The first data point on the state of the Chinese economy in August shows output at the world's factory continuing to contract.

　　首个反映中国经济8月份状况的数据显示，世界工厂的产出继续萎缩。

　　The preliminary reading for August on HSBC's survey of manufacturers came in at 49.8, up slightly from 49.3 in July, but still below the 50 mark that separates expansion from contraction.

　　汇丰银行(HSBC)的8月份制造业调查数据初值为49.8，略高于7月份的49.3，但仍然低于扩张与收缩分界线50。

　　Readings for output, new orders and new export orders all pointed to a deterioration in conditions since July. The low reading for the HSBC purchasing managers' index, or PMI, is especially striking because a large part of the sample covers small exporters, a bellwether for the state of foreign demand and the outlook for the global economy.

　　产出、新订单和新出口订单数字都显示7月份以来状况恶化。汇丰采购经理人指数(PMI)处于低位之所以尤其不一般，是因为其样本中有很大一部分覆盖了小型出口企业，而这些企业是国外需求状况和全球经济前景的一个风向标。

　　China's small businesses have had a tough year. At home, credit rationing has starved them of finance, electricity shortages have starved them of power, and rising wages have starved them of cheap labor. A recent report by China's central bank points to increases in labor costs in the second quarter of 10% to 30% from last year.

　　这一年中国小企业的日子过得很艰难。在国内，信贷配给让它们无法融资，电力短缺让它们用不上电，工资上涨又让它们无法获得廉价劳动力。中国央行最近一份报告显示，二季度劳动力成本较去年同期上涨了10%到30%。

　　Abroad, a faltering global recovery has taken the edge off demand for exports, and the evidence of the latest HSBC survey is that new orders from foreign customers continue to fall.

　　全球复苏势头减弱降低了出口需求。汇丰银行最新调查提供的证据是，来自外国客户的新订单仍在减少。

　　Stock markets in Shanghai and Hong Kong took comfort that the data showed the situation for manufacturers deteriorating at a slower pace than in the previous month. But the real situation could be even worse than the PMI reading suggests.

　　上海和香港股市因为数据显示制造业状况的恶化速度较前月趋缓而得到了安慰。但真实情况可能比PMI数据显示的还要严重。

　　Paul Cavey, China economist at Macquarie, says a large and increasing number of small businesses are being forced to accept receivables, a kind of IOU, in lieu of payment for goods. Small firms report a lengthening wait for payment and receivables as a share of sales mounting to worrying levels.

　　麦格理(Macquarie)中国经济学家许保罗(Paul Cavey)说，数量庞大且越来越多的小企业正在被迫接受应收账款（receivable，借据的一种）以替代货款。小企业反映等待付款期延长，应收账款在销售收入中的比例也达到了令人担忧的水平。

　　The increasing acceptance of promised payment not only points to small businesses stretching to keep production lines running. It also suggests that if bankruptcies do occur, the impact will be greater. If one small business goes under with months of bills unpaid, all the firms in the supply chain will take a hit.

　　小企业越来越多地接受承兑票据，反映的不仅是它们竭力保持生产线运转。这种现象还说明，如果真的发生破产，其影响将会变得更大。如果一家连月拖欠账单的小企业破产，其供应链上的所有企业都会遭殃。

　　In an economy still expanding at an annualized rate of 9.1%, widespread business failures seem unlikely. But with concerns mounting about the global recovery, this latest evidence of a sequential slowdown in the world's factory is another troubling data point.

　　在一个年化增长速度仍有9.1%的经济体中，大范围的企业倒闭似乎是不太可能发生的。但考虑到全球经济复苏方面越来越强烈的担忧，显示世界工厂连续放缓的这一最新证据实为又一个令人烦恼的数据。