9月份，中国的工厂生产活动重新开始增长。由于经济形势持续恶化，政策制定者加大了刺激措施力度，以推动经济增长。
China's factory activity returned to growth in September as a deepening economic malaise prompts policymakers to ramp up stimulus steps and bolster growth.
根据国家统计局周三公布的数据，官方制造业采购经理人指数从8月份的49.8升至50.1，这一结果与路透社调查中分析师预测的50.1的增幅相符。
The official manufacturing purchasing managers' index rose to 50.1 from 49.8 in August National Bureau of Statistics data showed Wednesday, in line with analysts' forecast for a modest expansion of 50.1 in a Reuters poll.
中国的制造业企业受益于人工智能硬件产业的蓬勃发展；然而，国内消费需求的疲软一直是一个主要问题，同时中东战争导致的能源成本上升也进一步压缩了企业的利润空间。
Manufacturers in the country have benefited from the AI hardware boom, while weak consumer demand at home has been a major worry, with higher energy costs owed to the Middle East war weighing on margins.
今年，出口一直是推动中国经济增长的主要动力之一，但这一增长引擎正面临压力：贸易伙伴对中国过剩的制造业产能以及其对外国需求的过度依赖表示担忧；与此同时，国内消费增长依然乏力。
Exports have been one of the few drivers of China's economy this year, but that engine is showing signs of strain as trading partners voice growing concerns over the country's excess manufacturing capacity and heavy reliance on foreign demand, while domestic consumption lags.
周二，中国最高级别的经济和金融决策者宣布了一系列有针对性的财政与货币政策，旨在降低企业融资成本并增加中央银行的贷款规模。中国政府强调需要加强逆周期调控措施，以确保经济能够实现全年增长目标。
China's top economic and financial policymakers on Tuesday unveiled targeted fiscal and monetary measures to lower financing costs and boost central bank lending, as Beijing calls for stronger counter-cyclical support to keep the economy on track to meet its full-year growth target.
野村证券的一组经济学家在报告中指出：“新一轮的扶持措施尚不足以显著提振经济增长。”他们认为，这些措施力度不足，难以解决制约经济增长的根本性问题。
"The new round of supportive measures is not sufficient to bolster growth," a team of economists at Nomura wrote in a note, adding that the steps were too small to address the real barriers to growth.
高盛的经济学家也表达了类似观点，他们认为这些措施更多是一种政策信号，而非短期内能够直接推动经济增长的动力。他们指出，有针对性的信贷宽松政策主要侧重于支持供给端；这些政策能否转化为实际的投资和更广泛的经济增长，取决于其具体的实施方式。
"The measures are more significant as a policy signal than as a near-term growth impulse," Goldman Sachs economists echoed. Targeted credit easing mainly supports the supply side, and whether it translates into investment and broader growth will depend on how the policies are implemented, they said.
高盛还指出，周二公布的抵押贷款补贴措施对房地产需求具有直接的扶持作用，短期内可能有助于提升房屋销售量。由于该补贴计划将持续实施一年，分析师预计这还将推动部分首次购房者的购房决策。
The mortgage subsidy announced Tuesday is more direct support for housing demand and may lift home sales in the short term, Goldman added. With the program set to run for one year, it could also pull forward some first-home purchases, Goldman analysts said.
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