 50.7 in July from 50.9 in June, hovering a fraction above the 50 mark that separates expansion from contraction. The HSBC PMI painted an even bleaker picture, dipping to 49.3 from 50.1, signaling the worst conditions since March 2009.

　　與此同時，疲弱的美國經(jīng)濟帶來的影響已經(jīng)開始波及中國。周一公布的7月份中國采購經(jīng)理人指數(shù)(PMI)顯示出來的是一個停滯的制造業(yè)。7月份官方采購經(jīng)理人指數(shù)從6月份的50.9降至50.7，僅比50這個擴張和收縮的臨界點高出一點點。匯豐(HSBC)采購經(jīng)理人指數(shù)描繪的局面則更為慘淡，從50.1降到了49.3，顯示出2009年3月以來最糟糕的狀況。

　　But if growth is slowing, relief may finally be on the way in the form of a moderation in inflation. The markets have to wait until Aug. 9 for the next set of full inflation data. But the latest weekly report from the Ministry of Commerce provides a heads up on the main source of price pressure─pork. That shows pork prices leveling off in July, with an increase of just 2% over the first three weeks of the month, compared with a 17% increase in June.

　　不過，如果經(jīng)濟增速開始放緩，通貨膨脹可能會有所緩和，最終令人松一口氣。市場要等到8月9日才能知曉一整套最新的通貨膨脹數(shù)據(jù)。不過，中國商務部最新周報告顯示了物價壓力的主要來源──豬肉。報告顯示7月份豬肉價格持平，前三周的漲幅只有2%，相比之下，6月份同期漲幅為17%。

　　A seasonal reduction in demand for pork partly explains the fall in prices. But if the official data confirms the trend toward falling growth and moderating price pressure, it will be more difficult for the inflation hawks to win the argument with China's powerful pro-growth lobby. The consequence of a tighter policy stance in Washington might be a loosening of the reins in Beijing.

　　豬肉需求的季節(jié)性下滑從一定程度上解釋了豬肉價格的回落。不過，如果官方數(shù)據(jù)證實增速放緩和物價壓力有所緩和的趨勢，在與中國實力強大的保增長派的爭論中，抗通脹的支持者則更加難以贏得勝利。華盛頓政策立場收緊的后果可能是北京政策的放寬。