Companies grapple with rising costs
grapple with 努力克服
Commodity price surge stirs debate on inflation, growth, fiscal and monetary policies
大宗商品价格飙升引发关于通胀、增长、财政和货币政策的辩论
surge v.浪涌；激增；汹涌；涌动
stir v.搅动
Rising commodity prices have spawned a robust economic debate in China, with experts grappling with the age-old conundrum - how to achieve stable growth amid a risk of high inflation even as the industry struggles to remain profitable, and a flurry of adjustments are made to fiscal and monetary policies?
不断上涨的大宗商品价格在中国引发了一场激烈的经济辩论，专家们正在努力解决一个由来已久的难题——在行业努力保持盈利却存在高通胀风险和财政货币政策调整的情况下，如何实现稳增长？
spawn v.引发
conundrum n.令人迷惑的难题；复杂难解的问题；谜语
a flurry of 一阵
Commodity prices turned runaway last year as major developed countries unveiled liberal liquidity injections and expansionary fiscal policies for economic reopening after the 2020 pandemic impact. The consensus among economists is that strong industry revival, reduction in inventories, higher appetite for risk and depreciation of the US dollar all combined to push commodity prices higher. And now, heightened geopolitical tensions involving Russia and Ukraine have added to the economic turmoil.
受2020年新冠疫情的影响，主要发达国家采取了自由注入流动性和扩张性财政政策以重新开放经济，导致大宗商品价格去年开始失控。经济学家一致认为，强劲的行业复苏、库存减少、风险偏好上升和美元贬值共同推高了商品价格。而现在，俄罗斯和乌克兰地缘政治紧张局势的不断升级也加剧了经济动荡。
liberal liquidity injections 自由注入流动性
runaway adj.失控的
depreciation n.贬值
turmoil n.混乱，动乱
Rising raw material prices may push up companies' costs. They either have to absorb such rising costs and settle for lower profits or raise product prices to remain profitable and grow. If they raise prices of their products or services, it may have an impact on downstream consumption, aggravate inflation and crimp the global economic recovery, experts said.
原材料价格上涨可能推高企业成本。他们要么消化这种不断上涨的成本，接受较低的利润，要么提高产品价格以保证盈利和增长。专家表示，如果他们提高产品或服务的价格，可能会对下游消费产生影响，加剧通货膨胀，阻碍全球经济复苏。
aggravate v.使严重；使恶化；（尤指故意地）激怒
crimp v.阻碍
Exporters have already felt the pressure. Since March 17, more than 20 leading Chinese papermakers, including industry giant Shandong Chenming Paper Holdings Ltd and Shandong Sun Paper Co Ltd, have announced they will raise paper prices by 100 yuan ($15.7) to 300 yuan per metric ton to combat soaring raw material and energy prices.
出口商已经感受到了压力。自3月17日以来，包括行业巨头山东晨鸣纸业股份有限公司和山东太阳纸业股份有限公司在内的20多家中国领先造纸企业宣布，他们将把纸价每公吨上调100元（15.7美元）至300元，以应对飙升的原材料和能源价格。
per metric ton 每公吨
combat v.防止；战斗
Likewise, heating, ventilation and air-conditioning companies best represented by Midea, Haier and Daikin announced they will raise their product prices by 8 percent to 10 percent in China from March 16. The surging prices of commodities like copper, iron and aluminum, whose negative impact has been amplified by the lingering COVID-19 pandemic, have left these companies with no better choice.
同样地，以美的、海尔和大金为代表的暖通空调企业宣布，从3月16日起，将在中国上调产品价格8%至10%。面对铜、铁和铝等大宗商品的价格飙升（其带来的负面影响已被挥之不去的新冠疫情放大），这些公司别无选择。
ventilation n.通风；通风装置；发泄；(问题的)公开讨论
leave ... with no better choice 使……别无选择
The textile industry is not immune. Xu Xianyou, an account manager of Jiangsu High Hope Textile Import and Export Co Ltd, said orders of the company have been significantly contracting due to unstable raw material prices.
纺织业也不能幸免。江苏汇鸿国际集团针棉织品进出口有限公司客户经理徐贤友表示，由于原材料价格不稳定，公司订单大幅收缩。
contract v.收缩；订约；感染 n.【法】合同；〈非正式〉买凶杀人
The good news is, the central government has taken remedial action immediately.
好消息是，中央政府已立即采取补救措施。
remedial action 补救措施
During an executive meeting of the State Council, China's Cabinet, chaired by Premier Li Keqiang on March 21, the central government announced it will refund around 1 trillion yuan worth of value-added tax credits, which is nearly two-thirds of total VAT credit refunds this year, to micro and small enterprises and self-employed households as general VAT payers across all sectors. The purpose is to help market entities weather the difficulties, stabilize market expectations and ensure employment.
3月21日，国务院总理李克强主持召开国务院常务会议，中央政府宣布对所有行业的小微企业、按一般计税方式纳税的个体工商户退税近1万亿元，占今年增值税留抵退税总额的近2/3。这是为了帮助市场主体渡过难关，稳定市场预期和保就业。
micro and small enterprises 小微企业
self-employed households 个体工商户
across all sectors 在所有行业
weather the difficulties 渡过难关
The National Development and Reform Commission and 11 other central government departments released a policy document on Feb 18 to promote steady growth in the industrial sector, reiterating the goal of stabilizing the overall economy. More financial help will be rendered to traditional export companies, cross-border e-commerce platforms and logistics service providers to set up overseas warehouses. Local governments as well as import and export chambers of commerce will help small and medium-sized enterprises to seek direct contacts with shipping companies, according to the document.
2月18日，国家发改委和其他11个中央政府部门发布了促进工业稳定增长的政策文件，重申了稳定整体经济的目标。将加大帮助传统出口企业、跨境电商平台和物流服务商设立海外仓库的金融支持力度。文件称，地方政府和进出口商会将帮助中小企业直接与航运公司取得联系。
reiterate v.反复地说；重申
logistics n.物流；后勤；组织工作；军事后勤
Amid all this, everyone concerned is keen to know: Will the People's Bank of China, the country's central bank, change its monetary policy to address mounting difficulties so that China can successfully attain the 5.5 percent GDP growth target this year?
在此形势下，所有相关人士都迫切想知道：中国人民银行作为中国的中央银行，是否会改变货币政策以解决日益增加的困难，以顺利实现今年5.5%的GDP增长目标？
be keen to 渴望
Zhu Haibin, JP Morgan's chief China economist, said the rising global commodity prices will intensify the inflationary pressure facing China. But the pressure is unlikely to be massive enough to significantly restrict the country's macroeconomic policy space.
摩根大通首席中国经济学家朱海斌表示，全球大宗商品价格上涨将使中国面临更大的通胀压力，但压力不太可能大到显著限制该国的宏观经济政策空间。
inflationary pressure 通胀压力
China's factory-gate inflation will abate by a slower slope because of the spike in commodity prices, said Zhu, who has raised the forecast for China's annual producer price index growth by 0.8 percentage point to 5.4 percent.
朱海斌说，由于大宗商品价格的飙升，中国的出厂通胀将缓慢减弱，他已将中国年度生产者物价指数（PPI）增长预测上调0.8个百分点至5.4%。
spike v.猛增
Consumer inflation will also be affected, but only in a moderate way. Zhu said he expects China's annual CPI growth to come in at 1.7 percent, higher than 0.9 percent last year and still well below the government's target of around 3 percent.
消费者通胀也将受到影响，但影响不大。朱海斌表示，他预计中国的CPI年增长率将达到1.7%，高于去年的0.9%，但仍远低于政府设定的3%左右的目标。
in a moderate way 以一种温和的方式
The overall stable consumer inflation will allow the PBOC to ramp up support for the Chinese economy, by way of cutting both the interest rate of its medium-term lending facility, a key policy rate known as MLF, by 10 basis points and the reserve requirement ratio by 50 basis points in the coming months.
总体稳定的消费者通胀意味着，中国人民银行可以在接下来的几个月里通过将中期借贷便利利率（称为MLF的关键政策利率）下调10个基点、同时将存款准备金率下调50个基点来加大对中国经济的支持力度。
ramp up 加大，提高
Lu Ting, Nomura's chief China economist, said a spike in commodity prices amid geopolitical tensions may influence China's economy mainly through three channels - higher inflationary pressure, narrower trade surplus and marginal depreciation pressure on the Chinese yuan.
野村证券首席中国经济学家陆挺表示，在地缘政治紧张局势下，大宗商品价格飙升可能主要通过三个渠道影响中国经济——通胀压力上升、贸易顺差收窄和人民币的边际贬值压力。
trade surplus 贸易顺差
As a major importer of raw materials, China may have to pay more for imports due to soaring international energy and food prices, which could shrink the country's trade surplus and weaken the country's currency slightly, Lu said.
陆挺表示，作为原材料的主要进口国，由于国际能源和食品价格飙升，中国可能得花更多的钱用于进口，这可能会缩小中国的贸易顺差，让人民币略微贬值。
Also, rising global oil and gas prices could sustain industrial goods prices relatively high in China, dampening the willingness of companies to invest and eroding the effectiveness of macroeconomic policy in expanding domestic demand, he said.
他说，此外，全球油气价格上涨可能会导致中国工业品价格相对较高，抑制企业投资意愿，削弱宏观经济政策在扩大内需方面的有效性。
erode v.侵蚀；腐蚀；损害；削弱
dampen v.抑制；弄湿；使潮湿
A potentially higher price level could put the PBOC in a dilemma to some degree, Lu said. On the one hand, the central bank may need to ease its policy to stem price rises from impairing aggregate demand in the economy. On the other hand, it may need to keep the monetary condition stable to avoid amplifying inflationary pressure.
陆挺表示，潜在的物价上涨可能会让中国人民银行在一定程度上陷入两难。一方面，央行可能需要实施宽松的政策，阻止价格上涨对总需求的损害；另一方面，央行也需要保持货币状况稳定以避免扩大通胀压力。
amplify v.放大；阐发
Iris Pang, chief China economist at Dutch bank ING, does not expect the rising energy prices to change the PBOC's future decisions to cut interest rates.
荷兰国际集团（ING）大中华区首席经济学家彭蔼娆（Iris Pang）预计，能源价格上涨不会改变中国人民银行未来的降息的决定。
But Su Jian, a professor with the School of Economics at Peking University, stressed that fluctuating raw material prices should receive more attention. Manufacturing companies' investment confidence was once shaken in the first half of 2021 due to rapidly rising commodity prices. There should be more professional analysis of the future commodity price trend and policy guidance so that manufacturing companies' willingness to invest can be buoyed.
但北京大学经济学院教授苏剑强调，波动的原材料价格应该受到更多关注。 2021年上半年，由于大宗商品价格快速上涨，制造业企业的投资信心一度动摇。应该对未来大宗商品价格走势和政策引导进行更专业的分析，这样才能提振制造业企业的投资意愿。
buoyed v.浮；使浮起 〔比喻〕支持；用浮标指示(礁,水道等) n.浮子；浮圈
Traditional manufacturing companies now face tremendous challenges, and technology upgrading is the only way to survive, said Yang Zhiyong, deputy director of the National Academy of Economic Strategy. But strong government support is crucial so that companies can invest boldly to upgrade their equipment and technologies.
国家经济战略研究院副院长杨志勇表示，传统制造业企业现在面临巨大挑战，技术升级是生存的必由之路。但强有力的政府支持至关重要，这样企业才能大胆投资升级其设备和技术。
invest boldly 大胆投资