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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Senior managers in China and India are reaping similar gains, but from a lower base.

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Cellular operators in Asia offer a better growth story as they come from a much lower base.

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When business turns back up again, companies then appear to be growing quickly, although from a much lower base.

ECONOMIST: Hard times all round | The