Para.
原文
The government is clearly heeding the warning signs: in the past two weeks rules on property purchases have been tightened in some two dozen places, suggesting a central-government push to tell municipalities to curb their local excesses. Tightening measures (typically raising the percentage of a purchase price to be paid as a cash down-payment) can be effective. And despite the recent mortgage boom, Chinese households still have strong balance-sheets. When shadow banks began to lend to homebuyers to cover their down-payments earlier this year, regulators quickly snuffed out the practice—a telling contrast with the authorities’ inaction last year when hidden borrowing helped inflate the stockmarket bubble.
解析
第三段讲述了政府所采取的措施，一是强化限购，二是打击首付贷款等行为。本段有一定难度，并涉及一些术语和专业知识。
首先看第一句：The government is clearly heeding the warning signs: in the past two weeks rules on property purchases have been tightened in some two dozen places, suggesting a central-government push to tell municipalities to curb their local excesses.
heed指”pay attention to”，dozen是“十二个”的意思，some在文中是“大约”的意思，等于”about, around, approximate”，rule后面跟介词on表示“对…施加的规则”。这句话的意思是：政府明显注意到了警告(heeding the warning signs)，在过去两周，二十多个个城市强化了购房规则(rules on property purchases have been tightened)。这么多城市同时采取相同措施，这背后肯定有中央政府的指示，中央政府说，你们那流动性过剩了，限制一下吧(curb their local excesses)。其中，push这里作名词讲，指“努力”，可以替换为”attempt”。
第二句：Tightening measures (typically raising the percentage of a purchase price to be paid as a cash down-payment) can be effective.
上一句讲到政府要限制流动性，这一句就分析怎样限制流动性：通过强化措施(tightening measures)。具体什么措施括号里面给出解释：提高首付比例(raising the percentage of a purchase price to be paid as a cash down-payment)，down-payment指“首付”。
来看第三句：And despite the recent mortgage boom, Chinese households still have strong balance-sheets.
在政府强化限购政策之前，楼市成交较为火爆，导致银行信贷也比较高。银行信贷过高和房地产泡沫有着直接的关系，若不加以控制则易引发次贷危机，但是，（文章开始了）虽然按揭贷款在迅速增加，但中国家庭仍然有很强大的balance-sheets。balance-sheets是商业领域的专业术语，指“资产负债表”，是企业在一定日期的财务状况的会计报表，体现企业的经营能力。
用小编的话讲，某些国家的银行信贷占GDP的比例达到了70%，甚至100%，中国银行信贷虽然数额巨大，但GDP更大，信贷才占20%，因此，中国家庭有很强大的偿还能力，不会出现美国那样的次贷危机。
最后一句讲了政府打击提供首付贷款等行为以保障房地产市场的正常运行，和前几句构成并列关系，一起来看：When shadow banks began to lend to homebuyers to cover their down-payments earlier this year, regulators quickly snuffed out the practice—a telling contrast with the authorities’ inaction last year when hidden borrowing helped inflate the stockmarket bubble.
当今年早些时候影子银行(shadow banks)向购房者提供贷款(lend to homebuyers)以支付首付(cover their down-payments)时，监管部门很快把这种行为snuff out了，这和去年监管部门的不作为形成了鲜明对比，当时hidden borrowing使股市泡沫不断膨胀(inflate)。
这句话可以以破折号为界，分为前后两部分。通过a telling contrast with我们可以推断出，这两部分是对比关系，因此，hidden borrowing和lend to homebuyers to cover their down-payments属于同一种不利于市场发展的行为；snuff out和inaction意思相反，可以理解为“打击，取缔”，通过查词典，我们知道hidden borrowing指”违法发放贷款“，snuff out的意思是“消灭”。
译文
很明显，政府注意到了这些警告：在过去两周，二十多个城市出台政策强化限购，这暗示中央政府在督促各城市要抑制当地过剩的流动性。“强化版”的限购政策（主要指提高首付的比例）能取得一定成效。尽管近来房贷陡增，但中国家庭仍然可以很好地保持资金的平衡。今年早些时候，影子银行为购房者提供首付贷款，监管部门迅速予以打击、消灭——这和去年滥用杠杆导致股市泡沫膨胀时监管部门的无动于衷形成了鲜明对比。
Para.
原文
The upturn has also been a powerful reminder of just how insatiable demand for property remains in China. Fitch, a ratings agency, calculates that it will need about 800m square metres of new housing—roughly the size of Singapore—every year between now and 2030 to meet demand from people moving to cities and buying nicer homes. That is in fact less than the billion or so square metres that China has recently completed every year, but still remarkable.
解析
这一段反反复复就讲了一个事：中国房地产需求巨大。首先看第一句话：The upturn has also been a powerful reminder of just how insatiable demand for property remains in China.
upturn这里指“房价的上涨”，insatiable由satisfy变化而来，后缀决定词性，前缀决定词义，便知insatiable意为“无法满足的”。这句话是说，房价的上涨有力地提醒着人们，中国对房地产的需求无法满足。
第二句通过援引惠誉评级机构的数据来说明楼市需求如何之大，并通过和新加坡国土面积进行对比，更具体、形象地体现了这一点。且看：Fitch, a ratings agency, calculates that it will need about 800m square metres of new housing—roughly the size of Singapore—every year between now and 2030 to meet demand from people moving to cities and buying nicer homes.
这句话又出现了两个破折号，把它当作括号括出去。这句话说，Fitch这家评级公司，计算出从现在到2030年前的每一年里(every year between now and 2030)，中国需要8亿平方米的新增住房(800m square metres of new housing)，以此来满足人们进城并提高居住条件的需求(to meet demand from people moving to cities and buying nicer homes)。
最后我们看括号里面的内容：roughly the size of Singapore指800m square metres大概是新加坡的面积。通过对比，很具体地体现出了中国住房需求之大。
这句话没有生词，但句子比较长，如果划分对了很容易理解。
最后一句话：That is in fact less than the billion or so square metres that China has recently completed every year, but still remarkable.
又出现了in fact, 说明这句和上句是转折关系。这句话是说，但事实上，这（指每年8亿平方米的住房需求）小于10亿平方米左右(less than the billion or so square metres)，后面的that …every year是定语从句，指这10亿平方米是中国近几年来每年完成的住房面积。但虽然8＜10，但8亿的需求还是很大（remarkable）。
译文
房价上涨也说明中国房地产需求难以满足。惠誉评级（一家评级机构）认为，中国在2030年前，每年新增住房面积要达到8亿平方米（约等于新加坡面积）才能满足人们进城并提高居住条件的需求。虽然这低于10亿平方米——中国近几年来每年的新增住房面积，但需求仍然巨大。
TheEco
经济学人双语对照
可以在下方留言和小编一起讨论哦~
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