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1、ChinaConfrontsMountingPilesofUnsoldGoodsGUANGZHOU,China—Afterthreedecadesoftorridgrowth,Chinaisencounteringanunfamiliarproblemwithitsnewlystrugglingeconomy:ahugebuildupofunsoldgoodsthatisclutteringshopfloors,cloggingcardealershipsandfillingfactorywarehouses.Theglutofeverythingfromsteelandhouse
2、holdappliancestocarsandapartmentsishamperingChina’seffortstoemergefromasharpeconomicslowdown.Ithasalsoproducedaseriesofpricewarsandhasledmanufacturerstoredoubleeffortstoexportwhattheycannotsellathome.TheseverityofChina’sinventoryoverhanghasbeencarefullymaskedbytheblockingoradjustingofeconomicd
3、atabytheChinesegovernment—allpartofanefforttopropupconfidenceintheeconomyamongbusinessmanagersandinvestors.ButthemainnongovernmentsurveyofmanufacturersinChinashowedonThursdaythatinventoriesoffinishedgoodsrosemuchfasterinAugustthaninanymonthsincethesurveybeganinApril2004.Thepreviousrecordforris
4、inginventories,accordingtotheHSBC/Markitsurvey,hadbeensetinJune.MayandJulyalsoshowedincreases.“Acrossthemanufacturingindustrieswelookat,peoplewereexpectingmoresalesoverthesummer,anditjustdidn’thappen,”saidAnneStevenson-Yang,theresearchdirectorforJCapitalResearch,aneconomicanalysisfirminHongKon
5、g.Withinventoriesextremelyhighandfactoriesnowcuttingproduction,sheadded,“Thingsarekindofcrawlingtoahalt.”ProblemsinChinagivesomeeconomistsnightmaresinwhich,intheworstcase,theUnitedStatesandmuchoftheworldslipbackintorecessionastheChineseeconomysputters,theEuropeancurrencyzonecollapsesandpolitic
6、algridlockparalyzestheUnitedStates.Chinaistheworld’ssecond-largesteconomyandhasbeenthelargestengineofeconomicgrowthsincetheglobalfinancialcrisisbeganin2008.EconomicweaknessmeansthatChinaislikelytobuyfewergoodsandservicesfromabroadwhenthesovereigndebtcrisisinEuropeisalreadyhurtingdemand,raising
7、theprospectofaglobalglutofgoodsandfallingpricesandweakproductionaroundtheworld.Corporatehiringhasslowed,andjobsarebecominglessplentiful.Chineseexports,amainstayoftheeconomyforthelastthreedecades,havealmoststoppedgrowing.Importshavealsos