China does not quite fit the classic definition of stagflation: a persistent combination of high inflation with sub-par growth. But prices were still rising in July and growth, if still firm, appears to be fading. A regular reading of activity levels by purchasing managers within the service sector, published by HSBC/Markit on Monday, recorded a series-record low of 50.6 for the month of August. That signals no more than a marginal expansion. Six of the 13 official PMI series tracked by China’s Federation of Logistics and Purchasing have dipped below 50, indicating contraction. Even in the world preoccupied by Europe, this should raise concern.
严格说来，manbetx3.0 的情况并不符合“滞胀”的经典定义：通胀高企，manbetx20客户端下载 增长不振，两者长期结合存在。但是，价格在7月份仍有上涨，而manbetx20客户端下载 增长即便说仍算得上坚挺，其势头似乎也在减弱。汇丰(HSBC)/Markit周一发表的报告显示，8月份manbetx3.0 服务业采购经理指数(PMI)降至50.6这一调查历史最低值。这个水平说明业务活动充其量仅出现微弱扩张。在manbetx3.0 物流与采购联合会编制的13个官方PMI数据系列中，有6个已降至50以下，说明业务活动出现收缩。即便当今世界对欧洲的危机念念不忘，这也应当引发忧虑。