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.

　　嚴格說來，中國的情況并不符合“滯脹”的經典定義：通脹高企，經濟增長不振，兩者長期結合存在。但是，價格在7月份仍有上漲，而經濟增長即便說仍算得上堅挺，其勢頭似乎也在減弱。匯豐(HSBC)/Markit周一發表的報告顯示，8月份中國服務業采購經理指數(PMI)降至50.6這一調查歷史最低值。這個水平說明業務活動充其量僅出現微弱擴張。在中國物流與采購聯合會編制的13個官方PMI數據系列中，有6個已降至50以下，說明業務活動出現收縮。即便當今世界對歐洲的危機念念不忘，這也應當引發憂慮。

　　China’s policymakers are in a bind. Note that August was the first month this year that was free of increases in either the reserve requirement ratio or interest rates. As the US and Europe once more struggle for economic traction, some factions within the politburo would like to join them in an extended pause in monetary tightening, or even to ease a little. But headline consumer price inflation, politically sensitive in China, will not allow it. July’s CPI was almost unchanged at a three-year high of 6.5 per cent. Local media reports suggest not much change in August’s reading, to be reported this Friday.

　　中國的政策制定者們進退兩難。值得注意的是，8月是今年首個中國官方既沒有上調銀行存款準備金率又沒有上調利率的月份。隨著美歐再一次竭力保持經濟增長，中共中央政治局內部某些派別希望像西方一樣，在較長時間內暫停收緊貨幣政策，或者甚至稍微放松一下政策。但是，在中國具有政治敏感性的整體消費價格指數(CPI)不容許這么做。7月的CPI幾乎沒有變化，仍保持在6.5%的三年高位。中國媒體報道暗示，定于本周五報告的8月CPI將不會有太大變化。

　　The good news is that base effects, if nothing else, will help to tame CPI in the coming months. A rising currency, too, works to take the edge off import prices: August’s 10 per cent annualised rate of gain against the dollar was the biggest since last September. But for now, the tensions are obvious. Writing last week in the policy periodical of the Chinese Communist party, Premier Wen Jiabao reaffirmed that price stability is the “primary task”, while claiming that signs of slower growth are “at a reasonable level”. Maybe they are. But balancing between jobs and prices has rarely seemed so complex.

　　好消息是，就算沒有其它手段管用的話，基數效應也將在未來幾個月幫助遏制CPI。人民幣匯率上升也有利于緩解進口價格上漲的影響：8月份，人民幣兌美元匯率出現10%的年化上漲，這是自去年9月以來的最大漲幅。但就目前而言，緊張形勢仍一目了然。中國總理溫家寶上周在中共政策刊物《求是》撰文重申，穩定物價總水平仍然是宏觀調控的“首要任務”。溫家寶同時稱，經濟增速放緩的各種跡象“處在合理水平”。這話也許沒錯。但是，在創造就業與穩定價格之間尋找平衡的任務，看上去很少像現在這樣復雜。