Wage costs remain well below those in southern China and productivity is growing faster, albeit from a lower base.

工资远低于中国南方的水平，生产率尽管基础较差但在快速上升。

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But the three-month interbank rate soared, reaching 6% by the end of March, and credit conditions have accordingly tightened despite the lower base rate.

虽然基本利率很低，但由于3月期银行间利率急剧增加，到3月底时已达6%，从而使得信贷相应趋紧。

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The Treasury has lopped 5% off the level of potential output, but thinks that trend growth from that lower base will be the same as before, around 2.75% a year.

财政部已经把潜在产量的预期下调了5%，但仍认为增长趋势还和以前一样是大约每年2.75%。

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That may be higher than the historical average but may simply reflect the expectation that dividends may be cut sharply this year, and will thus rebound from a much lower base.

这可能高于历史平均水平，但可能也只是反映了股息今年可能会大幅减少的预期，从而会从一个更低的位置反弹。

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European markets performed even better than those in the US over May, rallying from a lower base despite generally poor economic data.

尽管经济数据普遍表现疲弱，但欧洲股市在5月份自基数较低的水平上扬，表现较美股优秀。

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European markets performed even better than those in the US over May, rallying from a lower base despite generally poor economic data.

尽管经济数据普遍表现疲弱，但欧洲股市在5月份自基数较低的水平上扬，表现较美股优秀。

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