But Frederic Neumann, an economist at HSBC, sees tentative signs that spending is picking up.

但是汇丰的经济学家Frederic Neumann注意到了一些支出恢复的暂时性迹象。

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'Households have now become a driver in the recovery' across the region, says Frederic Neumann, Asia economist for HSBC.

汇丰(HSBC)亚洲经济学家纽曼(Frederic Neumann)说，如今家庭已成为该地区复苏的推动器。

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Frederic Neumann, senior economist at HSBC, said in a recent note that leading indicators showed activity will remain robust, with new export orders continuing to rise.

汇丰(HSBC)高级经济学家范力民(Frederic Neumann)在近期一份研究报告中指出，先行指标表明，经济活动仍将保持强劲，新出口订单将继续增加。

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"The worry that's developing is that debt is being pushed onto borrowers who might not have the capacity to repay, " says Frederic Neumann, co-head of Asian economic research for HSBC Holdings PLC.

WSJ: Loans Surge to Asia's Growing Middle Class

Not only have America's imports bounced back faster than its output, its imports from Asia have recovered faster than its purchases from less fortunate parts of the world, points out Frederic Neumann of HSBC.

ECONOMIST: Memories of 2008 are influencing Asia��s policymakers