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China reins in economic expansion China's growth in fixed-asset investment and its money supply slowed considerably in August， providing firm evidence that the government's tightening measures were reining in the country's rapid economic expansion.
　　Urban fixed-asset investment in August rose 21.5 per cent compared with a year ago， a marked slowdown from the 30.5 per cent expansion from January through July and the slowest for a single month since December 2004. M2， the broad indicator for money supply， rose 17.9 per cent last month compared with 18.4 per cent in July and June.
　　China's economy has been growing at a record pace， expanding by 11.3 per cent in the second quarter. Beijing officials and many economists are concerned that such growth rates are not sustainable in the longer term.
　　The latest economic data， which were released by Qiu Xiaohua， commissioner of China's National Bureau of Statistics， suggest Beijing has been able to control excessive lending and investment to sectors such as real estate that are especially at risk of overheating.
　　Beijing is using a combination of monetary and administrative controls in its attempts to moderate growth. Since late April， China's central bank has twice raised benchmark lending rates and bank reserve requirements. Yesterday it also mopped up a record Rmb225bn （$28.3bn） in its regular open market operations.
　　Su Ning， the deputy central bank governor， said this week at an international conference in Beijing that the country's money supply was slowing dramatically as a result of these measures.
　　At the same time， China's leaders are trying to control unnecessary production - for instance by limiting land rights and enforcing environmental standards in key industries such as steel， cement and automobiles.
　　Beijing is also worried about overlending to urban property projects， including residences， offices and industrial parks， and the threat it could lead to artificially high prices and excess supply.
　　While trying to temper credit and investment growth， Beijing is also attempting to stimulate consumer spending， since it believes a strong middle class will be a key driver of future growth.
　　China's statistics body said August retail sales were up 13.8 per cent， a rate consistent with that of the previous two months. Demand for oil products， jewellery， automobiles and building has been particularly strong.
　　一、參考譯文：
　　8月份中國固定資產投資及貨幣供應量增長速度明顯放緩，這有力地證明，政府的緊縮舉措，正在抑制中國經濟的迅速擴張。
　　8月份，中國城市固定資產投資較上年同期增長21.5%，與1至7月份期間30.5%的擴張速度相比，有明顯放緩；同時也是自2004年12月以來，單月增幅最低的一個月。廣義貨幣供應量M2上月增長17.9%，而7月份和6月份的增幅均為18.4%.
　　中國經濟一直在以創紀錄的速度增長，第二季度的增幅為11.3%.中國政府官員和許多經濟學家擔心，長遠而言，這樣的增長速度難以維持。
　　中國國家統計局（National Bureau of Statistics）局長邱曉華發布的最新經濟數據顯示，中國政府能夠控制對房地產等行業的過渡放貸和投資，這些行業尤其存在過熱風險。
　　中國政府正通過貨幣和行政調控手段相結合的方式，努力緩和經濟增長。自4月底以來，中國央行已兩度上調基準貸款利率和銀行存款準備金比率。昨日，央行還在其例行的公開市場操作中，創紀錄地完成2250億元人民幣（合283億美元）的資金回籠工作。