Factory output growth eased in India and China in December, but strengthened in South Korea and Taiwan, narrowing a gap in manufacturing activity between much of developing Asia and the region’s emerging economic giants.

　　中國與印度12月制造業產出增長放緩，但韓國與臺灣增速提高，從而縮小了亞洲大多數發展中經濟體與新興經濟巨人之間在制造業活動方面的差距。

　　Manufacturing business conditions picked up strongly in Taiwan and improved at the fastest rate in seven months in South Korea, according to purchasing managers’ index data published on Monday by HSBC and Markit, the economics consultancy.

　　匯豐(HSBC)與經濟咨詢公司Markit周一發布的采購經理人指數(PMI)表明，臺灣的制造業商業環境強勁反彈，韓國則出現了7個月來最大幅度的改善。

　　In India, the HSBC PMI eased slightly from its high in November, although it remained strong by historical standards.

　　在印度，匯豐PMI較11月份的高點稍有下降，但按照歷史水準衡量仍然處于高位。

　　The data follow December PMI announcements last week for China, which showed continuing strong growth only slightly slower than in November, and for Japan, where the rate of contraction in factory output was the slowest for three months.

　　上周，匯豐剛剛公布了中國和日本的12月份PMI數據，中國依然顯示出強勁增長，僅較11月份略有放緩，而日本制造業產出的萎縮幅度為3個月來最小。

　　China and India had previously shown signs of accelerating away from the rest of emerging Asia, with strong manufacturing growth in November contrasting with weak or flat data elsewhere.

　　之前，中國和印度都呈現出加速發展、與亞洲其它新興經濟體距離越拉越遠的態勢：11月份中印制造業增長勢頭強勁，而其它地區的數據較為疲軟或平緩。

　　In the eurozone, PMI data showed an improvement in manufacturing spreading from the so-called “core” economies, led by Germany, to the “periphery” countries such as Ireland and Spain which have so far lagged behind in the economic recovery.

　　歐元區的PMI數據顯示，制造業的改善正在從以德國為首的所謂“核心”經濟體，向愛爾蘭和西班牙等“外圍”國家擴散。迄今為止，“外圍”國家在經濟復蘇中一直處于落后水平。

　　The US manufacturing sector also grew in December – for the 17th straight month – boosting hopes that the economic recovery is gathering pace.

　　美國12月制造業活動也連續第17個月出現增長，提振了經濟復蘇正在加速的希望。

　　The renewed strength of the factory sectors in South Korea and Taiwan, combined with continued expansion in India and China and other signs of accelerating economic activity, will add to concerns that inflation may be about to take off across the region.

　　韓國與臺灣制造業重獲活力，加上印度與中國的持續增長，以及經濟活動加速的其它跡象，都將加劇通貨膨脹可能在亞洲各國抬頭的擔憂。

　　Leif Eskesen, India chief economist at HSBC in Singapore, said the data from New Delhi suggested the Reserve Bank of India would raise interest rates again sooner rather than later. “The [India] PMI numbers show that the economy remains in high gear, but this is becoming increasingly difficult to reconcile with a comfortable level of inflation,” he said.

　　匯豐駐新加坡首席印度經濟學家雷夫•埃斯克森(Leif Eskesen)表示，來自新德里的數據表明，印度央行(RBI)將提前而非推遲再次加息。“（印度的）PMI數據顯示，經濟仍保持高速增長，但這越來越難以與令人舒適的通脹水平相調和，”他表示。

　　The Chinese central bank raised official interest rates on Christmas day, the second rise in a few weeks, and other Asian central banks are expected to follow if data due during the next few weeks confirm the general picture of renewed economic growth.

　　中國央行在圣誕節當天宣布了幾周內的第二次加息。如果定于未來幾周發布的經濟數據證實經濟增長正普遍復蘇，預期亞洲其它國家央行也會采取同樣舉措。