An early effort to amaze cinema goers with special effects was Le Thaumaturge Chinois, a 1904 French film about a Chinese conjurer.

　　1904年，法國(guó)拍攝了一部有關(guān)中國(guó)魔術(shù)師的電影——《中國(guó)魔術(shù)》(Le Thaumaturge Chinois)，這是首部試圖用特技效果讓觀眾驚嘆的影片之一。

　　Modern Beijing may not be about turning dogs into women or making lamps appear out of thin air. But it engaged in a trick just as complex: trying to slow the overheating economy without plunging the country into a recession.

　　現(xiàn)代的中國(guó)政府也許無意把狗變成女郎，或者在空空如也的地方變出燈來。但它施展的“魔術(shù)”同樣復(fù)雜：試圖減緩過熱的經(jīng)濟(jì)，同時(shí)又不至于讓國(guó)家陷入一場(chǎng)衰退。

　　Figures on Wednesday suggest it is not having much success. Growth in gross domestic product accelerated from the first to the second quarter, and was only marginally down year-on-year.

　　周三發(fā)布的數(shù)據(jù)表明，中國(guó)政府在這方面做的不太成功。從第一季度到第二季度，國(guó)內(nèi)生產(chǎn)總值(GDP)的增長(zhǎng)有所加快，只是按同比計(jì)算才略有放緩。

　　There was some good news in the figures, which showed a degree of rebalancing from exports to consumption. But this was overshadowed by further evidence of the out-of-control housing and office construction boom. In June investment in new property jumped 29 percent over the previous year; in the first six months Rmb2,625bn ($404bn) was pumped into construction, up by a third.

　　這批數(shù)據(jù)中有一些好消息，顯示出某種程度上的再平衡（從出口轉(zhuǎn)向消費(fèi)）。但令其遜色的是，有進(jìn)一步證據(jù)證明，住宅和辦公樓的建筑熱潮仍未得到遏制。6月份，新房產(chǎn)的投資同比大增29%；今年頭6個(gè)月，投入建筑業(yè)的資金為2.625萬億元人民幣（合4040億美元），增長(zhǎng)了三分之一。

　　Industrial production and retail sales were also surprisingly strong in June.

　　6月份的工業(yè)產(chǎn)出和零售銷售額也強(qiáng)勁得出人意料。

　　All this suggests further rate hikes ahead. But as the economy has not slowed significantly in response to the four hikes since Christmas Eve (plus bank lending restrictions and price controls), the chance that the central bank goes too far must be increasing.

　　這一切似乎說明，中國(guó)央行將進(jìn)一步上調(diào)利率。但是，在中國(guó)經(jīng)濟(jì)面對(duì)去年12月24日以來的4次加息（加上銀行放貸限制和價(jià)格管制）尚未顯著放緩之際，中國(guó)央行收緊過度的幾率肯定也在加大。

　　Investors took no notice of that risk on Wednesday. Even before Ben Bernanke’s unsubtle hint that QE3 – more quantitative easing – was an option if the economy worsens, Asian equities were given a big boost by the Chinese data.

　　周三，投資者對(duì)這種風(fēng)險(xiǎn)不屑一顧。即便在本?伯南克(Ben Bernanke)并不含蓄地暗示，若經(jīng)濟(jì)惡化，QE3（第三輪量化寬松）將是一個(gè)選擇之前，中國(guó)經(jīng)濟(jì)數(shù)據(jù)就有力提振了亞洲股市。

　　This makes no sense. It is also a reversal of moves earlier this year, when bad news on the Chinese economy was taken as good news by investors, as they hoped for a soft landing. Shareholders seem to have an unshakeable faith in the ability of the Chinese authorities to control the economy. The danger is growing that this is just an illusion.

　　這是不合邏輯的。這也是今年早些時(shí)候市場(chǎng)行為的逆轉(zhuǎn)，那時(shí)候，投資者將有關(guān)中國(guó)經(jīng)濟(jì)的壞消息當(dāng)作好消息，因?yàn)樗麄兿Ｍ霈F(xiàn)軟著陸。股民們似乎對(duì)中國(guó)當(dāng)局調(diào)控經(jīng)濟(jì)的能力抱有不可動(dòng)搖的信念。越來越大的危險(xiǎn)是，這一切都是幻覺。