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(zhong)國固定資(zi)產投資(zi)及貨(huo)幣供(gong)應量增長(chang)速度明顯放緩，這(zhe)有力地(di)證明，政府的緊縮舉(ju)措(cuo)，正在(zai)抑制中(zhong)國經濟的迅速擴張。
8月(yue)(yue)(yue)份(fen)(fen)，中國城市(shi)固定資產(chan)投資較上年(nian)同期增長21.5%，與1至7月(yue)(yue)(yue)份(fen)(fen)期間(jian)30.5%的(de)擴張速度相比，有明顯放(fang)緩(huan)；同時也是(shi)自2004年(nian)12月(yue)(yue)(yue)以來，單月(yue)(yue)(yue)增幅(fu)最低的(de)一個月(yue)(yue)(yue)。廣義貨幣供應(ying)量M2上月(yue)(yue)(yue)增長17.9%，而7月(yue)(yue)(yue)份(fen)(fen)和(he)6月(yue)(yue)(yue)份(fen)(fen)的(de)增幅(fu)均為18.4%.
中國(guo)經濟一直(zhi)在以創紀錄的(de)速度增長(chang)，第(di)二季度的(de)增幅為11.3%.中國(guo)政府官員和許多經濟學家(jia)擔心(xin)，長(chang)遠而言，這樣的(de)增長(chang)速度難以維持(chi)。
中(zhong)國(guo)國(guo)家統計局（National Bureau of Statistics）局長(chang)邱曉華發布的(de)最(zui)新經(jing)濟(ji)數據顯示，中(zhong)國(guo)政府(fu)能夠控制對房地產等(deng)行業的(de)過(guo)渡放貸和投資，這些行業尤其存(cun)在過(guo)熱風險。
中(zhong)國政府正(zheng)通過貨幣(bi)和行政調(diao)控手段(duan)相結合的方式，努力緩和經濟增長。自4月底以來(lai)，中(zhong)國央行已兩度上調(diao)基準貸款利率和銀(yin)行存款準備金(jin)比率。昨日，央行還在其例行的公開市場操作(zuo)中(zhong)，創紀(ji)錄地(di)完成2250億元(yuan)人民幣(bi)（合283億美元(yuan)）的資金(jin)回(hui)籠(long)工作(zuo)。
本(ben)周，中國(guo)央(yang)行(xing)副行(xing)長蘇寧在北京舉(ju)行(xing)的一個國(guo)際會議上表示，由于上述措施，中國(guo)的貨幣供應“明顯”放緩。
與(yu)此同時，中(zhong)國領導人正試圖控制(zhi)非必(bi)要的生(sheng)產——例如，在(zai)鋼鐵、水(shui)泥和汽車(che)等關(guan)鍵行(xing)業，限制(zhi)土地使用(yong)權并強制(zhi)執行(xing)各種(zhong)環保標準(zhun)。
中國政(zheng)府還對城市地產項目（包括(kuo)住宅、寫(xie)字(zi)樓和(he)工業園區）上的過度(du)放貸，以及可能(neng)由此(ci)導致(zhi)的人為高價和(he)供應(ying)過度(du)感(gan)到(dao)擔(dan)憂。
在努力(li)遏制信(xin)貸和投(tou)資(zi)增長的同時，中(zhong)(zhong)國政府還試圖刺激消費支出，因為(wei)它(ta)認為(wei)，一個強(qiang)大的中(zhong)(zhong)產階層，將成為(wei)未(wei)來經濟增長的關鍵驅動力(li)。
中國國家統計局表示，8月份(fen)，社會消費品零(ling)售(shou)總(zong)額較上年(nian)同期增長13.8%，這(zhe)一幅度與(yu)前兩個月持平。石油產品、珠寶、汽車和(he)建筑方面的需求一直特別強勁(jing)。
二、重點詞匯：
investment n.投資，可獲利(li)的東西
evidence n.明顯，顯著，明白，跡象，根據(ju)(ju)， [物]證據(ju)(ju)，證物
indicator n.指示器， [化]指示劑
sustainable adj.可(ke)以忍(ren)受的，足可(ke)支撐的，養得起的
excessive adj.過多的，過分的，額外
benchmark[計]基準(zhun)
deputyn.代(dai)理(li)人，代(dai)表(biao)
dramatically adv.戲劇地(di)，引人注目地(di)
artificially adv.人(ren)工
credit n.信任，信用，聲望，榮譽， [財(cai)務]貸方，銀(yin)行存款(kuan)
vt.相信，信任，把……歸給
previous adj.在前(qian)的(de)，早先的(de)
adv.（1）在……以前；（2）返回上一級菜單
